UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21759

Name of Fund:  BlackRock Unconstrained Equity Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Unconstrained Equity Fund, 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 04/30/2026

Date of reporting period: 10/31/2025

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock Unconstrained Equity Fund

Class K Shares | MKEAX

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the “Fund”) for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$48	0.86%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,004,798,769
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41%

What did the Fund invest in?

(as of October 31, 2025) 

Ten largest holdings

Geographic allocation

SecurityFootnote Reference(a)	Percent of Net Assets
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6%
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Cadence Design Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7

Country/Geographic Region	Percent of Net Assets
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	74.6%
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Unconstrained Equity Fund

Class K Shares | MKEAX

Semi-Annual Shareholder Report — October 31, 2025

MKEAX-10/25-SAR

BlackRock Unconstrained Equity Fund

Class R Shares | MREGX

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the “Fund”) for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$81	1.45%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,004,798,769
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41%

What did the Fund invest in?

(as of October 31, 2025) 

Ten largest holdings

Geographic allocation

SecurityFootnote Reference(a)	Percent of Net Assets
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6%
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Cadence Design Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7

Country/Geographic Region	Percent of Net Assets
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	74.6%
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Unconstrained Equity Fund

Class R Shares | MREGX

Semi-Annual Shareholder Report — October 31, 2025

MREGX-10/25-SAR

BlackRock Unconstrained Equity Fund

Institutional Shares | MAEGX

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the “Fund”) for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$53	0.95%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,004,798,769
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41%

What did the Fund invest in?

(as of October 31, 2025) 

Ten largest holdings

Geographic allocation

SecurityFootnote Reference(a)	Percent of Net Assets
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6%
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Cadence Design Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7

Country/Geographic Region	Percent of Net Assets
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	74.6%
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Unconstrained Equity Fund

Institutional Shares | MAEGX

Semi-Annual Shareholder Report — October 31, 2025

MAEGX-10/25-SAR

BlackRock Unconstrained Equity Fund

Investor A Shares | MDEGX

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the “Fund”) for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$66	1.19%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,004,798,769
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41%

What did the Fund invest in?

(as of October 31, 2025) 

Ten largest holdings

Geographic allocation

SecurityFootnote Reference(a)	Percent of Net Assets
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6%
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Cadence Design Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7

Country/Geographic Region	Percent of Net Assets
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	74.6%
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Unconstrained Equity Fund

Investor A Shares | MDEGX

Semi-Annual Shareholder Report — October 31, 2025

MDEGX-10/25-SAR

BlackRock Unconstrained Equity Fund

Investor C Shares | MCEGX

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the “Fund”) for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$108	1.95%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,004,798,769
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41%

What did the Fund invest in?

(as of October 31, 2025) 

Ten largest holdings

Geographic allocation

SecurityFootnote Reference(a)	Percent of Net Assets
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6%
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Cadence Design Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7

Country/Geographic Region	Percent of Net Assets
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	74.6%
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Unconstrained Equity Fund

Investor C Shares | MCEGX

Semi-Annual Shareholder Report — October 31, 2025

MCEGX-10/25-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report.

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report.

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report.

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

October

31,

2025

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2025

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

BlackRock

Emerging

Markets

Fund,

Inc.

BlackRock

Unconstrained

Equity

Fund

Table

of

Contents

Page

2

Derivative

Financial

Instruments

.............................................................................................

3

Schedules

of

Investments

.................................................................................................

4

Statements

of

Assets

and

Liabilities

...........................................................................................

13

Statements

of

Operations

.................................................................................................

15

Statements

of

Changes

in

Net

Assets

..........................................................................................

16

Financial

Highlights

.....................................................................................................

17

Notes

to

Financial

Statements

...............................................................................................

26

Additional

Information

....................................................................................................

38

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

.................................................................

40

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

44

Derivative

Financial

Instruments

3

Derivative

Financial

Instruments

The

Funds

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

October

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Brazil

—

4.2%

Lojas

Renner

SA

..............

11,687,279

$

32,151,178

XP,

Inc.

,

Class

A

..............

2,946,677

53,688,455

85,839,633

Canada

—

3.0%

Kinross

Gold

Corp.

(a)

...........

1,294,907

30,093,639

Pan

American

Silver

Corp.

........

902,614

31,781,039

61,874,678

China

—

26.5%

Alibaba

Group

Holding

Ltd.

.......

2,018,400

42,949,027

Alibaba

Group

Holding

Ltd.

,

ADR

(a)

..

183,874

31,337,646

BOC

Hong

Kong

Holdings

Ltd.

.....

3,275,500

16,094,889

China

Life

Insurance

Co.

Ltd.

,

Class

H

8,121,000

25,609,518

China

Merchants

Bank

Co.

Ltd.

,

Class

A

......................

761,527

4,374,137

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................

1,166,000

7,309,113

China

Resources

Land

Ltd.

.......

5,354,000

19,343,670

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

............

768,000

41,930,332

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

H

(a)

...........

102,100

7,306,485

Eastroc

Beverage

Group

Co.

Ltd.

,

Class

A

..................

499,100

19,613,568

Kuaishou

Technology

(b)

(c)

.........

2,775,000

25,764,029

Meituan

,

Class

B

(b)

(c)

(d)

...........

681,400

8,969,101

Midea

Group

Co.

Ltd.

,

Class

A

.....

1,649,100

17,689,092

Sany

Heavy

Industry

Co.

Ltd.

,

Class

A

15,439,551

47,977,275

Sany

Heavy

Industry

Co.

Ltd.

,

Class

H

,

(Acquired

10/24/25

,

cost

$

13,626,836

)

(d)

(e)

............

4,921,000

14,806,285

Tencent

Holdings

Ltd.

...........

2,044,500

166,070,161

Xiaomi

Corp.

,

Class

B

(b)

(c)

(d)

.......

1,070,200

5,937,376

Zijin

Mining

Group

Co.

Ltd.

,

Class

A

.

1,267,300

5,414,627

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

.

8,172,000

33,807,686

542,304,017

Greece

—

0.4%

Alpha

Bank

SA

...............

2,299,771

9,015,589

Hong

Kong

—

2.2%

Futu

Holdings

Ltd.

,

ADR

.........

209,360

41,671,014

Zijin

Gold

International

Co.

Ltd.

(d)

...

218,200

3,689,762

45,360,776

Hungary

—

2.0%

OTP

Bank

Nyrt.

...............

438,031

41,812,436

India

—

13.7%

Amber

Enterprises

India

Ltd.

(d)

.....

147,345

13,324,336

Apollo

Hospitals

Enterprise

Ltd.

....

468,717

40,563,590

Bajaj

Finance

Ltd.

.............

1,056,127

12,403,799

Bharti

Airtel

Ltd.

...............

696,422

16,126,478

CG

Power

&

Industrial

Solutions

Ltd.

.

1,170,789

9,707,130

Eicher

Motors

Ltd.

.............

236,497

18,650,735

HDFC

Bank

Ltd.

..............

2,706,814

30,096,656

ICICI

Bank

Ltd.

...............

2,207,206

33,444,988

Lodha

Developers

Ltd.

(b)

(c)

........

547,918

7,401,421

Mahindra

&

Mahindra

Ltd.

........

758,630

29,789,944

Reliance

Industries

Ltd.

.........

1,214,450

20,321,207

Tata

Consultancy

Services

Ltd.

....

74,214

2,554,202

UltraTech

Cement

Ltd.

..........

165,937

22,313,633

Varun

Beverages

Ltd.

...........

3,431,490

18,133,337

Security

Shares

Shares

Value

India

(continued)

Vishal

Mega

Mart

Ltd.

(d)

..........

4,098,818

$

6,671,832

281,503,288

Indonesia

—

1.5%

Astra

International

Tbk.

PT

.......

31,516,500

11,653,651

Bank

Mandiri

Persero

Tbk.

PT

.....

66,793,800

18,923,596

30,577,247

Mexico

—

4.0%

BBB

Foods,

Inc.

,

Class

A

(a)

(d)

......

425,624

11,628,048

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

................

1,031,177

12,707,036

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

Class

B

.............

268,395

5,594,711

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

ADR

...............

41,707

8,688,402

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

..................

4,572,908

43,037,541

81,655,738

Philippines

—

0.4%

BDO

Unibank,

Inc.

.............

3,902,363

8,852,429

Poland

—

2.3%

Bank

Polska

Kasa

Opieki

SA

......

357,917

18,325,989

Powszechny

Zaklad

Ubezpieczen

SA

1,564,695

25,018,177

Zabka

Group

SA

(d)

.............

605,196

3,516,047

46,860,213

Republic

of

Turkiye

—

1.8%

Akbank

TAS

.................

13,060,250

18,857,515

Eldorado

Gold

Corp.

(d)

..........

289,457

7,419,329

Eldorado

Gold

Corp.

(a)

(d)

.........

397,316

10,187,182

36,464,026

Russia

—

0.0%

(d)(f)

Gazprom

PJSC

...............

8,520,027

1,054

LUKOIL

PJSC

................

1,370,026

170

Novatek

PJSC

................

295,922

37

Sberbank

of

Russia

PJSC

........

6,788,060

840

T-Tekhnologii

MKPAO

,

GDR

(c)

.....

25,066

3

2,104

Saudi

Arabia

—

0.4%

Al

Rajhi

Bank

................

214,012

6,048,862

Rabigh

Refining

&

Petrochemical

Co.

(d)

751,504

1,799,287

7,848,149

Singapore

—

0.4%

Sea

Ltd.

,

ADR,

Class

A

(d)

.........

58,233

9,098,906

South

Africa

—

1.2%

Capitec

Bank

Holdings

Ltd.

.......

77,966

17,249,785

Pepkor

Holdings

Ltd.

(b)

(c)

.........

4,361,129

6,649,504

23,899,289

South

Korea

—

8.8%

HD

Hyundai

Electric

Co.

Ltd.

......

31,514

19,146,219

NAVER

Corp.

................

44,610

8,360,635

Samsung

Electronics

Co.

Ltd.

.....

712,219

53,613,154

Sanil

Electric

Co.

Ltd.

...........

51,081

5,590,661

SK

hynix,

Inc.

................

142,146

55,308,085

SK

Square

Co.

Ltd.

(d)

...........

210,570

38,221,767

180,240,521

Taiwan

—

17.9%

Accton

Technology

Corp.

........

1,240,000

43,123,120

Alchip

Technologies

Ltd.

.........

382,000

43,035,713

Elite

Material

Co.

Ltd.

...........

523,000

22,978,372

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Taiwan

(continued)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

4,261,000

$

206,060,621

Wiwynn

Corp.

................

368,000

51,895,224

367,093,050

Thailand

—

0.3%

Krungthai

Card

PCL

,

NVDR

.......

6,257,900

5,518,442

United

Arab

Emirates

—

1.5%

Aldar

Properties

PJSC

..........

6,614,547

16,206,423

Emaar

Properties

PJSC

.........

3,557,913

13,767,857

29,974,280

Total

Long-Term

Investments

—

92.5%

(Cost:

$

1,475,383,592

)

...........................

1,895,794,811

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

7.8%

(g)(h)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(i)

.....

13,848,206

$

13,855,131

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.94

%

......

145,819,923

145,819,923

Total

Short-Term

Securities

—

7

.8

%

(Cost:

$

159,674,633

)

.............................

159,675,054

Total

Investments

—

100.3%

(Cost:

$

1,635,058,225

)

...........................

2,055,469,865

Liabilities

in

Excess

of

Other

Assets

—

(

0.3

)

%

............

(

6,947,436

)

Net

Assets

—

100.0%

..............................

$

2,048,522,429

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Non-income

producing

security.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$14,806,285,

representing

0.72%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$13,626,836.

(f)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(g)

Affiliate

of

the

Fund.

(h)

Annualized

7-day

yield

as

of

period

end.

(i)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

Shares

Held

at

10/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

2,031,498

$

11,825,810

(a)

$

—

$

(

2,585

)

$

408

$

13,855,131

13,848,206

$

356,580

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

300,161,444

—

(

154,341,524

)

(a)

3

—

145,819,923

145,819,923

2,413,649

—

$

(

2,582

)

$

408

$

159,675,054

$

2,770,229

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

6

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

Index

.................................................

583

12/19/25

$

41,032

$

(

38,821

)

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Long

contracts

(a)

Axis

Bank

Ltd.

..............

JPMorgan

Chase

Bank

NA

USD

9,549,219

02/11/26

0.40%

1D

OBFR01

Monthly

$

282,574

FPT

Corp.

................

HSBC

Bank

plc

11,113,869

02/10/28

0.90%

1D

OBFR01

Monthly

1,118,434

Hong

Kong

Exchanges

&

Clearing

Ltd.

...................

JPMorgan

Chase

Bank

NA

32,008,506

02/10/26

0.55%

1D

OBFR01

Monthly

(

1,497,784

)

Hongfa

Technology

Co.

Ltd.

.....

HSBC

Bank

plc

13,354,411

02/10/28

(0.22)%

1D

OBFR01

Monthly

761,362

NAURA

Technology

Group

Co.

Ltd.

HSBC

Bank

plc

9,938,712

02/10/28

(0.22)%

1D

OBFR01

Monthly

(

1,094,010

)

Sany

Heavy

Industry

Co.

Ltd.

....

HSBC

Bank

plc

11,174,404

02/10/28

(0.22)%

1D

OBFR01

Monthly

(

514,066

)

Zijin

Mining

Group

Co.

Ltd.

.....

HSBC

Bank

plc

20,462,827

02/10/28

(0.22)%

1D

OBFR01

Monthly

(

1,198,239

)

Total

long

positions

of

equity

swaps

(

2,141,729

)

Net

dividends

and

financing

fees

267,732

Total

equity

swap

contracts

including

dividends

and

financing

fees

$

(

1,873,997

)

(a)

The

Fund

receives

the

total

return

on

a

reference

entity

and

pays

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

position.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

2,430,102

$

(

4,304,099

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

$

—

$

—

$

2,430,102

$

—

$

—

$

—

$

2,430,102

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

38,821

$

—

$

—

$

—

$

38,821

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

4,304,099

—

—

—

4,304,099

$

—

$

—

$

4,342,920

$

—

$

—

$

—

$

4,342,920

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

Schedules

of

Investments

7

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

18,414,983

$

—

$

—

$

—

$

18,414,983

Forward

foreign

currency

exchange

contracts

....

—

—

—

1,118,665

—

—

1,118,665

Swaps

..............................

—

—

35,751,953

—

—

—

35,751,953

$

—

$

—

$

54,166,936

$

1,118,665

$

—

$

—

$

55,285,601

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

5,939,558

)

$

—

$

—

$

—

$

(

5,939,558

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

2,682,110

)

—

—

(

2,682,110

)

Swaps

..............................

—

—

(

23,435,369

)

—

—

—

(

23,435,369

)

$

—

$

—

$

(29,374,927)

$

(2,682,110)

$

—

$

—

$

(32,057,037)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

41,907,403

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

—

(a)

Average

amounts

sold

—

in

USD

........................................................................................

—

(a)

Equity

swaps:

Average

notional

value

—

long

..........................................................................................

87,708,526

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

98,320

Swaps

—

OTC

(a)

.....................................................................................

2,162,370

4,304,099

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

2,162,370

$

4,402,419

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

—

(

98,320

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

2,162,370

$

4,304,099

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

HSBC

Bank

plc

..................................

$

1,879,796

$

(

1,879,796

)

$

—

$

—

$

—

JPMorgan

Chase

Bank

NA

..........................

282,574

(

282,574

)

—

—

—

$

2,162,370

$

(

2,162,370

)

$

—

$

—

$

—

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

8

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)

HSBC

Bank

plc

..................................

$

2,806,315

$

(

1,879,796

)

$

—

$

—

$

926,519

JPMorgan

Chase

Bank

NA

..........................

1,497,784

(

282,574

)

—

—

1,215,210

$

4,304,099

$

(

2,162,370

)

$

—

$

—

$

2,141,729

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

...............................................

$

85,839,633

$

—

$

—

$

85,839,633

Canada

.............................................

61,874,678

—

—

61,874,678

China

...............................................

46,143,931

496,160,086

—

542,304,017

Greece

..............................................

—

9,015,589

—

9,015,589

Hong

Kong

...........................................

45,360,776

—

—

45,360,776

Hungary

.............................................

—

41,812,436

—

41,812,436

India

...............................................

—

281,503,288

—

281,503,288

Indonesia

............................................

—

30,577,247

—

30,577,247

Mexico

..............................................

81,655,738

—

—

81,655,738

Philippines

...........................................

8,852,429

—

—

8,852,429

Poland

..............................................

—

46,860,213

—

46,860,213

Republic

of

Turkiye

......................................

17,606,511

18,857,515

—

36,464,026

Russia

..............................................

—

—

2,104

2,104

Saudi

Arabia

..........................................

—

7,848,149

—

7,848,149

Singapore

............................................

9,098,906

—

—

9,098,906

South

Africa

...........................................

—

23,899,289

—

23,899,289

South

Korea

..........................................

—

180,240,521

—

180,240,521

Taiwan

..............................................

—

367,093,050

—

367,093,050

Thailand

.............................................

—

5,518,442

—

5,518,442

United

Arab

Emirates

....................................

—

29,974,280

—

29,974,280

Short-Term

Securities

Money

Market

Funds

......................................

159,675,054

—

—

159,675,054

$

516,107,656

$

1,539,360,105

$

2,104

$

2,055,469,865

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

—

$

2,430,102

$

—

$

2,430,102

Liabilities

Equity

contracts

...........................................

(

38,821

)

(

4,304,099

)

—

(

4,342,920

)

$

(

38,821

)

$

(

1,873,997

)

$

—

$

(

1,912,818

)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2025

BlackRock

Unconstrained

Equity

Fund

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

France

—

7.6%

Airbus

SE

...................

197,340

$

48,658,353‌

Thales

SA

...................

98,184

27,997,454‌

76,655,807‌

Netherlands

—

9.2%

Adyen

NV

(a)

(b)

(c)

...............

20,756

35,565,083‌

ASML

Holding

NV

.............

53,408

56,468,798‌

92,033,881‌

United

Kingdom

—

4.6%

Rolls-Royce

Holdings

plc

........

3,012,358

46,356,604‌

United

States

—

74.6%

Alphabet,

Inc.

,

Class

C

..........

190,794

53,769,565‌

Amazon.com,

Inc.

(a)

............

293,116

71,584,789‌

Broadcom,

Inc.

...............

136,154

50,326,603‌

Cadence

Design

Systems,

Inc.

(a)

...

139,152

47,129,391‌

Howmet

Aerospace,

Inc.

.........

245,388

50,537,659‌

Intuitive

Surgical,

Inc.

(a)

..........

68,699

36,704,502‌

Masimo

Corp.

(a)

(d)

..............

249,789

35,132,823‌

Mastercard,

Inc.

,

Class

A

.........

79,632

43,956,068‌

Meta

Platforms,

Inc.

,

Class

A

......

58,855

38,158,639‌

Microsoft

Corp.

...............

167,253

86,605,276‌

Progressive

Corp.

(The)

.........

184,832

38,075,392‌

S&P

Global,

Inc.

..............

60,252

29,355,377‌

Trane

Technologies

plc

..........

110,308

49,489,684‌

Vertiv

Holdings

Co.

,

Class

A

......

377,805

72,863,472‌

Visa,

Inc.

,

Class

A

.............

134,053

45,677,219‌

749,366,459‌

Total

Long-Term

Investments

—

96.0%

(Cost:

$

690,302,751

)

.............................

964,412,751‌

Short-Term

Securities

Money

Market

Funds

—

3.9%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(g)

.......

3,651,494‌

3,653,320‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.94

%

......

35,696,517‌

35,696,517‌

Total

Short-Term

Securities

—

3

.9

%

(Cost:

$

39,349,837

)

..............................

39,349,837‌

Total

Investments

—

99.9%

(Cost:

$

729,652,588

)

.............................

1,003,762,588‌

Other

Assets

Less

Liabilities

—

0.1

%

...................

1,036,181‌

Net

Assets

—

100.0%

..............................

$

1,004,798,769‌

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

BlackRock

Unconstrained

Equity

Fund

10

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

Shares

Held

at

10/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

3,651,834

(a)

$

—

$

1,486

$

—

$

3,653,320

3,651,494

$

2,362

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

42,101,662

—

(

6,405,145

)

(a)

—

—

35,696,517

35,696,517

375,768

—

$

1,486

$

—

$

39,349,837

$

378,130

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

BlackRock

Unconstrained

Equity

Fund

Schedules

of

Investments

11

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

.......................................................

114

12/19/25

$

39,182

$

(

147,924

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

147,924

$

—

$

—

$

—

$

147,924

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

3,782,808

$

—

$

—

$

—

$

3,782,808

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

574,664

$

—

$

—

$

—

$

574,664

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

28,009,460

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

France

..............................................

$

—

$

76,655,807

$

—

$

76,655,807

Netherlands

...........................................

—

92,033,881

—

92,033,881

United

Kingdom

........................................

—

46,356,604

—

46,356,604

United

States

..........................................

749,366,459

—

—

749,366,459

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

BlackRock

Unconstrained

Equity

Fund

12

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Short-Term

Securities

Money

Market

Funds

......................................

$

39,349,837

$

—

$

—

$

39,349,837

$

788,716,296

$

215,046,292

$

—

$

1,003,762,588

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

147,924

)

$

—

$

—

$

(

147,924

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2025

13

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

Fund,

Inc.

BlackRock

Unconstrained

Equity

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

1,895,794,811‌

$

964,412,751‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

159,675,054‌

39,349,837‌

Cash

..............................................................................................

138,360‌

6,595‌

Cash

pledged:

Futures

contracts

.....................................................................................

1,361,000‌

2,453,000‌

Foreign

currency,

at

value

(d)

................................................................................

11,299,717‌

385,842‌

Receivables:

–‌

–‌

Investment

s

sold

.....................................................................................

8,579,774‌

2,892,625‌

Securities

lending

income

—

affiliated

.......................................................................

92,262‌

124‌

Swaps  

...........................................................................................

8,626,920‌

—‌

Tax

reclaims

........................................................................................

320,823‌

—‌

Dividends

—

unaffiliated

................................................................................

1,169,694‌

402,960‌

Dividends

—

affiliated

..................................................................................

368,556‌

6,875‌

From

the

Manager

....................................................................................

205,620‌

44,807‌

Due

from

broker

......................................................................................

4,030,182‌

—‌

Variation

margin

on

futures

contracts

........................................................................

—‌

105,450‌

Unrealized

appreciation

on:

–‌

–‌

OTC

swaps

.........................................................................................

2,430,102‌

—‌

Prepaid

e

xpenses

......................................................................................

25,646‌

98,478‌

Other

assets

..........................................................................................

—‌

133‌

Total

a

ssets

..........................................................................................

2,094,118,521‌

1,010,159,477‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

6,330,000‌

—‌

Collateral

on

securities

loaned

..............................................................................

13,857,295‌

3,653,320‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

8,705,328‌

—‌

Accounting

services

fees

................................................................................

410,782‌

153,536‌

Capital

shares

redeemed

................................................................................

8,442,731‌

615,149‌

Custodian

fees

.......................................................................................

985,419‌

—‌

Interest

expense

.....................................................................................

192‌

—‌

Investment

advisory

fees

................................................................................

1,369,151‌

681,180‌

Directors'

and

Officer's

fees

..............................................................................

10,102‌

4,134‌

Other

affiliate

fees

....................................................................................

5,757‌

1,932‌

Professional

fees

.....................................................................................

17,207‌

16,533‌

Service

and

distribution

fees

..............................................................................

65,690‌

55,273‌

Transfer

agent

fees

...................................................................................

938,379‌

146,098‌

Other

accrued

expenses

................................................................................

55,640‌

33,134‌

Variation

margin

on

futures

contracts

........................................................................

98,320‌

419‌

Unrealized

depreciation

on:

–‌

–‌

OTC

swaps

.........................................................................................

4,304,099‌

—‌

Total

li

abilities

.........................................................................................

45,596,092‌

5,360,708‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

2,048,522,429‌

$

1,004,798,769‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

2,477,147,026‌

$

743,761,627‌

Accumulated

earnings

(loss)

...............................................................................

(

428,624,597‌

)

261,037,142‌

NET

ASSETS

.........................................................................................

$

2,048,522,429‌

$

1,004,798,769‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

1,475,383,592‌

$

690,302,751‌

(b)

  Securities

loaned,

at

value

........................................................................

$

13,202,073‌

$

3,558,445‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

159,674,633‌

$

39,349,837‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

11,313,021‌

$

385,914‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2025

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

14

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

Fund,

Inc.

BlackRock

Unconstrained

Equity

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

$

1,557,499,413‌

$

655,991,838‌

Shares

outstanding

...................................................................................

52,023,259‌

40,768,348‌

Net

asset

value

.....................................................................................

$

29.94‌

$

16.09‌

Shares

authorized

...................................................................................

1.1

billion

Unlimited

Par

value

.........................................................................................

$

0.10‌

$

0.10‌

Investor

A

Net

assets

.........................................................................................

$

276,786,872‌

$

253,936,072‌

Shares

outstanding

...................................................................................

9,639,117‌

15,931,236‌

Net

asset

value

.....................................................................................

$

28.71‌

$

15.94‌

Shares

authorized

...................................................................................

100

million

Unlimited

Par

value

.........................................................................................

$

0.10‌

$

0.10‌

Investor

C

Net

assets

.........................................................................................

$

6,405,735‌

$

3,190,469‌

Shares

outstanding

...................................................................................

271,409‌

202,923‌

Net

asset

value

.....................................................................................

$

23.60‌

$

15.72‌

Shares

authorized

...................................................................................

100

million

Unlimited

Par

value

.........................................................................................

$

0.10‌

$

0.10‌

Class

K

Net

assets

.........................................................................................

$

207,830,409‌

$

90,986,234‌

Shares

outstanding

...................................................................................

6,939,464‌

5,647,341‌

Net

asset

value

.....................................................................................

$

29.95‌

$

16.11‌

Shares

authorized

...................................................................................

1.0

billion

Unlimited

Par

value

.........................................................................................

$

0.10‌

$

0.10‌

Class

R

Net

assets

.........................................................................................

$

—‌

$

694,156‌

Shares

outstanding

...................................................................................

—‌

43,146‌

Net

asset

value

.....................................................................................

$

—‌

$

16.09‌

Shares

authorized

...................................................................................

—

Unlimited

Par

value

.........................................................................................

$

—‌

$

0.10‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2025

15

Statements

of

Operations

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

Fund,

Inc.

BlackRock

Unconstrained

Equity

Fund

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

.............................................................................

$

39,447,907‌

$

2,577,392‌

Dividends

—

affiliated

...............................................................................

2,413,649‌

375,768‌

Interest

—

unaffiliated

...............................................................................

—‌

42,054‌

Securities

lending

income

—

affiliated

—

net

...............................................................

356,580‌

2,362‌

Foreign

taxes

withheld

..............................................................................

(

4,586,987‌

)

(

52,334‌

)

Foreign

withholding

tax

claims

.........................................................................

323,235‌

—‌

Total

investment

income

...............................................................................

37,954,384‌

2,945,242‌

EXPENSES

Investment

advisory

................................................................................

9,633,129‌

4,302,422‌

Transfer

agent

—

class

specific

........................................................................

1,972,243‌

606,130‌

Custodian

.......................................................................................

1,308,027‌

54,303‌

Service

and

distribution

—

class

specific

..................................................................

373,988‌

326,480‌

Accounting

services

................................................................................

193,239‌

82,004‌

Professional

.....................................................................................

111,305‌

69,634‌

Registration

.....................................................................................

49,495‌

104,095‌

Printing

and

postage

...............................................................................

18,411‌

19,695‌

Directors

and

Officer

...............................................................................

16,097‌

7,941‌

Offering

........................................................................................

—‌

3,670‌

Miscellaneous

....................................................................................

29,740‌

16,570‌

Total

expenses

excluding

interest

expense

...................................................................

13,705,674‌

5,592,944‌

Interest

expense

..................................................................................

40,094‌

9,393‌

Total

e

xpenses

.....................................................................................

13,745,768‌

5,602,337‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.............................................................

(

1,352,782‌

)

(

12,503‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

........................................

(

1,437,427‌

)

(

177,861‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

............................................................

10,955,559‌

5,411,973‌

Net

investment

income

(loss)

............................................................................

26,998,825‌

(2,466,731‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

612,035,550‌

$

226,851,908‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(a)

........................................................................

$

242,854,223‌

$

73,425,113‌

Investments

—

affiliated

...........................................................................

(

2,582‌

)

1,486‌

Forward

foreign

currency

exchange

contracts

.............................................................

1,118,665‌

—‌

Foreign

currency

transactions

.......................................................................

(

1,754,660‌

)

46,759‌

Futures

contracts

................................................................................

18,414,983‌

3,782,808‌

Swaps  

......................................................................................

35,751,953‌

—‌

296,382,582‌

77,256,166‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

347,798,053‌

149,026,991‌

Investments

—

affiliated

...........................................................................

408‌

—‌

Forward

foreign

currency

exchange

contracts

.............................................................

(

2,682,110‌

)

—‌

Foreign

currency

translations

........................................................................

(

88,456‌

)

(

5,913‌

)

Futures

contracts

................................................................................

(

5,939,558‌

)

574,664‌

Swaps  

......................................................................................

(

23,435,369‌

)

—‌

315,652,968‌

149,595,742‌

Net

realized

and

unrealized

gain

.........................................................................

612,035,550‌

226,851,908‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

................................................

$

639,034,375‌

$

224,385,177‌

(a)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

.............................................

$

(

2,331‌

)

$

—‌

Statements

of

Changes

in

Net

Assets

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

16

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

Fund,

Inc.

BlackRock

Unconstrained

Equity

Fund

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

........................................

$

26,998,825‌

$

81,510,002‌

$

(

2,466,731‌

)

$

(

5,013,007‌

)

Net

realized

gain

(loss)

............................................

296,382,582‌

41,482,082‌

77,256,166‌

(

64,370,080‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

315,652,968‌

(

134,296,592‌

)

149,595,742‌

22,246,852‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

639,034,375‌

(11,304,508‌)

224,385,177‌

(47,136,235‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

...................................................

(

6,388,298‌

)

(

60,467,314‌

)

—‌

—‌

Investor

A

....................................................

(

804,302‌

)

(

4,660,991‌

)

—‌

—‌

Investor

C

....................................................

(

6,540‌

)

(

86,516‌

)

—‌

—‌

Class

K

......................................................

(

1,038,227‌

)

(

14,917,481‌

)

—‌

—‌

Class

R

......................................................

—‌

—‌

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(8,237,367‌)

(80,132,302‌)

—‌

—‌

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(2,213,131,859‌)

(1,098,020,214‌)

(507,143,125‌)

213,056,432‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

1,582,334,851‌

)

(

1,189,457,024‌

)

(

282,757,948‌

)

165,920,197‌

Beginning

of

period

................................................

3,630,857,280‌

4,820,314,304‌

1,287,556,717‌

1,121,636,520‌

End

of

period

....................................................

$

2,048,522,429‌

$

3,630,857,280‌

$

1,004,798,769‌

$

1,287,556,717‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

17

Financial

Highlights

BlackRock

Emerging

Markets

Fund,

Inc.

Institutional

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Net

asset

value,

beginning

of

period

...........

$

23.62

‌

$

24.27

‌

$

23.10

‌

$

24.41

‌

$

34.51

‌

$

22.21

‌

Net

investment

income

(a)

...................

0

.29

‌

0

.45

‌

0

.45

‌

0

.43

‌

0

.31

‌

0

.15

‌

Net

realized

and

unrealized

gain

(loss)

..........

6

.12

‌

(

0

.65

)

1

.12

‌

(

1

.24

)

(

8

.70

)

12.46

‌

Net

increase

(decrease)

from

investment

operations

..

6.41

‌

(0.20

)

1.57

‌

(0.81

)

(8.39

)

12.61

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.09

)

(

0

.45

)

(

0

.40

)

(

0

.50

)

(

0

.28

)

(

0

.31

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

1

.43

)

—

‌

Total

distributions

..........................

(0.09

)

(0.45

)

(0.40

)

(0.50

)

(1.71

)

(0.31

)

Net

asset

value,

end

of

period

................

$

29.94

‌

$

23.62

‌

$

24.27

‌

$

23.10

‌

$

24.41

‌

$

34.51

‌

Total

Return

(c)

Based

on

net

asset

value

....................

27.19

%

(d)

(0.89

)%

6.88

%

(3.26

)%

(25.52

)%

57.05

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

1.09

%

(f)

1.01

%

1.00

%

1.00

%

0.96

%

1.02

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.87

%

(f)

0.86

%

0.86

%

0.86

%

0.86

%

0.86

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

................

0.86

%

(f)

0.86

%

0.86

%

0.86

%

0.86

%

0.86

%

Net

investment

income

.....................

2.15

%

(f)

1.82

%

1.93

%

1.88

%

1.03

%

0.49

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

1,557,499

‌

$

2,762,811

‌

$

3,606,098

‌

$

3,675,123

‌

$

3,261,325

‌

$

2,771,663

‌

Portfolio

turnover

rate

(g)

......................

58

%

141

%

91

%

96

%

132

%

109

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

18

BlackRock

Emerging

Markets

Fund,

Inc.

Investor

A

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Net

asset

value,

beginning

of

period

...........

$

22.67

‌

$

23.31

‌

$

22.20

‌

$

23.47

‌

$

33.26

‌

$

21.42

‌

Net

investment

income

(a)

...................

0

.22

‌

0

.37

‌

0

.38

‌

0

.38

‌

0

.24

‌

0

.11

‌

Net

realized

and

unrealized

gain

(loss)

..........

5

.89

‌

(

0

.62

)

1

.08

‌

(

1

.22

)

(

8

.40

)

11.98

‌

Net

increase

(decrease)

from

investment

operations

..

6.11

‌

(0.25

)

1.46

‌

(0.84

)

(8.16

)

12.09

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.07

)

(

0

.39

)

(

0

.35

)

(

0

.43

)

(

0

.20

)

(

0

.25

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

1

.43

)

—

‌

Total

distributions

..........................

(0.07

)

(0.39

)

(0.35

)

(0.43

)

(1.63

)

(0.25

)

Net

asset

value,

end

of

period

................

$

28.71

‌

$

22.67

‌

$

23.31

‌

$

22.20

‌

$

23.47

‌

$

33.26

‌

Total

Return

(c)

Based

on

net

asset

value

....................

27.01

%

(d)

(1.14

)%

6.62

%

(3.49

)%

(25.74

)%

56.67

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

1.47

%

(f)

1.36

%

1.35

%

1.33

%

1.25

%

1.28

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.12

%

(f)

1.11

%

1.11

%

1.11

%

1.11

%

1.11

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

................

1.11

%

(f)

1.11

%

1.11

%

1.11

%

1.11

%

1.11

%

Net

investment

income

.....................

1.72

%

(f)

1.55

%

1.68

%

1.74

%

0.82

%

0.38

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

276,787

‌

$

254,141

‌

$

295,249

‌

$

305,065

‌

$

351,246

‌

$

463,032

‌

Portfolio

turnover

rate

(g)

......................

58

%

141

%

91

%

96

%

132

%

109

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

19

Financial

Highlights

BlackRock

Emerging

Markets

Fund,

Inc.

Investor

C

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Net

asset

value,

beginning

of

period

...........

$

18.68

‌

$

19.27

‌

$

18.40

‌

$

19.52

‌

$

28.01

‌

$

18.03

‌

Net

investment

income

(a)

...................

0

.10

‌

0

.16

‌

0

.18

‌

0

.19

‌

0

.02

‌

0

.04

‌

Net

realized

and

unrealized

gain

(loss)

..........

4

.84

‌

(

0

.51

)

0

.89

‌

(

1

.02

)

(

7

.01

)

9

.96

‌

Net

increase

(decrease)

from

investment

operations

..

4.94

‌

(0.35

)

1.07

‌

(0.83

)

(6.99

)

10.00

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.02

)

(

0

.24

)

(

0

.20

)

(

0

.29

)

(

0

.07

)

(

0

.02

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

1

.43

)

—

‌

Total

distributions

..........................

(0.02

)

(0.24

)

(0.20

)

(0.29

)

(1.50

)

(0.02

)

Net

asset

value,

end

of

period

................

$

23.60

‌

$

18.68

‌

$

19.27

‌

$

18.40

‌

$

19.52

‌

$

28.01

‌

Total

Return

(c)

Based

on

net

asset

value

....................

26.48

%

(d)

(1.86

)%

5.87

%

(4.22

)%

(26.29

)%

55.48

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

2.20

%

(f)

2.11

%

2.08

%

2.10

%

2.02

%

2.13

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.87

%

(f)

1.86

%

1.86

%

1.86

%

1.86

%

1.86

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

................

1.86

%

(f)

1.86

%

1.86

%

1.86

%

1.86

%

1.86

%

Net

investment

income

.....................

0.93

%

(f)

0.82

%

0.97

%

1.03

%

0.07

%

0.16

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

6,406

‌

$

5,338

‌

$

7,799

‌

$

9,739

‌

$

13,144

‌

$

18,769

‌

Portfolio

turnover

rate

(g)

......................

58

%

141

%

91

%

96

%

132

%

109

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

20

BlackRock

Emerging

Markets

Fund,

Inc.

Class

K

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Net

asset

value,

beginning

of

period

...........

$

23.63

‌

$

24.28

‌

$

23.10

‌

$

24.42

‌

$

34.53

‌

$

22.22

‌

Net

investment

income

(a)

...................

0

.35

‌

0

.47

‌

0

.46

‌

0

.42

‌

0

.34

‌

0

.19

‌

Net

realized

and

unrealized

gain

(loss)

..........

6

.07

‌

(

0

.66

)

1

.14

‌

(

1

.23

)

(

8

.73

)

12.44

‌

Net

increase

(decrease)

from

investment

operations

..

6.42

‌

(0.19

)

1.60

‌

(0.81

)

(8.39

)

12.63

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.10

)

(

0

.46

)

(

0

.42

)

(

0

.51

)

(

0

.29

)

(

0

.32

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

1

.43

)

—

‌

Total

distributions

..........................

(0.10

)

(0.46

)

(0.42

)

(0.51

)

(1.72

)

(0.32

)

Net

asset

value,

end

of

period

................

$

29.95

‌

$

23.63

‌

$

24.28

‌

$

23.10

‌

$

24.42

‌

$

34.53

‌

Total

Return

(c)

Based

on

net

asset

value

....................

27.21

%

(d)

(0.84

)%

6.98

%

(3.24

)%

(25.50

)%

57.13

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

0.94

%

(f)

0.86

%

0.84

%

0.86

%

0.85

%

0.85

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.81

%

(f)

0.81

%

0.81

%

0.81

%

0.81

%

0.81

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

................

0.81

%

(f)

0.81

%

0.81

%

0.81

%

0.81

%

0.81

%

Net

investment

income

.....................

2.68

%

(f)

1.89

%

1.97

%

1.85

%

1.12

%

0.63

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

207,830

‌

$

608,566

‌

$

911,168

‌

$

877,839

‌

$

704,465

‌

$

458,860

‌

Portfolio

turnover

rate

(g)

......................

58

%

141

%

91

%

96

%

132

%

109

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

21

Financial

Highlights

BlackRock

Unconstrained

Equity

Fund

Institutional

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Net

asset

value,

beginning

of

period

..........

$

13.31

‌

$

13.63

‌

$

11.66

‌

$

12.12

‌

$

16.41

‌

$

12.18

‌

Net

investment

income

(loss)

(a)

..............

(

0

.03

)

(

0

.05

)

0

.01

‌

(

0

.01

)

(

0

.03

)

0

.02

‌

Net

realized

and

unrealized

gain

(loss)

.........

2

.81

‌

(

0

.27

)

1

.96

‌

1

.32

‌

(

0

.95

)

5

.77

‌

Net

increase

(decrease)

from

investment

operations

.

2.78

‌

(0.32

)

1.97

‌

1.31

‌

(0.98

)

5.79

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

...............

—

‌

—

‌

—

‌

—

‌

(

0

.08

)

(

0

.04

)

From

net

realized

gain

....................

—

‌

—

‌

—

‌

(

1

.77

)

(

3

.23

)

(

1

.52

)

Total

distributions

.........................

—

‌

—

‌

—

‌

(1.77

)

(3.31

)

(1.56

)

Net

asset

value,

end

of

period

...............

$

16.09

‌

$

13.31

‌

$

13.63

‌

$

11.66

‌

$

12.12

‌

$

16.41

‌

Total

Return

(c)

Based

on

net

asset

value

...................

20.89

%

(d)

(2.35

)%

16.90

%

14.49

%

(8.74

)%

50.41

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

..........................

1.00

%

(g)

0.97

%

0.95

%

1.12

%

1.02

%

(h)

1.05

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.95

%

(g)

0.94

%

0.94

%

0.95

%

0.95

%

(h)

1.00

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

...............

0.95

%

(g)

0.94

%

0.93

%

0.95

%

0.95

%

(h)

1.00

%

(i)

Net

investment

income

(loss)

................

(0.41

)%

(g)

(0.35

)%

0.07

%

(0.07

)%

(0.20

)%

0.15

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

655,992

‌

$

853,906

‌

$

884,278

‌

$

66,293

‌

$

49,303

‌

$

52,716

‌

Portfolio

turnover

rate

......................

41

%

62

%

31

%

27

%

100

%

83

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

would

have

been

0.99%,

0.92%

and

0.92%,

respectively.

(i)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

would

have

been

1.01%,

0.96%

and

0.96%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

22

BlackRock

Unconstrained

Equity

Fund

Investor

A

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Net

asset

value,

beginning

of

period

..........

$

13.20

‌

$

13.55

‌

$

11.62

‌

$

12.11

‌

$

16.41

‌

$

12.17

‌

Net

investment

loss

(a)

....................

(

0

.05

)

(

0

.08

)

(

0

.04

)

(

0

.04

)

(

0

.06

)

(

0

.01

)

Net

realized

and

unrealized

gain

(loss)

.........

2

.79

‌

(

0

.27

)

1

.97

‌

1

.32

‌

(

0

.97

)

5

.77

‌

Net

increase

(decrease)

from

investment

operations

.

2.74

‌

(0.35

)

1.93

‌

1.28

‌

(1.03

)

5.76

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

...............

—

‌

—

‌

—

‌

—

‌

(

0

.07

)

(

0

.03

)

From

net

realized

gain

....................

—

‌

—

‌

—

‌

(

1

.77

)

(

3

.20

)

(

1

.49

)

Total

distributions

.........................

—

‌

—

‌

—

‌

(1.77

)

(3.27

)

(1.52

)

Net

asset

value,

end

of

period

...............

$

15.94

‌

$

13.20

‌

$

13.55

‌

$

11.62

‌

$

12.11

‌

$

16.41

‌

Total

Return

(c)

Based

on

net

asset

value

...................

20.76

%

(d)

(2.58

)%

16.61

%

14.21

%

(9.04

)%

50.17

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

..........................

1.20

%

(g)

1.17

%

1.21

%

1.34

%

1.26

%

(h)

1.30

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

.

1.19

%

(g)

1.17

%

1.20

%

1.20

%

1.21

%

(h)

1.25

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

...............

1.19

%

(g)

1.17

%

1.19

%

1.20

%

1.21

%

(h)

1.25

%

(i)

Net

investment

loss

.......................

(0.68

)%

(g)

(0.57

)%

(0.32

)%

(0.36

)%

(0.44

)%

(0.10

)%

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

253,936

‌

$

221,599

‌

$

233,297

‌

$

191,316

‌

$

209,352

‌

$

252,119

‌

Portfolio

turnover

rate

......................

41

%

62

%

31

%

27

%

100

%

83

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

would

have

been

1.23%,

1.18%

and

1.18%,

respectively.

(i)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

would

have

been

1.26%,

1.21%

and

1.21%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

23

Financial

Highlights

BlackRock

Unconstrained

Equity

Fund

Investor

C

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Net

asset

value,

beginning

of

period

..........

$

13.07

‌

$

13.52

‌

$

11.68

‌

$

12.25

‌

$

16.54

‌

$

12.22

‌

Net

investment

loss

(a)

....................

(

0

.11

)

(

0

.19

)

(

0

.13

)

(

0

.12

)

(

0

.19

)

(

0

.18

)

Net

realized

and

unrealized

gain

(loss)

.........

2

.76

‌

(

0

.26

)

1

.97

‌

1

.32

‌

(

0

.97

)

5

.83

‌

Net

increase

(decrease)

from

investment

operations

.

2.65

‌

(0.45

)

1.84

‌

1.20

‌

(1.16

)

5.65

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

...............

—

‌

—

‌

—

‌

—

‌

(

0

.02

)

—

‌

From

net

realized

gain

....................

—

‌

—

‌

—

‌

(

1

.77

)

(

3

.11

)

(

1

.33

)

Total

distributions

.........................

—

‌

—

‌

—

‌

(1.77

)

(3.13

)

(1.33

)

Net

asset

value,

end

of

period

...............

$

15.72

‌

$

13.07

‌

$

13.52

‌

$

11.68

‌

$

12.25

‌

$

16.54

‌

Total

Return

(c)

Based

on

net

asset

value

...................

20.28

%

(d)

(3.33

)%

15.75

%

13.27

%

(9.75

)%

48.76

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

..........................

2.07

%

(g)

2.04

%

2.04

%

2.25

%

2.14

%

(h)

2.18

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

.

1.95

%

(g)

1.95

%

1.96

%

1.95

%

2.07

%

(h)

2.13

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

...............

1.95

%

(g)

1.95

%

1.95

%

1.95

%

2.07

%

(h)

2.13

%

(i)

Net

investment

loss

.......................

(1.44

)%

(g)

(1.37

)%

(1.06

)%

(1.12

)%

(1.30

)%

(1.28

)%

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

3,190

‌

$

2,767

‌

$

3,450

‌

$

1,407

‌

$

1,432

‌

$

2,022

‌

Portfolio

turnover

rate

......................

41

%

62

%

31

%

27

%

100

%

83

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

would

have

been

2.11%,

2.04%

and

2.04%,

respectively.

(i)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

would

have

been

2.15%,

2.10%

and

2.10%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

24

BlackRock

Unconstrained

Equity

Fund

Class

K

Six

Months

Ended

10/31/25

(unaudited)

Period

from

05/14/24

(a)

to

04/30/25

Net

asset

value,

beginning

of

period

......................................................................

$

13.32

‌

$

14.11

‌

Net

investment

loss

(b)

................................................................................

(

0

.02

)

(

0

.03

)

Net

realized

and

unrealized

gain

(loss)

.....................................................................

2

.81

‌

(

0

.76

)

Net

increase

(decrease)

from

investment

operations

.............................................................

2.79

‌

(0.79

)

Net

asset

value,

end

of

period

...........................................................................

$

16.11

‌

$

13.32

‌

Total

Return

(c)

Based

on

net

asset

value

...............................................................................

20.95

%

(d)

(5.60

)%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

......................................................................................

0.86

%

(f)

0.85

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

.............................................................

0.86

%

(f)

0.85

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

..

0.86

%

(f)

0.85

%

(f)

Net

investment

loss

...................................................................................

(0.25

)%

(f)

(0.21

)%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................................

$

90,986

‌

$

208,687

‌

Portfolio

turnover

rate

..................................................................................

41

%

62

%

(g)

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Portfolio

turnover

rate

is

representative

of

the

portfolio

for

the

entire

year.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

25

Financial

Highlights

BlackRock

Unconstrained

Equity

Fund

Class

R

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Net

asset

value,

beginning

of

period

..........

$

13.34

‌

$

13.73

‌

$

11.80

‌

$

12.30

‌

$

16.59

‌

$

12.28

‌

Net

investment

loss

(a)

....................

(

0

.07

)

(

0

.12

)

(

0

.07

)

(

0

.06

)

(

0

.13

)

(

0

.08

)

Net

realized

and

unrealized

gain

(loss)

.........

2

.82

‌

(

0

.27

)

2

.00

‌

1

.33

‌

(

0

.99

)

5

.85

‌

Net

increase

(decrease)

from

investment

operations

.

2.75

‌

(0.39

)

1.93

‌

1.27

‌

(1.12

)

5.77

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

...............

—

‌

—

‌

—

‌

—

‌

(

0

.03

)

—

‌

From

net

realized

gain

....................

—

‌

—

‌

—

‌

(

1

.77

)

(

3

.14

)

(

1

.46

)

Total

distributions

.........................

—

‌

—

‌

—

‌

(1.77

)

(3.17

)

(1.46

)

Net

asset

value,

end

of

period

...............

$

16.09

‌

$

13.34

‌

$

13.73

‌

$

11.80

‌

$

12.30

‌

$

16.59

‌

Total

Return

(c)

Based

on

net

asset

value

...................

20.61

%

(d)

(2.84

)%

16.36

%

13.86

%

(9.42

)%

49.61

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

..........................

1.60

%

(g)

1.50

%

1.62

%

1.68

%

1.83

%

(h)

1.65

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

.

1.45

%

(g)

1.45

%

1.46

%

1.45

%

1.66

%

(h)

1.59

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

...............

1.45

%

(g)

1.45

%

1.45

%

1.45

%

1.66

%

(h)

1.59

%

(i)

Net

investment

loss

.......................

(0.94

)%

(g)

(0.87

)%

(0.56

)%

(0.60

)%

(0.85

)%

(0.55

)%

Supplemental

Data

Net

assets,

end

of

period

(000)

...............

$

694

‌

$

598

‌

$

611

‌

$

267

‌

$

230

‌

$

377

‌

Portfolio

turnover

rate

......................

41

%

62

%

31

%

27

%

100

%

83

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

would

have

been

1.79%,

1.62%

and

1.62%,

respectively.

(i)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

would

have

been

1.62%,

1.56%

and

1.56%,

respectively.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

26

1.

ORGANIZATION 

BlackRock

Emerging

Markets

Fund,

Inc.,

(the

“Corporation”)

and

BlackRock

Unconstrained

Equity

Fund

are

each

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

open-end

management

investment

companies.

The

Corporation is

organized

as

a

Maryland

corporation

and

BlackRock

Unconstrained

Equity

Fund

is

organized

as

a

Delaware

statutory

trust.

The

following

are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A,

Investor

C

and

Class

R

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

and

Class

R

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Class

R

Shares

are

sold

only

to

certain

employer-sponsored

retirement

plans.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Board

of

Directors

of

Emerging

Markets and

the

Board

of

Trustees

of

Unconstrained

Equity

are

collectively

referred

to

throughout

this

report

as

the

“Board

of

Directors”

or

the

“Board,”

and

the

directors/trustees

thereof

are

collectively

referred

to

throughout

this

report

as

“Directors”.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

October

31,

2025

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities. 

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Emerging

Markets

Fund,

Inc.

.........................................

Emerging

Markets

Diversified

BlackRock

Unconstrained

Equity

Fund

..........................................

Unconstrained

Equity

Non-diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

(“CDSC”)

Conversion

Privilege

Institutional,

Class

K

and

Class

R

Shares

.............................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

27

Notes

to

Financial

Statements

Consistent

with

U.S.

GAAP

accrual

requirements

for

uncertain

tax

positions,

each

Fund

recognizes

tax

reclaims

when

the

Fund

determines

that

it

is

more

likely

than

not

that

each

Fund

will

sustain

its

position

that

it

is

due

the

reclaim. 

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Cash:

The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.   

Offering

Costs:

Offering

costs

are

amortized

over

a

12-month

period

beginning

with

the

commencement

of

operations

of

a

class

of

shares.  

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

each

Fund has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund's

financial

statements. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

trade

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Interest

rate,

credit

default,

inflation

and

currency

swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

market

data

and discounted

cash

flows.

Total

return

and

equity swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

models

that

incorporate

market

trades

and

fair

value

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which occurs

after

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

28

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs:

(i)

recent

market

transactions,

including

secondary

market

transactions,

merger

or

acquisition

activity

and

subsequent

rounds

of

financing

in

the

underlying investment

or

comparable

issuers

(ii)

recapitalizations

and

other

transactions

across

the

capital

structure

(iii)

market

or

relevant

indices

multiples

of

comparable

issuers

(iv)

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks

(v)

quoted

prices

for

similar

investments

or

assets

in

active

markets

(vi)

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/

or default

rates

(vii) audited

or

unaudited

financial

statements,

investor

communications

and

Private

Company

financial

or

operational

metrics

(viii) relevant

market

news

and

other

public

sources.

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

a

market

approach to

determine the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

Private

Companies

are

not

subject

to

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund. Certain

information

made

available

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for the

asset

or

liability

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

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

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Securities

Lending:

 The

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

Notes

to

Financial

Statements

(unaudited)

(continued)

29

Notes

to

Financial

Statements

As

of

period

end,

the

following

tables

are

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Fund

Name/Counterparty 

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

Emerging

Markets

Barclays

Capital,

Inc.

..........................

$

1,120,120‌

$

(

1,120,120‌

)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

....................

2,055,617‌

(

2,055,617‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

9,977,620‌

(

9,977,620‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

48,716‌

(

48,716‌

)

—‌

—‌

$

13,202,073‌

$

(

13,202,073‌

)

$

—‌

$

—‌

Unconstrained

Equity

Goldman

Sachs

&

Co.

LLC

......................

$

3,558,445‌

$

(

3,558,445‌

)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,

are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks, each

Fund benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by each

Fund.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

(“OTC”).

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

30

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities. The

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

 Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Equity

swaps

—

Equity

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Equity

swaps

are

designed

to

function

as

direct

economic

investments

in

long

or

short

equity

positions.

This

means

that

a

fund

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid.

Equity

swaps

incur

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

value

of

the

position.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

Notes

to

Financial

Statements

(unaudited)

(continued)

31

Notes

to

Financial

Statements

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

Each

Fund

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

majority-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of

each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of

each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

With

respect

to

Emerging

Markets,

the

Manager

entered

into

separate

sub-advisory

agreements

with

BlackRock

Asset

Management

North

Asia

Limited

(“BAMNA”)

and

with

respect

to

Emerging

Markets

and

Unconstrained

Equity,

the

Manager

entered

into

sub-advisory

agreements

with

BlackRock

International

Limited

(“BIL”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BAMNA

and

BIL

for

services

they

provide

for

that

portion

of

each

Fund

for

which

BAMNA

and

BIL,

as

applicable,

acts

as

Sub-Adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

each

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Funds

entered

into

a

Distribution

Agreement

and

Distribution

and

Service

Plans

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Funds.

The

ongoing

service

and/or

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution

related

services

to

shareholders.

For

the six-months

ended

October

31,

2025,

the

following

table

shows

the

class

specific service

and

distribution fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the 

six

months

 ended 

October

31,

2025

,

the

Funds 

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

October

31,

2025,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

six

months ended

October

31,

2025,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Investment

Advisory

Fees

Average

Daily

Net

Assets

Emerging

Markets

Unconstrained

Equity

First

$1

billion

...........................................................................................

0.81%

0.80%

$1

billion

-

$3

billion

.......................................................................................

0.76

0.75

$3

billion

-

$5

billion

.......................................................................................

0.73

0.72

$5

billion

-

$10

billion

......................................................................................

0.70

0.70

Greater

than

$10

billion

.....................................................................................

0.69

0.68

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0

.25‌

%

—‌

%

Investor

C

.................................................................................................

0

.25‌

0

.75‌

Class

R

..................................................................................................

0

.25‌

0

.25‌

Fund

Name

Investor

A

Investor

C

Class

R

Total

Emerging

Markets

.....................................................................

$

344,881‌

$

29,107‌

$

—‌

$

373,988‌

Unconstrained

Equity

...................................................................

309,342‌

15,362‌

1,776‌

326,480‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Class

R

Total

Emerging

Markets

.....................................................

$

2,394‌

$

3,648‌

$

417‌

$

652‌

$

—‌

$

7,111‌

Unconstrained

Equity

...................................................

2,763‌

1,677‌

123‌

147‌

13‌

4,723‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Class

R

Total

Emerging

Markets

.....................................................

$

1,523,694‌

$

402,336‌

$

7,954‌

$

38,259‌

$

—‌

$

1,972,243‌

Unconstrained

Equity

...................................................

500,856‌

100,658‌

3,144‌

653‌

819‌

606,130‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

32

Other

Fees:

For

the 

six

months

ended 

October

31,

2025

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of each

Fund’s Investor

A

Shares as

follows:

For

the six

months

ended

October

31,

2025,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2027

.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

“

interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“

Independent

Trustees”

),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the 

six

months

ended

October

31,

2025

,

the

amounts

waived

were

as

follows:

With

respect

to

each

Fund,

the

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

each

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2027. The

contractual

agreements

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund. For

the

six

months

ended

October

31,

2025,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2027,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the six

months

ended

October

31,

2025,

amounts

included

in the

Statements

of

Operations

were

as

follows:

Fund

Name

Other

Fees

Emerging

Markets

........................................................................................................

$

1,245‌

Unconstrained

Equity

......................................................................................................

3,826‌

Fund

Name

Investor

A

Investor

C

Emerging

Markets

.............................................................................................

$

192‌

$

315‌

Unconstrained

Equity

...........................................................................................

1,726‌

210‌

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Emerging

Markets

........................................................................................................

$

51,779

Unconstrained

Equity

......................................................................................................

7,697

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Class

R

Emerging

Markets

..........................................................

0

.86‌

%

1

.11‌

%

1

.86‌

%

0

.81‌

%

N/A‌

Unconstrained

Equity

........................................................

0

.95‌

1

.20‌

1

.95‌

0

.90‌

1

.45‌

%

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Emerging

Markets

..........................................................................................................

$

1,301,003‌

Unconstrained

Equity

........................................................................................................

4,806‌

Notes

to

Financial

Statements

(unaudited)

(continued)

33

Notes

to

Financial

Statements

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

in

the

Statements

of

Operations.

For

the

six

months ended

October

31,

2025,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Funds

bear

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

reinvested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

the

money

market

fund

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

The

money

market

fund

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

the

money

market

fund

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits the

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

Emerging

Markets retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

specified

thresholds,

Emerging

Markets,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Pursuant

to

the

current

securities

lending

agreement,

Unconstrained

Equity retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

specified

thresholds,

Unconstrained

Equity,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

84%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the six

months

ended

October

31,

2025, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Directors

and

Officers:

 Certain

directors

and/or

officers

of

the

Funds

are

directors

and/or

officers

of

BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the

Funds’

Chief

Compliance

Officer,

which

is

included

in

Directors

and

Officer

in

the

Statements

of

Operations.

Fund

Name/Share

Class

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

—

Class

Specific

Emerging

Markets

Institutional

.......................................................................................................

$

1,062,470‌

Investor

A

........................................................................................................

330,265‌

Investor

C

........................................................................................................

6,430‌

Class

K

.........................................................................................................

38,262‌

$

1,437,427‌

Unconstrained

Equity

Institutional

.......................................................................................................

173,763‌

Investor

A

........................................................................................................

1,840‌

Investor

C

........................................................................................................

1,757‌

Class

K

.........................................................................................................

4‌

Class

R

.........................................................................................................

497‌

$

177,861‌

Fund

Name

Amounts

Emerging

Markets

........................................................................................................

$

76,294‌

Unconstrained

Equity

......................................................................................................

464‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

34

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common 

trustees

.

For

the

six

months

ended

October

31,

2025

,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the six

months ended

October

31,

2025,

purchases

and

sales

of

investments,

including

paydowns/payups, and

excluding

short-term

securities,

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

October

31,

2025,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of

April

30,

2025, the

Funds

had

non-expiring

capital

loss

carryforwards

and

qualified

late-year

losses as

follows: 

As

of

October

31,

2025, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

Each

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.40

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2026

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

October

31,

2025,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

Fund

Name

Purchases

Sales

Net

Realized

Loss

Emerging

Markets

.....................................................................

$

—‌

$

674,841‌

$

(

107,959‌

)

Other

Securities

Fund

Name

Purchases

Sales

Emerging

Markets

.....................................................................................

$

1,343,156,865‌

$

3,373,171,430‌

Unconstrained

Equity

...................................................................................

428,795,936‌

928,642,890‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

Qualified

Late-

Year

Ordinary

Losses

Emerging

Markets

...........................................................................................

$

(

1,014,485,855‌

)

$

–‌

Unconstrained

Equity

.........................................................................................

(

68,934,892‌

)

(

1,339,681‌

)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Markets

.................................................

$

1,760,942,222‌

$

480,602,705‌

$

(

187,987,880‌

)

$

292,614,825‌

Unconstrained

Equity

..............................................

747,816,604‌

264,721,491‌

(

8,923,431‌

)

255,798,060‌

Notes

to

Financial

Statements

(unaudited)

(continued)

35

Notes

to

Financial

Statements

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.  

Market

Risk:

Investments

in

the

securities

of

issuers

domiciled

in

countries

with

emerging

capital

markets

involve

certain

additional

risks

that

do

not

generally

apply

to

investments

in

securities

of

issuers

in

more

developed

capital

markets,

such

as

(i)

low

or

nonexistent

trading

volume,

resulting

in

a

lack

of

liquidity

and

increased

volatility

in

prices

for

such

securities;

(ii)

lack

of

reliable

settlement

procedures

and

significant

delays

in

registering

the

transfer

of

securities;

(iii) uncertain

national

policies

and

social,

political

and

economic

instability,

increasing

the

potential

for

expropriation

of

assets,

confiscatory

taxation,

high

rates

of

inflation

or

unfavorable

diplomatic

developments;

(iv)

lack

of

publicly

available

or

reliable

information

about

issuers

as

a

result

of

not

being

subject

to

the

same

degree

of

regulatory

requirements

and

accounting,

auditing

and

financial

reporting

standards;

and

(v)

possible

fluctuations

in

exchange

rates,

differing

legal

systems

and

the

existence

or

possible

imposition

of

exchange

controls,

custodial

restrictions

or

other

foreign

or

U.S.

governmental

laws

or

restrictions

applicable

to

such

investments.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

The

Funds invest

a

substantial

amount

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

fund

concentrates its investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedules

of

Investments. 

Certain

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

36

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

Certain

Asian

countries

have

developed

increasingly

strained

relationships

with

the

U.S.

or

China;

if

these

relations

were

to

worsen,

they

could

adversely

affect

Asian

issuers

that

rely

on

the

U.S.

or

China

for

trade

and

the

region

as

a

whole.

The

Asian

financial

markets

have

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

China

or

with

significant

exposure

to

Chinese

issuers. Investments

in

Chinese

securities,

including

certain

Hong

Kong-listed

securities,

involve

risks

specific

to

China.

China

may

be

subject

to

considerable

degrees

of

economic,

political

and

social

instability

and

demonstrates

significantly

higher

volatility

from

time

to

time

in

comparison

to

developed

markets.

Chinese

markets

generally

continue

to

experience

inefficiency,

volatility

and

pricing

anomalies

resulting

from

governmental

influence,

a

lack

of

publicly

available

information

and/or

political

and

social

instability.

Internal

social

unrest

or

confrontations

with

other

neighboring

countries

may

disrupt

economic

development

in

China

and

result

in

a

greater

risk

of

currency

fluctuations,

currency

non-convertibility,

interest

rate

fluctuations

and

higher

rates

of

inflation.

Incidents

involving

China’s

or

the

region’s

security

may

cause

uncertainty

in

Chinese

markets

and

may

adversely

affect

the

Chinese

economy

and

the

Fund’s

investments.

Reduction

in

spending

on

Chinese

products

and

services,

supply

chain

diversification,

institution

of

tariffs,

sanctions

or

other

trade

barriers,

or

a

downturn

in

any

of

the

economies

of

China’s

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy. In

addition,

measures

may

be

taken

to

limit

the

flow

of

capital

and/or

sanctions

may

be

imposed,

which

could

prohibit

or

restrict

the

ability

to

own

or

transfer

fund

assets

and

may

also

include

retaliatory

actions,

such

as

seizure

of

fund

assets.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

10/31/25

Year

Ended

04/30/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Emerging

Markets

Institutional

Shares

sold

..........................................

14,115,108‌

$

371,484,644‌

37,736,113‌

$

925,461,829‌

Shares

issued

in

reinvestment

of

distributions

.....................

233,022‌

6,128,483‌

1,709,522‌

41,889,852‌

Shares

redeemed

......................................

(

79,271,287‌

)

(

2,044,911,593‌

)

(

71,063,127‌

)

(

1,741,171,214‌

)

(

64,923,157‌

)

$

(

1,667,298,466‌

)

(

31,617,492‌

)

$

(

773,819,533‌

)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

709,954‌

$

17,885,491‌

2,599,631‌

$

61,036,149‌

Shares

issued

in

reinvestment

of

distributions

.....................

29,414‌

742,407‌

182,194‌

4,283,123‌

Shares

redeemed

......................................

(

2,308,299‌

)

(

60,120,955‌

)

(

4,237,739‌

)

(

99,368,425‌

)

(

1,568,931‌

)

$

(

41,493,057‌

)

(

1,455,914‌

)

$

(

34,049,153‌

)

Investor

C

Shares

sold

..........................................

18,808‌

$

416,430‌

33,215‌

$

646,948‌

Shares

issued

in

reinvestment

of

distributions

.....................

312‌

6,485‌

4,427‌

85,789‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(

33,560‌

)

(

699,646‌

)

(

156,581‌

)

(

3,008,769‌

)

(

14,440‌

)

$

(

276,731‌

)

(

118,939‌

)

$

(

2,276,032‌

)

Class

K

Shares

sold

..........................................

1,100,575‌

$

29,389,938‌

10,844,448‌

$

266,038,069‌

Shares

issued

in

reinvestment

of

distributions

.....................

39,257‌

1,032,849‌

601,500‌

14,746,419‌

Shares

redeemed

......................................

(

19,951,146‌

)

(

534,486,392‌

)

(

23,218,954‌

)

(

568,659,984‌

)

(

18,811,314‌

)

$

(

504,063,605‌

)

(

11,773,006‌

)

$

(

287,875,496‌

)

(

85,317,842‌

)

$

(

2,213,131,859‌

)

(

44,965,351‌

)

$

(

1,098,020,214‌

)

Unconstrained

Equity

Institutional

Shares

sold

..........................................

7,325,953‌

$

107,923,499‌

46,872,345‌

$

663,166,859‌

Shares

redeemed

......................................

(

30,735,648‌

)

(

454,673,964‌

)

(

47,568,641‌

)

(

666,177,129‌

)

(

23,409,695‌

)

$

(

346,750,465‌

)

(

696,296‌

)

$

(

3,010,270‌

)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

321,491‌

$

4,833,048‌

2,340,613‌

$

32,935,315‌

Shares

redeemed

......................................

(

1,183,336‌

)

(

17,775,211‌

)

(

2,765,417‌

)

(

38,724,082‌

)

(

861,845‌

)

$

(

12,942,163‌

)

(

424,804‌

)

$

(

5,788,767‌

)

Notes

to

Financial

Statements

(unaudited)

(continued)

37

Notes

to

Financial

Statements

As

of

October

31,

2025,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned 3,544 Class

K Shares

of

Unconstrained

Equity.

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

10/31/25

Year

Ended

04/30/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Investor

C

Shares

sold

..........................................

12,792‌

$

191,023‌

89,016‌

$

1,250,630‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(

21,662‌

)

(

318,632‌

)

(

132,358‌

)

(

1,825,297‌

)

(

8,870‌

)

$

(

127,609‌

)

(

43,342‌

)

$

(

574,667‌

)

Class

K

Shares

sold

..........................................

704,592‌

$

10,384,558‌

17,324,397‌

$

244,821,828‌

Shares

redeemed

......................................

(

10,729,260‌

)

(

157,680,429‌

)

(

1,652,388‌

)

(

22,397,217‌

)

(

10,024,668‌

)

$

(

147,295,871‌

)

15,672,009‌

$

222,424,611‌

Class

R

Shares

sold

..........................................

8,273‌

$

126,694‌

14,271‌

$

199,798‌

Shares

redeemed

......................................

(

9,939‌

)

(

153,711‌

)

(

13,931‌

)

(

194,273‌

)

(

1,666‌

)

$

(

27,017‌

)

340‌

$

5,525‌

(

34,306,744‌

)

$

(

507,143,125‌

)

14,507,907‌

$

213,056,432‌

Additional

Information

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additonal

Information

38

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Compensation

to

the

independent

directors/trustees

of

BlackRock

Emerging

Markets

Fund,

Inc.

and

BlackRock

Unconstrained

Equity

Fund

is

paid

by

BlackRock

Emerging

Markets

Fund,

Inc.

and

BlackRock

Unconstrained

Equity

Fund

on

behalf

of

the

Funds.

General

Information 

Quarterly

performance,

shareholder

reports,

semi-annual

and

annual

financial

statements,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

39

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Adviser

BlackRock

Asset

Management

North

Asia

Limited

(a)

Hong

Kong

BlackRock

International

Limited

Edinburgh,

EH3

8BL,

United

Kingdom

Accounting

Agent

State

Street

Bank

and

Trust

Company

Boston,

MA

02114

JPMorgan

Chase

Bank,

N.A.

(b)

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

Brown

Brothers

Harriman

&

Co.

Boston,

MA

02109

JPMorgan

Chase

Bank,

N.A.

(b)

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02110

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Ropes

&

Gray

LLP

New

York,

NY

10036

Address

of

the

Funds

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

Emerging

Markets.

(b)

Conversion

occurred

after

Close

of

Business

on

6/13/25.

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

40

The

Board

of

Directors

of

BlackRock

Emerging

Markets

Fund,

Inc.

(“Emerging

Markets

Fund”)

met

on

April

22,

2025

and

May

20-21,

2025

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Emerging

Markets

Fund

Advisory

Agreement”)

between

Emerging

Markets

Fund

and

BlackRock

Advisors,

LLC

(the

“Manager”),

Emerging

Markets

Fund's

investment

advisor.

The

Board

of

Directors

of

Emerging

Markets

Fund

also

considered

the

approval

to

continue

the

sub-advisory

agreement

(the

“Emerging

Markets

Fund

BAMNA

Sub-Advisory

Agreement”)

between

the

Manager

and

BlackRock

Asset

Management

North

Asia

Limited

(“BAMNA”)

and

the

sub-advisory

agreement

(the

“Emerging

Markets

Fund

BIL

Sub-Advisory

Agreement”)

between

the

Manager

and

BlackRock

International

Limited

(“BIL”

and,

together

with

BAMNA,

the

“Sub-Advisors”

and,

each

individually,

a

“Sub-Advisor”),

each

with

respect

to

Emerging

Markets

Fund.

The

Board

of

Trustees

of

BlackRock

Unconstrained

Equity

Fund

(“Unconstrained

Equity

Fund”)

met

on

April

22,

2025

and

May

20-21,

2025

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Unconstrained

Equity

Fund

Advisory

Agreement”)

between

Unconstrained

Equity

Fund

and

the

Manager,

Unconstrained

Equity

Fund's

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreement

(the

“Unconstrained

Equity

Fund

Sub-

Advisory

Agreement”)

between

the

Manager

and

BIL

with

respect

to

Unconstrained

Equity

Fund.

Emerging

Markets

Fund

and

Unconstrained

Equity

Fund

are

referred

to

herein

individually

as

a

“Fund”

or

collectively

as

the

“Funds.”

The

Manager,

BAMNA

and

BIL

are

referred

to

herein

as

“BlackRock.”

The

Emerging

Markets

Fund

Advisory

Agreement,

the

Emerging

Markets

Fund

BAMNA

Sub-Advisory

Agreement,

the

Emerging

Markets

Fund

BIL

Sub-Advisory

Agreement,

the

Unconstrained

Equity

Fund

Advisory

Agreement

and

the

Unconstrained

Equity

Fund

Sub-Advisory

Agreement

are

referred

to

herein

individually

as

an

“Agreement”

or

collectively

as

the

“Agreements.”

For

simplicity:

(a)

the

Board

of

Directors

of

Emerging

Markets

Fund

and

the

Board

of

Trustees

of

Unconstrained

Equity

Fund

are

referred

to

herein

individually

as

the

“Board”

and

collectively

as

the

“Boards”

and

the

members

are

referred

to

as

“Board

Members”;

and

(b)

the

meetings

held

on

April

22,

2025

are

referred

to

as

the

“April

Meeting”

and

the

meetings

held

on

May

20-21,

2025

are

referred

to

as

the

“May

Meeting.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

each

Board

considers

the

approval

of

the

continuation

of

the

pertinent

Agreement

for

each

Fund

on

an

annual

basis.

The

Board

Members

who

are

not

“interested

persons”

of

the

pertinent

Fund

as

defined

in

the

1940

Act,

are

considered

independent

Board

Members

(the

“Independent

Board

Members”).

Each

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

Each

Board

had

four

quarterly

meetings

per

year,

as

well

as

numerous

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

each

Board

similarly

met

throughout

the

year.

Each

Board

also

held

the

April

Meeting

to

consider

specific

information

regarding

the

renewal

of

the

Agreements.

In

considering

the

renewal

of

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

each

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

each

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

each

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

each

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

each

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

each

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-

year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

investment

performance

analyses,

and

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

each

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

each

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

each

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

each

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

each

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

each

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Funds;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

each

Fund’s

operations.

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

(continued)

41

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

At

the

April

Meeting,

each

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting,

and

such

responses

were

reviewed

by

the

Board

Members.

At

the

May

Meeting,

each

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

Each

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

the

portfolio

holdings

of

the

pertinent

Fund.

Each

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

each

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

Each

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

each

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Boards

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

Each

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

Each

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

experience

of

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

certain

trading,

portfolio

management,

operations

and/or

information

systems

owned

by

BlackRock;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

Each

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

Each

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

each

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Funds

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

also

considered

the

operation

of

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

of

the

Sub-Advisors

with

respect

to

the

Funds,

as

applicable,

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

the

pertinent

Fund

and

its

shareholders.

B.

The

Investment

Performance

of

the

Funds

Each

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

each

Fund

throughout

the

year

and

at

the

April

Meeting.

The

Board

was

provided

with

Fund

performance

reporting

and

analysis,

relative

to

applicable

performance

metrics,

by

BlackRock

throughout

the

year

and

at

the

April

meeting.

In

preparation

for

the

April

Meeting,

each

Board

was

also

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2024,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

each

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers.

Each

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

The

Board

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

each

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

Each

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

(continued)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

42

The

Board

of

Emerging

Markets

Fund

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Emerging

Markets

Fund

ranked

in

the

fourth,

fourth

and

third

quartiles,

respectively,

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

periods.

The

Board

was

informed

that,

among

other

things,

underperformance

was

driven

by

an

expectation

for

global

rates

to

decrease

and

increased

exposure

to

traditional

carry

countries

with

high

real

rates,

expecting

them

to

benefit

from

easing

global

financial

conditions.

However,

the

resilience

of

the

U.S.

economy

delayed

Federal

Reserve

rate

cuts,

causing

these

overweight

positions

to

drag

on

performance.

Brazil

was

also

particularly

problematic,

with

many

stock

picks

underperforming

the

market.

The

Board

and

BlackRock

discussed

BlackRock’s

strategy

for

improving

the

Fund’s

investment

performance.

Discussions

covered

topics

such

as

performance

attribution,

the

Fund’s

investment

personnel,

and

the

resources

appropriate

to

support

the

Fund’s

investment

processes.

The

Board

of

Unconstrained

Equity

Fund

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Unconstrained

Equity

Fund

ranked

in

the

fourth,

first

and

second

quartiles,

respectively,

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

period.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds

Each

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

Each

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Boards

considered

that

the

fee

and

expense

information

in

the

Broadridge

report

for

the

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

period

of

market

volatility.

The

Board

also

noted

that

while

it

found

the

expense

comparison

provided

by

Broadridge

generally

useful,

it

recognized

that

the

comparison

is

subject

to

Broadridge’s

defined

peer

selection

criteria

and

methodology.

The

Boards

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

Each

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

Each

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2024

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

Each

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

Each

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

Each

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

Each

Board

thus

recognized

the

limitations

of

calculating

and

comparing

profitability

at

the

individual

fund

level.

Each

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

Each

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

Each

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

BlackRock’s

technology

business,

BlackRock’s

expense

management,

and

the

relative

product

mix.

Each

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

Each

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Boards

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time

and

resources,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

of

Emerging

Markets

Fund

noted

that

Emerging

Market

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

of

Unconstrained

Equity

Fund

noted

that

Unconstrained

Equity

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

third

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

pertinent

Fund

decreases

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

each

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale

Each

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

any

economies

of

scale

might

benefit

the

Funds

in

a

variety

of

ways

as

the

assets

of

the

Funds

increase.

The

Boards

considered

multiple

factors,

including

the

advisory

fee

rate

and

breakpoints,

unitary

fee

structure,

fee

waivers,

and/or

expense

caps,

as

applicable.

Each

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

Each

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

(continued)

43

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

The

Boards

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Boards

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Boards

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Boards

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Boards

noted

the

competitive

nature

of

the

mutual

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

At

the

May

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

of

Emerging

Markets

Fund,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

(i)

the

Emerging

Markets

Fund

Advisory

Agreement

between

the

Manager

and

Emerging

Markets

Fund,

(ii)

the

Emerging

Markets

Fund

BAMNA

Sub-Advisory

Agreement

between

the

Manager

and

BAMNA

with

respect

to

Emerging

Markets

Fund

and

(iii)

the

Emerging

Markets

Fund

BIL

Sub-Advisory

Agreement

between

the

Manager

and

BIL

with

respect

to

Emerging

Markets

Fund,

each

for

a

one-year

term

ending

June

30,

2026.

At

the

May

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

of

Unconstrained

Equity

Fund,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

(i)

the

Unconstrained

Equity

Fund

Advisory

Agreement

between

the

Manager

and

Unconstrained

Equity

Fund

and

(ii)

the

Unconstrained

Equity

Fund

Sub-Advisory

Agreement

between

the

Manager

and

BIL

with

respect

to

Unconstrained

Equity

Fund,

both

for

a

one-year

term

ending

June

30,

2026.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Boards,

including

the

Independent

Board

Members,

were

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Boards

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Glossary

of

Terms

Used

in

these

Financial

Statements

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

44

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

MSCI

Morgan

Stanley

Capital

International

NVDR

Non-Voting

Depository

Receipts

OBFR01

USD

-

1D

Overnight

Bank

Funding

Rate

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

SAB

Special

Assessment

Bonds

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

subject

to

change.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(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 date 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) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

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 Unconstrained Equity Fund

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Unconstrained Equity Fund

Date: December 22, 2025 

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 Unconstrained Equity Fund

Date: December 22, 2025 

By:     /s/ Trent Walker                      

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Unconstrained Equity Fund

Date: December 22, 2025