Blackrock Long-Horizon Equity Fund
07/02/2026 | Press release | Distributed by Public on 07/02/2026 08:54
Annual Report by Investment Company (Form N-CSR)
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: 04/30/2026
Item 1 - Report to Stockholders
(a) The Report to Shareholders is attached herewith.
BlackRock Unconstrained Equity Fund
Class K Shares | MKEAX
Annual Shareholder Report - April 30, 2026
This annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the "Fund") for the period of May 1, 2025 to April 30, 2026.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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K Shares
|
$99
|
0.86%
|
How did the Fund perform last year?
-
For the reporting period ended April 30, 2026, the Fund's Class K Shares returned 31.53%.
-
For the same period, the Fund's benchmark, the MSCI World Index (Net) returned 29.16%.
What contributed to performance?
Performance benefited from holdings in various companies exposed to the ongoing build out of data center capacity to support artificial intelligence ("AI") activity. These included Vertiv Holdings Co., a supplier of liquid cooling solutions, ASML Holding N.V., the leading provider of lithography technology used in the manufacture of advanced chips, and Intel, which benefited from strong chip demand. Google parent Alphabet, Inc. was another key contributor, with share price gains driven by accelerating growth in its cloud services division and clear monetization of its investment in AI.
What detracted from performance?
Various holdings within the financials sector were among the leading detractors from performance. While Dutch payment-processing firm Adyen NV delivered strong absolute revenue growth, it lagged market expectations. In addition, the shares were pressured as advances in AI prompted debate around the terminal value of companies across multiple industries, including payments. We sold the stock during the period. Trading platform Robinhood Markets, Inc. suffered from weaker cryptocurrency prices and slower trading activity. A position in insurer Progressive Corp. also weighed on returns; despite solid earnings and continued market share gains, sentiment around the stock was impacted by concerns over a softer pricing environment.
Outside of financials, data and analytics provider RELX PLC was a notable detractor as investors downgraded the company's prospects on fears that its business model was vulnerable to AI disruption. While RELX owns significant proprietary datasets and has continued to perform well operationally, we sold the position as the AI disruption narrative may be difficult to disprove over the near-term.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Table Summary
|
Class K Shares
|
MSCI World Index (Net)
|
|
|
Apr 16
|
$10,000
|
$10,000
|
|
May 16
|
$10,063
|
$10,056
|
|
Jun 16
|
$10,054
|
$9,943
|
|
Jul 16
|
$10,388
|
$10,364
|
|
Aug 16
|
$10,216
|
$10,372
|
|
Sep 16
|
$10,234
|
$10,427
|
|
Oct 16
|
$9,693
|
$10,225
|
|
Nov 16
|
$9,720
|
$10,373
|
|
Dec 16
|
$9,901
|
$10,621
|
|
Jan 17
|
$10,220
|
$10,877
|
|
Feb 17
|
$10,484
|
$11,179
|
|
Mar 17
|
$10,593
|
$11,298
|
|
Apr 17
|
$10,948
|
$11,465
|
|
May 17
|
$11,221
|
$11,708
|
|
Jun 17
|
$11,239
|
$11,753
|
|
Jul 17
|
$11,276
|
$12,034
|
|
Aug 17
|
$11,376
|
$12,051
|
|
Sep 17
|
$11,722
|
$12,321
|
|
Oct 17
|
$11,931
|
$12,554
|
|
Nov 17
|
$12,204
|
$12,826
|
|
Dec 17
|
$12,356
|
$13,000
|
|
Jan 18
|
$13,048
|
$13,686
|
|
Feb 18
|
$12,366
|
$13,119
|
|
Mar 18
|
$12,385
|
$12,833
|
|
Apr 18
|
$12,404
|
$12,981
|
|
May 18
|
$12,631
|
$13,062
|
|
Jun 18
|
$12,574
|
$13,056
|
|
Jul 18
|
$13,095
|
$13,464
|
|
Aug 18
|
$13,200
|
$13,630
|
|
Sep 18
|
$13,247
|
$13,706
|
|
Oct 18
|
$12,394
|
$12,700
|
|
Nov 18
|
$12,792
|
$12,844
|
|
Dec 18
|
$11,813
|
$11,867
|
|
Jan 19
|
$12,644
|
$12,791
|
|
Feb 19
|
$13,332
|
$13,175
|
|
Mar 19
|
$13,722
|
$13,348
|
|
Apr 19
|
$14,091
|
$13,822
|
|
May 19
|
$13,414
|
$13,024
|
|
Jun 19
|
$14,245
|
$13,882
|
|
Jul 19
|
$14,358
|
$13,951
|
|
Aug 19
|
$14,266
|
$13,666
|
|
Sep 19
|
$14,389
|
$13,957
|
|
Oct 19
|
$14,964
|
$14,312
|
|
Nov 19
|
$15,405
|
$14,710
|
|
Dec 19
|
$15,665
|
$15,151
|
|
Jan 20
|
$15,343
|
$15,059
|
|
Feb 20
|
$14,274
|
$13,786
|
|
Mar 20
|
$12,585
|
$11,961
|
|
Apr 20
|
$13,999
|
$13,268
|
|
May 20
|
$14,734
|
$13,909
|
|
Jun 20
|
$14,826
|
$14,277
|
|
Jul 20
|
$15,843
|
$14,960
|
|
Aug 20
|
$16,952
|
$15,960
|
|
Sep 20
|
$16,578
|
$15,409
|
|
Oct 20
|
$16,145
|
$14,936
|
|
Nov 20
|
$18,108
|
$16,846
|
|
Dec 20
|
$19,104
|
$17,560
|
|
Jan 21
|
$18,527
|
$17,386
|
|
Feb 21
|
$19,258
|
$17,831
|
|
Mar 21
|
$19,900
|
$18,425
|
|
Apr 21
|
$21,054
|
$19,282
|
|
May 21
|
$21,234
|
$19,560
|
|
Jun 21
|
$21,747
|
$19,851
|
|
Jul 21
|
$22,127
|
$20,207
|
|
Aug 21
|
$22,706
|
$20,710
|
|
Sep 21
|
$21,884
|
$19,850
|
|
Oct 21
|
$22,889
|
$20,974
|
|
Nov 21
|
$21,960
|
$20,515
|
|
Dec 21
|
$23,050
|
$21,392
|
|
Jan 22
|
$21,354
|
$20,260
|
|
Feb 22
|
$21,005
|
$19,747
|
|
Mar 22
|
$21,306
|
$20,289
|
|
Apr 22
|
$19,214
|
$18,604
|
|
May 22
|
$18,659
|
$18,618
|
|
Jun 22
|
$17,296
|
$17,005
|
|
Jul 22
|
$19,620
|
$18,355
|
|
Aug 22
|
$18,224
|
$17,588
|
|
Sep 22
|
$16,375
|
$15,953
|
|
Oct 22
|
$17,432
|
$17,099
|
|
Nov 22
|
$19,318
|
$18,287
|
|
Dec 22
|
$18,375
|
$17,511
|
|
Jan 23
|
$20,394
|
$18,750
|
|
Feb 23
|
$19,884
|
$18,299
|
|
Mar 23
|
$21,488
|
$18,865
|
|
Apr 23
|
$21,997
|
$19,195
|
|
May 23
|
$22,167
|
$19,004
|
|
Jun 23
|
$23,073
|
$20,153
|
|
Jul 23
|
$23,148
|
$20,830
|
|
Aug 23
|
$22,790
|
$20,332
|
|
Sep 23
|
$21,412
|
$19,455
|
|
Oct 23
|
$20,997
|
$18,891
|
|
Nov 23
|
$23,280
|
$20,662
|
|
Dec 23
|
$24,506
|
$21,676
|
|
Jan 24
|
$25,374
|
$21,936
|
|
Feb 24
|
$26,789
|
$22,866
|
|
Mar 24
|
$27,412
|
$23,601
|
|
Apr 24
|
$25,714
|
$22,724
|
|
May 24
|
$26,487
|
$23,739
|
|
Jun 24
|
$27,261
|
$24,222
|
|
Jul 24
|
$26,317
|
$24,649
|
|
Aug 24
|
$27,298
|
$25,301
|
|
Sep 24
|
$27,280
|
$25,764
|
|
Oct 24
|
$26,034
|
$25,253
|
|
Nov 24
|
$27,053
|
$26,412
|
|
Dec 24
|
$26,374
|
$25,723
|
|
Jan 25
|
$27,676
|
$26,631
|
|
Feb 25
|
$26,978
|
$26,439
|
|
Mar 25
|
$24,601
|
$25,262
|
|
Apr 25
|
$25,129
|
$25,487
|
|
May 25
|
$27,374
|
$26,995
|
|
Jun 25
|
$28,845
|
$28,160
|
|
Jul 25
|
$29,279
|
$28,523
|
|
Aug 25
|
$28,827
|
$29,267
|
|
Sep 25
|
$29,487
|
$30,208
|
|
Oct 25
|
$30,392
|
$30,813
|
|
Nov 25
|
$30,109
|
$30,900
|
|
Dec 25
|
$29,657
|
$31,149
|
|
Jan 26
|
$30,449
|
$31,846
|
|
Feb 26
|
$30,581
|
$32,080
|
|
Mar 26
|
$28,261
|
$30,036
|
|
Apr 26
|
$33,052
|
$32,917
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
31.53%
|
9.44%
|
12.70%
|
|
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29.16
|
11.29
|
12.65
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$967,080,821
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
24
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$8,026,014
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79%
|
The Fund's returns shown prior to March 1, 2022, are the returns of the Fund when it followed a different investment objective, different investment strategies and investment process under the name BlackRock Long-Horizon Equity Fund.
Performance shown prior to the Class K Shares inception date of May 14, 2024 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Geographic allocation
Table Summary
|
SecurityFootnote Reference(a)
|
Percent of Net Assets
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1%
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.5
|
|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.3
|
|
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.0
|
|
Intel Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1
|
|
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.5
|
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79.1%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.8
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
(0.2)
|
| Footnote | Description |
|
Footnote(a)
|
Excludes short-term securities. |
Material fund changes
This is a summary of certain changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
Updated the investment process and risks to remove certain screening criteria for determining the investable universe.
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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
Annual Shareholder Report - April 30, 2026
MKEAX-04/26-AR
BlackRock Unconstrained Equity Fund
Class R Shares | MREGX
Annual Shareholder Report - April 30, 2026
This annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the "Fund") for the period of May 1, 2025 to April 30, 2026.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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class R Shares
|
$168
|
1.45%
|
How did the Fund perform last year?
-
For the reporting period ended April 30, 2026, the Fund's Class R Shares returned 30.73%.
-
For the same period, the Fund's benchmark, the MSCI World Index (Net) returned 29.16%.
What contributed to performance?
Performance benefited from holdings in various companies exposed to the ongoing build out of data center capacity to support artificial intelligence ("AI") activity. These included Vertiv Holdings Co., a supplier of liquid cooling solutions, ASML Holding N.V., the leading provider of lithography technology used in the manufacture of advanced chips, and Intel, which benefited from strong chip demand. Google parent Alphabet, Inc. was another key contributor, with share price gains driven by accelerating growth in its cloud services division and clear monetization of its investment in AI.
What detracted from performance?
Various holdings within the financials sector were among the leading detractors from performance. While Dutch payment-processing firm Adyen NV delivered strong absolute revenue growth, it lagged market expectations. In addition, the shares were pressured as advances in AI prompted debate around the terminal value of companies across multiple industries, including payments. We sold the stock during the period. Trading platform Robinhood Markets, Inc. suffered from weaker cryptocurrency prices and slower trading activity. A position in insurer Progressive Corp. also weighed on returns; despite solid earnings and continued market share gains, sentiment around the stock was impacted by concerns over a softer pricing environment.
Outside of financials, data and analytics provider RELX PLC was a notable detractor as investors downgraded the company's prospects on fears that its business model was vulnerable to AI disruption. While RELX owns significant proprietary datasets and has continued to perform well operationally, we sold the position as the AI disruption narrative may be difficult to disprove over the near-term.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Table Summary
|
Class R Shares
|
MSCI World Index (Net)
|
|
|
Apr 16
|
$10,000
|
$10,000
|
|
May 16
|
$10,063
|
$10,056
|
|
Jun 16
|
$10,054
|
$9,943
|
|
Jul 16
|
$10,370
|
$10,364
|
|
Aug 16
|
$10,198
|
$10,372
|
|
Sep 16
|
$10,216
|
$10,427
|
|
Oct 16
|
$9,666
|
$10,225
|
|
Nov 16
|
$9,684
|
$10,373
|
|
Dec 16
|
$9,862
|
$10,621
|
|
Jan 17
|
$10,177
|
$10,877
|
|
Feb 17
|
$10,439
|
$11,179
|
|
Mar 17
|
$10,538
|
$11,298
|
|
Apr 17
|
$10,881
|
$11,465
|
|
May 17
|
$11,152
|
$11,708
|
|
Jun 17
|
$11,161
|
$11,753
|
|
Jul 17
|
$11,188
|
$12,034
|
|
Aug 17
|
$11,278
|
$12,051
|
|
Sep 17
|
$11,621
|
$12,321
|
|
Oct 17
|
$11,819
|
$12,554
|
|
Nov 17
|
$12,090
|
$12,826
|
|
Dec 17
|
$12,231
|
$13,000
|
|
Jan 18
|
$12,913
|
$13,686
|
|
Feb 18
|
$12,222
|
$13,119
|
|
Mar 18
|
$12,240
|
$12,833
|
|
Apr 18
|
$12,250
|
$12,981
|
|
May 18
|
$12,464
|
$13,062
|
|
Jun 18
|
$12,399
|
$13,056
|
|
Jul 18
|
$12,913
|
$13,464
|
|
Aug 18
|
$13,006
|
$13,630
|
|
Sep 18
|
$13,043
|
$13,706
|
|
Oct 18
|
$12,194
|
$12,700
|
|
Nov 18
|
$12,586
|
$12,844
|
|
Dec 18
|
$11,610
|
$11,867
|
|
Jan 19
|
$12,421
|
$12,791
|
|
Feb 19
|
$13,092
|
$13,175
|
|
Mar 19
|
$13,463
|
$13,348
|
|
Apr 19
|
$13,823
|
$13,822
|
|
May 19
|
$13,152
|
$13,024
|
|
Jun 19
|
$13,964
|
$13,882
|
|
Jul 19
|
$14,064
|
$13,951
|
|
Aug 19
|
$13,964
|
$13,666
|
|
Sep 19
|
$14,084
|
$13,957
|
|
Oct 19
|
$14,625
|
$14,312
|
|
Nov 19
|
$15,055
|
$14,710
|
|
Dec 19
|
$15,306
|
$15,151
|
|
Jan 20
|
$14,973
|
$15,059
|
|
Feb 20
|
$13,929
|
$13,786
|
|
Mar 20
|
$12,274
|
$11,961
|
|
Apr 20
|
$13,640
|
$13,268
|
|
May 20
|
$14,351
|
$13,909
|
|
Jun 20
|
$14,428
|
$14,277
|
|
Jul 20
|
$15,422
|
$14,960
|
|
Aug 20
|
$16,501
|
$15,960
|
|
Sep 20
|
$16,118
|
$15,409
|
|
Oct 20
|
$15,689
|
$14,936
|
|
Nov 20
|
$17,592
|
$16,846
|
|
Dec 20
|
$18,548
|
$17,560
|
|
Jan 21
|
$17,970
|
$17,386
|
|
Feb 21
|
$18,671
|
$17,831
|
|
Mar 21
|
$19,286
|
$18,425
|
|
Apr 21
|
$20,406
|
$19,282
|
|
May 21
|
$20,566
|
$19,560
|
|
Jun 21
|
$21,045
|
$19,851
|
|
Jul 21
|
$21,406
|
$20,207
|
|
Aug 21
|
$21,958
|
$20,710
|
|
Sep 21
|
$21,130
|
$19,850
|
|
Oct 21
|
$22,103
|
$20,974
|
|
Nov 21
|
$21,188
|
$20,515
|
|
Dec 21
|
$22,225
|
$21,392
|
|
Jan 22
|
$20,572
|
$20,260
|
|
Feb 22
|
$20,226
|
$19,747
|
|
Mar 22
|
$20,512
|
$20,289
|
|
Apr 22
|
$18,498
|
$18,604
|
|
May 22
|
$17,942
|
$18,618
|
|
Jun 22
|
$16,635
|
$17,005
|
|
Jul 22
|
$18,851
|
$18,355
|
|
Aug 22
|
$17,496
|
$17,588
|
|
Sep 22
|
$15,712
|
$15,953
|
|
Oct 22
|
$16,729
|
$17,099
|
|
Nov 22
|
$18,530
|
$18,287
|
|
Dec 22
|
$17,620
|
$17,511
|
|
Jan 23
|
$19,547
|
$18,750
|
|
Feb 23
|
$19,047
|
$18,299
|
|
Mar 23
|
$20,581
|
$18,865
|
|
Apr 23
|
$21,045
|
$19,195
|
|
May 23
|
$21,223
|
$19,004
|
|
Jun 23
|
$22,061
|
$20,153
|
|
Jul 23
|
$22,133
|
$20,830
|
|
Aug 23
|
$21,794
|
$20,332
|
|
Sep 23
|
$20,456
|
$19,455
|
|
Oct 23
|
$20,046
|
$18,891
|
|
Nov 23
|
$22,222
|
$20,662
|
|
Dec 23
|
$23,381
|
$21,676
|
|
Jan 24
|
$24,201
|
$21,936
|
|
Feb 24
|
$25,539
|
$22,866
|
|
Mar 24
|
$26,127
|
$23,601
|
|
Apr 24
|
$24,504
|
$22,724
|
|
May 24
|
$25,236
|
$23,739
|
|
Jun 24
|
$25,949
|
$24,222
|
|
Jul 24
|
$25,040
|
$24,649
|
|
Aug 24
|
$25,949
|
$25,301
|
|
Sep 24
|
$25,931
|
$25,764
|
|
Oct 24
|
$24,718
|
$25,253
|
|
Nov 24
|
$25,682
|
$26,412
|
|
Dec 24
|
$25,022
|
$25,723
|
|
Jan 25
|
$26,252
|
$26,631
|
|
Feb 25
|
$25,557
|
$26,439
|
|
Mar 25
|
$23,310
|
$25,262
|
|
Apr 25
|
$23,791
|
$25,487
|
|
May 25
|
$25,913
|
$26,995
|
|
Jun 25
|
$27,269
|
$28,160
|
|
Jul 25
|
$27,679
|
$28,523
|
|
Aug 25
|
$27,233
|
$29,267
|
|
Sep 25
|
$27,840
|
$30,208
|
|
Oct 25
|
$28,696
|
$30,813
|
|
Nov 25
|
$28,410
|
$30,900
|
|
Dec 25
|
$27,964
|
$31,149
|
|
Jan 26
|
$28,713
|
$31,846
|
|
Feb 26
|
$28,820
|
$32,080
|
|
Mar 26
|
$26,609
|
$30,036
|
|
Apr 26
|
$31,103
|
$32,917
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Class R Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
30.73%
|
8.80%
|
12.02%
|
|
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29.16
|
11.29
|
12.65
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$967,080,821
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
24
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$8,026,014
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79%
|
Average annual total returns reflect reductions for distribution and service fees.
The Fund's returns shown prior to March 1, 2022, are the returns of the Fund when it followed a different investment objective, different investment strategies and investment process under the name BlackRock Long-Horizon Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Geographic allocation
Table Summary
|
SecurityFootnote Reference(a)
|
Percent of Net Assets
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1%
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.5
|
|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.3
|
|
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.0
|
|
Intel Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1
|
|
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.5
|
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79.1%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.8
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
(0.2)
|
| Footnote | Description |
|
Footnote(a)
|
Excludes short-term securities. |
Material fund changes
This is a summary of certain changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
Updated the investment process and risks to remove certain screening criteria for determining the investable universe.
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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
Annual Shareholder Report - April 30, 2026
MREGX-04/26-AR
BlackRock Unconstrained Equity Fund
Institutional Shares | MAEGX
Annual Shareholder Report - April 30, 2026
This annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the "Fund") for the period of May 1, 2025 to April 30, 2026.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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$110
|
0.95%
|
How did the Fund perform last year?
-
For the reporting period ended April 30, 2026, the Fund's Institutional Shares returned 31.40%.
-
For the same period, the Fund's benchmark, the MSCI World Index (Net) returned 29.16%.
What contributed to performance?
Performance benefited from holdings in various companies exposed to the ongoing build out of data center capacity to support artificial intelligence ("AI") activity. These included Vertiv Holdings Co., a supplier of liquid cooling solutions, ASML Holding N.V., the leading provider of lithography technology used in the manufacture of advanced chips, and Intel, which benefited from strong chip demand. Google parent Alphabet, Inc. was another key contributor, with share price gains driven by accelerating growth in its cloud services division and clear monetization of its investment in AI.
What detracted from performance?
Various holdings within the financials sector were among the leading detractors from performance. While Dutch payment-processing firm Adyen NV delivered strong absolute revenue growth, it lagged market expectations. In addition, the shares were pressured as advances in AI prompted debate around the terminal value of companies across multiple industries, including payments. We sold the stock during the period. Trading platform Robinhood Markets, Inc. suffered from weaker cryptocurrency prices and slower trading activity. A position in insurer Progressive Corp. also weighed on returns; despite solid earnings and continued market share gains, sentiment around the stock was impacted by concerns over a softer pricing environment.
Outside of financials, data and analytics provider RELX PLC was a notable detractor as investors downgraded the company's prospects on fears that its business model was vulnerable to AI disruption. While RELX owns significant proprietary datasets and has continued to perform well operationally, we sold the position as the AI disruption narrative may be difficult to disprove over the near-term.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Table Summary
|
Institutional Shares
|
MSCI World Index (Net)
|
|
|
Apr 16
|
$10,000
|
$10,000
|
|
May 16
|
$10,063
|
$10,056
|
|
Jun 16
|
$10,054
|
$9,943
|
|
Jul 16
|
$10,388
|
$10,364
|
|
Aug 16
|
$10,216
|
$10,372
|
|
Sep 16
|
$10,234
|
$10,427
|
|
Oct 16
|
$9,693
|
$10,225
|
|
Nov 16
|
$9,720
|
$10,373
|
|
Dec 16
|
$9,901
|
$10,621
|
|
Jan 17
|
$10,220
|
$10,877
|
|
Feb 17
|
$10,484
|
$11,179
|
|
Mar 17
|
$10,593
|
$11,298
|
|
Apr 17
|
$10,948
|
$11,465
|
|
May 17
|
$11,221
|
$11,708
|
|
Jun 17
|
$11,239
|
$11,753
|
|
Jul 17
|
$11,276
|
$12,034
|
|
Aug 17
|
$11,376
|
$12,051
|
|
Sep 17
|
$11,722
|
$12,321
|
|
Oct 17
|
$11,931
|
$12,554
|
|
Nov 17
|
$12,204
|
$12,826
|
|
Dec 17
|
$12,356
|
$13,000
|
|
Jan 18
|
$13,048
|
$13,686
|
|
Feb 18
|
$12,366
|
$13,119
|
|
Mar 18
|
$12,385
|
$12,833
|
|
Apr 18
|
$12,404
|
$12,981
|
|
May 18
|
$12,631
|
$13,062
|
|
Jun 18
|
$12,574
|
$13,056
|
|
Jul 18
|
$13,095
|
$13,464
|
|
Aug 18
|
$13,200
|
$13,630
|
|
Sep 18
|
$13,247
|
$13,706
|
|
Oct 18
|
$12,394
|
$12,700
|
|
Nov 18
|
$12,792
|
$12,844
|
|
Dec 18
|
$11,813
|
$11,867
|
|
Jan 19
|
$12,644
|
$12,791
|
|
Feb 19
|
$13,332
|
$13,175
|
|
Mar 19
|
$13,722
|
$13,348
|
|
Apr 19
|
$14,091
|
$13,822
|
|
May 19
|
$13,414
|
$13,024
|
|
Jun 19
|
$14,245
|
$13,882
|
|
Jul 19
|
$14,358
|
$13,951
|
|
Aug 19
|
$14,266
|
$13,666
|
|
Sep 19
|
$14,389
|
$13,957
|
|
Oct 19
|
$14,964
|
$14,312
|
|
Nov 19
|
$15,405
|
$14,710
|
|
Dec 19
|
$15,665
|
$15,151
|
|
Jan 20
|
$15,343
|
$15,059
|
|
Feb 20
|
$14,274
|
$13,786
|
|
Mar 20
|
$12,585
|
$11,961
|
|
Apr 20
|
$13,999
|
$13,268
|
|
May 20
|
$14,734
|
$13,909
|
|
Jun 20
|
$14,826
|
$14,277
|
|
Jul 20
|
$15,843
|
$14,960
|
|
Aug 20
|
$16,952
|
$15,960
|
|
Sep 20
|
$16,578
|
$15,409
|
|
Oct 20
|
$16,145
|
$14,936
|
|
Nov 20
|
$18,108
|
$16,846
|
|
Dec 20
|
$19,104
|
$17,560
|
|
Jan 21
|
$18,527
|
$17,386
|
|
Feb 21
|
$19,258
|
$17,831
|
|
Mar 21
|
$19,900
|
$18,425
|
|
Apr 21
|
$21,054
|
$19,282
|
|
May 21
|
$21,234
|
$19,560
|
|
Jun 21
|
$21,747
|
$19,851
|
|
Jul 21
|
$22,127
|
$20,207
|
|
Aug 21
|
$22,706
|
$20,710
|
|
Sep 21
|
$21,884
|
$19,850
|
|
Oct 21
|
$22,889
|
$20,974
|
|
Nov 21
|
$21,960
|
$20,515
|
|
Dec 21
|
$23,050
|
$21,392
|
|
Jan 22
|
$21,354
|
$20,260
|
|
Feb 22
|
$21,005
|
$19,747
|
|
Mar 22
|
$21,306
|
$20,289
|
|
Apr 22
|
$19,214
|
$18,604
|
|
May 22
|
$18,659
|
$18,618
|
|
Jun 22
|
$17,296
|
$17,005
|
|
Jul 22
|
$19,620
|
$18,355
|
|
Aug 22
|
$18,224
|
$17,588
|
|
Sep 22
|
$16,375
|
$15,953
|
|
Oct 22
|
$17,432
|
$17,099
|
|
Nov 22
|
$19,318
|
$18,287
|
|
Dec 22
|
$18,375
|
$17,511
|
|
Jan 23
|
$20,394
|
$18,750
|
|
Feb 23
|
$19,884
|
$18,299
|
|
Mar 23
|
$21,488
|
$18,865
|
|
Apr 23
|
$21,997
|
$19,195
|
|
May 23
|
$22,167
|
$19,004
|
|
Jun 23
|
$23,073
|
$20,153
|
|
Jul 23
|
$23,148
|
$20,830
|
|
Aug 23
|
$22,790
|
$20,332
|
|
Sep 23
|
$21,412
|
$19,455
|
|
Oct 23
|
$20,997
|
$18,891
|
|
Nov 23
|
$23,280
|
$20,662
|
|
Dec 23
|
$24,506
|
$21,676
|
|
Jan 24
|
$25,374
|
$21,936
|
|
Feb 24
|
$26,789
|
$22,866
|
|
Mar 24
|
$27,412
|
$23,601
|
|
Apr 24
|
$25,714
|
$22,724
|
|
May 24
|
$26,506
|
$23,739
|
|
Jun 24
|
$27,280
|
$24,222
|
|
Jul 24
|
$26,317
|
$24,649
|
|
Aug 24
|
$27,298
|
$25,301
|
|
Sep 24
|
$27,280
|
$25,764
|
|
Oct 24
|
$26,016
|
$25,253
|
|
Nov 24
|
$27,053
|
$26,412
|
|
Dec 24
|
$26,374
|
$25,723
|
|
Jan 25
|
$27,676
|
$26,631
|
|
Feb 25
|
$26,959
|
$26,439
|
|
Mar 25
|
$24,582
|
$25,262
|
|
Apr 25
|
$25,110
|
$25,487
|
|
May 25
|
$27,355
|
$26,995
|
|
Jun 25
|
$28,808
|
$28,160
|
|
Jul 25
|
$29,260
|
$28,523
|
|
Aug 25
|
$28,789
|
$29,267
|
|
Sep 25
|
$29,449
|
$30,208
|
|
Oct 25
|
$30,355
|
$30,813
|
|
Nov 25
|
$30,072
|
$30,900
|
|
Dec 25
|
$29,619
|
$31,149
|
|
Jan 26
|
$30,411
|
$31,846
|
|
Feb 26
|
$30,543
|
$32,080
|
|
Mar 26
|
$28,204
|
$30,036
|
|
Apr 26
|
$32,996
|
$32,917
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
31.40%
|
9.40%
|
12.68%
|
|
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29.16
|
11.29
|
12.65
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$967,080,821
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
24
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$8,026,014
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79%
|
The Fund's returns shown prior to March 1, 2022, are the returns of the Fund when it followed a different investment objective, different investment strategies and investment process under the name BlackRock Long-Horizon Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Geographic allocation
Table Summary
|
SecurityFootnote Reference(a)
|
Percent of Net Assets
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1%
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.5
|
|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.3
|
|
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.0
|
|
Intel Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1
|
|
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.5
|
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79.1%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.8
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
(0.2)
|
| Footnote | Description |
|
Footnote(a)
|
Excludes short-term securities. |
Material fund changes
This is a summary of certain changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
Updated the investment process and risks to remove certain screening criteria for determining the investable universe.
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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
Annual Shareholder Report - April 30, 2026
MAEGX-04/26-AR
BlackRock Unconstrained Equity Fund
Investor A Shares | MDEGX
Annual Shareholder Report - April 30, 2026
This annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the "Fund") for the period of May 1, 2025 to April 30, 2026.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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor A Shares
|
$137
|
1.19%
|
How did the Fund perform last year?
-
For the reporting period ended April 30, 2026, the Fund's Investor A Shares returned 31.06%.
-
For the same period, the Fund's benchmark, the MSCI World Index (Net) returned 29.16%.
What contributed to performance?
Performance benefited from holdings in various companies exposed to the ongoing build out of data center capacity to support artificial intelligence ("AI") activity. These included Vertiv Holdings Co., a supplier of liquid cooling solutions, ASML Holding N.V., the leading provider of lithography technology used in the manufacture of advanced chips, and Intel, which benefited from strong chip demand. Google parent Alphabet, Inc. was another key contributor, with share price gains driven by accelerating growth in its cloud services division and clear monetization of its investment in AI.
What detracted from performance?
Various holdings within the financials sector were among the leading detractors from performance. While Dutch payment-processing firm Adyen NV delivered strong absolute revenue growth, it lagged market expectations. In addition, the shares were pressured as advances in AI prompted debate around the terminal value of companies across multiple industries, including payments. We sold the stock during the period. Trading platform Robinhood Markets, Inc. suffered from weaker cryptocurrency prices and slower trading activity. A position in insurer Progressive Corp. also weighed on returns; despite solid earnings and continued market share gains, sentiment around the stock was impacted by concerns over a softer pricing environment.
Outside of financials, data and analytics provider RELX PLC was a notable detractor as investors downgraded the company's prospects on fears that its business model was vulnerable to AI disruption. While RELX owns significant proprietary datasets and has continued to perform well operationally, we sold the position as the AI disruption narrative may be difficult to disprove over the near-term.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Table Summary
|
Investor A Shares
|
MSCI World Index (Net)
|
|
|
Apr 16
|
$9,475
|
$10,000
|
|
May 16
|
$9,535
|
$10,056
|
|
Jun 16
|
$9,518
|
$9,943
|
|
Jul 16
|
$9,826
|
$10,364
|
|
Aug 16
|
$9,672
|
$10,372
|
|
Sep 16
|
$9,689
|
$10,427
|
|
Oct 16
|
$9,167
|
$10,225
|
|
Nov 16
|
$9,193
|
$10,373
|
|
Dec 16
|
$9,362
|
$10,621
|
|
Jan 17
|
$9,663
|
$10,877
|
|
Feb 17
|
$9,912
|
$11,179
|
|
Mar 17
|
$10,016
|
$11,298
|
|
Apr 17
|
$10,343
|
$11,465
|
|
May 17
|
$10,601
|
$11,708
|
|
Jun 17
|
$10,618
|
$11,753
|
|
Jul 17
|
$10,644
|
$12,034
|
|
Aug 17
|
$10,738
|
$12,051
|
|
Sep 17
|
$11,057
|
$12,321
|
|
Oct 17
|
$11,263
|
$12,554
|
|
Nov 17
|
$11,513
|
$12,826
|
|
Dec 17
|
$11,654
|
$13,000
|
|
Jan 18
|
$12,306
|
$13,686
|
|
Feb 18
|
$11,654
|
$13,119
|
|
Mar 18
|
$11,680
|
$12,833
|
|
Apr 18
|
$11,689
|
$12,981
|
|
May 18
|
$11,895
|
$13,062
|
|
Jun 18
|
$11,841
|
$13,056
|
|
Jul 18
|
$12,333
|
$13,464
|
|
Aug 18
|
$12,422
|
$13,630
|
|
Sep 18
|
$12,467
|
$13,706
|
|
Oct 18
|
$11,663
|
$12,700
|
|
Nov 18
|
$12,038
|
$12,844
|
|
Dec 18
|
$11,109
|
$11,867
|
|
Jan 19
|
$11,882
|
$12,791
|
|
Feb 19
|
$12,538
|
$13,175
|
|
Mar 19
|
$12,895
|
$13,348
|
|
Apr 19
|
$13,242
|
$13,822
|
|
May 19
|
$12,605
|
$13,024
|
|
Jun 19
|
$13,387
|
$13,882
|
|
Jul 19
|
$13,493
|
$13,951
|
|
Aug 19
|
$13,397
|
$13,666
|
|
Sep 19
|
$13,513
|
$13,957
|
|
Oct 19
|
$14,044
|
$14,312
|
|
Nov 19
|
$14,449
|
$14,710
|
|
Dec 19
|
$14,700
|
$15,151
|
|
Jan 20
|
$14,387
|
$15,059
|
|
Feb 20
|
$13,385
|
$13,786
|
|
Mar 20
|
$11,801
|
$11,961
|
|
Apr 20
|
$13,116
|
$13,268
|
|
May 20
|
$13,816
|
$13,909
|
|
Jun 20
|
$13,891
|
$14,277
|
|
Jul 20
|
$14,844
|
$14,960
|
|
Aug 20
|
$15,882
|
$15,960
|
|
Sep 20
|
$15,521
|
$15,409
|
|
Oct 20
|
$15,115
|
$14,936
|
|
Nov 20
|
$16,943
|
$16,846
|
|
Dec 20
|
$17,871
|
$17,560
|
|
Jan 21
|
$17,331
|
$17,386
|
|
Feb 21
|
$18,003
|
$17,831
|
|
Mar 21
|
$18,603
|
$18,425
|
|
Apr 21
|
$19,696
|
$19,282
|
|
May 21
|
$19,852
|
$19,560
|
|
Jun 21
|
$20,320
|
$19,851
|
|
Jul 21
|
$20,686
|
$20,207
|
|
Aug 21
|
$21,212
|
$20,710
|
|
Sep 21
|
$20,429
|
$19,850
|
|
Oct 21
|
$21,383
|
$20,974
|
|
Nov 21
|
$20,500
|
$20,515
|
|
Dec 21
|
$21,511
|
$21,392
|
|
Jan 22
|
$19,914
|
$20,260
|
|
Feb 22
|
$19,588
|
$19,747
|
|
Mar 22
|
$19,869
|
$20,289
|
|
Apr 22
|
$17,916
|
$18,604
|
|
May 22
|
$17,398
|
$18,618
|
|
Jun 22
|
$16,126
|
$17,005
|
|
Jul 22
|
$18,296
|
$18,355
|
|
Aug 22
|
$16,975
|
$17,588
|
|
Sep 22
|
$15,249
|
$15,953
|
|
Oct 22
|
$16,236
|
$17,099
|
|
Nov 22
|
$17,979
|
$18,287
|
|
Dec 22
|
$17,098
|
$17,511
|
|
Jan 23
|
$18,983
|
$18,750
|
|
Feb 23
|
$18,507
|
$18,299
|
|
Mar 23
|
$19,986
|
$18,865
|
|
Apr 23
|
$20,462
|
$19,195
|
|
May 23
|
$20,620
|
$19,004
|
|
Jun 23
|
$21,448
|
$20,153
|
|
Jul 23
|
$21,518
|
$20,830
|
|
Aug 23
|
$21,184
|
$20,332
|
|
Sep 23
|
$19,898
|
$19,455
|
|
Oct 23
|
$19,493
|
$18,891
|
|
Nov 23
|
$21,624
|
$20,662
|
|
Dec 23
|
$22,769
|
$21,676
|
|
Jan 24
|
$23,561
|
$21,936
|
|
Feb 24
|
$24,864
|
$22,866
|
|
Mar 24
|
$25,445
|
$23,601
|
|
Apr 24
|
$23,860
|
$22,724
|
|
May 24
|
$24,582
|
$23,739
|
|
Jun 24
|
$25,287
|
$24,222
|
|
Jul 24
|
$24,406
|
$24,649
|
|
Aug 24
|
$25,304
|
$25,301
|
|
Sep 24
|
$25,287
|
$25,764
|
|
Oct 24
|
$24,124
|
$25,253
|
|
Nov 24
|
$25,058
|
$26,412
|
|
Dec 24
|
$24,424
|
$25,723
|
|
Jan 25
|
$25,621
|
$26,631
|
|
Feb 25
|
$24,970
|
$26,439
|
|
Mar 25
|
$22,769
|
$25,262
|
|
Apr 25
|
$23,244
|
$25,487
|
|
May 25
|
$25,322
|
$26,995
|
|
Jun 25
|
$26,660
|
$28,160
|
|
Jul 25
|
$27,065
|
$28,523
|
|
Aug 25
|
$26,625
|
$29,267
|
|
Sep 25
|
$27,224
|
$30,208
|
|
Oct 25
|
$28,069
|
$30,813
|
|
Nov 25
|
$27,805
|
$30,900
|
|
Dec 25
|
$27,382
|
$31,149
|
|
Jan 26
|
$28,104
|
$31,846
|
|
Feb 26
|
$28,210
|
$32,080
|
|
Mar 26
|
$26,061
|
$30,036
|
|
Apr 26
|
$30,464
|
$32,917
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
31.06%
|
9.11%
|
12.39%
|
|
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
24.18
|
7.94
|
11.78
|
|
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29.16
|
11.29
|
12.65
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$967,080,821
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
24
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$8,026,014
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79%
|
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund's returns shown prior to March 1, 2022, are the returns of the Fund when it followed a different investment objective, different investment strategies and investment process under the name BlackRock Long-Horizon Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Geographic allocation
Table Summary
|
SecurityFootnote Reference(a)
|
Percent of Net Assets
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1%
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.5
|
|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.3
|
|
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.0
|
|
Intel Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1
|
|
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.5
|
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79.1%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.8
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
(0.2)
|
| Footnote | Description |
|
Footnote(a)
|
Excludes short-term securities. |
Material fund changes
This is a summary of certain changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
Updated the investment process and risks to remove certain screening criteria for determining the investable universe.
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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
Annual Shareholder Report - April 30, 2026
MDEGX-04/26-AR
BlackRock Unconstrained Equity Fund
Investor C Shares | MCEGX
Annual Shareholder Report - April 30, 2026
This annual shareholder report contains important information about BlackRock Unconstrained Equity Fund (the "Fund") for the period of May 1, 2025 to April 30, 2026.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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor C Shares
|
$225
|
1.95%
|
How did the Fund perform last year?
-
For the reporting period ended April 30, 2026, the Fund's Investor C Shares returned 30.07%.
-
For the same period, the Fund's benchmark, the MSCI World Index (Net) returned 29.16%.
What contributed to performance?
Performance benefited from holdings in various companies exposed to the ongoing build out of data center capacity to support artificial intelligence ("AI") activity. These included Vertiv Holdings Co., a supplier of liquid cooling solutions, ASML Holding N.V., the leading provider of lithography technology used in the manufacture of advanced chips, and Intel, which benefited from strong chip demand. Google parent Alphabet, Inc. was another key contributor, with share price gains driven by accelerating growth in its cloud services division and clear monetization of its investment in AI.
What detracted from performance?
Various holdings within the financials sector were among the leading detractors from performance. While Dutch payment-processing firm Adyen NV delivered strong absolute revenue growth, it lagged market expectations. In addition, the shares were pressured as advances in AI prompted debate around the terminal value of companies across multiple industries, including payments. We sold the stock during the period. Trading platform Robinhood Markets, Inc. suffered from weaker cryptocurrency prices and slower trading activity. A position in insurer Progressive Corp. also weighed on returns; despite solid earnings and continued market share gains, sentiment around the stock was impacted by concerns over a softer pricing environment.
Outside of financials, data and analytics provider RELX PLC was a notable detractor as investors downgraded the company's prospects on fears that its business model was vulnerable to AI disruption. While RELX owns significant proprietary datasets and has continued to perform well operationally, we sold the position as the AI disruption narrative may be difficult to disprove over the near-term.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Table Summary
|
Investor C Shares
|
MSCI World Index (Net)
|
|
|
Apr 16
|
$10,000
|
$10,000
|
|
May 16
|
$10,054
|
$10,056
|
|
Jun 16
|
$10,036
|
$9,943
|
|
Jul 16
|
$10,353
|
$10,364
|
|
Aug 16
|
$10,181
|
$10,372
|
|
Sep 16
|
$10,190
|
$10,427
|
|
Oct 16
|
$9,647
|
$10,225
|
|
Nov 16
|
$9,656
|
$10,373
|
|
Dec 16
|
$9,837
|
$10,621
|
|
Jan 17
|
$10,136
|
$10,877
|
|
Feb 17
|
$10,399
|
$11,179
|
|
Mar 17
|
$10,489
|
$11,298
|
|
Apr 17
|
$10,833
|
$11,465
|
|
May 17
|
$11,096
|
$11,708
|
|
Jun 17
|
$11,105
|
$11,753
|
|
Jul 17
|
$11,123
|
$12,034
|
|
Aug 17
|
$11,214
|
$12,051
|
|
Sep 17
|
$11,549
|
$12,321
|
|
Oct 17
|
$11,748
|
$12,554
|
|
Nov 17
|
$12,002
|
$12,826
|
|
Dec 17
|
$12,143
|
$13,000
|
|
Jan 18
|
$12,809
|
$13,686
|
|
Feb 18
|
$12,124
|
$13,119
|
|
Mar 18
|
$12,143
|
$12,833
|
|
Apr 18
|
$12,143
|
$12,981
|
|
May 18
|
$12,349
|
$13,062
|
|
Jun 18
|
$12,284
|
$13,056
|
|
Jul 18
|
$12,790
|
$13,464
|
|
Aug 18
|
$12,884
|
$13,630
|
|
Sep 18
|
$12,912
|
$13,706
|
|
Oct 18
|
$12,068
|
$12,700
|
|
Nov 18
|
$12,453
|
$12,844
|
|
Dec 18
|
$11,481
|
$11,867
|
|
Jan 19
|
$12,277
|
$12,791
|
|
Feb 19
|
$12,944
|
$13,175
|
|
Mar 19
|
$13,302
|
$13,348
|
|
Apr 19
|
$13,650
|
$13,822
|
|
May 19
|
$12,984
|
$13,024
|
|
Jun 19
|
$13,780
|
$13,882
|
|
Jul 19
|
$13,879
|
$13,951
|
|
Aug 19
|
$13,770
|
$13,666
|
|
Sep 19
|
$13,889
|
$13,957
|
|
Oct 19
|
$14,426
|
$14,312
|
|
Nov 19
|
$14,834
|
$14,710
|
|
Dec 19
|
$15,080
|
$15,151
|
|
Jan 20
|
$14,750
|
$15,059
|
|
Feb 20
|
$13,707
|
$13,786
|
|
Mar 20
|
$12,070
|
$11,961
|
|
Apr 20
|
$13,421
|
$13,268
|
|
May 20
|
$14,113
|
$13,909
|
|
Jun 20
|
$14,179
|
$14,277
|
|
Jul 20
|
$15,151
|
$14,960
|
|
Aug 20
|
$16,195
|
$15,960
|
|
Sep 20
|
$15,817
|
$15,409
|
|
Oct 20
|
$15,392
|
$14,936
|
|
Nov 20
|
$17,240
|
$16,846
|
|
Dec 20
|
$18,178
|
$17,560
|
|
Jan 21
|
$17,611
|
$17,386
|
|
Feb 21
|
$18,287
|
$17,831
|
|
Mar 21
|
$18,878
|
$18,425
|
|
Apr 21
|
$19,965
|
$19,282
|
|
May 21
|
$20,110
|
$19,560
|
|
Jun 21
|
$20,568
|
$19,851
|
|
Jul 21
|
$20,917
|
$20,207
|
|
Aug 21
|
$21,444
|
$20,710
|
|
Sep 21
|
$20,646
|
$19,850
|
|
Oct 21
|
$21,586
|
$20,974
|
|
Nov 21
|
$20,675
|
$20,515
|
|
Dec 21
|
$21,680
|
$21,392
|
|
Jan 22
|
$20,062
|
$20,260
|
|
Feb 22
|
$19,724
|
$19,747
|
|
Mar 22
|
$19,989
|
$20,289
|
|
Apr 22
|
$18,018
|
$18,604
|
|
May 22
|
$17,473
|
$18,618
|
|
Jun 22
|
$16,194
|
$17,005
|
|
Jul 22
|
$18,347
|
$18,355
|
|
Aug 22
|
$17,019
|
$17,588
|
|
Sep 22
|
$15,289
|
$15,953
|
|
Oct 22
|
$16,268
|
$17,099
|
|
Nov 22
|
$17,998
|
$18,287
|
|
Dec 22
|
$17,107
|
$17,511
|
|
Jan 23
|
$18,976
|
$18,750
|
|
Feb 23
|
$18,487
|
$18,299
|
|
Mar 23
|
$19,955
|
$18,865
|
|
Apr 23
|
$20,409
|
$19,195
|
|
May 23
|
$20,566
|
$19,004
|
|
Jun 23
|
$21,370
|
$20,153
|
|
Jul 23
|
$21,423
|
$20,830
|
|
Aug 23
|
$21,091
|
$20,332
|
|
Sep 23
|
$19,798
|
$19,455
|
|
Oct 23
|
$19,378
|
$18,891
|
|
Nov 23
|
$21,493
|
$20,662
|
|
Dec 23
|
$22,593
|
$21,676
|
|
Jan 24
|
$23,380
|
$21,936
|
|
Feb 24
|
$24,655
|
$22,866
|
|
Mar 24
|
$25,214
|
$23,601
|
|
Apr 24
|
$23,624
|
$22,724
|
|
May 24
|
$24,339
|
$23,739
|
|
Jun 24
|
$25,037
|
$24,222
|
|
Jul 24
|
$24,165
|
$24,649
|
|
Aug 24
|
$25,054
|
$25,301
|
|
Sep 24
|
$25,037
|
$25,764
|
|
Oct 24
|
$23,886
|
$25,253
|
|
Nov 24
|
$24,810
|
$26,412
|
|
Dec 24
|
$24,182
|
$25,723
|
|
Jan 25
|
$25,368
|
$26,631
|
|
Feb 25
|
$24,723
|
$26,439
|
|
Mar 25
|
$22,543
|
$25,262
|
|
Apr 25
|
$23,014
|
$25,487
|
|
May 25
|
$25,071
|
$26,995
|
|
Jun 25
|
$26,396
|
$28,160
|
|
Jul 25
|
$26,797
|
$28,523
|
|
Aug 25
|
$26,362
|
$29,267
|
|
Sep 25
|
$26,954
|
$30,208
|
|
Oct 25
|
$27,791
|
$30,813
|
|
Nov 25
|
$27,530
|
$30,900
|
|
Dec 25
|
$27,111
|
$31,149
|
|
Jan 26
|
$27,826
|
$31,846
|
|
Feb 26
|
$27,931
|
$32,080
|
|
Mar 26
|
$25,804
|
$30,036
|
|
Apr 26
|
$30,162
|
$32,917
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
30.07%
|
8.27%
|
11.67%
|
|
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29.07
|
8.27
|
11.67
|
|
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29.16
|
11.29
|
12.65
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$967,080,821
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
24
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$8,026,014
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79%
|
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund's returns shown prior to March 1, 2022, are the returns of the Fund when it followed a different investment objective, different investment strategies and investment process under the name BlackRock Long-Horizon Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Geographic allocation
Table Summary
|
SecurityFootnote Reference(a)
|
Percent of Net Assets
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1%
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.5
|
|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.3
|
|
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.0
|
|
Intel Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1
|
|
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Trane Technologies plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
Airbus SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.5
|
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
79.1%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.8
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
(0.2)
|
| Footnote | Description |
|
Footnote(a)
|
Excludes short-term securities. |
Material fund changes
This is a summary of certain changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
Updated the investment process and risks to remove certain screening criteria for determining the investable universe.
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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
Annual Shareholder Report - April 30, 2026
MCEGX-04/26-AR
(b) Not Applicable
Item 3 - Audit Committee Financial Experts - The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Neil A. Cotty
Henry R. Keizer
Henry R. Keizer
Kenneth L. Urish
Claire A. Walton
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
Item 4 - Principal Accountant Fees and Services -
The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:
|
|
(a) Audit Fees
|
(b) Audit-Related Fees1
|
(c) Tax Fees2
|
(d) All Other Fees
|
||||
|
Entity Name
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
|
BlackRock Unconstrained Equity Fund
|
$32,445
|
$32,288
|
$0
|
$4,000
|
$16,300
|
$16,300
|
$208
|
$407
|
The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):
|
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
|
(b) Audit-Related Fees1
|
$0
|
$0
|
|
(c) Tax Fees2
|
$0
|
$0
|
|
(d) All Other Fees3
|
$2,277,000
|
$2,149,000
|
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,277,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
|
Entity Name
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
|
BlackRock Unconstrained Equity Fund
|
$16,508
|
$20,707
|
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
|
$2,277,000
|
$2,149,000
|
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.
(i) - Not Applicable
(j) - Not Applicable
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.
April
30,
2026
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2026
Annual
Financial
Statements
and
Additional
Information
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
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
38
Important
Tax
Information
.................................................................................................
39
Additional
Information
....................................................................................................
40
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
42
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.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
April
30,
2026
BlackRock
Emerging
Markets
Fund,
Inc.
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Brazil
-
1.9%
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
4,015,321
$
18,966,509
MercadoLibre,
Inc.
(a)
............
5,404
9,687,372
Rede
D'Or
Sao
Luiz
SA
(b)
(c)
.......
850,436
6,584,619
XP,
Inc.
,
Class
A
..............
240,762
4,613,000
39,851,500
Canada
-
1.9%
Kinross
Gold
Corp.
.............
663,279
20,057,557
Pan
American
Silver
Corp.
........
375,061
19,611,940
39,669,497
Chile
-
0.8%
Sociedad
Quimica
y
Minera
de
Chile
SA
,
ADR
(a)
................
178,923
16,491,333
China
-
18.2%
Alibaba
Group
Holding
Ltd.
.......
2,257,576
37,207,142
Alibaba
Group
Holding
Ltd.
,
ADR
...
75,359
9,938,345
BOC
Hong
Kong
Holdings
Ltd.
.....
2,685,500
15,447,503
China
Life
Insurance
Co.
Ltd.
,
Class
H
1,414,000
5,216,323
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
A
............
595,100
38,213,666
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
H
............
235,700
18,628,789
Eastroc
Beverage
Group
Co.
Ltd.
,
Class
A
..................
430,400
12,854,573
Eastroc
Beverage
Group
Co.
Ltd.
,
Class
H
(a)
.................
294,000
7,589,760
Meituan
,
Class
B
(a)
(b)
(c)
...........
558,500
6,009,006
Montage
Technology
Co.
Ltd.
,
Class
H
(a)
.....................
403,900
13,500,290
Muyuan
Foods
Co.
Ltd.
,
Class
H
(a)
..
1,132,500
5,994,695
Sany
Heavy
Industry
Co.
Ltd.
,
Class
A
14,663,751
43,818,799
Sany
Heavy
Industry
Co.
Ltd.
,
Class
H
(a)
.....................
4,921,000
13,740,933
Tencent
Holdings
Ltd.
...........
1,676,000
101,787,277
Victory
Giant
Technology
Huizhou
Co.
Ltd.
,
Class
H
(a)
..............
334,400
13,636,433
Xiaomi
Corp.
,
Class
B
(a)
(b)
(c)
.......
877,400
3,292,182
Zijin
Mining
Group
Co.
Ltd.
,
Class
A
.
591,400
2,913,265
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
.
6,924,000
32,155,068
381,944,049
Greece
-
1.4%
Alpha
Bank
SA
...............
7,545,460
30,281,702
Hong
Kong
-
1.3%
Futu
Holdings
Ltd.
,
ADR
.........
171,605
26,514,689
Hungary
-
2.3%
OTP
Bank
Nyrt.
...............
359,037
48,157,248
India
-
8.1%
Apollo
Hospitals
Enterprise
Ltd.
....
243,693
19,671,083
Axis
Bank
Ltd.
................
489,758
6,568,917
Bharti
Airtel
Ltd.
...............
570,826
11,410,770
CG
Power
&
Industrial
Solutions
Ltd.
.
1,241,973
10,669,600
HDFC
Bank
Ltd.
..............
1,950,661
15,954,601
ICICI
Bank
Ltd.
...............
1,592,098
21,363,313
ICICI
Bank
Ltd.
,
ADR
...........
248,729
6,613,704
Mahindra
&
Mahindra
Ltd.
........
621,821
20,394,021
Reliance
Industries
Ltd.
.........
995,426
15,097,027
UltraTech
Cement
Ltd.
..........
78,335
9,611,599
Varun
Beverages
Ltd.
...........
2,812,634
15,320,414
Security
Shares
Shares
Value
India
(continued)
Vishal
Mega
Mart
Ltd.
(a)
..........
13,265,064
$
17,181,998
169,857,047
Indonesia
-
0.9%
Aneka
Tambang
Tbk.
...........
21,033,700
4,564,620
Bank
Mandiri
Persero
Tbk.
PT
.....
56,140,300
14,284,987
18,849,607
Malaysia
-
0.6%
CIMB
Group
Holdings
Bhd.
.......
6,028,900
11,643,075
Mexico
-
2.4%
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
ADR
...............
65,340
16,457,186
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
..................
3,031,152
32,913,468
49,370,654
Poland
-
1.6%
Bank
Polska
Kasa
Opieki
SA
......
293,373
18,364,701
Powszechny
Zaklad
Ubezpieczen
SA
911,966
16,044,105
34,408,806
Russia
-
0.0%
(a)(d)
Gazprom
PJSC
...............
8,520,027
1,137
LUKOIL
PJSC
................
1,370,026
183
Novatek
PJSC
................
295,922
39
Sberbank
of
Russia
PJSC
........
6,788,060
906
T-Tekhnologii
MKPAO
,
GDR
(c)
.....
25,066
3
2,268
Saudi
Arabia
-
1.8%
Al
Rajhi
Bank
................
415,075
7,609,958
Rabigh
Refining
&
Petrochemical
Co.
(a)
7,806,780
30,869,097
38,479,055
Singapore
-
1.0%
Sea
Ltd.
,
ADR,
Class
A
(a)
.........
237,437
20,153,653
South
Africa
-
2.2%
Capitec
Bank
Holdings
Ltd.
.......
110,772
28,762,283
Sasol
Ltd.
(a)
..................
1,296,110
18,015,349
46,777,632
South
Korea
-
18.5%
HD
Hyundai
Electric
Co.
Ltd.
......
33,098
28,461,595
Hyundai
Rotem
Co.
Ltd.
.........
121,184
22,176,104
KB
Financial
Group,
Inc.
.........
190,080
20,814,747
Samsung
Electronics
Co.
Ltd.
.....
777,796
117,126,502
Sanil
Electric
Co.
Ltd.
...........
84,005
15,334,861
SK
Hynix,
Inc.
................
112,696
100,498,764
SK
Square
Co.
Ltd.
(a)
...........
142,446
82,903,703
387,316,276
Taiwan
-
24.4%
Acter
Group
Corp.
Ltd.
..........
818,000
21,866,397
Alchip
Technologies
Ltd.
.........
219,000
29,292,339
ASE
Technology
Holding
Co.
Ltd.
...
2,499,000
39,170,968
Delta
Electronics,
Inc.
...........
770,000
53,996,609
Elite
Material
Co.
Ltd.
...........
487,000
72,565,258
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
3,436,000
238,533,541
Wiwynn
Corp.
................
367,000
55,101,580
510,526,692
Thailand
-
0.8%
PTT
Exploration
&
Production
PCL
,
NVDR
...................
3,591,500
17,051,917
Schedule
of
Investments
(continued)
April
30,
2026
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 year
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
United
Arab
Emirates
-
0.8%
Aldar
Properties
PJSC
..........
8,228,368
$
17,305,115
Total
Common
Stocks
-
90.9%
(Cost:
$
1,275,237,879
)
...........................
1,904,651,815
Preferred
Securities
Preferred
Stocks
-
1.2%
Brazil
-
1.2%
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
(a)
436,603
1,892,140
Petroleo
Brasileiro
SA
-
Petrobras
(Preference)
...............
2,389,320
23,821,788
25,713,928
Total
Preferred
Securities
-
1.2%
(Cost:
$
22,878,181
)
..............................
25,713,928
Total
Long-Term
Investments
-
92
.1
%
(Cost:
$
1,298,116,060
)
...........................
1,930,365,743
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
-
6.8%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.54
%
(e)
(f)
....
142,625,730
$
142,625,730
Total
Short-Term
Securities
-
6
.8
%
(Cost:
$
142,625,730
)
.............................
142,625,730
Total
Investments
-
98.9%
(Cost:
$
1,440,741,790
)
...........................
2,072,991,473
Other
Assets
Less
Liabilities
-
1.1
%
...................
23,884,376
Net
Assets
-
100.0%
..............................
$
2,096,875,849
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
04/30/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
Shares
Held
at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
............
$
2,031,498
$
-
$
(
2,021,079
)
(b)
$
(
10,406
)
$
(
13
)
$
-
-
$
643,330
(c)
$
-
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
300,161,444
-
(
157,535,717
)
(b)
3
-
142,625,730
142,625,730
4,895,109
-
$
(
10,403
)
$
(
13
)
$
142,625,730
$
5,538,439
$
-
-
-
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
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.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2026
BlackRock
Emerging
Markets
Fund,
Inc.
6
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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
8,576,822
02/11/27
0.40%
1D
OBFR01
Monthly
$
(
649,327
)
Contemporary
Amperex
Technology
Co.
Ltd.
................
JPMorgan
Chase
Bank
NA
7,373,175
02/16/27
(0.74)%
1D
OBFR01
Monthly
884,727
FPT
Corp.
................
HSBC
Bank
plc
7,406,799
02/10/28
0.90%
1D
OBFR01
Monthly
(
322,196
)
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Merrill
Lynch
International
&
Co.
5,349
02/15/28
0.30%
1D
OBFR01
Monthly
(
84
)
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
JPMorgan
Chase
Bank
NA
17,203,289
02/10/27
0.55%
1D
OBFR01
Monthly
208,304
Hongfa
Technology
Co.
Ltd.
.....
HSBC
Bank
plc
15,657,524
02/10/28
(0.16)%
1D
OBFR01
Monthly
2,926,279
Hwatsing
Technology
Co.
Ltd.
...
JPMorgan
Chase
Bank
NA
22,529,248
02/16/27
(0.74)%
1D
OBFR01
Monthly
2,256,196
Montage
Technology
Co.
Ltd.
....
JPMorgan
Chase
Bank
NA
3,057,541
02/16/27
(0.74)%
1D
OBFR01
Monthly
53,130
NAURA
Technology
Group
Co.
Ltd.
HSBC
Bank
plc
8,365,217
02/10/28
(0.16)%
1D
OBFR01
Monthly
1,377,735
Sany
Heavy
Industry
Co.
Ltd.
....
HSBC
Bank
plc
8,101,935
02/10/28
(0.16)%
1D
OBFR01
Monthly
(
176,825
)
Sungrow
Power
Supply
Co.
Ltd.
..
JPMorgan
Chase
Bank
NA
3,959,541
02/16/27
(0.74)%
1D
OBFR01
Monthly
369,476
Weichai
Power
Co.
Ltd.
........
JPMorgan
Chase
Bank
NA
16,783,061
02/16/27
0.50%
1D
OBFR01
Monthly
842,208
Zijin
Mining
Group
Co.
Ltd.
.....
HSBC
Bank
plc
30,109,464
02/10/28
(0.16)%
1D
OBFR01
Monthly
(
855,146
)
Total
long
positions
of
equity
swaps
6,914,477
Net
dividends
and
financing
fees
151,278
Total
equity
swap
contracts
including
dividends
and
financing
fees
$
7,065,755
(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
...................................................................
$
-
$
-
$
9,069,333
$
(
2,003,578
)
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
................................
$
-
$
-
$
9,069,333
$
-
$
-
$
-
$
9,069,333
Liabilities
-
Derivative
Financial
Instruments
Swaps
-
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
$
-
$
-
$
2,003,578
$
-
$
-
$
-
$
2,003,578
Schedule
of
Investments
(continued)
April
30,
2026
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
April
30,
2026,
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
.......................
$
-
$
-
$
18,514,049
$
-
$
-
$
-
$
18,514,049
Forward
foreign
currency
exchange
contracts
....
-
-
-
1,118,665
-
-
1,118,665
Swaps
..............................
-
-
32,019,524
-
-
-
32,019,524
$
-
$
-
$
50,533,573
$
1,118,665
$
-
$
-
$
51,652,238
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
-
$
-
$
(
5,900,737
)
$
-
$
-
$
-
$
(
5,900,737
)
Forward
foreign
currency
exchange
contracts
....
-
-
-
(
2,682,110
)
-
-
(
2,682,110
)
Swaps
..............................
-
-
(
14,495,617
)
-
-
-
(
14,495,617
)
$
-
$
-
$
(20,396,354)
$
(2,682,110)
$
-
$
-
$
(23,078,464)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
-
long
..................................................................................
$
25,801,251
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
-
in
USD
....................................................................................
-
(a)
Average
amounts
sold
-
in
USD
........................................................................................
-
(a)
Equity
swaps:
Average
notional
value
-
long
..........................................................................................
110,649,886
(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
$
-
Swaps
-
OTC
(a)
.....................................................................................
$
8,918,055
$
2,003,578
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
8,918,055
$
2,003,578
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
-
-
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
8,918,055
$
2,003,578
(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
(b)
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)
HSBC
Bank
plc
..................................
$
4,304,014
$
(
1,354,167
)
$
-
$
(
1,230,000
)
$
1,719,847
JPMorgan
Chase
Bank
NA
..........................
4,614,041
(
649,327
)
(
3,964,714
)
-
-
$
8,918,055
$
(
2,003,494
)
$
(
3,964,714
)
$
(
1,230,000
)
$
1,719,847
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2026
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
(d)
HSBC
Bank
plc
..................................
$
1,354,167
$
(
1,354,167
)
$
-
$
-
$
-
JPMorgan
Chase
Bank
NA
..........................
649,327
(
649,327
)
-
-
-
Merrill
Lynch
International
&
Co.
.......................
84
-
-
-
84
$
2,003,578
$
(
2,003,494
)
$
-
$
-
$
84
(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)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
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
...............................................
$
39,851,500
$
-
$
-
$
39,851,500
Canada
.............................................
39,669,497
-
-
39,669,497
Chile
...............................................
16,491,333
-
-
16,491,333
China
...............................................
50,659,523
331,284,526
-
381,944,049
Greece
..............................................
-
30,281,702
-
30,281,702
Hong
Kong
...........................................
26,514,689
-
-
26,514,689
Hungary
.............................................
-
48,157,248
-
48,157,248
India
...............................................
6,613,704
163,243,343
-
169,857,047
Indonesia
............................................
-
18,849,607
-
18,849,607
Malaysia
.............................................
-
11,643,075
-
11,643,075
Mexico
..............................................
49,370,654
-
-
49,370,654
Poland
..............................................
-
34,408,806
-
34,408,806
Russia
..............................................
-
-
2,268
2,268
Saudi
Arabia
..........................................
30,869,097
7,609,958
-
38,479,055
Singapore
............................................
20,153,653
-
-
20,153,653
South
Africa
...........................................
28,762,283
18,015,349
-
46,777,632
South
Korea
..........................................
-
387,316,276
-
387,316,276
Taiwan
..............................................
-
510,526,692
-
510,526,692
Thailand
.............................................
-
17,051,917
-
17,051,917
United
Arab
Emirates
....................................
-
17,305,115
-
17,305,115
Preferred
Securities
.......................................
25,713,928
-
-
25,713,928
Short-Term
Securities
Money
Market
Funds
......................................
142,625,730
-
-
142,625,730
$
477,295,591
$
1,595,693,614
$
2,268
$
2,072,991,473
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
-
$
9,069,333
$
-
$
9,069,333
Liabilities
Equity
contracts
...........................................
-
(
2,003,578
)
-
(
2,003,578
)
$
-
$
7,065,755
$
-
$
7,065,755
(a)
Derivative
financial
instruments
are
swaps.
Swaps
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2026
BlackRock
Unconstrained
Equity
Fund
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
France
-
6.8%
Airbus
SE
...................
230,120
$
47,441,420
Thales
SA
...................
66,805
18,353,833
65,795,253
Netherlands
-
9.1%
ASML
Holding
NV
.............
61,145
88,387,927
United
Kingdom
-
4.1%
Rolls-Royce
Holdings
plc
........
2,461,456
39,608,667
United
States
-
79.1%
Alphabet,
Inc.
,
Class
C
..........
210,402
80,360,940
Amazon.com,
Inc.
(a)
............
310,232
82,230,094
Broadcom,
Inc.
...............
115,933
48,393,912
Cadence
Design
Systems,
Inc.
(a)
...
64,126
21,135,288
Hasbro,
Inc.
.................
204,587
19,607,618
Hexcel
Corp.
.................
250,645
23,528,046
Howmet
Aerospace,
Inc.
.........
318,925
77,511,532
Intel
Corp.
(a)
.................
566,373
53,510,921
Keysight
Technologies,
Inc.
(a)
......
117,037
40,952,417
Mastercard,
Inc.
,
Class
A
.........
78,712
39,585,839
Meta
Platforms,
Inc.
,
Class
A
......
69,614
42,597,503
Microsoft
Corp.
...............
81,256
33,134,572
Progressive
Corp.
(The)
.........
172,557
34,732,273
Robinhood
Markets,
Inc.
,
Class
A
(a)
..
233,422
17,014,130
S&P
Global,
Inc.
..............
20,821
8,978,640
Trane
Technologies
plc
..........
97,627
48,085,203
Vertiv
Holdings
Co.
,
Class
A
......
150,303
49,373,032
Visa,
Inc.
,
Class
A
.............
132,535
43,715,344
764,447,304
Total
Long-Term
Investments
-
99.1%
(Cost:
$
671,569,629
)
.............................
958,239,151
Short-Term
Securities
Money
Market
Funds
-
1.1%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.54
%
(b)
(c)
....
10,862,663
10,862,663
Total
Short-Term
Securities
-
1
.1
%
(Cost:
$
10,862,663
)
..............................
10,862,663
Total
Investments
-
100.2%
(Cost:
$
682,432,292
)
.............................
969,101,814
Liabilities
in
Excess
of
Other
Assets
-
(
0.2
)
%
............
(
2,020,993
)
Net
Assets
-
100.0%
..............................
$
967,080,821
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2026
BlackRock
Unconstrained
Equity
Fund
10
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2026
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
04/30/26
Shares
Held
at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
............
$
-
$
-
$
(
1,486
)
(b)
$
1,486
$
-
$
-
-
$
5,991
(c)
$
-
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
42,101,662
-
(
31,238,999
)
(b)
-
-
10,862,663
10,862,663
951,875
-
$
1,486
$
-
$
10,862,663
$
957,866
$
-
-
-
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
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
(continued)
April
30,
2026
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
MSCI
World
Index
.........................................................
64
06/19/26
$
9,619
$
191,038
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
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
-
$
-
$
191,038
$
-
$
-
$
-
$
191,038
(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
April
30,
2026,
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
.......................
$
-
$
-
$
1,360,853
$
-
$
-
$
-
$
1,360,853
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
-
$
-
$
913,626
$
-
$
-
$
-
$
913,626
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
-
long
..................................................................................
$
34,520,320
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
France
..............................................
$
-
$
65,795,253
$
-
$
65,795,253
Netherlands
...........................................
-
88,387,927
-
88,387,927
United
Kingdom
........................................
-
39,608,667
-
39,608,667
United
States
..........................................
764,447,304
-
-
764,447,304
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2026
BlackRock
Unconstrained
Equity
Fund
12
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Short-Term
Securities
Money
Market
Funds
......................................
$
10,862,663
$
-
$
-
$
10,862,663
$
775,309,967
$
193,791,847
$
-
$
969,101,814
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
191,038
$
-
$
-
$
191,038
(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

April
30,
2026
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)
.........................................................................
$
1,930,365,743
$
958,239,151
Investments,
at
value
-
affiliated
(b)
...........................................................................
142,625,730
10,862,663
Cash
..............................................................................................
-
5,109
Cash
pledged:
Futures
contracts
.....................................................................................
-
666,000
Foreign
currency,
at
value
(c)
................................................................................
2,044,057
21,500
Receivables:
-
-
Investment
s
sold
.....................................................................................
17,409,010
12,093,012
Securities
lending
income
-
affiliated
.......................................................................
127,890
-
Swaps
...........................................................................................
1,052,186
-
Capital
shares
sold
....................................................................................
-
759,987
Foreign
withholding
tax
claims
............................................................................
326,860
-
Dividends
-
unaffiliated
................................................................................
1,547,352
596,229
Dividends
-
affiliated
..................................................................................
393,799
57,194
From
the
Manager
....................................................................................
188,455
10,204
Variation
margin
on
futures
contracts
........................................................................
-
84,480
Unrealized
appreciation
on:
-
-
OTC
swaps
.........................................................................................
9,069,333
-
Prepaid
e
xpenses
......................................................................................
84,090
73,248
Other
assets
..........................................................................................
-
124
Total
a
ssets
..........................................................................................
2,105,234,505
983,468,901
LIABILITIES
Bank
overdraft
.........................................................................................
64,076
-
Cash
received:
Collateral
-
OTC
derivatives
.............................................................................
1,230,000
-
Payables:
-
-
Investments
purchased
.................................................................................
1,179,123
12,328,162
Accounting
services
fees
................................................................................
333,587
114,384
Capital
shares
redeemed
................................................................................
883,265
2,992,461
Custodian
fees
.......................................................................................
567,236
7,164
Investment
advisory
fees
................................................................................
1,267,494
602,441
Directors'
and
Officer's
fees
..............................................................................
109
111
Other
affiliate
fees
....................................................................................
4,626
2,915
Professional
fees
.....................................................................................
95,557
62,260
Service
and
distribution
fees
..............................................................................
65,880
52,940
Transfer
agent
fees
...................................................................................
642,200
204,388
Other
accrued
expenses
................................................................................
21,925
20,437
Variation
margin
on
futures
contracts
........................................................................
-
417
Unrealized
depreciation
on:
-
-
OTC
swaps
.........................................................................................
2,003,578
-
Total
li
abilities
.........................................................................................
8,358,656
16,388,080
Commitments
and
contingent
liabilities
-
-
NET
ASSETS
.........................................................................................
$
2,096,875,849
$
967,080,821
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
2,187,519,206
$
628,077,696
Accumulated
earnings
(loss)
...............................................................................
(
90,643,357
)
339,003,125
NET
ASSETS
.........................................................................................
$
2,096,875,849
$
967,080,821
(a)
Investments,
at
cost
-
unaffiliated
...................................................................
$
1,298,116,060
$
671,569,629
(b)
Investments,
at
cost
-
affiliated
.....................................................................
$
142,625,730
$
10,862,663
(c)
Foreign
currency,
at
cost
.........................................................................
$
2,073,971
$
21,438
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2026
2026
BlackRock
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
.........................................................................................
$
1,615,609,301
$
617,782,516
Shares
outstanding
...................................................................................
45,724,240
35,328,600
Net
asset
value
.....................................................................................
$
35.33
$
17.49
Shares
authorized
...................................................................................
1.1
billion
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Investor
A
Net
assets
.........................................................................................
$
304,293,262
$
262,661,139
Shares
outstanding
...................................................................................
8,989,836
15,180,146
Net
asset
value
.....................................................................................
$
33.85
$
17.30
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Investor
C
Net
assets
.........................................................................................
$
7,360,542
$
3,185,946
Shares
outstanding
...................................................................................
266,751
187,385
Net
asset
value
.....................................................................................
$
27.59
$
17.00
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Class
K
Net
assets
.........................................................................................
$
169,612,744
$
82,608,308
Shares
outstanding
...................................................................................
4,799,046
4,715,640
Net
asset
value
.....................................................................................
$
35.34
$
17.52
Shares
authorized
...................................................................................
1.0
billion
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Class
R
Net
assets
.........................................................................................
$
-
$
842,912
Shares
outstanding
...................................................................................
-
48,330
Net
asset
value
.....................................................................................
$
-
$
17.44
Shares
authorized
...................................................................................
-
Unlimited
Par
value
.........................................................................................
$
-
$
0.10
Statements
of
Operations

Year
Ended
April
30,
2026
15
Statements
of
Operations
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
Fund,
Inc.
BlackRock
Unconstrained
Equity
Fund
INVESTMENT
INCOME
-
-
Dividends
-
unaffiliated
.............................................................................
$
49,833,224
$
8,022,477
Dividends
-
affiliated
...............................................................................
4,895,109
951,875
Interest
-
unaffiliated
...............................................................................
78,161
86,876
Securities
lending
income
-
affiliated
-
net
...............................................................
643,330
5,991
Foreign
taxes
withheld
..............................................................................
(
5,630,359
)
(
258,956
)
Foreign
withholding
tax
claims
.........................................................................
323,235
25,836
Total
investment
income
...............................................................................
50,142,700
8,834,099
EXPENSES
Investment
advisory
................................................................................
17,411,368
8,050,417
Transfer
agent
-
class
specific
........................................................................
3,454,190
1,149,347
Custodian
.......................................................................................
1,210,594
131,194
Service
and
distribution
-
class
specific
..................................................................
751,324
646,661
Professional
.....................................................................................
248,890
138,543
Accounting
services
................................................................................
193,239
88,451
Printing
and
postage
...............................................................................
115,371
32,359
Registration
.....................................................................................
85,638
151,154
Directors
and
Officer
...............................................................................
19,501
12,973
Offering
........................................................................................
-
3,670
Miscellaneous
....................................................................................
39,321
25,947
Total
expenses
excluding
interest
expense
...................................................................
23,529,436
10,430,716
Interest
expense
..................................................................................
52,921
15,468
Total
e
xpenses
.....................................................................................
23,582,357
10,446,184
Less:
-
-
Fees
waived
and/or
reimbursed
by
the
Manager
.............................................................
(
1,403,242
)
(
24,403
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
-
class
specific
........................................
(
2,351,392
)
(
297,630
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
............................................................
19,827,723
10,124,151
Net
investment
income
(loss)
............................................................................
30,314,977
(1,290,052)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
1,023,899,812
$
301,048,010
Net
realized
gain
(loss)
from:
Investments
-
unaffiliated
(a)
........................................................................
$
438,206,337
$
137,180,652
Investments
-
affiliated
...........................................................................
(
10,403
)
1,486
Forward
foreign
currency
exchange
contracts
.............................................................
1,118,665
-
Foreign
currency
transactions
.......................................................................
(
2,443,458
)
8,644
Futures
contracts
................................................................................
18,514,049
1,360,853
Swaps
......................................................................................
32,019,524
-
487,404,714
138,551,635
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
.........................................................................
559,636,517
161,586,513
Investments
-
affiliated
...........................................................................
(
13
)
-
Forward
foreign
currency
exchange
contracts
.............................................................
(
2,682,110
)
-
Foreign
currency
translations
........................................................................
(
62,942
)
(
3,762
)
Futures
contracts
................................................................................
(
5,900,737
)
913,626
Swaps
......................................................................................
(
14,495,617
)
-
536,495,098
162,496,377
Net
realized
and
unrealized
gain
.........................................................................
1,023,899,812
301,048,012
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
................................................
$
1,054,214,789
$
299,757,960
(a)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
.............................................
$
(
2,331
)
$
-
Statements
of
Changes
in
Net
Assets

2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
16
See
notes
to
financial
statements.
BlackRock
Emerging
Markets
Fund,
Inc.
BlackRock
Unconstrained
Equity
Fund
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/26
Year
Ended
04/30/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
........................................
$
30,314,977
$
81,510,002
$
(
1,290,052
)
$
(
5,013,007
)
Net
realized
gain
(loss)
............................................
487,404,714
41,482,082
138,551,635
(
64,370,080
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
536,495,098
(
134,296,592
)
162,496,377
22,246,852
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
1,054,214,789
(11,304,508)
299,757,960
(47,136,235)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
65,606,620
)
(
60,467,314
)
-
-
Investor
A
....................................................
(
11,085,360
)
(
4,660,991
)
-
-
Investor
C
....................................................
(
274,889
)
(
86,516
)
-
-
Class
K
......................................................
(
8,469,672
)
(
14,917,481
)
-
-
Class
R
......................................................
-
-
-
-
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(85,436,541)
(80,132,302)
-
-
CAPITAL
SHARE
TRANSACTIONS
$
-
$
-
$
-
$
-
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(2,502,759,679)
(1,098,020,214)
(620,233,856)
213,056,432
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
(
1,533,981,431
)
(
1,189,457,024
)
(
320,475,896
)
165,920,197
Beginning
of
year
..................................................
3,630,857,280
4,820,314,304
1,287,556,717
1,121,636,520
End
of
year
......................................................
$
2,096,875,849
$
3,630,857,280
$
967,080,821
$
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Net
asset
value,
beginning
of
year
.............................
$
23.62
$
24.27
$
23.10
$
24.41
$
34.51
Net
investment
income
(a)
...................................
0
.38
0
.45
0
.45
0
.43
0
.31
Net
realized
and
unrealized
gain
(loss)
..........................
12.58
(
0
.65
)
1
.12
(
1
.24
)
(
8
.70
)
Net
increase
(decrease)
from
investment
operations
..................
12.96
(0.20
)
1.57
(0.81
)
(8.39
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
1
.25
)
(
0
.45
)
(
0
.40
)
(
0
.50
)
(
0
.28
)
From
net
realized
gain
.....................................
-
-
-
-
(
1
.43
)
Total
distributions
..........................................
(1.25
)
(0.45
)
(0.40
)
(0.50
)
(1.71
)
Net
asset
value,
end
of
year
.................................
$
35.33
$
23.62
$
24.27
$
23.10
$
24.41
Total
Return
(c)
Based
on
net
asset
value
....................................
56.17
%
(0.89
)%
6.88
%
(3.26
)%
(25.52
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
...........................................
1.03
%
1.01
%
1.00
%
1.00
%
0.96
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.86
%
0.86
%
0.86
%
0.86
%
0.86
%
Net
investment
income
.....................................
1.33
%
1.82
%
1.93
%
1.88
%
1.03
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
1,615,609
$
2,762,811
$
3,606,098
$
3,675,123
$
3,261,325
Portfolio
turnover
rate
(e)
......................................
88
%
141
%
91
%
96
%
132
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Net
asset
value,
beginning
of
year
.............................
$
22.67
$
23.31
$
22.20
$
23.47
$
33.26
Net
investment
income
(a)
...................................
0
.25
0
.37
0
.38
0
.38
0
.24
Net
realized
and
unrealized
gain
(loss)
..........................
12.12
(
0
.62
)
1
.08
(
1
.22
)
(
8
.40
)
Net
increase
(decrease)
from
investment
operations
..................
12.37
(0.25
)
1.46
(0.84
)
(8.16
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
1
.19
)
(
0
.39
)
(
0
.35
)
(
0
.43
)
(
0
.20
)
From
net
realized
gain
.....................................
-
-
-
-
(
1
.43
)
Total
distributions
..........................................
(1.19
)
(0.39
)
(0.35
)
(0.43
)
(1.63
)
Net
asset
value,
end
of
year
.................................
$
33.85
$
22.67
$
23.31
$
22.20
$
23.47
Total
Return
(c)
Based
on
net
asset
value
....................................
55.81
%
(1.14
)%
6.62
%
(3.49
)%
(25.74
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
...........................................
1.39
%
1.36
%
1.35
%
1.33
%
1.25
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.11
%
1.11
%
1.11
%
1.11
%
1.11
%
Net
investment
income
.....................................
0.92
%
1.55
%
1.68
%
1.74
%
0.82
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
304,293
$
254,141
$
295,249
$
305,065
$
351,246
Portfolio
turnover
rate
(e)
......................................
88
%
141
%
91
%
96
%
132
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Net
asset
value,
beginning
of
year
.............................
$
18.68
$
19.27
$
18.40
$
19.52
$
28.01
Net
investment
income
(a)
...................................
0
.02
0
.16
0
.18
0
.19
0
.02
Net
realized
and
unrealized
gain
(loss)
..........................
9
.93
(
0
.51
)
0
.89
(
1
.02
)
(
7
.01
)
Net
increase
(decrease)
from
investment
operations
..................
9.95
(0.35
)
1.07
(0.83
)
(6.99
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
1
.04
)
(
0
.24
)
(
0
.20
)
(
0
.29
)
(
0
.07
)
From
net
realized
gain
.....................................
-
-
-
-
(
1
.43
)
Total
distributions
..........................................
(1.04
)
(0.24
)
(0.20
)
(0.29
)
(1.50
)
Net
asset
value,
end
of
year
.................................
$
27.59
$
18.68
$
19.27
$
18.40
$
19.52
Total
Return
(c)
Based
on
net
asset
value
....................................
54.55
%
(1.86
)%
5.87
%
(4.22
)%
(26.29
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
...........................................
2.10
%
2.11
%
2.08
%
2.10
%
2.02
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.86
%
1.86
%
1.86
%
1.86
%
1.86
%
Net
investment
income
.....................................
0.11
%
0.82
%
0.97
%
1.03
%
0.07
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
7,361
$
5,338
$
7,799
$
9,739
$
13,144
Portfolio
turnover
rate
(e)
......................................
88
%
141
%
91
%
96
%
132
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Net
asset
value,
beginning
of
year
.............................
$
23.63
$
24.28
$
23.10
$
24.42
$
34.53
Net
investment
income
(a)
...................................
0
.55
0
.47
0
.46
0
.42
0
.34
Net
realized
and
unrealized
gain
(loss)
..........................
12.43
(
0
.66
)
1
.14
(
1
.23
)
(
8
.73
)
Net
increase
(decrease)
from
investment
operations
..................
12.98
(0.19
)
1.60
(0.81
)
(8.39
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
1
.27
)
(
0
.46
)
(
0
.42
)
(
0
.51
)
(
0
.29
)
From
net
realized
gain
.....................................
-
-
-
-
(
1
.43
)
Total
distributions
..........................................
(1.27
)
(0.46
)
(0.42
)
(0.51
)
(1.72
)
Net
asset
value,
end
of
year
.................................
$
35.34
$
23.63
$
24.28
$
23.10
$
24.42
Total
Return
(c)
Based
on
net
asset
value
....................................
56.25
%
(0.84
)%
6.98
%
(3.24
)%
(25.50
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
...........................................
0.90
%
0.86
%
0.84
%
0.86
%
0.85
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.81
%
0.81
%
0.81
%
0.81
%
0.81
%
Net
investment
income
.....................................
2.00
%
1.89
%
1.97
%
1.85
%
1.12
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
169,613
$
608,566
$
911,168
$
877,839
$
704,465
Portfolio
turnover
rate
(e)
......................................
88
%
141
%
91
%
96
%
132
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Net
asset
value,
beginning
of
year
.............................
$
13.31
$
13.63
$
11.66
$
12.12
$
16.41
Net
investment
income
(loss)
(a)
...............................
(
0
.01
)
(
0
.05
)
0
.01
(
0
.01
)
(
0
.03
)
Net
realized
and
unrealized
gain
(loss)
..........................
4
.19
(
0
.27
)
1
.96
1
.32
(
0
.95
)
Net
increase
(decrease)
from
investment
operations
..................
4.18
(0.32
)
1.97
1.31
(0.98
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
-
-
-
-
(
0
.08
)
From
net
realized
gain
.....................................
-
-
-
(
1
.77
)
(
3
.23
)
Total
distributions
..........................................
-
-
-
(1.77
)
(3.31
)
Net
asset
value,
end
of
year
.................................
$
17.49
$
13.31
$
13.63
$
11.66
$
12.12
Total
Return
(c)
Based
on
net
asset
value
....................................
31.40
%
(2.35
)%
16.90
%
14.49
%
(8.74
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
...........................................
1.00
%
0.97
%
0.95
%
1.12
%
1.02
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.95
%
0.94
%
0.94
%
0.95
%
0.95
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
........
0.95
%
0.94
%
0.93
%
0.95
%
0.95
%
(e)
Net
investment
income
(loss)
.................................
(0.08
)%
(0.35
)%
0.07
%
(0.07
)%
(0.20
)%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
617,783
$
853,906
$
884,278
$
66,293
$
49,303
Portfolio
turnover
rate
.......................................
79
%
62
%
31
%
27
%
100
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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.
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Net
asset
value,
beginning
of
year
.............................
$
13.20
$
13.55
$
11.62
$
12.11
$
16.41
Net
investment
loss
(a)
.....................................
(
0
.05
)
(
0
.08
)
(
0
.04
)
(
0
.04
)
(
0
.06
)
Net
realized
and
unrealized
gain
(loss)
..........................
4
.15
(
0
.27
)
1
.97
1
.32
(
0
.97
)
Net
increase
(decrease)
from
investment
operations
..................
4.10
(0.35
)
1.93
1.28
(1.03
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
-
-
-
-
(
0
.07
)
From
net
realized
gain
.....................................
-
-
-
(
1
.77
)
(
3
.20
)
Total
distributions
..........................................
-
-
-
(1.77
)
(3.27
)
Net
asset
value,
end
of
year
.................................
$
17.30
$
13.20
$
13.55
$
11.62
$
12.11
Total
Return
(c)
Based
on
net
asset
value
....................................
31.06
%
(2.58
)%
16.61
%
14.21
%
(9.04
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
...........................................
1.19
%
1.17
%
1.21
%
1.34
%
1.26
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.19
%
1.17
%
1.20
%
1.20
%
1.21
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
........
1.18
%
1.17
%
1.19
%
1.20
%
1.21
%
(e)
Net
investment
loss
........................................
(0.30
)%
(0.57
)%
(0.32
)%
(0.36
)%
(0.44
)%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
262,661
$
221,599
$
233,297
$
191,316
$
209,352
Portfolio
turnover
rate
.......................................
79
%
62
%
31
%
27
%
100
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
23
Financial
Highlights
BlackRock
Unconstrained
Equity
Fund
Investor
C
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Net
asset
value,
beginning
of
year
.............................
$
13.07
$
13.52
$
11.68
$
12.25
$
16.54
Net
investment
loss
(a)
.....................................
(
0
.16
)
(
0
.19
)
(
0
.13
)
(
0
.12
)
(
0
.19
)
Net
realized
and
unrealized
gain
(loss)
..........................
4
.09
(
0
.26
)
1
.97
1
.32
(
0
.97
)
Net
increase
(decrease)
from
investment
operations
..................
3.93
(0.45
)
1.84
1.20
(1.16
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
-
-
-
-
(
0
.02
)
From
net
realized
gain
.....................................
-
-
-
(
1
.77
)
(
3
.11
)
Total
distributions
..........................................
-
-
-
(1.77
)
(3.13
)
Net
asset
value,
end
of
year
.................................
$
17.00
$
13.07
$
13.52
$
11.68
$
12.25
Total
Return
(c)
Based
on
net
asset
value
....................................
30.07
%
(3.33
)%
15.75
%
13.27
%
(9.75
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
...........................................
2.06
%
2.04
%
2.04
%
2.25
%
2.14
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.95
%
1.95
%
1.96
%
1.95
%
2.07
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
........
1.95
%
1.95
%
1.95
%
1.95
%
2.07
%
(e)
Net
investment
loss
........................................
(1.08
)%
(1.37
)%
(1.06
)%
(1.12
)%
(1.30
)%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
3,186
$
2,767
$
3,450
$
1,407
$
1,432
Portfolio
turnover
rate
.......................................
79
%
62
%
31
%
27
%
100
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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.
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
Year
Ended
04/30/26
Period
from
05/14/24
(a)
to
04/30/25
Net
asset
value,
beginning
of
period
........................................................................
$
13.32
$
14.11
Net
investment
income
(loss)
(b)
............................................................................
0
.00
(c)
(
0
.03
)
Net
realized
and
unrealized
gain
(loss)
.......................................................................
4
.20
(
0
.76
)
Net
increase
(decrease)
from
investment
operations
...............................................................
4.20
(0.79
)
Net
asset
value,
end
of
period
.............................................................................
$
17.52
$
13.32
Total
Return
(d)
Based
on
net
asset
value
.................................................................................
31.53
%
(5.60
)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
........................................................................................
0.86
%
0.85
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.86
%
0.85
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
....
0.85
%
0.85
%
(g)
Net
investment
income
(loss)
..............................................................................
0.02
%
(0.21
)%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
82,608
$
208,687
Portfolio
turnover
rate
....................................................................................
79
%
62
%
(h)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Net
asset
value,
beginning
of
year
.............................
$
13.34
$
13.73
$
11.80
$
12.30
$
16.59
Net
investment
loss
(a)
.....................................
(
0
.09
)
(
0
.12
)
(
0
.07
)
(
0
.06
)
(
0
.13
)
Net
realized
and
unrealized
gain
(loss)
..........................
4
.19
(
0
.27
)
2
.00
1
.33
(
0
.99
)
Net
increase
(decrease)
from
investment
operations
..................
4.10
(0.39
)
1.93
1.27
(1.12
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
-
-
-
-
(
0
.03
)
From
net
realized
gain
.....................................
-
-
-
(
1
.77
)
(
3
.14
)
Total
distributions
..........................................
-
-
-
(1.77
)
(3.17
)
Net
asset
value,
end
of
year
.................................
$
17.44
$
13.34
$
13.73
$
11.80
$
12.30
Total
Return
(c)
Based
on
net
asset
value
....................................
30.73
%
(2.84
)%
16.36
%
13.86
%
(9.42
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
...........................................
1.57
%
1.50
%
1.62
%
1.68
%
1.83
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.45
%
1.45
%
1.46
%
1.45
%
1.66
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
........
1.45
%
1.45
%
1.45
%
1.45
%
1.66
%
(e)
Net
investment
loss
........................................
(0.57
)%
(0.87
)%
(0.56
)%
(0.60
)%
(0.85
)%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
843
$
598
$
611
$
267
$
230
Portfolio
turnover
rate
.......................................
79
%
62
%
31
%
27
%
100
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2026
BlackRock
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
April
30,
2026
,
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
(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.
The
Funds
have
an
arrangement
with
their
custodian
whereby
credits
are
earned
on
uninvested
cash
balances.
For
financial
reporting
purposes,
custodian
credits,
if
any,
are
included
in
interest
income
in
the
Statements
of
Operations.
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.
Recent
Accounting
Standard:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Tax
Disclosures
("ASU
2023-09")
during
the
period.
ASU
2023-09
enhances
income
tax
disclosures,
including
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
Funds'
adoption
of
the
new
standard
did
not
have
a
material
impact
on
financial
statement
disclosures
and
did
not
affect
each
Fund's
financial
position
or
results
of
operations.
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
(except
ETF
options,
equity
index
options
or
those
that
are
customized) 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
or,
if
a
reported
closing
price
is
not
available,
the
last
traded
price
on
the
exchange
or
market
on
which
the
security
or
instrument
is
primarily
traded
at
the
time
of
valuation
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.
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.
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
28
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
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
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer's
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions.
Notes
to
Financial
Statements
(continued)
29
Notes
to
Financial
Statements
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
an
approved
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
market
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 is
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.
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).
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
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
30
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
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.
Notes
to
Financial
Statements
(continued)
31
Notes
to
Financial
Statements
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 year
ended
April
30,
2026,
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
year
ended
April
30,
2026
,
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 year
ended
April
30,
2026,
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
year ended
April
30,
2026,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the
year
ended
April
30,
2026
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of each
Fund's Investor
A
Shares as
follows:
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
.....................................................................
$
689,623
$
61,701
$
-
$
751,324
Unconstrained
Equity
...................................................................
612,651
30,356
3,654
646,661
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
Emerging
Markets
.....................................................
$
4,725
$
7,638
$
793
$
1,432
$
-
$
14,588
Unconstrained
Equity
...................................................
4,426
3,394
198
255
28
8,301
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
Emerging
Markets
.....................................................
$
2,640,703
$
759,567
$
14,881
$
39,039
$
-
$
3,454,190
Unconstrained
Equity
...................................................
937,990
200,940
6,111
2,756
1,550
1,149,347
Fund
Name
Other
Fees
Emerging
Markets
........................................................................................................
$
3,586
Unconstrained
Equity
......................................................................................................
7,530
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
32
For
the year
ended
April
30,
2026,
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
year
ended
April
30,
2026
,
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
year
ended
April
30,
2026,
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
net
total
annual
operating
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses
("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 year
ended
April
30,
2026,
amounts
included
in the
Statements
of
Operations
were
as
follows:
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
year ended
April
30,
2026,
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
Fund
Name
Investor
A
Investor
C
Emerging
Markets
.............................................................................................
$
468
$
2,543
Unconstrained
Equity
...........................................................................................
4,688
258
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Emerging
Markets
........................................................................................................
$
102,239
Unconstrained
Equity
......................................................................................................
19,597
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
Fund
Name/Share
Class
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Emerging
Markets
Institutional
.......................................................................................................
$
1,701,081
Investor
A
........................................................................................................
600,742
Investor
C
........................................................................................................
11,307
Class
K
.........................................................................................................
38,262
$
2,351,392
Unconstrained
Equity
Institutional
.......................................................................................................
291,806
Investor
A
........................................................................................................
1,840
Investor
C
........................................................................................................
3,149
Class
K
.........................................................................................................
4
Class
R
.........................................................................................................
831
$
297,630
Notes
to
Financial
Statements
(continued)
33
Notes
to
Financial
Statements
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
effective
as
of
January
1,
2026,
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
securities
lending
agreement
effective
as
of
January
1,
2026,
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.
Pursuant
to
the
securities
lending
agreement
effective
as
of
January
1,
2025,
identical
securities
lending
agreements
were
in
place
for
each
Fund
for
the
calendar
year
ended
December
31,
2025.
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 year
ended
April
30,
2026, 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.
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
year
ended
April
30,
2026
,
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 year ended
April
30,
2026,
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.
Fund
Name
Amounts
Emerging
Markets
........................................................................................................
$
135,687
Unconstrained
Equity
......................................................................................................
1,315
Fund
Name
Purchases
Sales
Net
Realized
Loss
Emerging
Markets
.....................................................................
$
-
$
674,841
$
(
107,959
)
Other
Securities
Fund
Name
Purchases
Sales
Emerging
Markets
.....................................................................................
$
1,865,292,108
$
4,267,930,094
Unconstrained
Equity
...................................................................................
778,710,898
1,361,029,938
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
34
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
April
30,
2026,
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.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAVs
per
share.
As
of
period
end,
permanent
differences
attributable
to
non-deductible
expenses
and
net
operating
loss
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
April
30,
2026,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies
and
the
accounting
for
swap
agreements.
(c)
The
Fund
has
elected
to
defer
these
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
During
the
year ended April
30,
2026,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards:
As
of
April
30,
2026, 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
2027
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
year ended
April
30,
2026,
the
Funds
did
not
borrow
under
the
credit
agreement.
Fund
Name
Paid-in
Capital
Accumulated
Earnings
(Loss)
Unconstrained
Equity
........................................................................
$
(
2,593,200
)
$
2,593,200
Fund
Name
Year
Ended
04/30/26
Year
Ended
04/30/25
Emerging
Markets
Ordinary
income
......................................................................................
$
85,436,541
$
80,132,302
Fund
Name
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Ordinary
Losses
(c)
Total
Emerging
Markets
..........................
$
60,891,310
$
-
$
(706,076,326)
$
554,541,659
$
-
$
(90,643,357)
Unconstrained
Equity
........................
-
56,7
91,783
-
282,
249,556
(38,214)
339,0
03
,
125
Fund
Name
Amount
Utilized
Emerging
Markets
....................................................................................................
$
308,409,529
Unconstrained
Equity
..................................................................................................
68,934,892
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Emerging
Markets
.................................................
$
1,518,484,532
$
840,405,813
$
(
285,898,872
)
$
554,506,941
Unconstrained
Equity
..............................................
686,866,366
309,212,212
(
26,976,764
)
282,235,448
Notes
to
Financial
Statements
(continued)
35
Notes
to
Financial
Statements
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.
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.
The 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.
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
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
36
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
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.
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Emerging
Markets
Institutional
Shares
sold
..........................................
17,031,458
$
462,468,416
37,736,113
$
925,461,829
Shares
issued
in
reinvestment
of
distributions
.....................
2,207,372
62,831,806
1,709,522
41,889,852
Shares
redeemed
......................................
(
90,461,006
)
(
2,395,960,545
)
(
71,063,127
)
(
1,741,171,214
)
(
71,222,176
)
$
(
1,870,660,323
)
(
31,617,492
)
$
(
773,819,533
)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
1,513,086
$
42,045,527
2,599,631
$
61,036,149
Shares
issued
in
reinvestment
of
distributions
.....................
371,211
10,155,494
182,194
4,283,123
Shares
redeemed
......................................
(
4,102,509
)
(
113,608,666
)
(
4,237,739
)
(
99,368,425
)
(
2,218,212
)
$
(
61,407,645
)
(
1,455,914
)
$
(
34,049,153
)
Investor
C
Shares
sold
..........................................
47,045
$
1,114,270
33,215
$
646,948
Shares
issued
in
reinvestment
of
distributions
.....................
12,000
269,577
4,427
85,789
Shares
redeemed
and
automatic
conversion
of
shares
...............
(
78,143
)
(
1,776,429
)
(
156,581
)
(
3,008,769
)
(
19,098
)
$
(
392,582
)
(
118,939
)
$
(
2,276,032
)
Class
K
Shares
sold
..........................................
2,060,021
$
59,282,525
10,844,448
$
266,038,069
Shares
issued
in
reinvestment
of
distributions
.....................
295,879
8,403,045
601,500
14,746,419
Shares
redeemed
......................................
(
23,307,632
)
(
637,984,699
)
(
23,218,954
)
(
568,659,984
)
(
20,951,732
)
$
(
570,299,129
)
(
11,773,006
)
$
(
287,875,496
)
(
94,411,218
)
$
(
2,502,759,679
)
(
44,965,351
)
$
(
1,098,020,214
)
Unconstrained
Equity
Institutional
Shares
sold
..........................................
10,459,037
$
157,849,989
46,872,345
$
663,166,859
Shares
redeemed
......................................
(
39,308,480
)
(
590,813,836
)
(
47,568,641
)
(
666,177,129
)
(
28,849,443
)
$
(
432,963,847
)
(
696,296
)
$
(
3,010,270
)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
567,899
$
8,740,561
2,340,613
$
32,935,315
Shares
redeemed
......................................
(
2,180,834
)
(
33,518,075
)
(
2,765,417
)
(
38,724,082
)
(
1,612,935
)
$
(
24,777,514
)
(
424,804
)
$
(
5,788,767
)
Investor
C
Shares
sold
..........................................
23,836
$
362,977
89,016
$
1,250,630
Shares
redeemed
and
automatic
conversion
of
shares
...............
(
48,244
)
(
735,863
)
(
132,358
)
(
1,825,297
)
(
24,408
)
$
(
372,886
)
(
43,342
)
$
(
574,667
)
Class
K
Shares
sold
..........................................
1,008,290
$
15,219,454
17,324,397
$
244,821,828
Shares
redeemed
......................................
(
11,964,659
)
(
177,399,144
)
(
1,652,388
)
(
22,397,217
)
(
10,956,369
)
$
(
162,179,690
)
15,672,009
$
222,424,611
Class
R
Shares
sold
..........................................
19,647
$
310,375
14,271
$
199,798
Shares
redeemed
......................................
(
16,129
)
(
250,294
)
(
13,931
)
(
194,273
)
3,518
$
60,081
340
$
5,525
Notes
to
Financial
Statements
(continued)
37
Notes
to
Financial
Statements
As
of
April
30,
2026,
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
Year
Ended
04/30/26
Year
Ended
04/30/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
(
41,439,637
)
$
(
620,233,856
)
14,507,907
$
213,056,432
Report
of
Independent
Registered
Public
Accounting
Firm
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
38
To
the
Shareholders
and
Board
of
Directors/Trustees
of
BlackRock
Emerging
Markets
Fund,
Inc.
and
BlackRock
Unconstrained
Equity
Fund:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
Emerging
Markets
Fund,
Inc.
and
BlackRock
Unconstrained
Equity
Fund
(the
"Funds"),
including
the
schedules
of
investments,
as
of
April
30,
2026,
the
related
statements
of
operations
for
the
year
then
ended,
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
"financial
statements
and
financial
highlights").
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
April
30,
2026,
and
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds'
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds'
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
April
30,
2026,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
Deloitte
&
Touche
LLP
Boston,
Massachusetts
June
23,
2026
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
39
Important
Tax
Information
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2026:
The
Fund
intends
to
pass
through
to
its
shareholders
the
following
amount,
or
maximum
amount
allowable
by
law,
of
foreign
source
income
earned
and
foreign
taxes
paid
for
the
fiscal
year
ended
April
30,
2026
:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
April
30,
2026:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
April
30,
2026:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest-related
dividends
and
qualified
short-term
capital
gains
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
April
30,
2026:
Fund
Name
Qualified
Dividend
Income
Emerging
Markets
..................................................................................................
$
33,401,526
Fund
Name
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
Emerging
Markets
...............................................................................
$
43,756,745
$
4,688,976
Fund
Name
Federal
Obligation
Interest
Emerging
Markets
..................................................................................................
$
2,188,296
Fund
Name
Interest
Dividends
Emerging
Markets
..................................................................................................
$
4,315,545
Fund
Name
Interest-Related
Dividends
Emerging
Markets
..................................................................................................
$
4,195,467
Additional
Information
2026
BlackRock
Annual
Financial
Statements
and
Additonal
Information
40
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)
41
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
5PP,
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.
Westborough,
MA
01581
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
BlackRock
Emerging
Markets
Fund,
Inc.
(b)
Conversion
occurred
after
Close
of
Business
on
6/13/25.
Glossary
of
Terms
Used
in
these
Financial
Statements
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
42
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 - Not Applicable
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 - See Item 2
(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.
BlackRock Unconstrained Equity Fund
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Unconstrained Equity Fund
Date: June 23, 2026
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: June 23, 2026
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Unconstrained Equity Fund
Date: June 23, 2026
Blackrock Long-Horizon Equity Fund published this content on July 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 02, 2026 at 14:55 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]