# EDGAR Filing Document

**Accession Number:** 0000849402
**File Stem:** 0001193125-23-000524
**Filing Date:** 2023-1
**Character Count:** 306328
**Document Hash:** 187029beb3c616d8d4d6d2f860dda9e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000524.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000524

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK EMERGING MARKETS FUND, INC.
- **CENTRAL INDEX KEY:** 0000849402
- **IRS NUMBER:** 222986118
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05723
- **FILM NUMBER:** 23501241

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK GLOBAL EMERGING MARKETS FUND, INC.
- **DATE OF NAME CHANGE:** 20080317

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK DEVELOPING CAPITAL MARKETS FUND, INC.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BLACKROCK EMERGING MARKETS FUND, INC. (Series ID: S000002250)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000005814 | Investor A    |  |
| C000005816 | Investor C    |  |
| C000005817 | Institutional |  |
| C000198223 | Class K       |  |

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: 811-05723

Name of Fund: BlackRock Emerging Markets Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Emerging Markets Fund, Inc., 55 East 52<sup>nd</sup> Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2023

Date of reporting period: 10/31/2022

------

Item 1 – Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

------

---

| | |
|:---|:---|
| ![LOGO](g418791g42l24.jpg)  | **OCTOBER 31, 2022** |

---

 **2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**BlackRock Emerging Markets Fund, Inc.** 

**BlackRock Unconstrained Equity Fund** 

**BlackRock Funds VII, Inc.** 

· BlackRock Sustainable Emerging Markets Equity Fund

&nbsp;&nbsp;&nbsp; **Not FDIC Insured • May Lose Value • No Bank Guarantee** 

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

![LOGO](g418791sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g418791photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | &nbsp;&nbsp;&nbsp;&nbsp;(5.50)% | &nbsp;&nbsp;&nbsp;&nbsp;(14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [The Markets in Review](#tx418791_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx418791_2) | 4 |
|  [About Fund Performance](#tx418791_3) | 11 |
|  [Disclosure of Expenses](#tx418791_4) | 11 |
|  [Derivative Financial Instruments](#tx418791_5) | 12 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx418791_6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx418791_7) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx418791_8) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx418791_9) | 30 |
|  [Financial Highlights](#tx418791_10) | 32 |
|  [Notes to Financial Statements](#tx418791_11) | 44 |
|  [Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements](#tx418791_12) | 57 |
|  [Additional Information](#tx418791_13) | 61 |
|  [Glossary of Terms Used in this Report](#tx418791_14) | 63 |

---

![LOGO](g418791g00h01.jpg)

3.0 ------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Emerging Markets Fund, Inc.** |

---

**Investment Objective** 

**BlackRock Emerging Markets Fund, Inc.'s (the "Fund")** investment objective is to seek long-term capital appreciation by investing in securities, principally equity securities, of issuers in countries having smaller capital markets.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, the Fund outperformed its benchmark, the MSCI Emerging Markets Index.

**What factors influenced performance?** 

The Fund's outperformance was primarily driven by an overweight in Brazil, while an overweight in Mexico also added to relative return. On an individual stock level, an underweight position in Tencent Holdings Ltd., a Chinese technology company, led positive contributions following decreases in revenue from games, ads, and the cloud business. An out-of-benchmark holding of Sendas Distribuidora S.A., a grocery store chain in Brazil, also contributed as the company reported good results driven by steady business expansion with the successful rollout of new stores.

An underweight in India was the largest detractor from relative return, while an underweight in Saudi Arabia also detracted. On an individual stock level, an overweight in Chinese real estate company Longfor Group Holdings Ltd. was the largest drag on performance. In July 2022 the Chinese property and financial sectors tumbled as homebuyers stopped mortgage payments on at least 300 projects in more than 50 cities in Mainland China. Longfor's stock is well-owned by foreign investors, and the price dropped as institutional investors sold out of the Chinese property sector. An overweight to Chinese technology company Baidu, Inc. also detracted from performance following semiconductor restrictions that affected its artificial intelligence and cloud businesses.

**Describe recent portfolio activity.** 

Over the period the Fund increased its overweights in Brazil and Mexico given positive macro views with respect to both countries. The Fund initiated a position in Brazilian brewing company Ambev, on expectations for margins to beat consensus due to better pricing power and the company's ability to take market share. The stock is also attractively valued and trades at pre-COVID levels. The Fund also added to holdings of Korean electronics company Samsung Electronics Co., Ltd. following the United States ban on Chinese chip technology and on a positive view of the company's capacity and margin discipline.

The Fund reduced its holdings of Taiwan Semiconductor Manufacturing Company Limited as technology exposure was rotated from Taiwan to Korea given the weakness of the Korean won, and also reflecting a preference for memory chip exposure relative to logic chips. The Fund exited its position in Chinese technology company Tencent Holdings Ltd. following decreases in revenue from games, ads and its cloud business.

The Fund's cash position averaged approximately 8.6% over the six-month period. The cash position did not have a material impact on performance.

**Describe portfolio positioning at period end.** 

Relative to the MSCI Emerging Markets Index, the Fund ended the period overweight Brazil and Mexico, while being underweight India and Korea. In sector terms, the Fund was overweight consumer staples and real estate, and underweight information technology and consumer discretionary.

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.

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (16.89)% | (34.73)% | N/A | (0.44)% | N/A | 2.02% | N/A |
|  Investor A | (16.97) | (34.91) | (38.32)% | (0.68) | (1.74)% | 1.68 | 1.13% |
|  Investor C | (17.24) | (35.36) | (36.00) | (1.42) | (1.42) | 1.03 | 1.03 |
|  Class K | (16.86) | (34.71) | N/A | (0.38) | N/A | 2.04 | N/A |
|  **MSCI Emerging Markets Index<sup>(c)</sup>**  | (19.66) | (31.03) | N/A | (3.09) | N/A | 0.79 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in equity securities of issuers located in countries with developing capital markets. 

<sup>(c)</sup> An index that captures large- and mid-cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. 

N/A — Not applicable as the share class and index do not have a sales charge.

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.

4 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Emerging Markets Fund, Inc.** |

---

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $831.10 | $3.97 | $1000.00 | $1020.87 | $4.38 | 0.86% |
|  Investor A | 1000.00 | 830.30 | 5.12 | 1000.00 | 1019.61 | 5.65 | 1.11 |
|  Investor C | 1000.00 | 827.60 | 8.57 | 1000.00 | 1015.83 | 9.45 | 1.86 |
|  Class K | 1000.00 | 831.40 | 3.74 | 1000.00 | 1021.12 | 4.13 | 0.81 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
|  *Security<sup>(a)</sup>* <br>| *Percent of<br>Net Assets*  |
|  Samsung Electronics Co. Ltd. | 5.3% |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2 |
|  HDFC Bank Ltd. | 2.3 |
|  Hapvida Participacoes e Investimentos SA | 2.0 |
|  Sendas Distribuidora SA | 2.0 |
|  Yum China Holdings, Inc. | 1.9 |
|  B3 SA - Brasil Bolsa Balcao | 1.5 |
|  Credicorp Ltd. | 1.4 |
|  Grupo Financiero Banorte SAB de CV, Class O | 1.4 |
|  China Mengniu Dairy Co. Ltd. | 1.4 |

---

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
|  *Country/Geographic Region*<br>| *Percent of<br>Net Assets*  |
|  China | 22.9% |
|  India | 12.3 |
|  South Korea | 10.9 |
|  United States | 10.6 |
|  Brazil | 9.9 |
|  Taiwan | 7.9 |
|  Mexico | 6.1 |
|  Indonesia | 2.8 |
|  Saudi Arabia | 2.1 |
|  United Arab Emirates | 2.0 |
|  Malaysia | 2.0 |
|  South Africa | 1.8 |
|  Thailand | 1.4 |
|  Peru | 1.4 |
|  Poland | 1.3 |
|  Kazakhstan | 1.3 |
|  Singapore | 1.3 |
|  Other<sup>#</sup>  | 4.6 |
|  Liabilities in Excess of Other Assets | (2.6) |

---

<sup>(a)</sup> Excludes short-term securities.

---

| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.  |

---

F U N D S U M M A R Y 5

------

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Unconstrained Equity Fund** |

---

**Investment Objective** 

**BlackRock Unconstrained Equity Fund's (the "Fund")** investment objective is to seek to achieve long term capital growth.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, all of the Fund's share classes underperformed its benchmark, the MSCI World Index.

**What factors influenced performance?** 

As interest rates were raised to tackle inflation, the outlook for the economy deteriorated with equity markets displaying significant volatility over the period. Forward-looking earnings estimates were revised downward following both the second and third quarter 2022 reporting seasons, and all sectors delivered a negative return over the period except for energy. This weighed on Fund returns as the portfolio owns no energy stocks. Even as share prices are volatile, the investment adviser continued to focus on the long-term sustainability of earnings in its analysis and avoiding trading around the cycle given the inherent market timing and whipsaw risk that creates.

An overweight to ASML Holding N.V. weighed on relative performance as investors became increasingly concerned about the outlook for global growth and the potential demand implications for the semiconductor industry. While ASML experienced some delays in recognizing revenues during the period, this timing issue is expected to be resolved next calendar year and ASML's technological edge in lithography indicates that the company is well-positioned to deliver long-term sustainable growth. Elsewhere, a position in Nike Inc. detracted as inventories built up and the athletic apparel company offered more promotions to maintain demand, putting margins under pressure.

Positive contributors included Verisign Inc., a domain name registry business, which raised its full year margin guidance, and Cadence Design Systems Inc., a market leader in electronic design automation software used in designing semiconductors which raised its full year 2022 revenue and margin guidance when reporting both its second and third quarter results. Structurally, Cadence continues to benefit from the demand for increasingly complex and specific semiconductors.

**Describe recent portfolio activity.** 

Portfolio changes are driven by stock-specific investment decisions. Typically, trades are made where the structural investment case changes or when the identification of better investment opportunities forces action. Over the review period, a position in Edward Lifesciences Corp. was sold and a position in Thermo Fisher Scientific Inc. was initiated. The sale of Edward Lifesciences was based on increasing concerns about the size of the company's long-term market opportunity as procedure volumes have not rebounded post-COVID to the extent expected. Thermo Fisher is a life science instruments and solutions business, utilizing its scale and wide product portfolio to deepen relationships with customers. The company has a strong track record of acquiring businesses, integrating them into its portfolio and ultimately delivering an attractive return on investment. The company benefits from the structural growth in life sciences and biologics and has a strong track record of innovation to meet evolving client needs.

**Describe portfolio positioning at period end.** 

The Fund continues to pursue a long-only, concentrated approach with low anticipated turnover, designed to maximize returns from extraordinary businesses based on fundamental insights. The portfolio reflects the investment adviser's bottom-up fundamental analysis of individual companies with a goal of having at least half of the Fund invested in businesses with resilient earnings and cash flows.

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.

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month*<br> *Total*<br> *Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Charge* |
|  Institutional | (9.28)% | (23.84)% | N/A | 7.88% | N/A | 8.15% | N/A |
|  Investor A | (9.38) | (24.07) | (28.06)% | 7.59 | 6.43% | 7.86 | 7.28% |
|  Investor C | (9.71) | (24.64) | (25.25) | 6.73 | 6.73 | 7.18 | 7.18 |
|  Class R | (9.49) | (24.32) | N/A | 7.19 | N/A | 7.43 | N/A |
|  **MSCI World Index<sup>(c)</sup>**  | (8.09) | (18.48) | N/A | 6.37 | N/A | 8.94 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees. 

<sup>(b)</sup> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities. The Fund's returns prior to October 15, 2012 are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Dynamic Equity Fund. The Fund's total returns for the period between October 15, 2012 and February 28, 2022 are the returns of the Fund when it followed a different investment objective and different investment strategies and investment process under the name BlackRock Long-Horizon Equity Fund. 

<sup>(c)</sup> A broad global equity index that captures large- and mid-cap representation across certain developed markets countries.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

6 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Unconstrained Equity Fund** |

---

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value*<br> *(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value*<br> *(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $907.20 | $4.57 | $1000.00 | $1020.42 | $4.84 | 0.95% |
|  Investor A | 1000.00 | 906.20 | 5.77 | 1000.00 | 1019.16 | 6.11 | 1.20 |
|  Investor C | 1000.00 | 902.90 | 9.35 | 1000.00 | 1015.38 | 9.91 | 1.95 |
|  Class R | 1000.00 | 905.10 | 6.96 | 1000.00 | 1017.90 | 7.38 | 1.45 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of <br>Net Assets* |
|  Mastercard, Inc., Class A | 9.7% |
|  LVMH Moet Hennessy Louis Vuitton SE | 9.0 |
|  ASML Holding NV | 7.0 |
|  Microsoft Corp. | 6.7 |
|  Cadence Design Systems, Inc. | 5.4 |
|  Costco Wholesale Corp. | 4.9 |
|  S&P Global, Inc. | 4.6 |
|  Novo Nordisk A/S, Class B | 4.5 |
|  Lonza Group AG, Registered Shares | 4.5 |
|  Verisk Analytics, Inc. | 4.4 |

---

**GEOGRAPHIC ALLOCATION** 

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of <br>Net Assets* |
|  United States | 67.3% |
|  France | 9.0 |
|  Netherlands | 7.0 |
|  Denmark | 4.5 |
|  Switzerland | 4.5 |
|  United Kingdom | 4.4 |
|  Italy | 3.3 |
|  China | —<sup>(b)</sup> |
|  Liabilities in Excess of Other Assets | (—)<sup>(c)</sup> |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> Rounds to less than 1.0% of net assets. 

<sup>(c)</sup> Rounds to more than (1.0)% of net assets. 

F U N D S U M M A R Y 7

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Sustainable Emerging Markets Equity Fund** |

---

**Investment Objective** 

**BlackRock Sustainable Emerging Markets Equity Fund's (the "Fund")** investment objective is to seek to maximize total return.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, the Fund outperformed its benchmark the MSCI Emerging Markets Index.

**What factors influenced performance?** 

The Fund's overweight to and stock selection within both Mexico and Brazil, as well as stock selection in Korea, were among the largest contributors to relative performance over the period. In terms of individual holdings, Latin America positions were the most significant contributors to performance. In particular, Mexico benefitted from a benign political backdrop and solid economic trends, including a rising share of exports to the United States. In this vein, Grupo Financiero Banorte, Mexico's second-largest bank by total loans, was the top individual contributor over the period, showing strong net interest income and margin increases driven by interest rate sensitivity. Walmart de Mexico, the Mexican and Central American Walmart division, also contributed to relative performance as a defensive holding which outperformed during market weakness. Outside of Latin America, Indian bank Axis Bank Limited was a notable contributor during the period. The bank showed net interest income and margin improvement, thanks to a better balance sheet mix, a higher share loans denominated in the Indian rupee, and a higher share of retail loans.

The Fund's underweights in India and Saudi Arabia, as well as stock selection in South Africa, were among the largest detractors. Negative market sentiment around the property sector in China weighed on performance for property developer Longfor Properties and China Merchants Bank in particular. In July 2022 the Chinese property and financial sectors tumbled as homebuyers stopped mortgage payments on at least 300 projects in more than 50 cities in Mainland China. Longfor's stock price dropped as overseas institutional investors sold out of China's property sector. In addition, sentiment with respect to Longfor suffered from the announcement near the end of the period that its founder was resigning as Chairlady due to "health and age reasons". Baidu, Inc., the Chinese internet search company, also detracted from relative performance, as the stock fell given dampened sentiment towards offshore Chinese equities. In addition, in October 2022 the company revised downward its advertising and cloud business outlook. The fund's cash position had no material impact on performance.

**Describe recent portfolio activity.** 

Over the six-month period, the Fund added exposure to a number of emerging markets countries, mainly Brazil and India, while reducing exposure to countries where the outlook is more cautious, in particular China and Taiwan. Exposure to Brazil was increased given a positive macro view on the country. The reduction in exposure to China reflects a more cautious view on that market as investors grapple with the country's zero-COVID policy and distressed property sector. However, the Fund had been selectively adding to specific companies and sectors in China. From a sector positioning perspective, the Fund added to healthcare, consumer staples and financials, while reducing exposure to information technology, materials and industrials.

**Describe portfolio positioning at period end.** 

Relative to the MSCI Emerging Market Index benchmark, the Fund ended the period overweight Mexico, Brazil and the United Arab Emirates, while being underweight China, Taiwan and Saudi Arabia. In sector terms, the Fund was overweight financials, healthcare and real estate, and underweight materials, industrials and energy.

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.

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (14.82)% | (33.15)% | N/A | (3.41)% | N/A | 3.33% | N/A |
|  Investor A | (14.93) | (33.33) | (36.83)% | (3.64) | (4.67)% | 3.09 | 2.53% |
|  Class K | (14.81) | (33.11) | N/A | (3.37) | N/A | 3.34 | N/A |
|  Class R | (15.01) | (33.51) | N/A | (4.02) | N/A | 2.64 | N/A |
|  **MSCI Emerging Markets Index<sup>(c)</sup>**  | (19.66) | (31.03) | N/A | (3.09) | N/A | 0.79 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of issuers located in countries with emerging markets and derivatives that have similar economic characteristics. The Fund's total returns prior to October 31, 2017 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Pacific Fund, Inc. The Fund's total returns for the period between October 31, 2017 and November 1, 2021 are the returns of the Fund when it followed a different investment objective and different investment strategies and investment process under the name BlackRock Asian Dragon Fund Inc. 

<sup>(c)</sup> An index that captures large- and mid-cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. 

8 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Sustainable Emerging Markets Equity Fund** |

---

N/A — Not applicable as the share class and index do not have a sales charge.

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.

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning*<br> *Account Value*<br> *(05/01/22)*  | *Ending<br>Account Value<br>(10/31/22)* | *Expenses*<br>*Paid During*<br>*the Period* <br>*<sup>(a)</sup>* | *Beginning*<br> *Account Value*<br> *(05/01/22)*  | *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized*<br>*Expense*<br>*Ratio* |
|  Institutional | $1000.00 | $851.80 | $4.01 | $1000.00 | $1020.87 | $4.38 | 0.86% |
|  Investor A | 1000.00 | 850.70 | 5.18 | 1000.00 | 1019.61 | 5.65 | 1.11 |
|  Class K | 1000.00 | 851.90 | 3.78 | 1000.00 | 1021.12 | 4.13 | 0.81 |
|  Class R | 1000.00 | 849.90 | 6.34 | 1000.00 | 1018.35 | 6.92 | 1.36 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

F U N D S U M M A R Y 9

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Sustainable Emerging Markets Equity Fund** |

---

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security<sup>(a)</sup>* | *Percent of <br>Net Assets* |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 6.8% |
|  Samsung Electronics Co. Ltd. | 5.1 |
|  HDFC Bank Ltd. | 3.3 |
|  Wal-Mart de Mexico SAB de CV | 3.0 |
|  Grupo Financiero Banorte SAB de CV, Class O | 2.7 |
|  Hapvida Participacoes e Investimentos SA | 2.6 |
|  B3 SA-Brasil Bolsa Balcao | 2.6 |
|  Samsung SDI Co. Ltd. | 2.6 |
|  Tata Consultancy Services Ltd. | 2.4 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 2.3 |

---

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
| *Country/Geographic Region* | *Percent of <br>Net Assets* |
|  China | 19.1% |
|  India | 12.6 |
|  South Korea | 12.1 |
|  Brazil | 10.6 |
|  Taiwan | 9.2 |
|  Mexico | 7.6 |
|  United States | 6.9 |
|  United Arab Emirates | 3.7 |
|  Malaysia | 2.9 |
|  South Africa | 2.8 |
|  Hong Kong | 2.5 |
|  United Kingdom | 2.4 |
|  Thailand | 2.1 |
|  Indonesia | 1.8 |
|  Panama | 1.7 |
|  Greece | 1.6 |
|  Kazakhstan | 1.5 |
|  Singapore | 1.4 |
|  Other<sup>#</sup>  | 0.7 |
|  Liabilities in Excess of Other Assets | (3.2) |

---

<sup>(a)</sup> Excludes short-term securities.

---

| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.  |

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10 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

**Institutional and Class K Shares** (Class K Shares are available only in BlackRock Emerging Markets Fund, Inc. and BlackRock Sustainable Emerging Markets Equity Fund) are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance of BlackRock Emerging Markets Fund, Inc. and BlackRock Sustainable Emerging Markets Equity Fund shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of BlackRock Emerging Markets Fund, Inc. and BlackRock Sustainable Emerging Markets Equity Fund Class K Shares would be substantially similar to the performances of the applicable Fund's Institutional Shares because Class K Shares and Institutional Shares of each Fund 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 Institutional Shares.

**Investor A Shares** are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge ("CDSC") where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries. On October 28, 2021, BlackRock Sustainable Emerging Markets Equity Fund's issued and outstanding Investor C Shares converted into Investor A Shares with the same relative aggregate net asset value ("NAV").

**Investor C Shares** (available only in BlackRock Emerging Markets Fund, Inc. and BlackRock Unconstrained Equity Fund) are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

**Class R Shares** (available only in BlackRock Unconstrained Equity Fund and BlackRock Sustainable Emerging Markets Equity Fund) are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), each Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund's expenses. Without such waiver(s) and/or reimbursement(s), each Fund's performance would have been lower. With respect to each Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 11

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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 of 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.

12 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **BlackRock Emerging Markets Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Brazil — 9.7%** |  |  |
|  Ambev SA | 13718270 | $42491979 |
|  Ambev SA, ADR | 6309695 | 19181473 |
|  B3 SA - Brasil Bolsa Balcao | 16714279 | 48665716 |
|  Hapvida Participacoes e Investimentos SA<sup>(a)</sup>  | 44519692 | 67225554 |
|  Multiplan Empreendimentos Imobiliarios SA | 4591950 | 23433124 |
|  Petro Rio SA<sup>(b)</sup>  | 1710828 | 11721267 |
|  Petroleo Brasileiro SA, ADR | 3008631 | 38570649 |
|  Sendas Distribuidora SA | 16986834 | 65178405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316468167 |
| **Chile — 0.3%** |  |  |
|  Banco de Chile | 103892450 | 9501727 |
| **China — 22.9%** |  |  |
|  Alibaba Group Holding Ltd.<sup>(b)</sup>  | 3139500 | 24409319 |
|  Alibaba Group Holding Ltd., ADR<sup>(b)(c)</sup>  | 433719 | 27575855 |
|  Baidu, Inc., ADR<sup>(b)(c)</sup>  | 430422 | 32957412 |
|  Baidu, Inc., Class A<sup>(b)</sup>  | 1681900 | 16124367 |
|  Bank of China Ltd., Class H | 92889000 | 29917426 |
|  BOC Hong Kong Holdings Ltd. | 10430000 | 32409201 |
|  China Mengniu Dairy Co. Ltd. | 14450000 | 46256591 |
|  China Oilfield Services Ltd., Class A | 6945841 | 15907637 |
|  China Oilfield Services Ltd., Class H | 19928000 | 22433325 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 373600 | 19072568 |
|  ENN Energy Holdings Ltd. | 3514000 | 34936345 |
|  Haier Smart Home Co. Ltd., Class H | 7331600 | 18350889 |
|  Han's Laser Technology Industry Group Co. Ltd., Class A | 5631035 | 19502895 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 2402700 | 8281676 |
|  KE Holdings, Inc., ADR<sup>(b)</sup>  | 2394903 | 24380112 |
|  Kweichow Moutai Co. Ltd., Class A | 148000 | 27288622 |
|  Li Ning Co. Ltd. | 2231500 | 11543368 |
|  Linklogis, Inc., Class B<sup>(a)(b)</sup>  | 1935500 | 675875 |
|  Longfor Group Holdings Ltd.<sup>(a)</sup>  | 8235000 | 10492907 |
|  Meituan, Class B<sup>(a)(b)</sup>  | 2369200 | 37932159 |
|  NARI Technology Co. Ltd., Class A | 7558630 | 25253142 |
|  NetEase, Inc. | 1419100 | 15745265 |
|  NetEase, Inc., ADR<sup>(c)</sup>  | 350721 | 19507102 |
|  Ningbo Ronbay New Energy Technology Co. Ltd., Class A | 1719200 | 18527089 |
|  Shanghai International Airport Co. Ltd., Class A<sup>(b)</sup>  | 4908487 | 35728865 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 907288 | 40345493 |
|  Sunny Optical Technology Group Co. Ltd. | 2107600 | 18264450 |
|  Trip.com Group Ltd., ADR<sup>(b)</sup>  | 1186530 | 26851174 |
|  Yum China Holdings, Inc. | 1532703 | 63377269 |
|  Zijin Mining Group Co. Ltd., Class H | 27798000 | 26514791 |
|  |  | 750563189 |
| **Egypt — 0.2%** |  |  |
|  Commercial International Bank Egypt SAE | 5534249 | 7418473 |
| **Hong Kong — 0.8%** |  |  |
|  Melco Resorts & Entertainment Ltd., ADR<sup>(b)</sup>  | 2691831 | 14724315 |
|  Techtronic Industries Co., Ltd. | 1049500 | 9937471 |
|  |  | 24661786 |
| **Hungary — 0.5%** |  |  |
|  MOL Hungarian Oil & Gas PLC | 2732596 | 16406757 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **India — 12.3%** |  |  |
|  Axis Bank Ltd. | 3186549 | $34945217 |
|  Bandhan Bank Ltd.<sup>(a)(b)</sup>  | 5234108 | 15114929 |
|  Godrej Consumer Products Ltd.<sup>(b)</sup>  | 2181486 | 21869080 |
|  Godrej Properties Ltd.<sup>(b)</sup>  | 1337226 | 20404739 |
|  HDFC Bank Ltd. | 4151850 | 75349611 |
|  ICICI Bank Ltd. | 2233926 | 24562797 |
|  ICICI Prudential Life Insurance Co. Ltd.<sup>(a)</sup>  | 7262540 | 44600868 |
|  InterGlobe Aviation Ltd.<sup>(a)(b)</sup>  | 874790 | 18877603 |
|  ITC Ltd. | 6046488 | 25493993 |
|  Larsen & Toubro Ltd. | 480904 | 11774025 |
|  Mahindra & Mahindra Ltd. | 1168704 | 19074452 |
|  PVR Ltd.<sup>(b)</sup>  | 1313084 | 28193012 |
|  Tata Consultancy Services Ltd. | 1137228 | 43887982 |
|  UltraTech Cement Ltd. | 247356 | 20094771 |
|  |  | 404243079 |
| **Indonesia — 2.8%** |  |  |
|  Astra International Tbk PT | 44144600 | 18864336 |
|  Bank Central Asia Tbk PT | 62359100 | 35250187 |
|  Bank Rakyat Indonesia Persero Tbk PT | 53308400 | 15903660 |
|  Telkom Indonesia Persero Tbk PT | 74161900 | 20828429 |
|  |  | 90846612 |
| **Italy — 0.5%** |  |  |
|  PRADA SpA | 3484600 | 15875301 |
| **Kazakhstan — 1.3%** |  |  |
|  Kaspi.KZ JSC, GDR, Registered Shares<sup>(d)</sup>  | 643493 | 42113555 |
| **Macau — 0.9%** |  |  |
|  Sands China Ltd.<sup>(b)</sup>  | 17698800 | 30941468 |
| **Malaysia — 2.0%** |  |  |
|  Malayan Banking Bhd | 13397200 | 24336739 |
|  Public Bank Bhd | 33996100 | 32150079 |
|  RHB Bank Bhd | 7415900 | 8980587 |
|  |  | 65467405 |
| **Mexico — 6.1%** |  |  |
|  Cemex SAB de CV<sup>(b)</sup>  | 14474161 | 5625147 |
|  Cemex SAB de CV, ADR<sup>(b)(c)</sup>  | 4000677 | 15442613 |
|  Fomento Economico Mexicano SAB de CV | 6345550 | 45552293 |
|  Fomento Economico Mexicano SAB de CV, ADR | 316269 | 22651186 |
|  Grupo Aeroportuario del Pacifico SAB de CV, ADR<sup>(c)</sup> | 139543 | 21637537 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1341510 | 20779762 |
|  Grupo Financiero Banorte SAB de CV, Class O | 5722213 | 46513017 |
|  Wal-Mart de Mexico SAB de CV | 5957956 | 23013293 |
|  |  | 201214848 |
| **Panama — 0.9%** |  |  |
|  Copa Holdings SA, Class A<sup>(b)(c)</sup>  | 383220 | 28829641 |
| **Peru — 1.4%** |  |  |
|  Credicorp Ltd. | 319583 | 46774168 |
| **Poland — 1.3%** |  |  |
|  Bank Polska Kasa Opieki SA | 1696573 | 27805915 |
|  Dino Polska SA<sup>(a)(b)</sup>  | 14918 | 973732 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 2517951 | 13721254 |
|  |  | 42500901 |
| **Russia<sup>(e)</sup> — 0.0%** |  |  |
|  Fix Price Group Ltd., GDR, Registered Shares<sup>(d)</sup>  | 3992341 | 639 |
|  Gazprom PJSC | 8520027 | 1373 |
|  Lukoil PJSC | 198150 | 32 |
|  Lukoil PJSC, ADR | 1171876 | 187 |

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S C H E D U L E O F I N V E S T M E N T S 13

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Emerging Markets Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Russia (continued)** |  |  |
|  Magnit PJSC | 686994 | $111 |
|  Novatek PJSC | 295922 | 48 |
|  Sberbank of Russia PJSC<sup>(b)</sup>  | 6788060 | 1094 |
|  TCS Group Holding PLC, GDR, Registered<br>Shares<sup>(b)(d)</sup>  | 426925 | 4022 |
|  |  | 7506 |
|  **Saudi Arabia — 2.1%** |  |  |
|  Saudi National Bank | 2202341 | 34808512 |
|  Saudi Telecom Co. | 2449867 | 26320868 |
|  Yanbu National Petrochemical Co. | 752487 | 8947003 |
|  |  | 70076383 |
|  **Singapore — 1.3%** |  |  |
|  Singapore Telecommunications Ltd. | 23562000 | 41486663 |
|  **South Africa — 1.8%** |  |  |
|  AngloGold Ashanti Ltd. | 1338412 | 17479281 |
|  AngloGold Ashanti Ltd., ADR<sup>(c)</sup>  | 686191 | 8954793 |
|  Sanlam Ltd. | 10919596 | 31829984 |
|  |  | 58264058 |
|  **South Korea — 10.9%** |  |  |
|  Hana Financial Group, Inc. | 551123 | 15933722 |
|  Hansol Chemical Co. Ltd. | 70327 | 9134196 |
|  Kangwon Land, Inc.<sup>(b)</sup>  | 1344754 | 21681958 |
|  KB Financial Group, Inc. | 1051416 | 35379167 |
|  KT Corp. | 1106262 | 28403175 |
|  Samsung Electronics Co. Ltd. | 4153268 | 172858282 |
|  Samsung Electronics Co. Ltd., GDR, Registered |  |  |
|  Shares<sup>(d)</sup>  | 14915 | 15404186 |
|  Samsung SDI Co. Ltd. | 70617 | 36432370 |
|  SK Innovation Co. Ltd.<sup>(b)</sup>  | 189286 | 22920305 |
|  |  | 358147361 |
|  **Taiwan — 7.9%** |  |  |
|  Accton Technology Corp. | 1757000 | 13212380 |
|  Chunghwa Telecom Co. Ltd. | 10130000 | 34927383 |
|  momo.com, Inc. | 487200 | 7268848 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 14245000 | 171256283 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 39719 | 2444704 |
|  Unimicron Technology Corp. | 7482000 | 28748613 |
|  |  | 257858211 |
|  **Thailand — 1.4%** |  |  |
|  PTT PCL, NVDR | 22963100 | 21731515 |
|  Thai Beverage PCL | 63084500 | 25631443 |
|  |  | 47362958 |
|  **United Arab Emirates — 2.0%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 7806172 | 20094382 |
|  Emaar Properties PJSC | 16172403 | 26696670 |
|  Emirates NBD Bank PJSC | 5561236 | 20081287 |
|  |  | 66872339 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **United Kingdom — 0.5%** |  |  |
|  Prudential PLC | 1853865 | $17221773 |
|  **Total Common Stocks — 91.8%<br>(Cost: $3,791,632,285)** |  | 3011124329 |
|  **Preferred Securities** |  |  |
|  **Preferred Stocks — 0.2%** |  |  |
|  **Brazil — 0.2%** |  |  |
|  BCO Nacional SA, Preference Shares<sup>(e)</sup>  | 42567626 | 82 |
|  Petroleo Brasileiro SA, Preference Shares | 1211262 | 6990170 |
|  |  | 6990252 |
|  **Total Preferred Securities — 0.2%<br>(Cost: $7,525,357)** |  | 6990252 |
|  **Total Long-Term Investments — 92.0%<br>(Cost: $3,799,157,642)** |  | 3018114581 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 10.6%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(f)(g)</sup>  | 286988225 | 286988225 |
|  SL Liquidity Series, LLC, Money Market Series, 3.37%<sup>(f)(g)(h)</sup>  | 60587338 | 60544926 |
|  **Total Short-Term Securities — 10.6%<br>(Cost: $347,533,779)** |  | 347533151 |
|  **Total Investments — 102.6%<br>(Cost: $4,146,691,421)** |  | 3365647732 |
|  **Liabilities in Excess of Other Assets — (2.6)%** | **Liabilities in Excess of Other Assets — (2.6)%** | (84414716) |
|  **Net Assets — 100.0%** |  | $3281233016 |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

14 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Emerging Markets Fund, Inc.** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer*  | *Value at*<br> *04/30/22*  | *Purchases*<br> *at Cost*  | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22*  | *Shares* <br> *Held at*<br> *10/31/22*  | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*  |
|  | BlackRock Liquidity Funds, T-Fund, Institutional Class | $288654519 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(1666294) <sup>(a)</sup> | $— | $— | $286988225 | 286988225 | $2421053 | $– |
|  | SL Liquidity Series, LLC, Money Market Series | 22842998 | 37745648 <sup>(a)</sup> |  | (37159) | (6561) | 60544926 | 60587338 | 66782 <sup>(b)</sup> | – |
|  |  |  |  |  | $(37159) | $(6561) | $347533151 |  | $2487835 | $– |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | 2396 | 12/16/22 | $102261 | $(3762722) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD 38,140,778 | THB 1,454,059,943 | BNP Paribas SA | 12/23/22 | $(239992) |

---

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment Frequency* | *Counterparty<sup>(a)</sup>* | *Termination Date* | *Net Notional* | *Accrued*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Net Value of*<br> *Reference*<br> *Entity*  | *Gross* <br> *Notional* <br> *Amount* <br> *Net Asset* <br> *Percentage*  |
|  Equity Securities Long | Monthly | HSBC Bank PLC<sup>(b)</sup> | 02/10/23 – 02/13/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57458835 | $(2874100)<sup>(c)</sup> | $54567675 | 1.8% |
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(d)</sup> | 02/08/23 | 25650340 | (4238910)<sup>(e)</sup> | 21512469 | 0.8 |
|  |  |  |  |  | $(7113010) | $&nbsp;&nbsp;&nbsp;&nbsp;76080144 |  |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives 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 positions. 

<sup>(c)</sup> Amount includes $17,060 of net dividends and financing fees. 

<sup>(e)</sup> Amount includes $(101039) of net dividends and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | |
|:---|:---|:---|
|  | (b) | (d) |
| Range: | 40-95 basis points | 28 basis points |
| Benchmarks: | USD - 1D Overnight Bank Funding Rate (OBFR01) | USD - 1D Overnight Bank Funding Rate (OBFR01) |

---

S C H E D U L E O F I N V E S T M E N T S 15

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Emerging Markets Fund, Inc.** |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination dates February 10, 2023 and February 13, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*  |
|  **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Saudi Arabia** | **Saudi Arabia** | **Saudi Arabia** |  |
|  Nahdi Medical Co. | 290788 | $15312077 | 28.1% |
|  Total Saudi Arabia |  | 15312077 |  |
| **United Kingdom** | **United Kingdom** | **United Kingdom** |  |
|  Prudential PLC | 2471075 | 22955443 | 42.0 |
|  Standard Chartered PLC | 2728180 | 16300155 | 29.9 |
|  Total United Kingdom |  | 39255598 |  |
|  **Net Value of Reference Entity — HSBC Bank PLC** | **Net Value of Reference Entity — HSBC Bank PLC** | $54567675 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date February 8, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*  |
|  **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Netherlands** | **Netherlands** | **Netherlands** |  |
|  Prosus NV | 497494 | $21512469 | 100.0% |
|  **Net Value of Reference Entity — JPMorgan Chase Bank N.A** | **Net Value of Reference Entity — JPMorgan Chase Bank N.A** | $21512469 |  |

---

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | |
|:---|:---|:---|
| *Description* | *Swap<br>Premiums<br>Paid* | *Unrealized<br>Depreciation* |
|  OTC Swaps | $– $– $– $| (7113010) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Contracts* | *Other<br> Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $3762722 | $— | $— | $— | $3762722 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 239992 |  |  | 239992 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  |  | 7113010 |  |  |  | 7113010 |
|  | $— | $— | $10875732 | $239992 | $— | $— | $11115724 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, 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). 

16 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Emerging Markets Fund, Inc.** |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Contracts* | *Other<br> Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** | **Net Realized Gain (Loss) from:** | **Net Realized Gain (Loss) from:** | **Net Realized Gain (Loss) from:** | **Net Realized Gain (Loss) from:** | **Net Realized Gain (Loss) from:** | **Net Realized Gain (Loss) from:** | **Net Realized Gain (Loss) from:** |
|  Futures contracts | $— | $— | $(9538814) | $— | $— | $— | $(9538814) |
|  Forward foreign currency exchange contracts |  |  |  | 1968557 |  |  | 1968557 |
|  Swaps |  |  | 23562 |  |  |  | 23562 |
|  | $— | $— | $(9515252) | $1968557 | $— | $— | $(7546695) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |
|  Futures contracts | $— | $— | $(2609318) | $— | $— | $— | $(2609318) |
|  Forward foreign currency exchange contracts |  |  |  | (239992) |  |  | (239992) |
|  Swaps |  |  | (9057442) |  |  |  | (9057442) |
|  | $— | $— | $(11666760) | $(239992) | $— | $— | $(11906752) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $63936403 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $40223429 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $106519579 |

---

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** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $— | $311548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 239992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup>  |  | 7113010 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities |  | 7664550 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  | (311548) |
|  Total derivative assets and liabilities subject to an MNA | $— | $7353002 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | <br>|  | *Cash<br>Collateral<br>Pledged<sup>(a)</sup>* | *Net Amount*<br> *of Derivative*<br> *Liabilities* | <br>*<sup>(b)(c)</sup>*  |
|  BNP Paribas SA | $239992 |  | $– | $— | $239992 |  |
|  HSBC Bank PLC | 2874100 |  | – | (2874100) |  |  |
|  JPMorgan Chase Bank N.A | 4238910 |  | – | (4238910) |  |  |
|  | $7353002 |  | $– | $(7113010) | $239992 |  |

---

<sup>(a)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(b)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(c)</sup> Net amount represents the net amount payable due to counterparty in the event of default. 

S C H E D U L E O F I N V E S T M E N T S 17

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Emerging Markets Fund, Inc.** |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $316468167 | $— | $— | $316468167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 9501727 |  |  | 9501727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 194648924 | 555914265 |  | 750563189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 7418473 |  | 7418473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 14724315 | 9937471 |  | 24661786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 16406757 |  | 16406757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 404243079 |  | 404243079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 90846612 |  | 90846612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 15875301 |  | 15875301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan |  | 42113555 |  | 42113555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 30941468 |  | 30941468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 65467405 |  | 65467405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 201214848 |  |  | 201214848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 28829641 |  |  | 28829641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 46774168 |  |  | 46774168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 42500901 |  | 42500901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 7506 | 7506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 70076383 |  | 70076383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 41486663 |  | 41486663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 40784777 | 17479281 |  | 58264058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 358147361 |  | 358147361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2444704 | 255413507 |  | 257858211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 47362958 |  | 47362958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 66872339 |  | 66872339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 17221773 |  | 17221773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 6990170 |  | 82 | 6990252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 286988225 |  |  | 286988225 |
|  | $1149369666 | $2155725552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7588 | 3305102806 |
|  Investments Valued at NAV<sup>(a)</sup>  |  |  |  | 60544926 |
|  |  |  |  | $3365647732 |
|  Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(3762722) | $(7113010) | $— | $(10875732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (239992) |  | (239992) |
|  | $(3762722) | $(7353002) | $— | $(11115724) |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

18 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **BlackRock Unconstrained Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *<br>Security* | *<br>Shares* | *<br>Value* |
|  **Common Stocks** |  |  |
| **Denmark — 4.5%** |  |  |
|  Novo Nordisk A/S, Class B | 87318 | $9494195 |
| **France — 9.0%** |  |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 29857 | 18839605 |
| **Italy — 3.3%** |  |  |
|  Ferrari NV | 35060 | 6911668 |
| **Netherlands — 7.0%** |  |  |
|  ASML Holding NV | 30989 | 14536525 |
| **Switzerland — 4.5%** |  |  |
|  Lonza Group AG, Registered Shares | 18212 | 9375245 |
| **United Kingdom — 4.4%** |  |  |
|  Auto Trader Group PLC<sup>(a)</sup>  | 610557 | 3654656 |
|  Spirax-Sarco Engineering PLC | 44883 | 5531088 |
|  |  | 9185744 |
| **United States — 64.4%** |  |  |
|  Alphabet, Inc., Class C<sup>(b)</sup>  | 88323 | 8360655 |
|  ANSYS, Inc.<sup>(b)</sup>  | 30356 | 6713533 |
|  Cadence Design Systems, Inc.<sup>(b)</sup>  | 75038 | 11360003 |
|  CME Group, Inc. | 19763 | 3424928 |
|  Costco Wholesale Corp. | 20195 | 10127792 |
|  Floor & Decor Holdings, Inc., Class A<sup>(b)</sup>  | 61834 | 4536761 |
|  Intuit, Inc. | 20593 | 8803507 |
|  Intuitive Surgical, Inc.<sup>(b)</sup>  | 29046 | 7158968 |
|  Masimo Corp.<sup>(b)</sup>  | 22894 | 3012850 |
|  Mastercard, Inc., Class A | 61571 | 20206371 |
|  Microsoft Corp. | 60210 | 13976547 |
|  NIKE, Inc., Class B | 52416 | 4857915 |
|  S&P Global, Inc. | 30028 | 9646495 |
|  Thermo Fisher Scientific, Inc. | 10036 | 5158203 |
|  VeriSign, Inc.<sup>(b)</sup>  | 40484 | 8115423 |
|  Verisk Analytics, Inc. | 50069 | 9154115 |
|  |  | 134614066 |
|  **Total Common Stocks — 97.1%<br>(Cost: $214,291,063)** |  | 202957048 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds** |  |  |  |
| **China — 0.0%** |  |  |  |
|  China Milk Products Group Ltd., 0.00%, 01/15/49<sup>(c)(d)</sup>  | $| 1000 | $1 |
|  **Total Corporate Bonds — 0.0%<br>(Cost: $1,000,000)** |  |  | 1 |
|  **Total Long-Term Investments — 97.1%<br>(Cost: $215,291,063)** | **Total Long-Term Investments — 97.1%<br>(Cost: $215,291,063)** | **Total Long-Term Investments — 97.1%<br>(Cost: $215,291,063)** | 202957049 |
|  | *Shares* | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 2.9%** |  |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(e)(f)</sup>  |  | 6101132 | 6101132 |
|  **Total Short-Term Securities — 2.9%<br>(Cost: $6,101,132)** |  |  | 6101132 |
|  **Total Investments — 100.0%<br>(Cost: $221,392,195)** |  |  | 209058181 |
|  **Liabilities in Excess of Other Assets — 0.0%** | **Liabilities in Excess of Other Assets — 0.0%** | **Liabilities in Excess of Other Assets — 0.0%** | (52813) |
|  **Net Assets — 100.0%** |  |  | $209005368 |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Convertible security.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds*<br> *from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  | BlackRock Liquidity Funds, T-Fund, Institutional Class | $7783672 | $— | $(1682540)<sup>(a)</sup> | $— | $– $| 6101132 | 6101132 | $74584 | $– |
|  | SL Liquidity Series, LLC, Money Market Series<sup>(b)</sup>  |  | 3611 <sup>(a)</sup> |  | (3611) | – |  |  | 1103 <sup>(c)</sup> | – |
|  |  |  |  |  | $(3611) | $– $| 6101132 |  | $75687 | $– |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> As of period end, the entity is no longer held.

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Unconstrained Equity Fund** |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 17 | 12/16/22 | $3301 | $(172797) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| USD | 3528757 | GBP | 3192050 | Deutsche Bank AG | 11/18/22 | $(133465) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $172797 | $— | $— | $— | $172797 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 133465 |  |  | 133465 |
|  | $— | $— | $172797 | $133465 | $— | $— | $306262 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(339971) | $— | $— | $— | $(339971) |
|  Forward foreign currency exchange contracts |  |  |  | 459406 |  |  | 459406 |
|  | $— | $— | $(339971) | $459406 | $— | $— | $119435 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(52075) | $— | $— | $— | $(52075) |
|  Forward foreign currency exchange contracts |  |  |  | (133465) |  |  | (133465) |
|  | $— | $— | $(52075) | $(133465) | $— | $— | $(185540) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $8367213 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $4188158 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

20 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Unconstrained Equity Fund** |

---

**Derivative Financial Instruments — Offsetting as of Period End** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $— | $23988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 133465 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities |  | 157453 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  | (23988) |
|  Total derivative assets and liabilities subject to an MNA | $— | $133465 |

---

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *Counterparty* | *Derivative<br>Liabilities<br>Subject to*<br> *an MNA by<br>Counterparty* |  | *Net Amount*<br> *of Derivative*<br> *Liabilities* | <br>*<sup>(a)(b)</sup>*  |
|  Deutsche Bank AG | $133465 | $– | $133465 |  |

---

<sup>(a)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(b)</sup> Net amount represents the net amount payable due to counterparty in the event of default. 

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | $— | $9494195 | $— | $9494195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 18839605 |  | 18839605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 6911668 |  | 6911668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 14536525 |  | 14536525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 9375245 |  | 9375245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 9185744 |  | 9185744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 134614066 |  |  | 134614066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6101132 |  |  | 6101132 |
|  | $140715198 | $68342982 | $1 | $209058181 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(172797) | $— | $— | $(172797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (133465) |  | (133465) |
|  | $(172797) | $(133465) | $— | $(306262) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **BlackRock Sustainable Emerging Markets Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Brazil — 10.6%** |  |  |
|  Arezzo Industria e Comercio SA | 86747 | $1754924 |
|  B3 SA - Brasil Bolsa Balcao | 711194 | 2070731 |
|  Hapvida Participacoes e Investimentos SA<sup>(a)</sup>  | 1373460 | 2073950 |
|  Iguatemi SA | 297850 | 1263938 |
|  Sendas Distribuidora SA | 350468 | 1344744 |
|  |  | 8508287 |
| **China — 19.1%** |  |  |
|  Alibaba Group Holding Ltd.<sup>(b)</sup>  | 173692 | 1350439 |
|  Alibaba Group Holding Ltd., ADR<sup>(b)(c)</sup>  | 26576 | 1689702 |
|  Baidu, Inc., ADR<sup>(b)</sup>  | 9694 | 742270 |
|  China Mengniu Dairy Co. Ltd. | 311000 | 995557 |
|  China Merchants Bank Co. Ltd., Class H | 328500 | 1075477 |
|  Haier Smart Home Co. Ltd., Class A | 253200 | 718871 |
|  Haier Smart Home Co. Ltd., Class H | 309200 | 773923 |
|  Longfor Group Holdings Ltd.<sup>(a)</sup>  | 291500 | 371425 |
|  LONGi Green Energy Technology Co. Ltd., Class A | 212210 | 1394126 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 41600 | 1849879 |
|  Tencent Holdings Ltd. | 51300 | 1347998 |
|  Tencent Holdings Ltd., ADR | 2471 | 64938 |
|  Xinyi Solar Holdings Ltd. | 1128000 | 1119876 |
|  Yum China Holdings, Inc. | 42678 | 1764735 |
|  |  | 15259216 |
| **Egypt — 0.5%** |  |  |
|  Commercial International Bank Egypt SAE | 307704 | 412467 |
| **Greece — 1.6%** |  |  |
|  National Bank of Greece SA<sup>(b)</sup>  | 361553 | 1310006 |
| **Hong Kong — 2.5%** |  |  |
|  AIA Group Ltd. | 111400 | 843832 |
|  Hang Lung Properties Ltd. | 935000 | 1176195 |
|  |  | 2020027 |
| **Hungary — 0.2%** |  |  |
|  OTP Bank Nyrt | 7005 | 152820 |
| **India — 12.6%** |  |  |
|  Axis Bank Ltd. | 160276 | 1757663 |
|  Bandhan Bank Ltd.<sup>(a)(b)</sup>  | 277665 | 801834 |
|  HDFC Bank Ltd. | 143084 | 2596752 |
|  Hindustan Unilever Ltd. | 47784 | 1474309 |
|  ICICI Bank Ltd. | 91312 | 1004007 |
|  ICICI Bank Ltd., ADR | 23346 | 514546 |
|  Tata Consultancy Services Ltd. | 50353 | 1943227 |
|  |  | 10092338 |
| **Indonesia — 1.8%** |  |  |
|  Bank Rakyat Indonesia Persero Tbk PT | 4846300 | 1445812 |
| **Kazakhstan — 1.5%** |  |  |
|  Kaspi.KZ JSC, GDR, Registered Shares | 18342 | 1200396 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Malaysia — 2.9%** |  |  |
|  Malayan Banking Bhd | 580700 | $1054873 |
|  Public Bank Bhd | 1322000 | 1250214 |
|  |  | 2305087 |
| **Mexico — 7.6%** |  |  |
|  Arca Continental SAB de CV | 181414 | 1485978 |
|  Grupo Financiero Banorte SAB de CV, Class O | 266882 | 2169351 |
|  Wal-Mart de Mexico SAB de CV | 620803 | 2397923 |
|  |  | 6053252 |
| **Panama — 1.7%** |  |  |
|  Copa Holdings SA, Class A<sup>(b)(c)</sup>  | 17815 | 1340222 |
| **Russia — 0.0%** |  |  |
|  TCS Group Holding PLC, GDR, Registered Shares<sup>(b)(d)</sup>  | 30476 | 305 |
| **Singapore — 1.4%** |  |  |
|  Singapore Telecommunications Ltd. | 654300 | 1152055 |
| **South Africa — 2.8%** |  |  |
|  Gold Fields Ltd. | 63502 | 508702 |
|  Gold Fields Ltd., ADR<sup>(c)</sup>  | 62189 | 490049 |
|  Life Healthcare Group Holdings Ltd. | 1125594 | 1210234 |
|  |  | 2208985 |
| **South Korea — 11.8%** |  |  |
|  Hana Financial Group, Inc. | 37313 | 1078770 |
|  KB Financial Group, Inc. | 34855 | 1172838 |
|  Samsung Electronics Co. Ltd. | 97714 | 4066840 |
|  Samsung SDI Co. Ltd. | 3986 | 2056437 |
|  SK Innovation Co. Ltd.<sup>(b)</sup>  | 8988 | 1088341 |
|  |  | 9463226 |
| **Taiwan — 9.2%** |  |  |
|  Accton Technology Corp. | 118000 | 887342 |
|  Far EasTone Telecommunications Co. Ltd. | 469000 | 1028330 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 449000 | 5397969 |
|  |  | 7313641 |
| **Thailand — 2.1%** |  |  |
|  Bangkok Dusit Medical Services PCL, NVDR | 2177500 | 1690063 |
| **United Arab Emirates — 3.7%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 684251 | 1761375 |
|  Aldar Properties PJSC | 985889 | 1159673 |
|  |  | 2921048 |
| **United Kingdom — 2.4%** |  |  |
|  Prudential PLC | 89667 | 832976 |
|  Standard Chartered PLC | 183754 | 1097880 |
|  |  | 1930856 |
|  **Total Common Stocks — 96.0%<br>(Cost: $83,849,008)** |  | 76780109 |

---

22 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Sustainable Emerging Markets Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Preferred Securities** |  |  |
| **Preferred Stocks — 0.3%** |  |  |
| **South Korea — 0.3%** |  |  |
|  Samsung Electronics Co. Ltd., Preference Shares | 5964 | $222886 |
|  **Total Preferred Securities — 0.3%<br>(Cost: $190,127)** | **Total Preferred Securities — 0.3%<br>(Cost: $190,127)** | 222886 |
|  **Total Long-Term Investments — 96.3%<br>(Cost: $84,039,135)** | **Total Long-Term Investments — 96.3%<br>(Cost: $84,039,135)** | 77002995 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 6.9%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(e)(f)</sup>  | 2457940 | 2457940 |
|  SL Liquidity Series, LLC, Money Market Series, 3.37%<sup>(e)(f)(g)</sup>  | 3041535 | 3039406 |
|  **Total Short-Term Securities — 6.9%<br>(Cost: $5,497,346)** | **Total Short-Term Securities — 6.9%<br>(Cost: $5,497,346)** | 5497346 |
|  **Total Investments — 103.2%<br>(Cost: $89,536,481)** | **Total Investments — 103.2%<br>(Cost: $89,536,481)** | 82500341 |
|  **Liabilities in Excess of Other Assets — (3.2)%** | **Liabilities in Excess of Other Assets — (3.2)%** | (2528963) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $79971378 |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds*<br> *from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $5275604 | $— | $(2817664)<sup>(a)</sup> | $— | $— | $2457940 | 2457940 | $31137 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 1689789 | 1351568 <sup>(a)</sup> |  | (1909) | (42) | 3039406 | 3041535 | 3070 <sup>(b)</sup> |  |
|  |  |  |  | $(1909) | $(42) | $5497346 |  | $34207 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment*<br> *Frequency* | *Counterparty<sup>(a)</sup>* | *Termination*<br> *Date* | *Net Notional* | *Accrued*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Net Value of*<br> *Reference*<br> *Entity* | *Gross*<br> *Notional*<br> *Amount*<br> *Net Asset*<br> *Percentage* |
|  Equity Securities Long | Monthly | HSBC Bank PLC<sup>(b)</sup>  | 02/13/23 | $985572 | $9523 <sup>(c)</sup> | $999445 | 1.2% |
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(d)</sup>  | 02/08/23 | 226217 | (18473)<sup>(e)</sup> | 206305 | 0.3 |
|  |  |  |  |  | $(8950) | $1205750 |  |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives 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 positions. 

<sup>(c)</sup> Amount includes $(4350) of net dividends and financing fees. 

<sup>(e)</sup> Amount includes $1,439 of net dividends and financing fees. 

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Sustainable Emerging Markets Equity Fund** |

---

**OTC Total Return Swaps (continued)** 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | |
|:---|:---|:---|
|  | (b) | (d) |
| Range: | 95 basis points | 60 basis points |
| Benchmarks: | USD - 1D Overnight Bank Funding Rate (OBFR01) | USD - 1D Overnight Bank Funding Rate (OBFR01) |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 13, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *%of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **United Kingdom** |  |  |  |
|  Leejam Sports Co JSC | 47497 | $999445 | 100.0% |
|  **Net Value of Reference Entity — HSBC Bank PLC** |  | $999445 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date February 8, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *%of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **United Kingdom** |  |  |  |
|  Prudential PLC | 22208 | $206305 | 100.0% |
|  **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** |  | $206305 |  |

---

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | |
|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums*<br> *Paid*  | *Unrealized*<br> *Appreciation* | *Unrealized* <br> *Depreciation*  |
|  OTC Swaps | $– $– $| 9523 | $(18473) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid | $— | $— | $9523 | $— | $— | $— | $9523 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received | $— | $— | $18473 | $— | $— | $— | $18473 |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(43064) | $— | $— | $— | $(43064) |
|  Forward foreign currency exchange contracts |  |  |  | 248978 |  |  | 248978 |
|  Swaps |  |  | (780678) |  |  |  | (780678) |
|  | $— | $— | $(823742) | $248978 | $— | $— | $(574764) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $291578 | $— | $— | $— | $291578 |

---

24 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Sustainable Emerging Markets Equity Fund** |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $1439383 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $1345393 |

---

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** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup>  | $9523 | $18473 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 9523 | 18473 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA | $9523 | $18473 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents 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<br>Assets<br>Subject to*<br> *an MNA by<br>Counterparty* |  | *Derivatives<br>Available for<br>Offset* |  | *Non-Cash<br>Collateral<br>Received* |  | *Cash<br>Collateral<br>Received* | *Net Amount<br>of Derivative<br>Assets <br><sup>(a)</sup>* |
|  HSBC Bank PLC | $9523 |  | $— |  | $— |  | $— | $9523 |
|  *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by<br>Counterparty* | <br>** <br>| *Derivatives<br>Available*<br> *for Offset* | ** <br>| *Non-Cash*<br> *Collateral*<br> *Pledged* | <br>| *Cash<br>Collateral*<br> *Pledged* | *Net Amount<br>of Derivative* *Liabilities*<br> ** <br> *<sup>(b)</sup>*  |
|  JPMorgan Chase Bank N.A. | $18473 |  | $— |  | $— |  | $— | $18473 |

---

<sup>(a)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(b)</sup> Net amount represents the net amount payable due to counterparty in the event of default. 

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $8508287 | $— | $— | $8508287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 4261645 | 10997571 |  | 15259216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 412467 |  | 412467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 1310006 |  | 1310006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2020027 |  | 2020027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 152820 |  | 152820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 514546 | 9577792 |  | 10092338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1445812 |  | 1445812 |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Sustainable Emerging Markets Equity Fund** |

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | $— | $1200396 | $— | $1200396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 2305087 |  | 2305087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 6053252 |  |  | 6053252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 1340222 |  |  | 1340222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 305 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 1152055 |  | 1152055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1700283 | 508702 |  | 2208985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 9463226 |  | 9463226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 7313641 |  | 7313641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 1690063 |  | 1690063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 2921048 |  | 2921048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 1930856 |  | 1930856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 222886 |  | 222886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2457940 |  |  | 2457940 |
|  | $24836175 | $54624455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | 79460935 |
|  Investments Valued at NAV<sup>(a)</sup>  |  |  |  | 3039406 |
|  |  |  |  | $82500341 |
|  Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $— | $9523 | $— | $9523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  | (18473) |  | (18473) |
|  | $— | $(8950) | $— | $(8950) |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(b)</sup> Derivative financial instruments are swaps contracts. Swaps contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

26 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (unaudited) October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>Emerging Markets<br>Fund, Inc. | BlackRock<br>Unconstrained<br>Equity Fund | BlackRock<br>Sustainable<br>Emerging Markets<br>Equity Fund |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $3018114581 | $202957049 | $77002995 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 347533151 | 6101132 | 5497346 |
|  Cash | 1190225 |  | 4198 |
|  Cash pledged: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 12345000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5804000 | 172000 |  |
|  Foreign currency, at value<sup>(d)</sup>  | 6867348 | 310 | 115768 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 6401687 | 49957 | 764254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 15904 | 804 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2801602 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 15515367 | 22636 | 14604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 2300462 | 204201 | 94562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 648479 | 12345 | 6645 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager |  |  | 842 |
|  Unrealized appreciation on OTC swaps |  |  | 9523 |
|  Prepaid expenses | 99627 | 39381 | 82915 |
|  Other assets | 2140000 |  | 138861 |
|  Total assets | 3421777433 | 209559815 | 83733705 |
|  **LIABILITIES** |  |  |  |
|  Collateral on securities loaned | 60605102 |  | 3041161 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 41562414 |  | 317995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 10003079 |  | 168242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 214389 | 34568 | 25855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 15557381 | 80815 | 31233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1580413 | 24898 | 73811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | 790314 |  | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1952983 | 126413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 6059 | 2808 | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 25008 | 14419 | 20489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 77893 | 57565 | 27484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 69699 | 35972 | 9285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 435133 | 19536 | 21591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 311548 | 23988 |  |
|  Unrealized depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 239992 | 133465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 7113010 |  | 18473 |
|  Total liabilities | 140544417 | 554447 | 3762327 |
|  NET ASSETS | $3281233016 | $209005368 | $79971378 |
|  **NET ASSETS CONSIST OF** |  |  |  |
|  Paid-in capital | $4898429197 | $233947441 | $102020909 |
|  Accumulated loss | (1617196181) | (24942073) | (22049531) |
|  NET ASSETS | $3281233016 | $209005368 | $79971378 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $3799157642 | $215291063 | $84039135 |
|  <sup>(b) </sup>Securities loaned, at value | $58563170 | $— | $2937599 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $347533779 | $6101132 | $5497346 |
|  <sup>(d) </sup>Foreign currency, at cost | $6871317 | $336 | $131439 |

---

F I N A N C I A L S T A T E M E N T S 27

------

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>Emerging Markets<br>Fund, Inc. | BlackRock<br>Unconstrained<br>Equity Fund | BlackRock<br>Sustainable<br>Emerging Markets<br>Equity Fund |
|  **NET ASSET VALUE** |  |  |  |
| **Institutional** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2425059139 | $38056102 | $37062467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 120142996 | 4116811 | 3366223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $20.18 | $9.24 | $11.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1.1 billion | Unlimited | 100 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 |
| **Investor A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $269417972 | $169551025 | $41235773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 13884951 | 18380990 | 3811512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $19.40 | $9.22 | $10.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million | Unlimited | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 |
| **Investor C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9223534 | $1182321 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 572352 | 126992 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $16.12 | $9.31 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million | Unlimited | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | N/A |
| **Class K** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $577532371 | N/A | $1231342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 28598897 | N/A | 111974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $20.19 | N/A | $11.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1 billion | N/A | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | N/A | $0.10 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | N/A | $215920 | $441796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 23007 | 57389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | N/A | $9.38 | $7.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | N/A | $0.10 | $0.10 |

---

*See notes to financial statements.* 

28 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations (unaudited)

Six Months Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br> Emerging Markets<br> Fund, Inc. | BlackRock<br>Unconstrained<br> Equity Fund | BlackRock<br>Sustainable<br>Emerging Markets<br>Equity Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $67728727 | $710440 | $986645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 2421053 | 74584 | 31137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 66782 | 1103 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (5006583) | (35566) | (101187) |
|  Total investment income | 65209979 | 750561 | 919665 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 14708619 | 924983 | 276857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 2363776 | 99948 | 75099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 1165225 | 17124 | 58535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 455372 | 240836 | 59468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 438865 | 35223 | 37163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 230673 | 33486 | 27427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 77083 | 63398 | 110969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 20818 | 4825 | 4103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 56723 | 44938 | 43087 |
|  Total expenses | 19517154 | 1464761 | 692708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (1160146) | (27530) | (184353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (1562169) | (98349) | (52360) |
|  Total expenses after fees waived and/or reimbursed | 16794839 | 1338882 | 455995 |
|  Net investment income (loss) | 48415140 | (588321) | 463670 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup>  | (350362615) | (7963950) | (5789504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (37159) | (3611) | (1909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1968557 | 459406 | 248978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1111855) | 3164 | (38446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9538814) | (339971) | (43064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 23562 |  | (780678) |
|  | (359058324) | (7844962) | (6404623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(b)</sup>  | (370206095) | (14947038) | (9121043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (6561) |  | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (239992) | (133465) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 176374 | (3235) | (6307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2609318) | (52075) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (9057442) |  | 291578 |
|  | (381943034) | (15135813) | (8835814) |
|  Net realized and unrealized loss | (741001358) | (22980775) | (15240437) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(692586218) | $(23569096) | $(14776767) |
|  <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | $(9118) | $— | $— |
|  <sup>(b)</sup> Net of reduction in/(increase in) deferred foreign capital gain tax of | $1206661 | $— | $(3900) |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 29

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Emerging Markets Fund, Inc. | BlackRock Emerging Markets Fund, Inc. | BlackRock Unconstrained Equity Fund | BlackRock Unconstrained Equity Fund |
|  | Six Months Ended<br>10/31/22<br> (unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 04/30/22 | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $48415140 | $45363326 | $(588321) | $(1224789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (359058324) | (454395060) | (7844962) | 49705985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (381943034) | (957371142) | (15135813) | (73329310) |
|  Net decrease in net assets resulting from operations | (692586218) | (1366402876) | (23569096) | (24848114) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (15096872) | (173007048) | (6796902) | (11530562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (1408479) | (23349088) | (29616260) | (50954106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (23963) | (1063961) | (211142) | (369771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3475552) | (28474812) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (33496) | (50938) |
|  Decrease in net assets resulting from distributions to shareholders | (20004866) | (225894909) | (36657800) | (62905377) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (336356336) | 2210154765 | 8914819 | 40836397 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (1048947420) | 617856980 | (51312077) | (46917094) |
|  Beginning of period | 4330180436 | 3712323456 | 260317445 | 307234539 |
|  End of period | $3281233016 | $4330180436 | $209005368 | $260317445 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

30 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | BlackRock Sustainable Emerging Markets Equity Fund | BlackRock Sustainable Emerging Markets Equity Fund |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $463670 | $1241418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6404623) | 5012175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8835814) | (42887075) |
|  Net decrease in net assets resulting from operations | (14776767) | (36633482) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (272984) | (10999049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (248847) | (11086055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C |  | (127892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (8880) | (279400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (3002) | (188107) |
|  Decrease in net assets resulting from distributions to shareholders | (533713) | (22680503) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net decrease in net assets derived from capital share transactions | (7426491) | (7209251) |
|  *NET ASSETS* |  |  |
|  Total decrease in net assets | (22736971) | (66523236) |
|  Beginning of period | 102708349 | 169231585 |
|  End of period | $79971378 | $102708349 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 31

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Emerging Markets Fund, Inc. | BlackRock Emerging Markets Fund, Inc. | BlackRock Emerging Markets Fund, Inc. | BlackRock Emerging Markets Fund, Inc. | BlackRock Emerging Markets Fund, Inc. | BlackRock Emerging Markets Fund, Inc. | BlackRock Emerging Markets Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 | Year Ended<br> 10/31/17 |
| | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 | Year Ended<br> 10/31/17 |
|  **Net asset value, beginning of period** | $24.41 | $34.51 | $22.21 | $24.51 | $20.73 | $22.74 | $18.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.29 | 0.31 | 0.15 | 0.04 | 0.40 | 0.24 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.40) | (8.70) | 12.46 | (1.94) | 3.58 | (2.14) | 4.58 |
|  Net increase (decrease) from investment operations | (4.11) | (8.39) | 12.61 | (1.90) | 3.98 | (1.90) | 4.72 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.28) | (0.31) | (0.40) | (0.20) | (0.11) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (1.43) |  |  |  |  |  |
|  Total distributions | (0.12) | (1.71) | (0.31) | (0.40) | (0.20) | (0.11) | (0.30) |
|  **Net asset value, end of period** | $20.18 | $24.41 | $34.51 | $22.21 | $24.51 | $20.73 | $22.74 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (16.89)%<sup>(d)</sup> | (25.52)% | 57.05% | (7.95)%<sup>(d)</sup> | 19.39% | (8.39)% | 26.35% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.01 %<sup>(f)</sup> | 0.96% | 1.02% | 1.04 %<sup>(f)</sup> | 1.14% | 1.31% | 1.34% |
|  Total expenses after fees waived and/or reimbursed | 0.86 %<sup>(f)</sup> | 0.86% | 0.86% | 0.86 %<sup>(f)</sup> | 0.97% | 1.11% | 1.34% |
|  Net investment income | 2.55 %<sup>(f)</sup> | 1.03% | 0.49% | 0.34 %<sup>(f)</sup> | 1.73% | 1.05% | 0.72% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2425059 | $3261325 | $2771663 | $660315 | $308719 | $98990 | $77115 |
|  Portfolio turnover rate | 43% | 132% | 109% | 63% | 119% | 121% | 126% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

*See notes to financial statements.* 

32 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 | Year Ended<br> 10/31/17 |
| | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 | Year Ended<br> 10/31/17 |
|  **Net asset value, beginning of period** | $23.47 | $33.26 | $21.42 | $23.62 | $19.96 | $21.88 | $17.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.25 | 0.24 | 0.11 | 0.02 | 0.29 | 0.16 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.22) | (8.40) | 11.98 | (1.89) | 3.50 | (2.04) | 4.42 |
|  Net increase (decrease) from investment operations | (3.97) | (8.16) | 12.09 | (1.87) | 3.79 | (1.88) | 4.49 |
|  **Distributions**<sup>(b)</sup>  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.20) | (0.25) | (0.33) | (0.13) | (0.04) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (1.43) |  |  |  |  |  |
|  Total distributions | (0.10) | (1.63) | (0.25) | (0.33) | (0.13) | (0.04) | (0.23) |
|  **Net asset value, end of period** | $19.40 | $23.47 | $33.26 | $21.42 | $23.62 | $19.96 | $21.88 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (16.97)%<sup>(d)</sup> | (25.74)% | 56.67% | (8.09)%<sup>(d)</sup> | 19.11% | (8.62)% | 25.95% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.32 %<sup>(f)</sup> | 1.25% | 1.28% | 1.36 %<sup>(f)</sup> | 1.45% | 1.60% | 1.68% |
|  Total expenses after fees waived and/or reimbursed | 1.11 %<sup>(f)</sup> | 1.11% | 1.11% | 1.11 %<sup>(f)</sup> | 1.22% | 1.40% | 1.68% |
|  Net investment income | 2.32 %<sup>(f)</sup> | 0.82% | 0.38% | 0.21 %<sup>(f)</sup> | 1.31% | 0.72% | 0.39% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $269418 | $351246 | $463032 | $196836 | $204061 | $164683 | $210355 |
|  Portfolio turnover rate | 43% | 132% | 109% | 63% | 119% | 121% | 126% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 33

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 | Year Ended<br> 10/31/17 |
| | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 | Year Ended<br> 10/31/17 |
|  **Net asset value, beginning of period** | $19.52 | $28.01 | $18.03 | $19.83 | $16.77 | $18.50 | $14.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.15 | 0.02 | 0.04 | (0.05) | 0.09 | (0.02) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.51) | (7.01) | 9.96 | (1.60) | 2.97 | (1.71) | 3.76 |
|  Net increase (decrease) from investment operations | (3.36) | (6.99) | 10.00 | (1.65) | 3.06 | (1.73) | 3.67 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.04) | (0.07) | (0.02) | (0.15) |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (1.43) |  |  |  |  |  |
|  Total distributions | (0.04) | (1.50) | (0.02) | (0.15) |  |  | (0.10) |
|  **Net asset value, end of period** | $16.12 | $19.52 | $28.01 | $18.03 | $19.83 | $16.77 | $18.50 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (17.24)%<sup>(d)</sup> | (26.29)% | 55.48% | (8.42)%<sup>(d)</sup> | 18.25% | (9.35)% | 24.84% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 2.11 %<sup>(f)</sup> | 2.02% | 2.13% | 2.22 %<sup>(f)</sup> | 2.31% | 2.41% | 2.53% |
|  Total expenses after fees waived and/or reimbursed | 1.86 %<sup>(f)</sup> | 1.86% | 1.86% | 1.86 %<sup>(f)</sup> | 1.98% | 2.18% | 2.53% |
|  Net investment income (loss) | 1.59 %<sup>(f)</sup> | 0.07% | 0.16% | (0.51)%<sup>(f)</sup> | 0.50% | (0.10)% | (0.57)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $9224 | $13144 | $18769 | $24639 | $31362 | $34756 | $53327 |
|  Portfolio turnover rate | 43% | 132% | 109% | 63% | 119% | 121% | 126% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

*See notes to financial statements.* 

34 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) | BlackRock Emerging Markets Fund, Inc. (continued) |
| | <br> Class K | <br> Class K | <br> Class K | <br> Class K | <br> Class K | <br> Class K |
| | Six Months Ended<br>10/31/22<br>(unaudited) | <br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>11/01/19<br>to 04/30/20 | <br>Year Ended<br>10/31/19 | Period from<br>01/25/18<sup>(a)</sup> <br>to 10/31/18 |
|  **Net asset value, beginning of period** | $24.42 | $34.53 | $22.22 | $24.52 | $20.74 | $25.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.29 | 0.34 | 0.19 | 0.06 | 0.48 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.40) | (8.73) | 12.44 | (1.95) | 3.52 | (5.55) |
|  Net increase (decrease) from investment operations | (4.11) | (8.39) | 12.63 | (1.89) | 4.00 | (5.23) |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.29) | (0.32) | (0.41) | (0.22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (1.43) |  |  |  |  |
|  Total distributions | (0.12) | (1.72) | (0.32) | (0.41) | (0.22) |  |
|  **Net asset value, end of period** | $20.19 | $24.42 | $34.53 | $22.22 | $24.52 | $20.74 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (16.86)%<sup>(e)</sup> | (25.50)% | 57.13% | (7.91)%<sup>(e)</sup> | 19.48% | (20.14)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.88 %<sup>(g)</sup> | 0.85% | 0.85% | 0.92 %<sup>(g)</sup> | 0.98% | 1.16 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(g)</sup> | 0.81% | 0.81% | 0.81 %<sup>(g)</sup> | 0.92% | 0.95 %<sup>(g)</sup> |
|  Net investment income | 2.52 %<sup>(g)</sup> | 1.12% | 0.63% | 0.46 %<sup>(g)</sup> | 2.08% | 1.82 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $577532 | $704465 | $458860 | $166590 | $109569 | $1500 |
|  Portfolio turnover rate | 43% | 132% | 109% | 63% | 119% | 121% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 35

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Unconstrained Equity Fund | BlackRock Unconstrained Equity Fund | BlackRock Unconstrained Equity Fund | BlackRock Unconstrained Equity Fund | BlackRock Unconstrained Equity Fund | BlackRock Unconstrained Equity Fund | BlackRock Unconstrained Equity Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | | | |
|  | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | | | |
| | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 |<br>Year Ended<br>10/31/19 |<br>Year Ended<br>10/31/18 |<br>Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $12.12 | $16.41 | $12.18 | $14.58 | $13.08 | $13.09 | $10.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.02) | (0.03) | 0.02 | 0.04 | 0.10 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.09) | (0.95) | 5.77 | (0.80) | 2.38 | 0.42 | 2.36 |
|  Net increase (decrease) from investment operations | (1.11) | (0.98) | 5.79 | (0.76) | 2.48 | 0.52 | 2.44 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.08) | (0.04) | (0.12) | (0.10) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.77) | (3.23) | (1.52) | (1.52) | (0.88) | (0.45) |  |
|  Total distributions | (1.77) | (3.31) | (1.56) | (1.64) | (0.98) | (0.53) | (0.10) |
|  **Net asset value, end of period** | $9.24 | $12.12 | $16.41 | $12.18 | $14.58 | $13.08 | $13.09 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.28)%<sup>(d)</sup> | (8.74)% | 50.41 %<sup>(e)</sup> | (6.45)%<sup>(d)</sup> | 20.73% | 4.04% | 22.89% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.07 %<sup>(g)</sup> | 1.02 %<sup>(h)</sup> | 1.05 %<sup>(i)</sup> | 1.04 %<sup>(g)(j)</sup> | 1.01% | 1.01% | 1.01% |
|  Total expenses after fees waived and/or reimbursed | 0.95 %<sup>(g)</sup> | 0.95 %<sup>(h)</sup> | 1.00 %<sup>(i)</sup> | 0.99 %<sup>(g)(j)</sup> | 0.96% | 0.96% | 0.99% |
|  Net investment income (loss) | (0.30)%<sup>(g)</sup> | (0.20)% | 0.15% | 0.67 %<sup>(g)</sup> | 0.76% | 0.75% | 0.68% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $38056 | $49303 | $52716 | $38428 | $45641 | $44879 | $48196 |
|  Portfolio turnover rate | 6% | 100% | 83% | 27% | 42% | 24% | 28% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.99% and 0.92%, respectively. 

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.01% and 0.96%, respectively. 

<sup>(j)</sup> Audit, printing and tax cost expenses were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.07% and 1.02%, respectively. 

*See notes to financial statements.* 

36 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | | | |
|  | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 | | | |
| | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 11/01/19<br> to 04/30/20 |<br>Year Ended<br>10/31/19 |<br>Year Ended<br>10/31/18 |<br>Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $12.11 | $16.41 | $12.17 | $14.55 | $13.05 | $13.06 | $10.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.03) | (0.06) | (0.01) | 0.03 | 0.07 | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.09) | (0.97) | 5.77 | (0.82) | 2.38 | 0.42 | 2.36 |
|  Net increase (decrease) from investment operations | (1.12) | (1.03) | 5.76 | (0.79) | 2.45 | 0.49 | 2.41 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.07) | (0.03) | (0.07) | (0.07) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.77) | (3.20) | (1.49) | (1.52) | (0.88) | (0.45) |  |
|  Total distributions | (1.77) | (3.27) | (1.52) | (1.59) | (0.95) | (0.50) | (0.07) |
|  **Net asset value, end of period** | $9.22 | $12.11 | $16.41 | $12.17 | $14.55 | $13.05 | $13.06 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.38)%<sup>(d)</sup> | (9.04)% | 50.17 %<sup>(e)</sup> | (6.61)%<sup>(d)</sup> | 20.42% | 3.78% | 22.59% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.30 %<sup>(g)</sup> | 1.26 %<sup>(h)</sup> | 1.30 %<sup>(i)</sup> | 1.30 %<sup>(g)(j)</sup> | 1.27% | 1.27% | 1.27% |
|  Total expenses after fees waived and/or reimbursed | 1.20 %<sup>(g)</sup> | 1.21 %<sup>(h)</sup> | 1.25 %<sup>(i)</sup> | 1.25 %<sup>(g)(j)</sup> | 1.22% | 1.22% | 1.25% |
|  Net investment income (loss) | (0.55)%<sup>(g)</sup> | (0.44)% | (0.10)% | 0.43 %<sup>(g)</sup> | 0.50% | 0.49% | 0.40% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $169551 | $209352 | $252119 | $182892 | $211071 | $194416 | $214372 |
|  Portfolio turnover rate | 6% | 100% | 83% | 27% | 42% | 24% | 28% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.23% and 1.18%, respectively. 

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.26% and 1.21%, respectively. 

<sup>(j)</sup> Audit, printing and tax cost expenses were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.33% and 1.28%, respectively. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 37

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) |
| | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>11/01/19<br>to 04/30/20 |<br>Year Ended<br>10/31/19 |<br>Year Ended<br>10/31/18 |<br>Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $12.25 | $16.54 | $12.22 | $14.50 | $12.87 | $12.94 | $10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.07) | (0.19) | (0.18) | (0.03) | (0.05) | (0.04) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.10) | (0.97) | 5.83 | (0.82) | 2.40 | 0.42 | 2.32 |
|  Net increase (decrease) from investment operations | (1.17) | (1.16) | 5.65 | (0.85) | 2.35 | 0.38 | 2.29 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.02) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.77) | (3.11) | (1.33) | (1.43) | (0.72) | (0.45) |  |
|  Total distributions | (1.77) | (3.13) | (1.33) | (1.43) | (0.72) | (0.45) |  |
|  **Net asset value, end of period** | $9.31 | $12.25 | $16.54 | $12.22 | $14.50 | $12.87 | $12.94 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.71)%<sup>(d)</sup> | (9.75)% | 48.76 %<sup>(e)</sup> | (6.97)%<sup>(d)</sup> | 19.54% | 2.96% | 21.50% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 2.25 %<sup>(g)</sup> | 2.14 %<sup>(h)</sup> | 2.18 %<sup>(i)</sup> | 2.13 %<sup>(g)(j)</sup> | 2.07% | 2.03% | 2.07% |
|  Total expenses after fees waived and/or reimbursed | 1.95 %<sup>(g)</sup> | 2.07 %<sup>(h)</sup> | 2.13 %<sup>(i)</sup> | 2.08 %<sup>(g)(j)</sup> | 2.02% | 1.98% | 2.06% |
|  Net investment loss | (1.30)%<sup>(g)</sup> | (1.30)% | (1.28)% | (0.42)%<sup>(g)</sup> | (0.35)% | (0.27)% | (0.26)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1182 | $1432 | $2022 | $6501 | $8502 | $18464 | $25518 |
|  Portfolio turnover rate | 6% | 100% | 83% | 27% | 42% | 24% | 28% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.11% and 2.04%, respectively. 

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.15% and 2.10%, respectively. 

<sup>(j)</sup> Audit, printing and tax cost expenses were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.16% and 2.11%, respectively. 

*See notes to financial statements.* 

38 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) | BlackRock Unconstrained Equity Fund (continued) |
| | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>11/01/19<br>to 04/30/20 |<br>Year Ended<br>10/31/19 |<br>Year Ended<br>10/31/18 |<br>Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $12.30 | $16.59 | $12.28 | $14.60 | $13.06 | $13.08 | $10.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.04) | (0.13) | (0.08) | 0.00 <sup>(b)</sup> | 0.01 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.11) | (0.99) | 5.85 | (0.82) | 2.40 | 0.42 | 2.36 |
|  Net increase (decrease) from investment operations | (1.15) | (1.12) | 5.77 | (0.82) | 2.41 | 0.43 | 2.37 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.03) |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.77) | (3.14) | (1.46) | (1.50) | (0.87) | (0.45) |  |
|  Total distributions | (1.77) | (3.17) | (1.46) | (1.50) | (0.87) | (0.45) | (0.01) |
|  **Net asset value, end of period** | $9.38 | $12.30 | $16.59 | $12.28 | $14.60 | $13.06 | $13.08 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.49)%<sup>(e)</sup> | (9.42)% | 49.61 %<sup>(f)</sup> | (6.74)%<sup>(e)</sup> | 19.94% | 3.32% | 22.09% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.69 %<sup>(h)</sup> | 1.83 %<sup>(i)</sup> | 1.65 %<sup>(j)</sup> | 1.71 %<sup>(h)(k)</sup> | 1.67% | 1.65% | 1.70% |
|  Total expenses after fees waived and/or reimbursed | 1.45 %<sup>(h)</sup> | 1.66 %(i) | 1.59 %<sup>(j)</sup> | 1.64 %<sup>(h)(k)</sup> | 1.62% | 1.60% | 1.65% |
|  Net investment income (loss) | (0.81)%<sup>(h)</sup> | (0.85)% | (0.55)% | 0.03 %<sup>(h)</sup> | 0.09% | 0.07% | 0.05% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $216 | $230 | $377 | $683 | $806 | $1100 | $2099 |
|  Portfolio turnover rate | 6% | 100% | 83% | 27% | 42% | 24% | 28% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount is less than $0.00005 per share. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.79% and 1.62%, respectively. 

<sup>(j)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.62% and 1.56%, respectively. 

<sup>(k)</sup> Audit, printing and tax cost expenses were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.74% and 1.67%, respectively. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 39

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | BlackRock Sustainable Emerging Markets Equity Fund | BlackRock Sustainable Emerging Markets Equity Fund | BlackRock Sustainable Emerging Markets Equity Fund | BlackRock Sustainable Emerging Markets Equity Fund | BlackRock Sustainable Emerging Markets Equity Fund | BlackRock Sustainable Emerging Markets Equity Fund | BlackRock Sustainable Emerging Markets Equity Fund |
| | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>01/01/20<br>to 04/30/20 |<br>Year Ended<br>12/31/19 |<br>Year Ended<br>12/31/18 |<br>Year Ended<br>12/31/17 |
|  **Net asset value, beginning of period** | $13.01 | $20.51 | $14.31 | $16.41 | $13.58 | $17.15 | $16.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.07 | 0.18 | 0.15 | (0.03) | 0.15 | 0.15 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.99) | (4.73) | 6.16 | (2.07) | 2.83 | (3.00) | 4.25 |
|  Net increase (decrease) from investment operations | (1.92) | (4.55) | 6.31 | (2.10) | 2.98 | (2.85) | 4.46 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.08) | (0.15) | (0.11) |  | (0.15) | (0.12) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (2.80) |  |  |  | (0.60) | (2.90) |
|  Total distributions | (0.08) | (2.95) | (0.11) |  | (0.15) | (0.72) | (3.37) |
|  **Net asset value, end of period** | $11.01 | $13.01 | $20.51 | $14.31 | $16.41 | $13.58 | $17.15 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (14.82)%<sup>(d)</sup> | (25.22)% | 44.25% | (12.80)%<sup>(d)</sup> | 21.97% | (16.73)% | 28.38% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.37 %<sup>(f)</sup> | 1.03% | 0.99% | 1.14 %<sup>(f)(g)</sup> | 0.99% | 1.06% | 1.22% |
|  Total expenses after fees waived and/or reimbursed | 0.86 %<sup>(f)</sup> | 0.93% | 0.99% | 1.14 %<sup>(f)(g)</sup> | 0.99% | 1.05% | 1.11% |
|  Net investment income (loss) | 1.14 %<sup>(f)</sup> | 1.03% | 0.81% | (0.56)%<sup>(f)</sup> | 1.02% | 0.94% | 1.14% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $37062 | $49410 | $87154 | $58412 | $71202 | $68280 | $112064 |
|  Portfolio turnover rate | 24% | 139% | 81% | 13% | 55% | 44% | 123% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.31%. 

*See notes to financial statements.* 

40 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) |
| | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>01/01/20<br>to 04/30/20 |<br>Year Ended<br>12/31/19 |<br>Year Ended<br>12/31/18 |<br>Year Ended<br>12/31/17 |
|  **Net asset value, beginning of period** | $12.79 | $20.21 | $14.12 | $16.20 | $13.41 | $16.94 | $15.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.05 | 0.13 | 0.10 | (0.04) | 0.11 | 0.11 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.96) | (4.65) | 6.08 | (2.04) | 2.78 | (2.96) | 4.20 |
|  Net increase (decrease) from investment operations | (1.91) | (4.52) | 6.18 | (2.08) | 2.89 | (2.85) | 4.37 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.10) | (0.09) |  | (0.10) | (0.08) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (2.80) |  |  |  | (0.60) | (2.90) |
|  Total distributions | (0.06) | (2.90) | (0.09) |  | (0.10) | (0.68) | (3.32) |
|  **Net asset value, end of period** | $10.82 | $12.79 | $20.21 | $14.12 | $16.20 | $13.41 | $16.94 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (14.93)%<sup>(d)</sup> | (25.40)% | 43.86% | (12.84)%<sup>(d)</sup> | 21.63% | (16.95)% | 28.15% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.62 %<sup>(f)</sup> | 1.28% | 1.23% | 1.40 %<sup>(f)(g)</sup> | 1.25% | 1.31% | 1.43% |
|  Total expenses after fees waived and/or reimbursed | 1.11 %<sup>(f)</sup> | 1.18% | 1.23% | 1.40 %<sup>(f)(g)</sup> | 1.25% | 1.30% | 1.32% |
|  Net investment income (loss) | 0.87 %<sup>(f)</sup> | 0.75% | 0.56% | (0.83)%<sup>(f)</sup> | 0.75% | 0.72% | 0.94% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $41236 | $51393 | $77884 | $59493 | $73416 | $70891 | $109600 |
|  Portfolio turnover rate | 24% | 139% | 81% | 13% | 55% | 44% | 123% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.57%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 41

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) |
| | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>01/01/20<br>to 04/30/20 |<br>Year Ended<br>12/31/19 | Period from<br>01/25/18<sup>(a)</sup><br>to 12/31/18 |
|  **Net asset value, beginning of period** | $13.00 | $20.49 | $14.30 | $16.40 | $13.57 | $18.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.07 | 0.18 | 0.14 | (0.02) | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.99) | (4.71) | 6.16 | (2.08) | 2.82 | (4.60) |
|  Net increase (decrease) from investment operations | (1.92) | (4.53) | 6.30 | (2.10) | 2.98 | (4.38) |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.08) | (0.16) | (0.11) |  | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (2.80) |  |  |  | (0.60) |
|  Total distributions | (0.08) | (2.96) | (0.11) |  | (0.15) | (0.74) |
|  **Net asset value, end of period** | $11.00 | $13.00 | $20.49 | $14.30 | $16.40 | $13.57 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (14.81)%<sup>(e)</sup> | (25.14)% | 44.18% | (12.80)%<sup>(e)</sup> | 22.05% | (23.55)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.34 %<sup>(g)</sup> | 1.01% | 1.01% | 1.10 %<sup>(g)(h)</sup> | 0.96% | 1.00 %<sup>(g)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(g)</sup> | 0.87% | 1.01% | 1.10 %<sup>(g)(h)</sup> | 0.96% | 1.00 %<sup>(g)</sup> |
|  Net investment income (loss) | 1.18 %<sup>(g)</sup> | 1.03% | 0.80% | (0.42)%<sup>(g)</sup> | 1.03% | 1.52 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1231 | $1275 | $1488 | $809 | $699 | $446 |
|  Portfolio turnover rate | 24% | 139% | 81% | 13% | 55% | 44% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.27% and 1.27%, respectively. 

<sup>(i)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.00%. 

*See notes to financial statements.* 

42 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) | BlackRock Sustainable Emerging Markets Equity Fund (continued) |
| | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>01/01/20<br>to 04/30/20 |<br>Year Ended<br>12/31/19 |<br>Year Ended<br>12/31/18 |<br>Year Ended<br>12/31/17 |
|  **Net asset value, beginning of period** | $9.12 | $15.31 | $10.73 | $12.33 | $10.20 | $13.07 | $12.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.03 | 0.05 | 0.04 | (0.05) | 0.03 | 0.04 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.40) | (3.37) | 4.60 | (1.55) | 2.12 | (2.28) | 3.38 |
|  Net increase (decrease) from investment operations | (1.37) | (3.32) | 4.64 | (1.60) | 2.15 | (2.24) | 3.45 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.05) | (0.07) | (0.06) |  | (0.02) | (0.03) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (2.80) |  |  |  | (0.60) | (2.90) |
|  Total distributions | (0.05) | (2.87) | (0.06) |  | (0.02) | (0.63) | (3.27) |
|  **Net asset value, end of period** | $7.70 | $9.12 | $15.31 | $10.73 | $12.33 | $10.20 | $13.07 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (15.01)%<sup>(d)</sup> | (25.72)% | 43.35% | (12.98)%<sup>(d)</sup> | 21.14% | (17.30)% | 27.53% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 2.22 %<sup>(f)</sup> | 1.75% | 1.59% | 1.77 %<sup>(f)(g)</sup> | 1.73% | 1.73% | 1.88% |
|  Total expenses after fees waived and/or reimbursed | 1.36 %<sup>(f)</sup> | 1.56% | 1.59% | 1.77 %<sup>(f)(g)</sup> | 1.73% | 1.72% | 1.76% |
|  Net investment income (loss) | 0.60 %<sup>(f)</sup> | 0.38% | 0.31% | (1.21)%<sup>(f)</sup> | 0.27% | 0.30% | 0.50% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $442 | $631 | $982 | $844 | $1115 | $2062 | $2967 |
|  Portfolio turnover rate | 24% | 139% | 81% | 13% | 55% | 44% | 123% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.94%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 43

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Notes to Financial Statements (unaudited)

***1.***  ***ORGANIZATION*** 

BlackRock Emerging Markets Fund, Inc., BlackRock Funds VII, Inc. (the "Corporations") and BlackRock Unconstrained Equity Fund are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Corporations are each organized as a Maryland corporation and BlackRock Unconstrained Equity Fund is organized as a Delaware statutory Trust. BlackRock Sustainable Emerging Markets Equity Fund is a series of BlackRock Funds VII, Inc. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | | |
|:---|:---|:---|:---|
| *Registrant Name* | *Fund Name* | *Herein Referred To As* | *Diversification<br>Classification* |
|  BlackRock Emerging Markets Fund, Inc. | BlackRock Emerging Markets Fund, Inc. | Emerging Markets | Diversified\* |
|  BlackRock Unconstrained Equity Fund | BlackRock Unconstrained Equity Fund | Unconstrained Equity | Non-diversified |
|  BlackRock Funds VII, Inc. | BlackRock Sustainable Emerging Markets Equity Fund | Sustainable Emerging Markets Equity | Diversified |

---

\* The Fund's classification changed from non-diversified to diversified during the reporting period.

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).

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
|  Institutional, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> 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 Sustainable Emerging Markets Equity 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. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. 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. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**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.

**ForeignTaxes:** 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

44 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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.

**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.

**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, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on overdrafts, subject to certain conditions.

***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 of each Fund 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:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the "Money Market Series")
at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 a number of market data factors, such as discounted cash flows, trades and values 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 follows the close of the local markets.

N O T E S T O F I N A N C I A L S T A T E M E N T S 45

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Notes to Financial Statements (unaudited) (continued)

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.

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.

---

| | | |
|:---|:---|:---|
|  | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
|  Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
|  | (ii) | recapitalizations and other transactions across the capital structure; and |
|  | (iii) | market multiples of comparable issuers. |
|  Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
|  | (ii) | quoted prices for similar investments or assets in active markets; and |
|  | (iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
|  Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
|  | (ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; |
|  | (iii) | relevant news and other public sources; and |
|  | (iv) | known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company. |

---

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining 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 involve 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.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information 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. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (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.

As of October 31, 2022, certain investments of Emerging Markets were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

46 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

***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.

**Securities Lending:** Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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 any related collateral 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.

As of period end, the following table is a summary of the Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  *Fund Name/Counterparty*  | *Securities*<br> *Loaned at Value* | *Cash Collateral*<br> *Received* <br><sup>(a)</sup>  | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>*  | *Net*<br> *Amount* |
|  Emerging Markets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $27300044 | $(27300044) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 17925162 | (17925162) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 4115081 | (4115081) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 8467655 | (8467655) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 642304 | (642304) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 112924 | (112924) |  |  |  |
|  | $58563170 | $(58563170) | $— |  | $— |
|  Sustainable Emerging Markets Equity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $1667004 | $(1667004) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 480680 | (480680) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 789915 | (789915) |  |  |  |
|  | $2937599 | $(2937599) | $— |  | $— |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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, the Funds benefit 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 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 the Funds.

N O T E S T O F I N A N C I A L S T A T E M E N T S 47

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Notes to Financial Statements (unaudited) (continued)

***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.

**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 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Total return swaps — Total return 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).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and 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, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

48 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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 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 Funds 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.

***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, wholly-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:

---

| | | | |
|:---|:---|:---|:---|
|  | Investment Advisory Fees | Investment Advisory Fees | Investment Advisory Fees |
| *Average Daily Net Assets* | *Emerging Markets* | *Unconstrained Equity* | *Sustainable Emerging Markets Equity* |
|  First $1 billion | 0.81% | 0.80% | 0.60% |
|  $1 billion — $3 billion | 0.76 | 0.75 | 0.56 |
|  $3 billion — $5 billion | 0.73 | 0.72 | 0.54 |
|  $5 billion — $10 billion | 0.70 | 0.70 | 0.52 |
|  Greater than $10 billion | 0.69 | 0.68 | 0.51 |

---

With respect to Emerging Markets and Sustainable Emerging Markets Equity, the Manager entered into separate sub-advisory agreements with BlackRock Asset Management North Asia Limited ("BAMNA") and with respect to Emerging Markets, Unconstrained Equity and Sustainable Emerging Markets Equity, the Manager entered into a sub-advisory agreement 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Emerging Markets | Emerging Markets | Unconstrained Equity | Unconstrained Equity | Sustainable Emerging Markets Equity | Sustainable Emerging Markets Equity |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A | 0.25% | N/A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | N/A | N/A |
|  Class R | N/A | N/A | 0.25 | 0.25 | 0.25 | 0.25% |

---

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/reimburses BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

N O T E S T O F I N A N C I A L S T A T E M E N T S 49

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Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Emerging Markets | $399361 | $56011 | $— | $455372 |
|  Unconstrained Equity | 233665 | 6619 | 552 | 240836 |
|  Sustainable Emerging Markets Equity | 58286 |  | 1182 | 59468 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended October 31, 2022, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | |
|:---|:---|
| *Fund Name* | *Institutional* |
|  Emerging Markets | $29 |

---

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended October 31, 2022, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Emerging Markets | $7205 | $5544 | $910 | $557 | $— | $14216 |
|  Unconstrained Equity | 201 | 2376 | 29 |  | 6 | 2612 |
|  Sustainable Emerging Markets Equity | 2692 | 1643 |  | 52 | 8 | 4395 |

---

For the six months ended October 31, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Emerging Markets | $2011493 | $320105 | $13158 | $19020 | $— | $2363776 |
|  Unconstrained Equity | 21625 | 76232 | 1854 |  | 237 | 99948 |
|  Sustainable Emerging Markets Equity | 34941 | 38147 |  | 802 | 1209 | 75099 |

---

**Other Fees:** For the six months ended October 31, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Investor A* |
|  Emerging Markets | $2457 |
|  Unconstrained Equity | 223 |
|  Sustainable Emerging Markets Equity | 28 |

---

For the six months ended October 31, 2022, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* |
|  Emerging Markets | $12501 | $1528 |

---

**Expense Limitations, Waivers and Reimbursements:** 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, 2024. These contractual agreements may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of a Fund, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of a Fund. With respect to Emerging Markets and Unconstrained Equity, the amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six monthsended October 31, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed*<br> *by the Manager*  |
|  Emerging Markets | $101815 |
|  Unconstrained Equity | 3245 |
|  Sustainable Emerging Markets Equity | 1431 |

---

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, 2024. These contractual agreements may be terminated upon 90 days' notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended October 31, 2022, there were no fees waived and/or reimbursed by the Manager pursuant to these arrangements.

With respect to Emerging Markets, Unconstrained Equity and beginning November 2, 2021, Sustainable Emerging Markets Equity, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other

50 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* |
|  Emerging Markets | 0.86% | 1.11% | 1.86% | 0.81% | —% |
|  Unconstrained Equity | 0.95 | 1.20 | 1.95 |  | 1.45 |
|  Sustainable Emerging Markets Equity | 0.86 | 1.11 |  | 0.81 | 1.36 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended October 31, 2022, the Manager waived and/or reimbursed amounts as follows, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed*<br>*by the Manager* |
|  Emerging Markets | $1058331 |
|  Unconstrained Equity | 24285 |
|  Sustainable Emerging Markets Equity | 182922 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed—class specific in the Statements of Operations. For the six months ended October 31, 2022, class specific expense waivers and/or reimbursements are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Emerging Markets | $1292560 | $240233 | $10357 | $19019 | $— | $1562169 |
|  Unconstrained Equity | 21286 | 74987 | 1841 |  | 235 | 98349 |
|  Sustainable Emerging Markets Equity | 23978 | 26491 |  | 801 | 1090 | 52360 |

---

**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 expenses in connection with the investment of cash collateral received for securities on loan (the "collateral investment expenses"). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Funds. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company's weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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 a specified threshold, each Fund, 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 expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended October 31, 2022, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Emerging Markets | $16741 |
|  Unconstrained Equity | 292 |
|  Sustainable Emerging Markets Equity | 750 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Sustainable Emerging Markets Equity and Unconstrained Equity are currently permitted to borrow and lend under the Interfund Lending Program. Emerging Markets is currently permitted to borrow under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its

N O T E S T O F I N A N C I A L S T A T E M E N T S 51

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Notes to Financial Statements (unaudited) (continued)

outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended October 31, 2022, the Funds did not participate in the Interfund Lending Program.

**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 directors. For the six months ended October 31, 2022, 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:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized*<br> *Gain (Loss)*  |
|  Emerging Markets | $— | $&nbsp;&nbsp;&nbsp;&nbsp;5335660 | $(2325640) |
|  Unconstrained Equity | 928405 |  |  |

---

***7.***  ***PURCHASES AND SALES*** 

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Emerging Markets | $1508483553 | $1750594402 |
|  Unconstrained Equity | 13504557 | 40305712 |
|  Sustainable Emerging Markets Equity | 20992953 | 26361638 |

---

***8.***  ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, 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.

As of October 31, 2022, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation*  | *Gross Unrealized*<br> *Depreciation*  | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)*  |
|  Emerging Markets | $4260384256 | $174743677 | $(1080595925) | $(905852248) |
|  Unconstrained Equity | 219653299 | 18195308 | (29096688) | (10901380) |
|  Sustainable Emerging Markets Equity | 91682137 | 10723793 | (19914539) | (9190746) |

---

***9.***  ***BANK BORROWINGS*** 

Each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), are party to a 364-day, $2.50 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 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended October 31, 2022, the Funds did not borrow under the credit agreement.

52 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

***10.***  ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest 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 or international tax treaties between various countries; or (iv) currency, interest rate and 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 redemption gates or 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) 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; (iii) 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 (iv) 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.

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**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.

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. 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.

**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

N O T E S T O F I N A N C I A L S T A T E M E N T S 53

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Notes to Financial Statements (unaudited) (continued)

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.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently 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.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***11.***  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/22 | Six Months Ended<br> 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Emerging Markets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 34110893 | $778459019 | 111684432 | $3406868036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 650553 | 14377229 | 4880264 | 158860447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (48242188) | (1095709419) | (63250079) | (1870376025) |
|  | (13480742) | $(302873171) | 53314617 | $1695352458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1432692 | $31245403 | 6258745 | $185937543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 62466 | 1328041 | 699008 | 22005602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2574686) | (55488266) | (5916753) | (173951842) |
|  | (1079528) | $(22914822) | 1041000 | $33991303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 46227 | $848281 | 231332 | $5885094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1334 | 23616 | 39779 | 1050050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (148497) | (2711611) | (267979) | (6630263) |
|  | (100936) | $(1839714) | 3132 | $304881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8158554 | $186420227 | 20841017 | $642279625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 157173 | 3475084 | 881942 | 28473961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8567969) | (198623940) | (6162402) | (190247463) |
|  | (252242) | $(8728629) | 15560557 | $480506123 |
|  | (14913448) | $(336356336) | 69919306 | $2210154765 |

---

54 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/22 | Six Months Ended<br> 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Unconstrained Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 215648 | $2139945 | 1084283 | $16057880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 622244 | 5780641 | 680844 | 9877009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (788331) | (7977829) | (909369) | (12966292) |
|  | 49561 | $(57243) | 855758 | $12968597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 120856 | $1267489 | 535066 | $7890308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2814065 | 26114333 | 3087344 | 44774956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1836447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18545628) | (1707647) | (24646359) |
|  | 1098474 | $8836194 | 1914763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28018905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5277 | $59113 | 24377 | $374635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 21738 | 204114 | 23808 | 349402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (16970) | (168780) | (53516) | (798322) |
|  | 10045 | $94447 | (5331) | $(74285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 857 | $8791 | 1561 | $22992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3454 | 32636 | 3353 | 49398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1) | (6) | (8956) | (149210) |
|  | 4310 | $41421 | (4042) | $(76820) |
|  | 1162390 | $8914819 | 2761148 | $40836397 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/22 | Six Months Ended<br> 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Sustainable Emerging Markets Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 43049 | $500567 | 134454 | $2290268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 14059 | 163085 | 565819 | 9681124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (488723) | (5724352) | (1151391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21024778) |
|  | (431615) | $(5060700) | (451118) | $(9053386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 37477 | $443110 | 301558 | $5375329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 9482 | 108193 | 591428 | 9950472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (254227) | (2986494) | (727805) | (12558206) |
|  | (207268) | $(2435191) | 165181 | $2767595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 1730 | $20693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 10354 | 127360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares |  |  | (141616) | (1676810) |
|  |  | $— | (129532) | $(1528757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 33860 | $420118 | 47662 | $877079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 694 | 8033 | 14548 | 247712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (20673) | (248443) | (36736) | (586754) |
|  | 13881 | $179708 | 25474 | $538037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4483 | $37506 | 18445 | $234172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 309 | 2512 | 15353 | 186602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16573) | (150326) | (28778) | (353514) |
|  | (11781) | $(110308) | 5020 | $67260 |
|  | (636783) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7426491) | (384975) | $(7209251) |

---

<sup>(a)</sup> On October 28, 2021, the Fund's issued and outstanding Investor C Shares converted into Investor A Shares.

N O T E S T O F I N A N C I A L S T A T E M E N T S 55

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Notes to Financial Statements (unaudited) (continued)

As of October 31, 2022, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Class K* | *Class K* |
|  Sustainable Emerging Markets Equity | | 10,701 |

---

***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.

56 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Directors of BlackRock Emerging Markets Fund, Inc. ("Emerging Markets Fund") met on April 20, 2022 and May 10-11, 2022 to consider the approval to continue the investment advisory agreement (the "Emerging Markets Fund Advisory Agreement") between Emerging Markets Fund and BlackRock Advisors, LLC (the "Manager"), its investment advisor. The Board of Directors of Emerging Markets Fund also considered the approval to continue the sub-advisory agreement (the "Emerging Markets Fund BAMNA Sub-Advisory Agreement") between the Manager and BlackRock Asset Management North Asia Limited ("BAMNA") and the sub-advisory agreement (the "Emerging Markets Fund BIL Sub-Advisory Agreement") between the Manager and BlackRock International Limited ("BIL"), each with respect to Emerging Markets Fund.

The Board of Directors of BlackRock Funds VII, Inc. (the "Corporation") met on April 20, 2022 and May 10-11, 2022 to consider the approval to continue the investment advisory agreement (the "Corporation Advisory Agreement") between the Corporation, on behalf of BlackRock Sustainable Emerging Markets Equity Fund ("Sustainable Emerging Markets Equity Fund"), and the Manager, its investment advisor. The Board of the Corporation also considered the approval to continue the sub-advisory agreement (the "Sustainable Emerging Markets Equity Fund BAMNA Sub-Advisory Agreement") between the Manager and BAMNA and sub-advisory agreement (the "Sustainable Emerging Markets Equity Fund BIL Sub-Advisory Agreement") between the Manager and BIL, each with respect to Sustainable Emerging Markets Equity Fund.

The Board of Trustees of BlackRock Unconstrained Equity Fund ("Unconstrained Equity Fund") met on April 20, 2022 and May 10-11, 2022 to consider the approval to continue the investment advisory agreement (the "Unconstrained Equity Fund Advisory Agreement") between Unconstrained Equity Fund and Manager, its investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Unconstrained Equity Fund Sub-Advisory Agreement") between the Manager and BIL with respect to Unconstrained Equity Fund.

Emerging Markets Fund, Sustainable Emerging Markets Equity Fund and Unconstrained Equity Fund are referred to herein individually as a "Fund" or collectively as the "Funds." The Manager, BAMNA and BIL are referred to herein as "BlackRock." The Emerging Markets Fund Advisory Agreement, the Emerging Markets Fund BAMNA Sub-Advisory Agreement, the Emerging Markets Fund BIL Sub-Advisory Agreement, the Corporation Advisory Agreement, the Sustainable Emerging Markets Equity Fund BAMNA Sub-Advisory Agreement, the Sustainable Emerging Markets Equity Fund BIL Sub-Advisory Agreement, the Unconstrained Equity Fund Advisory Agreement and the Unconstrained Equity Fund Sub-Advisory Agreement are referred to herein individually as an "Agreement" or collectively as the "Agreements." For simplicity: (a) the Board of Directors of Emerging Markets Fund, the Board of Directors of the Corporation and the Board of Trustees of Unconstrained Equity Fund are referred to herein individually as the "Board" and collectively as the "Boards" and the members are referred to as "Board Members"; and (b) the meetings held on April 20, 2022 are referred to as the "April Meeting" and the meetings held on May 10-11, 2022 are referred to as the "May Meeting."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), each Board considers the approval of the continuation of the pertinent Agreement for each Fund on an annual basis. The Board members who are not "interested persons" of the pertinent Fund or, with respect to Sustainable Emerging Markets Equity Fund, the Corporation, as defined in the 1940 Act, are considered independent Board members (the "Independent Board Members"). Each Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. Each Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of each Board similarly met throughout the year. Each Board also had an additional one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, each Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, each Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to each Board in response to specific questions from the Board. Among the matters each Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's or, with respect to Sustainable Emerging Markets Equity Fund, the Corporation's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, each Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S 57

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Funds' operations.

At the April Meeting, each Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, each Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of the portfolio holdings of the pertinent Fund. Each Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to each Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

Each Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, each Board compared each Fund's performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Boards met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by each Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. Each Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. Each Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, each Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock's business continuity plans, including in light of the ongoing COVID-19 pandemic.

***B. The Investment Performance of the Funds and BlackRock***

Each Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, each Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2021, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, each Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. Each Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Boards focused particular attention on funds with less favorable performance records. Each Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, each Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. Each Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board noted that for the one-, three- and five-year periods reported, Unconstrained Equity Fund ranked in the first, second and second quartiles, respectively, against its Performance Peers. The Board noted that effective March 1, 2022, the Fund had undergone a change in its investment strategy and in that connection had changed its name from BlackRock Long-Horizon Equity Fund to BlackRock Unconstrained Equity Fund.

The Board noted that for the one-, three- and five-year periods reported, Emerging Markets Fund ranked in the third, first and first quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

The Board noted that for the one-, three- and five-year periods reported, Sustainable Emerging Markets Equity Fund ranked in the third, third and fourth quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods. The Board noted that effective November 2, 2021, the Fund had undergone a change in its investment strategy and in that connection had changed its name from BlackRock Asian Dragon Fund to BlackRock Sustainable Emerging Markets Equity Fund.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds***

Each Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. Each Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Boards considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

Each Board received and reviewed statements relating to BlackRock's financial condition. Each Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. Each Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. Each Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. Each Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. Each Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. Each Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

Each Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Each Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. Each Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock's expense management, and the relative product mix.

Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Boards further considered factors including but not limited to BlackRock's commitment of time, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that each of Emerging Markets Fund's and Sustainable Emerging Markets Equity Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on each Fund's total expenses as a percentage of the pertinent Fund's average daily net assets on a class-by-class basis.

The Board noted that Unconstrained Equity Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis. In addition, the Board noted that BlackRock proposed, and the Board agreed to, a lower contractual expense cap on a class-by-class basis. This expense cap reduction was implemented on March 1, 2022.

The Board also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board noted that if the size of the pertinent Fund were to decrease, the Fund could lose the benefit of one or more breakpoints.

***D. Economies of Scale***

Each Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, each Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. Each Board also considered the extent to which the Funds benefit from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. Each Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S 59

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

***E. Other Factors Deemed Relevant by the Board Members***

Each Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Funds, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. The Boards also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Boards also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Boards also received information regarding BlackRock's brokerage and soft dollar practices. The Boards received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Boards noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion** 

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of Emerging Markets Fund, including the Independent Board Members, unanimously approved the continuation of (i) the Emerging Markets Fund Advisory Agreement between the Manager and Emerging Markets Fund, (ii) the Emerging Markets Fund BAMNA Sub-Advisory Agreement between the Manager and BAMNA with respect to Emerging Markets Fund and (iii) the Emerging Markets Fund BIL Sub-Advisory Agreement between the Manager and BIL with respect to Emerging Markets Fund, each for a one-year term ending June 30, 2023.

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Corporation, including the Independent Board Members, unanimously approved the continuation of (i) the Corporation Advisory Agreement between the Manager and the Corporation, on behalf of Sustainable Emerging Markets Equity Fund, (ii) the Sustainable Emerging Markets Equity Fund BAMNA Sub-Advisory Agreement between the Manager and BAMNA with respect to Sustainable Emerging Markets Equity Fund and (iii) the Sustainable Emerging Markets Equity Fund BIL Sub-Advisory Agreement between the Manager and BIL with respect to Sustainable Emerging Markets Equity Fund, each for a one-year term ending June 30, 2023.

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of Unconstrained Equity Fund, including the Independent Board Members, unanimously approved the continuation of (i) the Unconstrained Equity Fund Advisory Agreement between the Manager and Unconstrained Equity Fund and (ii) the Unconstrained Equity Fund Sub-Advisory Agreement between the Manager and BIL with respect to Unconstrained Equity Fund, both for a one-year term ending June 30, 2023.

Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Boards, including the Independent Board Members, were satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Boards did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

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Additional Information

**General Information** 

Quarterly performance, semi-annual and annual reports, 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.

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices 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 Funds at (800) 441-7762.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**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.

**BlackRock Privacy Principles** 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

A D D I T I O N A L I N F O R M A T I O N 61

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Additional Information (continued)

**BlackRock Privacy Principles (continued)** 

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

**Fund and Service Providers** 

**Investment Adviser** 

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser** 

BlackRock Asset Management North Asia Limited<sup>(a)</sup> 

Hong Kong

BlackRock International Limited<sup>(b)</sup> 

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent** 

State Street Bank and Trust Company

Boston, MA 02111

**Custodian** 

Brown Brothers Harriman & Co.

Boston, MA 02109

**Transfer Agent** 

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor** 

BlackRock Investments, LLC

New York, NY 10022

**Independent Registered Public Accounting Firm** 

Deloitte & Touche LLP

Boston, MA 02116

**Legal Counsel** 

Sidley Austin LLP

New York, NY 10019

**Address of the Funds** 

100 Bellevue Parkway

Wilmington, DE 19809

<sup>(a)</sup> For Emerging Markets and Sustainable Emerging Markets Equity.

<sup>(b)</sup> For Emerging Markets, Unconstrained Equity and Sustainable Emerging Markets Equity.

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Glossary of Terms Used in this Report

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| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| GBP | British Pound |
| THB | Thai Baht |
| USD | United States Dollar |
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| S&P | Standard & Poor's |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 63

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**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.

GLEQ4-10/22-SAR

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|:---|:---|
| ![LOGO](g418791g42l24.jpg)  | ![LOGO](g418791leaf.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.  |

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Item 11 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

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

[(a)(2) Section 302 Certifications are attached](d418791dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

------

(a)(4) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d418791dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Emerging Markets Fund, Inc.

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u> |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Emerging Markets Fund, Inc. |

---

Date: December 21, 2022

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: | <u>/s/ John M. Perlowski</u> |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Emerging Markets Fund, Inc. |

---

Date: December 21, 2022

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Emerging Markets Fund, Inc. |

---

Date: December 21, 2022

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

------

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Emerging Markets Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Emerging Markets Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 21, 2022

---

| |
|:---|
| <u>/s/ John M. Perlowski</u> |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Emerging Markets Fund, Inc. |

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

------

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Emerging Markets Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Emerging Markets Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 21, 2022

---

| |
|:---|
| <u>/s/ Trent Walker</u> |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Emerging Markets Fund, Inc. |

---

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Emerging Markets Fund, Inc. (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: December 21, 2022

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Emerging Markets Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Emerging Markets Fund, Inc. (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: December 21, 2022

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Emerging Markets Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**