Blackrock Emerging Markets Fund NPORT-P BlackRock Emerging Markets Fund, Inc. (Jan 2020 report)

Schedule of Investments  (unaudited) January 31, 2020 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security		Shares		Value
Common Stocks — 89.3%
Brazil — 5.8%
B2W Cia Digital(a)			504,326	$	8,384,629
BB Seguridade Participacoes SA			1,231,722		10,003,104
Cia Brasileira de Distribuicao, Preference Shares, ADR			136,731		2,718,212
Notre Dame Intermedica Participacoes SA			171,254		2,807,580
Petroleo Brasileiro SA — ADR			978,878		13,811,969
Vale SA — ADR			725,276		8,507,487
					46,232,981
China — 24.1%
Air China Ltd., Class H			9,218,000		7,564,928
Alibaba Group Holding Ltd. — ADR(a)			250,579		51,767,116
Anhui Conch Cement Co. Ltd., Class H			2,051,000		13,090,896
Asymchem Laboratories Tianjin Co. Ltd., Class A			845,600		16,672,901
Beijing New Building Materials PLC			2,316,686		7,672,691
China Construction Bank Corp., Class H			9,036,000		6,845,095
ENN Energy Holdings Ltd.			1,169,600		13,596,480
Geely Automobile Holdings Ltd.			4,391,000		6,958,008
Kunlun Energy Co. Ltd.			7,474,000		5,789,161
Meituan Dianping, Class B(a)			599,700		7,592,104
Momo, Inc., ADR			187,444		5,735,786
Ping An Insurance Group Co. of China Ltd., Class H			1,430,000		16,170,227
Tencent Holdings Ltd.			697,000		33,240,050
					192,695,443
Egypt — 1.1%
Commercial International Bank Egypt SAE			1,658,684		8,931,698
Hong Kong — 1.4%
Hang Lung Properties Ltd.			5,214,000		10,891,660
India — 7.4%
Axis Bank Ltd.			1,068,899		10,910,592
HDFC Bank Ltd.			702,762		12,037,731
Jindal Steel & Power Ltd.(a)			2,147,910		5,236,978
Petronet LNG Ltd.			2,229,976		8,317,001
Tech Mahindra Ltd.			936,704		10,456,902
Zee Entertainment Enterprises Ltd.			3,200,794		12,072,924
					59,032,128
Indonesia — 2.8%
Astra International Tbk PT	��		28,782,900		13,287,261

Security	Shares		Value
Indonesia (continued)
Bank Mandiri Persero Tbk PT		17,290,100	$	9,454,145
				22,741,406
Italy — 1.1%
Prada SpA(b)		2,254,500		8,693,930
Macau — 1.8%
SJM Holdings Ltd.		12,930,000		14,415,610
Mexico — 6.9%
Fomento Economico Mexicano SAB de CV		737,907		6,653,289
Fomento Economico Mexicano SAB de CV — ADR		101,949		9,192,741
Grupo Aeroportuario del Pacifico SAB de CV, ADR		52,921		6,545,269
Grupo Aeroportuario del Pacifico SAB de CV, Class B		785,654		9,710,335
Grupo Financiero Banorte SAB de CV, Series O		1,733,885		10,652,627
Wal-Mart de Mexico SAB de CV		4,320,209		12,540,735
				55,294,996
Panama — 1.2%
Copa Holdings SA, Class A		99,714		9,767,983
Philippines — 1.4%
Bank of the Philippine Islands		6,944,350		11,271,078
Poland — 1.3%
Bank Polska Kasa Opieki SA		422,453		10,776,180
Russia — 6.4%
Lukoil PJSC — ADR		131,719		13,401,669
Mobile TeleSystems OJSC		728,310		3,714,565
Mobile TeleSystems PJSC — ADR		1,269,084		12,931,966
Sberbank of Russia PJSC		694,867		2,738,094
Sberbank of Russia PJSC — ADR		1,157,198		18,458,493
				51,244,787
South Korea — 12.4%
NCSoft Corp.		21,068		11,160,719
Samsung Electronics Co. Ltd.		1,011,246		46,854,050
Samsung SDI Co. Ltd.		55,679		12,674,663
SK Hynix, Inc.		224,983		17,118,132
Woongjin Coway Co. Ltd.		150,282		11,070,822
				98,878,386
Taiwan — 8.4%
Hon Hai Precision Industry Co. Ltd.		5,908,000		16,063,887
Largan Precision Co. Ltd.		76,000		11,804,892
Silicon Motion Technology Corp. — ADR		158,982		7,295,684
Taiwan Semiconductor Manufacturing Co. Ltd.		1,910,000		19,700,128

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Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Wiwynn Corp.		522,000	$	11,999,491
				66,864,082
Thailand — 1.9%
Charoen Pokphand Foods PCL — NVDR		11,913,000		11,396,854
Land & Houses PCL, Foreign Registered Shares		1,142,300		340,821
Land & Houses PCL — NVDR		10,785,000		3,197,275
				14,934,950
Turkey — 2.7%
Koza Altin Isletmeleri AS(a)		643,961		8,618,568
Tupras Turkiye Petrol Rafinerileri AS		422,143		7,930,840
Turk Hava Yollari AO(a)(b)		2,321,547		5,306,615
				21,856,023
United Kingdom — 1.2%
Prudential PLC		518,985		9,227,745
Total Common Stocks — 89.3% (Cost — $653,864,746)				713,751,066
Preferred Stocks — 1.0%
Brazil — 1.0%
Banco Nacional SA, Preference Shares, 0.00%(a)(c)		42,567,626		99
Cia Brasileira de Distribuicao, Preference Shares, 0.00%		394,726		7,841,799
Total Preferred Stocks — 1.0% (Cost — $8,743,044)				7,841,898
Total Long-Term Investments — 90.3% (Cost — $662,607,790)				721,592,964

Security	Shares		Value
Short-Term Securities — 12.7%
Short-Term Securities — 12.7%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 1.50%(d)(f)		96,008,544	$	96,008,544
SL Liquidity Series, LLC, Money Market Series, 1.78%(d)(e)(f)		5,202,967		5,204,528
Total Short-Term Securities — 12.7% (Cost — $101,212,830)				101,213,072
	Par (000)
Time Deposits — 0.0%
United States — 0.0%
Citibank NA, New York, 0.00%, 02/03/20	$	172		172,102
				172,102
Total Time Deposits — 0.0% (Cost — $172,103)				172,102
Total Short-Term Securities — 12.7% (Cost — $101,384,933)				101,385,174
Total Investments — 103.0% (Cost — $763,992,723)				822,978,138
Liabilities in Excess of Other Assets — (3.0)%				(23,961,084	)
Net Assets — 100.0%			$	799,017,054

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Annualized7-day yield as of period end.

^(e)  All or a portion of the security was purchased with the cash collateral from loaned securities.

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Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Emerging Markets Fund, Inc.

^(f)  During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 10/31/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		60,286,005		35,722,539		96,008,544	$	96,008,544	$	290,959		$	163	$	—
SL Liquidity Series, LLC, Money Market Series		202,871		5,000,096		5,202,967		5,204,528		16,380	(b)		123		187
							$	101,213,072	$	307,339		$	286	$	187

^(a)  Includes net capital gain distributions, if applicable.

^(b)  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.

Currency Abbreviations

HKD	Hong Kong Dollar
KRW	South Korean Won
USD	United States Dollar

Portfolio Abbreviations

ADR	American Depositary Receipts
MSCI	Morgan Stanley Capital International
NVDR	Non-voting Depository Receipts
PCL	Public Company Limited

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		447		03/20/20	$	23,470	$	(1,366,304	)
Short Contracts
MSCI Taiwan Index		127		02/26/20		5,596		75,973
							$	(1,290,331	)

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Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Emerging Markets Fund, Inc.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	11,235,446	KRW	13,044,352,303	HSBC Bank PLC.		02/07/20	$	311,756
USD	28,252,335	HKD	222,006,846	JPMorgan Chase Bank N.A.		08/26/20		(279,379	)
Net unrealized appreciation							$	32,377

OTC Total Return Swaps^(a)

Reference Entity

Counterparty

Termination Date

Net Notional

Unrealized Appreciation (Depreciation)

Net Value of Reference Entity

Gross Notional Amount Net Asset Percentage

Equity Securities Long

JPMorgan Chase Bank N.A.

02/08/23

USD

50,224,066

$

(2,292,257

)(b)

$

48,058,825

6.3

%

^(a)  In regards to total return swaps with multiple financing rate benchmarks, the Fund receives or pays the total return on a portfolio of long positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of55-95 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

HKD — 1M Hong Kong Interbank Offer rate (HIBOR)

USD — 1D Overnight Bank Funding Rate (OBFR01)

USD — 1M US Dollar LIBOR BBA

^(b)  Amount includes $ (127,016) of net dividends and financing fees.

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of January 31, 2020 expiration date 02/08/2023:

	Shares		Value		% of Basket Value
Reference Entity — Long
China
Bank of China Ltd., Class H		39,397,000	$	15,239,815		31.7	%
Tencent Holdings Ltd.		571,100		27,235,858		56.7	%
				42,475,673
Egypt
Commercial International Bank Egypt SAE		283,375		1,525,921		3.2
United Kingdom
Prudential PLC		228,186		4,057,231		8.4
Net Value of Reference Entity — JPMorgan Chase Bank N.A.			$	48,058,825

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Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Emerging Markets Fund, Inc.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

• 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

As of January 31, 2020, certain investments of the Fund were valued using net asset value per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Brazil	$	46,232,981	$	—	$	—	$	46,232,981
China		57,502,902		135,192,541		—		192,695,443
Egypt		8,931,698		—		—		8,931,698
Hong Kong		—		10,891,660		—		10,891,660
India		22,529,826		36,502,302		—		59,032,128
Indonesia		—		22,741,406		—		22,741,406
Italy		8,693,930		—		—		8,693,930
Macau		—		14,415,610		—		14,415,610
Mexico		55,294,996		—		—		55,294,996
Panama		9,767,983		—		—		9,767,983
Philippines		11,271,078		—		—		11,271,078
Poland		—		10,776,180		—		10,776,180
Russia		12,931,966		38,312,821		—		51,244,787
South Korea		11,070,822		87,807,564		—		98,878,386
Taiwan		7,295,684		59,568,398		—		66,864,082
Thailand		340,821		14,594,129		—		14,934,950

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Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Emerging Markets Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Common Stocks (continued):
Turkey		5,306,616			16,549,407			—		21,856,023
United Kingdom		—			9,227,745			—		9,227,745
Preferred Stocks(a)		7,841,799			—			99		7,841,898
Short-Term Securities		96,008,544			—			—		96,008,544
Time Deposits		—			172,102			—		172,102
Subtotal	$	361,021,646		$	456,751,865		$	99	$	817,773,610
Investments Valued at Net Asset Value (“NAV”)(b)										5,204,528
									$	822,978,138
Derivative Financial Instruments(c)
Assets:
Equity Contracts	$	75,973		$	—		$	—	$	75,973
Forward Foreign Currency Contracts		—			311,756			—		311,756
Liabilities:
Equity Contracts		(1,366,304	)		(2,292,257	)		—		(3,658,561	)
Forward Foreign Currency Contracts		—			(279,379	)		—		(279,379	)
Total	$	(1,290,331	)	$	(2,259,880	)	$	—	$	(3,550,211	)

^(a)  See above Schedule of Investments for values in each country.

^(b)  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.

^(c)  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.

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