Blackrock Emerging Markets Fund NPORT-P BlackRock Emerging Markets Fund, Inc. (Jul 2021 report)

Schedule of Investments  (unaudited) July 31, 2021 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.7%
Banco Bradesco SA, ADR		2,273,497	$	10,617,231
Notre Dame Intermedica Participacoes SA		5,036,644		77,364,090
Petroleo Brasileiro SA, ADR		2,569,103		27,412,329
Suzano SA(a)		3,637,341		37,761,441
				153,155,091
China — 26.1%
Alibaba Group Holding Ltd., ADR(a)		283,883		55,411,123
China Construction Bank Corp., Class H		66,394,000		46,246,300
China Molybdenum Co. Ltd., Class A		51,857,145		55,569,433
China Molybdenum Co. Ltd., Class H		10,740,000		7,861,042
China Petroleum & Chemical Corp., Class H		123,874,000		56,643,916
Contemporary Amperex Technology Co. Ltd., Class A		592,013		50,739,340
Enn Energy Holdings Ltd.		3,392,700		70,799,847
Eve Energy Co. Ltd., Class A		3,132,341		54,840,236
Haier Smart Home Co. Ltd., Class A		8,581,474		33,180,924
Han’s Laser Technology Industry Group Co. Ltd., Class A		7,544,554		43,095,575
Jiumaojiu International Holdings Ltd.(b)		14,148,000		42,222,204
Joinn Laboratories China Co. Ltd., Class A		1,231,550		36,267,352
Joinn Laboratories China Co. Ltd., Class H(b)		722,680		12,095,463
Kanzhun Ltd., ADR(a)		714,635		24,619,176
Meituan, Class B(a)(b)		2,410,200		66,693,639
NetEase, Inc., ADR		680,225		69,525,797
Shandong Linglong Tyre Co. Ltd., Class A		3,458,524		20,053,949
Shenzhen Topband Co. Ltd., Class A		21,405,575		56,420,644
Tencent Holdings Ltd.		1,819,600		109,736,705
Wuxi Biologics Cayman, Inc.(a)(b)		4,260,500		65,075,942
XPeng, Inc., ADR(a)		759,537		30,784,034
Yum China Holdings, Inc.		1,268,399		78,881,734
				1,086,764,375
Egypt — 0.2%
Commercial International Bank Egypt SAE(a)		2,838,956		10,329,296
Hong Kong — 4.5%
AIA Group Ltd.		4,792,200		57,342,318
Hang Lung Properties Ltd.		14,768,000		38,225,317
Kuaishou Technology, (Acquired 01/29/21, Cost: $42,377,963)(c)		2,828,600		40,008,211
Linklogis, Inc., (Acquired 03/31/21, Cost: $15,477,351)(c)		6,776,000		11,573,266
SJM Holdings Ltd.(a)		43,233,000		38,992,654
				186,141,766
India — 12.3%
Axis Bank Ltd.(a)		9,599,250		91,660,007
Bandhan Bank Ltd.(b)		9,810,645		38,468,502
HDFC Bank Ltd.		4,340,753		83,534,249
ICICI Bank Ltd.		1,017,512		9,359,456
ICICI Bank Ltd., ADR		292,831		5,443,728
ICICI Prudential Life Insurance Co. Ltd.(b)		5,581,229		47,517,186
Indiabulls Housing Finance Ltd.		6,847,390		25,390,209
Infosys Ltd., ADR		3,840,941		84,961,615
InterGlobe Aviation Ltd.(a)(b)		1,662,278		36,758,484
Maruti Suzuki India Ltd.		392,247		36,854,271
UltraTech Cement Ltd.		507,376		52,022,909
				511,970,616

Security	Shares		Value
Italy — 1.3%
PRADA SpA		6,669,300	$	52,258,858
Kazakhstan — 1.7%
Kaspi.KZ JSC, GDR		637,199		72,130,927
Mexico — 3.2%
Cemex SAB de CV(a)		15,780,917		12,874,453
Cemex SAB de CV, ADR(a)		7,271,690		59,118,840
Grupo Aeroportuario del Pacifico SAB de CV, ADR		168,621		19,342,515
Grupo Aeroportuario del Pacifico SAB de CV, Class B		3,553,490		40,871,941
				132,207,749
Panama — 1.0%
Copa Holdings SA, Class A(a)		560,941		39,776,326
Peru — 0.9%
Credicorp Ltd.(a)		380,117		38,376,612
Russia — 8.1%
Fix Price Group Ltd., GDR(a)		3,867,820		29,569,484
LUKOIL PJSC, ADR		1,151,642		98,679,335
Ozon Holdings PLC, ADR(a)		1,143,895		59,722,758
Sberbank of Russia PJSC		11,456,636		47,897,614
Sberbank of Russia PJSC, ADR		3,583,581		59,636,131
TCS Group Holding PLC, GDR		499,254		41,325,961
TCS Group Holding PLC, Registered Shares		24,868		2,073,467
				338,904,750
Saudi Arabia — 1.6%
Saudi National Bank		4,562,229		66,905,556
South Korea — 10.6%
Kakao Corp.		504,968		64,643,440
KB Financial Group, Inc.		958,646		42,579,103
NCSoft Corp.		84,829		60,841,352
Samsung Electronics Co. Ltd.		2,161,840		147,732,344
SK Hynix, Inc.		797,625		78,084,514
SK Innovation Co. Ltd.(a)		208,761		46,056,981
				439,937,734
Taiwan — 9.9%
Accton Technology Corp.		1,918,000		22,453,482
Taiwan Semiconductor Manufacturing Co. Ltd.		14,230,000		297,399,825
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		111,216		12,972,234
Unimicron Technology Corp.		9,100,000		47,813,922
Wiwynn Corp.		904,000		30,393,137
				411,032,600
Thailand — 0.9%
PTT PCL, NVDR		33,892,500		35,841,268
United States — 3.4%
Albemarle Corp.		502,629		103,561,679
Cree, Inc.(a)(d)		432,570		40,125,193
				143,686,872
Total Common Stocks — 89.4% (Cost: $3,380,876,225)				3,719,420,396

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) July 31, 2021 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities
Preferred Stocks — 2.9%
Brazil — 2.9%
Azul SA, Preference Shares(a)		4,939,046	$	36,889,337
Banco Bradesco SA, Preference Shares		17,804,787		82,900,414
Banco Nacional SA, Preference Shares(e)		42,567,626		82
				119,789,833
Total Preferred Securities — 2.9% (Cost: $111,640,636)				119,789,833
Total Long-Term Investments — 92.3% (Cost: $3,492,516,861)				3,839,210,229
Short-Term Securities
Money Market Funds — 7.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(f)(g)		312,970,795		312,970,795
SL Liquidity Series, LLC, Money Market Series, 0.12%(f)(g)(h)		4,849,086		4,850,541
				317,821,336
	Par (000)
Time Deposits — 0.0%
Hong Kong — 0.0%
Hongkong & Shanghai Banking Corp. Ltd., 0.00%, 08/01/21	HKD	195		25,109
Total Short-Term Securities — 7.6% (Cost: $317,846,445)				317,846,445
Total Investments — 99.9% (Cost: $3,810,363,306)				4,157,056,674
Other Assets Less Liabilities — 0.1%				4,327,291
Net Assets — 100.0%			$	4,161,383,965

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $51,581,477, representing 1.2% of its net assets as of period end, and an original cost of $57,855,314.

^(d)  All or a portion of this security is on loan.

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

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  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 period ended July 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	321,271,043	$	—	$	(8,300,248	)(a)	$	—	$	—	$	312,970,795		312,970,795	$	5,791		$	—
SL Liquidity Series, LLC, Money Market Series		10,450,481		—		(5,599,940	)(a)		—		—		4,850,541		4,849,086		23,273	(b)		—
								$	—	$	—	$	317,821,336			$	29,064		$	—

^(a)  Represents net amount purchased (sold).

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

2

Schedule of Investments  (unaudited) (continued) July 31, 2021 BlackRock Emerging Markets Fund, Inc.

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		2,347		09/17/21	$	149,938	$	(4,195,711	)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly		HSBC Bank PLC(b)		02/10/23	$	56,970,096	$	(1,384,126	)(c)	$	55,610,436		1.4	%
	Monthly		JPMorgan Chase Bank N.A.(d)		02/08/23		26,266,830		497,645	(e)		26,798,508		0.6
								$	(886,481	)	$	82,408,944

^(a)  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.

^(c)  Amount includes $(24,466) of net dividends and financing fees.

^(e)  Amount includes $(34,033) 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:	60 basis points	50-95 basis points
Benchmarks:	USD - 1M US Dollar LIBOR BBA	USD - 1M US Dollar LIBOR BBA

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 10, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
United Kingdom
Standard Chartered Plc		9,276,437	$	55,610,436		100.0	%
Net Value of Reference Entity — HSBC Bank PLC			$	55,610,436

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 Basket Value
Reference Entity — Long
Common Stocks
Brazil
Suzano SA		637,075	$	6,613,862		24.7	%
Egypt
Commercial International Bank Egypt SAE		3,279,826		11,933,363		44.5
India
ICICI Bank Ltd.		443,856		8,251,283		30.8
Net Value of Reference Entity     — JPMorgan Chase Bank N.A.			$26,798,508

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) July 31, 2021 BlackRock Emerging Markets Fund, Inc.

Fair Value Hierarchy as of Period End

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:

• 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); and

• 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 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 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Fund were fair valued using net asset value (“NAV”) 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 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
Investments
Long-Term Investments
Common Stocks
Brazil	$	153,155,091	$	—	$	—	$	153,155,091
China		315,642,508		771,121,867		—		1,086,764,375
Egypt		—		10,329,296		—		10,329,296
Hong Kong		—		186,141,766		—		186,141,766
India		90,405,343		421,565,273		—		511,970,616
Italy		—		52,258,858		—		52,258,858
Kazakhstan		72,130,927		—		—		72,130,927
Mexico		132,207,749		—		—		132,207,749
Panama		39,776,326		—		—		39,776,326
Peru		38,376,612		—		—		38,376,612
Russia		89,292,242		249,612,508		—		338,904,750
Saudi Arabia		66,905,556		—		—		66,905,556
South Korea		—		439,937,734		—		439,937,734
Taiwan		12,972,234		398,060,366		—		411,032,600
Thailand		—		35,841,268		—		35,841,268
United States		143,686,872		—		—		143,686,872
Preferred Securities
Preferred Stocks		119,789,751		—		82		119,789,833
Short-Term Securities
Money Market Funds		312,970,795		—		—		312,970,795
Time Deposits		—		25,109		—		25,109
	$	1,587,312,006	$	2,564,894,045	$	82		4,152,206,133
Investments Valued at NAV(a)								4,850,541
							$	4,157,056,674
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	—	$	497,645	$	—	$	497,645

4

Schedule of Investments  (unaudited) (continued) July 31, 2021 BlackRock Emerging Markets Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(4,195,711)	$	(1,384,126)	$	—	$	(5,579,837)
	$	(4,195,711)	$	(886,481)	$	—	$	(5,082,192)

^(a)  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.

^(b)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Currency Abbreviation
HKD	Hong Kong Dollar
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
SAB	Special Assessment Bonds

SCHEDULE OF INVESTMENTS 5