Schedule of Investments (unaudited) January 31, 2022
| BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 4.3% | ||||||||
B3 SA - Brasil Bolsa Balcao | 17,934,965 | $ | 49,379,332 | |||||
Notre Dame Intermedica Participacoes SA | 5,691,858 | 76,318,768 | ||||||
Petroleo Brasileiro SA, ADR | 3,732,292 | 49,826,098 | ||||||
Sendas Distribuidora SA | 14,323,170 | 33,797,729 | ||||||
|
| |||||||
209,321,927 | ||||||||
China — 30.1% | ||||||||
Alibaba Group Holding Ltd., ADR(a)(b) | 359,276 | 45,193,328 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 50,972,000 | 26,824,848 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 4,452,500 | 23,551,615 | ||||||
Anhui Honglu Steel Construction Group Co. Ltd. | 3,925,834 | 30,605,170 | ||||||
BOC Hong Kong Holdings Ltd. | 16,199,000 | 62,549,803 | ||||||
China Construction Bank Corp., Class H | 132,165,000 | 101,416,587 | ||||||
China Mengniu Dairy Co. Ltd. | 12,892,000 | 76,199,750 | ||||||
China Molybdenum Co. Ltd., Class A | 10,675,045 | 8,856,036 | ||||||
China Molybdenum Co. Ltd., Class H | 30,609,000 | 15,729,149 | ||||||
China Petroleum & Chemical Corp., Class H | 118,660,000 | 62,129,168 | ||||||
China Resources Gas Group Ltd. | 8,042,000 | 40,225,213 | ||||||
China Yangtze Power Co. Ltd., Class A | 9,682,739 | 33,393,316 | ||||||
East Money Information Co. Ltd., Class A | 2,976,600 | 14,864,730 | ||||||
Eve Energy Co. Ltd., Class A | 1,769,341 | 26,632,150 | ||||||
GoerTek, Inc., Class A | 3,446,561 | 25,966,695 | ||||||
Haier Smart Home Co. Ltd., Class A | 11,970,621 | 52,740,835 | ||||||
Hangzhou Silan Microelectronics Co. Ltd. | 3,461,647 | 28,109,227 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 3,847,254 | 28,866,302 | ||||||
JD.com, Inc., ADR(a) | 1,477,493 | 110,634,676 | ||||||
JD.com, Inc., Class A(a) | 353,340 | 13,392,077 | ||||||
Kanzhun Ltd., ADR(a) | 777,864 | 23,561,500 | ||||||
KE Holdings, Inc., ADR(a) | 1,425,003 | 31,050,815 | ||||||
Li Ning Co. Ltd. | 4,568,500 | 44,579,419 | ||||||
Linklogis, Inc., Class B(a)(b)(c) | 16,473,000 | 18,006,974 | ||||||
Longfor Group Holdings Ltd.(c) | 10,893,500 | 65,348,204 | ||||||
Meituan, Class B(a)(c) | 4,388,600 | 130,930,998 | ||||||
PetroChina Co. Ltd., Class A | 40,795,700 | 32,423,767 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 3,888,464 | 18,812,507 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 2,349,292 | 22,471,585 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 1,244,937 | 22,579,376 | ||||||
Tencent Holdings Ltd. | 1,422,300 | 89,124,553 | ||||||
Tencent Holdings Ltd., ADR | 707,012 | 44,216,530 | ||||||
WuXi AppTec Co. Ltd., Class A | 2,486,700 | 41,319,061 | ||||||
Wuxi Biologics Cayman, Inc.(a)(c) | 2,172,500 | 21,774,455 | ||||||
Yum China Holdings, Inc. | 844,403 | 40,674,892 | ||||||
|
| |||||||
1,474,755,311 | ||||||||
Egypt — 0.3% | ||||||||
Commercial International Bank Egypt SAE(a) | 3,785,274 | 12,407,195 | ||||||
|
| |||||||
Hong Kong — 1.8% | ||||||||
AIA Group Ltd. | 3,139,400 | 32,774,740 | ||||||
JS Global Lifestyle Co. Ltd.(c) | 12,522,000 | 20,010,845 | ||||||
SJM Holdings Ltd.(a)(b) | 58,806,000 | 37,846,113 | ||||||
|
| |||||||
90,631,698 | ||||||||
India — 9.6% | ||||||||
Axis Bank Ltd.(a) | 8,945,207 | 93,679,588 | ||||||
Bandhan Bank Ltd.(c) | 9,037,287 | 38,491,181 | ||||||
Godrej Properties Ltd.(a) | 1,361,017 | 31,484,993 | ||||||
HDFC Bank Ltd. | 3,804,140 | 76,505,398 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(c) | 5,554,090 | 41,883,807 | ||||||
Infosys Ltd. | 404,971 | 9,528,036 | ||||||
Infosys Ltd., ADR | 2,833,943 | 66,796,037 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
InterGlobe Aviation Ltd.(a)(c) | 1,550,818 | $ | 38,844,191 | |||||
UltraTech Cement Ltd. | 465,413 | 45,232,818 | ||||||
Zee Entertainment Enterprises Ltd. | 7,173,790 | 28,058,738 | ||||||
|
| |||||||
470,504,787 | ||||||||
Indonesia — 2.5% | ||||||||
Astra International Tbk PT | 100,122,200 | 38,319,463 | ||||||
Bank Central Asia Tbk PT | 87,551,600 | 46,568,436 | ||||||
Telkom Indonesia Persero Tbk PT | 132,974,900 | 38,945,094 | ||||||
|
| |||||||
123,832,993 | ||||||||
Italy — 0.6% | ||||||||
PRADA SpA | 4,763,300 | 29,126,846 | ||||||
|
| |||||||
Kazakhstan — 1.0% | ||||||||
Kaspi.KZ JSC, GDR | 552,561 | 47,270,392 | ||||||
|
| |||||||
Malaysia — 0.5% | ||||||||
Public Bank BHD | 24,619,300 | 24,799,114 | ||||||
|
| |||||||
Mexico — 3.3% | ||||||||
Cemex SAB de CV(a) | 18,603,318 | 11,363,283 | ||||||
Cemex SAB de CV, ADR(a)(b) | 8,185,537 | 50,095,487 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR | 134,118 | 18,426,472 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,034,158 | 27,967,207 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 5,614 | 1,140,540 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 921,833 | 18,665,018 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 5,425,427 | 34,386,287 | ||||||
|
| |||||||
162,044,294 | ||||||||
Panama — 1.0% | ||||||||
Copa Holdings SA, Class A(a) | 608,918 | 50,893,366 | ||||||
|
| |||||||
Peru — 1.0% | ||||||||
Credicorp Ltd. | 332,514 | 47,622,655 | ||||||
|
| |||||||
Poland — 1.3% | ||||||||
Bank Polska Kasa Opieki SA | 1,111,299 | 37,029,959 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(a) | 2,279,571 | 26,685,369 | ||||||
|
| |||||||
63,715,328 | ||||||||
Russia — 6.5% | ||||||||
Fix Price Group Ltd., GDR | 3,885,679 | 22,181,340 | ||||||
Gazprom PJSC | 12,484,492 | 53,942,052 | ||||||
LUKOIL PJSC | 57,856 | 5,112,025 | ||||||
LUKOIL PJSC, ADR | 720,598 | 64,529,853 | ||||||
Magnit PJSC | 668,640 | 43,617,741 | ||||||
Ozon Holdings PLC, ADR(a) | 1,007,480 | 20,824,612 | ||||||
Sberbank of Russia PJSC | 3,718,345 | 12,814,238 | ||||||
Sberbank of Russia PJSC, ADR | 4,078,203 | 57,208,930 | ||||||
TCS Group Holding PLC, GDR | 530,668 | 38,293,412 | ||||||
TCS Group Holding PLC, Registered Shares | 24,396 | 1,756,617 | ||||||
|
| |||||||
320,280,820 | ||||||||
Saudi Arabia — 2.8% | ||||||||
Al Rajhi Bank | 1,144,868 | 45,465,657 | ||||||
Saudi National Bank | 4,562,613 | 89,746,752 | ||||||
|
| |||||||
135,212,409 | ||||||||
South Africa — 0.9% | ||||||||
Sanlam Ltd | 10,664,348 | 43,815,093 | ||||||
|
| |||||||
South Korea — 10.6% | ||||||||
Hana Financial Group, Inc. | 662,558 | 24,964,114 | ||||||
Kakaopay Corp., (Acquired 10/22/21, Cost: $11,915,194)(d) | 154,288 | 15,714,210 |
1 |
Schedule of Investments (unaudited) (continued) January 31, 2022
| BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
KB Financial Group, Inc. | 1,130,097 | $ | 56,007,240 | |||||
Korea Zinc Co. Ltd. | 64,450 | 27,415,606 | ||||||
Samsung Electronics Co. Ltd. | 4,991,966 | 310,495,684 | ||||||
SK Hynix, Inc. | 396,641 | 41,055,418 | ||||||
SK Innovation Co. Ltd.(a) | 233,676 | 42,886,082 | ||||||
|
| |||||||
518,538,354 | ||||||||
Taiwan — 9.7% | ||||||||
Accton Technology Corp. | 6,107,000 | 58,973,196 | ||||||
ASMedia Technology, Inc. | 228,000 | 13,146,571 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 17,287,000 | 399,709,780 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 39,147 | 4,800,597 | ||||||
|
| |||||||
476,630,144 | ||||||||
Thailand — 2.9% | ||||||||
Advanced Info Service PCL, NVDR | 6,013,000 | 39,941,591 | ||||||
Airports of Thailand PCL, NVDR(a) | 15,819,000 | 30,469,856 | ||||||
Bangkok Bank PCL, NVDR | 6,280,600 | 25,694,831 | ||||||
PTT PCL, NVDR | 39,953,900 | 47,170,398 | ||||||
|
| |||||||
143,276,676 | ||||||||
United Arab Emirates — 0.6% | ||||||||
Emaar Properties PJSC | 22,527,942 | 30,018,016 | ||||||
|
| |||||||
United States — 0.7% | ||||||||
Albemarle Corp. | 149,083 | 32,908,581 | ||||||
|
| |||||||
Total Common Stocks — 92.0% (Cost: $4,365,419,132) | 4,507,605,999 | |||||||
|
| |||||||
Preferred Securities | ||||||||
Preferred Stocks — 0.5% | ||||||||
Brazil — 0.5% | ||||||||
Banco Nacional SA, Preference Shares(e) | 42,567,626 | 80 | ||||||
Petroleo Brasileiro SA, Preference Shares | 3,977,589 | 24,232,125 | ||||||
|
| |||||||
24,232,205 | ||||||||
|
| |||||||
Total Preferred Securities — 0.5% (Cost: $24,816,567) | 24,232,205 | |||||||
|
| |||||||
Total Long-Term Investments — 92.5% (Cost: $4,390,235,699) | 4,531,838,204 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 7.7% | ||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(f)(g) | 336,704,950 | $ | 336,704,950 | |||||
SL Liquidity Series, LLC, Money Market Series, 0.17%(f)(g)(h) | 37,266,480 | 37,270,207 | ||||||
|
| |||||||
373,975,157 | ||||||||
|
| |||||||
Par (000) | ||||||||
Time Deposits — 0.0% | ||||||||
United States — 0.0% | ||||||||
SEB, Stockholm, 0.08%, 03/01/22 | $ | 163 | 163,012 | |||||
|
| |||||||
Total Short-Term Securities — 7.7% | 374,138,169 | |||||||
|
| |||||||
Total Investments — 100.2% | 4,905,976,373 | |||||||
Liabilities in Excess of Other Assets — (0.2)% |
| (7,700,346 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 4,898,276,027 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | 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. |
(d) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $15,714,210, representing 0.3% of its net assets as of period end, and an original cost of $11,915,194. |
(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 January 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 04/30/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/22 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ | 321,271,043 | $ | 15,433,907 | (a) | $ | — | $ | — | $ | — | $ | 336,704,950 | 336,704,950 | $ | 12,999 | $ | — | ||||||||||||||||||
SL Liquidity Series, LLC, Money Market Series | 10,450,481 | 26,829,827 | (a) | — | (10,101 | ) | — | 37,270,207 | 37,266,480 | 59,730 | (b) | — | ||||||||||||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (10,101 | ) | $ | — | $ | 373,975,157 | $ | 72,729 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) January 31, 2022 | 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. | 2,535 | 03/18/22 | $ | 155,243 | $ | (1,627,862 | ) | |||||||||
|
|
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 | $ | 59,986,287 | $ | 4,977,270 | (c) | $ | 64,984,821 | 1.2 | % | ||||||||||
Monthly | JPMorgan Chase Bank N.A.(d) | 02/08/23 | 9,564,841 | 902,505 | (e) | 10,481,116 | 0.2 | |||||||||||||||
|
|
|
| |||||||||||||||||||
$ | 5,879,775 | $ | 75,465,937 | |||||||||||||||||||
|
|
|
|
(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 $(21,264) of net dividends and financing fees. |
(e) | Amount includes $(13,770) 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 | 95-125 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 10, 2023:
Security | Shares | Value | % of Basket Value | |||||||||
Reference Entity — Long |
| |||||||||||
Common Stocks | ||||||||||||
United Kingdom | ||||||||||||
Standard Chartered PLC. | 8,923,117 | $ | 64,984,821 | 100.0 | % | |||||||
|
|
|
| |||||||||
Net Value of Reference Entity — HSBC Bank PLC. | $ | 64,984,821 | ||||||||||
|
|
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 | ||||||||||||
Saudi Tadawul Group Holding | 120,174 | $ | 5,188,888 | 49.5 | % | |||||||
|
|
|
| |||||||||
Egypt | ||||||||||||
Commercial International Bank Egypt SAE | 1,614,590 | 5,292,228 | 50.5 | |||||||||
|
|
|
| |||||||||
Net Value of Reference Entity — JPMorgan Chase Bank N.A |
| $ | 10,481,116 | |||||||||
|
|
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 |
3 |
Schedule of Investments (unaudited) (continued) January 31, 2022 | BlackRock Emerging Markets Fund, Inc. |
Fair Value Hierarchy as of Period End (continued)
• | 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 | $ | 209,321,927 | $ | — | $ | — | $ | 209,321,927 | ||||||||
China | 335,556,954 | 1,139,198,357 | — | 1,474,755,311 | ||||||||||||
Egypt | — | 12,407,195 | — | 12,407,195 | ||||||||||||
Hong Kong | — | 90,631,698 | — | 90,631,698 | ||||||||||||
India | 66,796,037 | 403,708,750 | — | 470,504,787 | ||||||||||||
Indonesia | — | 123,832,993 | — | 123,832,993 | ||||||||||||
Italy | — | 29,126,846 | — | 29,126,846 | ||||||||||||
Kazakhstan | — | 47,270,392 | — | 47,270,392 | ||||||||||||
Malaysia | — | 24,799,114 | — | 24,799,114 | ||||||||||||
Mexico | 162,044,294 | — | — | 162,044,294 | ||||||||||||
Panama | 50,893,366 | — | — | 50,893,366 | ||||||||||||
Peru | 47,622,655 | — | — | 47,622,655 | ||||||||||||
Poland | — | 63,715,328 | — | 63,715,328 | ||||||||||||
Russia | 20,824,612 | 299,456,208 | — | 320,280,820 | ||||||||||||
Saudi Arabia | 89,746,752 | 45,465,657 | — | 135,212,409 | ||||||||||||
South Africa | — | 43,815,093 | — | 43,815,093 | ||||||||||||
South Korea | — | 518,538,354 | — | 518,538,354 | ||||||||||||
Taiwan | 4,800,597 | 471,829,547 | — | 476,630,144 | ||||||||||||
Thailand | — | 143,276,676 | — | 143,276,676 | ||||||||||||
United Arab Emirates | — | 30,018,016 | — | 30,018,016 | ||||||||||||
United States | 32,908,581 | — | — | 32,908,581 | ||||||||||||
Preferred Securities | ||||||||||||||||
Preferred Stocks | 24,232,125 | — | 80 | 24,232,205 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 336,704,950 | — | — | 336,704,950 | ||||||||||||
Time Deposits | — | 163,012 | — | 163,012 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,381,452,850 | $ | 3,487,253,236 | $ | 80 | 4,868,706,166 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investments Valued at NAV(a) | 37,270,207 | |||||||||||||||
|
| |||||||||||||||
$ | 4,905,976,373 | |||||||||||||||
|
| |||||||||||||||
Derivative Financial Instruments(b) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 5,879,775 | $ | — | $ | 5,879,775 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | (1,627,862 | ) | — | — | (1,627,862 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (1,627,862 | ) | $ | 5,879,775 | $ | — | $ | 4,251,913 | ||||||||
|
|
|
|
|
|
|
|
(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. |
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) January 31, 2022
| BlackRock Emerging Markets Fund, Inc. |
Currency Abbreviation | ||
USD | United States 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 | |
SEB | SEB Securities Inc. |
5 |