Blackrock Emerging Markets Fund NPORT-P BlackRock Emerging Markets Fund, Inc. (Jul 2022 report)

Schedule of Investments (unaudited)  July 31, 2022 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 7.6%
Ambev SA		13,718,270	$	39,584,424
B3 SA - Brasil Bolsa Balcao		28,332,106		60,726,127
Hapvida Participacoes e Investimentos S/A(a)		40,295,889		47,974,078
Multiplan Empreendimentos Imobiliarios SA		4,591,950		21,122,207
Petro Rio SA(b)		3,262,808		15,273,228
Petroleo Brasileiro SA, ADR		3,008,631		42,963,251
Sendas Distribuidora SA		21,676,416		66,402,117
				294,045,432
China — 31.0%
Alibaba Group Holding Ltd.(b)		3,239,100		36,418,719
Alibaba Group Holding Ltd., ADR(b)		433,719		38,761,467
Anhui Conch Cement Co. Ltd., Class H		5,151,500		20,382,830
Anhui Honglu Steel Construction Group Co. Ltd., Class A		4,037,304		17,931,447
Baidu, Inc., ADR(b)(c)		430,422		58,782,732
Baidu, Inc., Class A(b)		1,681,900		29,070,629
Bank of China Ltd., Class H		92,889,000		33,029,951
BOC Hong Kong Holdings Ltd.		10,430,000		37,728,591
China Mengniu Dairy Co. Ltd.		14,450,000		67,134,596
China Oilfield Services Ltd., Class A		4,071,607		7,994,565
China Oilfield Services Ltd., Class H		19,928,000		18,357,197
China Yangtze Power Co. Ltd., Class A		7,752,378		27,449,734
ENN Energy Holdings Ltd.		2,565,700		41,853,212
Haier Smart Home Co. Ltd., Class H		7,331,600		23,464,846
Han’s Laser Technology Industry Group Co. Ltd., Class A		5,630,254		26,536,549
I-Mab, ADR(b)(c)		482,647		5,058,141
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,402,700		12,755,616
KE Holdings, Inc., ADR(b)(c)		2,441,637		34,451,498
Kweichow Moutai Co. Ltd., Class A		294,000		82,660,625
Linklogis, Inc., Class B(a)(b)		1,935,500		1,435,468
Longfor Group Holdings Ltd.(a)		13,524,500		45,190,317
LONGi Green Energy Technology Co. Ltd., Class A		2,553,418		23,345,967
Meituan, Class B(a)(b)		3,904,500		87,591,011
NARI Technology Co. Ltd., Class A		5,205,372		22,539,473
NetEase, Inc.		2,530,600		47,339,325
NetEase, Inc., ADR(c)		350,721		32,610,039
Shanghai International Airport Co. Ltd., Class A(b)		5,087,486		38,908,097
Shenzhen Dynanonic Co. Ltd., Class A		328,372		17,466,133
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		907,288		38,972,004
Tencent Holdings Ltd.		1,246,600		48,179,608
Tencent Holdings Ltd., ADR(c)		227,685		8,802,302
WuXi AppTec Co. Ltd., Class A		1,945,138		26,910,226
Wuxi Biologics Cayman, Inc.(a)(b)		4,173,000		39,944,431
Yum China Holdings, Inc.(c)		1,551,401		75,568,743
Zijin Mining Group Co. Ltd., Class A		10,402,033		13,779,301
Zijin Mining Group Co. Ltd., Class H		9,074,000		10,633,015
				1,199,038,405
Egypt — 0.2%
Commercial International Bank Egypt SAE		3,678,684		7,378,208
Hong Kong — 0.7%
CK Hutchison Holdings Ltd.		3,978,500		26,390,492
Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		2,732,596		20,118,534

Security	Shares		Value
India — 9.3%
Axis Bank Ltd.		3,186,549	$	29,277,356
Bandhan Bank Ltd.(a)		7,425,935		26,014,224
Godrej Consumer Products Ltd.		1,421,161		15,347,335
Godrej Properties Ltd.(b)		1,337,226		25,546,228
HDFC Bank Ltd.		3,140,184		57,343,096
ICICI Bank Ltd.		2,233,926		23,234,518
ICICI Prudential Life Insurance Co. Ltd.(a)		7,262,540		50,922,006
InterGlobe Aviation Ltd.(a)(b)		874,790		20,743,255
ITC Ltd.		6,046,488		23,187,737
PVR Ltd.		798,577		21,694,853
Tata Consultancy Services Ltd.		1,137,228		47,568,861
UltraTech Cement Ltd.		247,356		20,502,889
				361,382,358
Indonesia — 1.7%
Astra International Tbk PT		44,144,600		18,854,068
Bank Central Asia Tbk PT		42,081,400		20,925,393
Bank Rakyat Indonesia Persero Tbk PT		27,811,600		8,209,784
Telkom Indonesia Persero Tbk PT		56,889,200		16,248,695
				64,237,940
Italy — 0.5%
PRADA SpA		3,484,600		20,111,916
Kazakhstan — 0.9%
Kaspi.KZ JSC, GDR, Registered Shares		643,493		33,783,382
Macau — 0.6%
Sands China Ltd.(b)		9,365,200		21,966,451
Malaysia — 1.9%
Malayan Banking Bhd		13,397,200		26,683,405
Public Bank Bhd		33,996,100		35,468,302
RHB Bank Bhd		7,415,900		9,807,781
				71,959,488
Mexico — 4.7%
Cemex SAB de CV(b)		14,474,161		5,843,484
Cemex SAB de CV, ADR(b)(c)		4,000,677		16,042,715
Fomento Economico Mexicano SAB de CV		6,345,550		39,541,596
Fomento Economico Mexicano SAB de CV, ADR		175,263		10,862,801
Grupo Aeroportuario del Pacifico SAB de CV, ADR		139,543		18,843,886
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,341,510		18,189,074
Grupo Financiero Banorte SAB de CV, Class O		7,441,611		42,341,491
Wal-Mart de Mexico SAB de CV		8,925,917		32,331,300
				183,996,347
Panama — 0.7%
Copa Holdings SA, Class A(b)		383,220		25,760,048
Peru — 1.1%
Credicorp Ltd.		319,583		41,354,040
Poland — 1.0%
Bank Polska Kasa Opieki SA		1,198,800		18,986,717
Dino Polska SA(a)(b)		94,118		7,359,061
Powszechna Kasa Oszczednosci Bank Polski SA(b)		2,517,951		14,250,322
				40,596,100
Russia(d) — 0.0%
Fix Price Group Ltd., GDR, Registered Shares		3,992,341		39,923
Gazprom PJSC(b)		8,520,027		1,366
LUKOIL PJSC		198,150		32
LUKOIL PJSC, ADR		1,171,876		187
Magnit PJSC		686,994		110
Novatek PJSC		72,342		12

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Schedule of Investments (unaudited) (continued) July 31, 2022 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
Novatek PJSC, GDR, Registered Shares		22,358	$	224
Sberbank of Russia PJSC(b)		6,788,060		1,088
TCS Group Holding PLC, GDR, Registered Shares(b)		426,925		4,023
				46,965
Saudi Arabia — 2.2%
Saudi National Bank		2,202,341		41,341,770
Saudi Telecom Co.		1,266,524		34,055,051
Yanbu National Petrochemical Co.		752,487		10,005,232
				85,402,053
Singapore — 1.1%
Singapore Telecommunications Ltd.		23,562,000		44,557,458
South Africa — 1.7%
AngloGold Ashanti Ltd.		1,338,412		19,727,036
AngloGold Ashanti Ltd., ADR(c)		686,191		10,093,869
Sanlam Ltd.		10,919,596		35,861,721
				65,682,626
South Korea — 7.7%
Hana Financial Group, Inc.		551,123		15,793,248
Hansol Chemical Co. Ltd.		32,991		5,586,152
Kangwon Land, Inc.(b)		1,344,754		26,879,958
KB Financial Group, Inc.		1,051,416		39,104,190
Korea Zinc Co. Ltd.		55,312		20,334,603
KT Corp.		1,106,262		32,154,117
NAVER Corp.		132,745		26,554,478
Samsung Electronics Co. Ltd.		2,216,325		104,910,058
SK Innovation Co. Ltd.(b)		119,813		17,357,696
WONIK IPS Co. Ltd.		399,989		9,750,295
				298,424,795
Taiwan — 11.9%
Accton Technology Corp.		5,222,000		43,582,153
Alchip Technologies Ltd.		812,000		19,297,100
Chunghwa Telecom Co. Ltd.		10,130,000		41,103,686
momo.com, Inc.		468,200		12,833,890
Taiwan Semiconductor Manufacturing Co. Ltd.		17,550,000		300,974,867
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		39,719		3,514,337
Unimicron Technology Corp.		7,482,000		39,914,201
				461,220,234
Thailand — 2.3%
Advanced Info Service PCL, NVDR		3,637,100		19,991,780
PTT PCL, NVDR		41,569,800		39,613,885
Thai Beverage PCL		63,084,500		29,503,718
				89,109,383
United Arab Emirates — 1.9%
Abu Dhabi Commercial Bank PJSC		7,806,172		19,402,712

Security	Shares		Value
United Arab Emirates (continued)
Emaar Properties PJSC		23,439,159	$	35,174,966
Emirates NBD Bank PJSC		5,561,236		20,930,271
				75,507,949
United Kingdom — 0.6%
Prudential PLC		1,853,865		22,866,286
Total Common Stocks — 91.8% (Cost: $4,091,539,847)				3,554,936,890
Preferred Securities
Preferred Stocks — 0.2%
Brazil — 0.2%
BCO Nacional SA, Preference Shares(d)		42,567,626		83
Petroleo Brasileiro SA, Preference Shares		1,211,262		7,994,549
			7,994,632
Total Preferred Securities — 0.2% (Cost: $7,525,357)				7,994,632
Total Long-Term Investments — 92.0% (Cost: $4,099,065,204)				3,562,931,522
Short-Term Securities
Money Market Funds — 9.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.76%(e)(f)		317,668,185		317,668,185
SL Liquidity Series, LLC, Money Market Series, 2.03%(e)(f)(g)		38,382,208		38,374,531
Total Short-Term Securities — 9.2% (Cost: $356,038,764)				356,042,716
Total Investments — 101.2% (Cost: $4,455,103,968)				3,918,974,238
Liabilities in Excess of Other Assets — (1.2)%				(46,314,255	)
Net Assets — 100.0%			$	3,872,659,983

^(a)  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.

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) July 31, 2022 BlackRock Emerging Markets Fund, Inc.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 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 04/30/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	288,654,519	$	29,013,666	(a)	$	—	$	—		$	—		$	317,668,185		317,668,185	$	766,977		$	—
SL Liquidity Series, LLC, Money Market Series		22,842,998		15,535,627	(a)		—		(2,114	)		(1,980	)		38,374,531		38,382,208		31,227	(b)		—
								$	(2,114	)	$	(1,980	)	$	356,042,716			$	798,204		$	—

^(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.

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		513		09/16/22	$	25,612	$	539,925

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold	Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	42,306,079	THB     1,454,059,943	Goldman Sachs International		08/05/22	$	2,795,115

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 – 02/13/23	$	91,920,806	$	307,482	(c)	$	92,346,715		2.4	%
	Monthly	JPMorgan Chase Bank N.A.(d)		02/08/23		38,009,177		(1,568,778	)(e)		36,486,502		1.0
							$	(1,261,296	)	$	128,833,217

^(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 $(118,427) of net dividends and financing fees.

^(e)  Amount includes $(46,103) 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:	60-80 basis points	28-95 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

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Schedule of Investments (unaudited) (continued) July 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:

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
Saudi Arabia
Nahdi Medical Co		535,902	$	24,922,131		27.0	%
Total Saudi Arabia				24,922,131
United Arab Emirates
Borouge PLC		35,464,906		28,386,601		30.7
Total United Arab Emirates				28,386,601
United Kingdom
Standard Chartered PLC		5,663,680		39,037,983		42.3
Total United Kingdom				39,037,983
Net Value of Reference Entity — HSBC Bank PLC			$	92,346,715

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Egypt
Commercial International Bank Egypt SAE		2,010,548	$	4,032,486		11.1	%
Netherlands
Prosus NV		497,494		32,454,016		88.9
Net Value of Reference Entity — JPMorgan Chase Bank N.A			$	36,486,502

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	$	294,045,432	$	—	$	—	$	294,045,432
China		254,034,922		945,003,483		—		1,199,038,405
Egypt		—		7,378,208		—		7,378,208
Hong Kong		—		26,390,492		—		26,390,492
Hungary		—		20,118,534		—		20,118,534

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) July 31, 2022 BlackRock Emerging Markets Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Common Stocks (continued)
India	$	—	$	361,382,358		$	—	$	361,382,358
Indonesia		—		64,237,940			—		64,237,940
Italy		—		20,111,916			—		20,111,916
Kazakhstan		33,783,382		—			—		33,783,382
Macau		—		21,966,451			—		21,966,451
Malaysia		—		71,959,488			—		71,959,488
Mexico		183,996,347		—			—		183,996,347
Panama		25,760,048		—			—		25,760,048
Peru		41,354,040		—			—		41,354,040
Poland		—		40,596,100			—		40,596,100
Russia		—		—			46,965		46,965
Saudi Arabia		—		85,402,053			—		85,402,053
Singapore		—		44,557,458			—		44,557,458
South Africa		10,093,869		55,588,757			—		65,682,626
South Korea		—		298,424,795			—		298,424,795
Taiwan		3,514,337		457,705,897			—		461,220,234
Thailand		—		89,109,383			—		89,109,383
United Arab Emirates		—		75,507,949			—		75,507,949
United Kingdom		—		22,866,286			—		22,866,286
Preferred Securities
Preferred Stocks		7,994,549		—			83		7,994,632
Short-Term Securities
Money Market Funds		317,668,185		—			—		317,668,185
	$	1,172,245,111	$	2,708,307,548		$	47,048		3,880,599,707
Investments Valued at NAV(a)									38,374,531
								$	3,918,974,238
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	539,925	$	307,482		$	—	$	847,407
Foreign Currency Exchange Contracts		—		2,795,115			—		2,795,115
Liabilities
Equity Contracts		—		(1,568,778	)		—		(1,568,778	)
	$	539,925	$	1,533,819		$	—	$	2,073,744

^(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, 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.

Currency Abbreviation
THB	Thai Baht
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

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