Blackrock Emerging Markets Fund NPORT-P BlackRock Emerging Markets Fund, Inc. (Jul 2023 report)

Schedule of Investments (unaudited)  July 31, 2023   BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)  

Security	Shares		Value
Common Stocks
Austria — 0.5%
Erste Group Bank AG		760,745	$	28,753,020
Brazil — 9.4%
Ambev SA		21,060,074		66,180,851
Ambev SA, ADR		7,633,140		23,815,396
Arezzo Industria e Comercio SA		867,632		15,118,768
B3 SA - Brasil Bolsa Balcao		20,698,673		65,220,244
Banco Bradesco SA, ADR		21,699,328		76,598,628
Cyrela Brazil Realty SA Empreendimentos e Participacoes		7,694,188		38,757,718
Hapvida Participacoes e Investimentos SA(a)(b)		70,742,741		71,808,651
Pagseguro Digital Ltd., Class A(a)		3,575,016		40,612,182
Petroleo Brasileiro SA, ADR		2,507,777		36,814,166
Sendas Distribuidora S/A		18,399,463		52,411,476
				487,338,080
Canada — 1.4%
Barrick Gold Corp.		2,571,269		44,457,241
Eldorado Gold Corp.(a)		2,751,208		26,978,377
				71,435,618
Chile — 0.2%
Banco de Chile		97,314,980		10,834,106
China — 23.8%
Alibaba Group Holding Ltd.(a)		16,107,100		205,838,707
Alibaba Group Holding Ltd., ADR(a)(c)		680,104		69,479,424
Asymchem Laboratories Tianjin Co. Ltd., Class A		1,034,062		18,051,823
Baidu, Inc., ADR(a)		293,422		45,770,898
Baidu, Inc., Class A(a)		2,271,950		44,418,410
China Construction Bank Corp., Class H		131,552,000		76,676,199
China Mengniu Dairy Co. Ltd.		17,068,000		64,827,483
China Merchants Bank Co. Ltd., Class H		16,221,500		80,665,138
China Oilfield Services Ltd., Class A		8,038,639		17,101,273
China Oilfield Services Ltd., Class H		22,186,000		26,191,422
Contemporary Amperex Technology Co. Ltd., Class A		939,547		31,321,669
ENN Energy Holdings Ltd.		3,568,900		43,379,234
Fuyao Glass Industry Group Co. Ltd., Class A		2,316,202		12,294,760
Fuyao Glass Industry Group Co. Ltd., Class H(b)		5,386,400		24,002,966
Ganfeng Lithium Group Co. Ltd., Class H(b)		1,464,000		9,431,688
Haier Smart Home Co. Ltd., Class A		9,841,221		34,081,273
Haier Smart Home Co. Ltd., Class H		9,752,600		32,071,323
Kweichow Moutai Co. Ltd., Class A		206,199		54,420,913
NARI Technology Co. Ltd., Class A		5,861,026		19,959,450
Satellite Chemical Co. Ltd., Class A		10,086,885		22,755,576
Shanghai International Airport Co. Ltd., Class A(a)		3,020,688		20,077,136
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		902,774		37,461,762
Shenzhou International Group Holdings Ltd.		1,988,900		21,111,799
Sunny Optical Technology Group Co. Ltd.		3,407,600		33,408,357
Tencent Holdings Ltd.		2,031,800		93,383,805
Tencent Holdings Ltd., ADR(c)		922,753		42,391,273
Yum China Holdings, Inc.		895,768		54,659,763
				1,235,233,524
Colombia — 0.4%
Ecopetrol SA, ADR		1,651,969		19,361,077
Egypt — 0.1%
Commercial International Bank Egypt SAE		4,261,251		5,493,243

Security	Shares		Value
Hong Kong — 0.9%
China Gas Holdings Ltd.		19,706,200	$	22,074,792
Guangdong Investment Ltd.		16,232,000		14,052,316
Link REIT		1,923,500		10,812,292
				46,939,400
Hungary — 1.5%
MOL Hungarian Oil & Gas PLC		2,427,597		19,165,150
OTP Bank Nyrt		1,251,513		45,512,677
Wizz Air Holdings PLC(a)(b)		392,277		11,954,708
				76,632,535
India — 13.1%
Aditya Birla Capital Ltd.(a)		11,524,008		27,465,739
Axis Bank Ltd.		8,439,987		97,983,971
Cipla Ltd.		2,626,178		37,560,244
Godrej Consumer Products Ltd.(a)		3,958,389		49,902,279
Godrej Properties Ltd.(a)		1,411,162		29,893,631
HDFC Bank Ltd.		4,790,589		96,176,279
Hindustan Unilever Ltd.		897,576		27,960,035
ICICI Prudential Life Insurance Co. Ltd.(b)		4,097,342		28,902,158
Infosys Ltd.		2,271,236		37,591,488
Infosys Ltd., ADR		2,236,553		37,260,973
InterGlobe Aviation Ltd.(a)(b)		482,958		15,238,027
Jio Financial Services Ltd.		2,297,535		6,364,758
Larsen & Toubro Ltd.		1,156,584		37,737,864
Maruti Suzuki India Ltd.		306,325		36,606,748
PB Fintech Ltd.(a)		1,926,845		17,173,992
Reliance Industries Ltd.		2,297,535		71,322,288
SBI Cards & Payment Services Ltd.		2,431,261		25,309,558
				680,450,032
Indonesia — 4.2%
Astra International Tbk PT		86,726,200		39,412,232
Bank Central Asia Tbk PT		124,409,300		75,346,170
Bank Rakyat Indonesia Persero Tbk PT		185,916,500		69,607,866
Telkom Indonesia Persero Tbk PT		128,713,800		31,711,959
				216,078,227
Italy — 0.5%
PRADA SpA(c)		3,994,200		28,430,025
Kazakhstan — 1.1%
Kaspi.KZ JSC, GDR, Registered Shares		608,176		55,747,989
Macau — 0.9%
Sands China Ltd.(a)		11,886,800		45,794,043
Malaysia — 0.5%
Public Bank Bhd		30,074,400		27,819,073
Mexico — 3.0%
Fibra Uno Administracion SA de CV		2,802,466		4,210,812
Fomento Economico Mexicano SAB de CV		2,932,674		33,237,556
Grupo Aeroportuario del Pacifico SAB de CV, ADR		133,520		25,416,867
Grupo Financiero Banorte SAB de CV, Class O		4,943,572		46,855,438
Wal-Mart de Mexico SAB de CV		11,234,849		46,771,056
				156,491,729
Netherlands — 1.0%
Prosus NV		670,482		53,040,062
Panama — 0.8%
Copa Holdings SA, Class A		376,563		44,441,965
Philippines — 0.9%
Ayala Land, Inc.		12,890,800		6,437,085
Bank of the Philippine Islands		5,281,770		11,013,287

1

Schedule of Investments (unaudited) (continued) July 31, 2023   BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)  

Security	Shares		Value
Philippines (continued)
BDO Unibank, Inc.		4,115,810	$	10,884,466
International Container Terminal Services, Inc.		2,819,250		11,141,686
Jollibee Foods Corp.		1,204,420		5,594,203
				45,070,727
Poland — 1.1%
Bank Polska Kasa Opieki SA		1,909,819		56,392,906
Russia(d) — 0.1%
Fix Price Group PLC, GDR, Registered Shares(a)		3,792,724		7,775,084
Gazprom PJSC(a)		8,520,027		929
LUKOIL PJSC		1,370,026		149
Magnit PJSC		686,994		75
Novatek PJSC		295,922		32
Sberbank of Russia PJSC		6,788,060		740
TCS Group Holding PLC, GDR, Registered Shares(a)		426,925		4,021
				7,781,030
Saudi Arabia — 0.6%
Saudi Basic Industries Corp.		994,841		22,736,531
Yanbu National Petrochemical Co.		862,535		10,538,317
				33,274,848
Singapore — 0.8%
Singapore Telecommunications Ltd.		20,710,500		41,546,610
South Africa — 1.7%
Absa Group Ltd.		1,503,124		15,930,765
AngloGold Ashanti Ltd.		720,999		15,991,528
AngloGold Ashanti Ltd., ADR		471,502		10,467,344
Nedbank Group Ltd.		1,078,770		14,175,492
Shoprite Holdings Ltd.		2,129,614		30,770,518
				87,335,647
South Korea — 10.3%
Hansol Chemical Co. Ltd.		89,307		13,726,572
Hanwha Solutions Corp.(a)		837,843		24,866,529
JYP Entertainment Corp.		141,411		15,139,864
LG Chem Ltd.		85,379		43,432,792
Orion Corp.		175,652		15,633,946
Samsung Electro-Mechanics Co. Ltd.		213,945		24,406,601
Samsung Electronics Co. Ltd.		5,849,526		320,276,922
Samsung Electronics Co. Ltd., GDR, Registered Shares		20,235		27,567,072
Samsung SDI Co. Ltd.		96,666		50,460,089
				535,510,387
Taiwan — 10.8%
Accton Technology Corp.		3,717,000		45,348,730
Asia Vital Components Co. Ltd.		3,550,000		36,481,900
Delta Electronics, Inc.		4,358,000		50,874,005
eMemory Technology, Inc.		425,000		25,184,801
Hiwin Technologies Corp.		1,057,000		7,115,013
Lotes Co. Ltd.		1,469,000		35,002,132
Taiwan Semiconductor Manufacturing Co. Ltd.		17,122,000		309,182,208
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		254,669		25,250,431
Wiwynn Corp.		511,000		29,019,239
				563,458,459

Security	Shares		Value
Thailand — 2.5%
Bangkok Bank PCL, NVDR		5,592,400	$	28,036,709
Bangkok Dusit Medical Services PCL, NVDR		29,912,500		25,164,720
CP ALL PCL, NVDR		26,764,100		49,679,792
Thai Beverage PCL(c)		62,878,800		28,605,019
				131,486,240
United Arab Emirates — 0.7%
Abu Dhabi Commercial Bank PJSC		15,440,702		36,910,715
United Kingdom — 0.2%
Prudential PLC		657,449		9,129,550
United States — 1.0%
Cognizant Technology Solutions Corp., Class A		412,751		27,253,948
EPAM Systems, Inc.(a)		95,423		22,597,121
				49,851,069
Total Common Stocks — 94.0% (Cost: $4,708,372,148)				4,888,061,936
Preferred Securities
Preferred Stocks — 0.0%
Brazil — 0.0%
Banco Nacional SA(d)		42,567,626		90
Total Preferred Securities — 0.0% (Cost: $= — )				90
Total Long-Term Investments — 94.0% (Cost: $4,708,372,148)				4,888,062,026
Short-Term Securities
Money Market Funds — 6.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.16%(e)(f)		305,476,787		305,476,787
SL Liquidity Series, LLC, Money Market Series, 5.47%(e)(f)(g)		32,714,522		32,721,065
Total Short-Term Securities — 6.5% (Cost: $338,189,054)				338,197,852
Total Investments — 100.5% (Cost: $5,046,561,202)				5,226,259,878
Liabilities in Excess of Other Assets — (0.5)%				(27,947,709	)
Net Assets — 100.0%			$	5,198,312,169

^(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)  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, 2023   BlackRock Emerging Markets Fund, Inc.  

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	202,549,764	$	102,927,023	(a)	$	—	$	—		$	—	$	305,476,787		305,476,787	$	4,001,600		$	—
SL Liquidity Series, LLC, Money Market Series		25,671,028		7,058,418	(a)		—		(9,421	)		1,040		32,721,065		32,714,522		93,009	(b)		—
								$	(9,421	)	$	1,040	$	338,197,852			$	4,094,609		$	—

^(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		755		09/15/23	$	39,800	$	1,443,482

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	Goldman Sachs Bank USA(b)		08/17/26	$	77,773,151	$	1,218,415	(c)	$	78,992,084		1.5	%
	Monthly	HSBC Bank PLC(d)		02/10/28		18,563,356		175,882	(e)		18,851,441		0.4
	Monthly	JPMorgan Chase Bank N.A.(f)		02/08/24		35,014,292		4,077,618	(g)		39,355,438		0.7
							$	5,471,915		$	137,198,963

^(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 $(518) of net dividends and financing fees.

^(e)  Amount includes $(112,203) of net dividends and financing fees.

^(g)  Amount includes $(263,528) 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)	(f)
Range:	0-95 basis points	40-95 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

3

Schedule of Investments (unaudited) (continued) July 31, 2023   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 Goldman Sachs Bank USA as of period end, termination date 08/17/26:

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 02/10/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
China
Contemporary Amperex Technology Co. Ltd.		519,440	$	17,316,566		21.9	%
Ganfeng Lithium Group Co. Ltd., Class A		2,796,000		23,451,006		29.7
Zhejiang Sanhua Intelligent Controls Co. Ltd.		9,793,815		38,224,512		48.4
				78,992,084
Net Value of Reference Entity — Goldman Sachs Bank USA			$	78,992,084

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 02/08/24:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Egypt
Commercial International Bank Egypt SAE		1,587,902	$	2,046,988		10.9	%
Total Egypt				2,046,988
Hong Kong
Prudential PLC		1,210,144		16,804,453		89.1
Total Hong Kong				16,804,453
Net Value of Reference Entity — HSBC Bank PLC			$	18,851,441

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
China
Prosus NV		497,494	$	39,355,438		100.0	%
Net Value of Reference Entity — JPMorgan Chase Bank N.A			$	39,355,438

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 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 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.

SCHEDULE   OF  INVESTMENTS 4

Schedule of Investments (unaudited) (continued) July 31, 2023 BlackRock Emerging Markets Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

Certain investments of the Fund were fair valued using net asset value (“NAV”) as a practical expedient 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
Austria	$	—	$	28,753,020	$	—	$	28,753,020
Brazil		487,338,080		—		—		487,338,080
Canada		71,435,618		—		—		71,435,618
Chile		10,834,106		—		—		10,834,106
China		212,301,358		1,022,932,166		—		1,235,233,524
Colombia		19,361,077		—		—		19,361,077
Egypt		—		5,493,243		—		5,493,243
Hong Kong		—		46,939,400		—		46,939,400
Hungary		—		76,632,535		—		76,632,535
India		37,260,973		643,189,059		—		680,450,032
Indonesia		—		216,078,227		—		216,078,227
Italy		—		28,430,025		—		28,430,025
Kazakhstan		—		55,747,989		—		55,747,989
Macau		—		45,794,043		—		45,794,043
Malaysia		—		27,819,073		—		27,819,073
Mexico		156,491,729		—		—		156,491,729
Netherlands		—		53,040,062		—		53,040,062
Panama		44,441,965		—		—		44,441,965
Philippines		—		45,070,727		—		45,070,727
Poland		—		56,392,906		—		56,392,906
Russia		—		—		7,781,030		7,781,030
Saudi Arabia		—		33,274,848		—		33,274,848
Singapore		—		41,546,610		—		41,546,610
South Africa		55,413,354		31,922,293		—		87,335,647
South Korea		—		535,510,387		—		535,510,387
Taiwan		25,250,431		538,208,028		—		563,458,459
Thailand		—		131,486,240		—		131,486,240
United Arab Emirates		36,910,715		—		—		36,910,715
United Kingdom		—		9,129,550		—		9,129,550
United States		49,851,069		—		—		49,851,069
Preferred Securities
Preferred Stocks		—		—		90		90
Short-Term Securities
Money Market Funds		305,476,787		—		—		305,476,787
	$	1,512,367,262	$	3,673,390,431	$	7,781,120		5,193,538,813
Investments Valued at NAV(a)								32,721,065
							$	5,226,259,878
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	1,443,482	$	5,471,915	$	—	$	6,915,397

^(a)  Certain investments of the Fund were fair valued using NAV as a practical expedient 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.

Portfolio Abbreviation		Portfolio Abbreviation (continued)
ADR	American Depositary Receipt	MSCI	Morgan Stanley Capital International
GDR	Global Depositary Receipt	NVDR	Non-Voting Depositary Receipt
JSC	Joint Stock Company	PCL	Public Company Limited

5

Schedule of Investments (unaudited) (continued) July 31, 2023 BlackRock Emerging Markets Fund, Inc.

Portfolio Abbreviation (continued)
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

SCHEDULE   OF  INVESTMENTS 6