Blackrock Emerging Markets Fund NPORT-P BlackRock Emerging Markets Fund, Inc. (Jan 2024 report)

Schedule of Investments (unaudited) January 31, 2024 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.3%
YPF SA, ADR (a)		934,504	$	16,148,229
Austria — 0.7%
Erste Group Bank AG		726,727		31,306,237
Brazil — 9.7%
Ambev SA		23,709,515		62,594,957
Ambev SA, ADR		7,291,789		19,104,487
Arezzo Industria e Comercio SA		1,532,592		19,361,564
B3 SA - Brasil Bolsa Balcao		19,469,301		51,439,761
Banco Bradesco SA, ADR		29,907,203		92,712,329
CCR SA		9,109,988		24,124,625
GRUPO DE MODA SOMA SA		14,366,791		22,966,451
Hapvida Participacoes e Investimentos SA (a)(b)		85,918,413		67,286,340
Lojas Renner SA		11,194,390		36,264,726
Sendas Distribuidora S/A		12,372,704		34,113,341
XP, Inc., Class A		993,473		24,419,567
				454,388,148
Canada — 1.7%
Barrick Gold Corp.		3,053,206		47,630,014
Eldorado Gold Corp. (a)		2,320,728		28,360,713
Eldorado Gold Corp. (a)(c)		307,452		3,753,989
				79,744,716
Chile — 0.5%
Banco de Chile		226,977,711		25,405,272
China — 17.2%
Alibaba Group Holding Ltd.		11,934,600		107,041,114
Alibaba Group Holding Ltd., ADR		321,795		23,223,945
China Construction Bank Corp., Class H		75,876,000		45,059,966
China Mengniu Dairy Co. Ltd.		17,225,000		38,165,779
China Merchants Bank Co. Ltd., Class H		8,654,500		31,548,984
China Oilfield Services Ltd., Class A		12,302,939		26,298,846
China Oilfield Services Ltd., Class H		22,388,000		21,517,208
China Petroleum & Chemical Corp., Class H		71,794,000		37,347,463
China Yangtze Power Co. Ltd., Class A		7,601,200		25,815,791
Contemporary Amperex Technology Co. Ltd., Class A		501,047		10,574,116
CSPC Pharmaceutical Group Ltd.		25,158,000		18,508,474
Hang Zhou Great Star Industrial Co. Ltd., Class A		7,971,554		20,680,669
NARI Technology Co. Ltd., Class A		8,647,834		25,259,407
NetEase, Inc.		1,486,700		28,898,637
NetEase, Inc., ADR		450,336		43,970,807
New Oriental Education & Technology Group, Inc. (a)		614,600		4,743,634
New Oriental Education & Technology Group, Inc., ADR (a)(c)		573,620		43,973,709
Shenzhou International Group Holdings Ltd.		5,749,900		51,205,186
Sunny Optical Technology Group Co. Ltd.		3,438,900		21,136,796
Tencent Holdings Ltd.		2,935,200		101,884,608
Tencent Holdings Ltd., ADR (c)		666,864		23,233,542
Tencent Music Entertainment Group, ADR (a)		4,030,448		37,886,211
Zijin Mining Group Co. Ltd., Class A		6,996,000		11,731,769
Zijin Mining Group Co. Ltd., Class H		5,076,000		7,532,093
				807,238,754
Greece — 0.4%
National Bank of Greece SA (a)		2,359,370		17,938,480
Hong Kong — 1.2%
AIA Group Ltd.		3,805,000		29,840,393

Security	Shares		Value
Hong Kong (continued)
Guangdong Investment Ltd.		21,152,000	$	12,297,074
Link REIT		2,737,400		13,729,927
				55,867,394
Hungary — 1.9%
MOL Hungarian Oil & Gas PLC		3,537,588		28,992,470
OTP Bank Nyrt		720,688		33,388,597
Wizz Air Holdings PLC (a)(b)		1,141,503		28,535,800
				90,916,867
India — 16.2%
Aditya Birla Capital Ltd. (a)		7,517,338		15,485,091
Axis Bank Ltd.		5,216,370		67,068,473
Bharat Electronics Ltd.		14,521,266		32,524,231
Cipla Ltd.		2,714,655		44,151,663
Crompton Greaves Consumer Electricals Ltd.		4,249,303		15,517,379
GAIL India Ltd.		20,306,849		42,254,243
Godrej Consumer Products Ltd.		3,781,375		53,026,539
Godrej Properties Ltd., Class A (a)		634,380		18,124,961
HDFC Bank Ltd.		4,576,358		80,479,186
Infosys Ltd.		2,591,987		51,674,268
Infosys Ltd., ADR		2,240,420		44,494,741
Larsen & Toubro Ltd.		695,354		29,111,158
Marico Ltd.		1,956,110		12,442,016
Maruti Suzuki India Ltd.		203,997		25,020,445
NTPC Ltd.		10,272,196		39,328,643
Oil & Natural Gas Corp. Ltd.		8,988,018		27,303,023
Reliance Industries Ltd.		2,194,792		75,405,384
SBI Cards & Payment Services Ltd.		2,322,538		20,021,259
UltraTech Cement Ltd.		520,735		63,671,269
				757,103,972
Indonesia — 3.6%
Astra International Tbk PT		82,848,000		26,846,091
Bank Central Asia Tbk PT		80,745,500		48,853,158
Bank Rakyat Indonesia Persero Tbk PT		177,602,600		63,978,727
Telkom Indonesia Persero Tbk PT		122,957,900		30,841,143
				170,519,119
Kazakhstan — 1.4%
Kaspi.KZ JSC, ADR		122,160		11,238,720
Kaspi.KZ JSC, GDR		566,131		52,084,052
				63,322,772
Malaysia — 0.6%
Public Bank Bhd		28,729,700		26,632,912
Mexico — 4.3%
Fibra Uno Administracion SA de CV		9,909,839		16,846,985
Fomento Economico Mexicano SAB de CV		1,990,842		27,000,682
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		3,412,627		31,242,346
Grupo Aeroportuario del Pacifico SAB de CV, ADR		121,566		18,950,924
Grupo Aeroportuario del Pacifico SAB de CV, Class B		659,214		10,262,696
Wal-Mart de Mexico SAB de CV		23,232,157		95,984,585
				200,288,218
Netherlands — 0.9%
Prosus NV		1,461,382		43,478,565
Panama — 0.7%
Copa Holdings SA, Class A		359,724		34,555,087
Philippines — 1.2%
Ayala Land, Inc.		22,504,300		13,599,476
Bank of the Philippine Islands		5,254,360		10,296,296

1

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines (continued)
BDO Unibank, Inc.		4,094,450	$	10,540,292
International Container Terminal Services, Inc.		2,722,300		11,771,241
Jollibee Foods Corp.		2,316,560		10,452,194
				56,659,499
Poland — 0.6%
Powszechny Zaklad Ubezpieczen SA		2,371,713		28,555,809
Qatar — 0.8%
Qatar National Bank QPSC		8,273,444		35,147,419
Russia(d) — 0.0%
Fix Price Group PLC, Registered Shares, GDR (a)		532,872		5,329
Gazprom PJSC (a)		8,520,027		947
LUKOIL PJSC		1,370,026		152
Novatek PJSC		295,922		33
Sberbank of Russia PJSC		6,788,060		754
TCS Group Holding PLC, Class A, GDR (a)		25,066		3
				7,218
Saudi Arabia — 0.9%
Etihad Etisalat Co.		967,793		13,445,512
Saudi Basic Industries Corp.		950,354		19,700,451
Yanbu National Petrochemical Co.		823,965		8,427,449
				41,573,412
Singapore — 0.8%
Singapore Telecommunications Ltd.		19,784,500		35,306,285
South Africa — 1.1%
Absa Group Ltd.		2,651,544		23,152,003
Shoprite Holdings Ltd.		2,034,381		29,500,019
				52,652,022
South Korea — 7.6%
Hansol Chemical Co. Ltd.		123,516		18,487,374
HYBE Co. Ltd. (a)		133,044		20,059,463
KT&G Corp.		414,209		28,130,697
Samsung Electronics Co. Ltd.		4,377,333		237,850,396
Samsung Electronics Co. Ltd., GDR		19,331		26,417,120
Samsung SDI Co. Ltd. (a)		92,344		25,627,639
				356,572,689
Taiwan — 13.3%
Accton Technology Corp.		2,730,000		45,925,570
Advantech Co. Ltd.		641,000		6,909,474
Delta Electronics, Inc.		5,668,000		50,720,631
Global Unichip Corp.		101,000		4,958,766
Hiwin Technologies Corp.		3,242,000		22,755,887
Phison Electronics Corp.		1,617,000		27,156,293
Taiwan Semiconductor Manufacturing Co. Ltd.		20,958,000		419,547,554
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		403,984		45,634,033
				623,608,208
Thailand — 2.2%
Advanced Info Service PCL, NVDR		3,799,600		23,433,589
Bangkok Dusit Medical Services PCL, NVDR		22,898,400		17,749,411
CP ALL PCL, NVDR		25,567,300		37,637,665
Thai Beverage PCL		60,067,100		23,450,841
				102,271,506
United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank PJSC		6,106,076		14,962,001
Emaar Properties PJSC		3,159,802		6,388,713
				21,350,714
United Kingdom — 0.9%
Anglogold Ashanti PLC		688,759		12,325,403

Security	Shares		Value
United Kingdom (continued)
Anglogold Ashanti PLC (c)		450,417	$	7,936,348
Prudential PLC		1,939,996		19,928,739
				40,190,490
United States — 2.1%
Cognizant Technology Solutions Corp., Class A		598,291		46,140,202
EPAM Systems, Inc. (a)		191,307		53,204,390
				99,344,592
Total Common Stocks — 93.3% (Cost: $4,328,413,480)				4,368,094,605
Preferred Securities
Preferred Stocks — 2.0%
Brazil — 0.2%
Banco Bradesco SA, Preference Shares		3,118,290		9,661,261
Banco Nacional SA, Preference Shares(d)		42,567,626		86
				9,661,347
South Korea — 1.8%
Samsung Electronics Co. Ltd., Preference Shares		1,956,150		85,593,015
Total Preferred Securities — 2.0% (Cost: $91,232,544)				95,254,362
Total Long-Term Investments — 95.3% (Cost: $4,419,646,024)				4,463,348,967

SCHEDULE  OF INVESTMENTS 2

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 5.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.21%(e)(f)		173,015,781	$	173,015,781
SL Liquidity Series, LLC, Money Market Series, 5.50%(e)(f)(g)		77,681,684		77,712,757
Total Short-Term Securities — 5.4% (Cost: $250,713,695)				250,728,538
Total Investments — 100.7% (Cost: $4,670,359,719)				4,714,077,505
Liabilities in Excess of Other Assets — (0.7)%				(30,535,138	)
Net Assets — 100.0%			$	4,683,542,367

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2024 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Liquidity Funds, T-Fund, Institutional Class	$	202,549,764	$	—		$	(29,533,983	)(a)	$	—		$	—	$	173,015,781		173,015,781	$	10,577,335		$	—
	SL Liquidity Series, LLC, Money Market Series		25,671,028		52,045,732	(a)		—			(11,089	)		7,086		77,712,757		77,681,684		208,248	(b)		—
										$	(11,089	)	$	7,086	$	250,728,538			$	10,785,583		$	—

^(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		956		03/15/24	$ 46,882	$	(467,929	)

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	$	40,977,678	$ (5,003,786)(c)	$	36,057,170		0.9	%
	Monthly	HSBC Bank PLC(d)	02/10/28		11,619,536	(526,278)(e)		11,123,331		0.2
	Monthly	JPMorgan Chase Bank N.A.(f)	02/08/24		28,990,767	(382,679)(g)		28,870,700		0.6

3

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock Emerging Markets Fund, Inc.

Equity Securities Long (continued)

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
						$(5,912,743	)	$	76,051,201

^(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 $(83,278) of net dividends and financing fees.

^(e)  Amount includes $(30,073) of net dividends and financing fees.

^(g)  Amount includes $(262,612) 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:	0-67 basis points	40 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)

The following table represents the individual short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date 8/17/26:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
China
Contemporary Amperex Technology Co. Ltd.		519,440	$	10,962,282		30.4	%
Yunnan Tin Co., Ltd.		2,861,400		5,014,018		13.9
Zhejiang Sanhua Intelligent Controls Co. Ltd.		6,873,915		20,080,870		55.7
				36,057,170
Net Value of Reference Entity — Goldman Sachs Bank USA			$	36,057,170

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 2/10/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Hong Kong
Prudential PLC		1,082,819	$	11,123,331		100.0	%
Net Value of Reference Entity — HSBC Bank PLC			$	11,123,331

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 2/8/24:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
China
Prosus NV		970,389	$	28,870,700		100.0	%
Net Value of Reference Entity — JPMorgan Chase Bank N.A.			$	28,870,700

SCHEDULE  OF INVESTMENTS 4

Schedule of Investments (unaudited) (continued) January 31, 2024 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 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.

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
Argentina	$	16,148,229	$	—	$	—	$	16,148,229
Austria		—		31,306,237		—		31,306,237
Brazil		454,388,148		—		—		454,388,148
Canada		79,744,716		—		—		79,744,716
Chile		—		25,405,272		—		25,405,272
China		172,288,214		634,950,540		—		807,238,754
Greece		—		17,938,480		—		17,938,480
Hong Kong		—		55,867,394		—		55,867,394
Hungary		62,381,067		28,535,800		—		90,916,867
India		44,494,741		712,609,231		—		757,103,972
Indonesia		—		170,519,119		—		170,519,119
Kazakhstan		63,322,772		—		—		63,322,772
Malaysia		—		26,632,912		—		26,632,912
Mexico		200,288,218		—		—		200,288,218
Netherlands		43,478,565		—		—		43,478,565
Panama		34,555,087		—		—		34,555,087
Philippines		10,452,194		46,207,305		—		56,659,499
Poland		—		28,555,809		—		28,555,809
Qatar		—		35,147,419		—		35,147,419
Russia		—		—		7,218		7,218
Saudi Arabia		13,445,512		28,127,900		—		41,573,412
Singapore		—		35,306,285		—		35,306,285
South Africa		29,500,019		23,152,003		—		52,652,022
South Korea		—		356,572,689		—		356,572,689
Taiwan		45,634,033		577,974,175		—		623,608,208
Thailand		—		102,271,506		—		102,271,506
United Arab Emirates		14,962,001		6,388,713		—		21,350,714
United Kingdom		7,936,348		32,254,142		—		40,190,490
United States		99,344,592		—		—		99,344,592

5

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock Emerging Markets Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Preferred Securities
Preferred Stocks
South Korea	$	—		$	85,593,015		$	—	$	85,593,015
Brazil		9,661,261			—			86		9,661,347
Short-Term Securities
Money Market Funds		173,015,781			—			—		173,015,781
	$	1,575,041,498		$	3,061,315,946		$	7,304		4,636,364,748
Investments Valued at NAV(a)										77,712,757
									$	4,714,077,505
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(467,929	)	$	(5,912,743	)	$	—	$	(6,380,672	)

^(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
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
REIT	Real Estate Investment Trust

SCHEDULE  OF INVESTMENTS 6