Schedule of Investments  (unaudited)  July 31, 2020 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 5.2%
B2W Cia Digital(a)		722,474	$	16,525,404
BB Seguridade Participacoes SA		1,908,386		10,181,132
Petroleo Brasileiro SA, ADR		2,866,660		24,853,942
Vale SA, ADR		1,674,668		19,493,136
				71,053,614
Canada — 1.2%
Eldorado Gold Corp.(a)(b)		1,314,282		16,540,622
Chile — 1.0%
Sociedad Quimica y Minera de Chile SA, ADR		436,227		13,326,735
China — 35.3%
Alibaba Group Holding Ltd.(a)		398,700		12,509,626
Alibaba Group Holding Ltd., ADR(a)		291,691		73,220,275
Anhui Conch Cement Co. Ltd., Class H		3,032,500		22,932,208
Beijing New Building Materials PLC, Class A		3,009,362		13,266,144
China Life Insurance Co. Ltd., Class H		6,011,000		13,788,703
CNOOC Ltd.		15,473,000		16,331,754
CNOOC Ltd., ADR		71,165		7,518,582
ENN Energy Holdings Ltd.		2,649,300		32,114,163
Geely Automobile Holdings Ltd.		8,152,000		17,101,131
Han’s Laser Technology Industry Group Co. Ltd., Class A		4,196,071		24,002,924
Huazhu Group Ltd., ADR		634,378		21,778,197
JD.com, Inc., ADR(a)		278,622		17,773,297
JD.com, Inc., Class A(a)		232,050		7,209,739
Jinyu Bio-Technology Co. Ltd., Class A		3,681,200		15,377,620
LONGi Green Energy Technology Co. Ltd., Class A		1,887,000		15,388,300
Meituan Dianping, Class B(a)		566,100		14,008,989
Melco Resorts & Entertainment Ltd., ADR		833,018		13,711,476
Sunac China Holdings Ltd.		3,316,000		15,635,785
Tencent Holdings Ltd.		1,505,400		103,267,661
Walvax Biotechnology Co. Ltd., Class A		1,351,863		15,638,756
Weimob, Inc.(a)(c)		5,548,000		7,667,565
				480,242,895
Egypt — 0.6%
Commercial International Bank Egypt SAE		2,092,799		8,236,889
Hong Kong — 4.4%
Hang Lung Properties Ltd.		8,398,000		20,603,315
PRADA SpA(a)(b)		3,562,600		13,752,647
SJM Holdings Ltd.		22,423,000		25,301,241
				59,657,203
Hungary(a) — 1.6%
OTP Bank Nyrt		441,809		15,824,218
Wizz Air Holdings PLC(c)		135,690		5,690,615
				21,514,833
India — 9.1%
Bharti Airtel Ltd.(a)		2,055,471		15,223,875
ICICI Bank Ltd.(a)		4,239,484		19,729,032
ICICI Prudential Life Insurance Co. Ltd.(c)		2,424,219		14,641,547
Maruti Suzuki India Ltd.		269,770		22,547,381
Petronet LNG Ltd.		5,679,203		18,795,230

Security	Shares		Value
India (continued)
Tech Mahindra Ltd.		1,700,437	$	15,430,659
Titan Co. Ltd.		1,270,216		17,666,065
				124,033,789
Indonesia — 3.6%
Astra International Tbk PT		67,427,600		23,752,284
Bank Mandiri Persero Tbk PT		62,415,900		24,807,185
				48,559,469
Mexico — 2.0%
Grupo Aeroportuario del Pacifico SAB de CV, ADR		103,943		6,973,536
Grupo Aeroportuario del Pacifico SAB de CV, Class B(b)		1,086,015		7,209,031
Grupo Financiero Banorte SAB de CV, Class O		3,635,994		13,053,962
				27,236,529
Panama — 0.5%
Copa Holdings SA, Class A		168,236		6,971,700
Philippines — 0.4%
Bank of the Philippine Islands		4,087,620		5,676,441
Russia — 6.3%
LUKOIL PJSC, ADR		406,418		27,569,512
Mobile TeleSystems PJSC		1,790,473		7,886,800
Mobile TeleSystems PJSC, ADR		1,631,038		14,450,997
Sberbank of Russia PJSC		2,923,076		8,752,524
Sberbank of Russia PJSC, ADR		1,514,756		17,974,554
Tatneft PJSC, ADR(a)		222,733		9,913,729
				86,548,116
South Korea— 9.2%
Coway Co. Ltd.		183,532		11,831,665
NCSoft Corp.		18,051		12,299,877
Samsung Electronics Co. Ltd.		1,178,796		57,612,287
Samsung SDI Co. Ltd.		67,430		22,574,315
SK Hynix, Inc.		291,720		20,425,140
				124,743,284
Taiwan — 11.2%
Hon Hai Precision Industry Co. Ltd.		4,907,000		13,114,585
Largan Precision Co. Ltd.		153,000		19,964,734
Silicon Motion Technology Corp., ADR		315,014		13,032,129
Taiwan Semiconductor Manufacturing Co. Ltd.		4,032,000		58,680,105
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		180,315		14,225,051
Unimicron Technology Corp.		1,820,000		3,994,811
Win Semiconductors Corp.		1,320,000		14,234,473
Wiwynn Corp.		599,000		16,059,731
				153,305,619
United Kingdom — 0.7%
Prudential PLC		683,591		9,769,032
Total Common Stocks — 92.3% (Cost: $1,108,226,649)				1,257,416,770

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Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities
Preferred Stocks — 1.1%
Brazil — 1.1%
Banco Nacional SA, Preference Shares(a)(d)		42,567,626	$	82
Itau Unibanco Holding SA, Preference Shares		2,842,136		14,650,494
Total Preferred Securities — 1.1% (Cost: $15,871,972)				14,650,576
Rights
Brazil — 0.0%
B2W Cia Digital (Expires 08/25/20)(a)		47,892		64,265
Total Rights — 0.0% (Cost: $ — )				64,265
Total Long-Term Investments —93.4% (Cost: $1,124,098,621)				1,272,131,611
Short-Term Securities
Money Market Funds — 7.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.08%(e)(f)		88,021,339		88,021,339
SL Liquidity Series, LLC, Money Market Series, 0.38%(e)(f)(g)		7,884,187		7,888,918
				95,910,257

Security	Par (000)		Value
Time Deposits
Hong Kong — 0.0%
Hongkong & Shanghai Banking Corp. Ltd., 0.01%, 08/05/20	HKD	1,090	$	140,640
				140,640
Total Short-Term Securities — 7.1% (Cost: $96,051,335)				96,050,897
Total Investments — 100.5% (Cost: $1,220,149,956)				1,368,182,508
Liabilities in Excess of Other Assets — (0.5)%				(6,483,645	)
Net Assets — 100.0%			$	1,361,698,863

^(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)  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 an affiliate/affiliates of the Fund during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 04/30/20		Shares Purchased		Shares Sold			Shares Held at 07/31/20		Value at 07/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		130,852,320		—		(42,830,981)(b)			88,021,339	$	88,021,339	$	24,273		$	—	$	—
SL Liquidity Series, LLC, Money Market Series		12,141,753		—		(4,257,566	)(b)		7,884,187		7,888,918		14,724	(c)		5,748		(7,910	)
										$	95,910,257	$	38,997		$	5,748	$	(7,910	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c)  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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		370		09/18/20	$	19,782	$	139,768

2

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Emerging Markets Fund, Inc.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	28,252,335	HKD	222,006,846	JPMorgan Chase Bank N.A.		08/26/20	$	(393,059	)

OTC Total Return Swaps

Reference Entity

Payment Frequency

Counterparty

Termination Date

Net Notional

Accrued Unrealized Appreciation (Depreciation)

Net Value of Reference Entity

Gross Notional Amount Net Asset Percentage

Equity Securities Long

Monthly

JPMorgan Chase Bank N.A.

(a)

02/08/23

$

58,911,636

$

(2,289,591

)(b)

$

55,492,628

4.3

%

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. In addition, the Fund pays a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 55-95 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: HKD - 1M Hong Kong Interbank Offer rate (HIBOR) and USD - 1M US Dollar LIBOR BBA.

^(b)  Amount includes $1,129,417 of net dividends and financing fees.

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
China
Bank of China Ltd., Class H		29,724,000	$	9,898,710		17.8	%
Tencent Holdings Ltd		319,500		21,917,832		39.5
				31,816,542

Security	Shares		Value		% of Basket Value
Egypt
Commercial International Bank Egypt SAE		960,578	$	3,780,666		6.8	%
India
ICICI Bank Ltd.		1,029,070		9,662,967		17.4
United Kingdom
Prudential Plc		716,019		10,232,453		18.5
				55,492,628
Net Value of Reference Entity — JPMorgan Chase Bank N.A			$	55,492,628

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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)

• 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 investments and derivative 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to its most recent financial statements.

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Schedule of Investments  (unaudited) (continued) July 31, 2020 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”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments 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	$	71,053,614	$	—		$	—	$	71,053,614
Canada		16,540,622		—			—		16,540,622
Chile		13,326,735		—			—		13,326,735
China		141,211,566		339,031,329			—		480,242,895
Egypt		—		8,236,889			—		8,236,889
Hong Kong		—		59,657,203			—		59,657,203
Hungary		—		21,514,833			—		21,514,833
India		—		124,033,789			—		124,033,789
Indonesia		—		48,559,469			—		48,559,469
Mexico		27,236,529		—			—		27,236,529
Panama		6,971,700		—			—		6,971,700
Philippines		—		5,676,441			—		5,676,441
Russia		14,450,997		72,097,119			—		86,548,116
South Korea		—		124,743,284			—		124,743,284
Taiwan		31,251,991		122,053,628			—		153,305,619
United Kingdom		—		9,769,032			—		9,769,032
Preferred Securities
Preferred Stocks		14,650,494		—			82		14,650,576
Rights		64,265		—			—		64,265
Short-Term Securities
Money Market Funds		88,021,339		—			—		88,021,339
Time Deposits		—		140,640			—		140,640
	$	424,779,852	$	935,513,656		$	82		1,360,293,590
Investments Valued at NAV(a)									7,888,918
								$	1,368,182,508
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	139,768	$	—		$	—	$	139,768
Liabilities
Equity Contracts		—		(2,289,591	)		—		(2,289,591	)
Foreign Currency Exchange Contracts		—		(393,059	)		—		(393,059	)
	$	139,768	$	(2,682,650	)	$	—	$	(2,542,882	)

^(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, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

Currency Abbreviation

HKD	Hong Kong Dollar
USD	United States Dollar

Portfolio Abbreviation

ADR	American Depositary Receipt
MSCI	Morgan Stanley Capital International
PJSC	Public Joint Stock Company
SAB	Special Assessment Bonds

4