| Schedule of Investments (unaudited) January 31, 2021 |
BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets) |
| S C H E D U L E O F I N V E S T M E N T S |
1 |
| Schedule of Investments (unaudited) (continued) January 31, 2021 |
BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 04/30/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/21 |
Shares Held at |
Income | Capital Gain Distributions from Underlying Funds |
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| BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | 130,852,320 | $ | 90,120,342 | (a) | $ | — | $ | — | $ | — | $ | 220,972,662 | 220,972,662 | $ | 47,777 | $ | — | ||||||||||||||||||
| SL Liquidity Series, LLC, Money Market Series |
12,151,467 | — | (7,823,880 | )(a) | 1,539 | (7,039 | ) | 4,322,087 | 4,320,358 | 34,283 | (b) | — | ||||||||||||||||||||||||
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| $ | 1,539 | $ | (7,039 | ) | $ | 225,294,749 | $ | 82,060 | $ | — | ||||||||||||||||||||||||||
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| (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 |
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| Long Contracts |
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| MSCI Emerging Markets Index |
783 | 03/19/21 | $ 51,917 | $ (2,382,142 | ) | |||||||||||
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| 2 |
| Schedule of Investments (unaudited) (continued) January 31, 2021 |
BlackRock Emerging Markets Fund, Inc. |
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 |
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| Equity Securities Long |
Monthly | HSBC Bank PLC(b) | 02/10/23 | $ | 34,870,846 | $ | (4,313,549 | )(c) | $ | 30,571,562 | 1.3 | % | ||||||||||||
| Monthly | JPMorgan Chase Bank N.A.(d) |
02/08/23 | 36,221,799 | 75,154 | (e) | 36,335,819 | 1.4 | |||||||||||||||||
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| $ | 71,092,645 | $ | (4,238,395 | ) | $ | 66,907,381 | ||||||||||||||||||
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| (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 $(14,265) of net dividends and financing fees. |
| (e) | Amount includes $(38,866) 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 |
50-95 basis points | ||
| Benchmarks: |
USD - 1M US Dollar LIBOR BBA |
USD - 1D Overnight Bank Funding Rate (OBFR01) | ||
| USD - 1M US Dollar LIBOR BBA |
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 |
| S C H E D U L E O F I N V E S T M E N T S |
3 |
| Schedule of Investments (unaudited) (continued) January 31, 2021 |
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 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 |
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| Investments |
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| Long-Term Investments |
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| Common Stocks |
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| Brazil |
$ | 106,466,564 | $ | — | $ | — | $ | 106,466,564 | ||||||||
| Canada |
20,484,240 | — | — | 20,484,240 | ||||||||||||
| Chile |
39,935,024 | — | — | 39,935,024 | ||||||||||||
| China |
144,997,927 | 774,736,911 | — | 919,734,838 | ||||||||||||
| Egypt |
— | 8,715,196 | — | 8,715,196 | ||||||||||||
| Hong Kong |
— | 60,062,557 | — | 60,062,557 | ||||||||||||
| India |
1,380,699 | 279,501,824 | — | 280,882,523 | ||||||||||||
| Indonesia |
— | 53,523,637 | — | 53,523,637 | ||||||||||||
| Italy |
— | 27,100,092 | — | 27,100,092 | ||||||||||||
| Kazakhstan |
— | 27,094,876 | — | 27,094,876 | ||||||||||||
| Mexico |
87,285,183 | — | — | 87,285,183 | ||||||||||||
| Panama |
24,837,936 | — | — | 24,837,936 | ||||||||||||
| Russia |
31,182,394 | 99,181,724 | — | 130,364,118 | ||||||||||||
| South Korea |
— | 282,472,300 | — | 282,472,300 | ||||||||||||
| Taiwan |
36,040,048 | 245,727,580 | — | 281,767,628 | ||||||||||||
| Turkey |
— | 48,438,756 | — | 48,438,756 | ||||||||||||
| United Kingdom |
— | 517,693 | — | 517,693 | ||||||||||||
| Preferred Securities |
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| Preferred Stocks |
38,590,803 | — | 78 | 38,590,881 | ||||||||||||
| Short-Term Securities |
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| Money Market Funds |
220,972,662 | — | — | 220,972,662 | ||||||||||||
| Time Deposits |
— | 2,880,696 | — | 2,880,696 | ||||||||||||
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| $ | 752,173,480 | $ | 1,909,953,842 | $ | 78 | 2,662,127,400 | ||||||||||
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| Investments Valued at NAV(a) |
4,322,087 | |||||||||||||||
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| $ | 2,666,449,487 | |||||||||||||||
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| Derivative Financial Instruments(b) |
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| Assets |
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| Equity Contracts |
$ | — | $ | 75,154 | $ | — | $ | 75,154 | ||||||||
| Liabilities |
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| Equity Contracts |
(2,382,142 | ) | (4,313,549 | ) | — | (6,695,691 | ) | |||||||||
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| $ | (2,382,142 | ) | $ | (4,238,395 | ) | $ | — | $ | (6,620,537 | ) | ||||||
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| (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. |
| 4 |
| Schedule of Investments (unaudited) (continued) January 31, 2021 |
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 | |
| PJSC | Public Joint Stock Company | |
| SAB | Special Assessment Bonds | |
| S C H E D U L E O F I N V E S T M E N T S |
5 |