Schedule of Investments  (unaudited)  January 31, 2021 BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 4.1%
Notre Dame Intermedica Participacoes SA		2,015,791	$	34,815,997
Petroleo Brasileiro SA, ADR		3,744,573		37,632,959
Suzano SA(a)		2,999,580		34,017,608
				106,466,564
Canada(a) — 0.8%
Eldorado Gold Corp.(b)		1,785,412		20,014,469
Eldorado Gold Corp.		41,862		469,771
				20,484,240
Chile — 1.5%
Sociedad Quimica y Minera de Chile SA, ADR		783,962		39,935,024
China — 35.2%
Alibaba Group Holding Ltd., ADR(a)		281,626		71,485,128
Baidu, Inc., ADR(a)		122,570		28,806,401
China Construction Bank Corp., Class H		56,104,000		42,494,208
China Feihe Ltd.(c)		10,855,000		32,367,077
China Molybdenum Co. Ltd., Class A		35,975,200		33,656,632
China Petroleum & Chemical Corp., Class H		73,790,000		34,945,600
Contemporary Amperex Technology Co. Ltd., Class A		623,200		33,800,917
ENN Energy Holdings Ltd.		3,215,100		49,584,623
Haier Smart Home Co. Ltd., Class A		9,245,300		45,487,108
Han’s Laser Technology Industry Group Co. Ltd., Class A		4,127,271		27,308,935
Jinyu Bio-Technology Co. Ltd., Class A		7,871,284		27,728,964
Jiumaojiu International Holdings Ltd.(a)(c)		7,528,000		27,459,513
Kuaishou Technology(c)		2,828,600		41,955,180
Meituan, Class B(a)(c)		2,260,300		104,221,023
NetEase, Inc.		1,367,200		31,150,373
Ping An Insurance Group Co. of China Ltd., Class H		4,672,000		55,025,785
RLX Technology, Inc., ADR(a)		1,206,199		27,139,478
Shandong Sinocera Functional Material Co. Ltd., Class A		1,993,700		14,788,636
Tencent Holdings Ltd.		1,938,900		172,762,337
Tencent Holdings Ltd., ADR		196,696		17,566,920
				919,734,838
Egypt — 0.3%
Commercial International Bank Egypt SAE		2,173,180		8,715,196
Hong Kong — 2.3%
Hang Lung Properties Ltd.		11,748,000		31,219,213
SJM Holdings Ltd.		26,901,000		28,843,344
				60,062,557
India — 10.8%
Axis Bank Ltd.(a)		4,577,916		41,486,427
Bandhan Bank Ltd.(a)(c)		5,851,871		24,750,252
ICICI Bank Ltd.(a)		5,881,217		43,470,801
ICICI Bank Ltd., ADR(a)		91,437		1,380,699
ICICI Prudential Life Insurance Co. Ltd.(a)(c)		3,680,578		24,215,663
InterGlobe Aviation Ltd.(a)(c)		1,199,770		25,418,652
Maruti Suzuki India Ltd.		372,489		36,715,175
Petronet LNG Ltd.		5,199,368		16,864,111
Tech Mahindra Ltd.		2,425,370		31,842,300
Titan Co. Ltd.		1,788,183		34,738,443
				280,882,523

Security	Shares		Value
Indonesia — 2.1%
Astra International Tbk PT		55,458,900	$	24,031,957
Bank Mandiri Persero Tbk PT		63,036,500		29,491,680
				53,523,637
Italy — 1.0%
PRADA SpA(a)		4,410,200		27,100,092
Kazakhstan — 1.0%
Kaspi.KZ JSC, GDR(a)		434,358		27,094,876
Mexico(a) — 3.3%
Cemex SAB de CV		11,201,619		6,426,218
Cemex SAB de CV, ADR		3,254,181		18,646,457
Grupo Aeroportuario del Pacifico SAB de CV, ADR		128,875		12,860,436
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,274,947		22,928,145
Grupo Financiero Banorte SAB de CV, Class O		5,332,914		26,423,927
				87,285,183
Panama — 1.0%
Copa Holdings SA, Class A		321,028		24,837,936
Russia — 5.0%
LUKOIL PJSC, ADR		646,091		45,726,784
Ozon Holdings PLC, ADR(a)		645,064		31,182,394
Sberbank of Russia PJSC		5,762,143		19,547,441
Sberbank of Russia PJSC, ADR		2,478,262		33,907,499
				130,364,118
South Korea — 10.8%
NCSoft Corp.		56,879		48,190,726
Samsung Electronics Co. Ltd.		1,497,895		109,506,559
Samsung SDI Co. Ltd.		59,320		38,753,797
SK Holdings Co. Ltd.		105,394		29,286,987
SK Hynix, Inc.		519,637		56,734,231
				282,472,300
Taiwan — 10.8%
Nanya Technology Corp.		10,324,000		29,362,051
Silicon Motion Technology Corp., ADR		328,906		16,251,245
Taiwan Semiconductor Manufacturing Co. Ltd.		7,948,000		167,968,198
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		162,844		19,788,803
Unimicron Technology Corp.		8,655,000		26,638,010
Wiwynn Corp.		741,000		21,759,321
				281,767,628
Turkey — 1.9%
Eregli Demir ve Celik Fabrikalari TAS, Registered Shares		7,669,462		14,986,432
Turkiye Petrol Rafinerileri A/S(a)		2,474,520		33,452,324
				48,438,756
United Kingdom — 0.0%
Prudential PLC		32,357		517,693
Total Common Stocks — 91.9% (Cost: $1,859,217,952)				2,399,683,161
Preferred Securities
Preferred Stocks — 1.5%
Brazil — 1.5%
Azul SA, Preference Shares(a)		3,173,997		23,401,513

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)

Security	Shares		Value
Brazil (continued)
Banco Nacional SA, Preference Shares(d)		42,567,626	$	78
Petroleo Brasileiro SA, Preference Shares		3,113,776		15,189,290
Total Preferred Securities — 1.5% (Cost: $29,629,026)				38,590,881
Total Long-Term Investments — 93.4% (Cost: $1,888,846,978)				2,438,274,042
Short-Term Securities
Money Market Funds — 8.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(e)(f)		220,972,662		220,972,662
SL Liquidity Series, LLC, Money Market Series, 0.17%(e)(f)(g)		4,320,358		4,322,087
				225,294,749
	Par (000)
Time Deposits — 0.1%
United States — 0.1%
Citibank NA, New York, 0.09%, 02/01/21	$	2,881		2,880,696
Total Short-Term Securities — 8.8% (Cost: $228,175,012)				228,175,445
Total Investments — 102.2% (Cost: $2,117,021,990)				2,666,449,487
Liabilities in Excess of Other Assets — (2.2)%				(56,529,956	)
Net Assets — 100.0%			$	2,609,919,531

^(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 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 01/31/21		Income			Capital Gain Distributions from Underlying Funds
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)		—
									$	1,539	$	(7,039	)	$	225,294,749			$	82,060		$	—

^(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		783		03/19/21		$     51,917		$   (2,382,142	)

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
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
					$	71,092,645	$	(4,238,395	)	$	66,907,381

^(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

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 February 10, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
United Kingdom
Standard Chartered Plc.		5,052,571		$30,571,562		100.0	%
Net Value of Reference Entity — HSBC Bank PLC				$30,571,562

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
Brazil
Suzano SA		78,918		$    894,992		2.5	%

Security	Shares		Value		% of Basket Value
Egypt
Commercial International Bank Egypt SAE		2,586,465		$  10,372,611		28.5	%
India
ICICI Bank Ltd.	1,486,036		22,439,144		61.8
United Kingdom
Prudential PLC		164,323		2,629,072		7.2
Net Value of Reference Entity — JPMorgan Chase Bank N.A				$  36,335,819

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
Investments
Long-Term Investments
Common Stocks
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
Preferred Stocks		38,590,803			—			78		38,590,881
Short-Term Securities
Money Market Funds		220,972,662			—			—		220,972,662
Time Deposits		—			2,880,696			—		2,880,696
	$	752,173,480		$	1,909,953,842		$	78		2,662,127,400
Investments Valued at NAV(a)										4,322,087
									$	2,666,449,487
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	—		$	75,154		$	—	$	75,154
Liabilities
Equity Contracts		(2,382,142	)		(4,313,549	)		—		(6,695,691	)
	$	(2,382,142	)	$	(4,238,395	)	$	—	$	(6,620,537	)

^(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