Schedule of Investments (unaudited) January 31, 2022   BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 4.3%
B3 SA - Brasil Bolsa Balcao		17,934,965	$	49,379,332
Notre Dame Intermedica Participacoes SA		5,691,858		76,318,768
Petroleo Brasileiro SA, ADR		3,732,292		49,826,098
Sendas Distribuidora SA		14,323,170		33,797,729
				209,321,927
China — 30.1%
Alibaba Group Holding Ltd., ADR(a)(b)		359,276		45,193,328
Aluminum Corp. of China Ltd., Class H(a)		50,972,000		26,824,848
Anhui Conch Cement Co. Ltd., Class H		4,452,500		23,551,615
Anhui Honglu Steel Construction Group Co. Ltd.		3,925,834		30,605,170
BOC Hong Kong Holdings Ltd.		16,199,000		62,549,803
China Construction Bank Corp., Class H		132,165,000		101,416,587
China Mengniu Dairy Co. Ltd.		12,892,000		76,199,750
China Molybdenum Co. Ltd., Class A		10,675,045		8,856,036
China Molybdenum Co. Ltd., Class H		30,609,000		15,729,149
China Petroleum & Chemical Corp., Class H		118,660,000		62,129,168
China Resources Gas Group Ltd.		8,042,000		40,225,213
China Yangtze Power Co. Ltd., Class A		9,682,739		33,393,316
East Money Information Co. Ltd., Class A		2,976,600		14,864,730
Eve Energy Co. Ltd., Class A		1,769,341		26,632,150
GoerTek, Inc., Class A		3,446,561		25,966,695
Haier Smart Home Co. Ltd., Class A		11,970,621		52,740,835
Hangzhou Silan Microelectronics Co. Ltd.		3,461,647		28,109,227
Han’s Laser Technology Industry Group Co. Ltd., Class A		3,847,254		28,866,302
JD.com, Inc., ADR(a)		1,477,493		110,634,676
JD.com, Inc., Class A(a)		353,340		13,392,077
Kanzhun Ltd., ADR(a)		777,864		23,561,500
KE Holdings, Inc., ADR(a)		1,425,003		31,050,815
Li Ning Co. Ltd.		4,568,500		44,579,419
Linklogis, Inc., Class B(a)(b)(c)		16,473,000		18,006,974
Longfor Group Holdings Ltd.(c)		10,893,500		65,348,204
Meituan, Class B(a)(c)		4,388,600		130,930,998
PetroChina Co. Ltd., Class A		40,795,700		32,423,767
Shandong Linglong Tyre Co. Ltd., Class A		3,888,464		18,812,507
Shenzhen Inovance Technology Co. Ltd., Class A		2,349,292		22,471,585
Sungrow Power Supply Co. Ltd., Class A		1,244,937		22,579,376
Tencent Holdings Ltd.		1,422,300		89,124,553
Tencent Holdings Ltd., ADR		707,012		44,216,530
WuXi AppTec Co. Ltd., Class A		2,486,700		41,319,061
Wuxi Biologics Cayman, Inc.(a)(c)		2,172,500		21,774,455
Yum China Holdings, Inc.		844,403		40,674,892
				1,474,755,311
Egypt — 0.3%
Commercial International Bank Egypt SAE(a)		3,785,274		12,407,195
Hong Kong — 1.8%
AIA Group Ltd.		3,139,400		32,774,740
JS Global Lifestyle Co. Ltd.(c)		12,522,000		20,010,845
SJM Holdings Ltd.(a)(b)		58,806,000		37,846,113
				90,631,698
India — 9.6%
Axis Bank Ltd.(a)		8,945,207		93,679,588
Bandhan Bank Ltd.(c)		9,037,287		38,491,181
Godrej Properties Ltd.(a)		1,361,017		31,484,993
HDFC Bank Ltd.		3,804,140		76,505,398
ICICI Prudential Life Insurance Co. Ltd.(c)		5,554,090		41,883,807
Infosys Ltd.		404,971		9,528,036
Infosys Ltd., ADR		2,833,943		66,796,037

Security	Shares		Value
India (continued)
InterGlobe Aviation Ltd.(a)(c)		1,550,818	$	38,844,191
UltraTech Cement Ltd.		465,413		45,232,818
Zee Entertainment Enterprises Ltd.		7,173,790		28,058,738
				470,504,787
Indonesia — 2.5%
Astra International Tbk PT		100,122,200		38,319,463
Bank Central Asia Tbk PT		87,551,600		46,568,436
Telkom Indonesia Persero Tbk PT		132,974,900		38,945,094
				123,832,993
Italy — 0.6%
PRADA SpA		4,763,300		29,126,846
Kazakhstan — 1.0%
Kaspi.KZ JSC, GDR		552,561		47,270,392
Malaysia — 0.5%
Public Bank BHD		24,619,300		24,799,114
Mexico — 3.3%
Cemex SAB de CV(a)		18,603,318		11,363,283
Cemex SAB de CV, ADR(a)(b)		8,185,537		50,095,487
Grupo Aeroportuario del Pacifico SAB de CV, ADR		134,118		18,426,472
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,034,158		27,967,207
Grupo Aeroportuario del Sureste SAB de CV, ADR		5,614		1,140,540
Grupo Aeroportuario del Sureste SAB de CV, Class B		921,833		18,665,018
Grupo Financiero Banorte SAB de CV, Class O		5,425,427		34,386,287
				162,044,294
Panama — 1.0%
Copa Holdings SA, Class A(a)		608,918		50,893,366
Peru — 1.0%
Credicorp Ltd.		332,514		47,622,655
Poland — 1.3%
Bank Polska Kasa Opieki SA		1,111,299		37,029,959
Powszechna Kasa Oszczednosci Bank Polski SA(a)		2,279,571		26,685,369
				63,715,328
Russia — 6.5%
Fix Price Group Ltd., GDR		3,885,679		22,181,340
Gazprom PJSC		12,484,492		53,942,052
LUKOIL PJSC		57,856		5,112,025
LUKOIL PJSC, ADR		720,598		64,529,853
Magnit PJSC		668,640		43,617,741
Ozon Holdings PLC, ADR(a)		1,007,480		20,824,612
Sberbank of Russia PJSC		3,718,345		12,814,238
Sberbank of Russia PJSC, ADR		4,078,203		57,208,930
TCS Group Holding PLC, GDR		530,668		38,293,412
TCS Group Holding PLC, Registered Shares		24,396		1,756,617
				320,280,820
Saudi Arabia — 2.8%
Al Rajhi Bank		1,144,868		45,465,657
Saudi National Bank		4,562,613		89,746,752
				135,212,409
South Africa — 0.9%
Sanlam Ltd		10,664,348		43,815,093
South Korea — 10.6%
Hana Financial Group, Inc.		662,558		24,964,114
Kakaopay Corp., (Acquired 10/22/21, Cost: $11,915,194)(d)		154,288		15,714,210

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Schedule of Investments (unaudited) (continued) January 31, 2022   BlackRock Emerging Markets Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
KB Financial Group, Inc.		1,130,097	$	56,007,240
Korea Zinc Co. Ltd.		64,450		27,415,606
Samsung Electronics Co. Ltd.		4,991,966		310,495,684
SK Hynix, Inc.		396,641		41,055,418
SK Innovation Co. Ltd.(a)		233,676		42,886,082
				518,538,354
Taiwan — 9.7%
Accton Technology Corp.		6,107,000		58,973,196
ASMedia Technology, Inc.		228,000		13,146,571
Taiwan Semiconductor Manufacturing Co. Ltd.		17,287,000		399,709,780
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		39,147		4,800,597
				476,630,144
Thailand — 2.9%
Advanced Info Service PCL, NVDR		6,013,000		39,941,591
Airports of Thailand PCL, NVDR(a)		15,819,000		30,469,856
Bangkok Bank PCL, NVDR		6,280,600		25,694,831
PTT PCL, NVDR		39,953,900		47,170,398
				143,276,676
United Arab Emirates — 0.6%
Emaar Properties PJSC		22,527,942		30,018,016
United States — 0.7%
Albemarle Corp.		149,083		32,908,581
Total Common Stocks — 92.0%     (Cost: $4,365,419,132)			4,507,605,999
Preferred Securities
Preferred Stocks — 0.5%
Brazil — 0.5%
Banco Nacional SA, Preference Shares(e)		42,567,626		80
Petroleo Brasileiro SA, Preference Shares		3,977,589		24,232,125
			24,232,205
Total Preferred Securities — 0.5%     (Cost: $24,816,567)			24,232,205
Total Long-Term Investments — 92.5%     (Cost: $4,390,235,699)			4,531,838,204

Security	Shares		Value
Short-Term Securities
Money Market Funds — 7.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(f)(g)		336,704,950	$	336,704,950
SL Liquidity Series, LLC, Money Market Series, 0.17%(f)(g)(h)		37,266,480		37,270,207
			373,975,157
	Par (000)
Time Deposits — 0.0%
United States — 0.0%
SEB, Stockholm, 0.08%, 03/01/22	$	163		163,012
Total Short-Term Securities — 7.7% (Cost: $374,138,169)				374,138,169
Total Investments — 100.2% (Cost: $4,764,373,868)				4,905,976,373
Liabilities in Excess of Other Assets — (0.2)%				(7,700,346	)
Net Assets — 100.0%			$	4,898,276,027

^(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)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $15,714,210, representing 0.3% of its net assets as of period end, and an original cost of $11,915,194.

^(e)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	321,271,043	$	15,433,907	(a)	$	—	$	—		$	—	$	336,704,950		336,704,950	$	12,999		$	—
SL Liquidity Series, LLC, Money Market Series		10,450,481		26,829,827	(a)		—		(10,101	)		—		37,270,207		37,266,480		59,730	(b)		—
								$	(10,101	)	$	—	$	373,975,157			$	72,729		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 2

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Emerging Markets Fund, Inc.

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.		2,535		03/18/22	$	155,243	$	(1,627,862	)

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	$	59,986,287	$	4,977,270	(c)	$	64,984,821		1.2	%
	Monthly	JPMorgan Chase Bank N.A.(d)	02/08/23		9,564,841		902,505	(e)		10,481,116		0.2
						$	5,879,775		$	75,465,937

^(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 $(21,264) of net dividends and financing fees.

^(e)  Amount includes $(13,770) 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	95-125 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

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.		8,923,117	$	64,984,821		100.0	%
Net Value of Reference Entity — HSBC Bank PLC.			$	64,984,821

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
Saudi Tadawul Group Holding		120,174	$	5,188,888		49.5	%
Egypt
Commercial International Bank Egypt SAE		1,614,590		5,292,228		50.5
Net Value of Reference Entity — JPMorgan Chase Bank N.A			$	10,481,116

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

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Schedule of Investments (unaudited) (continued) January 31, 2022 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 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
Brazil	$	209,321,927		$	—	$	—	$	209,321,927
China		335,556,954			1,139,198,357		—		1,474,755,311
Egypt		—			12,407,195		—		12,407,195
Hong Kong		—			90,631,698		—		90,631,698
India		66,796,037			403,708,750		—		470,504,787
Indonesia		—			123,832,993		—		123,832,993
Italy		—			29,126,846		—		29,126,846
Kazakhstan		—			47,270,392		—		47,270,392
Malaysia		—			24,799,114		—		24,799,114
Mexico		162,044,294			—		—		162,044,294
Panama		50,893,366			—		—		50,893,366
Peru		47,622,655			—		—		47,622,655
Poland		—			63,715,328		—		63,715,328
Russia		20,824,612			299,456,208		—		320,280,820
Saudi Arabia		89,746,752			45,465,657		—		135,212,409
South Africa		—			43,815,093		—		43,815,093
South Korea		—			518,538,354		—		518,538,354
Taiwan		4,800,597			471,829,547		—		476,630,144
Thailand		—			143,276,676		—		143,276,676
United Arab Emirates		—			30,018,016		—		30,018,016
United States		32,908,581			—		—		32,908,581
Preferred Securities
Preferred Stocks		24,232,125			—		80		24,232,205
Short-Term Securities
Money Market Funds		336,704,950			—		—		336,704,950
Time Deposits		—			163,012		—		163,012
	$	1,381,452,850		$	3,487,253,236	$	80		4,868,706,166
Investments Valued at NAV(a)									37,270,207
								$	4,905,976,373
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	—		$	5,879,775	$	—	$	5,879,775
Liabilities
Equity Contracts		(1,627,862	)		—		—		(1,627,862	)
	$	(1,627,862	)	$	5,879,775	$	—	$	4,251,913

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 4

Schedule of Investments (unaudited) (continued) January 31, 2022   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
NVDR	Non-Voting Depositary Receipt
PCL	Public Company Limited
PJSC	Public Joint Stock Company
SAB	Special Assessment Bonds
SEB	SEB Securities Inc.

5