Schedule

of

Investments

(unaudited)

July

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Brazil

—

4.6%

Hapvida

Participacoes

e

Investimentos

SA

(a)

(b)

(c)

..................

1

$

5‌

Lojas

Renner

SA

..............

14,179,390

41,022,246‌

XP,

Inc.

,

Class

A

..............

3,505,595

56,580,303‌

97,602,554‌

Canada

—

1.3%

Kinross

Gold

Corp.

.............

1,756,263

28,100,208‌

China

—

24.7%

Alibaba

Group

Holding

Ltd.

.......

3,021,000

45,420,067‌

Alibaba

Group

Holding

Ltd.

,

ADR

...

223,081

26,910,261‌

BYD

Co.

Ltd.

,

Class

A

...........

455,800

6,611,626‌

China

Life

Insurance

Co.

Ltd.

,

Class

H

9,853,000

28,461,484‌

China

Merchants

Bank

Co.

Ltd.

,

Class

A

......................

2,735,827

16,854,491‌

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................

1,414,500

9,178,899‌

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

...............

258,800

9,451,483‌

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

H

(a)

(d)

............

502,600

26,007,149‌

Eastroc

Beverage

Group

Co.

Ltd.

,

Class

A

..................

655,900

25,573,922‌

Full

Truck

Alliance

Co.

Ltd.

,

ADR

...

1,798,189

20,769,083‌

KE

Holdings,

Inc.

,

ADR

..........

769,839

14,180,434‌

Meituan

,

Class

B

(a)

(b)

(c)

...........

1,519,300

23,439,074‌

Midea

Group

Co.

Ltd.

,

Class

A

.....

2,687,700

26,103,037‌

Sany

Heavy

Industry

Co.

Ltd.

,

Class

A

15,439,551

42,631,754‌

Tencent

Holdings

Ltd.

...........

2,336,800

163,604,601‌

Zijin

Mining

Group

Co.

Ltd.

,

Class

A

.

4,408,500

11,665,703‌

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

.

9,988,000

26,484,777‌

523,347,845‌

Hong

Kong

—

1.8%

Futu

Holdings

Ltd.

,

ADR

.........

254,001

39,034,874‌

Hungary

—

2.2%

OTP

Bank

Nyrt.

...............

585,629

47,521,419‌

India

—

14.6%

Apollo

Hospitals

Enterprise

Ltd.

....

257,655

21,966,589‌

Axis

Bank

Ltd.

................

1,236,489

15,016,018‌

Bajaj

Finance

Ltd.

.............

2,042,100

20,436,048‌

Bharti

Airtel

Ltd.

...............

1,266,008

27,559,919‌

Eicher

Motors

Ltd.

.............

351,925

21,897,727‌

HDB

Financial

Services

Ltd.

(a)

.....

1,429,758

12,380,804‌

HDFC

Bank

Ltd.

..............

1,833,791

42,082,408‌

ICICI

Bank

Ltd.

...............

2,470,990

41,609,764‌

ICICI

Bank

Ltd.

,

ADR

...........

100,121

3,374,078‌

Lodha

Developers

Ltd.

(b)

(c)

........

818,830

11,449,121‌

Mahindra

&

Mahindra

Ltd.

........

260,863

9,502,875‌

Reliance

Industries

Ltd.

.........

1,473,410

23,268,824‌

Tata

Consultancy

Services

Ltd.

....

769,956

26,553,048‌

Varun

Beverages

Ltd.

...........

4,163,198

24,743,210‌

Vishal

Mega

Mart

Ltd.

(a)

..........

4,564,321

7,243,457‌

309,083,890‌

Indonesia

—

2.6%

Astra

International

Tbk.

PT

.......

66,365,300

20,514,879‌

Bank

Mandiri

Persero

Tbk.

PT

.....

130,452,900

35,513,313‌

56,028,192‌

Italy

—

0.1%

Wizz

Air

Holdings

plc

(a)

(b)

(c)

........

136,805

2,260,115‌

Security

Shares

Shares

Value

Kazakhstan

—

1.0%

Kaspi.KZ

JSC

,

ADR

(c)

...........

261,035

$

20,595,662‌

Mexico

—

4.6%

BBB

Foods,

Inc.

,

Class

A

(a)

.......

326,905

8,342,615‌

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

................

1,251,054

16,594,288‌

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

Class

B

.............

432,087

9,926,434‌

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

ADR

...............

50,598

11,626,915‌

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

..................

5,818,431

51,852,352‌

98,342,604‌

Philippines

—

0.5%

BDO

Unibank,

Inc.

.............

4,734,433

11,557,348‌

Poland

—

3.7%

Bank

Polska

Kasa

Opieki

SA

......

434,234

23,580,384‌

InPost

SA

(a)

..................

540,527

7,763,428‌

Powszechny

Zaklad

Ubezpieczen

SA

2,770,533

46,436,864‌

77,780,676‌

Republic

of

Turkiye

—

3.8%

Akbank

TAS

.................

15,845,122

26,270,547‌

Eldorado

Gold

Corp.

(a)

..........

2,046,525

41,938,620‌

Yapi

ve

Kredi

Bankasi

A/S

(a)

.......

13,903,614

11,498,597‌

79,707,764‌

Russia

—

0.0%

(a)(e)

Gazprom

PJSC

...............

8,520,027

1,051‌

LUKOIL

PJSC

................

1,370,026

169‌

Novatek

PJSC

................

295,922

36‌

Sberbank

of

Russia

PJSC

........

6,788,060

837‌

TCS

Group

Holding

plc

,

GDR

(c)

....

25,066

3‌

2,096‌

South

Korea

—

7.8%

HD

Hyundai

Electric

Co.

Ltd.

......

38,233

13,605,675‌

NAVER

Corp.

................

141,697

23,846,917‌

Samsung

Electronics

Co.

Ltd.

.....

864,087

44,037,308‌

SK

Hynix,

Inc.

................

255,426

49,505,638‌

SK

Square

Co.

Ltd.

(a)

...........

313,324

33,748,264‌

164,743,802‌

Taiwan

—

17.8%

Accton

Technology

Corp.

........

2,142,000

63,262,282‌

Alchip

Technologies

Ltd.

.........

442,000

56,503,992‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

5,170,000

199,041,316‌

Wiwynn

Corp.

................

633,000

57,771,754‌

376,579,344‌

Thailand

—

0.0%

Krungthai

Card

PCL

,

NVDR

.......

932,400

811,396‌

United

Arab

Emirates

—

2.1%

Aldar

Properties

PJSC

..........

8,024,985

20,737,661‌

Emaar

Properties

PJSC

.........

5,783,286

23,950,347‌

44,688,008‌

United

States

—

0.9%

EPAM

Systems,

Inc.

(a)

...........

116,871

18,431,725‌

Total

Long-Term

Investments

—

94.1%

(Cost:

$

1,722,813,388

)

...........................

1,996,219,522‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

3

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

July

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

5.4%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.44

%

(h)

.......

20,130,352‌

$

20,138,404‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.20

%

......

94,512,707‌

94,512,707‌

Total

Short-Term

Securities

—

5

.4

%

(Cost:

$

114,651,111

)

.............................

114,651,111‌

Total

Investments

—

99.5%

(Cost:

$

1,837,464,499

)

...........................

2,110,870,633‌

Other

Assets

Less

Liabilities

—

0.5

%

...................

10,650,469‌

Net

Assets

—

100.0%

..............................

$

2,121,521,102‌

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(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.

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/25

Shares

Held

at

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

2,031,498

$

18,106,919

(a)

$

—

$

—

$

(

13

)

$

20,138,404

20,130,352

$

88,784

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

300,161,444

—

(

205,648,740

)

(a)

3

—

94,512,707

94,512,707

291,478

—

$

3

$

(

13

)

$

114,651,111

$

380,262

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

4

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (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

that

may

not

have

a

secondary

market

and/

or may

have

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.

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.

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

.................................................

691

09/19/25

$

42,783

$

(

632,754

)

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Long

contracts

(a)

Axis

Bank

Ltd.

..............

JPMorgan

Chase

Bank

NA

USD

12,669,749

02/11/26

0.40%

1D

OBFR01

Monthly

$

(

1,361,783

)

FPT

Corp.

................

HSBC

Bank

plc

13,530,115

02/10/28

0.90%

1D

OBFR01

Monthly

(

593,387

)

Hong

Kong

Exchanges

&

Clearing

Ltd.

...................

HSBC

Bank

plc

850,762

02/10/28

0.55%

1D

OBFR01

Monthly

15,139

Hong

Kong

Exchanges

&

Clearing

Ltd.

...................

JPMorgan

Chase

Bank

NA

31,031,351

02/10/26

0.55%

1D

OBFR01

Monthly

552,388

Sany

Heavy

Industry

Co.

Ltd.

....

HSBC

Bank

plc

9,733,127

02/10/28

(0.40)%

1D

OBFR01

Monthly

(

260,540

)

Total

long

positions

of

equity

swaps

(

1,648,183

)

Net

dividends

and

financing

fees

(

444,683

)

Total

equity

swap

contracts

including

dividends

and

financing

fees

$

(

2,092,866

)

(a)

The

Fund

receives

the

total

return

on

a

reference

entity

and

pays

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

position.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

...............................................

$

97,602,554

$

—

$

—

$

97,602,554

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Emerging

Markets

Fund,

Inc.

5

Level

1

Level

2

Level

3

Total

Canada

.............................................

$

28,100,208

$

—

$

—

$

28,100,208

China

...............................................

87,866,927

435,480,918

—

523,347,845

Hong

Kong

...........................................

39,034,874

—

—

39,034,874

Hungary

.............................................

—

47,521,419

—

47,521,419

India

...............................................

15,754,882

293,329,008

—

309,083,890

Indonesia

............................................

—

56,028,192

—

56,028,192

Italy

................................................

—

2,260,115

—

2,260,115

Kazakhstan

...........................................

20,595,662

—

—

20,595,662

Mexico

..............................................

98,342,604

—

—

98,342,604

Philippines

...........................................

—

11,557,348

—

11,557,348

Poland

..............................................

—

77,780,676

—

77,780,676

Republic

of

Turkiye

......................................

41,938,620

37,769,144

—

79,707,764

Russia

..............................................

—

—

2,096

2,096

South

Korea

..........................................

—

164,743,802

—

164,743,802

Taiwan

..............................................

—

376,579,344

—

376,579,344

Thailand

.............................................

—

811,396

—

811,396

United

Arab

Emirates

....................................

—

44,688,008

—

44,688,008

United

States

..........................................

18,431,725

—

—

18,431,725

Short-Term

Securities

Money

Market

Funds

......................................

114,651,111

—

—

114,651,111

$

562,319,167

$

1,548,549,370

$

2,096

$

2,110,870,633

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

—

$

567,527

$

—

$

567,527

Liabilities

Equity

contracts

...........................................

(

632,754

)

(

2,660,393

)

—

(

3,293,147

)

$

(

632,754

)

$

(

2,092,866

)

$

—

$

(

2,725,620

)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

JSC

Joint

Stock

Company

MSCI

Morgan

Stanley

Capital

International

NVDR

Non-Voting

Depository

Receipts

OBFR01

USD

-

1D

Overnight

Bank

Funding

Rate

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

Fair

Value

Hierarchy

as

of

Period

End

(continued)