# EDGAR Filing Document

**Accession Number:** 0000849402
**File Stem:** 0001752724-25-157871
**Filing Date:** 2025-6
**Character Count:** 33942
**Document Hash:** 0069748fb93e9072021996c360bbcffc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157871.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157871

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK EMERGING MARKETS FUND, INC.
- **CENTRAL INDEX KEY:** 0000849402

**ORGANIZATION NAME:**
- **EIN:** 222986118
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05723
- **FILM NUMBER:** 251076932

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK GLOBAL EMERGING MARKETS FUND, INC.
- **DATE OF NAME CHANGE:** 20080317

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK DEVELOPING CAPITAL MARKETS FUND, INC.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BLACKROCK EMERGING MARKETS FUND, INC. (Series ID: S000002250)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000005814 | Investor A    |  |
| C000005816 | Investor C    |  |
| C000005817 | Institutional |  |
| C000198223 | Class K       |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Emerging Markets Fund, Inc.

- **b. Investment Company Act file number:** 811-05723

- **c. CIK number of Registrant:** 0000849402

- **d. LEI of Registrant:** V7MCQIT131MC0O5SFL70

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Emerging Markets Fund, Inc.

- **b. EDGAR series identifier (if any):** S000002250

- **c. LEI of Series:** V7MCQIT131MC0O5SFL70

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3702880126.71

**Total Liabilities:** $67303068.07

**Net Assets:** $3635577058.64

**Cash Not Reported:** $4500427.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005816 | 0.05%                | -0.85%               | 0.43%                |
| Class ID C000005817 | 0.13%                | -0.76%               | 0.51%                |
| Class ID C000198223 | 0.17%                | -0.76%               | 0.51%                |
| Class ID C000005814 | 0.13%                | -0.79%               | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-37544582.80            | $43047232.81                               |
| Month 2  | $3484847.79              | $-25533922.41                              |
| Month 3  | $23847394.42             | $-26639854.39                              |

**Designated Index Information**

- **Index Name:** MSCI Emerging Markets Index

- **Index Identifier:** GDUEEGF

### Schedule of Portfolio Investments

| Name                                           | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ping An Insurance Group Co of China Ltd        | Ping An Insurance Group Co of China Ltd                 | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   5438500 | NS      | $32549596.41  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems Inc                               | EPAM Systems Inc                                        | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |    379435 | NS      | $59537145.85  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| eMemory Technology Inc                         | eMemory Technology Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    610000 | NS      | $49118112.34  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                                         | XP Inc                                                  | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |   4211838 | NS      | $67810591.80  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Eternal Ltd                                    | Eternal Ltd                                             | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |   7140125 | NS      | $19542408.22  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV     | Grupo Aeroportuario del Pacifico SAB de CV              | CUSIP: 000000000<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |   1060736 | NS      | $21536556.73  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd                                  | Axis Bank Ltd                                           | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   2628270 | NS      | $36867030.86  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GAIL India Ltd                                 | GAIL India Ltd                                          | CUSIP: 000000000<br>LEI: 335800N82LJD42ZA5L32 | Long             | EC               | CORP              | IN        |  25046621 | NS      | $55992687.99  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc                               | PDD Holdings Inc                                        | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |    585745 | NS      | $61837099.65  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd                    | China Merchants Bank Co Ltd                             | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   8876427 | NS      | $49777421.72  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS USD USD OVERNIGHT SWEEP         | BROWN BROTHERS USD                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1050000 | NS      | $1050000.00   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                | BDO Unibank Inc                                         | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |   2934720 | NS      | $8422818.63   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Unilever Ltd                         | Hindustan Unilever Ltd                                  | CUSIP: 000000000<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |   1451848 | NS      | $40307566.18  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Eicher Motors Ltd                              | Eicher Motors Ltd                                       | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |    698876 | NS      | $46021985.10  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Fibra Uno Administracion SA de CV              | Fibra Uno Administracion SA de CV                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | MX        |  10345818 | NS      | $13342124.74  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Akbank TAS                                     | Akbank TAS                                              | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | EC               | CORP              | TR        |  51300944 | NS      | $65189114.61  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Full Truck Alliance Co Ltd                     | Full Truck Alliance Co Ltd                              | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |   5248748 | NS      | $59625777.28  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                     | TRS: BlackRock Emerging Markets Fund                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               |  | US        |   4248175 | OU      | $117039209.57 | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS CAD CAD OVERNIGHT SWEEP         | BROWN BROTHERS CAD                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       124 | NS      | $89.82        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Macrotech Developers Ltd                       | Macrotech Developers Ltd                                | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |   1626088 | NS      | $25584909.08  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd                  | Tata Consultancy Services Ltd                           | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |   1895287 | NS      | $77365379.29  | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                      | Alibaba Group Holding Ltd                               | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    391283 | NS      | $46730928.69  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt                                  | OTP Bank Nyrt                                           | CUSIP: 000000000<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |   1287087 | NS      | $95074547.48  | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Futu Holdings Ltd                              | Futu Holdings Ltd                                       | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |    354924 | NS      | $32763034.44  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                         | PURCHASED USD / SOLD CNH                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $844102.26    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                      | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   9237020 | NS      | $9237019.92   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Funds III                            | BlackRock Cash Funds: Institutional, SL Agency Shares   | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   2083621 | NS      | $2084454.35   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wizz Air Holdings Plc                          | Wizz Air Holdings Plc                                   | CUSIP: 000000000<br>LEI: 213800COXGZCORLJZA85 | Long             | EC               | CORP              | JE        |   1712995 | NS      | $37368408.04  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV | Grupo Aeroportuario del Centro Norte SAB de CV          | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |   2484430 | NS      | $27433184.89  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC Ltd                                       | NTPC Ltd                                                | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |   3738301 | NS      | $15661585.64  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Etihad Etisalat Co                             | Etihad Etisalat Co                                      | CUSIP: 000000000<br>LEI: 2549007BA9ABDE3HVK79 | Long             | EC               | CORP              | SA        |     60686 | NS      | $1016030.82   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hapvida Participacoes e Investimentos S/A      | Hapvida Participacoes e Investimentos S/A               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        | 165593283 | NS      | $67694495.57  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                             | Eldorado Gold Corp                                      | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |   2815330 | NS      | $52973785.14  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                    | Bank Mandiri Persero Tbk PT                             | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        | 259062400 | NS      | $76503042.38  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Geely Automobile Holdings Ltd                  | Geely Automobile Holdings Ltd                           | CUSIP: 000000000<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | KY        |  29369000 | NS      | $61654379.27  | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Sany Heavy Industry Co Ltd                     | Sany Heavy Industry Co Ltd                              | CUSIP: 000000000<br>LEI: 3003001FS86S7NYOHV89 | Long             | EC               | CORP              | CN        |  21576951 | NS      | $56166139.67  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of the Philippine Islands                 | Bank of the Philippine Islands                          | CUSIP: 000000000<br>LEI: 549300UW4UH6XT2X8C50 | Long             | EC               | CORP              | PH        |   3495300 | NS      | $8763851.95   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                          | Emaar Properties PJSC                                   | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |  15073065 | NS      | $53859854.49  | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                  | PURCHASED USD / SOLD CNH                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1165350.43   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV             | Grupo Financiero Banorte SAB de CV                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |  12083834 | NS      | $103840682.58 | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd                              | Bharti Airtel Ltd                                       | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    151416 | NS      | $3339969.25   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA               | Powszechny Zaklad Ubezpieczen SA                        | CUSIP: 000000000<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |   3738657 | NS      | $58326039.26  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd                              | Bajaj Finance Ltd                                       | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |    394974 | NS      | $40301762.72  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                    | PURCHASED USD / SOLD CNH                                | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $672656.83    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                          | Aldar Properties PJSC                                   | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |  19422128 | NS      | $43737735.45  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom PJSC                                   | Gazprom PJSC                                            | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |   8520027 | NS      | $1039.03      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hindustan Petroleum Corp Ltd                   | Hindustan Petroleum Corp Ltd                            | CUSIP: 000000000<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               | CORP              | IN        |   5991957 | NS      | $26816380.97  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                | Lojas Renner SA                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  23748405 | NS      | $61137449.59  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Electronic International Co Ltd            | BYD Electronic International Co Ltd                     | CUSIP: 000000000<br>LEI: 5299001O3LAFGRPZ3Y63 | Long             | EC               | CORP              | HK        |   5693000 | NS      | $23628355.48  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                                 | Li Ning Co Ltd                                          | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |  13478500 | NS      | $25411529.29  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Eldorado Gold Corp                             | Eldorado Gold Corp                                      | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |   1248802 | NS      | $23527429.68  | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Titagarh Rail System Ltd                       | Titagarh Rail System Ltd                                | CUSIP: 000000000<br>LEI: 335800TP8W734TPCXK95 | Long             | EC               | CORP              | IN        |    731677 | NS      | $6478214.75   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| REC Ltd                                        | REC Ltd                                                 | CUSIP: 000000000<br>LEI: 335800B4YRYWAMIJZ374 | Long             | EC               | CORP              | IN        |  13040836 | NS      | $65094815.49  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| TCS Group Holding PLC                          | TCS Group Holding PLC                                   | CUSIP: 87238U203<br>LEI: 549300XQRN9MR54V1W18 | Long             | EC               | CORP              | CY        |     25066 | NS      | $3.06         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Zijin Mining Group Co Ltd                      | Zijin Mining Group Co Ltd                               | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |  24209500 | NS      | $58322295.65  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                         | MSCI EMGMKT JUN25                                       | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |      1574 | NC      | $5900737.04   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Xinyi Solar Holdings Ltd                       | Xinyi Solar Holdings Ltd                                | CUSIP: 000000000<br>LEI: 529900QF7VIH03SB7Q08 | Long             | EC               | CORP              | KY        |  71438000 | NS      | $23757436.61  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp                                    | Wiwynn Corp                                             | CUSIP: 000000000<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |   1325000 | NS      | $79740187.37  | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| LUKOIL PJSC                                    | LUKOIL PJSC                                             | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |   1370026 | NS      | $167.08       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BROWN BROTHERS NOK NOK OVERNIGHT SWEEP         | BROWN BROTHERS NOK                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       174 | NS      | $16.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV     | Grupo Aeroportuario del Pacifico SAB de CV              | CUSIP: 400506101<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |    100479 | NS      | $20649439.29  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                        | Sberbank of Russia PJSC                                 | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   6788060 | NS      | $827.81       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kaspi.KZ JSC                                   | Kaspi.KZ JSC                                            | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    518378 | NS      | $45560242.42  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek PJSC                                   | Novatek PJSC                                            | CUSIP: 000000000<br>LEI: 2138008R6GCRVBDFA581 | Long             | EC               | CORP              | RU        |    295922 | NS      | $36.09        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Astra International Tbk PT                     | Astra International Tbk PT                              | CUSIP: 000000000<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        | 131792500 | NS      | $38091449.58  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                      | Alibaba Group Holding Ltd                               | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   1416800 | NS      | $21152861.81  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                   | SK Hynix Inc                                            | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    759033 | NS      | $94706879.51  | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Yapi ve Kredi Bankasi AS                       | Yapi ve Kredi Bankasi AS                                | CUSIP: 000000000<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | EC               | CORP              | TR        |  94084744 | NS      | $55955477.66  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd      | Taiwan Semiconductor Manufacturing Co Ltd               | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |  11121000 | NS      | $315108544.23 | 8.67%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                                  | TRS: BlackRock Emerging Markets Fund, Inc. - HSBC CFD   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |  33666342 | OU      | $75121487.23  | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                 | ICICI Bank Ltd                                          | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   2649630 | NS      | $44538354.84  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                    | China Merchants Bank Co Ltd                             | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   6301500 | NS      | $34372420.47  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                      | InPost SA                                               | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |   1597595 | NS      | $26986387.84  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| GoerTek Inc                                    | GoerTek Inc                                             | CUSIP: 000000000<br>LEI: 300300FEEFS8BQPXIV57 | Long             | EC               | CORP              | CN        |  10420900 | NS      | $30454428.85  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                      | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        | 283066092 | NS      | $283066092.24 | 7.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico SAB de CV             | Kimberly-Clark de Mexico SAB de CV                      | CUSIP: 000000000<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |   8026824 | NS      | $14149935.27  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ayala Land Inc                                 | Ayala Land Inc                                          | CUSIP: 000000000<br>LEI: 254900EWT10TQ6DKTV34 | Long             | EC               | CORP              | PH        |  21516300 | NS      | $9652196.77   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   3607400 | NS      | $220956648.27 | 6.08%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                                | KE Holdings Inc                                         | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | KY        |   1528798 | NS      | $31034599.40  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Puma SE                                        | Puma SE                                                 | CUSIP: 000000000<br>LEI: 529900GRZ2BQY5ZM9N49 | Long             | EC               | CORP              | DE        |    260190 | NS      | $6718326.34   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp                                     | NAVER Corp                                              | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |    613145 | NS      | $86272924.37  | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd        | Ping An Insurance Group Co of China Ltd                 | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   6723055 | NS      | $46937861.77  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                        | Meituan                                                 | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |   5530500 | NS      | $91570910.04  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                   | China Construction Bank Corp                            | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |  39105000 | NS      | $32121936.91  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** BlackRock Emerging Markets Fund, Inc.

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer