# EDGAR Filing Document

**Accession Number:** 0000849402
**File Stem:** 0002071691-26-013209
**Filing Date:** 2026-6
**Character Count:** 40919
**Document Hash:** 558a3bf554b546c733251712582ffea8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-013209.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0002071691-26-013209

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**PERIOD START**: 20260430

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05723
- **FILM NUMBER:** 261064437

**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:** 2026-04-30

- **b. Date as of which information is reported:** 2025-10-31

**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:** $2101364739.93

**Total Liabilities:** $44423292.77

**Net Assets:** $2056941447.16

**Cash Not Reported:** $24847919.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005816 | 4.33%                | 6.76%                | 3.10%                |
| Class ID C000005817 | 4.38%                | 6.89%                | 3.21%                |
| Class ID C000198223 | 4.38%                | 6.89%                | 3.20%                |
| Class ID C000005814 | 4.37%                | 6.83%                | 3.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6295379.95              | $81687844.34                               |
| Month 2  | $47287780.75             | $91308968.92                               |
| Month 3  | $89554922.01             | $-25465549.61                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Norwegian Krone                                | Norwegian Krone                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NO        |       176 | OU      | $17.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CG Power & Industrial Solutions Ltd.           | CG Power & Industrial Solutions Ltd.                   | CUSIP: N/A<br>LEI: 335800KN5UTZKUZN2703       | Long             | EC               | CORP              | IN        |   1170789 | NS      | $9707129.83   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV     | Grupo Aeroportuario del Pacifico SAB de CV, Class B    | CUSIP: N/A<br>LEI: 4469000001BZ368XFI90       | Long             | EC               | CORP              | MX        |    268395 | NS      | $5594710.64   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Zijin Mining Group Co. Ltd., Class A                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   4508900 | NS      | $-1198238.60  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Novatek PJSC                                   | Novatek PJSC                                           | CUSIP: N/A<br>LEI: 2138008R6GCRVBDFA581       | Long             | EC               | CORP              | RU        |    295922 | NS      | $36.62        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sea Ltd.                                       | Sea Ltd., Class A                                      | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     58233 | NS      | $9098906.25   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk. PT                    | Astra International Tbk. PT                            | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |  31516500 | NS      | $11653650.72  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Rand                                           | Rand                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |         0 | OU      | $0.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd.                             | Futu Holdings Ltd.                                     | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |    209360 | NS      | $41671014.40  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV | Grupo Aeroportuario del Centro Norte SAB de CV         | CUSIP: N/A<br>LEI: 529900HUSBARAFSXJ605       | Long             | EC               | CORP              | MX        |   1031177 | NS      | $12707035.68  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                     | Alibaba Group Holding Ltd.                             | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |   2018400 | NS      | $42949027.22  | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                        | Meituan, Class B                                       | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | KY        |    681400 | NS      | $8969101.30   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Axis Bank Ltd.                                         | CUSIP: 05462W109<br>LEI: N/A                  | N/A              | DE               |  | US        |    143578 | NS      | $282574.33    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd.                             | Bajaj Finance Ltd.                                     | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |   1056127 | NS      | $12403798.64  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd.                           | Varun Beverages Ltd.                                   | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |   3431490 | NS      | $18133337.38  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Hong Kong Exchanges & Clearing Ltd.                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    559800 | NS      | $-1497784.90  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd.                     | Capitec Bank Holdings Ltd.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |     77966 | NS      | $17249784.88  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology                            | Kuaishou Technology                                    | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | KY        |   2775000 | NS      | $25764029.34  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Land Ltd.                      | China Resources Land Ltd.                              | CUSIP: N/A<br>LEI: 5299001HL0TU7X15HK51       | Long             | EC               | CORP              | KY        |   5354000 | NS      | $19343670.09  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Funds III                            | BlackRock Cash Funds: Institutional, SL Agency Shares  | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        |  33443099 | NS      | $33459820.72  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp.                                    | NAVER Corp.                                            | CUSIP: N/A<br>LEI: 988400ULUQYDB2HQYJ61       | Long             | EC               | CORP              | KR        |     44610 | NS      | $8360634.93   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Rupiah                                         | Rupiah                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | ID        |        -2 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| XP, Inc.                                       | XP, Inc., Class A                                      | CUSIP: N/A<br>LEI: 5493008KDA8NBZRJST80       | Long             | EC               | CORP              | KY        |   2946677 | NS      | $53688454.94  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.    | Taiwan Semiconductor Manufacturing Co. Ltd.            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   4261000 | NS      | $206060621.03 | 10.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Forint                                         | Forint                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | HU        |        -1 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk. PT                   | Bank Mandiri Persero Tbk. PT                           | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |  66793800 | NS      | $18923596.72  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Mexican Peso                                   | Mexican Peso                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | MX        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co. Ltd.       | Contemporary Amperex Technology Co. Ltd., Class H      | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    102100 | NS      | $7306485.48   | 0.36%             |  |  |  | No            |                  2 | On Loan: —       |
| Emaar Properties PJSC                          | Emaar Properties PJSC                                  | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |   3557913 | NS      | $13767857.77  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Sany Heavy Industry Co. Ltd., Class A                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   3430600 | NS      | $-514065.73   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                                     | Akbank TAS                                             | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |  13060250 | NS      | $18857514.99  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Polska Kasa Opieki SA                     | Bank Polska Kasa Opieki SA                             | CUSIP: N/A<br>LEI: 5493000LKS7B3UTF7H35       | Long             | EC               | CORP              | PL        |    357917 | NS      | $18325988.93  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | FPT Corp.                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   3100185 | NS      | $1118434.31   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA               | Powszechny Zaklad Ubezpieczen SA                       | CUSIP: N/A<br>LEI: QLPCKOOKVX32FUELX240       | Long             | EC               | CORP              | PL        |   1564695 | NS      | $25018176.90  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co. Ltd.                  | China Merchants Bank Co. Ltd., Class H                 | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |   1166000 | NS      | $7309113.14   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                 | HDFC Bank Ltd.                                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   2706814 | NS      | $30096656.01  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Sany Heavy Industry Co. Ltd.                   | Sany Heavy Industry Co. Ltd., Class A                  | CUSIP: N/A<br>LEI: 3003001FS86S7NYOHV89       | Long             | EC               | CORP              | CN        |  15439551 | NS      | $47977274.92  | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co. Ltd.                  | China Merchants Bank Co. Ltd., Class A                 | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |    761527 | NS      | $4374136.57   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Alpha Bank SA                                  | Alpha Bank SA                                          | CUSIP: N/A<br>LEI: 213800DBQIB6VBNU5C64       | Long             | EC               | CORP              | GR        |   2299771 | NS      | $9015588.88   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Krungthai Card PCL                             | Krungthai Card PCL                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   6257900 | NS      | $5518442.11   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Hongfa Technology Co. Ltd., Class A                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   2401992 | NS      | $758895.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rabigh Refining & Petrochemical Co.            | Rabigh Refining & Petrochemical Co.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |    751504 | NS      | $1799286.93   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Yuan Renminbi                                  | Yuan Renminbi                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CN        |  37859711 | OU      | $5314687.89   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepkor Holdings Ltd.                           | Pepkor Holdings Ltd.                                   | CUSIP: N/A<br>LEI: 3789006D677C34F69875       | Long             | EC               | CORP              | ZA        |   4361129 | NS      | $6649503.72   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                          | Tencent Holdings Ltd.                                  | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |   2044500 | NS      | $166070160.77 | 8.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp.                             | Kinross Gold Corp.                                     | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |   1294907 | NS      | $30093638.68  | 1.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Al Rajhi Bank                                  | Al Rajhi Bank                                          | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |    214012 | NS      | $6048862.11   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co. Ltd.                           | Midea Group Co. Ltd., Class A                          | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |   1649100 | NS      | $17689091.57  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co. Ltd.                        | Elite Material Co. Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    415000 | NS      | $18233316.45  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Lodha Developers Ltd.                          | Lodha Developers Ltd.                                  | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |    547918 | NS      | $7401420.85   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| New Taiwan Dollar                              | New Taiwan Dollar                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        | 124949570 | OU      | $4064590.29   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt.                                 | OTP Bank Nyrt.                                         | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |    438031 | NS      | $41812436.23  | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.               | Apollo Hospitals Enterprise Ltd.                       | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |    468717 | NS      | $40563590.09  | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Eastroc Beverage Group Co. Ltd.                | Eastroc Beverage Group Co. Ltd., Class A               | CUSIP: N/A<br>LEI: 836800LQ338417RCIL29       | Long             | EC               | CORP              | CN        |    499100 | NS      | $19613567.85  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co. Ltd.                    | Zijin Mining Group Co. Ltd., Class A                   | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   1267300 | NS      | $5414627.14   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co. Ltd.       | Contemporary Amperex Technology Co. Ltd., Class A      | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    768000 | NS      | $41930331.51  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp.                        | Accton Technology Corp.                                | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               | CORP              | TW        |   1240000 | NS      | $43123119.99  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                     | Alibaba Group Holding Ltd.                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    183874 | NS      | $31337645.82  | 1.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Reliance Industries Ltd.                       | Reliance Industries Ltd.                               | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |   1214450 | NS      | $20321206.64  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Square Co. Ltd.                             | SK Square Co. Ltd.                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    210570 | NS      | $38221767.51  | 1.86%             |  |  |  | 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        |     41707 | NS      | $8688402.24   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                        | Sberbank of Russia PJSC                                | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |   6788060 | NS      | $840.11       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BBB Foods, Inc.                                | BBB Foods, Inc., Class A                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VG        |    425624 | NS      | $11628047.68  | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Indian Rupee                                   | Indian Rupee                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        | 168878009 | OU      | $1902395.30   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                                   | Gazprom PJSC                                           | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |   8520027 | NS      | $1054.46      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Tata Consultancy Services Ltd.                 | Tata Consultancy Services Ltd.                         | CUSIP: N/A<br>LEI: 335800ZJKU9GPQRE2U66       | Long             | EC               | CORP              | IN        |     74214 | NS      | $2554202.06   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Electric Co. Ltd.                   | HD Hyundai Electric Co. Ltd.                           | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               | CORP              | KR        |     31514 | NS      | $19146218.77  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                          | Aldar Properties PJSC                                  | CUSIP: N/A<br>LEI: 98450048CD8AEF13B480       | Long             | EC               | CORP              | AE        |   6614547 | NS      | $16206422.81  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd.                          | UltraTech Cement Ltd.                                  | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |    165937 | NS      | $22313632.63  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                      | BlackRock Liquidity Funds, T-Fund, Institutional Class | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        | 131521837 | NS      | $131521837.24 | 6.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix, Inc.                                 | SK hynix, Inc.                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |    142146 | NS      | $55308085.32  | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp.                                   | Xiaomi Corp., Class B                                  | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | KY        |   1070200 | NS      | $5937376.32   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanil Electric Co. Ltd.                        | Sanil Electric Co. Ltd.                                | CUSIP: N/A<br>LEI: 988400KW0ZAP6QNYIX16       | Long             | EC               | CORP              | KR        |     51081 | NS      | $5590660.57   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Sany Heavy Industry Co. Ltd.                   | Sany Heavy Industry Co. Ltd.                           | CUSIP: N/A<br>LEI: 3003001FS86S7NYOHV89       | Long             | EC               | CORP              | CN        |   4921000 | NS      | $14806285.27  | 0.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Amber Enterprises India Ltd.                   | Amber Enterprises India Ltd.                           | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |    147345 | NS      | $13324336.60  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | NAURA Technology Group Co. Ltd., Class A               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |    154810 | NS      | $-1094010.22  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp.                                   | Wiwynn Corp.                                           | CUSIP: N/A<br>LEI: 254900FV2R15PMKXFL69       | Long             | EC               | CORP              | TW        |    368000 | NS      | $51895224.16  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Brazilian Real                                 | Brazilian Real                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | BR        |       -29 | OU      | $-5.48        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T-Tekhnologii MKPAO                            | T-Tekhnologii MKPAO                                    | CUSIP: 87238U203<br>LEI: 549300XQRN9MR54V1W18 | Long             | EC               | CORP              | RU        |     25066 | NS      | $3.10         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BOC Hong Kong Holdings Ltd.                    | BOC Hong Kong Holdings Ltd.                            | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               | CORP              | HK        |   3275500 | NS      | $16094889.49  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd.                                | ICICI Bank Ltd.                                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |   2207206 | NS      | $33444987.75  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                | Lojas Renner SA                                        | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               | CORP              | BR        |  11687279 | NS      | $32151177.84  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | MSCI Emerging Markets E-Mini Index                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       583 | NC      | $-38820.75    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Won                                            | Won                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | KR        |       -13 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BDO Unibank, Inc.                              | BDO Unibank, Inc.                                      | CUSIP: N/A<br>LEI: 3FGIIBS1PEI1FYQBGN97       | Long             | EC               | CORP              | PH        |   3902363 | NS      | $8852429.24   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd.                             | Bharti Airtel Ltd.                                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |    696422 | NS      | $16126478.16  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co. Ltd.                    | Zijin Mining Group Co. Ltd., Class H                   | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   8172000 | NS      | $33807685.84  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Zloty                                          | Zloty                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |         0 | OU      | $0.12         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Uae Dirham                                     | Uae Dirham                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AE        |      7016 | OU      | $1910.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV             | Grupo Financiero Banorte SAB de CV, Class O            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   4572908 | NS      | $43037541.45  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                    | LUKOIL PJSC                                            | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               | CORP              | RU        |   1370026 | NS      | $169.56       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Philippine Peso                                | Philippine Peso                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | PH        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                           | EURO                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |     13761 | OU      | $15861.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishal Mega Mart Ltd.                          | Vishal Mega Mart Ltd.                                  | CUSIP: N/A<br>LEI: 335800AL4QPSIFSU3936       | Long             | EC               | CORP              | IN        |   4098818 | NS      | $6671832.34   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan American Silver Corp.                      | Pan American Silver Corp.                              | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    902614 | NS      | $31781038.94  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp.                            | Eldorado Gold Corp.                                    | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    289457 | NS      | $7419328.47   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Gold International Co. Ltd.              | Zijin Gold International Co. Ltd.                      | CUSIP: N/A<br>LEI: 254900FINUJR4MZ8A417       | Long             | EC               | CORP              | HK        |    218200 | NS      | $3689761.99   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alchip Technologies Ltd.                       | Alchip Technologies Ltd.                               | CUSIP: N/A<br>LEI: 529900HKE9RIY07SLX84       | Long             | EC               | CORP              | KY        |    382000 | NS      | $43035712.59  | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Eicher Motors Ltd.                             | Eicher Motors Ltd.                                     | CUSIP: N/A<br>LEI: 25490059S64CN2OY7239       | Long             | EC               | CORP              | IN        |    236497 | NS      | $18650734.60  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| China Life Insurance Co. Ltd.                  | China Life Insurance Co. Ltd., Class H                 | CUSIP: N/A<br>LEI: 549300J6TFLDXGH6S048       | Long             | EC               | CORP              | CN        |   8121000 | NS      | $25609517.51  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Zabka Group SA                                 | Zabka Group SA                                         | CUSIP: N/A<br>LEI: 549300TU2RZ35E4ET914       | Long             | EC               | CORP              | LU        |    605196 | NS      | $3516047.43   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Riyal                                    | Saudi Riyal                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SA        |       976 | OU      | $260.37       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co. Ltd.                   | Samsung Electronics Co. Ltd.                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    712219 | NS      | $53613153.78  | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd.                       | Mahindra & Mahindra Ltd.                               | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |    758630 | NS      | $29789944.05  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Eldorado Gold Corp.                            | Eldorado Gold Corp.                                    | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    397316 | NS      | $10187182.24  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-10-31

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer