# EDGAR Filing Document

**Accession Number:** 0000849402
**File Stem:** 0001752724-23-071850
**Filing Date:** 2023-3
**Character Count:** 84512
**Document Hash:** 790acde2ee16cbef16982a8f34a22201
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-071850.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-071850

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK EMERGING MARKETS FUND, INC.
- **CENTRAL INDEX KEY:** 0000849402
- **IRS NUMBER:** 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:** 23773964

**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       |  |

## Nport-Ex

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> January 31, 2023 | **BlackRock Emerging Markets Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Austria — 0.8%** |  |  |
|  Erste Group Bank AG | 706779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26818115 |
|  Raiffeisen Bank International AG<sup>(a)</sup>  | 870851 | 15668492 |
|  |  | 42486607 |
| **Brazil — 8.4%** |  |  |
|  Ambev SA | 13796673 | 37125968 |
|  Ambev SA, ADR | 7091618 | 18863704 |
|  Arezzo Industria e Comercio SA | 806082 | 13910286 |
|  B3 SA - Brasil Bolsa Balcao | 23571247 | 60178350 |
|  Banco Bradesco SA, ADR | 23022553 | 64232923 |
|  Cyrela Brazil Realty SA Empreendimentos e Participacoes | 2878060 | 8606456 |
|  Hapvida Participacoes e Investimentos SA<sup>(a)(b)</sup>  | 60228807 | 61103236 |
|  Multiplan Empreendimentos Imobiliarios SA | 5788283 | 27126697 |
|  Petroleo Brasileiro SA, ADR | 3792463 | 43992571 |
|  Rumo SA | 6854739 | 24819278 |
|  Sendas Distribuidora SA | 18364923 | 71089324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431048793 |
| **Chile — 0.3%** |  |  |
|  Banco de Chile | 130959388 | 14310614 |
| **China — 32.2%** |  |  |
|  Alibaba Group Holding Ltd.<sup>(a)</sup>  | 3541200 | 48686752 |
|  Alibaba Group Holding Ltd., ADR<sup>(a)</sup>  | 750929 | 82752376 |
|  Baidu, Inc., ADR<sup>(a)(c)</sup>  | 865845 | 116612005 |
|  Baidu, Inc., Class A<sup>(a)</sup>  | 1299400 | 21842963 |
|  China Mengniu Dairy Co. Ltd. | 16174000 | 78021312 |
|  China Merchants Bank Co. Ltd., Class H | 19630000 | 127322674 |
|  China Oilfield Services Ltd., Class A | 5289291 | 12832617 |
|  China Oilfield Services Ltd., Class H | 21646000 | 26235665 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 860071 | 59676097 |
|  ENN Energy Holdings Ltd. | 2486500 | 37463402 |
|  Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup>  | 5104000 | 25119629 |
|  Haier Smart Home Co. Ltd., Class H | 9241600 | 34084113 |
|  Han's Laser Technology Industry Group Co. Ltd., Class A | 3820455 | 15884180 |
|  Kweichow Moutai Co. Ltd., Class A | 305599 | 83809618 |
|  Li Ning Co. Ltd. | 8760000 | 86598418 |
|  Meituan, Class B<sup>(a)(b)</sup>  | 5008380 | 111966725 |
|  NARI Technology Co. Ltd., Class A | 7728389 | 30293634 |
|  NetEase, Inc. | 543300 | 9639290 |
|  NetEase, Inc., ADR | 60573 | 5367373 |
|  PetroChina Co. Ltd., Class H | 51156000 | 27365901 |
|  Pinduoduo, Inc., ADR<sup>(a)(c)</sup>  | 1118166 | 109557905 |
|  Satellite Chemical Co. Ltd., Class A | 5897820 | 15507405 |
|  Shanghai International Airport Co. Ltd.,<br>Class A<sup>(a)</sup> | 4442687 | 39923285 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 1478897 | 15653118 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 441788 | 21848235 |
|  Shenzhou International Group Holdings Ltd. | 2950200 | 37153682 |
|  Sunny Optical Technology Group Co. Ltd. | 3229100 | 43583610 |
|  Tencent Holdings Ltd. | 1813100 | 88350386 |
|  Tencent Holdings Ltd., ADR<sup>(c)</sup>  | 867226 | 42277267 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1040400 | 14930756 |
|  Wuliangye Yibin Co. Ltd., Class A | 1515185 | 47160775 |
|  Yum China Holdings, Inc. | 1392116 | 85768267 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **China (continued)** |  |  |
|  Zijin Mining Group Co. Ltd., Class H | 14874000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24602351 |
|  ZTO Express Cayman, Inc., ADR | 825819 | 23544100 |
|  |  | 1651435886 |
| **Egypt — 0.2%** |  |  |
|  Commercial International Bank Egypt SAE | 5534249 | 9102896 |
| **Hong Kong — 2.2%** |  |  |
|  China Gas Holdings Ltd. | 21094800 | 32840771 |
|  Guangdong Investment Ltd. | 15382000 | 16711294 |
|  Melco Resorts & Entertainment Ltd., ADR<sup>(a)</sup>  | 3393129 | 46350142 |
|  Techtronic Industries Co., Ltd. | 1322500 | 17049383 |
|  |  | 112951590 |
| **Hungary — 1.2%** |  |  |
|  MOL Hungarian Oil & Gas PLC | 3356086 | 25080471 |
|  OTP Bank Nyrt | 1170713 | 35275322 |
|  |  | 60355793 |
| **India — 8.5%** |  |  |
|  Axis Bank Ltd. | 5774135 | 61712372 |
|  Godrej Consumer Products Ltd.<sup>(a)</sup>  | 3750979 | 41931297 |
|  Godrej Properties Ltd.<sup>(a)</sup>  | 1337226 | 19398642 |
|  HDFC Bank Ltd. | 4539576 | 89332633 |
|  Hindustan Unilever Ltd. | 771299 | 24334767 |
|  ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup>  | 4513626 | 25012813 |
|  InterGlobe Aviation Ltd.<sup>(a)(b)</sup>  | 1102697 | 28676890 |
|  Larsen & Toubro Ltd. | 1437894 | 37431832 |
|  Mahindra & Mahindra Ltd. | 2199412 | 37177910 |
|  PVR Ltd.<sup>(a)</sup>  | 620099 | 12891114 |
|  Tata Consultancy Services Ltd. | 1433506 | 59166030 |
|  |  | 437066300 |
| **Indonesia — 2.4%** |  |  |
|  Astra International Tbk PT | 55645300 | 22355601 |
|  Bank Central Asia Tbk PT | 78605400 | 44609269 |
|  Bank Rakyat Indonesia Persero Tbk PT | 83362900 | 25564719 |
|  Telkom Indonesia Persero Tbk PT | 121969800 | 31520972 |
|  |  | 124050561 |
| **Italy — 0.5%** |  |  |
|  PRADA SpA | 3784900 | 24202739 |
| **Kazakhstan — 0.8%** |  |  |
|  Kaspi.KZ JSC, GDR, Registered Shares | 565032 | 41536167 |
| **Macau — 1.4%** |  |  |
|  Sands China Ltd.<sup>(a)</sup>  | 18721600 | 70207596 |
| **Malaysia — 0.8%** |  |  |
|  Malayan Banking Bhd | 5180000 | 10624118 |
|  Public Bank Bhd | 28829100 | 28696996 |
|  |  | 39321114 |
| **Mexico — 4.1%** |  |  |
|  Cemex SAB de CV<sup>(a)</sup>  | 15511269 | 8270260 |
|  Cemex SAB de CV, ADR<sup>(a)(c)</sup>  | 4287334 | 22894364 |
|  Fomento Economico Mexicano SAB de CV | 4857959 | 42551805 |
|  Grupo Aeroportuario del Pacifico SAB de CV, ADR | 124051 | 21407481 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 861799 | 14878109 |
|  Grupo Financiero Banorte SAB de CV, Class O | 7392514 | 61317371 |
|  Wal-Mart de Mexico SAB de CV | 10437801 | 40885383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212204773 |

---

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023<br>| **BlackRock Emerging Markets Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Netherlands — 0.9%** |  |  |
|  Prosus NV | 588754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47539076 |
| **Panama — 0.9%** |  |  |
|  Copa Holdings SA, Class A<sup>(a)</sup>  | 483058 | 44479981 |
| **Peru — 0.8%** |  |  |
|  Credicorp Ltd. | 319409 | 42896629 |
| **Poland — 1.7%** |  |  |
|  Bank Polska Kasa Opieki SA | 2367973 | 50601820 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 5076127 | 37860311 |
|  |  | 88462131 |
| **Russia<sup>(d)</sup> — 0.0%** |  |  |
|  Fix Price Group PLC, GDR, Registered Shares<sup>(a)</sup>  | 3992341 | 559 |
|  Gazprom PJSC | 8520027 | 1213 |
|  LUKOIL PJSC | 198150 | 28 |
|  LUKOIL PJSC, ADR | 1171876 | 164 |
|  Magnit PJSC | 686994 | 98 |
|  Novatek PJSC | 295922 | 42 |
|  Sberbank of Russia PJSC<sup>(a)</sup>  | 6788060 | 967 |
|  TCS Group Holding PLC, GDR, Registered Shares<sup>(a)</sup>  | 426925 | 4023 |
|  |  | 7094 |
| **Saudi Arabia — 1.2%** |  |  |
|  Saudi National Bank | 2392156 | 30283677 |
|  Saudi Telecom Co. | 2243978 | 22146249 |
|  Yanbu National Petrochemical Co. | 817342 | 9685499 |
|  |  | 62115425 |
| **Singapore — 0.7%** |  |  |
|  Singapore Telecommunications Ltd. | 19625500 | 37585999 |
| **South Africa — 1.8%** |  |  |
|  AngloGold Ashanti Ltd. | 1687105 | 35471505 |
|  AngloGold Ashanti Ltd., ADR<sup>(c)</sup>  | 864963 | 18181522 |
|  Sanlam Ltd. | 11860736 | 38376979 |
|  |  | 92030006 |
| **South Korea — 9.5%** |  |  |
|  Hansol Chemical Co. Ltd. | 75062 | 12942598 |
|  Hanwha Solutions Corp.<sup>(a)</sup>  | 615098 | 22795070 |
|  HYBE Co. Ltd.<sup>(a)</sup>  | 81105 | 12760466 |
|  JYP Entertainment Corp. | 136949 | 8118727 |
|  Samsung Electro-Mechanics Co. Ltd. | 307171 | 35875412 |
|  Samsung Electronics Co. Ltd. | 5235311 | 260772039 |
|  Samsung Electronics Co. Ltd., GDR, Registered Shares | 18800 | 23300016 |
|  Samsung SDI Co. Ltd. | 72548 | 40656049 |
|  SK Hynix, Inc. | 748769 | 54168816 |
|  SK Innovation Co. Ltd.<sup>(a)</sup>  | 117935 | 15200295 |
|  |  | 486589488 |
| **Taiwan — 9.2%** |  |  |
|  Accton Technology Corp. | 4595000 | 37551597 |
|  Chunghwa Telecom Co. Ltd. | 5393000 | 20154272 |
|  Hiwin Technologies Corp. | 1002000 | 7491852 |
|  momo.com, Inc. | 529200 | 14082831 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 17659000 | 311624516 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 621881 | 57667025 |
|  Unimicron Technology Corp. | 4539000 | 20897528 |
|  |  | 469469621 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Thailand — 1.2%** |  |  |
|  PTT PCL, NVDR | 28945700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29248837 |
|  Thai Beverage PCL | 59584300 | 31826307 |
|  |  | 61075144 |
| **United Arab Emirates — 1.1%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 14426394 | 33086307 |
|  Emaar Properties PJSC | 13726096 | 20857018 |
|  |  | 53943325 |
| **United Kingdom — 1.1%** |  |  |
|  Endeavour Mining PLC | 1047700 | 24697645 |
|  Prudential PLC | 1853865 | 30802062 |
|  |  | 55499707 |
| **Total Common Stocks — 93.9%**<br> **(Cost: $4,788,845,940)** | **Total Common Stocks — 93.9%**<br> **(Cost: $4,788,845,940)** | 4811975055 |
|  **Preferred Securities** | **Preferred Securities** |  |
| **Preferred Stocks — 0.1%** |  |  |
| **Brazil — 0.1%** |  |  |
|  Banco Nacional SA, Preference Shares<sup>(d)</sup>  | 42567626 | 84 |
|  Petroleo Brasileiro SA, Preference Shares | 1526827 | 7841219 |
|  |  | 7841303 |
| **Total Preferred Securities — 0.1%**<br> **(Cost: $9,052,356)** | **Total Preferred Securities — 0.1%**<br> **(Cost: $9,052,356)** | 7841303 |
| **Total Long-Term Investments — 94.0%**<br> **(Cost: $4,797,898,296)** | **Total Long-Term Investments — 94.0%**<br> **(Cost: $4,797,898,296)** | 4819816358 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 4.8%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.07%<sup>(e)(f)</sup>  | 221670956 | 221670956 |
|  SL Liquidity Series, LLC, Money Market Series, 4.54%<sup>(e)(f)(g)</sup>  | 23899804 | 23904584 |
|  **Total Short-Term Securities — 4.8%<br>(Cost: $245,568,144)** | **Total Short-Term Securities — 4.8%<br>(Cost: $245,568,144)** | 245575540 |
|  **Total Investments — 98.8%<br>(Cost: $5,043,466,440)** | **Total Investments — 98.8%<br>(Cost: $5,043,466,440)** | 5065391898 |
|  **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | 59385507 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5124777405 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned 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)<br> January 31, 2023<br>| **BlackRock Emerging Markets Fund, Inc.** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>01/31/23* | *Shares*<br> *Held at<br>01/31/23* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $288654519 | $— | $(66983563)<sup>(a)</sup> | $— | $— | $221670956 | 221670956 | $4469534 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 22842998 | 1063337 <sup>(a)</sup> |  | (3215) | 1464 | 23904584 | 23899804 | 112936 <sup>(b)</sup> |  |
|  |  |  |  | $(3215) | $1464 | $245575540 |  | $4582470 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | 2795 | 03/17/23 | $145983 | $964206 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 16077838 | ZAR | 290250000 | HSBC Bank PLC | 02/28/23 | $(564963) |
| USD | 18258547 | ZAR | 328950000 | JPMorgan Chase Bank N.A. | 02/28/23 | (603295) |
| USD | 1428489 | ZAR | 25800000 | UBS AG | 02/28/23 | (50871) |
| ZAR | 318502953 | USD | 18654114 | JPMorgan Chase Bank N.A. | 02/28/23 | (391301) |
| ZAR | 326497047 | USD | 19254172 | UBS AG | 02/28/23 | (532982) |
|  |  |  |  |  |  | $(2143412) |

---

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment<br>Frequency* | *Counterparty<sup>(a)</sup>* | *Termination*<br> *Date* | *Net Notional* | *Accrued<br>Unrealized*<br> *Appreciation<br>(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross<br>Notional<br>Amount<br>Net Asset<br>Percentage* |
|  Equity Securities Long | Monthly | HSBC Bank PLC<sup>(b)</sup> | 02/10/23 – 02/10/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46038734 | $2327998 <sup>(c)</sup> | $48567061 | 0.9% |
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(d)</sup> | 02/08/23 | 39677937 | 336950 <sup>(e)</sup> | 40170267 | 0.8 |
|  |  |  |  |  | $2664948 | $88737328 |  |

---

<sup>(a)</sup> 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. 

<sup>(c)</sup> Amount includes $(200329) of net dividends and financing fees. 

<sup>(e)</sup> Amount includes $(155380) 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: | 40-95 basis points | 40 basis points |
| Benchmarks: | USD - 1D Overnight Bank Funding Rate (OBFR01) | USD - 1D Overnight Bank Funding Rate (OBFR01) |

---

3.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Emerging Markets Fund, Inc.** |

---

**OTC Total Return Swaps (continued)** 

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 dates on February 10, 2023 and February 10, 2028:

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 on February 8, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
|  **Egypt** |  |  |  |
|  Commercial International Bank Egypt SAE | 2062244 | $3392040 | 7.0% |
|  Total Egypt |  | 3392040 |  |
| **United Kingdom** |  |  |  |
|  Prudential PLC | 1210144 | 20106605 | 41.4 |
|  Total United Kingdom |  | 20106605 |  |
| **Vietnam** |  |  |  |
|  Ssi Securities Corp. | 13782100 | 12696166 | 26.1 |
|  VNDirect Securities Corp. | 17528600 | 12372250 | 25.5 |
|  Total Vietnam |  | 25068416 |  |
|  **Net Value of Reference Entity — HSBC Bank PLC** | **Net Value of Reference Entity — HSBC Bank PLC** | $48567061 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
|  **Netherlands** |  |  |  |
|  Prosus NV | 497494 | $40170267 | 100.0% |
|  **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | $40170267 |  |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (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. 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.

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)<br> January 31, 2023<br>| **BlackRock Emerging Markets Fund, Inc.** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $42486607 | $— | $42486607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 431048793 |  |  | 431048793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 14310614 |  |  | 14310614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 465879293 | 1185556593 |  | 1651435886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 9102896 |  | 9102896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 46350142 | 66601448 |  | 112951590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 60355793 |  | 60355793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 437066300 |  | 437066300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 124050561 |  | 124050561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 24202739 |  | 24202739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan |  | 41536167 |  | 41536167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 70207596 |  | 70207596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 39321114 |  | 39321114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 212204773 |  |  | 212204773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 47539076 |  | 47539076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 44479981 |  |  | 44479981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 42896629 |  |  | 42896629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 88462131 |  | 88462131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 7094 | 7094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 62115425 |  | 62115425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 37585999 |  | 37585999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 56558501 | 35471505 |  | 92030006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 486589488 |  | 486589488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 57667025 | 411802596 |  | 469469621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 61075144 |  | 61075144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 53943325 |  | 53943325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 16239279 | 39260428 |  | 55499707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 7841219 |  | 84 | 7841303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 221670956 |  |  | 221670956 |
|  | $1617147205 | $3424332931 | $7178 | 5041487314 |
|  Investments Valued at NAV<sup>(a)</sup>  |  |  |  | 23904584 |
|  |  |  |  | $5065391898 |
|  Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $964206 | $2664948 | $— | $3629154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (2143412) |  | (2143412) |
|  | $964206 | $521536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1485742 |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

5.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Emerging Markets Fund, Inc.** |

---

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **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 |

---

S C H E D U L E O F I N V E S T M E N T S 6

## 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:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $5292292963.45

**Total Liabilities:** $165746754.43

**Net Assets:** $5126546209.02

**Delayed Delivery Securities:** $27974375.20

**Cash Not Reported:** $27861670.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005816 | 14.59%               | -2.24%               | 10.11%               |
| Class ID C000005817 | 14.67%               | -2.14%               | 10.19%               |
| Class ID C000198223 | 14.71%               | -2.15%               | 10.19%               |
| Class ID C000005814 | 14.64%               | -2.17%               | 10.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-85190362.66            | $531041635.07                              |
| Month 2  | $-4784506.15             | $-82552902.36                              |
| Month 3  | $-2762867.43             | $360284783.45                              |

**Designated Index Information**

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

- **Index Identifier:** NDUEEGF

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Zijin Mining Group Co Ltd                                | Zijin Mining Group Co Ltd                               | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |  14874000 | NS      | $24602350.78  | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |
| Endeavour Mining PLC                                     | Endeavour Mining PLC                                    | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |    358476 | NS      | $8458365.51   | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| NetEase Inc                                              | NetEase Inc                                             | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     60573 | NS      | $5367373.53   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| SK Innovation Co Ltd                                     | SK Innovation Co Ltd                                    | CUSIP: 000000000<br>LEI: 988400PXP70BWVSJVF07 | Long             | EC               | CORP              | KR        |    114361 | NS      | $15200295.22  | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                   | Contemporary Amperex Technology Co Ltd                  | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    705271 | NS      | $48935286.25  | 0.95%             |  |  |  | No            | 2                  | On Loan: No      |
| TCS Group Holding PLC                                    | TCS Group Holding PLC                                   | CUSIP: 87238U203<br>LEI: 549300XQRN9MR54V1W18 | Long             | EC               | CORP              | CY        |    401859 | NS      | $4018.59      | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| RHB Bank Bhd                                             | RHB Bank Bhd                                            | CUSIP: 000000000<br>LEI: 549300ZHRPSV7QIUJT80 | Long             | EC               | CORP              | MY        |    267100 | NS      | $360577.46    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| HYBE Co Ltd                                              | HYBE Co Ltd                                             | CUSIP: 000000000<br>LEI: 988400NYDQI538IJ3K23 | Long             | EC               | CORP              | KR        |     81105 | NS      | $12760465.61  | 0.25%             |  |  |  | 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        |    861799 | NS      | $14878109.29  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Axis Bank Ltd                                            | Axis Bank Ltd                                           | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   5774135 | NS      | $61712372.03  | 1.20%             |  |  |  | No            | 2                  | On Loan: No      |
| Larsen & Toubro Ltd                                      | Larsen & Toubro Ltd                                     | CUSIP: 000000000<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |   1437894 | NS      | $37431831.95  | 0.73%             |  |  |  | No            | 2                  | On Loan: No      |
| Sunny Optical Technology Group Co Ltd                    | Sunny Optical Technology Group Co Ltd                   | CUSIP: 000000000<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               | CORP              | KY        |   3229100 | NS      | $43583610.12  | 0.85%             |  |  |  | No            | 2                  | On Loan: No      |
| Kweichow Moutai Co Ltd                                   | Kweichow Moutai Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    305599 | NS      | $83809617.94  | 1.63%             |  |  |  | No            | 2                  | On Loan: No      |
| Wuliangye Yibin Co Ltd                                   | Wuliangye Yibin Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1515185 | NS      | $47160774.58  | 0.92%             |  |  |  | No            | 2                  | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd                      | Shenzhen Inovance Technology Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1478897 | NS      | $15653117.82  | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| PTT PCL                                                  | PTT PCL                                                 | CUSIP: 000000000<br>LEI: 549300QOGMPTKB6W7G56 | Long             | EC               | CORP              | TH        |  28945700 | NS      | $29248837.15  | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| Pinduoduo Inc                                            | Pinduoduo Inc                                           | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |   1118166 | NS      | $109557904.68 | 2.14%             |  |  |  | No            | 1                  | On Loan: —       |
| Saudi Telecom Co                                         | Saudi Telecom Co                                        | CUSIP: 000000000<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |   2324981 | NS      | $22945682.91  | 0.45%             |  |  |  | No            | 2                  | On Loan: No      |
| Singapore Telecommunications Ltd                         | Singapore Telecommunications Ltd                        | CUSIP: 000000000<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |  19625500 | NS      | $37585999.35  | 0.73%             |  |  |  | No            | 2                  | On Loan: No      |
| Hindustan Unilever Ltd                                   | Hindustan Unilever Ltd                                  | CUSIP: 000000000<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |    771299 | NS      | $24334767.39  | 0.47%             |  |  |  | No            | 2                  | On Loan: No      |
| InterGlobe Aviation Ltd                                  | InterGlobe Aviation Ltd                                 | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |   1102697 | NS      | $28676890.17  | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| Banco de Chile                                           | Banco de Chile                                          | CUSIP: 000000000<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | EC               | CORP              | CL        | 130959388 | NS      | $14310613.83  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank Polska Kasa Opieki SA                               | Bank Polska Kasa Opieki SA                              | CUSIP: 000000000<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |   2367973 | NS      | $50601820.03  | 0.99%             |  |  |  | No            | 2                  | On Loan: No      |
| AngloGold Ashanti Ltd                                    | AngloGold Ashanti Ltd                                   | CUSIP: 035128206<br>LEI: 378900EF3BA9A5F42A59 | Long             | EC               | CORP              | ZA        |    864963 | NS      | $18181522.26  | 0.35%             |  |  |  | No            | 1                  | On Loan: —       |
| Tencent Holdings Ltd                                     | Tencent Holdings Ltd                                    | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    867226 | NS      | $42277267.50  | 0.82%             |  |  |  | No            | 1                  | On Loan: —       |
| Thai Beverage PCL                                        | Thai Beverage PCL                                       | CUSIP: 000000000<br>LEI: 529900VZFHQZ684D8L07 | Long             | EC               | CORP              | TH        |  59584300 | NS      | $31826306.66  | 0.62%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                               | TRS: BlackRock Emerging Markets Fund                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               |  | US        |    497494 | OU      | $40170266.71  | 0.78%             |  |  |  | No            | 2                  | On Loan: No      |
| Godrej Consumer Products Ltd                             | Godrej Consumer Products Ltd                            | CUSIP: 000000000<br>LEI: 335800P4GUWLGZFK2D63 | Long             | EC               | CORP              | IN        |   3750979 | NS      | $41931296.83  | 0.82%             |  |  |  | No            | 2                  | On Loan: No      |
| Cemex SAB de CV                                          | Cemex SAB de CV                                         | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |  15511269 | NS      | $8270260.52   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung Electronics Co Ltd                               | Samsung Electronics Co Ltd                              | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   5235311 | NS      | $260772039.45 | 5.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Magnit PJSC                                              | Magnit PJSC                                             | CUSIP: 000000000<br>LEI: 2534009KKPTVL99W2Y12 | Long             | EC               | CORP              | RU        |    686994 | NS      | $97.85        | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| MOL Hungarian Oil & Gas PLC                              | MOL Hungarian Oil & Gas PLC                             | CUSIP: 000000000<br>LEI: 213800R83KX5FQFGXS67 | Long             | EC               | CORP              | HU        |   3356086 | NS      | $25080471.01  | 0.49%             |  |  |  | No            | 2                  | On Loan: No      |
| AngloGold Ashanti Ltd                                    | AngloGold Ashanti Ltd                                   | CUSIP: 000000000<br>LEI: 378900EF3BA9A5F42A59 | Long             | EC               | CORP              | ZA        |   1687105 | NS      | $35471504.50  | 0.69%             |  |  |  | No            | 2                  | On Loan: No      |
| Tata Consultancy Services Ltd                            | Tata Consultancy Services Ltd                           | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |   1433506 | NS      | $59166030.21  | 1.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Petroleo Brasileiro SA                                   | Petroleo Brasileiro SA                                  | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |   1526827 | NS      | $7841218.98   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Bradesco SA                                        | Banco Bradesco SA                                       | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |  23022553 | NS      | $64232922.87  | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| ZTO Express Cayman Inc                                   | ZTO Express Cayman Inc                                  | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | KY        |    825819 | NS      | $23544099.69  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Chunghwa Telecom Co Ltd                                  | Chunghwa Telecom Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   6359000 | NS      | $23764326.81  | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| Public Bank Bhd                                          | Public Bank Bhd                                         | CUSIP: 000000000<br>LEI: 549300L2RSQCVMOHGM20 | Long             | EC               | CORP              | MY        |  28829100 | NS      | $28696996.05  | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                          | Telkom Indonesia Persero Tbk PT                         | CUSIP: 000000000<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        | 121969800 | NS      | $31520972.34  | 0.61%             |  |  |  | No            | 2                  | On Loan: No      |
| Alibaba Group Holding Ltd                                | Alibaba Group Holding Ltd                               | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    750929 | NS      | $82752375.80  | 1.61%             |  |  |  | No            | 1                  | On Loan: No      |
| OTP Bank Nyrt                                            | OTP Bank Nyrt                                           | CUSIP: 000000000<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |   1170713 | NS      | $35275321.95  | 0.69%             |  |  |  | No            | 2                  | On Loan: No      |
| Melco Resorts & Entertainment Ltd                        | Melco Resorts & Entertainment Ltd                       | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               | CORP              | KY        |   3393129 | NS      | $46350142.14  | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Copa Holdings SA                                         | Copa Holdings SA                                        | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    483058 | NS      | $44479980.64  | 0.87%             |  |  |  | No            | 1                  | On Loan: No      |
| PVR Ltd                                                  | PVR Ltd                                                 | CUSIP: 000000000<br>LEI: 335800NR78RUVFDE4L48 | Long             | EC               | CORP              | IN        |    808949 | NS      | $16817078.81  | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| Unimicron Technology Corp                                | Unimicron Technology Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   4539000 | NS      | $20897528.03  | 0.41%             |  |  |  | No            | 2                  | On Loan: No      |
| ICE Futures U.S., Inc.                                   | MSCI EMGMKT MAR23                                       | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |      2795 | NC      | $964205.75    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| JYP Entertainment Corp                                   | JYP Entertainment Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    136949 | NS      | $8118726.51   | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| PRADA SpA                                                | PRADA SpA                                               | CUSIP: 000000000<br>LEI: 8156000FE0A2DC5B7852 | Long             | EC               | CORP              | IT        |   3784900 | NS      | $24202739.18  | 0.47%             |  |  |  | No            | 2                  | On Loan: No      |
| ENN Energy Holdings Ltd                                  | ENN Energy Holdings Ltd                                 | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |   2486500 | NS      | $37463401.97  | 0.73%             |  |  |  | No            | 2                  | On Loan: No      |
| Endeavour Mining PLC                                     | Endeavour Mining PLC                                    | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |    689224 | NS      | $16239278.79  | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                             | Wal-Mart de Mexico SAB de CV                            | CUSIP: 000000000<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | MX        |  10437801 | NS      | $40885382.85  | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Godrej Properties Ltd                                    | Godrej Properties Ltd                                   | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |   1337226 | NS      | $19398641.72  | 0.38%             |  |  |  | No            | 2                  | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                     | Bank Rakyat Indonesia Persero Tbk PT                    | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  83362900 | NS      | $25564718.58  | 0.50%             |  |  |  | No            | 2                  | On Loan: No      |
| HDFC Bank Ltd                                            | HDFC Bank Ltd                                           | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   4539576 | NS      | $89332632.66  | 1.74%             |  |  |  | No            | 2                  | On Loan: No      |
| Hansol Chemical Co Ltd                                   | Hansol Chemical Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     74807 | NS      | $12898629.77  | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Arezzo Industria e Comercio SA                           | Arezzo Industria e Comercio SA                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    806082 | NS      | $13910285.68  | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Kaspi.KZ JSC                                             | Kaspi.KZ JSC                                            | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    565032 | NS      | $41536167.36  | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| Bank Central Asia Tbk PT                                 | Bank Central Asia Tbk PT                                | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  78605400 | NS      | $44609268.36  | 0.87%             |  |  |  | No            | 2                  | 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        |  60228807 | NS      | $61103235.83  | 1.19%             |  |  |  | No            | 1                  | On Loan: No      |
| China Oilfield Services Ltd                              | China Oilfield Services Ltd                             | CUSIP: 000000000<br>LEI: 529900J4X53VL8QQW675 | Long             | EC               | CORP              | CN        |  21646000 | NS      | $26235664.78  | 0.51%             |  |  |  | No            | 2                  | On Loan: No      |
| Sanlam Ltd                                               | Sanlam Ltd                                              | CUSIP: 000000000<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |  11860736 | NS      | $38376979.13  | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Techtronic Industries Co Ltd                             | Techtronic Industries Co Ltd                            | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   1322500 | NS      | $17049382.47  | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| China Mengniu Dairy Co Ltd                               | China Mengniu Dairy Co Ltd                              | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |  16174000 | NS      | $78021312.05  | 1.52%             |  |  |  | No            | 2                  | On Loan: No      |
| Samsung Electro-Mechanics Co Ltd                         | Samsung Electro-Mechanics Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    307171 | NS      | $35875411.68  | 0.70%             |  |  |  | No            | 2                  | On Loan: No      |
| Malayan Banking Bhd                                      | Malayan Banking Bhd                                     | CUSIP: 000000000<br>LEI: 5493004OT3TOY404V310 | Long             | EC               | CORP              | MY        |   9366000 | NS      | $19209553.47  | 0.37%             |  |  |  | No            | 2                  | On Loan: No      |
| NetEase Inc                                              | NetEase Inc                                             | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    543300 | NS      | $9639289.90   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Baidu Inc                                                | Baidu Inc                                               | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |   1613150 | NS      | $27117111.88  | 0.53%             |  |  |  | No            | 2                  | On Loan: No      |
| Emaar Properties PJSC                                    | Emaar Properties PJSC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |  13726096 | NS      | $20857017.93  | 0.41%             |  |  |  | No            | 2                  | On Loan: No      |
| Hiwin Technologies Corp                                  | Hiwin Technologies Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   1002000 | NS      | $7491852.28   | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| UBS AG                                                   | PURCHASED ZAR / SOLD USD                                | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ZA        |         1 | NC      | $-532981.98   | -0.01%            |  |  |  | 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        |   7392514 | NS      | $61317371.37  | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| momo.com Inc                                             | momo.com Inc                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    529200 | NS      | $14082831.28  | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| NARI Technology Co Ltd                                   | NARI Technology Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   7728389 | NS      | $30293633.96  | 0.59%             |  |  |  | No            | 2                  | On Loan: No      |
| Wanhua Chemical Group Co Ltd                             | Wanhua Chemical Group Co Ltd                            | CUSIP: 000000000<br>LEI: 3003002H0G2KDG6CR124 | Long             | EC               | CORP              | CN        |   1040400 | NS      | $14930756.14  | 0.29%             |  |  |  | No            | 2                  | On Loan: No      |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes  | Cyrela Brazil Realty SA Empreendimentos e Participacoes | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2878060 | NS      | $8606455.65   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS AG                                                   | PURCHASED USD / SOLD ZAR                                | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $-50871.05    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Guangdong Investment Ltd                                 | Guangdong Investment Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |  15382000 | NS      | $16711294.43  | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| Mahindra & Mahindra Ltd                                  | Mahindra & Mahindra Ltd                                 | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |   2199412 | NS      | $37177910.25  | 0.73%             |  |  |  | No            | 2                  | On Loan: No      |
| Gazprom PJSC                                             | Gazprom PJSC                                            | CUSIP: 000000000<br>LEI: 253400KXA9P2AN72P004 | Long             | EC               | CORP              | RU        |   8520027 | NS      | $1213.48      | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Yum China Holdings Inc                                   | Yum China Holdings Inc                                  | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |   1392116 | NS      | $85768266.76  | 1.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                           | Abu Dhabi Commercial Bank PJSC                          | CUSIP: 000000000<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |  14426394 | NS      | $33086306.81  | 0.65%             |  |  |  | No            | 2                  | On Loan: No      |
| Fomento Economico Mexicano SAB de CV                     | Fomento Economico Mexicano SAB de CV                    | CUSIP: 000000000<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |   4857959 | NS      | $42551804.65  | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Li Ning Co Ltd                                           | Li Ning Co Ltd                                          | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |   8760000 | NS      | $86598418.57  | 1.69%             |  |  |  | No            | 2                  | On Loan: No      |
| BROWN BROTHERS HKD HKD OVERNIGHT SWEEP                   | BROWN BROTHERS HKD                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2271843 | NS      | $289733.41    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Ambev SA                                                 | Ambev SA                                                | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   7091618 | NS      | $18863703.88  | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Hanwha Solutions Corp                                    | Hanwha Solutions Corp                                   | CUSIP: 000000000<br>LEI: 549300M2V0ZS71BRNR68 | Long             | EC               | CORP              | KR        |    615098 | NS      | $22795069.53  | 0.44%             |  |  |  | No            | 2                  | On Loan: No      |
| PetroChina Co Ltd                                        | PetroChina Co Ltd                                       | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |  51156000 | NS      | $27365900.94  | 0.53%             |  |  |  | No            | 2                  | On Loan: No      |
| TCS Group Holding PLC                                    | TCS Group Holding PLC                                   | CUSIP: 87238U203<br>LEI: 549300XQRN9MR54V1W18 | Long             | EC               | CORP              | CY        |     25066 | NS      | $3.57         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Prosus NV                                                | Prosus NV                                               | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    588754 | NS      | $47539076.26  | 0.93%             |  |  |  | No            | 2                  | On Loan: No      |
| Samsung SDI Co Ltd                                       | Samsung SDI Co Ltd                                      | CUSIP: 000000000<br>LEI: 9884002AESDO4YW87G32 | Long             | EC               | CORP              | KR        |     72548 | NS      | $40656049.38  | 0.79%             |  |  |  | No            | 2                  | On Loan: No      |
| Money Market Series a series of SL Liquidity Series, LLC | SL Liquidity Series, LLC, Money Market Series           | CUSIP: 590204509<br>LEI: 549300I0RQO84VDWQP47 | Long             | STIV             |  | US        |  25649230 | NS      | $25654360.31  | 0.50%             |  |  |  | No            | N/A                | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                              | B3 SA - Brasil Bolsa Balcao                             | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |  23571247 | NS      | $60178350.59  | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Sendas Distribuidora SA                                  | Sendas Distribuidora SA                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  18364923 | NS      | $71089324.30  | 1.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Baidu Inc                                                | Baidu Inc                                               | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |    865845 | NS      | $116612004.60 | 2.27%             |  |  |  | No            | 1                  | On Loan: —       |
| China Gas Holdings Ltd                                   | China Gas Holdings Ltd                                  | CUSIP: 000000000<br>LEI: 254900KTSZLZ21VV8T33 | Long             | EC               | CORP              | BM        |  21094800 | NS      | $32840771.18  | 0.64%             |  |  |  | No            | 2                  | On Loan: No      |
| Raiffeisen Bank International AG                         | Raiffeisen Bank International AG                        | CUSIP: 000000000<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | EC               | CORP              | AT        |    870851 | NS      | $15668491.96  | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Satellite Chemical Co Ltd                                | Satellite Chemical Co Ltd                               | CUSIP: 000000000<br>LEI: 300300EB6R0AX600R053 | Long             | EC               | CORP              | CN        |   5897820 | NS      | $15507405.32  | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Accton Technology Corp                                   | Accton Technology Corp                                  | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |   3591000 | NS      | $29346634.52  | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| BlackRock Liquidity Funds                                | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   2066273 | NS      | $2066272.91   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| LUKOIL PJSC                                              | LUKOIL PJSC                                             | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |    198150 | NS      | $28.22        | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Samsung Electronics Co Ltd                               | Samsung Electronics Co Ltd                              | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     18800 | NS      | $23300016.13  | 0.45%             |  |  |  | No            | 2                  | On Loan: No      |
| BROWN BROTHERS NOK NOK OVERNIGHT SWEEP                   | BROWN BROTHERS NOK                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |       162 | NS      | $16.22        | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Commercial International Bank Egypt SAE                  | Commercial International Bank Egypt SAE                 | CUSIP: 000000000<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |   5534249 | NS      | $9102895.78   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Shenzhou International Group Holdings Ltd                | Shenzhou International Group Holdings Ltd               | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | KY        |   2950200 | NS      | $37153682.12  | 0.72%             |  |  |  | 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        |    124051 | NS      | $21407481.07  | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Sberbank of Russia PJSC                                  | Sberbank of Russia PJSC                                 | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   6788060 | NS      | $966.81       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Novatek PJSC                                             | Novatek PJSC                                            | CUSIP: 000000000<br>LEI: 2138008R6GCRVBDFA581 | Long             | EC               | CORP              | RU        |    295922 | NS      | $42.15        | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Banco Nacional SA                                        | Banco Nacional SA                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |  42567626 | NS      | $83.86        | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Petroleo Brasileiro SA                                   | Petroleo Brasileiro SA                                  | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   3792463 | NS      | $43992570.80  | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Astra International Tbk PT                               | Astra International Tbk PT                              | CUSIP: 000000000<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |  55645300 | NS      | $22355601.36  | 0.44%             |  |  |  | No            | 2                  | On Loan: No      |
| Alibaba Group Holding Ltd                                | Alibaba Group Holding Ltd                               | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   3541200 | NS      | $48686752.37  | 0.95%             |  |  |  | No            | 2                  | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                        | Fuyao Glass Industry Group Co Ltd                       | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |   5104000 | NS      | $25119629.10  | 0.49%             |  |  |  | No            | 2                  | On Loan: No      |
| SK Hynix Inc                                             | SK Hynix Inc                                            | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    748769 | NS      | $54168816.15  | 1.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Multiplan Empreendimentos Imobiliarios SA                | Multiplan Empreendimentos Imobiliarios SA               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   5788283 | NS      | $27126697.12  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Shanghai International Airport Co Ltd                    | Shanghai International Airport Co Ltd                   | CUSIP: 000000000<br>LEI: 3003000CIJ7O6AOQF345 | Long             | EC               | CORP              | CN        |   4442687 | NS      | $39923285.42  | 0.78%             |  |  |  | No            | 2                  | On Loan: No      |
| Haier Smart Home Co Ltd                                  | Haier Smart Home Co Ltd                                 | CUSIP: 000000000<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |   9241600 | NS      | $34084113.13  | 0.66%             |  |  |  | No            | 2                  | On Loan: No      |
| Erste Group Bank AG                                      | Erste Group Bank AG                                     | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |    706779 | NS      | $26818115.21  | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                | Taiwan Semiconductor Manufacturing Co Ltd               | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |  17659000 | NS      | $311624515.37 | 6.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Rumo SA                                                  | Rumo SA                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   6854739 | NS      | $24819278.38  | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Han's Laser Technology Industry Group Co Ltd             | Han's Laser Technology Industry Group Co Ltd            | CUSIP: 000000000<br>LEI: 300300MZXZR87BGKOZ23 | Long             | EC               | CORP              | CN        |   3820455 | NS      | $15884180.54  | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Saudi National Bank/The                                  | Saudi National Bank/The                                 | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |   2392156 | NS      | $30283677.03  | 0.59%             |  |  |  | No            | 2                  | On Loan: No      |
| Credicorp Ltd                                            | Credicorp Ltd                                           | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |    319409 | NS      | $42896628.70  | 0.84%             |  |  |  | No            | 1                  | On Loan: No      |
| ICICI Prudential Life Insurance Co Ltd                   | ICICI Prudential Life Insurance Co Ltd                  | CUSIP: 000000000<br>LEI: 2138006W2MGOSH69C607 | Long             | EC               | CORP              | IN        |   4513626 | NS      | $25012813.03  | 0.49%             |  |  |  | No            | 2                  | On Loan: No      |
| LUKOIL PJSC                                              | LUKOIL PJSC                                             | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |   1171876 | NS      | $164.06       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| China Oilfield Services Ltd                              | China Oilfield Services Ltd                             | CUSIP: 000000000<br>LEI: 529900J4X53VL8QQW675 | Long             | EC               | CORP              | CN        |   5289291 | NS      | $12832616.84  | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                | Taiwan Semiconductor Manufacturing Co Ltd               | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    621881 | NS      | $57667025.13  | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| HSBC BANK PLC                                            | TRS: BlackRock Emerging Markets Fund, Inc. - HSBC CFD   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |  34583088 | OU      | $48567060.65  | 0.95%             |  |  |  | No            | 2                  | On Loan: No      |
| Sands China Ltd                                          | Sands China Ltd                                         | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |  18721600 | NS      | $70207596.12  | 1.37%             |  |  |  | No            | 2                  | On Loan: No      |
| China Merchants Bank Co Ltd                              | China Merchants Bank Co Ltd                             | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |  19630000 | NS      | $127322673.70 | 2.48%             |  |  |  | No            | 2                  | On Loan: No      |
| Prudential PLC                                           | Prudential PLC                                          | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   1853865 | NS      | $30802062.20  | 0.60%             |  |  |  | No            | 2                  | On Loan: No      |
| Tencent Holdings Ltd                                     | Tencent Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   1813100 | NS      | $88350386.11  | 1.72%             |  |  |  | No            | 2                  | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd          | Shenzhen Mindray Bio-Medical Electronics Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    441788 | NS      | $21848235.18  | 0.43%             |  |  |  | No            | 2                  | On Loan: No      |
| HSBC Bank PLC                                            | PURCHASED USD / SOLD ZAR                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-564963.20   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Ambev SA                                                 | Ambev SA                                                | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |  13796673 | NS      | $37125968.36  | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Cemex SAB de CV                                          | Cemex SAB de CV                                         | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |   4287334 | NS      | $22894363.56  | 0.45%             |  |  |  | No            | 1                  | On Loan: —       |
| JPMorgan Chase Bank N.A.                                 | PURCHASED USD / SOLD ZAR                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-603294.73   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Yanbu National Petrochemical Co                          | Yanbu National Petrochemical Co                         | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | EC               | CORP              | SA        |    817342 | NS      | $9685499.43   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| BlackRock Liquidity Funds                                | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        | 230931488 | NS      | $230931487.54 | 4.50%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan Chase Bank N.A.                                 | PURCHASED ZAR / SOLD USD                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |         1 | NC      | $-391301.07   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Meituan                                                  | Meituan                                                 | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |   5008380 | NS      | $111966724.73 | 2.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Fix Price Group PLC                                      | Fix Price Group PLC                                     | CUSIP: 000000000<br>LEI: 549300EXJV1RPGZNH608 | Long             | EC               | CORP              | CY        |   3992341 | NS      | $558.93       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA              | Powszechna Kasa Oszczednosci Bank Polski SA             | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |   5076127 | NS      | $37860311.45  | 0.74%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-03-01

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer