UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-21759

Name and address of agent for service: John M. Perlowski, Chief Executive Officer,
BlackRock Long-Horizon Equity Fund, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 04/30/2021

Date of reporting period: 10/31/2020

Item 1 – Report to Stockholders

BlackRock Asian Dragon Fund, Inc.

BlackRock Emerging Markets Fund, Inc.

BlackRock Latin America Fund, Inc.

BlackRock Long-Horizon Equity Fund

Table of Contents

Investment Objective

BlackRock Asian Dragon Fund, Inc.’s (the “Fund”) investment objective is to seek to maximize total return.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2020, the Fund underperformed its benchmark, the MSCI AC Asia ex Japan Index.

What factors influenced performance?

During the period, stock selection in China represented the main detractor from Fund performance. At the individual security level, the Fund’s holdings in CNOOC Ltd. (China National Offshore Oil Corp.) detracted from relative performance on market concerns regarding the possible negative impact on energy prices from a second wave of COVID-19 in Europe. In addition, holdings in the Indian telecommunications company Bharti Airtel Ltd. weighed on relative returns. The stock disappointed based on investor worries over the potential for telecom companies in India to pay higher licensing fees, a reduction in the stock’s representation within the MSCI index following a rebalance, a possible delay of planned price hikes, and a new postpaid plan initiative from competitor Reliance Jio.

The principal contributions to relative performance during the period came from stock selection in South Korea and an underweight position in Malaysia. At the individual stock level, the Fund’s position in Chinese sportswear company Li Ning Co. Ltd. added to returns as the company benefited from continued recovery in the market for sportswear. Holdings in Indian information technology (“IT”) services company Tech Mahindra Ltd. also rallied as the company began to regain ground versus its competitors. Tech Mahindra is viewed as a beneficiary of the introduction of 5G networks to India, and the company has rolled out pilot programs ahead of a full scale 5G implementation planned for its 2022 fiscal year. Also in India, the Fund’s position in Jindal Steel & Power Ltd. performed well as global fiscal stimulus has supported steel demand. Jindal has also been undergoing a deleveraging process, and news of the sale of the company’s Oman assets was viewed positively.

Describe recent portfolio activity.

During the period, the Fund selectively increased exposure to China via financials, reducing its significant underweight in the segment. The investment adviser saw the possibility for gross domestic product growth in China to reaccelerate in the second half of 2020 and benefit some of the country’s banks. The Fund also moved from a slight overweight position in health care to an underweight, on concerns that the sector may be subject to profit taking.

Describe portfolio positioning at period end.

Relative to the MSCI AC Asia ex-Japan Index, at the country level the Fund was overweight in China and Indonesia, and underweight in Taiwan and South Korea. At the sector level, the Fund was most overweight in the IT and communication services sectors, and underweight in health care and consumer staples.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance Summary for the Period Ended October 31, 2020

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

Investment Objective

BlackRock Emerging Markets Fund, Inc.’s (the “Fund”) investment objective is to seek long-term capital appreciation by investing in securities, principally equity securities, of issuers in countries having smaller capital markets.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2020, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

What factors influenced performance?

During the period, stock selection in Taiwan and India detracted from performance. In addition, an overweight to Russian energy company Lukoil PJSC detracted as oil prices tumbled in September 2020. The Fund’s position in Chinese cement producer Anhui Conch Cement Co., Ltd. also was subtractive as unusually strong seasonal rains in China weighed on short-term cement prices.

Conversely, performance was helped by the Fund’s allocation in Thailand and security selection within Indonesia. At the individual security level, an overweight to Chinese photovoltaics manufacturer LONGi Green Energy Technology benefited Fund performance following strong financial results during the first half of 2020 that were supported by LONGi’s successful price hike and cost reductions. Lastly, holdings in Chinese pharmaceutical company Walvax Biotechnology Co. Ltd. significantly contributed, supported by strong sales momentum and market share gains for the firm’s vaccine against the bacterium streptococcus pneumoniae.

At period end, the Fund held an elevated cash balance, which included committed funds against positions that had not yet settled. The Fund’s cash position contributed positively to Fund performance.

Describe recent portfolio activity.

The Fund remains positioned for relief from the effects of the coronavirus pandemic as well as an economic recovery across emerging markets. Through this lens, carry continues (countries with dual deficits that rely more on external financing) to be an area of focus for the investment adviser as global stimulus and signs of economic re-opening should help pave the way for a return of foreign capital flows to emerging market investments. Over the period, the Fund added to holdings within India, Indonesia and China to support this view. The Fund targeted cyclical stocks that are expected to benefit from fiscal stimulus such as cement names, and select gaming names that should be helped by the easing of lockdown measures. The Fund also targeted market leaders in sectors that have suffered severe price dislocations, such as travel and leisure. Conversely, the Fund reduced exposure to more defensive areas of the market such as consumer staples and telecommunication services. The Fund also notably reduced exposure to energy. While the investment adviser expects the oil market to recover, investor focus on environmental, social and governance ( or “ESG,” i.e., socially conscious) companies presents a new challenge for energy stocks, raising questions over what will be considered a “reasonable” earnings multiple over the longer term.

Describe portfolio positioning at period end.

Relative to the MSCI Emerging Markets Index, the Fund ended the period overweight in India and Russia, and underweight in Taiwan and South Africa. At the sector level, the Fund was overweight in industrials and consumer discretionary, and underweight in consumer staples and health care.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance Summary for the Period Ended October 31, 2020

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

Investment Objective

BlackRock Latin America Fund, Inc.’s (the “Fund”) investment objective is to seek long-term capital appreciation by investing primarily in Latin American equity and debt securities.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2020, the Fund underperformed its benchmark, the MSCI Emerging Markets Latin America Index.

What factors influenced performance?

At the country level, stock selection in Brazil detracted the most from relative performance during the period. At the security level, a lack of holdings in Brazilian retailer Magazine Luiza weighed on relative returns as the company announced strong second quarter 2020 results. In addition, the lack of a position in WEG Industries, a Brazilian company specializing in electrical engineering, power and automation technology, also detracted from relative performance as the company reported favorable earnings.

Conversely, security selection in Mexico and the Fund’s allocation to Chile were the largest contributors to relative returns. At the stock level, the Fund’s position in Argentinian e-commerce company MercadoLibre, Inc. contributed most as e-commerce stocks benefited from the stay-at-home trend throughout the COVID-19 crisis. Finally, a lack of holdings in the Peruvian financial holding company Credicorp Ltd. contributed on a relative basis amid Creditcorp’s weak quarterly performance.

At period end, the Fund held an elevated cash balance, which included committed funds against positions that had not yet settled. The Fund’s cash position did not have any material impact on performance.

Describe recent portfolio activity.

Over the period, the Fund’s positioning in Brazilian banks was increased by adding to holdings in Banco Bradesco SA and Banco do Brasil SA. For Brazilian banks, the investment adviser believes that provision charges (i.e., the setting aside of reserves against possible loan losses, which can impact revenues and earnings) should continue to trend down in coming quarters, as loan loss reserves there are well-above historical norms. The investment adviser estimates that the sector could deliver a strong return on equity, assuming a normalization of provision charges. The investment adviser remains bullish regarding the Brazilian banking sector, as valuations look reasonable as well as prospect for earnings growth to accelerate into 2021.

The Fund also increased its overweight in materials by adding to Mexican cement company Cemex SAB de CV, Chilean lithium producer SQM and Mexican copper miner Grupo Mexico. The investment adviser is optimistic that a weak U.S. dollar environment and improving demand for raw materials from the ongoing cyclical recovery should allow for high commodity prices to persist into 2021. In addition, the Fund initiated a position in Brazililan retailer Via Varejo SA as the investment adviser believes that the company’s initiatives to turn around its operations by focusing on improved store performance, increased online capacity, a better product mix, improved cost efficiency and expansion to online distribution channels should benefit its shareholders over the long term.

The Fund initiated a position in Brazilian rail logistics company Rumo SA, as the investment adviser sees solid long-term growth prospects for the company driven by structural trends, increasing exports of soft commodities from Brazil to China, and Rumo’s ability to transport grains from Brazil’s interior to its ports. The investment adviser also believes that as Rumo frees up bottlenecks in its network, it will be able to offer competitive prices for grain transport. To fund the additions to the Fund’s portfolio, profits were taken in Peruvian copper mining firm Southern Copper Corp. as the stock had produced strong returns, and the valuation multiple at the time of the sale reflected what the investment adviser considered as fair market value and diminished upside potential.

Describe portfolio positioning at period end.

At period end, the Fund was overweight in Mexico, Brazil and Chile, and underweight in Peru, Colombia and Argentina. At the sector level, the Fund was overweight in consumer discretionary and materials, and underweight in consumer staples and utilities.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance Summary for the Period Ended October 31, 2020

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

Investment Objective

BlackRock Long-Horizon Equity Fund’s (the “Fund”) investment objective is to provide high total investment return.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2020, the Fund outperformed its benchmark, the MSCI All Country World Index (“ACWI”).

What factors influenced performance?

The largest contributions to relative returns during the period came from stock selection within the industrials and consumer discretionary sectors, while a lack of exposure to energy stocks also was additive. At the individual security level, holdings in U.S. manufacturer Trane Technologies PLC, Chinese e-commerce firm Alibaba Group Holding Ltd. and German courier company Deutsche Post AG were the largest contributors to relative performance.

Conversely, an overweight to and negative stock selection within consumer staples detracted most from relative performance. An underweight to and stock selection within information technology (“IT”) and a lack of exposure to materials also detracted. At the individual security level, the Fund’s positions in British American Tobacco PLC, U.S. medical device company Boston Scientific Corp. and Spanish financial firm Bankinter SA were the largest detractors.

Describe recent portfolio activity.

The most significant change to the Fund’s active positioning during the period was an increase in its financials exposure, as the investment adviser initiated a new position in American Express Co., and raised position sizes within HDFC Bank Ltd. (based in India), U.S. financial firm Charles Schwab Corp., as well as Bankinter. Elsewhere, the Fund’s overweight to consumer staples was meaningfully decreased as the investment adviser sold its position in Nestle SA.

Describe portfolio positioning at period end.

As of period end, the Fund’s largest exposures were to the IT, communication services and financials sectors. The Fund had no exposure to the energy, materials, real estate or utilities sectors.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance Summary for the Period Ended October 31, 2020

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Expense Example (continued)

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

About Fund Performance

Institutional and Class K Shares (Class K Shares are available only in BlackRock Asian Dragon Fund, Inc., BlackRock Emerging Markets Fund, Inc. and BlackRock Latin America Fund, Inc.) are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance of BlackRock Asian Dragon Fund, Inc., BlackRock Emerging Markets Fund, Inc. and BlackRock Latin America Fund, Inc. shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of BlackRock Asian Dragon Fund, Inc., BlackRock Emerging Markets Fund, Inc. and BlackRock Latin America Fund, Inc. Class K Shares would be substantially similar to the performances of the applicable Fund’s Institutional Shares because Class K Shares and Institutional Shares of each Fund invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than Institutional Shares.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Class R Shares (available only in BlackRock Asian Dragon Fund, Inc. and BlackRock Long-Horizon Equity Fund) are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately ten years. Effective November 23, 2020, the automatic conversion feature will be modified to reduce the conversion period from ten years to eight years.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waivers and/or reimbursements, each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested on May 1, 2020 and held through October 31, 2020) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940 (“1940 Act”), as amended, were as follows:

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

OTC Total Return Swaps

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: