Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock Funds V

· BlackRock Emerging Markets Bond Fund

BlackRock Funds IV

· BlackRock Systematic Multi-Strategy Fund

Table of Contents

Investment Objective

BlackRock Emerging Markets Bond Fund’s (the “Fund”) investment objective is to seek total return.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2020, the Fund outperformed its benchmark, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index.

What factors influenced performance?

Emerging market bonds performed well in 2020. After suffering a large sell-off in the first quarter of 2020 due to the emergence of COVID-19, the asset class recovered over the remainder of the year. Emerging market debt benefited from aggressive monetary and fiscal stimulus from world governments, together with the rapid economic rebound in China and other Asian nations. Later in the year, the approval of a vaccine for COVID-19 provided an additional tailwind and helped the index finish December 2020 near its pre-virus high.

Despite this challenging backdrop, the Fund outpaced its benchmark in 2020. The portfolio was positioned to capitalize on the market’s recovery in the second half of the period through overweight positions in higher-yielding countries such as Mexico, Ukraine and Egypt. Separately, a position in quasi-sovereign corporate issues made a sizable contribution. Holdings in select emerging market currencies and tactical overweights in oil-related countries, such as Angola and Nigeria, further aided results.

An overweight position in Venezuela, which was negatively affected by U.S. sanctions and lower oil prices, was the largest detractor. An overweight in Argentina also weighed on performance, as did underweights in countries that outperformed in the second-half rally, including Turkey, Saudi Arabia and the Philippines.

Describe recent portfolio activity.

During the first quarter of 2020, the investment adviser anticipated a global growth slowdown as the coronavirus developed into a pandemic. The Fund quickly adopted a defensive stance by removing its small positions in emerging market currencies, lengthening duration and employing strategies to manage the risk of widening yield spreads. (Duration is a measure of interest rate sensitivity.) The investment adviser also decreased the portfolio’s allocation to the high yield category through reductions in Ecuador, Nigeria, Turkey and Egypt. The Fund subsequently added to its weighting in oil-related issues, including Bahrain and Qatar, at attractive valuations that emerged in the wake of the sell-off.

During the second half of the reporting period, the Fund marginally rotated its exposure among high-yield countries in favor of those with greater visibility with respect to fundamentals. The Fund also added to Sub-Saharan Africa, including Angola, while partially reducing its weighting in Argentina and Ecuador. Later in the period, the investment adviser increased cash to prepare for new issuance and have the flexibility to capitalize on any volatility resulting from headline risk.

Describe portfolio positioning at period end.

Ukraine, Egypt and Mexico were the Fund’s largest overweights, while Philippines, Saudi Arabia and Malaysia were its most significant underweights. The Fund’s beta (risk profile) was higher than the benchmark, and its duration was approximately 1.35 years below the index. The investment adviser continues to emphasize careful selection given the varying impact COVID-19 is having on different countries.

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.

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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.

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

Investment Objective

BlackRock Systematic Multi-Strategy Fund’s (the “Fund”) investment objective is to seek total return comprised of current income and capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2020, the Fund outperformed the benchmark ICE BofA 3-Month U.S. Treasury Bill Index, but underperformed its other benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

Fund Strategies

Core allocation across fixed-income and equity markets to balance interest rate and credit exposures. Strategies in the core portfolio may include mortgages, duration and curve, investment grade corporates, emerging markets, securitized credit, dividend equities and high yield.

Long/short alpha strategies seek equity securities and equity derivatives, primarily total return swaps, within a global opportunity set. These strategies seek to identify opportunities through a systematic approach by evaluating predicted returns relative to risk for each security. These strategies seek to provide an uncorrelated source of defensive returns.

Long/short macro strategies seek to capture returns through tactical trades to fixed income and equity markets. These strategies seek to tactically allocate and time directional exposures across several asset classes, such as credit default swaps, U.S. Treasures, U.K. Gilts and index futures.

What factors influenced performance?

The largest contributor to the Fund’s relative performance was the Directional Asset Allocation (“DAA”) strategy. The DAA strategy’s outperformance was driven by its exposure to mortgage-backed securities, as well as investment grade, high yield, and securitized credit. Rate exposure within this strategy also contributed, as rates rallied throughout the period. The strategy was successful in providing upside participation during the period. The macro strategy also contributed slightly to Fund returns.

In contrast, the defensive equity long/short strategy detracted slightly from relative performance. This strategy fulfilled its role in providing ballast to the Fund during the market downturn in the first quarter of 2020, as it tends to perform best in down markets, as increased equity market dispersion leads investors to focus more on credit fundamentals and balance sheet metrics. However, the risk-on market rally during the final nine months of 2020 did not provide the best environment for the strategy, as investors grew optimistic over global economic reopening, COVID-19 vaccine efficacy, and fiscal and monetary support.

Describe recent portfolio activity.

The Fund continued to apply its systematic investment approach, which combines asset allocation, defensive equity long/short alpha, and macro strategies across diversified asset classes. The Fund seeks to provide diversified alpha sources for balanced, consistent returns over time through various market conditions.

The Fund largely achieved its objective of upside participation and downside protection. The DAA’s regime indicator signaled elevated valuations and prompted a defensive positioning for the Fund coming into the period, which provided protection during the first quarter selloff. The Fund also participated in the upside from the ensuing market rally, as the regime indicator moved into an expansion phase. As economic data firmed and trended more positively, the Fund increased exposure to spread assets such as investment grade credit, dividend equities, and high yield.

The Fund held derivatives during the period as a part of its investment strategy. Derivatives are used by the investment adviser to obtain exposure to and/or take outright views on interest rates. Standalone performance impact from derivatives used to manage risk can be taken out of context and may not necessarily portray the total performance impact of the affected position. The Fund’s use of derivatives had a negative impact on performance for the period.

The Fund continued to use leveraged strategies, which involve holding cash in order to back investments in to-be-announced mortgage derivative securities. Despite having a reported cash position exceeding 5%, the Fund’s investable cash position is negative due to unsettled forward transactions on derivatives, which had a positive impact on performance during the period.

Describe portfolio positioning at period end.

The Fund remained diversified across fixed-income sectors within the DAA strategy in order to participate in potential market upside while maintaining protection against future selloffs. The DAA strategy was in its expansion phase and strategically increased risk to spread assets accordingly. The macro and defensive equity strategies continued to provide ballast and uncorrelated returns, helping the Fund provide strong risk-adjusted returns across market environments as equity market dispersion remained elevated and could increase in the future.

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.

TOTAL RETURN BASED ON A $10,000 INVESTMENT

The Fund commenced operations on May 19, 2015.

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 (continued)

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

About Fund Performance

Institutional Shares and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock Systematic Multi-Strategy Fund’s Class K Shares performance shown prior to the Class K Shares inception date of September 29, 2020 is that of Institutional Shares. The performance of BlackRock Systematic Multi-Strategy Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares 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 for BlackRock Systematic Multi-Strategy Fund would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares (available only in BlackRock Systematic Multi-Strategy Fund) are subject to a maximum initial sales charge (front-end load) of 4.00% 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.

Investor C Shares (available only in BlackRock Systematic Multi-Strategy Fund) 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 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.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any 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, 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 July 1, 2020 and held through December 31, 2020, except with respect to BlackRock Systematic Multi-Strategy Fund’s Class K Shares which are based on a hypothetical investment of $1,000 on September 29, 2020 (commencement of operations) and held through December 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 Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.