Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

		DECEMBER 31, 2021

BlackRock Funds IV

BlackRock Funds V

Table of Contents

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, 2021, the Fund outperformed both of its benchmarks, the ICE BofA 3-Month U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index.

What factors influenced performance?

The largest contributor to the Fund’s relative performance was the defensive equity strategy, which benefited from the strategy’s ability to generate positive returns when equity markets were falling, or defensive alpha. This was most notable in January and November 2021, as the strategy delivered positive returns despite sell-offs in the broader equity markets. In addition, the defensive equity strategy proved during the period that its focus on credit could successfully navigate inflationary environments with rising interest rates by taking advantage of the increased dispersion within the equity markets. The directional asset allocation (“DAA”) strategy also delivered strong performance despite rising inflationary concerns and the scarcity of returns from fixed-income assets.

All three strategies contributed to performance during the period. The macro strategy saw positive returns and delivered its best performance in November 2021, providing a complementary source of return as the DAA strategy struggled.

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, credit risk and/or foreign exchange positions in the Fund. 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, primarily through U.S. Treasury futures, currency forwards, options and swaps, had a positive impact on performance for the period.

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.

For most of the period, the Fund’s regime model reflected expansionary conditions, as the economic reopening led to a broader recovery. The Fund increased risk further in the first quarter of 2021, boosting dividend equity exposure from 8% to 11%. At the same time, it reduced exposure to mortgage-backed securities (“MBS”) as rising rates raised the threat of duration extension within the asset class and as the Fed contemplated its tapering of MBS purchases. Overall, the Fund’s positioning reflects the view that the economy is entering the later stages of the business cycle, as the Fed has recognized that inflation is not transitory. With rising inflation as an early warning sign of a regime shift, the Fund reduced risk asset allocations in the DAA strategy in December 2021. The Fund also reduced high-yield and dividend equity exposure in light of these early signals, which imply a poor risk-reward environment for positions more suitable for a mid-cycle expansion.

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. The Fund’s cash position did not have a material impact on Fund performance.

Describe portfolio positioning at period end.

The Fund ended the period with measured allocations to dividend equities and high-yield securities that reflected positioning for a late-cycle economic environment. Overall, this approach is expected to allow the Fund to continue to prove its value as a fixed-income alternative. End-of-period positioning continued to reflect the desired structure of the portfolio to generate a strong risk-adjusted return with a focus on downside protection.

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.

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

Investment Objective

BlackRock Sustainable Emerging Markets Bond Fund’s (the “Fund”) (formerly known as BlackRock Emerging Markets Bond Fund) investment objective is to seek total return, while seeking to maintain certain environmental, governance and social (“ESG”) characteristics, climate risk exposure and climate opportunities relative to the Fund’s benchmark.

On June 9, 2021, the Board of Trustees of the Trust (the “Board”) approved a change in the name of the Fund from BlackRock Emerging Markets Bond Fund to BlackRock Sustainable Emerging Markets Bond Fund. The Board also approved certain changes to the Fund’s investment objective, investment strategies and investment process. In addition, the investment adviser has changed the benchmark indices against which the Fund compares its performance. These changes became effective on October 15, 2021.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2021, the Fund’s Institutional and Class K Shares outperformed its newly added benchmark, the J.P. Morgan ESG Emerging Markets Bond Index Global Diversified Index. For the same period, the Fund’s Class K Shares outperformed its primary benchmark, the J.P. Morgan Emerging Markets Bond Index Global Diversified Index, while the Fund’s Institutional Shares underperformed.

The Fund transitioned from an absolute return strategy to a sustainability strategy in the fourth quarter of 2021, leading to the Fund being repositioned in line with its new strategy.

What factors influenced performance?

Emerging market bonds suffered negative returns in 2021, with much of the weakness occurring in the first quarter of 2021 in response to a sharp rise in U.S. Treasury yields. The asset class recovered somewhat in the span from early March to mid-September, but it then turned lower once again as rising inflation prompted the Fed to adopt a more hawkish tone. In addition, the emergence of the Omicron variant of COVID-19 pressured higher-risk assets across the globe. While emerging market debt rebounded in December 2021, the gain was insufficient to make up for the earlier downturn.

Consistent with this challenging environment, the Fund posted a negative absolute return in 2021. The Fund’s overweight in Ukraine, which was hurt by tensions with Russia, late in the year, was largest detractor from performance. An overweight in Ghana also detracted, as the country underperformed due to concerns about its fiscal deficit in 2022. An overweight in Egypt, which lagged primarily as a result of supply-and-demand factors in the market, further detracted from relative performance.

On the positive side, the Fund’s out-of-benchmark positioning in emerging market currencies was a key contributor. A short position in the Turkish lira added value due to the currency’s sharp decline in 2021. An underweight in Turkey’s bond market also helped results. The country was impacted by several idiosyncratic events in 2021, including the firing of its central bank governor and its unconventional approach to handling rising inflation. The Fund held a legacy position in the bonds of Petróleos de Venezuela, SA, which added to performance following news that the government is looking to swap a stake in a Caribbean refinery to settle some of its obligations. The bonds were liquidated as part of the Fund’s transition to a sustainability strategy. Overweight positions in Angola and Oman further contributed to results.

During the period, the Fund used derivatives to manage risk and/or take outright views on interest rates, credit risk and/or the foreign exchange markets. The Fund’s effort to manage interest-rate risk using U.S. Treasury futures contributed in the first half of the year but detracted thereafter. The Fund’s overall use of derivatives was a net positive, predominantly as a result of the out-of-benchmark currency positioning.

Describe recent portfolio activity.

At the start of the year, the Fund was positioned for a reflationary macroeconomic environment with a beta above 1.0 (i.e., an above-average sensitivity to market movements). The investment adviser subsequently reduced risk by trimming some of the portfolio’s core higher-yielding positions, such as Egypt. In the second quarter of 2021, the investment adviser decreased risk further in response to the Fed’s more hawkish tone. During this time, the Fund’s positions in Ghana, Qatar and Turkey were reduced. In the currency space, the Fund took profits in the South African Rand and Brazilian Real, and it fully closed out its positions in frontier-market currencies.

The investment adviser reduced the Fund’s cash position during the second half of 2021, as sovereign issues began to look more attractive due to widening yield spreads. In particular, it increased the portfolio’s weightings in Ukraine and Gabon. However, the investment adviser pared back risk again late in the third quarter of 2021 as volatility picked up. In the fourth quarter of 2021, the investment adviser increased the Fund’s short position in Turkey and reduced its overweight in Ukraine due to the news about Russia. The investment adviser also decreased the portfolio’s currency exposure following a strong rally in late November.

Describe portfolio positioning at period end.

Ukraine, Romania and Oman were the Fund’s largest overweights, and Malaysia, China and the Philippines were its most significant underweights.

The Fund’s beta was slightly higher than the benchmark as of December 31, 2021, while its duration was below that of the benchmark.

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 July 27, 2017.

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.

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 each 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 table(s) 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 waiver(s) and/or reimbursement(s), 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, 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period) 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. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. 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.