BlackRock Funds IV N-CSRCertified annual shareholder report (management investment company)

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: 811-23341

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds IV, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock Strategic Global Bond Fund, Inc.

BlackRock Funds IV

Table of Contents

Investment Objective

BlackRock Strategic Global Bond Fund, Inc.’s (the “Fund”) investment objective is to seek high current income by investing in a global portfolio of fixed income securities denominated in various currencies, including multi-national currency units.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2023, all of the Fund’s share classes outperformed its primary benchmark, the Bloomberg Global Aggregate Bond Index. For the same period, all of the Fund’s share classes outperformed its custom benchmark, comprised of 80% Bloomberg Global Aggregate ex EM Bond Index and 20% Bloomberg EM ex Korea Bond Index, with the exception of its Investor C shares which performed in line. The following discussion of relative performance pertains to the Fund’s primary benchmark.

What factors influenced performance?

The Fund’s positioning with respect to U.S. interest rates aided return as the short end of the Treasury yield curve declined over the period. Exposure to emerging market credit spreads and currencies also contributed positively to performance relative to the benchmark. Holdings of structured products including commercial mortgage-backed securities, non-agency residential mortgage-backed securities, collateralized loan obligations and asset-backed securities added to performance as well. Finally, allocations to U.S. investment grade and high yield corporate bonds proved additive.

Positioning with respect to overseas developed market interest rates and currencies detracted from the Fund’s relative performance over the period, along with positioning in emerging market interest rates.

The Fund held derivatives during the period for risk management purposes as well as to manage exposures with the goal of generating positive active return. The use of derivatives modestly contributed to performance as the Fund tactically managed the portfolio’s duration and currency exposures throughout the reporting period.

The Fund’s reported cash position largely reflects the use of short-term derivatives held for risk management purposes as well as to manage exposures. The Fund’s cash position had no material impact on performance.

Describe recent portfolio activity.

After tactically reducing duration in January 2023, primarily in the front-end of the yield curve, the Fund added duration out on the curve given more balanced risk/reward levels, while tactically rotating across high quality spread assets. The Fund lowered its risk profile slightly in February 2023, reducing U.S. investment grade and high yield credit exposures as spreads became less attractive, while adding to agency mortgage-backed securities (“MBS”) given the sector’s favorable interest rate risk profile. Outside the United States, the Fund continued to increase its long European sovereign position while remaining overweight the U.S. dollar relative to the euro and Japanese yen. The Fund also tactically increased exposure to emerging market debt in local rate and select hard currency markets.

In the second quarter of 2023, the Fund’s duration was tactically reduced, resulting in a modestly below-benchmark stance. The Fund continued to increase its sensitivity to changes in credit spreads by selectively adding to global investment grade corporate bonds, particularly within defensive sectors, as spreads appeared attractive. The Fund modestly trimmed its overweight to agency MBS. In addition, the Fund opportunistically added to U.S. high yield corporate bonds while maintaining a cautious stance with respect to lower quality issues within the asset class. Outside the United States, the Fund maintained essentially neutral exposure to European sovereign bonds while continuing to selectively increase the emerging markets debt allocation.

Over the second half of the reporting period, the Fund maintained a duration underweight versus the benchmark, while tactically rotating out of the long-end of the U.S. yield curve and into intermediate maturities. The Fund initially rotated out of U.S. investment grade corporate bonds in favor of European credit given more attractive all-in yields when swapped back to U.S. dollars. As the period progressed the Fund added back to its U.S. investment grade corporate position. In addition, the Fund added slightly to its European sovereign allocation on the view that global central bank policies had reached restrictive levels and were likely to reverse course. From a currency standpoint, the Fund tactically increased and then trimmed its overweight in the U.S. dollar, while maintaining underweights in the euro and Japanese yen given challenged macro dynamics. Lastly, the Fund maintained a cautious stance within U.S. high yield corporate bonds while favoring emerging market local debt.

Describe portfolio positioning at period end.

At period end, the Fund’s duration was modestly underweight relative to the benchmark with a preference for intermediate maturities where values were more attractive. The Fund favored U.S. and European investment grade corporate bonds along with agency MBS for exposure to high quality assets. In terms of currency exposures, the Fund was overweight the U.S. dollar at the expense of the euro and Japanese yen given the Fed’s past policy tightening. Outside the United States, the Fund had allocations to European sovereign bonds and emerging markets debt, most notably exposure to local rates in Mexico and Brazil along with select hard currency bonds. The Fund was cautiously positioned within U.S. high yield corporate bonds and held a substantial allocation to high quality structured products.

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.

GROWTH OF $10,000 INVESTMENT

Performance

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

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, 2023, all of the Fund’s share classes outperformed its primary benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index. For the same period, all of the Fund’s share classes outperformed its secondary benchmark, the Bloomberg U.S. Aggregate Bond Index, with the exception of the Fund’s Investor C shares which performed in line. The following discussion of relative performance pertains to the Fund’s primary benchmark.

What factors influenced performance?

The Fund’s Directional Asset Allocation (“DAA”) strategy contributed to performance during the reporting period. The DAA strategy takes long-only positions in fixed-income assets to capture market upside while seeking to balance interest rate risk and credit risk. The largest gains came from yield on the Fund’s fixed income holdings, as the higher level of interest rates led to more attractive opportunities for income generation. The strategy also benefited positively from duration (interest rate sensitivity) in the fourth quarter of 2023 as the bond market rallied.

The Fund’s Macro and Defensive Equity Long/Short strategies detracted in 2023, with each posting small losses. In the Macro strategy, a long position in U.S. interest rates versus a short position in Europe was the largest detractor. The Defensive Equity Long/Short strategy struggled in the first half of the period due to several rapid shifts in investor sentiment. However, the strategy delivered a gain in the third quarter of 2023 when both stocks and bonds sold off.

The Fund held derivatives as part of its investment strategy. The portfolio management team uses derivatives to obtain exposure to and/or take outright views on interest rates, credit risk and/or foreign exchange positions. The standalone performance of derivatives used to manage risk may not necessarily portray the total performance impact of the affected position. The use of U.S. Treasury futures, currency forwards, options, and swaps contributed to performance in 2023.

The Fund continued to use leveraged strategies, which involve holding cash in order to back investments in to-be-announced mortgage derivative securities. The use of these and other derivatives had a positive impact on performance. Despite having a reported cash position that exceeded 5%, the Fund’s investable cash position was negative due to unsettled forward transactions on derivatives. This did not have a material effect on results.

Describe recent portfolio activity.

The Fund entered 2023 in a defensive positioning. The investment adviser remained cautious in the first half of the period given persistent inflation and strong economic data that signaled the potential for more restrictive Fed policy. Throughout the second half of the period, the investment adviser gradually added to higher-risk asset classes such as high yield bonds and dividend paying stocks as fears about inflation and a possible recession waned. In the fourth quarter of 2023, the investment adviser reduced exposure to the U.S. Treasury curve steepener trade (which seeks to capitalize on outperformance for short-term bonds relative to longer-term issues) and modestly increased overall portfolio duration (interest rate sensitivity). Specifically, it trimmed the Fund’s allocation to short-term bonds and added to its weighting in intermediate-term issues.

Describe portfolio positioning at period end.

At the close of the period, the investment adviser had an optimistic view on the fixed-income markets given further signs of cooling inflation and a growing likelihood of interest rate cuts. The investment adviser increased the Fund’s duration to 2.5 years in an effort to capture the potential for further gains in the bond market. With that said, the Fund generally strove to produce a fixed-income-like return profile with less reliance on duration through its unique Defensive Equity Long/Short strategy, which seeks to provide downside protection and typically performs well when risk assets sell off.

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.

GROWTH OF $10,000 INVESTMENT

The Fund commenced operation on May 19, 2015.

Performance

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

About Fund Performance

Institutional 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. Class K Shares performance shown prior to the Class K Shares inception date of November 13, 2015 for BlackRock Strategic Global Bond Fund, Inc,.and September 29, 2020 for BlackRock Systematic Multi-Strategy Fund is that of the respective Fund’s Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to that of each Fund’s 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 would have been higher than those of 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 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 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 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.

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance returns and net asset value (“NAV”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to each Fund’s shareholders, and the value of these portfolio holdings is reflected in each Fund’s per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage.

Furthermore, the value of each Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund’s NAV positively or negatively in addition to the impact on each Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund’s leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund’s NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund’s shareholders and may reduce income.

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. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. 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.