# EDGAR Filing Document

**Accession Number:** 0001221845
**File Stem:** 0000940400-25-010632
**Filing Date:** 2025-11
**Character Count:** 38054
**Document Hash:** d470a4c0ed17b106708a83e9bcda12af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010632.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010632

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK ALLOCATION TARGET SHARES
- **CENTRAL INDEX KEY:** 0001221845

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21457
- **FILM NUMBER:** 251520697

**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 BOND ALLOCATION TARGET SHARES
- **DATE OF NAME CHANGE:** 20030306

## Series and Classes Contracts Data

### BATS: Short Term Municipal Income Series (Series ID: S000071703)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000227189 | BATS: Short Term Municipal Income Series |  |

## 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 Allocation Target Shares

- **b. Investment Company Act file number:** 811-21457

- **c. CIK number of Registrant:** 0001221845

- **d. LEI of Registrant:** 549300R5YFYF3PL2MC94

- **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:** BATS: Series V Portfolio

- **b. EDGAR series identifier (if any):** S000071703

- **c. LEI of Series:** 549300DF58XWVL2AFN39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $120355272.12

**Total Liabilities:** $1072590.95

**Net Assets:** $119282681.17

**Delayed Delivery Securities:** $718970.00

**Cash Not Reported:** $94749.93

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 518.73000000 | **1-Year:** 414.26000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 1.99000000 | **1-Year:** 105.51000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227189 | 0.21%                | 0.22%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $9806.26                                   |
| Month 2  | $0.00                    | $7640.41                                   |
| Month 3  | $0.00                    | $-14834.25                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FAIRFAX CNTY VA INDL DEV AUTHR      | Fairfax County Industrial Development Authority                           | CUSIP: 303823LR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $940000.00    | 0.79%             | 2042-05-15      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH & ALLEGHENY CNTY PA      | Sports & Exhibition Authority of Pittsburgh & Allegheny County            | CUSIP: 724790AA8<br>LEI: 254900JJT7A9Y409G258 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 2.93%             | 2038-11-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| TEXAS ST A & M UNIV REVENUES        | TEXAS A + M UNIV REVS I 2.6 28JAN26                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1499751.00   | 1.26%             | 2026-01-28      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX PERM UN 2.98 21OCT25 | UNIVERSITY TEX PERM UN 2.98 21OCT25                                       | CUSIP: 91514CPH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000184.80   | 0.84%             | 2025-10-21      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG        | Mississippi Development Bank                                              | CUSIP: 60534XE77<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    850000 | PA      | $861870.38    | 0.72%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL CMNTY CONSOL SCHD      | Cook County Community Consolidated School District No 64 Park Ridge-Niles | CUSIP: 213669KR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $742792.73    | 0.62%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                            | State of Texas                                                            | CUSIP: 882721RM7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.67%             | 2036-04-01      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| POMPTON LAKES BORO NJ               | Borough of Pompton Lakes NJ                                               | CUSIP: 732233DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404383.27    | 0.34%             | 2026-06-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MESA AZ UTILITY SYS REVENUE         | City of Mesa AZ Utility System Revenue                                    | CUSIP: 5905452S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $687697.04    | 0.58%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY DEV AUTH HSG       | Wyoming Community Development Authority                                   | CUSIP: 98322QTB3<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 1.51%             | 2048-12-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                         | City of New York NY                                                       | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 2.43%             | 2046-10-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI      | Pennsylvania Turnpike Commission                                          | CUSIP: 709225JD9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550000.00    | 0.46%             | 2043-12-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                | CUSIP: 45203HYX4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 2.43%             | 2046-12-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL      | Maryland Health & Higher Educational Facilities Authority                 | CUSIP: 574215RC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.03%             | 2035-04-01      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA GEN PURPOS      | Northampton County General Purpose Authority                              | CUSIP: 66353RDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4100000.00   | 3.44%             | 2054-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R      | Indiana Finance Authority                                                 | CUSIP: 45470YBB6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.63%             | 2048-09-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES       | City of Colorado Springs CO Utilities System Revenue                      | CUSIP: 196632BH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 1.17%             | 2036-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| SAINT LUCIE CNTY FL POLL CONTR      | County of St Lucie FL                                                     | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.34%             | 2028-09-01      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO      | Mississippi Business Finance Corp                                         | CUSIP: 60528ACB8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3555000 | PA      | $3555000.00   | 2.98%             | 2035-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO      | Mississippi Business Finance Corp                                         | CUSIP: 60528ABR4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    480000 | PA      | $480000.00    | 0.40%             | 2030-12-01      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| DALLAS FT WORTH TEX INT 2.8 23OCT25 | DALLAS FT WORTH TEX INT 2.8 23OCT25                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $799997.20    | 0.67%             | 2025-10-23      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY COML PAPER IAM 10        | UNIVERSITY COML PAPER IAM 10                                              | CUSIP: 91514TAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000108.00   | 0.84%             | 2025-10-21      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R      | Massachusetts Development Finance Agency                                  | CUSIP: 57583R6H3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 1.05%             | 2046-07-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE      | South Carolina Jobs-Economic Development Authority                        | CUSIP: 837031ZX4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 1.76%             | 2061-05-01      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                            | State of Texas                                                            | CUSIP: 882724QQ3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2115000.00   | 1.77%             | 2050-12-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO      | Mississippi Business Finance Corp                                         | CUSIP: 60528ACC6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3400000.00   | 2.85%             | 2035-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH HLTHCARE       | New Hampshire Business Finance Authority                                  | CUSIP: 63610BAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1070000.00   | 0.90%             | 2064-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| LEWISVILLE TX INDEP SCH DIST        | Lewisville Independent School District                                    | CUSIP: 52882PHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511137.70    | 0.43%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT WASHINGTON-SAUKVILLE WI S      | Port Washington-Saukville School District/WI                              | CUSIP: 735587JQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101201.34    | 0.08%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN NEB ELEC SYS RE 2.7 02OCT25 | LINCOLN NEB ELEC SYS RE 2.7 02OCT25                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1999993.20   | 1.68%             | 2025-10-02      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST WTR R 2.71 04NOV25 | MASSACHUSETTS ST WTR R 2.71 04NOV25                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1800154.08   | 1.51%             | 2025-11-04      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL       | New York City Transitional Finance Authority Future Tax Secured Revenue   | CUSIP: 64971XKU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 1.93%             | 2039-08-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| HONEOYE FALLS-LIMA NY CENTRL S      | Honeoye Falls-Lima Central School District                                | CUSIP: 438209MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $606095.81    | 0.51%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANS 2.9 10OCT25 | MASSACHUSETTS BAY TRANS 2.9 10OCT25                                       | CUSIP: 57559GBS7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000022.40   | 0.84%             | 2025-10-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REVENUE            | County of King WA Sewer Revenue                                           | CUSIP: 495290ET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 3.35%             | 2042-01-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX UTIL SYS REV 2.7 03DEC25 | AUSTIN TEX UTIL SYS REV 2.7 03DEC25                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1999981.80   | 1.68%             | 2025-12-03      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH DIST         | School Board of Miami-Dade County/The                                     | CUSIP: 59333RLV4<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1806008.01   | 1.51%             | 2026-01-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT      | Nebraska Investment Finance Authority                                     | CUSIP: 63968MQD4<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2525000.00   | 2.12%             | 2047-09-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| EL PASO TEX WTR + SWR 2.88 04DEC25  | EL PASO TEX WTR + SWR 2.88 04DEC25                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $599994.66    | 0.50%             | 2025-12-04      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS      | Connecticut Housing Finance Authority                                     | CUSIP: 20775B8C3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    725000 | PA      | $725000.00    | 0.61%             | 2045-11-15      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL       | New York City Transitional Finance Authority Future Tax Secured Revenue   | CUSIP: 64971WE63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3300000.00   | 2.77%             | 2045-02-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE FL UTILITIES SYS R      | City of Gainesville FL Utilities System Revenue                           | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 2.01%             | 2042-10-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP       | New York City Housing Development Corp                                    | CUSIP: 64970HCH5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    850000 | PA      | $850000.00    | 0.71%             | 2036-03-15      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY NJ IMPT AUTH             | Essex County Improvement Authority                                        | CUSIP: 296807MM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353440.93    | 0.30%             | 2026-03-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON OH                         | City of Hamilton OH                                                       | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500926.48    | 0.42%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PLANO TX INDEP SCH DIST             | Plano Independent School District                                         | CUSIP: 727199D73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $908009.86    | 0.76%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE        | Michigan Finance Authority                                                | CUSIP: 59447UAC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    800000 | PA      | $815881.96    | 0.68%             | 2026-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORADELL NJ                          | Borough of Oradell NJ                                                     | CUSIP: 683897ER9<br>LEI: 54930075CYMQ76JRSZ76 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403402.50    | 0.34%             | 2026-07-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                            | State of Texas                                                            | CUSIP: 882723YT0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.08%             | 2046-06-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH       | Kentucky Economic Development Finance Authority                           | CUSIP: 49126PGY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.84%             | 2055-06-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN       | New York City Municipal Water Finance Authority                           | CUSIP: 64972GC44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 2.52%             | 2044-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL       | Black Belt Energy Gas District                                            | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    600000 | PA      | $607058.26    | 0.51%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FL HSG FIN AUTH       | Pinellas County Housing Finance Authority                                 | CUSIP: 72317BAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 1.17%             | 2048-10-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN REVENUE              | City of Minneapolis MN                                                    | CUSIP: 603786FP4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 1.09%             | 2040-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST GAS & FUELS TAX R      | State of Louisiana Gasoline & Fuels Tax Revenue                           | CUSIP: 546475VW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3650000.00   | 3.06%             | 2043-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST GRANT ANTICI      | State of North Carolina                                                   | CUSIP: 658268EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010304.18   | 0.85%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD HSG OPPNTYS      | Montgomery County Housing Opportunities Commission                        | CUSIP: 613347RK1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 1.09%             | 2063-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                | CUSIP: 45200BHQ4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1895000.00   | 1.59%             | 2034-06-01      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIV MI REVENUE             | Oakland University                                                        | CUSIP: 673588DL0<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.68%             | 2031-03-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY         | North Dakota Housing Finance Agency                                       | CUSIP: 658909JV9<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1830000.00   | 1.53%             | 2036-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DE      | South Carolina State Housing Finance & Development Authority              | CUSIP: 83712EHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1405000.00   | 1.18%             | 2058-12-01      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU      | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | CUSIP: 97689QCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 1.76%             | 2038-03-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SF MTGE REVEN      | Iowa Finance Authority                                                    | CUSIP: 462467RZ6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 1.01%             | 2046-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL FOREST PRESERV      | DuPage County Forest Preserve District                                    | CUSIP: 262651VF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $776481.21    | 0.65%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE           | Texas Water Development Board                                             | CUSIP: 88285AHU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $718376.07    | 0.60%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA      | Main Street Natural Gas Inc                                               | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    490000 | PA      | $492961.86    | 0.41%             | 2050-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY             | New York State Housing Finance Agency                                     | CUSIP: 64986MYY5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.75%             | 2037-11-15      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP              | Alaska Housing Finance Corp                                               | CUSIP: 0118326M9<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    495000 | PA      | $495000.00    | 0.41%             | 2030-12-01      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP       | New York City Housing Development Corp                                    | CUSIP: 64972KKK0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    525000 | PA      | $525022.87    | 0.44%             | 2055-05-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA      | Wisconsin Health & Educational Facilities Authority                       | CUSIP: 97712JPK3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.63%             | 2055-08-15      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | ILLINOIS FINANCE AUTHORITY                                                | CUSIP: 45204FAH8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 1.17%             | 2049-08-15      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE      | Metropolitan Transportation Authority Dedicated Tax Fund                  | CUSIP: 59259N8Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $3565000.00   | 2.99%             | 2031-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN       | New York City Municipal Water Finance Authority                           | CUSIP: 64972GRG1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 1.26%             | 2050-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| AKRON BATH COPLEY JT TWP OH HO      | Akron Bath Copley Joint Township Hospital District                        | CUSIP: 009730PA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.84%             | 2047-11-15      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH           | Arizona Health Facilities Authority                                       | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3990000 | PA      | $3990000.00   | 3.34%             | 2046-01-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MAPLEWOOD TWP NJ                    | Township of Maplewood NJ                                                  | CUSIP: 565624NG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000184.40   | 0.84%             | 2025-10-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV                        | Ohio State University/The                                                 | CUSIP: 677632N98<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.42%             | 2043-06-01      | Variable      | 2.58%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SF MTGE REVEN      | Iowa Finance Authority                                                    | CUSIP: 462467UA7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550000.00    | 0.46%             | 2047-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSP            | MASSACHUSETTS BAY TRANSPORTATION AUTHORITY                                | CUSIP: 57559JBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000022.40   | 0.84%             | 2025-10-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH        | South Dakota Housing Development Authority                                | CUSIP: 83756CA21<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1025000.00   | 0.86%             | 2041-11-01      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| MIAMISBURG OH                       | City of Miamisburg OH                                                     | CUSIP: 593864MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401491.27    | 0.34%             | 2026-02-10      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU      | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | CUSIP: 97689QNE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.42%             | 2041-03-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HLTH FACS DEV C      | Harris County Health Facilities Development Corp                          | CUSIP: 41315RGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4300000.00   | 3.60%             | 2041-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** BlackRock Allocation Target Shares

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer