# EDGAR Filing Document

**Accession Number:** 0001221845
**File Stem:** 0001752724-23-037509
**Filing Date:** 2023-2
**Character Count:** 72066
**Document Hash:** bbadd9cecd46712067ea461634730f2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037509.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037509

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK ALLOCATION TARGET SHARES
- **CENTRAL INDEX KEY:** 0001221845
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21457
- **FILM NUMBER:** 23661321

**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: Series V Portfolio (Series ID: S000071703)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000227189 | BATS: Series V Portfolio |  |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2022

#### BATS: Series V Portfolio

#### (Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br> (000)* | *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| Alaska Housing Finance Corp., Refunding RB, Series A, VRDN, (Wells Fargo Bank NA SBPA), 3.65%, 01/09/23<sup>(a)</sup><br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;$100000 |
| **California — 5.7%** | **California — 5.7%** | **California — 5.7%** | **California — 5.7%** |
| City of Los Angeles, TRAN, 4.00%, 06/29/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401539 |
| Los Angeles California Wastewater System, TECP, (TD Bank NA LOC), 2.38%, 01/17/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499654 |
| Los Angeles Department of Water & Power, RB, VRDN, (Bank of America NA SBPA), 2.64%, 01/03/23<sup>(a)(b)</sup><br>|  | 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2370000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271193 |
| **Colorado — 0.9%** | **Colorado — 0.9%** | **Colorado — 0.9%** | **Colorado — 0.9%** |
| Colorado Health Facilities Authority, Refunding RB, VRDN, (TD Bank NA LOC), 3.65%, 01/03/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 |
| **Connecticut — 3.5%** | **Connecticut — 3.5%** | **Connecticut — 3.5%** | **Connecticut — 3.5%** |
| Connecticut Housing Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;RB, Sub-Series A-3, VRDN, (Royal Bank of Canada SBPA), 3.58%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;RB, Sub-Series A-3, VRDN, (UBS AG SBPA), 3.62%, 01/09/23<sup>(a)</sup><br>|  | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Refunding RB, Sub-Series C-3, VRDN, (Royal Bank of Canada SBPA), 3.58%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025000 |
| **District of Columbia — 2.2%** | **District of Columbia — 2.2%** | **District of Columbia — 2.2%** | **District of Columbia — 2.2%** |
| District of Columbia |  |  |  |
| &nbsp;&nbsp;&nbsp;Refunding RB, VRDN, (Sumitomo Mitsui Banking Corp. LOC), 3.63%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 |
| &nbsp;&nbsp;&nbsp;TECP, (Barclays Bank plc LOC), 2.55%, 01/18/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499737 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254737 |
| **Florida — 6.3%** | **Florida — 6.3%** | **Florida — 6.3%** | **Florida — 6.3%** |
| County of St. Lucie Florida Power & Light Co., Refunding RB, VRDN, 3.55%, 01/03/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| Highlands County Health Facilities Development Corp., RB, VRDN, 3.60%, 01/09/23<sup>(a)</sup><br>|  | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 |
| JEA Electric System Revenue, Refunding RB, Series THREE-B-3, VRDN, (Royal Bank of Canada SBPA), 3.60%, 01/09/23<sup>(a)</sup><br>|  | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 |
| Orlando Utilities Commission, Refunding RB, Series B, VRDN, (TD Bank NA SBPA), 3.64%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650000 |
| **Georgia — 1.7%** | **Georgia — 1.7%** | **Georgia — 1.7%** | **Georgia — 1.7%** |
| County of Fulton Development Authority, RB, VRDN, (Truist Bank SBPA), 3.74%, 01/09/23<sup>(a)</sup><br>|  | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **Illinois — 5.0%** | **Illinois — 5.0%** | **Illinois — 5.0%** | **Illinois — 5.0%** |
| City of Aurora, Refunding RB, VRDN, (BMO Harris Bank NA LOC), 3.67%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| Illinois Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;RB, VRDN, (Barclays Bank plc LOC), 3.62%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Refunding RB, Sub-Series C3A, VRDN, (Northern Trust Co. SBPA), 3.59%, 01/09/23<sup>(a)</sup><br>|  | 1655 | &nbsp;&nbsp;&nbsp;&nbsp; 1655000 |
| Illinois Finance Authority Northwestern University, RB, Sub-Series, VRDN, 3.80%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855000 |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| Iowa Finance Authority, Refunding RB, VRDN, (JPMorgan Chase Bank NA LOC), 3.71%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 |
| **Kentucky — 0.9%** | **Kentucky — 0.9%** | **Kentucky — 0.9%** | **Kentucky — 0.9%** |
| Louisville & Jefferson County Metropolitan Swere District, TECP, (Bank of America NA SBPA), 3.65%, 02/13/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499690 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br> (000)* | *Value* |
| **Louisiana — 1.6%** | **Louisiana — 1.6%** | **Louisiana — 1.6%** | **Louisiana — 1.6%** |
| Louisiana Offshore Terminal Authority, Refunding RB, VRDN, (JPMorgan Chase Bank NA LOC), 3.73%, 01/09/23<sup>(a)</sup><br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;$715000 |
| Louisiana Public Facilities Authority, Refunding RB, VRDN, (Bank of New York Mellon Corp. LOC), 3.73%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000 |
| **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** |
| City of Quincy, GO, Refunding, BAN, 4.00%, 07/07/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401360 |
| Massachusetts Development Finance Agency, RB, VRDN, (Wells Fargo Bank NA SBPA), 3.65%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| Massachusetts Water Resources Authority, Refunding RB, Series A-3, VRDN, (Wells Fargo Bank NA SBPA), 3.58%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316360 |
| **Michigan — 4.5%** | **Michigan — 4.5%** | **Michigan — 4.5%** | **Michigan — 4.5%** |
| Michigan State University |  |  |  |
| &nbsp;&nbsp;&nbsp;RB, VRDN, (PNC Bank NA SBPA), 3.68%, 01/09/23<sup>(a)</sup><br>|  | 1570 | &nbsp;&nbsp;&nbsp;&nbsp; 1570000 |
| &nbsp;&nbsp;&nbsp;RB, Series 2000-A, VRDN, (Northern Trust Co. SBPA), 3.68%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 |
| Oakland University, Refunding RB, VRDN, (JPMorgan Chase Bank NA LOC), 3.65%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560000 |
| **Minnesota — 2.2%** | **Minnesota — 2.2%** | **Minnesota — 2.2%** | **Minnesota — 2.2%** |
| County of Hennepin, GO, Refunding, Series B, VRDN, (TD Bank NA SBPA), 3.58%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 |
| University of Minnesota, TECP, 2.40%, 01/10/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499789 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284789 |
| **Mississippi — 2.5%** | **Mississippi — 2.5%** | **Mississippi — 2.5%** | **Mississippi — 2.5%** |
| Mississippi Business Finance Corp. Chevron Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;RB, Series E, VRDN, 3.55%, 01/03/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| &nbsp;&nbsp;&nbsp;RB, Series K, VRDN, 3.55%, 01/03/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;RB, VRDN, 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 |
| **Missouri — 1.9%** | **Missouri — 1.9%** | **Missouri — 1.9%** | **Missouri — 1.9%** |
| City of Kansas City, Refunding RB, Series E, VRDN, (Sumitomo Mitsui Banking Corp. LOC), 3.61%, 01/09/23<sup>(a)</sup><br>|  | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 |
| **Nebraska — 1.8%** | **Nebraska — 1.8%** | **Nebraska — 1.8%** | **Nebraska — 1.8%** |
| Nebraska Investment Finance Authority, RB, Series C, VRDN, (GNMA/FNMA/FHLMC), (Federal Home Loan Bank SBPA), 3.68%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 |
| Omaha Public Power District, TECP, (Bank of America NA SBPA), 2.25%, 02/01/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499411 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024411 |
| **Nevada — 2.3%** | **Nevada — 2.3%** | **Nevada — 2.3%** | **Nevada — 2.3%** |
| County of Clark Department of Aviation, Refunding RB, Series D-2B, VRDN, (Barclays Bank plc LOC), 3.60%, 01/09/23<sup>(a)</sup><br>|  | 1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 |
| **New York — 12.0%** | **New York — 12.0%** | **New York — 12.0%** | **New York — 12.0%** |
| Battery Park City Authority, Refunding RB, Series D-1, VRDN, (TD Bank NA SBPA), 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| Build NYC Resource Corp., Refunding RB, VRDN, (TD Bank NA LOC), 3.58%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 |
| City of New York |  |  |  |
| &nbsp;&nbsp;&nbsp;GO, Sub-Series G-6, VRDN, (Mizuho Bank Ltd. LOC), 3.52%, 01/03/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 |
| &nbsp;&nbsp;&nbsp;GO, Sub-Series I-3, VRDN, (Citibank NA LOC), 3.58%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

#### BATS: Series V Portfolio

#### (Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br> (000)* | *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** |
| City of New York |  |  |  |
| &nbsp;&nbsp;&nbsp;GO, Sub-Series, VRDN, (Citibank NA LOC), 3.58%, 01/09/23<sup>(a)</sup><br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;$200000 |
| Metropolitan Transportation Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;Refunding RB, Sub-Series G-1, VRDN, (Barclays Bank plc LOC), 3.40%, 01/03/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Refunding RB, VRDN, (TD Bank NA LOC), 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| New York City Housing Development Corp., RB, VRDN, (Royal Bank of Canada SBPA), 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| New York City Municipal Water Finance Authority, RB, Series CC, VRDN, (Barclays Bank plc SBPA), 3.62%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 |
| New York City Water & Sewer System, RB, VRDN, (State Street Bank & Trust Co. SBPA), 3.44%, 01/03/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| New York State Energy Research & Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;Refunding RB, Sub-Series A-1, VRDN, (Mizuho Bank Ltd. LOC), 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 |
| &nbsp;&nbsp;&nbsp;Refunding RB, Sub-Series A-3, VRDN, (Mizuho Bank Ltd. LOC), 3.70%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 |
| New York State HFA |  |  |  |
| &nbsp;&nbsp;&nbsp;RB, Series A, VRDN, (Fannie Mae LIQ), 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| &nbsp;&nbsp;&nbsp;RB, VRDN, (Landesbank Hessen-Thuringen Girozentrale LOC), 3.65%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;RB, VRDN, (Landesbank Hessen-Thuringen Girozentrale LOC), 3.69%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| New York State Urban Development Corp., Refunding RB, VRDN, (JPMorgan Chase Bank NA SBPA), 3.64%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| Port Authority of New York & New Jersey, TECP, (JPMorgan Chase Bank NA SBPA), 3.70%, 01/24/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499844 |
| State of New York Mortgage Agency, Refunding RB, Series 2, VRDN, (UBS AG SBPA), 3.62%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6919844 |
| **North Carolina — 6.0%** | **North Carolina — 6.0%** | **North Carolina — 6.0%** | **North Carolina — 6.0%** |
| City of Charlotte, Refunding, RB, VRDN, (Wells Fargo Bank NA SBPA), 3.65%, 01/09/23<sup>(a)</sup><br>|  | 1965 | &nbsp;&nbsp;&nbsp;&nbsp; 1965000 |
| City of Raleigh, RB, VRDN, (PNC Bank NA SBPA), 3.70%, 01/09/23<sup>(a)</sup><br>|  | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465000 |
| **Ohio — 2.0%** | **Ohio — 2.0%** | **Ohio — 2.0%** | **Ohio — 2.0%** |
| Akron Bath Copley Joint Township Hospital District, RB, Series A-R, VRDN, (BMO Harris Bank NA LOC), 3.65%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 |
| County of Franklin, RB, VRDN, (Northern Trust Co. LOC), 3.62%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| Ohio Higher Educational Facility Commission, Refunding RB, VRDN, (Ohio State Treasurer SBPA), 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 |
| **Pennsylvania — 1.8%** | **Pennsylvania — 1.8%** | **Pennsylvania — 1.8%** | **Pennsylvania — 1.8%** |
| Emmaus General Authority, RB, VRDN, (AGM), (Wells Fargo Bank NA SBPA), 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| Pennsylvania Turnpike Commission, Refunding RB, VRDN, (TD Bank NA LOC), 3.66%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 |
| **South Carolina — 1.6%** | **South Carolina — 1.6%** | **South Carolina — 1.6%** | **South Carolina — 1.6%** |
| South Carolina Jobs EDA, RB, VRDN, (Truist Bank LOC), 3.70%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br> (000)* | *Value* |
| **South Dakota — 1.4%** | **South Dakota — 1.4%** | **South Dakota — 1.4%** | **South Dakota — 1.4%** |
| South Dakota HDA, Refunding RB, Series B, VRDN, (South Dakota HDA SBPA), 3.65%, 01/09/23<sup>(a)</sup><br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;$800000 |
| **Tennessee — 1.2%** | **Tennessee — 1.2%** | **Tennessee — 1.2%** | **Tennessee — 1.2%** |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue 1st Lien, TECP, (TD Bank NA LOC), 3.40%, 02/16/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499735 |
| Public Building Authority of Sevier County, RB, VRDN, (County GTD), (Bank of America NA LOC), 3.66%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699735 |
| **Texas — 15.6%** | **Texas — 15.6%** | **Texas — 15.6%** | **Texas — 15.6%** |
| Board of Regents of the University of Texas System, TECP, (University of Texas System LIQ), 3.00%, 01/06/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399933 |
| City of Houston Combined Utility System Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;Refunding RB, Series C, VRDN, (Barclays Bank plc LOC), 3.68%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;Refunding RB, VRDN, (Sumitomo Mitsui Banking Corp. LOC), 3.66%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| Dallas ISD, GO, (GTD-PSF), 5.00%, 02/15/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200453 |
| Garland, TECP, (Barclays Bank plc LOC), 2.60%, 03/01/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499122 |
| Gulf Coast IDA, RB, VRDN, 3.50%, 01/03/23<sup>(a)</sup><br>|  | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| Lower Colorado River Authority, TECP, (State Street Bank & Trust Co. LOC (50%) & JPMorgan Chase Bank NA (50%) LOC), 3.55%, 03/02/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499700 |
| Pasadena ISD, GO, Series B, VRDN, (AGM), (JPMorgan Chase Bank NA SBPA), 3.65%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 |
| Permanent University Fund, RB, Series A, VRDN, (University of Texas Management Co. LIQ), 3.65%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 |
| Port of Port Arthur Navigation District, Refunding RB, VRDN, 3.68%, 01/09/23<sup>(a)</sup><br>|  | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| Red River Education Finance Corp., RB, VRDN, (TD Bank NA SBPA), 3.73%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| San Antonio Housing Trust Finance Corp., RB, VRDN, (Federal Home Loan Bank LOC), 3.59%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 |
| State of Texas, GO, Series B, VRDN, (Federal Home Loan Bank SBPA), 3.85%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 |
| University of Texas, TECP, (University of Texas Management Co. LIQ), 2.10%, 01/05/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8988718 |
| **Utah — 3.1%** | **Utah — 3.1%** | **Utah — 3.1%** | **Utah — 3.1%** |
| City of Murray, RB, Series A, VRDN, 3.65%, 01/09/23<sup>(a)</sup><br>|  | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 |
| **Virginia — 3.7%** | **Virginia — 3.7%** | **Virginia — 3.7%** | **Virginia — 3.7%** |
| Fairfax County IDA, Refunding RB, VRDN, 3.66%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 |
| Loudoun County EDA |  |  |  |
| &nbsp;&nbsp;&nbsp;RB, Series B, VRDN, 3.67%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 |
| &nbsp;&nbsp;&nbsp;RB, Series F, VRDN, 3.55%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| Virginia Polytechnic Institute & State University, TECP, 2.45%, 01/10/23<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399854 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114854 |
| **Wisconsin — 4.9%** | **Wisconsin — 4.9%** | **Wisconsin — 4.9%** | **Wisconsin — 4.9%** |
| University of Wisconsin Hospitals & Clinics Authority, Refunding RB, VRDN, (BMO Harris Bank NA SBPA), 3.37%, 01/03/23<sup>(a)</sup><br>|  | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 |
| Wisconsin Housing & EDA |  |  |  |
| &nbsp;&nbsp;&nbsp;RB, Series C, VRDN, (Federal Home Loan Bank SBPA), 3.65%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

#### BATS: Series V Portfolio

#### (Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br> (000)* | *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Wisconsin Housing & EDA |  |  |  |
| &nbsp;&nbsp;&nbsp;RB, Series C, VRDN (FNMA COL), (Royal Bank of Canada SBPA), 3.60%, 01/09/23<sup>(a)</sup><br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;$990000 |
| &nbsp;&nbsp;&nbsp;RB, Series D, VRDN, (FNMA COL), (Royal Bank of Canada SBPA), 3.60%, 01/09/23<sup>(a)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840000 |
| **Total Investments — 99.4%<br>(Cost: $57,252,293)<br>** | **Total Investments — 99.4%<br>(Cost: $57,252,293)<br>** | **Total Investments — 99.4%<br>(Cost: $57,252,293)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;57244331 |
| **Other Assets Less Liabilities — 0.6%<br>** | **Other Assets Less Liabilities — 0.6%<br>** | **Other Assets Less Liabilities — 0.6%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332902 |
| **Net Assets — 100.0%<br>** | **Net Assets — 100.0%<br>** | **Net Assets — 100.0%<br>** | $57577233 |

---

<sup>(a)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Level 1* | &nbsp;&nbsp;*Level 2* | &nbsp;&nbsp;*Level 3* | &nbsp;&nbsp;*Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$57244331 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$57244331 |

---

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| USD | &nbsp;&nbsp;United States Dollar |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGM | &nbsp;&nbsp;Assured Guaranty Municipal Corp. |
| BAN | &nbsp;&nbsp;Bond Anticipation Notes |
| COL | &nbsp;&nbsp;Collateralized |
| EDA | &nbsp;&nbsp;Economic Development Authority |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BATS: Series V Portfolio

---

| | |
|:---|:---|
| FHLMC | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| FNMA | &nbsp;&nbsp;Federal National Mortgage Association |
| GO | &nbsp;&nbsp;General Obligation Bonds |
| GTD | &nbsp;&nbsp;Guaranteed |
| HDA | &nbsp;&nbsp;Housing Development Authority |
| HFA | &nbsp;&nbsp;Housing Finance Agency |
| IDA | &nbsp;&nbsp;Industrial Development Authority |
| ISD | &nbsp;&nbsp;Independent School District |
| LIQ | &nbsp;&nbsp;Liquidity Agreement |
| LOC | &nbsp;&nbsp;Letter of Credit |
| RB | &nbsp;&nbsp;Revenue Bonds |
| SBPA | &nbsp;&nbsp;Stand-By Bond Purchase Agreements |
| TECP | &nbsp;&nbsp;Tax-Exempt Commercial Paper |
| TRAN | &nbsp;&nbsp;Tax and Revenue Anticipation Note |
| VRDN | &nbsp;&nbsp;Variable Rate Demand Note |

---

## 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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $57646026.19

**Total Liabilities:** $157597.62

**Net Assets:** $57488428.57

**Cash Not Reported:** $1388793.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 49.47000000 | **1-Year:** 41.48000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **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 | 0.19%                | 0.17%                | 0.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3970.29                                   |
| Month 2  | $0.00                    | $7063.10                                   |
| Month 3  | $0.00                    | $-7010.71                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DIST OF COLUMBIA UNIV REVENUE                                                      | District of Columbia                                                               | CUSIP: 25484JAR1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    755000 | PA      | $755000.00    | 1.31%             | 2041-04-01      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST WTR RESOURCES                                                     | Massachusetts Water Resources Authority                                            | CUSIP: 576051BY1<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215000.00    | 0.37%             | 2037-08-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS                                                     | Port of Port Arthur Navigation District                                            | CUSIP: 735225AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 2.61%             | 2027-04-01      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                                                      | New York City Municipal Water Finance Authority                                    | CUSIP: 64972GML5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.17%             | 2049-06-15      | Variable      | 3.44%                 | 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    | 1.57%             | 2037-11-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| SEVIER CNTY TN PUBLIC BLDG AUT                                                     | Public Building Authority of Sevier County TN/The                                  | CUSIP: 818200RV1<br>LEI: 549300W1TCZIAX7JRK58 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.35%             | 2032-06-01      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP REVENUE                                                      | County of Franklin OH                                                              | CUSIP: 353186V22<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.31%             | 2028-12-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENERGY RESEARCH &                                                      | New York State Energy Research & Development Authority                             | CUSIP: 64984EDH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255000.00    | 0.44%             | 2039-05-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU                                                     | Wisconsin Housing & Economic Development Authority Home Ownership Revenue          | CUSIP: 97689QFL5<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450000.00    | 0.78%             | 2037-09-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF TEXAS                                                                | UNIVERSITY OF TEXAS                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399509.92    | 0.69%             | 2023-01-05      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| UNIV HOSPS & CLINICS AUTH WI                                                       | University of Wisconsin Hospitals & Clinics                                        | CUSIP: 915260CN1<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 1.57%             | 2048-04-01      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                                      | Metropolitan Transportation Authority                                              | CUSIP: 59259Y7S2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.35%             | 2032-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MURRAY CITY UT HOSP REVENUE                                                        | City of Murray UT                                                                  | CUSIP: 626853CB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 3.13%             | 2036-05-15      | Variable      | 3.65%                 | 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        |    800000 | PA      | $800000.00    | 1.39%             | 2041-11-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| AURORA IL REVENUE                                                                  | City of Aurora IL                                                                  | CUSIP: 051672AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.17%             | 2028-05-01      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP HOME MT                                                     | Alaska Housing Finance Corp                                                        | CUSIP: 01170PDV5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.17%             | 2040-12-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS CNTY FL HLTH FACS AU                                                     | Highlands County Health Facilities Authority                                       | CUSIP: 431022TP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 2.26%             | 2033-11-15      | Variable      | 3.60%                 | 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        |    200000 | PA      | $200000.00    | 0.35%             | 2028-09-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                                                     | Mississippi Business Finance Corp                                                  | CUSIP: 60528ACB8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.35%             | 2035-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS                                                     | Connecticut Housing Finance Authority                                              | CUSIP: 20775CEB6<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.52%             | 2045-11-15      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| RED RIVER TX EDU FIN CORP EDU                                                      | Red River Education Finance Corp                                                   | CUSIP: 756872CH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.87%             | 2030-03-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                                                     | State of New York Mortgage Agency                                                  | CUSIP: 64988YLN5<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.70%             | 2051-04-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| PORT AUTH COML PAPER NTS 3A2 2010                                                  | PORT AUTH COML PAPER NTS 3A2 2010                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499844.15    | 0.87%             | 2023-01-24      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CNTY KYMET SWR DIST SWR & DRAIN SYSREV IAM COML PAPER NTS 3A2 SE COML PAPER IAM 84 | CNTY KYMET SWR DIST SWR & DRAIN SYSREV IAM COML PAPER NTS 3A2 SE COML PAPER IAM 84 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499689.55    | 0.87%             | 2023-02-13      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                            | New York State Housing Finance Agency                                              | CUSIP: 64986MQP3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 1.30%             | 2036-11-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| LWR CO RVR TX AUTH LCRABB TECP 3.5500 20230302                                     | LWR CO RVR TX AUTH LCRABB TECP 3.5500 20230302                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499699.90    | 0.87%             | 2023-03-02      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIV MI REVENUE                                                            | Oakland University                                                                 | CUSIP: 673588DL0<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.45%             | 2031-03-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO SPL OBLG                                                            | City of Kansas City MO                                                             | CUSIP: 485106CP1<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1115000.00   | 1.94%             | 2034-04-15      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL UTILITIES COMMISSIO                                                     | Orlando Utilities Commission                                                       | CUSIP: 686507GL2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.87%             | 2039-10-01      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                                        | City of New York NY                                                                | CUSIP: 64966MFY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.17%             | 2044-08-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| PASADENA TX INDEP SCH DIST                                                         | Pasadena Independent School District                                               | CUSIP: 702333Z65<br>LEI: 549300QY114RR4MXVU24 | Long             | DBT              | MUN               | US        |    365000 | PA      | $365000.00    | 0.63%             | 2035-02-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST UNIV REVENUES                                                          | Michigan State University                                                          | CUSIP: 594712NG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1570000.00   | 2.73%             | 2034-02-15      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                                                     | City of Houston TX Combined Utility System Revenue                                 | CUSIP: 44244CN94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.52%             | 2034-05-15      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| NSHVILLE & DVDSON SEWER 2022A TECP 3.4000 20230216                                 | NSHVILLE & DVDSON SEWER 2022A TECP 3.4000 20230216                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499734.80    | 0.87%             | 2023-02-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                                                      | Louisiana Public Facilities Authority                                              | CUSIP: 546398C71<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    230000 | PA      | $230000.00    | 0.40%             | 2047-07-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX INDL DEV AUTH                                                        | Gulf Coast Industrial Development Authority                                        | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 4.35%             | 2041-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                                                           | State of Texas                                                                     | CUSIP: 882723YT0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    405000 | PA      | $405000.00    | 0.70%             | 2046-06-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| RALEIGH NC COPS                                                                    | City of Raleigh NC                                                                 | CUSIP: 751093FL4<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 2.61%             | 2034-02-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                                     | South Carolina Jobs-Economic Development Authority                                 | CUSIP: 837031QS5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 1.57%             | 2038-12-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU                                                     | Wisconsin Housing & Economic Development Authority Housing Revenue                 | CUSIP: 976904M25<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.52%             | 2046-05-01      | Variable      | 3.65%                 | 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    | 1.26%             | 2045-11-15      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA INDL DEV AUTH                                                      | Loudoun County Economic Development Authority                                      | CUSIP: 545910AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 1.57%             | 2038-02-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| VA POLYTECH INST & ST U TECP SER A 2.4500 20230110                                 | VA POLYTECH INST & ST U TECP SER A 2.4500 20230110                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399854.36    | 0.70%             | 2023-01-10      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| EMMAUS PA GEN AUTH                                                                 | Emmaus General Authority                                                           | CUSIP: 291380ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.35%             | 2028-12-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA                                                                     | City of Los Angeles CA                                                             | CUSIP: 544351QM4<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401539.06    | 0.70%             | 2023-06-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF MINNESOTA                                                            | UNIVERSITY OF MINNESOTA                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499788.40    | 0.87%             | 2023-01-10      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE                                                         | County of Clark Department of Aviation                                             | CUSIP: 18085PNC4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1330000.00   | 2.31%             | 2040-07-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI                                                     | Permanent University Fund - University of Texas System                             | CUSIP: 9151153W7<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325000.00    | 0.57%             | 2037-07-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA SER 22A TECP 2.5500 20230118                                  | DISTRICT OF COLUMBIA SER 22A TECP 2.5500 20230118                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499737.30    | 0.87%             | 2023-01-18      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV                                                     | Build NYC Resource Corp                                                            | CUSIP: 12008EJF4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.23%             | 2045-04-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                                                      | Los Angeles Department of Water & Power                                            | CUSIP: 544495DU5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2370000.00   | 4.12%             | 2035-07-01      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                                                      | New York City Municipal Water Finance Authority                                    | CUSIP: 64972FK62<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    785000 | PA      | $785000.00    | 1.37%             | 2041-06-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA INDL DEV AUTH                                                      | Loudoun County Economic Development Authority                                      | CUSIP: 545910AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $495000.00    | 0.86%             | 2038-02-15      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT                                                     | Nebraska Investment Finance Authority                                              | CUSIP: 63968MQD4<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    525000 | PA      | $525000.00    | 0.91%             | 2047-09-01      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                                           | Iowa Finance Authority                                                             | CUSIP: 46246K5D0<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    315000 | PA      | $315000.00    | 0.55%             | 2041-12-01      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                                                     | Colorado Health Facilities Authority                                               | CUSIP: 19648FPT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    520000 | PA      | $520000.00    | 0.90%             | 2052-12-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENERGY RESEARCH &                                                      | New York State Energy Research & Development Authority                             | CUSIP: 64984EDJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.30%             | 2039-05-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                                                     | Massachusetts Development Finance Agency                                           | CUSIP: 57583R6H3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 1.22%             | 2046-07-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC COPS                                                                  | City of Charlotte NC                                                               | CUSIP: 161037G91<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 3.13%             | 2033-06-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH                                                            | Development Authority for Fulton County                                            | CUSIP: 359900UM7<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.74%             | 2042-07-01      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CNTY VA INDL DEV AUTHR                                                     | Fairfax County Industrial Development Authority                                    | CUSIP: 303823LR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $320000.00    | 0.56%             | 2042-05-15      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| DALLAS TX INDEP SCH DIST                                                           | Dallas Independent School District                                                 | CUSIP: 235308F24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200453.25    | 0.35%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                                                     | Ohio Higher Educational Facility Commission                                        | CUSIP: 67756DWX0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 1.22%             | 2039-01-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                                       | Illinois Finance Authority                                                         | CUSIP: 45203HYX4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 1.04%             | 2046-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                                        | City of New York NY                                                                | CUSIP: 64966QDZ0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.17%             | 2044-03-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL                                                     | Louisiana Offshore Terminal Authority                                              | CUSIP: 546510FH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $715000.00    | 1.24%             | 2033-09-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                                       | Illinois Finance Authority                                                         | CUSIP: 45204FJW6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.87%             | 2052-08-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY REVENU                                                     | New York State Housing Finance Agency                                              | CUSIP: 64986U2Q9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.35%             | 2044-11-01      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                                      | Metropolitan Transportation Authority                                              | CUSIP: 59261AB22<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.87%             | 2032-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX HSG TRUST FIN C                                                     | San Antonio Housing Trust Finance Corp                                             | CUSIP: 79626PAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $895000.00    | 1.56%             | 2060-10-01      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| OMAHA PUB PWR DIST NEB ELEC REV IAM COML PAPER 3/A2 SER A COML PAPER IAM 644       | OMAHA PUB PWR DIST NEB ELEC REV IAM COML PAPER 3/A2 SER A COML PAPER IAM 644       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499411.40    | 0.87%             | 2023-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST UNIV REVENUES                                                          | Michigan State University                                                          | CUSIP: 594712NA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $730000.00    | 1.27%             | 2030-08-15      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| GARLAND TEXAS SER 2021 TECP 2.6000 20230301                                        | GARLAND TEXAS SER 2021 TECP 2.6000 20230301                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499121.65    | 0.87%             | 2023-03-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF WASTEWTR SYS                                                     | LOS ANGELES CALIF WASTEWTR SYS                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499654.05    | 0.87%             | 2023-01-17      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX UNIV REVS IAM COML PAPER 3/A2 SER A COML PAPER IAM 126              | UNIVERSITY TEX UNIV REVS IAM COML PAPER 3/A2 SER A COML PAPER IAM 126              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399933.44    | 0.70%             | 2023-01-06      | Fixed         | 3.00%                 | 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        |    290000 | PA      | $290000.00    | 0.50%             | 2047-11-15      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| JEA FL ELEC SYS REVENUE                                                            | JEA Electric System Revenue                                                        | CUSIP: 46613CMT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1650000.00   | 2.87%             | 2036-10-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                                                      | New York City Housing Development Corp                                             | CUSIP: 64972EHQ5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.52%             | 2059-05-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                                                     | New York State Urban Development Corp                                              | CUSIP: 650035MJ4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.87%             | 2033-03-15      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN                                                                   | County of Hennepin MN                                                              | CUSIP: 425507GX2<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    785000 | PA      | $785000.00    | 1.37%             | 2038-12-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                                       | Illinois Finance Authority                                                         | CUSIP: 45200FFT1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1655000.00   | 2.88%             | 2038-11-01      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| QUINCY MA                                                                          | City of Quincy MA                                                                  | CUSIP: 748508H84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401359.74    | 0.70%             | 2023-07-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BATTERY PARK CITY NY AUTH                                                          | Battery Park City Authority                                                        | CUSIP: 07133AJB9<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.87%             | 2038-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS                                                     | Connecticut Housing Finance Authority                                              | CUSIP: 20775C8D9<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.74%             | 2050-05-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU                                                     | Wisconsin Housing & Economic Development Authority Home Ownership Revenue          | CUSIP: 97689QCF1<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    990000 | PA      | $990000.00    | 1.72%             | 2038-03-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                                                     | Pennsylvania Turnpike Commission                                                   | CUSIP: 709224M30<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    850000 | PA      | $850000.00    | 1.48%             | 2038-12-01      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                                                     | Mississippi Business Finance Corp                                                  | CUSIP: 60528AAW4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 1.39%             | 2030-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                                                     | City of Houston TX Combined Utility System Revenue                                 | CUSIP: 442435XM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.35%             | 2034-05-15      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

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

**Signature:** Ann Frechette

**Name of Signer:** Ann Frechette

**Title:** Assistant Treasurer