# EDGAR Filing Document

**Accession Number:** 0001221845
**File Stem:** 0001193125-23-027142
**Filing Date:** 2023-2
**Character Count:** 5084
**Document Hash:** e4035832d66ad5905ffcc269e6e9c903
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-027142.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001193125-23-027142

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230208

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-109980
- **FILM NUMBER:** 23596264

**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 C (Series ID: S000001469)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003891 | BATS SERIES C | BRACX           |

**BLACKROCK ALLOCATION TARGET SHARES** 

**BATS: Series C Portfolio** 

(the "Fund")

**Supplement dated February 8, 2023 (the "Supplement") to the Fund's** 

**Summary Prospectus and Prospectus, each dated July 29, 2022, as supplemented to date** 

**The following changes are made to the Fund's Summary Prospectus and Prospectus, as applicable:** 

**The section of the Summary Prospectus entitled "Key Facts About BATS: Series C Portfolio — Portfolio Managers" and the section of the Prospectus entitled "Fund Overview — Key Facts About BATS: Series C Portfolio — Portfolio Managers" are deleted in their entirety and replaced with the following:** 

***Portfolio Managers***

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager of<br>the Fund Since** | **Title** |
| Stephan Bassas<sup>1</sup> | 2018 | Managing Director of BlackRock, Inc. |
| Daniel Chen, CFA | 2023 | Managing Director of BlackRock, Inc. |
| Michael Heilbronn | 2015 | Director of BlackRock, Inc. |

---

<sup>1</sup> On or about March 31, 2023, Stephan Bassas will no longer serve as a portfolio manager of the Fund.

**The section of the Prospectus entitled "Details About the Funds — How Each Fund Invests — BATS: Series C Portfolio — About the Portfolio Management of the BATS: Series C Portfolio" is deleted in its entirety and replaced with the following:** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**ABOUT THE PORTFOLIO MANAGEMENT OF THE BATS: SERIES C PORTFOLIO** |
| &nbsp;&nbsp;&nbsp;The BATS: Series C Portfolio is managed by a team of financial professionals. Stephan Bassas<sup>1</sup>, Daniel Chen, CFA and Michael Heilbronn are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see "Management of the Funds — Portfolio Manager Information" for additional information about the portfolio managers. |

---

<sup>1</sup> On or about March 31, 2023, Stephan Bassas will no longer serve as a portfolio manager of the Fund.

**The section of the Prospectus entitled "Management of the Funds — Portfolio Manager Information — BATS: Series C Portfolio" is deleted in its entirety and replaced with the following:** 

**BATS: Series C Portfolio** 

The BATS: Series C Portfolio is managed by a team of financial professionals. Stephan Bassas, Daniel Chen and Michael Heilbronn are jointly and primarily responsible for the day-to-day management of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Stephan Bassas<sup>1</sup> | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2018 | Managing Director of BlackRock, Inc. since 2012, and Lead Portfolio Manager for the Fundamental U.S. Investment Grade Credit and Long Duration strategies. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Daniel Chen, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2023 | Managing Director of BlackRock, Inc. since 2014; Director of BlackRock, Inc. from 2007 to 2013. |
| Michael Heilbronn | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2015 | Director of BlackRock, Inc. since 2009; Vice President of BlackRock, Inc. from 2006 to 2008. |

---

<sup>1</sup> On or about March 31, 2023, Stephan Bassas will no longer serve as a portfolio manager of the Fund.

**Shareholders should retain this Supplement for future reference.**