# EDGAR Filing Document

**Accession Number:** 0001221845
**File Stem:** 0000940400-26-007523
**Filing Date:** 2026-2
**Character Count:** 57697
**Document Hash:** df7e9cc7af24eb94ae0a6ff06df42626
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007523.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007523

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26675579

**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 |  |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2025

**BATS: Short Term Municipal Income Series**

**(Formerly BATS: Series V Portfolio)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 0.7%** | **Alabama — 0.7%** | **Alabama — 0.7%** | **Alabama — 0.7%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series B, 4.00%, <br> 12/01/26<br>| USD  | 600 | $602517 |
| **Alaska — 0.5%** | **Alaska — 0.5%** | **Alaska — 0.5%** | **Alaska — 0.5%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Refunding RB, Series A, <br> VRDN, (Federal Home Loan Bank SBPA), 3.27%, <br> 01/07/26<sup>(a)</sup><br>|  | 495 | 495000 |
| **Arizona — 7.5%** | **Arizona — 7.5%** | **Arizona — 7.5%** | **Arizona — 7.5%** |
| &nbsp;&nbsp;&nbsp; Arizona Board of Regents, Refunding RB, Series A, VRDN, <br> 2.30%, 01/07/26<sup>(a)</sup><br>|  | 2300 | 2300000 |
| &nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority, RB, Series C, VRDN, <br> (Bank of America NA LOC), 2.55%, 01/02/26<sup>(a)</sup><br>|  | 3290 | 3290000 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System Revenue, RB, (AGM), 5.00%, <br> 07/01/26<br>|  | 675 | 682923 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 69 Paradise <br> Valley, GO, Series B, 5.00%, 07/01/26<br>|  | 660 | 668043 |
|  |  |  | 6940966 |
| **Colorado — 1.4%** | **Colorado — 1.4%** | **Colorado — 1.4%** | **Colorado — 1.4%** |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Utilities System Revenue, RB, <br> Series B, VRDN, (Barclays Bank plc SBPA), 3.37%, <br> 01/07/26<sup>(a)</sup><br>|  | 1300 | 1300000 |
| **Connecticut — 0.8%** | **Connecticut — 0.8%** | **Connecticut — 0.8%** | **Connecticut — 0.8%** |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Refunding RB, Sub-<br> Series C-3, VRDN, (Royal Bank of Canada SBPA), 3.25%, <br> 01/07/26<sup>(a)</sup><br>|  | 725 | 725000 |
| **District of Columbia — 1.1%** | **District of Columbia — 1.1%** | **District of Columbia — 1.1%** | **District of Columbia — 1.1%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, RB,TECP, (Barclays Bank plc LOC), <br> 2.67%, 02/04/26<br>|  | 1000 | 999947 |
| **Florida — 6.8%** | **Florida — 6.8%** | **Florida — 6.8%** | **Florida — 6.8%** |
| &nbsp;&nbsp;&nbsp; City of Gainesville Utilities System Revenue, Refunding RB, <br> Series B, VRDN, (Truist Bank SBPA), 2.55%, 01/02/26<sup>(a)</sup><br>|  | 2400 | 2400000 |
| &nbsp;&nbsp;&nbsp; County of St. Lucie Florida Power & Light Co., Refunding RB, <br> VRDN, 2.45%, 01/07/26<sup>(a)</sup><br>|  | 640 | 640000 |
| &nbsp;&nbsp;&nbsp; Pinellas County Housing Finance Authority, RB, VRDN, <br> (FHLMC LOC), 3.30%, 01/07/26<sup>(a)</sup><br>|  | 1400 | 1400000 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The), GO, 4.00%, <br> 01/07/26<br>|  | 1800 | 1800268 |
|  |  |  | 6240268 |
| **Georgia — 2.2%** | **Georgia — 2.2%** | **Georgia — 2.2%** | **Georgia — 2.2%** |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series C, 4.00%, <br> 09/01/26<br>|  | 490 | 492603 |
| &nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, RB, Series B, <br> VRDN, 2.45%, 01/07/26<sup>(a)</sup><br>|  | 1500 | 1500000 |
|  |  |  | 1992603 |
| **Illinois — 5.4%** | **Illinois — 5.4%** | **Illinois — 5.4%** | **Illinois — 5.4%** |
| Illinois Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, Sub-Series D, VRDN, 2.32%, 01/07/26<sup>(a)</sup> |  | 2900 | 2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, VRDN, (BMO Harris Bank NA LOC), <br> 2.30%, 01/07/26<sup>(a)</sup><br>|  | 2095 | 2095000 |
|  |  |  | 4995000 |
| **Indiana — 0.8%** | **Indiana — 0.8%** | **Indiana — 0.8%** | **Indiana — 0.8%** |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series F, VRDN, (Barclays <br> Bank plc LOC), 3.30%, 01/07/26<sup>(a)</sup><br>|  | 750 | 750000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Iowa — 1.9%** | **Iowa — 1.9%** | **Iowa — 1.9%** | **Iowa — 1.9%** |
| Iowa Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, Series D, VRDN, (GNMA/FNMA/FHLMC COL), <br> (Federal Home Loan Bank SBPA), 3.25%, 01/07/26<sup>(a)</sup><br>| USD  | 550 | $550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, Series E, VRDN, (GNMA/FNMA/FHLMC COL), <br> (Fannie Mae LIQ), (Federal Home Loan Bank SBPA), <br> 3.25%, 01/07/26<sup>(a)</sup><br>|  | 1200 | 1200000 |
|  |  |  | 1750000 |
| **Kentucky — 1.1%** | **Kentucky — 1.1%** | **Kentucky — 1.1%** | **Kentucky — 1.1%** |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, <br> Refunding RB, VRDN, (PNC Bank NA LOC), 3.30%, <br> 01/07/26<sup>(a)</sup><br>|  | 1000 | 1000000 |
| **Louisiana — 3.9%** | **Louisiana — 3.9%** | **Louisiana — 3.9%** | **Louisiana — 3.9%** |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue, Refunding <br> RB, Series A-2, VRDN, (TD Bank NA LOC), 2.45%, <br> 01/02/26<sup>(a)</sup><br>|  | 3650 | 3650000 |
| **Maryland — 0.0%** | **Maryland — 0.0%** | **Maryland — 0.0%** | **Maryland — 0.0%** |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, <br> Refunding RB, Series A, VRDN, (TD Bank NA LOC), <br> 2.45%, 01/07/26<sup>(a)</sup><br>|  | 30 | 30000 |
| **Massachusetts — 4.4%** | **Massachusetts — 4.4%** | **Massachusetts — 4.4%** | **Massachusetts — 4.4%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, RB,TECP, <br> 2.66%, 02/11/26<br>|  | 1000 | 999938 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series K-1, VRDN, (Wells Fargo Bank NA SBPA), 2.75%, <br> 01/07/26<sup>(a)</sup><br>|  | 1250 | 1250000 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, GO,TECP, (TD <br> Bank NA LOC), 2.66%, 03/04/26<br>|  | 1800 | 1800121 |
|  |  |  | 4050059 |
| **Michigan — 3.5%** | **Michigan — 3.5%** | **Michigan — 3.5%** | **Michigan — 3.5%** |
| &nbsp;&nbsp;&nbsp; Green Lake Township EDC, Refunding RB, VRDN, (PNC <br> Bank NA LOC), 2.55%, 01/02/26<sup>(a)</sup><br>|  | 400 | 400000 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, RB, Series A-2, (JPMorgan <br> Chase Bank NA LOC), 5.00%, 08/20/26<br>|  | 800 | 811732 |
| &nbsp;&nbsp;&nbsp; Oakland University, Refunding RB, VRDN, (JPMorgan Chase <br> Bank NA LOC), 2.25%, 01/07/26<sup>(a)</sup><br>|  | 2000 | 2000000 |
|  |  |  | 3211732 |
| **Mississippi — 1.4%** | **Mississippi — 1.4%** | **Mississippi — 1.4%** | **Mississippi — 1.4%** |
| &nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., RB, Series B, VRDN, <br> 2.37%, 01/07/26<sup>(a)</sup><br>|  | 480 | 480000 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, RB, Series A, 5.00%, <br> 05/01/26<br>|  | 850 | 856509 |
|  |  |  | 1336509 |
| **Nebraska — 4.9%** | **Nebraska — 4.9%** | **Nebraska — 4.9%** | **Nebraska — 4.9%** |
| &nbsp;&nbsp;&nbsp; Lincoln Nebraska Electric, RB,TECP, (JPMorgan Chase Bank <br> NA SBPA), 2.61%, 03/19/26<br>|  | 2000 | 1999979 |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, AMT, Series C, <br> VRDN, (GNMA/FNMA/FHLMC COL), (Federal Home Loan <br> Bank SBPA), 2.30%, 01/07/26<sup>(a)</sup><br>|  | 2525 | 2525000 |
|  |  |  | 4524979 |
| **New Hampshire — 0.9%** | **New Hampshire — 0.9%** | **New Hampshire — 0.9%** | **New Hampshire — 0.9%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, Series B, <br> VRDN, (Truist Bank LOC), 2.55%, 01/02/26<sup>(a)</sup><br>|  | 870 | 870000 |
| **New Jersey — 1.2%** | **New Jersey — 1.2%** | **New Jersey — 1.2%** | **New Jersey — 1.2%** |
| Borough of Oradell, GO, BAN, 4.00%, 07/21/26 |  | 400 | 402272 |
| Borough of Pompton Lakes, GO, BAN, 4.00%, 06/05/26 |  | 400 | 402023 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, Refunding RB, (County <br> GTD), 5.00%, 03/17/26<br>|  | 350 | 351750 |
|  |  |  | 1156045 |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2025

**BATS: Short Term Municipal Income Series**

**(Formerly BATS: Series V Portfolio)**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **New York — 7.6%** | **New York — 7.6%** | **New York — 7.6%** | **New York — 7.6%** |
| &nbsp;&nbsp;&nbsp; City of New York, GO, Sub-Series B-5, VRDN, (Barclays <br> Bank plc SBPA), 2.50%, 01/02/26<sup>(a)</sup><br>| USD  | 2100 | $2100000 |
| &nbsp;&nbsp;&nbsp; Honeoye Falls-Lima Central School District, GO, BAN, <br> 4.00%, 06/25/26<br>|  | 600 | 603606 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, RB, Series B, VRDN, <br> (Royal Bank of Canada LOC), 2.50%, 01/02/26<sup>(a)</sup><br>|  | 1200 | 1200000 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, Series A, <br> VRDN, (Fannie Mae LIQ), (Fannie Mae LOC), 2.30%, <br> 01/07/26<sup>(a)</sup><br>|  | 1050 | 1050000 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Refunding <br> RB, Series 1, VRDN, (UBS AG SBPA), 2.40%, 01/02/26<sup>(a)</sup><br>|  | 1300 | 1300000 |
| &nbsp;&nbsp;&nbsp; New York State HFA, RB, Series A, VRDN, (Fannie Mae <br> LIQ), 2.25%, 01/07/26<sup>(a)</sup><br>|  | 800 | 800000 |
|  |  |  | 7053606 |
| **North Carolina — 1.1%** | **North Carolina — 1.1%** | **North Carolina — 1.1%** | **North Carolina — 1.1%** |
| State of North Carolina, Refunding RB, 5.00%, 03/01/26 |  | 1000 | 1003907 |
| **North Dakota — 2.0%** | **North Dakota — 2.0%** | **North Dakota — 2.0%** | **North Dakota — 2.0%** |
| &nbsp;&nbsp;&nbsp; North Dakota HFA, RB, Series E, VRDN, (TD Bank NA <br> SBPA), 3.32%, 01/07/26<sup>(a)</sup><br>|  | 1830 | 1830000 |
| **Ohio — 1.0%** | **Ohio — 1.0%** | **Ohio — 1.0%** | **Ohio — 1.0%** |
| City of Miamisburg, GO, BAN, 3.75%, 02/10/26 |  | 400 | 400322 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The), Refunding RB, Series A-2, <br> VRDN, 2.35%, 01/07/26<sup>(a)</sup><br>|  | 500 | 500000 |
|  |  |  | 900322 |
| **Pennsylvania — 4.1%** | **Pennsylvania — 4.1%** | **Pennsylvania — 4.1%** | **Pennsylvania — 4.1%** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series B, VRDN, (TD Bank NA LOC), 3.36%, 01/07/26<sup>(a)</sup><br>|  | 450 | 450000 |
| &nbsp;&nbsp;&nbsp; Sports & Exhibition Authority of Pittsburgh & Allegheny <br> County, RB, Series A, VRDN, (AGM), (PNC Bank NA <br> SBPA), 3.30%, 01/07/26<sup>(a)</sup><br>|  | 3300 | 3300000 |
|  |  |  | 3750000 |
| **South Carolina — 4.8%** | **South Carolina — 4.8%** | **South Carolina — 4.8%** | **South Carolina — 4.8%** |
| Charleston County School District, GO, 4.00%, 04/01/26 |  | 1000 | 1003734 |
| &nbsp;&nbsp;&nbsp; South Carolina Housing Finance & Development Authority, <br> RB, VRDN, (Federal Home Loan Bank LOC), 3.37%, <br> 01/07/26<sup>(a)</sup><br>|  | 1310 | 1310000 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs EDA, RB, Series B, VRDN, (Federal <br> Home Loan Bank LOC), 3.42%, 01/07/26<sup>(a)</sup><br>|  | 2100 | 2100000 |
|  |  |  | 4413734 |
| **South Dakota — 1.1%** | **South Dakota — 1.1%** | **South Dakota — 1.1%** | **South Dakota — 1.1%** |
| &nbsp;&nbsp;&nbsp; South Dakota HDA, Refunding RB, Series B, VRDN, (South <br> Dakota HDA SBPA), 3.27%, 01/07/26<sup>(a)</sup><br>|  | 1025 | 1025000 |
| **Texas — 17.2%** | **Texas — 17.2%** | **Texas — 17.2%** | **Texas — 17.2%** |
| &nbsp;&nbsp;&nbsp; City of Austin Electric Utility System Revenue, GO,TECP, <br> (JPMorgan Chase Bank NA SBPA), 2.63%, 03/03/26<br>|  | 1300 | 1299988 |
| City of El Paso Water & Sewer Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp; RB,TECP, 2.84%, 01/27/26 |  | 315 | 314997 |
| &nbsp;&nbsp;&nbsp; RB,TECP, 2.75%, 03/04/26 |  | 600 | 599994 |
| City of San Antonio Electric, RB,TECP, 2.68%, 05/12/26 |  | 800 | 799850 |
| Harris County Health Facilities Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; Refunding RB, Series A-1, VRDN, 2.55%, 01/02/26<sup>(a)</sup> |  | 800 | 800000 |
| &nbsp;&nbsp;&nbsp; Refunding RB, Series A-2, VRDN, 2.55%, 01/02/26<sup>(a)</sup> |  | 2100 | 2100000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| &nbsp;&nbsp;&nbsp; Lewisville ISD, GO, (Permanent School Fund Guaranteed), <br> 5.00%, 08/15/26<br>| USD  | 500 | $507406 |
| Permanent University Fund, RB,TECP, 2.65%, 02/17/26 |  | 1000 | 999982 |
| &nbsp;&nbsp;&nbsp; Plano ISD, GO, (Permanent School Fund GTD), 5.00%, <br> 02/15/26<br>|  | 900 | 902654 |
| State of Texas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Series B, VRDN, (Federal Home Loan Bank SBPA), <br> 2.40%, 01/07/26<sup>(a)</sup><br>|  | 100 | 100000 |
| &nbsp;&nbsp;&nbsp; GO, Series B, VRDN, 2.45%, 01/07/26<sup>(a)</sup> |  | 900 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, VRDN, (Federal Home Loan Bank SBPA), 2.40%, <br> 01/07/26<sup>(a)</sup><br>|  | 2015 | 2015000 |
| &nbsp;&nbsp;&nbsp; GO, Refunding, 5.00%, 10/01/26 |  | 325 | 331011 |
| &nbsp;&nbsp;&nbsp; Texas A&M University Revenue Financing System, RB, <br> TECP, 2.60%, 01/28/26<br>|  | 1500 | 1499864 |
| Texas Water Development Board, RB, 5.00%, 10/15/26 |  | 700 | 713301 |
| University of Texas |  |  |  |
| &nbsp;&nbsp;&nbsp; RB,TECP, Series A, 2.67%, 04/07/26 |  | 1000 | 999824 |
| &nbsp;&nbsp;&nbsp; RB,TECP, Series C, 2.65%, 03/05/26 |  | 1000 | 1000064 |
|  |  |  | 15883935 |
| **Utah — 1.4%** | **Utah — 1.4%** | **Utah — 1.4%** | **Utah — 1.4%** |
| &nbsp;&nbsp;&nbsp; County of Utah, RB, Series E, VRDN, (JPMorgan Chase <br> Bank NA SBPA), 2.32%, 01/07/26<sup>(a)</sup><br>|  | 1300 | 1300000<br>|
| **Virginia — 3.3%** | **Virginia — 3.3%** | **Virginia — 3.3%** | **Virginia — 3.3%** |
| &nbsp;&nbsp;&nbsp; Fairfax County IDA, Refunding RB, Series C, VRDN, 3.35%, <br> 01/07/26<sup>(a)</sup><br>|  | 940 | 940000 |
| &nbsp;&nbsp;&nbsp; Loudoun County EDA, RB, Series A, VRDN, 2.45%, <br> 01/07/26<sup>(a)</sup><br>|  | 600 | 600000 |
| Virginia HDA, RB, Series G, 3.13%, 04/01/27 |  | 1500 | 1500112 |
|  |  |  | 3040112 |
| **Wisconsin — 3.7%** | **Wisconsin — 3.7%** | **Wisconsin — 3.7%** | **Wisconsin — 3.7%** |
| &nbsp;&nbsp;&nbsp; Port Washington-Saukville School District, GO, 5.00%, <br> 04/01/26<br>|  | 100 | 100552 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, Series B, VRDN, (Truist Bank LOC), <br> 3.34%, 01/07/26<sup>(a)</sup><br>|  | 750 | 750000 |
| Wisconsin Housing & EDA Home Ownership Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, Series B, VRDN, (Federal Home Loan Bank LIQ), <br> 3.25%, 01/07/26<sup>(a)</sup><br>|  | 500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, AMT, Series C, VRDN, (FNMA COL), (Royal Bank of <br> Canada SBPA), 3.25%, 01/07/26<sup>(a)</sup><br>|  | 2100 | 2100000 |
|  |  |  | 3450552 |
| **Wyoming — 1.9%** | **Wyoming — 1.9%** | **Wyoming — 1.9%** | **Wyoming — 1.9%** |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority, RB, Series 4, <br> VRDN, (Bank of America NA SBPA), 3.35%, 01/07/26<sup>(a)</sup><br>|  | 1800 | 1800000 |
| **Total Investments — 99.6%** <br>**(Cost: $92,067,836)** | **Total Investments — 99.6%** <br>**(Cost: $92,067,836)** | **Total Investments — 99.6%** <br>**(Cost: $92,067,836)** | 92071793 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 335863 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $92407656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

Schedule of Investments (unaudited) (continued)

December 31, 2025

**BATS: Short Term Municipal Income Series**

**(Formerly BATS: Series V Portfolio)**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92071793 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92071793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Notes  |
| COL | Collateralized |
| EDA | Economic Development Authority |
| EDC | Economic Development Corp. |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation Bonds |
| GTD | Guaranteed |
| HDA | Housing Development Authority |
| HFA | Housing Finance Agency |
| IDA | Industrial Development Authority |
| ISD | Independent School District |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| RB | Revenue Bonds |
| SBPA | Stand-By Bond Purchase Agreements |
| TECP | Tax-Exempt Commercial Paper |
| VRDN | 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: Short Term Municipal Income Series

- **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:** 2025-12-31

**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:** $92651703.90

**Total Liabilities:** $305475.12

**Net Assets:** $92346228.78

**Cash Not Reported:** $53145.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 465.12000000 | **1-Year:** 503.02000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 76.51000000 | **1-Year:** 22.65000000 | **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 | 0.23%                | 0.23%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-19908.22                                 |
| Month 2  | $0.00                    | $7128.63                                   |
| Month 3  | $0.00                    | $-2241.22                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MASSACHUSETTS ST WTR R 2.66 04MAR26                | MASSACHUSETTS ST WTR R 2.66 04MAR26                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1800121.68   | 1.95%             | 2026-03-04      | Fixed         | 2.66%                 | 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      | 3.45%                 | 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   | 1.11%             | 2041-11-01      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY SC SCH DIST                        | Charleston County School District                                         | CUSIP: 160075D79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003733.80   | 1.09%             | 2026-04-01      | Fixed         | 4.00%                 | 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   | 2.27%             | 2038-03-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX UNIV RE 2.65 05MAR26                | UNIVERSITY TEX UNIV RE 2.65 05MAR26                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000064.20   | 1.08%             | 2026-03-05      | Fixed         | 2.65%                 | 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      | $682923.29    | 0.74%             | 2026-07-01      | Fixed         | 5.00%                 | 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   | 3.14%             | 2046-12-01      | Variable      | 3.37%                 | 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    | 0.81%             | 2048-09-01      | Variable      | 3.30%                 | 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        |   1310000 | PA      | $1310000.00   | 1.42%             | 2058-12-01      | Variable      | 3.37%                 | 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    | 0.52%             | 2030-12-01      | Variable      | 3.32%                 | 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   | 1.52%             | 2048-10-01      | Variable      | 3.30%                 | 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      | $602517.42    | 0.65%             | 2052-10-01      | Variable      | 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    | 0.54%             | 2043-06-01      | Variable      | 3.30%                 | 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   | 2.27%             | 2061-05-01      | Variable      | 3.42%                 | 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   | 2.73%             | 2047-09-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                      | New York City Municipal Water Finance Authority                           | CUSIP: 64972FWK8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 1.41%             | 2039-06-15      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                          | Arizona Health Facilities Authority                                       | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3290000.00   | 3.56%             | 2046-01-01      | Variable      | 2.65%                 | 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   | 3.95%             | 2043-05-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA TAX 2.67 04FEB26                 | DISTRICT COLUMBIA TAX 2.67 04FEB26                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999947.00    | 1.08%             | 2026-02-04      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX UNIV RE 2.67 07APR26                | UNIVERSITY TEX UNIV RE 2.67 07APR26                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999823.50    | 1.08%             | 2026-04-07      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| MIAMISBURG OH                                      | City of Miamisburg OH                                                     | CUSIP: 593864MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400322.28    | 0.43%             | 2026-02-10      | Fixed         | 3.75%                 | 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        |   2100000 | PA      | $2100000.00   | 2.27%             | 2041-12-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| PRIV CLGS & UNIVS AUTH GA                          | Private Colleges & Universities Authority                                 | CUSIP: 74265L2L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 1.62%             | 2052-09-01      | Variable      | 3.45%                 | 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   | 1.35%             | 2046-07-01      | Variable      | 2.75%                 | 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    | 0.60%             | 2047-01-01      | Variable      | 3.25%                 | 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   | 1.98%             | 2036-07-01      | Variable      | 3.32%                 | 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      | $902654.19    | 0.98%             | 2026-02-15      | Fixed         | 5.00%                 | 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    | 0.79%             | 2045-11-15      | Variable      | 3.25%                 | 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      | $1800267.84   | 1.95%             | 2026-01-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRAN 2.66 11FEB26                | MASSACHUSETTS BAY TRAN 2.66 11FEB26                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999937.90    | 1.08%             | 2026-02-11      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ELEC + 2.68 12MAY26                | SAN ANTONIO TEX ELEC + 2.68 12MAY26                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $799849.84    | 0.87%             | 2026-05-12      | Fixed         | 2.68%                 | 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      | $100551.70    | 0.11%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY                     | Arizona Board of Regents                                                  | CUSIP: 04048RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 2.49%             | 2034-07-01      | Variable      | 3.30%                 | 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   | 1.08%             | 2055-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                       | Mississippi Development Bank                                              | CUSIP: 60534XE77<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    850000 | PA      | $856509.56    | 0.93%             | 2026-05-01      | Fixed         | 5.00%                 | 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      | $402022.92    | 0.44%             | 2026-06-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                      | Metropolitan Transportation Authority                                     | CUSIP: 59261AX28<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 1.30%             | 2046-11-15      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                     | Maricopa County Unified School District No 69 Paradise Valley             | CUSIP: 567373U78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $668042.36    | 0.72%             | 2026-07-01      | Fixed         | 5.00%                 | 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        |    800000 | PA      | $800000.00    | 0.87%             | 2037-11-15      | Variable      | 3.30%                 | 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        |    640000 | PA      | $640000.00    | 0.69%             | 2028-09-01      | Variable      | 3.35%                 | 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        |   3300000 | PA      | $3300000.00   | 3.57%             | 2038-11-01      | Variable      | 3.30%                 | 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      | $603606.24    | 0.65%             | 2026-06-25      | Fixed         | 4.00%                 | 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    | 0.54%             | 2041-03-01      | Variable      | 3.25%                 | 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   | 2.60%             | 2042-10-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UT HOSP REVENUE                          | County of Utah UT                                                         | CUSIP: 917393CE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 1.41%             | 2051-05-15      | Variable      | 3.37%                 | 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      | $492603.08    | 0.53%             | 2050-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AUSTIN TX COMBINED UTILITY SYSTEMS REVENUE | CITY OF AUSTIN TX COMBINED UTILITY SYSTEMS REVENUE                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1299988.30   | 1.41%             | 2026-03-03      | Fixed         | 2.63%                 | 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      | $1499863.80   | 1.62%             | 2026-01-28      | Fixed         | 2.60%                 | 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        |   1300000 | PA      | $1300000.00   | 1.41%             | 2036-11-01      | Variable      | 3.37%                 | 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      | $1003906.60   | 1.09%             | 2026-03-01      | Fixed         | 5.00%                 | 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      | $351749.51    | 0.38%             | 2026-03-17      | Fixed         | 5.00%                 | 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        |    870000 | PA      | $870000.00    | 0.94%             | 2064-11-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA INDL DEV AUTH                      | Loudoun County Economic Development Authority                             | CUSIP: 545910AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.65%             | 2038-02-15      | Variable      | 3.45%                 | 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      | $507406.25    | 0.55%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                           | State of Texas                                                            | CUSIP: 882724QQ3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2015000.00   | 2.18%             | 2050-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                           | State of Texas                                                            | CUSIP: 882725CQ5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    325000 | PA      | $331011.46    | 0.36%             | 2026-10-01      | 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      | $402272.16    | 0.44%             | 2026-07-21      | Fixed         | 4.00%                 | 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      | $713300.84    | 0.77%             | 2026-10-15      | Fixed         | 5.00%                 | 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    | 0.81%             | 2055-08-15      | Variable      | 3.34%                 | 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   | 1.95%             | 2048-12-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| VIRGINIA HSG DEV AUTH                              | Virginia Housing Development Authority                                    | CUSIP: 92812XRF1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500111.60   | 1.62%             | 2056-07-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| GREEN LAKE TWP MI ECON DEV COR                     | Green Lake Township Economic Development Corp                             | CUSIP: 393096AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.43%             | 2034-06-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HLTH FACS DEV C                     | Harris County Health Facilities Development Corp                          | CUSIP: 41315RGU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.87%             | 2041-12-01      | Variable      | 2.65%                 | 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   | 1.30%             | 2046-07-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY COML PAPER IAM 370                      | UNIVERSITY COML PAPER IAM 370                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999982.10    | 1.08%             | 2026-02-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                           | State of Texas                                                            | CUSIP: 882723YT0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.11%             | 2046-06-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| EL PASO TEX WTR + SWR 2.75 04MAR26                 | EL PASO TEX WTR + SWR 2.75 04MAR26                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $599994.24    | 0.65%             | 2026-03-04      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIV MI REVENUE                            | Oakland University                                                        | CUSIP: 673588DL0<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 2.17%             | 2031-03-01      | Variable      | 3.30%                 | 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        |   1050000 | PA      | $1050000.00   | 1.14%             | 2036-03-15      | Variable      | 3.35%                 | 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    | 0.54%             | 2030-12-01      | Variable      | 3.27%                 | 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        |    940000 | PA      | $940000.00    | 1.02%             | 2042-05-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                     | Pennsylvania Turnpike Commission                                          | CUSIP: 709225JD9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450000.00    | 0.49%             | 2043-12-01      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                       | Illinois Finance Authority                                                | CUSIP: 45200BHQ4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2095000.00   | 2.27%             | 2034-06-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                           | State of Texas                                                            | CUSIP: 882721RM7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.97%             | 2036-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                        | City of New York NY                                                       | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 2.27%             | 2046-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| LINCOLN NEB ELEC SYS R 2.61 19MAR26                | LINCOLN NEB ELEC SYS R 2.61 19MAR26                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1999978.60   | 2.17%             | 2026-03-19      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                       | Michigan Finance Authority                                                | CUSIP: 59447UAC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    800000 | PA      | $811732.40    | 0.88%             | 2026-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO TEX WTR + SWR 2.84 27JAN26                 | EL PASO TEX WTR + SWR 2.84 27JAN26                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $314996.76    | 0.34%             | 2026-01-27      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer