# EDGAR Filing Document

**Accession Number:** 0001221845
**File Stem:** 0001752724-23-037516
**Filing Date:** 2023-2
**Character Count:** 23089
**Document Hash:** 0e30b5f16fe598649e1e14b18b8052d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037516.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037516

**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:** 23661355

**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 P (Series ID: S000011985)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000032703 | BATS SERIES P | BATPX           |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2022

#### BATS: Series P Portfolio

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Fixed-Income Funds — 27.8%** | **Fixed-Income Funds — 27.8%** | **Fixed-Income Funds — 27.8%** |
| BATS: Series S Portfolio<sup>(a)</sup><br>| 1373569 | $12307178 |
| **Total Investments — 27.8%<br>(Cost: $13,149,299)<br>** | **Total Investments — 27.8%<br>(Cost: $13,149,299)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;12307178 |
| **Other Assets Less Liabilities — 72.2%<br>** | **Other Assets Less Liabilities — 72.2%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;32025864 |
| **Net Assets — 100.0%<br>** | **Net Assets — 100.0%<br>** | $44333042 |

---

<sup>(a)</sup> Affiliate of the Fund.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | &nbsp;&nbsp;*Value at<br> 03/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Purchases<br> at Cost* | &nbsp;&nbsp;&nbsp;&nbsp;*Proceeds<br> from Sale* | &nbsp;&nbsp;&nbsp;&nbsp;*Net<br> Realized<br> Gain (Loss)* | &nbsp;&nbsp;&nbsp;&nbsp;*Change in<br> Unrealized<br> Appreciation<br> (Depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;*Value at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Shares<br> Held at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Income* | &nbsp;&nbsp;&nbsp;&nbsp;*Capital<br> Gain<br> Distributions<br> from Underlying<br> Funds* |
| BATS: Series S Portfolio<br>| &nbsp;&nbsp;$11725920 | &nbsp;&nbsp;&nbsp;&nbsp;$1012000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(430742) | &nbsp;&nbsp;&nbsp;&nbsp;$12307178 | &nbsp;&nbsp;&nbsp;&nbsp;1373569 | &nbsp;&nbsp;&nbsp;&nbsp;$267641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp;*Number of<br> Contracts* | &nbsp;&nbsp;&nbsp;&nbsp;*Expiration<br> Date* | &nbsp;&nbsp;&nbsp;&nbsp;*Notional<br> Amount<br> (000)* | &nbsp;&nbsp;&nbsp;&nbsp;*Value/<br> Unrealized<br> Appreciation<br> (Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Treasury Bonds<br>| &nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;03/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;$134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(910) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes (5 Year)<br>| &nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/23 | &nbsp;&nbsp;&nbsp;&nbsp; 7009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10086) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10996) |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds (30 Year)<br>| &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;03/22/23 | &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes (10 Year)<br>| &nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;03/22/23 | &nbsp;&nbsp;&nbsp;&nbsp; 25680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143402 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Treasury Notes (10 Year)<br>| &nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;03/22/23 | &nbsp;&nbsp;&nbsp;&nbsp; 26172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167832 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes (2 Year)<br>| &nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/23 | &nbsp;&nbsp;&nbsp;&nbsp; 4305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3873) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308483 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$297487 |

---

#### Centrally Cleared Interest Rate Swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund |  | &nbsp;&nbsp;Received by the Fund |  |  |  |  |  |  |
| *Rate* | &nbsp;&nbsp;*Frequency* | &nbsp;&nbsp;*Rate* | &nbsp;&nbsp;*Frequency* | &nbsp;&nbsp;*Termination<br> Date* | &nbsp;&nbsp;*Notional<br> Amount<br> (000)* | &nbsp;&nbsp;*Notional<br> Amount<br> (000)* | &nbsp;&nbsp;*Value* | &nbsp;&nbsp;*Upfront<br> Premium<br> Paid<br> (Received)* | &nbsp;&nbsp;*Unrealized<br> Appreciation<br> (Depreciation)* |
| 0.18% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;1-day Overnight Fed Funds Effective Rate, 4.33% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/25 | &nbsp;&nbsp;USD | 3167 | &nbsp;&nbsp;$352750 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$352750 |
| SOFR, 4.30% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/25 | &nbsp;&nbsp;USD | 3167 | &nbsp;&nbsp;&nbsp;&nbsp; (352829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (352829) |
| 2.90% | &nbsp;&nbsp;Semi-Annual | &nbsp;&nbsp;3-month LIBOR, 4.77% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| 0.56% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;1-day Overnight Fed Funds Effective Rate, 4.33% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/30 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 70727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70727 |
| SOFR, 4.30% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;0.53% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/30 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; (71481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71481) |
| 0.75% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;SOFR, 4.30% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/35 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 6362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6362 |
| 1-day Overnight Fed Funds Effective Rate, 4.33% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/35 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; (6232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6232) |
| 0.84% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;SOFR, 4.30% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/40 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 13803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13803 |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BATS: Series P Portfolio

#### Centrally Cleared Interest Rate Swaps (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** |  | &nbsp;&nbsp;**Received by the Fund** |  |  |  |  |  |  |
| *Rate* | &nbsp;&nbsp;*Frequency* | &nbsp;&nbsp;*Rate* | &nbsp;&nbsp;*Frequency* | &nbsp;&nbsp;*Termination<br> Date* | &nbsp;&nbsp;*Notional<br> Amount<br> (000)* | &nbsp;&nbsp;*Notional<br> Amount<br> (000)* | &nbsp;&nbsp;*Value* | &nbsp;&nbsp;*Upfront<br> Premium<br> Paid<br> (Received)* | &nbsp;&nbsp;*Unrealized<br> Appreciation<br> (Depreciation)* |
| 1-day Overnight Fed Funds Effective Rate, 4.33% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;0.91% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/40 | &nbsp;&nbsp;USD | 39 | &nbsp;&nbsp;$(13430) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(13430) |
| 0.91% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;SOFR, 4.30% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/50 | &nbsp;&nbsp;USD | 22 | &nbsp;&nbsp;&nbsp;&nbsp; 9290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9290 |
| 1-day Overnight Fed Funds Effective Rate, 4.33% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;10/21/50 | &nbsp;&nbsp;USD | 22 | &nbsp;&nbsp;&nbsp;&nbsp; (8914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8914) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$150 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$150 |

---

#### 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;Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies <br>| &nbsp;&nbsp;$12307178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$12307178 |
| Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;$312356 | &nbsp;&nbsp;$453036 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$765392 |
| &nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14869) | &nbsp;&nbsp;&nbsp; (452886) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (467755) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$297487 | &nbsp;&nbsp;&nbsp;&nbsp;$150 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$297637 |

---

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |

---

## 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 P Portfolio

- **b. EDGAR series identifier (if any):** S000011985

- **c. LEI of Series:** 549300GWRL056IWXY321

**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:** $44933300.83

**Total Liabilities:** $632166.87

**Net Assets:** $44301133.96

**Cash Not Reported:** $32270712.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2812.91000000 | **1-Year:** 0.00000000 | **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:** 2.52000000 | **10-Year:** 0.08000000 | **30-Year:** 0.89000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032703 | 1.81%                | -2.96%               | 2.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-96149.82                                 |
| Month 2  | $0.00                    | $109885.51                                 |
| Month 3  | $0.00                    | $13735.69                                  |

**Designated Index Information**

- **Index Name:** Bloomberg Inverse 7-10 Treasury Index

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $6361.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $352750.23    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-6232.40     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 2 YEAR US TREASURY NOTE  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -21 | NC      | $-3872.61     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 10 YEAR US TREASURY NOTE | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -229 | NC      | $143402.09    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $70727.00     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $9289.58      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5 YEAR TREASURY NOTE  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        65 | NC      | $-10086.40    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-8914.05     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-352828.44   | -0.80%            |  |  |  | No            |                  2 | On Loan: No      |
| BLACKROCK ALLOCATION TARGET SHARES          | SERIES S PORTFOLIO       | CUSIP: 092480300<br>LEI: UHCSUNBDKLB2EM9I9C81 | Long             | EC               | RF                | US        |   1373569 | NS      | $12307177.87  | 27.78%            |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $13802.59     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-71480.95    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | CBOT US Long Bond        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -2 | NC      | $1121.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $104.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                              | IRS USD                  | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-13429.56    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -222 | NC      | $167832.00    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA TREASURY BOND   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-910.23      | -0.00%            |  |  |  | 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