# EDGAR Filing Document

**Accession Number:** 0001221845
**File Stem:** 0000940400-26-007514
**Filing Date:** 2026-2
**Character Count:** 19934
**Document Hash:** d613a6ce1fb001dce6ad5d0d7b30f0b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007514.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007514

**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:** 26675570

**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: Interest Rate Hedge Series (Series ID: S000011985)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000032703 | BATS: Interest Rate Hedge Series | BATPX           |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2025

**BATS: Interest Rate Hedge Series**

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

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Fixed-Income Funds — 25.5%** | **Fixed-Income Funds — 25.5%** | **Fixed-Income Funds — 25.5%** |
| BATS: Short Duration Taxable Total Return Series<sup>(a)</sup> | 77157 | $718331 |
| **Total Long-Term Investments — 25.5%** <br>**(Cost: $709,844)** | **Total Long-Term Investments — 25.5%** <br>**(Cost: $709,844)** | 718331 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 71.5%** | **Money Market Funds — 71.5%** | **Money Market Funds — 71.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Securities Cash Management, <br> Institutional Class, 3.64%<sup>(b)</sup><br>| 2019756 | 2019756 |
| **Total Short-Term Securities — 71.5%** <br>**(Cost: $2,019,756)** | **Total Short-Term Securities — 71.5%** <br>**(Cost: $2,019,756)** | 2019756 |
| **Total Investments — 97.0%** <br>**(Cost: $2,729,600)** | **Total Investments — 97.0%** <br>**(Cost: $2,729,600)** | 2738087 |
| **Other Assets Less Liabilities — 3.0%** | **Other Assets Less Liabilities — 3.0%** | 85001 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2823088 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BATS: Short Duration Taxable Total Return <br> Series<sup>(a)</sup><br>| &nbsp;&nbsp; $712158<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6173 | &nbsp;&nbsp; $718331 | &nbsp;&nbsp; 77157 | &nbsp;&nbsp; $24796 | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Formerly the BATS: Series S Portfolio.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (5 Year) | 2 | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; $219 | &nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (10 Year) | 15 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1687 | &nbsp;&nbsp;&nbsp;&nbsp; 11883 |
| &nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Notes (10 Year) | 14 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 2055 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (2 Year) | 3 | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp;&nbsp; (515)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13423 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $13420 |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2025

**BATS: Interest Rate Hedge Series**

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

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 0.56% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day Overnight Fed Funds <br> Effective Rate, 3.64%<br>| Quarterly | 10/21/30 | USD | 336 | &nbsp;&nbsp; $44375 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44375 |
| 1-day SOFR, 3.87% | Quarterly | 0.53% | Quarterly | 10/21/30 | USD | 336 | &nbsp;&nbsp; (45650)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (45650)<br>|
| 0.75% | Quarterly | 1-day SOFR, 3.87% | Quarterly | 10/21/35 | USD | 22 | &nbsp;&nbsp; 5607 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5607 |
| &nbsp;&nbsp;&nbsp; 1-day Overnight Fed Funds <br> Effective Rate, 3.64%<br>| Quarterly | 0.79% | Quarterly | 10/21/35 | USD | 22 | &nbsp;&nbsp; (5417)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5417)<br>|
| 0.84% | Quarterly | 1-day SOFR, 3.87% | Quarterly | 10/21/40 | USD | 39 | &nbsp;&nbsp; 14315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14315 |
| &nbsp;&nbsp;&nbsp; 1-day Overnight Fed Funds <br> Effective Rate, 3.64%<br>| Quarterly | 0.91% | Quarterly | 10/21/40 | USD | 39 | &nbsp;&nbsp; (13762)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (13762)<br>|
| 0.91% | Quarterly | 1-day SOFR, 3.87% | Quarterly | 10/21/50 | USD | 22 | &nbsp;&nbsp; 11296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11296 |
| &nbsp;&nbsp;&nbsp; 1-day Overnight Fed Funds <br> Effective Rate, 3.64%<br>| Quarterly | 0.99% | Quarterly | 10/21/50 | USD | 22 | &nbsp;&nbsp; (10822)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10822)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(58)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(58)<br>|

---

**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; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies  | &nbsp;&nbsp; $718331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $718331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 2019756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2019756 |
|  | &nbsp;&nbsp; $2738087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2738087 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; $13938 | &nbsp;&nbsp; $75593 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $89531 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (518)<br>| &nbsp;&nbsp; (75651)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (76169)<br>|
|  | &nbsp;&nbsp; $13420 | &nbsp;&nbsp; $(58)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $13362 |

---

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

<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.

------

Schedule of Investments (unaudited) (continued)

December 31, 2025

**BATS: Interest Rate Hedge Series**

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

&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**  |
| SOFR | 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: Interest Rate Hedge Series

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

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

**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:** $3163329.08

**Total Liabilities:** $340210.18

**Net Assets:** $2823118.90

**Cash Not Reported:** $68190.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 148.07000000 | **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:** -0.15000000 | **10-Year:** 0.44000000 | **30-Year:** 0.48000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032703 | 0.00%                | -0.38%               | 1.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-771.57                                   |
| Month 2  | $0.00                    | $771.57                                    |
| Month 3  | $0.00                    | $771.57                                    |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.      | US 2YR NOTE (CBT)                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -3 | NC      | $-514.50      | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                   | IRS USD                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-45648.01    | -1.62%            |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                   | IRS USD                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $5606.79      | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                   | IRS USD                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-5416.66     | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management      | Dreyfus Treasury Securities Cash Management      | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   2331627 | NS      | $2331626.66   | 82.59%            |  |  |  | No            |                  1 | On Loan: No      |
| BATS: Short Duration Taxable Total Return Series | BATS: Short Duration Taxable Total Return Series | CUSIP: 092480300<br>LEI: UHCSUNBDKLB2EM9I9C81 | Long             | EC               | RF                | US        |     77157 | NS      | $718331.12    | 25.44%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.      | US 10YR NOTE (CBT)                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -15 | NC      | $11882.77     | 0.42%             |  |  |  | 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        |       -14 | NC      | $2054.64      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.      | US 5YR NOTE (CBT)                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         2 | NC      | $-3.14        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                   | IRS USD                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $11296.12     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                   | IRS USD                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $14314.55     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                   | IRS USD                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-10822.30    | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                   | IRS USD                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-13761.75    | -0.49%            |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                   | IRS USD                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |         1 | NC      | $44374.85     | 1.57%             |  |  |  | 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