# EDGAR Filing Document

**Accession Number:** 0001221845
**File Stem:** 0001752724-25-205169
**Filing Date:** 2025-8
**Character Count:** 57406
**Document Hash:** d82ae607d36df64947dba0ec4b1f354f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205169.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205169

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251255673

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK BOND ALLOCATION TARGET SHARES
- **DATE OF NAME CHANGE:** 20030306

## Series and Classes Contracts Data

### BATS: Series V Portfolio (Series ID: S000071703)

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

## Nport-Ex

Schedule of Investments (unaudited)

June 30, 2025

**BATS: Series V Portfolio**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alaska — 0.4%** | **Alaska — 0.4%** | **Alaska — 0.4%** | **Alaska — 0.4%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Refunding RB, Series A, <br> VRDN, (Federal Home Loan Bank SBPA), 1.87%, <br> 07/07/25<sup>(a)</sup><br>| USD  | 495 | $495000 |
| **Arizona — 3.1%** | **Arizona — 3.1%** | **Arizona — 3.1%** | **Arizona — 3.1%** |
| &nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority, RB, Series C, VRDN, <br> (Bank of America NA LOC), 4.00%, 07/01/25<sup>(a)</sup><br>|  | 2900 | 2900000 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System Revenue, RB, (AGM), 5.00%, <br> 07/01/26<br>|  | 675 | 689785 |
|  |  |  | 3589785 |
| **Colorado — 1.2%** | **Colorado — 1.2%** | **Colorado — 1.2%** | **Colorado — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Utilities System Revenue, RB, <br> Series B, VRDN, (Barclays Bank plc SBPA), 1.80%, <br> 07/07/25<sup>(a)</sup><br>|  | 1400 | 1400000 |
| **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Refunding RB, Sub-<br> Series C-3, VRDN, (Royal Bank of Canada SBPA), <br> 1.92%, 07/07/25<sup>(a)</sup><br>|  | 725 | 725000 |
| **Florida — 1.9%** | **Florida — 1.9%** | **Florida — 1.9%** | **Florida — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Gainesville Utilities System Revenue, Refunding RB, <br> Series B, VRDN, (Truist Bank SBPA), 4.00%, 07/01/25<sup>(a)</sup><br>|  | 400 | 400000 |
| &nbsp;&nbsp;&nbsp; County of St. Lucie Florida Power & Light Co., Refunding <br> RB, VRDN, 1.90%, 07/07/25<sup>(a)</sup><br>|  | 400 | 400000 |
| &nbsp;&nbsp;&nbsp; Pinellas County Housing Finance Authority, RB, VRDN, <br> (FHLMC LOC), 1.95%, 07/07/25<sup>(a)</sup><br>|  | 1400 | 1400000 |
|  |  |  | 2200000 |
| **Illinois — 5.4%** | **Illinois — 5.4%** | **Illinois — 5.4%** | **Illinois — 5.4%** |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. <br> 64 Park Ridge-Niles, GO, 5.00%, 12/01/25<br>|  | 740 | 746479 |
| &nbsp;&nbsp;&nbsp; DuPage County Forest Preserve District, GO, 5.00%, <br> 11/01/25<br>|  | 775 | 780312 |
| Illinois Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, Sub-Series D, VRDN, 1.75%, 07/07/25<sup>(a)</sup> |  | 2900 | 2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, VRDN, (BMO Harris Bank NA LOC), <br> 1.80%, 07/07/25<sup>(a)</sup><br>|  | 1895 | 1895000 |
|  |  |  | 6321791 |
| **Indiana — 0.6%** | **Indiana — 0.6%** | **Indiana — 0.6%** | **Indiana — 0.6%** |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series F, VRDN, (Barclays <br> Bank plc LOC), 1.75%, 07/07/25<sup>(a)</sup><br>|  | 750 | 750000 |
| **Iowa — 1.5%** | **Iowa — 1.5%** | **Iowa — 1.5%** | **Iowa — 1.5%** |
| Iowa Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, Series D, VRDN, (GNMA/FNMA/FHLMC COL), <br> (Federal Home Loan Bank SBPA), 1.92%, 07/07/25<sup>(a)</sup><br>|  | 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> 1.92%, 07/07/25<sup>(a)</sup><br>|  | 1200 | 1200000 |
|  |  |  | 1750000 |
| **Louisiana — 2.6%** | **Louisiana — 2.6%** | **Louisiana — 2.6%** | **Louisiana — 2.6%** |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue, <br> Refunding RB, Series A-2, VRDN, (TD Bank NA LOC), <br> 3.95%, 07/01/25<sup>(a)</sup><br>|  | 3000 | 3000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Maryland — 1.4%** | **Maryland — 1.4%** | **Maryland — 1.4%** | **Maryland — 1.4%** |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, <br> Refunding RB, Series A, VRDN, (TD Bank NA LOC), <br> 2.50%, 07/07/25<sup>(a)</sup><br>| USD  | 300 | $300000 |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities Commission, <br> Refunding RB, Series A, VRDN, (FNMA COL), (TD Bank <br> NA LOC), 3.95%, 07/01/25<sup>(a)</sup><br>|  | 1300 | 1300000 |
|  |  |  | 1600000 |
| **Massachusetts — 4.0%** | **Massachusetts — 4.0%** | **Massachusetts — 4.0%** | **Massachusetts — 4.0%** |
| Massachusetts Bay Transportation Authority |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, TECP, (TD Bank NA SBPA), 2.97%, 07/10/25 |  | 1000 | 999999 |
| &nbsp;&nbsp;&nbsp; RB, TECP, 3.00%, 07/10/25 |  | 1000 | 999998 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series K-1, VRDN, (Wells Fargo Bank NA SBPA), 1.50%, <br> 07/07/25<sup>(a)</sup><br>|  | 1250 | 1250000 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, GO, TECP, (TD <br> Bank NA LOC), 3.05%, 08/06/25<br>|  | 1400 | 1400123 |
|  |  |  | 4650120 |
| **Michigan — 1.7%** | **Michigan — 1.7%** | **Michigan — 1.7%** | **Michigan — 1.7%** |
| &nbsp;&nbsp;&nbsp; Oakland University, Refunding RB, VRDN, (JPMorgan <br> Chase Bank NA LOC), 1.75%, 07/07/25<sup>(a)</sup><br>|  | 2000 | 2000000 |
| **Minnesota — 1.1%** | **Minnesota — 1.1%** | **Minnesota — 1.1%** | **Minnesota — 1.1%** |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, RB, VRDN, (Wells Fargo Bank NA <br> SBPA), 1.92%, 07/07/25<sup>(a)</sup><br>|  | 1300 | 1300000 |
| **Mississippi — 7.1%** | **Mississippi — 7.1%** | **Mississippi — 7.1%** | **Mississippi — 7.1%** |
| Mississippi Business Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, Series B, VRDN, 1.90%, 07/07/25<sup>(a)</sup> |  | 480 | 480000 |
| &nbsp;&nbsp;&nbsp; RB, Series I, VRDN, 3.65%, 07/01/25<sup>(a)</sup> |  | 1330 | 1330000 |
| &nbsp;&nbsp;&nbsp; RB, Series K, VRDN, 3.90%, 07/01/25<sup>(a)</sup> |  | 2970 | 2970000 |
| &nbsp;&nbsp;&nbsp; RB, Series L, VRDN, 3.90%, 07/01/25<sup>(a)</sup> |  | 2600 | 2600000 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, RB, Series A, 5.00%, <br> 05/01/26<br>|  | 850 | 864990 |
|  |  |  | 8244990 |
| **Nebraska — 3.9%** | **Nebraska — 3.9%** | **Nebraska — 3.9%** | **Nebraska — 3.9%** |
| &nbsp;&nbsp;&nbsp; Lincoln Nebraska Electric, RB, TECP, (JPMorgan Chase <br> Bank NA SBPA), 3.00%, 08/04/25<br>|  | 2000 | 2000077 |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, AMT, Series C, <br> VRDN, (GNMA/FNMA/FHLMC COL), (Federal Home <br> Loan Bank SBPA), 1.80%, 07/07/25<sup>(a)</sup><br>|  | 2525 | 2525000 |
|  |  |  | 4525077 |
| **New Hampshire — 3.0%** | **New Hampshire — 3.0%** | **New Hampshire — 3.0%** | **New Hampshire — 3.0%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, Series B, <br> VRDN, (Truist Bank LOC), 4.05%, 07/01/25<sup>(a)</sup><br>|  | 3500 | 3500000 |
| **New Jersey — 2.4%** | **New Jersey — 2.4%** | **New Jersey — 2.4%** | **New Jersey — 2.4%** |
| Borough of Pompton Lakes, GO, BAN, 4.00%, 06/05/26 |  | 400 | 404048 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, Refunding RB, <br> (County GTD), 5.00%, 03/17/26<br>|  | 350 | 355281 |
| Township of Egg Harbor, GO, BAN, 4.00%, 08/07/25 |  | 1000 | 1001132 |
| Township of Maplewood, GO, BAN, 4.00%, 10/07/25 |  | 1000 | 1002547 |
|  |  |  | 2763008 |
| **New York — 18.4%** | **New York — 18.4%** | **New York — 18.4%** | **New York — 18.4%** |
| &nbsp;&nbsp;&nbsp; City of New York, GO, Sub-Series B-5, VRDN, (Barclays <br> Bank plc SBPA), 3.90%, 07/01/25<sup>(a)</sup><br>|  | 2400 | 2400000 |
| &nbsp;&nbsp;&nbsp; Honeoye Falls-Lima Central School District, GO, BAN, <br> 06/25/26<sup>(b)</sup><br>|  | 600 | 606304 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, RB, Sub-Series E-1, <br> VRDN, (Barclays Bank plc LOC), 3.90%, 07/01/25<sup>(a)</sup><br>|  | 800 | 800000 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund, <br> Refunding RB, Series A-1, VRDN, (TD Bank NA LOC), <br> 3.95%, 07/01/25<sup>(a)</sup><br>|  | 3565 | 3565000 |

---

------

Schedule of Investments (unaudited) (continued)

June 30, 2025

**BATS: Series V Portfolio**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Housing Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, Series A, VRDN, (Fannie Mae LIQ), (Fannie Mae <br> LOC), 1.75%, 07/07/25<sup>(a)</sup><br>| USD  | 850 | $850000 |
| &nbsp;&nbsp;&nbsp; RB, Series E, VRDN, 3.30%, 12/22/25<sup>(a)</sup> |  | 525 | 525040 |
| New York City Municipal Water Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series BB, VRDN, (Mizuho Bank Ltd. <br> SBPA), 3.90%, 07/01/25<sup>(a)</sup><br>|  | 3000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Sub-Series BB-4, VRDN, (Barclays Bank <br> plc SBPA), 3.90%, 07/01/25<sup>(a)</sup><br>|  | 2900 | 2900000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, Series E-4, VRDN, (JPMorgan Chase Bank NA <br> SBPA), 4.00%, 07/01/25<sup>(a)</sup><br>|  | 3000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, Sub-Series A-4, VRDN, (Barclays Bank plc SBPA), <br> 3.90%, 07/01/25<sup>(a)</sup><br>|  | 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp; New York State HFA, RB, Series A, VRDN, (Fannie Mae <br> LIQ), 1.70%, 07/07/25<sup>(a)</sup><br>|  | 900 | 900000 |
| &nbsp;&nbsp;&nbsp; Schodack Central School District, GO, Refunding, BAN, <br> 4.00%, 07/15/25<br>|  | 1000 | 1000302 |
|  |  |  | 21546646 |
| **North Carolina — 4.0%** | **North Carolina — 4.0%** | **North Carolina — 4.0%** | **North Carolina — 4.0%** |
| &nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority (The), Refunding <br> RB, Series E, VRDN, (Royal Bank of Canada LOC), <br> 3.85%, 07/01/25<sup>(a)</sup><br>|  | 3700 | 3700000 |
| State of North Carolina, Refunding RB, 5.00%, 03/01/26 |  | 1000 | 1015033 |
|  |  |  | 4715033 |
| **North Dakota — 1.7%** | **North Dakota — 1.7%** | **North Dakota — 1.7%** | **North Dakota — 1.7%** |
| &nbsp;&nbsp;&nbsp; North Dakota HFA, RB, Series E, VRDN, (TD Bank NA <br> SBPA), 1.97%, 07/07/25<sup>(a)</sup><br>|  | 2020 | 2020000 |
| **Ohio — 1.6%** | **Ohio — 1.6%** | **Ohio — 1.6%** | **Ohio — 1.6%** |
| &nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, RB, <br> Series A-R, VRDN, (BMO Harris Bank NA LOC), 2.35%, <br> 07/07/25<sup>(a)</sup><br>|  | 1000 | 1000000 |
| City of Hamilton, GO, Refunding, BAN, 4.00%, 12/17/25 |  | 500 | 502297 |
| City of Miamisburg, GO, BAN, 3.75%, 02/10/26 |  | 400 | 402132 |
|  |  |  | 1904429 |
| **Pennsylvania — 3.7%** | **Pennsylvania — 3.7%** | **Pennsylvania — 3.7%** | **Pennsylvania — 3.7%** |
| &nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, RB, <br> Series B, VRDN, (TD Bank NA LOC), 3.95%, 07/01/25<sup>(a)</sup><br>|  | 3800 | 3800000 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series B, VRDN, (TD Bank NA LOC), 1.92%, 07/07/25<sup>(a)</sup><br>|  | 550 | 550000 |
|  |  |  | 4350000 |
| **South Carolina — 3.0%** | **South Carolina — 3.0%** | **South Carolina — 3.0%** | **South Carolina — 3.0%** |
| &nbsp;&nbsp;&nbsp; South Carolina Housing Finance & Development Authority, <br> RB, VRDN, (Federal Home Loan Bank LOC), 1.92%, <br> 07/07/25<sup>(a)</sup><br>|  | 1405 | 1405000 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs EDA, RB, Series B, VRDN, (Federal <br> Home Loan Bank LOC), 2.02%, 07/07/25<sup>(a)</sup><br>|  | 2100 | 2100000 |
|  |  |  | 3505000 |
| **South Dakota — 0.9%** | **South Dakota — 0.9%** | **South Dakota — 0.9%** | **South Dakota — 0.9%** |
| &nbsp;&nbsp;&nbsp; South Dakota HDA, Refunding RB, Series B, VRDN, (South <br> Dakota HDA SBPA), 1.87%, 07/07/25<sup>(a)</sup><br>|  | 1025 | 1025000 |
| **Tennessee — 0.5%** | **Tennessee — 0.5%** | **Tennessee — 0.5%** | **Tennessee — 0.5%** |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Refunding RB, <br> Series 3-C, VRDN, 3.50%, 10/01/25<sup>(a)</sup><br>|  | 550 | 549113 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Texas — 13.8%** | **Texas — 13.8%** | **Texas — 13.8%** | **Texas — 13.8%** |
| &nbsp;&nbsp;&nbsp; City of Austin Electric Utility System Revenue, GO, TECP, <br> (JPMorgan Chase Bank NA SBPA), 3.00%, 09/03/25<br>| USD  | 2000 | $2000166 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., <br> Refunding RB, Series B, VRDN, 4.00%, 07/01/25<sup>(a)</sup><br>|  | 1650 | 1650000 |
| &nbsp;&nbsp;&nbsp; Harris County Health Facilities Development Corp., <br> Refunding RB, Series A-2, VRDN, 4.00%, 07/01/25<sup>(a)</sup><br>|  | 3600 | 3600000 |
| &nbsp;&nbsp;&nbsp; Lewisville ISD, GO, (Permanent School Fund Guaranteed), <br> 5.00%, 08/15/26<br>|  | 500 | 512746 |
| Permanent University Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, TECP, 2.85%, 07/01/25 |  | 1000 | 1000003 |
| &nbsp;&nbsp;&nbsp; RB, TECP, 2.85%, 07/01/25 |  | 1000 | 1000002 |
| &nbsp;&nbsp;&nbsp; RB, TECP, 2.98%, 10/21/25 |  | 1000 | 1000124 |
| &nbsp;&nbsp;&nbsp; Plano ISD, GO, (Permanent School Fund GTD), 5.00%, <br> 02/15/26<br>|  | 900 | 913005 |
| State of Texas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Series B, VRDN, (Federal Home Loan Bank SBPA), <br> 1.80%, 07/07/25<sup>(a)</sup><br>|  | 100 | 100000 |
| &nbsp;&nbsp;&nbsp; GO, Series B, VRDN, 2.50%, 07/07/25<sup>(a)</sup> |  | 800 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, VRDN, (Federal Home Loan Bank SBPA), 1.80%, <br> 07/07/25<sup>(a)</sup><br>|  | 2115 | 2115000 |
| University of Texas |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, TECP, Series A, 3.00%, 09/30/25 |  | 500 | 500051 |
| &nbsp;&nbsp;&nbsp; RB, TECP, Series C, 3.05%, 07/23/25 |  | 1000 | 1000180 |
|  |  |  | 16191277 |
| **Virginia — 0.8%** | **Virginia — 0.8%** | **Virginia — 0.8%** | **Virginia — 0.8%** |
| &nbsp;&nbsp;&nbsp; Fairfax County IDA, Refunding RB, Series C, VRDN, <br> 1.95%, 07/07/25<sup>(a)</sup><br>|  | 940 | 940000 |
| **Washington — 3.6%** | **Washington — 3.6%** | **Washington — 3.6%** | **Washington — 3.6%** |
| &nbsp;&nbsp;&nbsp; County of King Sewer Revenue, Refunding RB, VRDN, <br> (Bank of America NA SBPA), 3.90%, 07/01/25<sup>(a)</sup><br>|  | 4200 | 4200000 |
| **Wisconsin — 4.8%** | **Wisconsin — 4.8%** | **Wisconsin — 4.8%** | **Wisconsin — 4.8%** |
| &nbsp;&nbsp;&nbsp; Port Washington-Saukville School District, GO, 5.00%, <br> 04/01/26<br>|  | 100 | 101560 |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority, <br> Refunding RB, Series C, VRDN, (BMO Harris Bank NA <br> SBPA), 3.80%, 07/01/25<sup>(a)</sup><br>|  | 2940 | 2940000 |
| Wisconsin Housing & EDA Home Ownership Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB, Series B, VRDN, (Federal Home Loan Bank LIQ), <br> 1.92%, 07/07/25<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), 1.92%, 07/07/25<sup>(a)</sup><br>|  | 2100 | 2100000 |
|  |  |  | 5641560 |
| **Wyoming — 1.5%** | **Wyoming — 1.5%** | **Wyoming — 1.5%** | **Wyoming — 1.5%** |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority, RB, Series 4, <br> VRDN, (Bank of America NA SBPA), 1.93%, 07/07/25<sup>(a)</sup><br>|  | 1800 | 1800000 |
| **Total Investments — 100.2%** <br>**(Cost: $117,185,918)** | **Total Investments — 100.2%** <br>**(Cost: $117,185,918)** | **Total Investments — 100.2%** <br>**(Cost: $117,185,918)** | 117202829 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (268216)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $116934613 |

---

&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. <br> <sup>(b)</sup> When-issued security.

------

Schedule of Investments (unaudited) (continued)

June 30, 2025

**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; $117202829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $117202829 |

---

&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 |
| 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: Series V Portfolio

- **b. EDGAR series identifier (if any):** S000071703

- **c. LEI of Series:** 549300DF58XWVL2AFN39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $117847136.82

**Total Liabilities:** $934732.72

**Net Assets:** $116912404.10

**Cash Not Reported:** $100939.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 352.52000000 | **1-Year:** 383.38000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 43.04000000 | **1-Year:** 97.55000000 | **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 | 0.28%                | 0.23%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-26560.74                                 |
| Month 2  | $0.00                    | $15353.24                                  |
| Month 3  | $0.00                    | $13746.42                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNIV HOSPS & CLINICS AUTH WI        | University of Wisconsin Hospitals & Clinics                               | CUSIP: 915260CN1<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2940000.00   | 2.51%             | 2048-04-01      | Variable      | 3.65%                 | 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    | 0.43%             | 2041-03-01      | Variable      | 1.92%                 | 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      | $1015033.11   | 0.87%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX PERM UN 2.98 21OCT25 | UNIVERSITY TEX PERM UN 2.98 21OCT25                                       | CUSIP: 91514CPH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000124.00   | 0.86%             | 2025-10-21      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX UTIL SYS REV 3.0 03SEP25 | AUSTIN TEX UTIL SYS REV 3.0 03SEP25                                       | CUSIP: 05248NXK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000166.00   | 1.71%             | 2025-09-03      | Fixed         | 3.00%                 | 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        |    850000 | PA      | $850000.00    | 0.73%             | 2036-03-15      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO      | Mississippi Business Finance Corp                                         | CUSIP: 60528ACB8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2970000 | PA      | $2970000.00   | 2.54%             | 2035-11-01      | Variable      | 3.75%                 | 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   | 1.80%             | 2038-03-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX PERM UN 2.85 01JUL25 | UNIVERSITY TEX PERM UN 2.85 01JUL25                                       | CUSIP: 91514CME8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000003.20   | 0.86%             | 2025-07-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| UNIVERSITYTEXUNIVRE3.0523JUL25      | UNIVERSITYTEXUNIVRE3.0523JUL25                                            | CUSIP: 91514TAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000180.00   | 0.86%             | 2025-07-23      | Fixed         | 3.05%                 | 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      | $689785.35    | 0.59%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX PERM UN 2.85 01JUL25 | UNIVERSITY TEX PERM UN 2.85 01JUL25                                       | CUSIP: 91514CMN8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000001.90   | 0.86%             | 2025-07-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE      | Metropolitan Transportation Authority Dedicated Tax Fund                  | CUSIP: 59259N8Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $3565000.00   | 3.05%             | 2031-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AKRON BATH COPLEY JT TWP OH HO      | Akron Bath Copley Joint Township Hospital District                        | CUSIP: 009730PA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.86%             | 2047-11-15      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP       | New York City Housing Development Corp                                    | CUSIP: 64972KKK0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    525000 | PA      | $525040.09    | 0.45%             | 2055-05-01      | 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        |    400000 | PA      | $400000.00    | 0.34%             | 2028-09-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA      | Harris County Cultural Education Facilities Finance Corp                  | CUSIP: 414009PV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1650000.00   | 1.41%             | 2059-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA GEN PURPOS      | Northampton County General Purpose Authority                              | CUSIP: 66353RDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3800000.00   | 3.25%             | 2054-08-15      | Variable      | 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        |   3600000 | PA      | $3600000.00   | 3.08%             | 2041-12-01      | Variable      | 3.75%                 | 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      | $355281.00    | 0.30%             | 2026-03-17      | Fixed         | 5.00%                 | 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      | $913005.34    | 0.78%             | 2026-02-15      | Fixed         | 5.00%                 | 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    | 0.41%             | 2030-12-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                            | State of Texas                                                            | CUSIP: 882724QQ3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2115000.00   | 1.81%             | 2050-12-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI      | Pennsylvania Turnpike Commission                                          | CUSIP: 709225JD9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550000.00    | 0.47%             | 2043-12-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRAN 2.97 10JUL25 | MASSACHUSETTS BAY TRAN 2.97 10JUL25                                       | CUSIP: 57559GBP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999998.30    | 0.86%             | 2025-07-10      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| EGG HARBOR TWP NJ                   | Township of Egg Harbor NJ                                                 | CUSIP: 282305HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001131.74   | 0.86%             | 2025-08-07      | Fixed         | 4.00%                 | 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        |    900000 | PA      | $900000.00    | 0.77%             | 2037-11-15      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| HAMILTON OH                         | City of Hamilton OH                                                       | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502296.68    | 0.43%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL       | New York City Transitional Finance Authority Future Tax Secured Revenue   | CUSIP: 64971XKU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.71%             | 2039-08-01      | Variable      | 3.75%                 | 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   | 1.07%             | 2046-07-01      | Variable      | 1.50%                 | 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      | $606304.28    | 0.52%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REVENUE            | County of King WA Sewer Revenue                                           | CUSIP: 495290ET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4200000.00   | 3.59%             | 2042-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                         | City of New York NY                                                       | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 2.05%             | 2046-10-01      | Variable      | 3.75%                 | 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      | $404048.22    | 0.35%             | 2026-06-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH           | Arizona Health Facilities Authority                                       | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 2.48%             | 2046-01-01      | Variable      | 3.75%                 | 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    | 0.47%             | 2047-01-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG        | Mississippi Development Bank                                              | CUSIP: 60534XE77<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    850000 | PA      | $864990.43    | 0.74%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL       | New York City Transitional Finance Authority Future Tax Secured Revenue   | CUSIP: 64971WE63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 2.57%             | 2045-02-01      | Variable      | 3.75%                 | 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        |    400000 | PA      | $400000.00    | 0.34%             | 2042-10-01      | Variable      | 3.75%                 | 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    | 0.80%             | 2042-05-15      | Variable      | 1.95%                 | 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   | 1.54%             | 2048-12-01      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD HSG OPPNTYS      | Montgomery County Housing Opportunities Commission                        | CUSIP: 613347RK1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 1.11%             | 2063-01-01      | Variable      | 3.75%                 | 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      | $101559.94    | 0.09%             | 2026-04-01      | Fixed         | 5.00%                 | 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        |    300000 | PA      | $300000.00    | 0.26%             | 2035-04-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO      | Mississippi Business Finance Corp                                         | CUSIP: 60528ABZ6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1330000.00   | 1.14%             | 2035-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                            | State of Texas                                                            | CUSIP: 882723YT0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.09%             | 2046-06-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTSSTWTRR3.0506AUG25      | MASSACHUSETTSSTWTRR3.0506AUG25                                            | CUSIP: 57604YBJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1400123.06   | 1.20%             | 2025-08-06      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN       | New York City Municipal Water Finance Authority                           | CUSIP: 64972GC44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 2.57%             | 2044-06-15      | Variable      | 3.75%                 | 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   | 1.80%             | 2061-05-01      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN      | Tennessee Housing Development Agency                                      | CUSIP: 88046KPP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $549112.93    | 0.47%             | 2056-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN REVENUE              | City of Minneapolis MN                                                    | CUSIP: 603786FP4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 1.11%             | 2040-12-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| MIAMISBURG OH                       | City of Miamisburg OH                                                     | CUSIP: 593864MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402132.02    | 0.34%             | 2026-02-10      | Fixed         | 3.75%                 | 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        |   3500000 | PA      | $3500000.00   | 2.99%             | 2064-11-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN       | New York City Municipal Water Finance Authority                           | CUSIP: 64972GRG1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 2.48%             | 2050-06-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                            | State of Texas                                                            | CUSIP: 882721RM7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.68%             | 2036-04-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO      | Mississippi Business Finance Corp                                         | CUSIP: 60528ACC6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 2.22%             | 2035-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE       | Metropolitan Transportation Authority                                     | CUSIP: 59261AM53<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.68%             | 2050-11-15      | Variable      | 3.75%                 | 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   | 2.48%             | 2046-12-01      | Variable      | 1.75%                 | 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   | 0.88%             | 2041-11-01      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIV MI REVENUE             | Oakland University                                                        | CUSIP: 673588DL0<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.71%             | 2031-03-01      | Variable      | 1.75%                 | 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   | 2.16%             | 2047-09-01      | Variable      | 1.80%                 | 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   | 1.03%             | 2046-07-01      | Variable      | 1.92%                 | 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        |   1400000 | PA      | $1400000.00   | 1.20%             | 2036-11-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANS 3.0 10JUL25 | MASSACHUSETTS BAY TRANS 3.0 10JUL25                                       | CUSIP: 57559JAY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999998.30    | 0.86%             | 2025-07-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                | CUSIP: 45200BHQ4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1895000.00   | 1.62%             | 2034-06-01      | Variable      | 1.80%                 | 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      | $512745.82    | 0.44%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL CMNTY CONSOL SCHD      | Cook County Community Consolidated School District No 64 Park Ridge-Niles | CUSIP: 213669KR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $746479.46    | 0.64%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSPA      | Charlotte-Mecklenburg Hospital Authority/The                              | CUSIP: 160853VA2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3700000.00   | 3.16%             | 2042-01-15      | Variable      | 3.70%                 | 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        |   1405000 | PA      | $1405000.00   | 1.20%             | 2058-12-01      | Variable      | 1.92%                 | 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    | 0.42%             | 2030-12-01      | Variable      | 1.87%                 | 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    | 0.64%             | 2048-09-01      | Variable      | 1.75%                 | 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        |   3000000 | PA      | $3000000.00   | 2.57%             | 2043-05-01      | Variable      | 3.75%                 | 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   | 1.20%             | 2048-10-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL FOREST PRESERV      | DuPage County Forest Preserve District                                    | CUSIP: 262651VF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $780311.92    | 0.67%             | 2025-11-01      | 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    | 0.62%             | 2045-11-15      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| SCHODACK NY CENTRL SCH DIST         | Schodack Central School District                                          | CUSIP: 806891KM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000301.44   | 0.86%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN NEB ELEC SYS RE 3.0 04AUG25 | LINCOLN NEB ELEC SYS RE 3.0 04AUG25                                       | CUSIP: 53427TGY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000076.60   | 1.71%             | 2025-08-04      | Fixed         | 3.00%                 | 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        |   2020000 | PA      | $2020000.00   | 1.73%             | 2036-07-01      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX UNIV REV 3.0 30SEP25 | UNIVERSITY TEX UNIV REV 3.0 30SEP25                                       | CUSIP: 91514YFR9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $500050.70    | 0.43%             | 2025-09-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAPLEWOOD TWP NJ                    | Township of Maplewood NJ                                                  | CUSIP: 565624NG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002546.92   | 0.86%             | 2025-10-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer