BLACKROCK ALLOCATION TARGET SHARES
BATS: Series V Portfolio
(the “Fund”)
Supplement dated January 31, 2024 to the Fund’s
Summary Prospectus and Prospectus, each dated July 28, 2023
Effective March 1, 2024, the following changes are made to the Fund’s Summary Prospectus and Prospectus, as applicable:
The section of the Summary Prospectus entitled “Key Facts About BATS: Series V Portfolio — Portfolio Managers” and the section of the Prospectus entitled “Fund Overview — Key Facts About BATS: Series V Portfolio — Portfolio Managers” are deleted in their entirety and replaced with the following:
Portfolio Managers
| Name | Portfolio Manager of the Fund Since |
Title | ||
| Kristi Manidis | 2021 | Director of BlackRock, Inc. | ||
| Mei Chan | 2024 | Associate of BlackRock, Inc. | ||
| Kevin Maloney, CFA | 2024 | Director of BlackRock, Inc. |
The section of the Prospectus entitled “Details About the Funds — How Each Fund Invests —BATS: Series V Portfolio — About the Portfolio Management of the BATS: Series V Portfolio” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE BATS: SERIES V PORTFOLIO |
| The BATS: Series V Portfolio is managed by a team of financial professionals. Kristi Manidis, Mei Chan and Kevin Maloney, CFA are the Fund’s portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds — Portfolio Manager Information” for additional information about the portfolio management team. |
The section of the Prospectus entitled “Management of the Funds — Portfolio Manager Information — BATS: Series V Portfolio” is deleted in its entirety and replaced with the following:
BATS: Series V Portfolio
The BATS: Series V Portfolio is managed by a team of financial professionals. Kristi Manidis, Mei Chan and Kevin Maloney, CFA are jointly and primarily responsible for the day-to-day management of the Fund.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Kristi Manidis | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2021 | Director of BlackRock, Inc. since 2016. | |||
| Mei Chan | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2024 | Associate of BlackRock, Inc. since 2023; Analyst of BlackRock, Inc. since 2020; Quantitative Equity Research Analyst of PNC Capital Advisors, LLC from 2019 to 2020. |
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Kevin Maloney, CFA | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2024 | Director of BlackRock, Inc. since 2021; Vice President of BlackRock, Inc. from 2018 to 2020. |
Shareholders should retain this Supplement for future reference.
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