N-CSRS 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-21457
 
Name of Fund:  BlackRock Allocation Target Shares
                      BATS: Series I Portfolio
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Allocation Target Shares, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 09/30/2024
 
Date of reporting period: 03/31/2024
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable
 
March
31,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Semi-Annual
Report
(Unaudited)
BlackRock
Allocation
Target
Shares
BATS:
Series
I
Portfolio
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
March
31,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
has
had
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks’
advance
was
slower
but
still
robust.
Meanwhile,
international
developed
market
equities
also
gained
strongly,
while
emerging
market
stocks
advanced
at
a
more
modest
pace.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
positive
returns
overall
for
10-
year
U.S.
Treasuries
and
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
rapid
interest
rate
cuts,
as
reflected
in
the
ongoing
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock
.
com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
March
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
23.48
%
29.88
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.94
19.71
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
16.81
15.32
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
10.42
8.15
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.68
5.24
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.88
(2.44
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
5.99
1.70
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.48
3.13
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.73
11.15
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
5
About
Fund
Performance 
.................................................................................................
5
Disclosure
of
Expenses
...................................................................................................
6
Derivative
Financial
Instruments
.............................................................................................
6
Financial
Statements:
Schedule
of
Investments
................................................................................................
7
Statement
of
Assets
and
Liabilities
..........................................................................................
22
Statement
of
Operations
................................................................................................
24
Statement
of
Changes
in
Net
Assets
.........................................................................................
25
Financial
Highlights
.....................................................................................................
26
Notes
to
Financial
Statements
...............................................................................................
27
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
35
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
37
Additional
Information
....................................................................................................
38
Glossary
of
Terms
Used
in
This
Report
.........................................................................................
40
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
4
BATS:
Series
I
Portfolio
Investment
Objective
BATS:
Series
I
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
long-term
income
by
primarily
investing
in
debt
and
income-producing
securities
with
a
secondary
objective
of
capital
appreciation.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(03/06/24)
(a)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,004.20‌
$
0.00‌
$
1,000.00‌
$
1,025.00‌
$
0.00‌
0.00‌%
(a)
Commencement
of
operations.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
25/366
for
the
actual
expenses
and
183/366
for
hypothetical
expenses
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
62.6‌
%
Asset-Backed
Securities
..............................
19.3‌
Non-Agency
Mortgage-Backed
Securities
..................
7.8‌
Foreign
Government
Obligations
........................
4.9‌
U.S.
Government
Sponsored
Agency
Securities
..............
4.6‌
Foreign
Agency
Obligations
............................
0.8‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(b)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(c)
......................................
26.4‌
%
AA/Aa
.........................................
2.3‌
A
.............................................
8.7‌
BBB/Baa
.......................................
17.4‌
BB/Ba
.........................................
26.4‌
B
............................................
13.3‌
CCC/
Caa
.......................................
1.1‌
NR
...........................................
4.4‌
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
The
Benefits
and
Risks
of
Leveraging
5
The
Benefits
and
Risks
of
Leveraging
/
About
Fund
Performance
The
Fund
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
the
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
the
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments,
the
Fund’s
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to
the
Fund’s
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in
the
Fund’s
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
the
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Fund
had
not
used
leverage.
Furthermore,
the
value
of
the
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
the
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
the
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
the
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
the
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of the
Fund’s
shares
than
if
the
Fund
were
not
leveraged.
In
addition,
the
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit the
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
The
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
the
Fund’s
shareholders
and
may
reduce
income.
About
Fund
Performance 
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
the
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
the
Fund’s
performance
would
have
been
lower.
With
respect
to
the
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time.
With
respect
to
the
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such
agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
2024
BlackRock
Semi-Annual
Report
to
Shareholders
6
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
administration
fees,
and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
March
31,
2024
BATS:
Series
I
Portfolio
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
(a)
Cayman
Islands
—
12.8%
(b)
Anchorage
Capital
CLO
6
Ltd.,
Series
2015-6A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.48%,
04/22/34
.......
USD
250
$
250,000
Apidos
CLO
XXII,
Series
2015-22A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
04/20/31
.................
225
225,559
Apidos
CLO
XXV,
Series
2016-25A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.46%,
10/20/31
............
250
249,375
Bain
Capital
Credit
CLO
Ltd.,
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
07/20/30
.......
180
179,861
Barings
CLO
Ltd.,
Series
2019-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
04/20/31
.................
250
250,164
Benefit
Street
Partners
CLO
XIX
Ltd.,
Series
2019-19A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.93%,
01/15/33
.......
250
250,245
Benefit
Street
Partners
CLO
XXI
Ltd.,
Series
2020-21A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
10/15/34
.......
250
250,062
Betony
CLO
2
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/30/31
.................
215
214,979
BlueMountain
CLO
Ltd.
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
10/22/30
...
143
143,163
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
6.51%,
10/25/30
...
250
249,999
Series
2018-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.17%,
10/25/30
...
100
99,917
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
04/17/31
.
210
210,196
CBAM
Ltd.
Series
2019-10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
04/20/32
...
250
250,000
Series
2020-13A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.69%),
7.01%,
01/20/34
...
250
250,490
Cedar
Funding
XIV
CLO
Ltd.,
Series
2021-14A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/15/33
.......
250
250,178
CIFC
Funding
2013-IV
Ltd.,
Series
2013-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
04/27/31
.......
238
237,908
CIFC
Funding
2018-III
Ltd.,
Series
2018-3A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.66%,
07/18/31
244
244,009
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
CIFC
Funding
Ltd.,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.56%,
04/18/31
.......
USD
230
$
229,825
Galaxy
XVIII
CLO
Ltd.,
Series
2018-
28A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/15/31
............
222
221,972
Madison
Park
Funding
XVII
Ltd.,
Series
2015-17A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
07/21/30
.......
234
234,495
Neuberger
Berman
CLO
XIV
Ltd.,
Series
2013-14A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.61%,
01/28/30
.......
181
181,494
OCP
CLO
Ltd.
Series
2014-7A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
+
1.38%),
6.70%,
07/20/29
..........
127
126,566
Series
2019-17A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
6.62%,
07/20/32
...
250
250,002
Palmer
Square
Loan
Funding
Ltd.,
Series
2022-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
6.58%,
10/15/30
.......
189
188,708
Regatta
XI
Funding
Ltd.,
Series
2018-
1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.33%),
6.65%,
07/17/31
220
220,487
Regatta
XXVIII
Funding
Ltd.,
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
0.00%,
04/25/37
.......
250
250,000
Trestles
CLO
II
Ltd.,
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.35%),
6.68%,
07/25/31
.......
225
225,468
Trestles
CLO
III
Ltd.,
Series
2020-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.59%),
6.91%,
01/20/33
.................
250
250,028
Voya
CLO
Ltd.,
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
04/15/31
.................
195
195,201
6,380,351
United
States
—
6.8%
College
Avenue
Student
Loans
LLC
Series
2021-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
6.54%,
07/25/51
(b)
..
49
48,305
Series
2021-C,
Class
A2,
2.32%,
07/26/55
...............
135
116,195
Series
2023-A,
Class
A2,
5.33%,
05/25/55
...............
99
97,085
EDvestinU
Private
Education
Loan
Issue
No.
LLC,
Series
2021-A,
Class
A,
1.80%,
11/25/45
..........
73
65,142
ELFI
Graduate
Loan
Program
LLC,
Series
2023-A,
Class
A,
6.37%,
02/04/48
.................
99
101,290
Enterprise
Fleet
Financing
LLC,
Series
2022-3,
Class
A3,
4.29%,
07/20/29
132
128,919
Lendmark
Funding
Trust,
Series
2024-
1A,
Class
D,
7.21%,
06/21/32
...
110
111,506
Mariner
Finance
Issuance
Trust,
Series
2021-AA,
Class
A,
1.86%,
03/20/36
100
92,033
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Navient
Private
Education
Loan
Trust
Series
2014-AA,
Class
A3,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.71%),
7.04%,
10/15/31
(b)
..
USD
76
$
76,118
Series
2017-A,
Class
B,
3.91%,
12/16/58
...............
97
93,504
Navient
Private
Education
Refi
Loan
Trust
Series
2021-A,
Class
A,
0.84%,
05/15/69
...............
188
165,270
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
6.51%,
04/15/60
(b)
98
93,925
Navient
Student
Loan
Trust,
Series
2023-BA,
Class
A1B,
(SOFR
30
day
Average
+
1.70%),
7.02%,
03/15/72
(b)
................
97
97,458
Nelnet
Student
Loan
Trust
Series
2021-A,
Class
APT2,
1.36%,
04/20/62
...............
49
44,416
Series
2021-BA,
Class
AFL,
(1-mo.
CME
Term
SOFR
+
0.89%),
6.22%,
04/20/62
(b)
.........
98
97,119
Series
2021-CA,
Class
AFL,
(1-mo.
CME
Term
SOFR
+
0.85%),
6.18%,
04/20/62
(b)
.........
98
97,378
OneMain
Financial
Issuance
Trust
Series
2023-2A,
Class
A2,
(SOFR
30
day
Average
+
1.50%),
6.82%,
09/15/36
(b)
..............
125
126,998
Series
2023-2A,
Class
B,
6.17%,
09/15/36
...............
125
127,388
PFS
Financing
Corp.,
Series
2021-B,
Class
B,
1.09%,
08/15/26
......
101
98,951
Regional
Management
Issuance
Trust
Series
2021-1,
Class
A,
1.68%,
03/17/31
...............
115
111,111
Series
2021-2,
Class
A,
1.90%,
08/15/33
...............
100
89,622
SMB
Private
Education
Loan
Trust
Series
2018-C,
Class
A2A,
3.63%,
11/15/35
...............
67
65,278
Series
2021-A,
Class
A2A1,
(1-mo.
CME
Term
SOFR
+
0.84%),
6.17%,
01/15/53
(b)
.........
99
97,837
Series
2021-A,
Class
A2B,
1.59%,
01/15/53
...............
99
88,227
Series
2021-C,
Class
APT1,
1.39%,
01/15/53
...............
57
49,883
Series
2021-C,
Class
B,
2.30%,
01/15/53
...............
156
145,189
Series
2022-A,
Class
APT,
2.85%,
11/16/54
...............
99
90,697
Series
2022-D,
Class
B,
6.15%,
10/15/58
...............
95
95,518
Series
2023-A,
Class
A1B,
(SOFR
30
day
Average
at
1.50%
Floor
+
1.50%),
6.82%,
01/15/53
(b)
...
98
99,041
Series
2023-B,
Class
A1B,
(SOFR
30
day
Average
at
1.80%
Floor
+
1.80%),
7.12%,
10/16/56
(b)
...
111
113,088
Series
2023-C,
Class
A1A,
5.67%,
11/15/52
...............
159
160,804
Series
2024-A,
Class
A1A,
5.24%,
03/15/56
...............
135
134,795
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.77%,
03/15/56
(b)
...
USD
100
$
100,410
SoFi
Professional
Loan
Program
LLC,
Series
2017-E,
Class
B,
3.49%,
11/26/40
..................
97
93,923
3,414,423
Total
Asset-Backed
Securities
—
19.6%
(Cost:
$
9,779,142
)
..............................
9,794,774
Corporate
Bonds
Australia
—
0.4%
(a)
FMG
Resources
August
2006
Pty.
Ltd.
,
6.13%
,
04/15/32
............
100
98,873
Mineral
Resources
Ltd.
,
8.00%
,
11/01/27
..................
100
102,041
200,914
Austria
—
0.2%
ams-OSRAM
AG
,
10.50%
,
03/30/29
(c)
EUR
100
106,698
Canada
—
1.2%
1011778
BC
ULC
,
4.00%
,
10/15/30
(a)
USD
100
89,100
Bombardier,
Inc.
,
8.75%
,
11/15/30
(a)
.
100
106,778
Methanex
Corp.
,
5.13%
,
10/15/27
...
100
96,723
Open
Text
Corp.
,
3.88%
,
02/15/28
(a)
.
100
92,608
Parkland
Corp.
,
4.63%
,
05/01/30
(a)
..
100
92,190
Rogers
Communications,
Inc.
,
3.20%
,
03/15/27
.................
20
18,985
Videotron
Ltd.
,
3.63%
,
06/15/29
(a)
...
100
90,389
586,773
China
—
0.1%
NXP
BV
,
3.15%
,
05/01/27
........
70
66,058
Czech
Republic
—
0.2%
Allwyn
Entertainment
Financing
UK
plc
,
7.25%
,
04/30/30
(c)
...........
EUR
100
113,279
Denmark
—
0.2%
AP
Moller
-
Maersk
A/S
,
0.75%
,
11/25/31
(c)
.................
100
88,067
Finland
—
0.2%
Citycon
Treasury
BV
,
1.63%
,
03/12/28
(c)
100
91,837
France
—
2.6%
(c)
Altice
France
SA
5.88%
,
02/01/27
............
100
83,341
4.13%
,
01/15/29
............
100
75,241
Banijay
Entertainment
SASU
,
7.00%
,
05/01/29
.................
100
113,150
Credit
Agricole
SA
,
3.75%
,
01/22/34
.
100
110,107
Elis
SA
,
3.75%
,
03/21/30
........
100
107,379
Engie
SA
,
0.50%
,
10/24/30
.......
200
180,140
Forvia
SE
,
5.50%
,
06/15/31
.......
100
110,582
Goldstory
SAS
,
(3-mo.
EURIBOR
+
4.00%),
7.91%
,
02/01/30
(b)
.....
100
108,775
iliad
SA
,
5.38%
,
02/15/29
........
200
219,229
RCI
Banque
SA
,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%
,
02/18/30
(b)
100
105,299
Worldline
SA
,
0.00%
,
07/30/26
(d)
(e)
..
100
97,572
1,310,815
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
—
4.7%
(c)
Aroundtown
SA
,
0.38%
,
04/15/27
...
EUR
100
$
90,260
Bayer
AG
,
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%
,
03/25/82
(b)
.....
100
100,872
Cheplapharm
Arzneimittel
GmbH
,
7.50%
,
05/15/30
............
100
113,819
Commerzbank
AG
,
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(b)
(f)
.....
200
212,803
EnBW
International
Finance
BV
,
3.85%
,
05/23/30
.................
100
110,633
Eurogrid
GmbH
,
3.92%
,
02/01/34
...
100
109,943
Gruenenthal
GmbH
,
6.75%
,
05/15/30
100
114,049
HT
Troplast
GmbH
,
9.38%
,
07/15/28
.
100
112,859
IHO
Verwaltungs
GmbH
,
8.75%
,
(
8.75
%
Cash
or
9.50
%
PIK),
05/15/28
(b)
(g)
...............
100
116,786
Mahle
GmbH
,
2.38%
,
05/14/28
....
100
94,288
Sartorius
Finance
BV
,
4.88%
,
09/14/35
100
116,184
Siemens
Financieringsmaatschappij
NV
,
3.13%
,
05/22/32
.........
100
107,706
TK
Elevator
Holdco
GmbH
,
6.63%
,
07/15/28
.................
90
93,941
TUI
AG
,
5.88%
,
03/15/29
........
100
109,443
TUI
Cruises
GmbH
,
6.50%
,
05/15/26
100
108,546
Volkswagen
International
Finance
NV
,
(9-Year
EUR
Swap
Annual
+
3.96%),
3.88%
(b)
(f)
.................
100
99,809
Volkswagen
Leasing
GmbH
,
4.75%
,
09/25/31
.................
100
114,321
Wintershall
Dea
Finance
BV
,
1.33%
,
09/25/28
.................
200
191,517
ZF
Europe
Finance
BV
4.75%
,
01/31/29
............
100
108,404
6.13%
,
03/13/29
............
100
114,358
2,340,541
Israel
—
0.5%
Teva
Pharmaceutical
Finance
Netherlands
II
BV
7.38%
,
09/15/29
............
100
119,380
7.88%
,
09/15/31
............
100
124,877
244,257
Italy
—
1.7%
Cedacri
Mergeco
SpA
,
(3-mo.
EURIBOR
+
5.50%),
9.40%
,
05/15/28
(b)
(c)
...............
100
108,020
Eni
SpA
,
3.88%
,
01/15/34
(c)
.......
100
109,104
FIS
Fabbrica
Italiana
Sintetici
SpA
,
5.63%
,
08/01/27
(c)
...........
100
103,889
IMA
Industria
Macchine
Automatiche
SpA
,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.94%
,
01/15/28
(b)
(c)
100
108,106
Intesa
Sanpaolo
SpA
,
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(b)
(c)
(f)
250
257,929
Nexi
SpA
,
0.00%
,
02/24/28
(c)
(d)
(e)
....
100
92,505
Telecom
Italia
Capital
SA
7.20%
,
07/18/36
............
USD
8
7,808
7.72%
,
06/04/38
............
30
30,051
817,412
Japan
—
0.4%
SoftBank
Group
Corp.
(c)
4.00%
,
09/19/29
............
EUR
100
101,492
Security
Par
(000)
Par
(000)
Value
Japan
(continued)
3.88%
,
07/06/32
............
EUR
100
$
96,557
198,049
Jersey,
Channel
Islands
—
0.3%
Aston
Martin
Capital
Holdings
Ltd.
,
10.38%
,
03/31/29
(c)
..........
GBP
100
128,397
Luxembourg
—
1.4%
Altice
Financing
SA
,
9.63%
,
07/15/27
(a)
USD
200
191,298
Cidron
Aida
Finco
SARL
,
6.25%
,
04/01/28
(c)
................
GBP
100
120,840
Ephios
Subco
3
SARL
,
7.88%
,
01/31/31
(c)
................
EUR
100
113,167
INEOS
Finance
plc
,
6.38%
,
04/15/29
(c)
100
107,889
Intelsat
Jackson
Holdings
SA
,
6.50%
,
03/15/30
(a)
................
USD
100
92,907
Kleopatra
Finco
SARL
,
4.25%
,
03/01/26
(c)
................
EUR
100
91,055
717,156
Netherlands
—
2.0%
Cooperatieve
Rabobank
UA
,
(3-mo.
EURIBOR
+
1.15%),
4.23%
,
04/25/29
(b)
(c)
...............
100
110,526
ING
Groep
NV
(b)(c)
(3-mo.
EURIBOR
+
1.60%),
4.50%
,
05/23/29
...............
100
111,034
(USISSO05
+
4.36%),
8.00%
(f)
..
USD
200
202,880
REWE
International
Finance
BV
,
4.88%
,
09/13/30
(c)
...........
EUR
100
114,103
Titan
Holdings
II
BV
,
5.13%
,
07/15/29
(c)
100
96,006
VZ
Secured
Financing
BV
,
5.00%
,
01/15/32
(a)
................
USD
200
171,721
VZ
Vendor
Financing
II
BV
,
2.88%
,
01/15/29
(c)
................
EUR
100
93,052
Ziggo
BV
,
2.88%
,
01/15/30
(c)
......
100
95,150
994,472
Norway
—
0.2%
Var
Energi
ASA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%
,
11/15/83
(b)
(c)
...............
100
115,980
Portugal
—
0.2%
EDP
-
Energias
de
Portugal
SA
,
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%
,
07/20/80
(b)
(c)
...............
100
103,578
Romania
—
0.2%
RCS
&
RDS
SA
,
3.25%
,
02/05/28
(c)
..
100
100,451
Slovenia
—
0.2%
Summer
BidCo
BV
,
10.00%
,
(
10.00
%
Cash
or
10.75
%
PIK),
02/15/29
(c)
(g)
100
109,234
Spain
—
2.8%
(c)
Banco
de
Credito
Social
Cooperativo
SA
,
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.27%),
7.50%
,
09/14/29
(b)
100
118,998
Banco
de
Sabadell
SA
(b)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(f)
..........
200
208,244
(1-Year
EUR
Swap
Annual
+
2.25%),
5.13%
,
11/10/28
.....
100
112,954
(1-Year
EUR
Swap
Annual
+
1.60%),
4.00%
,
01/15/30
....
100
109,324
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
CaixaBank
SA
,
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
(b)
(f)
.....
EUR
200
$
211,994
Cellnex
Telecom
SA
,
2.13%
,
08/11/30
(d)
300
331,325
Kaixo
Bondco
Telecom
SA
,
5.13%
,
09/30/29
.................
100
104,320
Repsol
International
Finance
BV
,
(5-
Year
EUR
Swap
Annual
+
4.41%),
4.25%
(b)
(f)
.................
100
105,997
Telefonica
Europe
BV
,
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
(b)
(f)
.
100
111,807
1,414,963
Sweden
—
0.8%
Fastighets
AB
Balder
,
1.13%
,
01/29/27
(c)
................
100
96,601
Heimstaden
Bostad
Treasury
BV
,
1.38%
,
03/03/27
(c)
...........
100
91,571
Stena
International
SA
,
7.25%
,
01/15/31
(a)
................
USD
200
199,491
387,663
Switzerland
—
0.7%
ABB
Finance
BV
,
0.00%
,
01/19/30
(c)
(e)
EUR
100
90,178
Julius
Baer
Group
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.62%),
4.88%
(b)
(c)
(f)
................
USD
200
182,016
VistaJet
Malta
Finance
plc
,
9.50%
,
06/01/28
(a)
................
100
85,031
357,225
United
Kingdom
—
6.2%
Ardonagh
Finco
Ltd.
,
6.88%
,
02/15/31
(c)
EUR
100
106,267
Barclays
plc
(b)
(BPSWS5
+
5.64%),
9.25%
(f)
...
GBP
200
260,235
(1-Year
EUR
Swap
Annual
+
1.75%),
4.92%
,
08/08/30
(c)
...
EUR
100
112,631
BCP
V
Modular
Services
Finance
II
plc
,
6.13%
,
11/30/28
(c)
...........
GBP
100
115,802
Bellis
Acquisition
Co.
plc
,
4.50%
,
02/16/26
(c)
................
100
121,482
BP
Capital
Markets
plc
1.57%
,
02/16/27
(c)
...........
EUR
100
102,746
3.28%
,
09/19/27
............
USD
106
100,885
British
Telecommunications
plc
(c)
4.25%
,
01/06/33
............
EUR
100
112,287
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%
,
12/20/83
(b)
.........
GBP
100
134,560
CK
Hutchison
Group
Telecom
Finance
SA
,
2.63%
,
10/17/34
(c)
........
200
184,172
Galaxy
Bidco
Ltd.
,
6.50%
,
07/31/26
(c)
100
124,274
Heathrow
Finance
plc
,
4.13%
,
09/01/29
(c)
(h)
...............
100
115,344
INEOS
Quattro
Finance
2
plc
,
8.50%
,
03/15/29
(c)
................
EUR
100
113,624
Kier
Group
plc
,
9.00%
,
02/15/29
(c)
...
GBP
100
128,698
Market
Bidco
Finco
plc
,
5.50%
,
11/04/27
(c)
.................
100
114,919
Motability
Operations
Group
plc
,
0.13%
,
07/20/28
(c)
................
EUR
100
94,052
Motion
Finco
SARL
,
7.38%
,
06/15/30
(c)
100
112,468
Pinewood
Finco
plc
,
6.00%
,
03/27/30
(c)
GBP
100
126,215
Pinnacle
Bidco
plc
,
10.00%
,
10/11/28
(c)
100
131,580
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Standard
Chartered
plc
,
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.00%),
0.90%
,
07/02/27
(b)
(c)
..........
EUR
100
$
101,334
Virgin
Media
Secured
Finance
plc
(c)
5.25%
,
05/15/29
............
GBP
100
115,791
4.13%
,
08/15/30
............
100
106,354
Vmed
O2
UK
Financing
I
plc
,
4.75%
,
07/15/31
(a)
................
USD
200
172,377
Vodafone
Group
plc
,
Series
60NC10
,
(5-Year
EUR
Swap
Annual
+
3.48%),
3.00%
,
08/27/80
(b)
(c)
..........
EUR
200
194,795
3,102,892
United
States
—
36.0%
AbbVie,
Inc.
,
2.95%
,
11/21/26
.....
USD
69
65,715
Albertsons
Cos.,
Inc.
,
6.50%
,
02/15/28
(a)
................
100
101,061
Allied
Universal
Holdco
LLC
4.88%
,
06/01/28
(c)
...........
GBP
100
113,625
7.88%
,
02/15/31
(a)
...........
USD
100
101,280
AMC
Networks,
Inc.
,
4.25%
,
02/15/29
100
70,871
American
Airlines,
Inc.
,
5.75%
,
04/20/29
(a)
................
100
98,296
American
Axle
&
Manufacturing,
Inc.
,
6.88%
,
07/01/28
............
100
99,649
American
Tower
Corp.
,
3.55%
,
07/15/27
61
57,987
AmeriGas
Partners
LP
,
9.38%
,
06/01/28
(a)
................
100
103,551
Amgen,
Inc.
2.20%
,
02/21/27
............
89
82,413
1.65%
,
08/15/28
............
63
55,108
Antero
Midstream
Partners
LP
,
5.38%
,
06/15/29
(a)
................
100
96,166
Aon
North
America,
Inc.
,
5.15%
,
03/01/29
.................
61
61,334
Aptiv
plc
,
2.40%
,
02/18/25
........
71
68,919
Aramark
Services,
Inc.
,
5.00%
,
02/01/28
(a)
................
100
96,517
Ardagh
Packaging
Finance
plc
,
2.13%
,
08/15/26
(c)
................
EUR
100
92,781
Asbury
Automotive
Group,
Inc.
,
5.00%
,
02/15/32
(a)
................
USD
100
90,604
Avantor
Funding,
Inc.
,
4.63%
,
07/15/28
(a)
................
100
94,761
Avis
Budget
Car
Rental
LLC
,
8.00%
,
02/15/31
(a)
................
100
99,837
Ball
Corp.
,
6.88%
,
03/15/28
.......
100
102,649
Bank
of
America
Corp.
(b)
(1-day
SOFR
+
0.96%),
1.73%
,
07/22/27
...............
124
114,322
(1-day
SOFR
+
1.06%),
2.09%
,
06/14/29
...............
52
45,951
(3-mo.
CME
Term
SOFR
+
1.47%),
3.97%
,
02/07/30
..........
47
44,539
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%
,
07/23/30
..........
73
66,296
(3-mo.
EURIBOR
+
0.79%),
0.69%
,
03/22/31
(c)
..............
EUR
200
182,451
Block,
Inc.
,
2.75%
,
06/01/26
......
USD
100
94,048
Boxer
Parent
Co.,
Inc.
,
6.50%
,
10/02/25
(c)
................
EUR
100
107,764
Boyd
Gaming
Corp.
,
4.75%
,
06/15/31
(a)
USD
100
91,895
Bristol-Myers
Squibb
Co.
,
3.20%
,
06/15/26
.................
12
11,568
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Broadcom
Corp.
,
3.88%
,
01/15/27
..
USD
87
$
84,340
Buckeye
Partners
LP
,
4.13%
,
12/01/27
100
94,077
Builders
FirstSource,
Inc.
,
6.38%
,
06/15/32
(a)
................
100
101,479
Caesars
Entertainment,
Inc.
,
6.50%
,
02/15/32
(a)
................
100
100,881
Calpine
Corp.
,
5.25%
,
06/01/26
(a)
...
100
98,965
Carnival
Corp.
,
7.00%
,
08/15/29
(a)
...
100
104,082
Catalent
Pharma
Solutions,
Inc.
,
5.00%
,
07/15/27
(a)
................
100
98,472
CCO
Holdings
LLC
5.13%
,
05/01/27
(a)
...........
100
95,277
5.00%
,
02/01/28
(a)
...........
100
93,091
4.75%
,
02/01/32
(a)
...........
100
81,612
4.50%
,
05/01/32
............
100
80,359
CenterPoint
Energy
Houston
Electric
LLC
,
5.20%
,
10/01/28
.........
33
33,561
Charles
River
Laboratories
International,
Inc.
,
4.00%
,
03/15/31
(a)
100
89,355
Charter
Communications
Operating
LLC
6.15%
,
11/10/26
............
55
55,431
4.20%
,
03/15/28
............
123
115,931
2.25%
,
01/15/29
............
4
3,403
Chemours
Co.
(The)
,
5.75%
,
11/15/28
(a)
100
92,210
Churchill
Downs,
Inc.
,
6.75%
,
05/01/31
(a)
................
100
100,559
Citigroup,
Inc.
,
(3-mo.
CME
Term
SOFR
+
1.41%),
3.52%
,
10/27/28
(b)
....
35
33,002
Clarios
Global
LP
,
6.75%
,
05/15/28
(a)
.
100
101,363
Clear
Channel
Outdoor
Holdings,
Inc.
,
5.13%
,
08/15/27
(a)
...........
100
94,264
Cleveland-Cliffs,
Inc.
,
7.00%
,
03/15/32
(a)
100
101,320
Comcast
Corp.
2.35%
,
01/15/27
............
4
3,742
5.35%
,
11/15/27
............
4
4,076
4.15%
,
10/15/28
............
85
82,960
Comstock
Resources,
Inc.
,
6.75%
,
03/01/29
(a)
................
100
95,364
Consumers
Energy
Co.
4.65%
,
03/01/28
............
6
5,963
4.90%
,
02/15/29
............
4
4,013
4.60%
,
05/30/29
............
4
3,954
Coty,
Inc.
,
5.00%
,
04/15/26
(a)
......
100
98,508
Crown
Castle,
Inc.
3.65%
,
09/01/27
............
68
64,459
3.80%
,
02/15/28
............
11
10,414
CVS
Health
Corp.
,
1.30%
,
08/21/27
.
41
36,341
Dana,
Inc.
,
4.25%
,
09/01/30
......
100
88,364
Delta
Air
Lines,
Inc.
,
7.38%
,
01/15/26
100
103,129
Diamondback
Energy,
Inc.
,
3.50%
,
12/01/29
.................
14
12,951
DirecTV
Financing
LLC
,
5.88%
,
08/15/27
(a)
................
100
94,604
DT
Midstream,
Inc.
,
4.13%
,
06/15/29
(a)
100
91,933
Duke
Energy
Corp.
,
3.10%
,
06/15/28
EUR
200
211,682
Elevance
Health,
Inc.
3.65%
,
12/01/27
............
USD
4
3,826
4.10%
,
03/01/28
............
33
32,088
2.88%
,
09/15/29
............
8
7,216
Encompass
Health
Corp.
,
4.63%
,
04/01/31
.................
100
90,920
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Energizer
Holdings,
Inc.
,
4.38%
,
03/31/29
(a)
................
USD
100
$
89,606
EnLink
Midstream
LLC
,
5.38%
,
06/01/29
.................
100
98,176
EnLink
Midstream
Partners
LP
,
4.85%
,
07/15/26
.................
100
98,034
Entegris,
Inc.
,
4.75%
,
04/15/29
(a)
...
100
95,836
EQM
Midstream
Partners
LP
,
7.50%
,
06/01/27
(a)
................
100
102,539
Equinix,
Inc.
1.45%
,
05/15/26
............
44
40,472
1.80%
,
07/15/27
............
25
22,411
2.00%
,
05/15/28
............
15
13,176
Exelon
Corp.
,
5.15%
,
03/15/28
.....
26
26,064
FirstEnergy
Corp.
,
Series
B
,
4.15%
,
07/15/27
(h)
................
100
95,909
Freedom
Mortgage
Holdings
LLC
,
9.25%
,
02/01/29
(a)
...........
100
102,345
Frontier
Communications
Holdings
LLC
(a)
5.00%
,
05/01/28
............
100
92,822
8.75%
,
05/15/30
............
100
102,322
Gen
Digital,
Inc.
,
6.75%
,
09/30/27
(a)
.
100
101,432
General
Mills,
Inc.
,
4.70%
,
01/30/27
.
49
48,580
General
Motors
Financial
Co.,
Inc.
,
4.35%
,
01/17/27
............
5
4,883
GFL
Environmental,
Inc.
,
4.38%
,
08/15/29
(a)
................
100
92,127
Gilead
Sciences,
Inc.
,
3.65%
,
03/01/26
61
59,432
Global
Payments,
Inc.
,
3.20%
,
08/15/29
65
58,398
Goldman
Sachs
Group,
Inc.
(The)
(1-day
SOFR
+
0.79%),
1.09%
,
12/09/26
(b)
..............
109
101,258
(1-day
SOFR
+
0.80%),
1.43%
,
03/09/27
(b)
..............
49
45,378
(1-day
SOFR
+
0.82%),
1.54%
,
09/10/27
(b)
..............
102
93,203
(1-day
SOFR
+
0.91%),
1.95%
,
10/21/27
(b)
..............
10
9,192
(1-day
SOFR
+
1.11%),
2.64%
,
02/24/28
(b)
..............
24
22,353
(1-day
SOFR
+
1.85%),
3.62%
,
03/15/28
(b)
..............
1
957
2.00%
,
03/22/28
(c)
...........
EUR
101
103,439
0.88%
,
05/09/29
(c)
...........
100
94,483
Goodyear
Tire
&
Rubber
Co.
(The)
,
5.00%
,
07/15/29
............
USD
100
93,362
Gray
Television,
Inc.
,
7.00%
,
05/15/27
(a)
100
93,003
Hanesbrands,
Inc.
,
9.00%
,
02/15/31
(a)
100
102,744
HCA,
Inc.
5.25%
,
04/15/25
............
81
80,662
5.63%
,
09/01/28
............
81
82,006
Healthpeak
OP
LLC
3.25%
,
07/15/26
............
6
5,740
1.35%
,
02/01/27
............
11
9,926
3.50%
,
07/15/29
............
38
35,169
Hertz
Corp.
(The)
,
5.00%
,
12/01/29
(a)
100
77,277
Hess
Corp.
,
4.30%
,
04/01/27
......
4
3,922
Hess
Midstream
Operations
LP
,
5.63%
,
02/15/26
(a)
................
100
99,201
Hilcorp
Energy
I
LP
,
8.38%
,
11/01/33
(a)
100
108,419
Hilton
Domestic
Operating
Co.,
Inc.
,
5.75%
,
05/01/28
(a)
...........
100
99,851
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Hilton
Grand
Vacations
Borrower
Escrow
LLC
,
5.00%
,
06/01/29
(a)
..
USD
100
$
93,260
Hologic,
Inc.
,
4.63%
,
02/01/28
(a)
....
100
96,274
Honeywell
International,
Inc.
,
3.75%
,
05/17/32
.................
EUR
100
110,766
Iron
Mountain,
Inc.
(a)
7.00%
,
02/15/29
............
USD
100
101,905
4.50%
,
02/15/31
............
100
90,224
JPMorgan
Chase
&
Co.
(b)
(1-day
SOFR
+
0.77%),
1.47%
,
09/22/27
...............
40
36,498
(1-day
SOFR
+
1.33%),
6.07%
,
10/22/27
...............
12
12,244
(1-day
SOFR
+
1.19%),
5.04%
,
01/23/28
...............
9
8,969
(1-day
SOFR
+
1.56%),
4.32%
,
04/26/28
...............
4
3,908
(3-mo.
EURIBOR
+
1.28%),
4.46%
,
11/13/31
(c)
..............
EUR
100
114,035
Keurig
Dr
Pepper,
Inc.
,
3.43%
,
06/15/27
USD
22
20,954
Kohl's
Corp.
,
4.63%
,
05/01/31
(h)
....
100
84,153
Kronos
International,
Inc.
,
9.50%
,
03/15/29
(c)
................
EUR
100
114,898
L3Harris
Technologies,
Inc.
5.40%
,
01/15/27
............
USD
4
4,028
4.40%
,
06/15/28
............
57
55,441
Lamar
Media
Corp.
,
4.88%
,
01/15/29
100
96,357
Las
Vegas
Sands
Corp.
,
2.90%
,
06/25/25
.................
100
96,212
Live
Nation
Entertainment,
Inc.
,
6.50%
,
05/15/27
(a)
................
100
101,093
Lowe's
Cos.,
Inc.
,
1.70%
,
09/15/28
..
94
82,183
Macy's
Retail
Holdings
LLC
,
5.88%
,
03/15/30
(a)
................
100
97,205
Marsh
&
McLennan
Cos.,
Inc.
,
4.38%
,
03/15/29
.................
31
30,490
Match
Group
Holdings
II
LLC
,
5.00%
,
12/15/27
(a)
................
100
95,841
Medline
Borrower
LP
,
3.88%
,
04/01/29
(a)
................
100
91,021
MGM
Resorts
International
,
5.75%
,
06/15/25
.................
100
99,882
Morgan
Stanley
(b)
(1-day
SOFR
+
0.88%),
1.59%
,
05/04/27
...............
100
92,499
3.59%
,
07/22/28
............
137
130,165
(3-mo.
EURIBOR
+
1.30%),
4.66%
,
03/02/29
...............
EUR
200
223,495
Motorola
Solutions,
Inc.
4.60%
,
02/23/28
............
USD
65
64,108
4.60%
,
05/23/29
............
5
4,901
Nasdaq,
Inc.
,
5.35%
,
06/28/28
.....
36
36,464
National
Grid
North
America,
Inc.
,
4.67%
,
09/12/33
(c)
...........
EUR
100
114,584
NCL
Corp.
Ltd.
,
8.38%
,
02/01/28
(a)
..
USD
100
105,632
Nestle
Finance
International
Ltd.
,
1.25%
,
11/02/29
(c)
...........
EUR
100
98,089
Netflix,
Inc.
,
4.88%
,
04/15/28
......
USD
3
2,996
Newell
Brands,
Inc.
,
5.20%
,
04/01/26
(h)
100
98,217
Nexstar
Media,
Inc.
,
5.63%
,
07/15/27
(a)
100
95,932
NGL
Energy
Operating
LLC
,
8.13%
,
02/15/29
(a)
................
100
102,418
NiSource,
Inc.
,
0.95%
,
08/15/25
....
14
13,175
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Norfolk
Southern
Corp.
,
2.90%
,
06/15/26
.................
USD
45
$
42,974
Northrop
Grumman
Corp.
,
3.25%
,
01/15/28
.................
3
2,835
Novelis
Corp.
,
3.88%
,
08/15/31
(a)
...
100
85,901
NRG
Energy,
Inc.
,
5.25%
,
06/15/29
(a)
100
95,601
NuStar
Logistics
LP
,
6.00%
,
06/01/26
100
99,554
OI
European
Group
BV
,
6.25%
,
05/15/28
(c)
................
EUR
100
112,425
Olympus
Water
US
Holding
Corp.
,
9.63%
,
11/15/28
(c)
...........
100
115,550
Oncor
Electric
Delivery
Co.
LLC
,
4.30%
,
05/15/28
............
USD
41
40,112
Oracle
Corp.
3.25%
,
11/15/27
............
56
52,713
2.30%
,
03/25/28
............
103
93,001
Organon
&
Co.
2.88%
,
04/30/28
(c)
...........
EUR
100
100,316
5.13%
,
04/30/31
(a)
...........
USD
200
177,822
Outfront
Media
Capital
LLC
,
4.25%
,
01/15/29
(a)
................
100
90,598
Pacific
Gas
&
Electric
Co.
3.00%
,
06/15/28
............
102
93,167
5.55%
,
05/15/29
............
72
72,629
Park
Intermediate
Holdings
LLC
,
4.88%
,
05/15/29
(a)
...........
100
92,992
PennyMac
Financial
Services,
Inc.
,
7.88%
,
12/15/29
(a)
...........
100
102,755
Penske
Truck
Leasing
Co.
LP
,
4.40%
,
07/01/27
(a)
................
5
4,867
Performance
Food
Group,
Inc.
,
4.25%
,
08/01/29
(a)
................
100
91,641
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
4.45%
,
05/19/28
............
133
131,108
Pilgrim's
Pride
Corp.
3.50%
,
03/01/32
............
100
84,752
6.88%
,
05/15/34
............
100
106,570
Post
Holdings,
Inc.
,
4.63%
,
04/15/30
(a)
100
91,801
Premier
Entertainment
Sub
LLC
,
5.63%
,
09/01/29
(a)
...........
100
76,343
Prime
Security
Services
Borrower
LLC
,
5.75%
,
04/15/26
(a)
...........
100
99,708
Republic
Services,
Inc.
3.95%
,
05/15/28
............
16
15,472
4.88%
,
04/01/29
............
3
3,004
Rocket
Mortgage
LLC
,
3.63%
,
03/01/29
(a)
................
100
89,955
RTX
Corp.
3.50%
,
03/15/27
............
61
58,613
4.13%
,
11/16/28
............
61
59,004
2.15%
,
05/18/30
............
EUR
100
99,012
Ryder
System,
Inc.
,
4.30%
,
06/15/27
USD
3
2,923
SBA
Communications
Corp.
,
3.88%
,
02/15/27
.................
100
95,109
SCIL
IV
LLC
,
9.50%
,
07/15/28
(c)
....
EUR
100
117,564
Seagate
HDD
Cayman
,
9.63%
,
12/01/32
.................
USD
100
113,930
Sealed
Air
Corp.
,
6.13%
,
02/01/28
(a)
.
100
100,207
Sensata
Technologies,
Inc.
,
3.75%
,
02/15/31
(a)
................
100
86,500
Service
Corp.
International
,
4.63%
,
12/15/27
.................
100
96,645
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Service
Properties
Trust
4.75%
,
10/01/26
............
USD
100
$
93,207
3.95%
,
01/15/28
............
100
85,584
Sirius
XM
Radio,
Inc.
(a)
3.13%
,
09/01/26
............
100
93,673
4.00%
,
07/15/28
............
100
91,487
Solventum
Corp.
,
5.45%
,
02/25/27
(a)
.
57
57,197
Southern
California
Edison
Co.
,
Series
B
,
3.65%
,
03/01/28
..........
41
39,061
Southern
Co.
(The)
,
(5-Year
EUR
Swap
Annual
+
2.11%),
1.88%
,
09/15/81
(b)
EUR
100
94,294
Southwestern
Energy
Co.
,
5.38%
,
02/01/29
.................
USD
100
97,123
Sprint
Capital
Corp.
,
6.88%
,
11/15/28
55
58,610
Standard
Industries,
Inc.
,
4.75%
,
01/15/28
(a)
................
100
95,438
Staples,
Inc.
,
7.50%
,
04/15/26
(a)
....
100
97,597
Starwood
Property
Trust,
Inc.
,
7.25%
,
04/01/29
(a)
................
100
100,796
Sunoco
LP
,
4.50%
,
04/30/30
......
100
91,572
Tallgrass
Energy
Partners
LP
,
7.38%
,
02/15/29
(a)
................
100
100,598
TEGNA,
Inc.
,
4.63%
,
03/15/28
.....
100
91,466
Tenet
Healthcare
Corp.
4.38%
,
01/15/30
............
100
92,427
6.75%
,
05/15/31
(a)
...........
100
101,823
T-Mobile
USA,
Inc.
3.75%
,
04/15/27
............
71
68,380
5.38%
,
04/15/27
............
13
13,056
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
4.00%
,
03/15/28
.........
5
4,817
TransDigm,
Inc.
4.63%
,
01/15/29
............
100
92,801
6.38%
,
03/01/29
(a)
...........
100
100,311
Travel
+
Leisure
Co.
,
6.63%
,
07/31/26
(a)
100
100,700
United
Airlines,
Inc.
,
4.38%
,
04/15/26
(a)
100
96,674
United
Rentals
North
America,
Inc.
,
5.50%
,
05/15/27
............
100
99,704
United
Wholesale
Mortgage
LLC
,
5.50%
,
11/15/25
(a)
...........
100
99,099
UnitedHealth
Group,
Inc.
2.95%
,
10/15/27
............
6
5,646
4.25%
,
01/15/29
............
41
40,179
Univision
Communications,
Inc.
,
8.00%
,
08/15/28
(a)
................
100
101,876
US
Bancorp
,
(1-day
SOFR
+
1.56%),
5.38%
,
01/23/30
(b)
...........
10
10,044
US
Foods,
Inc.
,
6.88%
,
09/15/28
(a)
..
100
102,366
USA
Compression
Partners
LP
,
7.13%
,
03/15/29
(a)
................
100
101,246
Venture
Global
Calcasieu
Pass
LLC
,
3.88%
,
08/15/29
(a)
...........
100
90,015
VICI
Properties
LP
5.75%
,
02/01/27
(a)
...........
8
7,990
3.75%
,
02/15/27
(a)
...........
15
14,216
4.75%
,
02/15/28
............
18
17,554
3.88%
,
02/15/29
(a)
...........
126
115,966
Vistra
Operations
Co.
LLC
,
5.63%
,
02/15/27
(a)
................
100
98,465
Walgreens
Boots
Alliance,
Inc.
,
3.45%
,
06/01/26
.................
100
95,370
Wells
Fargo
&
Co.
(1-day
SOFR
+
2.10%),
2.39%
,
06/02/28
(b)
..............
106
97,022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(1-day
SOFR
+
1.79%),
6.30%
,
10/23/29
(b)
..............
USD
68
$
70,825
0.63%
,
03/25/30
(c)
...........
EUR
100
90,783
Welltower
OP
LLC
,
4.00%
,
06/01/25
.
USD
24
23,592
Western
Digital
Corp.
,
4.75%
,
02/15/26
100
97,688
Williams
Cos.,
Inc.
(The)
,
3.75%
,
06/15/27
.................
170
163,594
WRKCo,
Inc.
3.38%
,
09/15/27
............
15
14,226
4.00%
,
03/15/28
............
63
60,534
3.90%
,
06/01/28
............
3
2,860
Xerox
Holdings
Corp.
,
5.50%
,
08/15/28
(a)
................
100
91,047
Yum!
Brands,
Inc.
,
3.63%
,
03/15/31
.
100
88,493
17,992,889
Total
Corporate
Bonds
—
63.4%
(Cost:
$
31,839,625
)
..............................
31,689,600
Foreign
Agency
Obligations
France
—
0.6%
Electricite
de
France
SA
(c)
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(b)
(f)
.........
EUR
200
188,238
4.25%
,
01/25/32
............
100
111,865
300,103
Italy
—
0.2%
Poste
Italiane
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(b)
(c)
(f)
................
100
93,860
Total
Foreign
Agency
Obligations
—
0.8%
(Cost:
$
402,162
)
................................
393,963
Foreign
Government
Obligations
Brazil
—
1.8%
Federative
Republic
of
Brazil
10.00%
,
01/01/25
...........
BRL
2
430,188
10.00%
,
01/01/27
...........
2
476,622
906,810
Czech
Republic
—
0.1%
Czech
Republic
2.75%
,
07/23/29
............
CZK
830
33,640
5.00%
,
09/30/30
............
640
29,112
62,752
Hungary
—
0.0%
Hungary
Government
Bond
,
6.75%
,
10/22/28
.................
HUF
6,480
17,762
Indonesia
—
0.3%
Republic
of
Indonesia
5.50%
,
04/15/26
............
IDR
108,000
6,693
8.38%
,
09/15/26
............
169,000
11,111
7.00%
,
05/15/27
............
502,000
32,085
8.25%
,
05/15/36
............
459,000
32,354
7.13%
,
06/15/38
............
663,000
42,703
124,946
Mexico
—
2.3%
United
Mexican
States
10.00%
,
12/05/24
...........
MXN
30
179,188
5.75%
,
03/05/26
............
35
194,775
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
8.50%
,
03/01/29
............
MXN
31
$
182,508
7.50%
,
05/26/33
............
82
440,149
8.50%
,
11/18/38
............
31
174,411
1,171,031
Peru
—
0.1%
Republic
of
Peru
(c)
6.35%
,
08/12/28
............
PEN
30
8,259
5.94%
,
02/12/29
............
27
7,218
6.95%
,
08/12/31
............
64
17,241
32,718
Poland
—
0.1%
Republic
of
Poland
,
2.75%
,
10/25/29
.
PLN
258
56,816
South
Africa
—
0.2%
Republic
of
South
Africa
10.50%
,
12/21/26
...........
ZAR
1,249
67,646
9.00%
,
01/31/40
............
367
14,246
8.75%
,
01/31/44
............
173
6,383
88,275
Total
Foreign
Government
Obligations
—
4.9%
(Cost:
$
2,467,069
)
..............................
2,461,110
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1
.5
%
United
States
—
1.5%
(a)
Angel
Oak
Mortgage
Trust,
Series
2024-3,
Class
A1,
4.80%,
11/26/68
(h)
USD
96
92,778
BRAVO
Residential
Funding
Trust,
Series
2024-NQM3,
Class
A1,
6.19%,
03/25/64
(h)
...........
150
149,998
Chase
Home
Lending
Mortgage
Trust,
Series
2024-3,
Class
A4,
6.00%,
02/25/55
(b)
................
100
99,357
GS
Mortgage-Backed
Securities
Trust,
Series
2024-RPL2,
Class
A1,
3.75%,
07/25/61
(b)
................
100
94,264
MFA
Trust,
Series
2022-NQM1,
Class
M1,
4.27%,
12/25/66
(b)
........
100
86,214
PRPM
Trust,
Series
2024-NQM1,
Class
A1,
6.27%,
12/25/68
(h)
........
100
99,946
Verus
Securitization
Trust,
Series
2024-
INV1,
Class
A1,
6.12%,
03/25/69
(b)
100
99,998
722,555
Commercial
Mortgage-Backed
Securities
—
6
.5
%
United
States
—
6.5%
(a)
Beast
Mortgage
Trust,
Series
2021-
SSCP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
0.86%),
6.19%,
04/15/36
(b)
...........
96
95,694
BFLD
Trust,
Series
2019-DPLO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.20%),
6.53%,
10/15/34
(b)
100
99,875
BX
Commercial
Mortgage
Trust
(b)
Series
2020-VKNG,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.04%),
6.37%,
10/15/37
...
73
72,969
Series
2021-VINO,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.77%
Floor
+
0.77%),
6.09%,
05/15/38
...
94
93,770
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-XL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.09%,
12/09/40
...
USD
125
$
125,777
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.77%,
02/15/39
...
125
125,313
Series
2024-XL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.77%,
02/15/39
...
125
125,155
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.69%,
03/15/41
...
125
125,063
BX
Trust
(b)
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
02/15/36
...
79
78,735
Series
2021-MFM1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
6.14%,
01/15/34
...
96
95,244
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.49%,
08/15/39
...
124
124,349
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
6.18%,
01/15/39
...
125
123,906
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
05/15/38
...
100
101,250
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.74%,
04/15/29
...
150
150,000
CENT
Trust,
Series
2023-CITY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.62%
Floor
+
2.62%),
7.95%,
09/15/38
(b)
100
100,999
Citigroup
Commercial
Mortgage
Trust
Series
2020-420K,
Class
A,
2.46%,
11/10/42
...............
100
83,797
Series
2023-SMRT,
Class
A,
5.82%,
10/12/40
(b)
..............
100
101,715
Great
Wolf
Trust,
Series
2024-WOLF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
6.84%,
03/15/39
(b)
................
100
100,156
GS
Mortgage
Securities
Corp.
Trust
(b)
Series
2022-ECI,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.19%),
7.52%,
08/15/39
...
100
100,629
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.42%,
03/15/28
...
100
100,313
INTOWN
Mortgage
Trust,
Series
2022-
STAY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.49%
Floor
+
2.49%),
7.81%,
08/15/39
(b)
...........
125
125,625
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
04/15/38
(b)
.....
123
122,683
KSL
Commercial
Mortgage
Trust,
Series
2023-HT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.29%
Floor
+
2.29%),
7.62%,
12/15/36
(b)
.....
100
100,594
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MCR
Mortgage
Trust,
Series
2024-HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.08%,
02/15/37
(b)
................
USD
100
$
100,231
MHP,
Series
2021-STOR,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
6.14%,
07/15/38
(b)
125
124,102
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
............
100
103,830
SREIT
Trust,
Series
2021-MFP2,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.82%
Floor
+
0.94%),
6.26%,
11/15/36
(b)
125
124,336
STWD
Trust,
Series
2021-FLWR,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.58%
Floor
+
0.69%),
6.02%,
07/15/36
(b)
125
123,750
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.51%,
05/15/37
(b)
................
100
100,750
TTAN
MHC,
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.96%),
6.29%,
03/15/38
(b)
105
104,787
3,255,397
Total
Non-Agency
Mortgage-Backed
Securities
—
8.0%
(Cost:
$
3,974,758
)
..............................
3,977,952
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
4.7%
Uniform
Mortgage-Backed
Securities
(i)
3.50
%
,
04/25/54
..........
2,385
2,134,277
4.50
%
,
04/25/54
..........
209
199,015
2,333,292
Total
U.S.
Government
Sponsored
Agency
Securities
—
4
.7
%
(Cost:
$
2,341,508
)
..............................
2,333,292
Total
Long-Term
Investments
—
101
.4
%
(Cost:
$
50,804,264
)
..............................
50,650,691
Security
Par
(000)
Pa
r
(
000)
Value
Short-Term
Securities
Foreign
Government
Obligations
—
0.1%
Brazil
—
0.1%
Federative
Republic
of
Brazil
Treasury
Bills
,
9.54%
,
04/01/24
(j)
........
BRL
—
(k)
$
53,780
Mexico
—
0.0%
United
Mexican
States
Treasury
Bills
,
11.09%
,
10/03/24
(j)
...........
MXN
37
20,915
Total
Foreign
Government
Obligations
—
0.1%
(Cost:
$
74,797
)
................................
74,695
Shares
Shares
Money
Market
Funds
—
1.5%
Dreyfus
Treasury
Prime
Cash
Management
Institutional
Shares
,
5.20
%
(l)
..................
738,406
738,406
Total
Money
Market
Funds
—
1
.5
%
(Cost:
$
738,406
)
................................
738,406
Total
Short-Term
Securities
—
1.6%
(Cost:
$
813,203
)
................................
813,101
Total
Options
Purchased
—
0
.0
%
(Cost:
$
122
)
...................................
102
Total
Investments
Before
Options
Written
—
103.0%
(Cost:
$
51,617,589
)
..............................
51,463,894
Total
Options
Written
—
(0.0)
%
(Premiums
Received
—
$
(
46
)
)
......................
(
46
)
Total
Investments
Net
of
Options
Written
—
103
.0
%
(Cost:
$
51,617,543
)
..............................
51,463,848
Liabilities
in
Excess
of
Other
Assets
—
(
3.0
)
%
............
(
1,487,972
)
Net
Assets
—
100.0%
..............................
$
49,975,876
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Convertible
security.
(e)
Zero-coupon
bond.
(f)
Perpetual
security
with
no
stated
maturity
date.
(g)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(h)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(i)
Represents
or
includes
a
TBA
transaction.
(j)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(k)
Rounds
to
less
than
1,000.
(l)
Annualized
7-day
yield
as
of
period
end.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
16
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10-Year
Note
...................................................
14
06/18/24
$
1,551
$
6,656
U.S.
Treasury
Ultra
Bond
.....................................................
3
06/18/24
387
7,338
U.S.
Treasury
2-Year
Note
....................................................
3
06/28/24
613
(
2,210
)
U.S.
Treasury
5-Year
Note
....................................................
18
06/28/24
1,926
(
4,733
)
7,051
Short
Contracts
Euro-Bobl
...............................................................
19
06/06/24
2,424
(
530
)
Euro-Bund
..............................................................
10
06/06/24
1,439
(
1,215
)
Euro-Schatz
.............................................................
2
06/06/24
228
394
(
1,351
)
$
5,700
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
12,043
BRL
60,000
HSBC
Bank
plc
04/02/24
$
80
USD
125,083
BRL
625,066
JPMorgan
Chase
Bank
NA
04/02/24
454
USD
81,344
BRL
405,515
HSBC
Bank
plc
04/05/24
516
CLP
3,930,275
USD
3,994
Standard
Chartered
Bank
05/16/24
12
COP
13,803,000
USD
3,510
Barclays
Bank
plc
05/16/24
34
COP
48,734,730
USD
12,308
Standard
Chartered
Bank
05/16/24
205
MXN
732,155
USD
42,950
Barclays
Bank
plc
05/16/24
780
MXN
285,000
USD
16,890
JPMorgan
Chase
Bank
NA
05/16/24
133
PEN
4,000
USD
1,074
Barclays
Bank
plc
05/16/24
—
USD
22,143
CZK
513,920
Barclays
Bank
plc
05/16/24
234
USD
43,336
CZK
1,005,891
Standard
Chartered
Bank
05/16/24
455
USD
3,837
GBP
3,000
HSBC
Bank
plc
05/16/24
50
USD
18,660
HUF
6,798,679
Barclays
Bank
plc
05/16/24
88
USD
129,951
IDR
2,032,878,027
HSBC
Bank
plc
05/16/24
2,036
USD
25,595
PEN
94,300
Barclays
Bank
plc
05/16/24
267
USD
18,413
PEN
68,000
Standard
Chartered
Bank
05/16/24
149
USD
39,650
PLN
156,139
Barclays
Bank
plc
05/16/24
576
USD
18,767
PLN
74,892
JPMorgan
Chase
Bank
NA
05/16/24
25
USD
7,852
SEK
83,000
HSBC
Bank
plc
05/16/24
84
USD
2,000
TWD
63,388
JPMorgan
Chase
Bank
NA
05/16/24
17
USD
5,879
ZAR
111,000
Bank
of
America
NA
05/16/24
39
USD
82,341
ZAR
1,549,980
HSBC
Bank
plc
05/16/24
797
USD
29,774
ZAR
565,753
JPMorgan
Chase
Bank
NA
05/16/24
10
COP
16,150,600
USD
4,088
Barclays
Bank
plc
05/17/24
58
BRL
1,515,715
USD
299,000
JPMorgan
Chase
Bank
NA
06/20/24
933
MXN
5,958,054
USD
349,000
Barclays
Bank
plc
06/20/24
4,895
USD
810,776
BRL
4,074,395
JPMorgan
Chase
Bank
NA
06/20/24
4,524
USD
249,000
CHF
218,991
Barclays
Bank
plc
06/20/24
4,013
USD
24,049
EUR
22,000
Barclays
Bank
plc
06/20/24
237
USD
7,745,288
EUR
7,093,000
HSBC
Bank
plc
06/20/24
68,179
USD
4,553,420
EUR
4,148,000
JPMorgan
Chase
Bank
NA
06/20/24
63,832
USD
631,403
EUR
575,000
JPMorgan
Chase
Bank
NA
06/20/24
9,052
USD
211,514
EUR
193,000
Standard
Chartered
Bank
06/20/24
2,620
USD
2,187,114
GBP
1,716,000
Barclays
Bank
plc
06/20/24
20,349
ZAR
1,908,503
USD
100,000
JPMorgan
Chase
Bank
NA
06/20/24
103
COP
38,098,800
USD
9,505
Barclays
Bank
plc
08/15/24
138
COP
59,839,200
USD
14,780
Barclays
Bank
plc
10/23/24
210
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
Schedule
of
Investments
17
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
COP
70,876,800
USD
17,238
Barclays
Bank
plc
02/24/25
$
224
186,408
BRL
219,551
USD
44,428
Barclays
Bank
plc
04/02/24
(
652
)
BRL
405,515
USD
81,393
HSBC
Bank
plc
04/02/24
(
539
)
BRL
60,000
USD
12,026
JPMorgan
Chase
Bank
NA
04/02/24
(
63
)
BRL
60,000
USD
12,036
HSBC
Bank
plc
04/05/24
(
77
)
USD
15,237
COP
59,839,200
JPMorgan
Chase
Bank
NA
04/19/24
(
197
)
USD
31,972
COP
125,126,200
Barclays
Bank
plc
04/22/24
(
286
)
AUD
12,000
USD
7,906
Standard
Chartered
Bank
05/16/24
(
76
)
BRL
121,000
USD
24,065
HSBC
Bank
plc
05/16/24
(
42
)
CLP
3,809,000
USD
3,913
Standard
Chartered
Bank
05/16/24
(
30
)
CZK
569,269
USD
24,542
Barclays
Bank
plc
05/16/24
(
274
)
EUR
3,000
GBP
2,570
Barclays
Bank
plc
05/16/24
(
2
)
EUR
7,000
USD
7,593
Bank
of
America
NA
05/16/24
(
28
)
GBP
6,000
USD
7,584
Bank
of
America
NA
05/16/24
(
9
)
HUF
4,439,000
USD
12,174
Bank
of
America
NA
05/16/24
(
47
)
HUF
10,820,659
USD
29,809
Barclays
Bank
plc
05/16/24
(
249
)
IDR
303,419,000
USD
19,248
HSBC
Bank
plc
05/16/24
(
156
)
IDR
721,413,494
USD
46,144
JPMorgan
Chase
Bank
NA
05/16/24
(
750
)
INR
460,000
USD
5,520
HSBC
Bank
plc
05/16/24
(
11
)
INR
1,125,000
USD
13,582
JPMorgan
Chase
Bank
NA
05/16/24
(
107
)
KRW
11,098,000
USD
8,315
Barclays
Bank
plc
05/16/24
(
71
)
KRW
27,848,000
USD
21,086
JPMorgan
Chase
Bank
NA
05/16/24
(
400
)
MYR
166,000
USD
35,351
Barclays
Bank
plc
05/16/24
(
504
)
NOK
34,232
EUR
3,000
JPMorgan
Chase
Bank
NA
05/16/24
(
86
)
NOK
41,000
USD
3,937
JPMorgan
Chase
Bank
NA
05/16/24
(
156
)
PEN
35,300
USD
9,521
Barclays
Bank
plc
05/16/24
(
39
)
PLN
224,580
USD
57,060
HSBC
Bank
plc
05/16/24
(
858
)
PLN
92,000
USD
23,128
JPMorgan
Chase
Bank
NA
05/16/24
(
105
)
RON
32,000
USD
7,029
Barclays
Bank
plc
05/16/24
(
88
)
THB
340,000
USD
9,433
HSBC
Bank
plc
05/16/24
(
80
)
USD
42,170
BRL
213,088
JPMorgan
Chase
Bank
NA
05/16/24
(
136
)
USD
54,626
MXN
931,770
JPMorgan
Chase
Bank
NA
05/16/24
(
1,028
)
USD
17,635
MXN
299,888
JPMorgan
Chase
Bank
NA
05/16/24
(
277
)
ZAR
291,000
USD
15,403
Bank
of
America
NA
05/16/24
(
94
)
ZAR
374,752
USD
19,743
Barclays
Bank
plc
05/16/24
(
27
)
ZAR
723,421
USD
38,488
JPMorgan
Chase
Bank
NA
05/16/24
(
429
)
USD
1,109,048
MXN
19,005,000
JPMorgan
Chase
Bank
NA
06/20/24
(
19,806
)
(
27,779
)
$
158,629
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Bank
of
America
NA
04/30/24
ZAR
19.30
USD
8
$
75
Put
USD
Currency
...........................
Barclays
Bank
plc
04/18/24
BRL
4.95
USD
12
27
$
102
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
18
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
.............................
Bank
of
America
NA
04/30/24
ZAR
19.75
USD
12
$
(
46
)
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
10.71%
Monthly
28-day
MXIBTIIE
Monthly
N/A
03/19/25
MXN
1,525
$
(
3
)
$
—
$
(
3
)
3-mo.
WIBOR
Quarterly
5.86%
Annual
N/A
03/20/25
PLN
207
(
9
)
—
(
9
)
4.39%
Annual
3-mo.
PRIBOR
Quarterly
N/A
03/20/25
CZK
603
51
—
51
3-mo.
WIBOR
Quarterly
5.70%
Annual
06/19/24
(a)
06/19/25
PLN
182
5
—
5
3.68%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/20/26
CZK
305
94
—
94
8.02%
Quarterly
3-mo.
JIBAR
Quarterly
03/26/25
(a)
03/26/26
ZAR
1,299
(
7
)
—
(
7
)
4.53%
Annual
1-day
SOFR
Annual
04/01/24
(a)
04/01/26
USD
4,000
—
—
—
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
06/19/24
(a)
06/19/26
KRW
31,525
29
—
29
3.52%
Annual
6-mo.
PRIBOR
Semi-Annual
06/19/24
(a)
06/19/26
CZK
262
42
—
42
3-mo.
CD_KSDA
Quarterly
3.27%
Quarterly
N/A
03/20/27
KRW
23,960
(
9
)
—
(
9
)
28-day
MXIBTIIE
Monthly
8.65%
Monthly
N/A
03/02/29
MXN
227
(
133
)
—
(
133
)
28-day
MXIBTIIE
Monthly
8.88%
Monthly
N/A
03/14/29
MXN
456
13
—
13
1-day
SOFR
Annual
3.86%
Annual
04/01/24
(a)
04/01/31
USD
400
—
—
—
$
73
$
—
$
73
(a)
Forward
swap.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
9.73%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/02/26
BRL
264
$
(
160
)
$
—
$
(
160
)
1-day
BZDIOVER
At
Termination
9.84%
At
Termination
Barclays
Bank
plc
N/A
01/02/26
BRL
44
(
7
)
—
(
7
)
1-day
CLICP
At
Termination
4.95%
At
Termination
Bank
of
America
NA
04/01/25
(a)
04/01/26
CLP
85,332
—
—
—
1-day
BZDIOVER
At
Termination
10.05%
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
147
(
43
)
—
(
43
)
4.98%
Semi-Annual
1-day
CLICP
Semi-Annual
Bank
of
America
NA
04/01/26
(a)
04/01/28
CLP
45,734
—
—
—
$
(
210
)
$
—
$
(
210
)
(a)
Forward
swap.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0
.04
%
1-day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0
.02
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5
.32
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11
.25
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3
.64
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8
.35
3-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
5
.61
3-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5
.78
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
Schedule
of
Investments
19
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Reference
Index
Reference
Rate
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
5
.23
%
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
............................................
$
—
$
—
$
234
$
(
161
)
$
—
OTC
Swaps
.....................................................
—
—
—
(
210
)
—
Options
Written
...................................................
N/A
N/A
—
—
(
46
)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
14,388
$
—
$
14,388
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
186,408
—
—
186,408
Options
purchased
Investments
at
value
—
unaffiliated
(b)
............
—
—
—
102
—
—
102
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
234
—
234
$
—
$
—
$
—
$
186,510
$
14,622
$
—
$
201,132
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
8,688
$
—
$
8,688
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
27,779
—
—
27,779
Options
written
Options
written
at
value
.....................
—
—
—
46
—
—
46
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
161
—
161
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
210
—
210
$
—
$
—
$
—
$
27,825
$
9,059
$
—
$
36,884
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
March
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
(
38,492
)
$
—
$
(
38,492
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
172
)
—
—
(
172
)
Swaps
..............................
—
—
—
—
(
151
)
—
(
151
)
$
—
$
—
$
—
$
(172)
$
(38,643)
$
—
$
(38,815)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
20
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
5,700
$
—
$
5,700
Forward
foreign
currency
exchange
contracts
....
—
—
—
158,629
—
—
158,629
Options
purchased
(a)
.....................
—
—
—
(
20
)
—
—
(
20
)
Swaps
..............................
—
—
—
—
(
137
)
—
(
137
)
$
—
$
—
$
—
$
158,609
$
5,563
$
—
$
164,172
(a)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
4,477,890
Average
notional
value
of
contracts
—
short
.................................................................................
$
4,090,945
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
18,356,310
Average
amounts
sold
—
in
USD
........................................................................................
$
1,481,271
Options
Average
value
of
option
contracts
purchased
................................................................................
$
102
Average
value
of
option
contracts
written
...................................................................................
$
46
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
4,256,850
Average
notional
value
—
receives
fixed
rate
................................................................................
$
757,403
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
44
Forward
f
oreign
currency
exchange
contracts
.................................................................
186,408
27,779
Options
(a)
.........................................................................................
102
46
Swaps
—
centrally
cleared
..............................................................................
1,451
—
Swaps
—
OTC
(b)
.....................................................................................
—
210
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
187,961
$
28,079
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
1,451
)
(
44
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
186,510
$
28,035
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statement
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statement
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
114
$
(
114
)
$
—
$
—
$
—
Barclays
Bank
plc
................................
32,130
(
2,242
)
—
—
29,888
HSBC
Bank
plc
..................................
71,742
(
1,763
)
—
—
69,979
JPMorgan
Chase
Bank
NA
..........................
79,083
(
23,700
)
—
—
55,383
Standard
Chartered
Bank
...........................
3,441
(
106
)
—
—
3,335
$
186,510
$
(
27,925
)
$
—
$
—
$
158,585
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BATS:
Series
I
Portfolio
Schedule
of
Investments
21
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(b)(d)
Bank
of
America
NA
..............................
$
224
$
(
114
)
$
—
$
—
$
110
Barclays
Bank
plc
................................
2,242
(
2,242
)
—
—
—
HSBC
Bank
plc
..................................
1,763
(
1,763
)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
23,700
(
23,700
)
—
—
—
Standard
Chartered
Bank
...........................
106
(
106
)
—
—
—
$
28,035
$
(
27,925
)
$
—
$
—
$
110
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
receivable/payable
on
the
Statement
of
Assets
and
Liabilities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
9,794,774
$
—
$
9,794,774
Corporate
Bonds
........................................
—
31,689,600
—
31,689,600
Foreign
Agency
Obligations
.................................
—
393,963
—
393,963
Foreign
Government
Obligations
..............................
—
2,461,110
—
2,461,110
Non-Agency
Mortgage-Backed
Securities
........................
—
3,977,952
—
3,977,952
U.S.
Government
Sponsored
Agency
Securities
....................
—
2,333,292
—
2,333,292
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
74,695
—
74,695
Money
Market
Funds
......................................
738,406
—
—
738,406
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
102
—
102
$
738,406
$
50,725,488
$
—
$
51,463,894
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
186,408
$
—
$
186,408
Interest
rate
contracts
.......................................
14,388
234
—
14,622
Liabilities
Foreign
currency
exchange
contracts
............................
—
(
27,825
)
—
(
27,825
)
Interest
rate
contracts
.......................................
(
8,688
)
(
371
)
—
(
9,059
)
$
5,700
$
158,446
$
—
$
164,146
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Statement
of
Assets
and
Liabilities
(unaudited)

March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
22
BATS:
Series
I
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
51,463,894‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
151,000‌
Centrally
cleared
swaps
................................................................................................
51,750‌
Foreign
currency,
at
value
(b)
...............................................................................................
731,594‌
Receivables:
–‌
Investments
sold
....................................................................................................
39,882‌
Options
written
......................................................................................................
46‌
Interest
—
unaffiliated
.................................................................................................
618,396‌
From
the
Manager
...................................................................................................
4,437‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
1,451‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
186,408‌
Total
a
ssets
.........................................................................................................
53,248,858‌
LIABILITIES
Bank
overdraft
........................................................................................................
46,095‌
Options
written,
at
value
(c)
................................................................................................
46‌
Payables:
–‌
Investments
purchased
................................................................................................
2,991,737‌
Swaps  
..........................................................................................................
150‌
Income
dividend
distributions
............................................................................................
202,484‌
Trustees'
and
Officer's
fees
.............................................................................................
103‌
Professional
fees
....................................................................................................
4,334‌
Variation
margin
on
futures
contracts
.......................................................................................
44‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
27,779‌
OTC
swaps
........................................................................................................
210‌
Total
li
abilities
........................................................................................................
3,272,982‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
49,975,876‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
50,000,000‌
Accumulated
loss
.....................................................................................................
(
24,124‌
)
NET
ASSETS
........................................................................................................
$
49,975,876‌
(a)
  Investments,
at
cost
—
unaffiliated
.................................................................................
$
51,617,589‌
(b)
  Foreign
currency,
at
cost
.......................................................................................
$
735,010‌
(c)
  Premiums
received
...........................................................................................
$
46‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2024
23
Financial
Statements
See
notes
to
financial
statements.
BATS:
Series
I
Portfolio
NET
ASSET
VALUE
Net
assets
.........................................................................................................
$
49,975,876‌
Shares
outstanding
..................................................................................................
5,000,000‌
Net
asset
value
.....................................................................................................
$
10.00‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Period
Ended
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
24
See
notes
to
financial
statements.
BATS:
Series
I
Portfolio
(a)
INVESTMENT
INCOME
Interest
—
unaffiliated
.................................................................................................
$
201,079‌
Foreign
taxes
withheld
................................................................................................
(
287‌
)
Total
investment
income
.................................................................................................
200,792‌
EXPENSES
Professional
.......................................................................................................
4,334‌
Administration
.....................................................................................................
1,707‌
Trustees
and
Officer
..................................................................................................
103‌
Total
expenses
.......................................................................................................
6,144‌
Less:
–‌
Administration
fees
waived
.............................................................................................
(
1,707‌
)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
4,437‌
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
—‌
Net
investment
income
..................................................................................................
200,792‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
22,432‌
)
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(
10,760‌
)
Forward
foreign
currency
exchange
contracts
...............................................................................
(
172‌
)
Foreign
currency
transactions
.........................................................................................
22,425‌
Futures
contracts
..................................................................................................
(
38,492‌
)
Swaps
.........................................................................................................
(
151‌
)
A
(27,150‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(
153,695‌
)
Forward
foreign
currency
exchange
contracts
...............................................................................
158,629‌
Foreign
currency
translations
..........................................................................................
(
5,779‌
)
Futures
contracts
..................................................................................................
5,700‌
Swaps
.........................................................................................................
(
137‌
)
A
4,718‌
Net
realized
and
unrealized
loss
............................................................................................
(22,432‌)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
178,360‌
(a)
Period
from
03/06/24
(commencement
of
operations)
to
03/31/24.
Statement
of
Changes
in
Net
Assets

25
Financial
Statements
See
notes
to
financial
statements.
BATS:
Series
I
Portfolio
Period
from
03/06/24
(a)
to
03/31/24
(unaudited)
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...............................................................................................
$
200,792
‌
Net
realized
loss
...................................................................................................
(
27,150
)
Net
change
in
unrealized
appreciation
(depreciation)
...........................................................................
4,718
‌
Net
increase
in
net
assets
resulting
from
operations
..............................................................................
178,360
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
....................................................................
(202,484
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
....................................................................
50,000,000
‌
NET
ASSETS
Total
increase
in
net
assets
..............................................................................................
49,975,876
‌
Beginning
of
period
...................................................................................................
—
‌
End
of
period
.......................................................................................................
$
49,975,876
‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
the
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
26
BATS:
Series
I
Portfolio
Period
from
03/06/24
(a)
to
03/31/24
(unaudited)
Net
asset
value,
beginning
of
period
.......................................................................................
$
10.00
‌
Net
investment
income
(b)
...............................................................................................
0.04
‌
Net
realized
and
unrealized
gain
..........................................................................................
0.00
(c)
Net
increase
from
investment
operations
......................................................................................
0.04
‌
Distributions
from
net
investment
income
(d)
..................................................................................
(0.04
)
Net
asset
value,
end
of
period
............................................................................................
$
10.00
‌
Total
Return
(e)
—
Based
on
net
asset
value
................................................................................................
0.42
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.......................................................................................................
0.06
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.00
%
(h)
(i)
Net
investment
income
..................................................................................................
5.88
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
49,976
‌
Portfolio
turnover
rate
...................................................................................................
2
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.18%
and
0.00%,
respectively.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
27
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Allocation
Target
Shares
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a Delaware
statutory trust.
BATS:
Series
I
Portfolio
(the
“Fund”)
is
a
series
of
the
Trust.
The
Fund
is
classified
as
non-
diversified.
Shares
of
the
Fund are
offered
to
separate
account
clients
of
the
adviser,
BlackRock
Advisors,
LLC
(the
“Manager”)
or
certain
of
its
affiliates.
Participants
in
wrap-fee
programs
pay
a
single
aggregate
fee
to
the
program
sponsor
for
all
costs
and
expenses
of
the
wrap-fee
programs
including
investment
advice
and
portfolio
execution.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
the
Manager
or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex. 
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities
and
payment-
in-kind
interest,
are
recognized
daily
on
an
accrual
basis.
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
March
31,
2024
,
if
any,
are
disclosed
in
the  Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Bank
Overdraft:
The
Fund
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund
is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
Distributions: 
Distributions
from
net
investment
income
are
declared daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”), the 
trustees
who
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act
(“Independent
Trustees
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Trustees
.
This
has
the
same
economic
effect
for
the
Independent 
Trustees
as
if
the
Independent 
Trustees’
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
the
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the Trustees
and
Officer’s
fees
payable
in
the
Statement
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Fund
until
such
amounts
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
28
are
distributed
in
accordance
with
the
Plan.
Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as
Trustee
and
Officer
expense
on
the
Statement
of
Operations.
The
Trustee
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
the
Fund
are
charged
to
the
Fund.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.  Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
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: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
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
Notes
to
Financial
Statements
(unaudited)
(continued)
29
Notes
to
Financial
Statements
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 
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
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. The
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedule
of
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
30
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
 Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities. The
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statement
of
Assets
and
Liabilities.
Foreign
currency
options
–
The
Fund
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Notes
to
Financial
Statements
(unaudited)
(continued)
31
Notes
to
Financial
Statements
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between the
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, the
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The Manager
receives
no
advisory
fee
from
the
Fund
under
the
Investment
Advisory
Agreement.
With
respect
to
the
Fund,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”)
and
BlackRock
(Singapore)
Limited
(
“
BSL
”
and,
together
with
BIL,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
the
Fund
for
which
BIL
and
BSL,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
32
Service
and
Distribution
Fees:
 The
Trust
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rate
of
0.05%.
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
all
fees
and
pay
or
reimburse
all
operating
expenses
of
each
Fund,
except
extraordinary
expenses.
Extraordinary
expenses
may
include
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses
and
certain
other
fund
expenses.
This
agreement
has
no
fixed
termination
date.
Although
the
Fund
does
not
compensate
the
Manager
directly
for
its
services
under
the
Investment
Advisory
Agreement,
because
the
Fund
is
an
investment
option
for
certain
wrap-fee
or
other
separately
managed
account
program
clients,
the
Manager
may
benefit
from
the
fees
charged
to
such
clients
who
have
retained
the
Manager's
affiliates
to
manage
their
accounts.
The
Manager
waived
fees
for
the
Fund
which
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
period
ended
March
31,
2024.
the
amount
waived
was $4,437.
The
Manager
contractually
agreed
to
reimburse,
or
provide
offsetting
credits
to,
the
Fund
for
the
fees
and
expenses
of
the
trustees
who
are
not
“affiliated
persons”
(as
defined
in
the
Investment
Company
Act)
of
BlackRock,
counsel
to
the
Independent
Trustees
and
the
independent
registered
public
accounting
firm
that
provides
audit
services
in
connection
with
the
Fund
(collectively
referred
to
as
the
“Independent
Expenses”)
are
paid
directly
by
the
Fund
through
June
30,
2034.
On
July
1
of
each
year,
the
reimbursement
agreement
will
renew
automatically
for
an
additional
one
year
so
that
the
agreement
will
have
a
perpetual
ten-year
term.
After
giving
effect
to
such
contractual
arrangements,
Independent
Expenses
will
be
0.00%.
Such
contractual
arrangements
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
Fund
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
in
the
Statement
of
Operations.
For
the
period
ended
March
31,
2024,
the
amount
was $1,707.
The
Manager
contractually
agreed
to
waive
its
administration
fee
through
June
30,
2034.
On
July
1
of
each
year,
the
waiver
agreement
will
renew
automatically
for
an
additional
one
year
so
that
the
agreement
will
have
a
perpetual
ten-year
term.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
March
31,
2024,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statement
of
Operations. 
7.
PURCHASES
AND
SALES 
For
the period
ended
March
31,
2024,
purchases
and
sales
of
investments
and excluding
short-term
securities were $51,061,954
and
$941,998,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
March
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
Notes
to
Financial
Statements
(unaudited)
(continued)
33
Notes
to
Financial
Statements
As
of
March
31,
2024, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
the
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Fund
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Fund
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Fund,
and
not
the
counterparty,
to
perform.
The
Fund
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
the
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features. 
The
Fund
invests
a
significant
portion
of
its
assets
in fixed-income securities and/or uses
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund(s) may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the period
of
historically
low
interest
rates
that
ended
in
March
2022. The
Federal
Reserve
has
raised
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BATS:
Series
I
Portfolio
.............................................
$
51,620,809‌
$
313,334‌
$
(306,057‌)
$
7,277‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
34
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-backed
securities.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers. Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
were
as
follows:
(a)
Commencement
of
operations.
As
of
March
31,
2024,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
5,000,000
shares
of
the
Fund.
11.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Fund’s
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
item was
noted:
Effective
April
11,
2024,
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
party
to
a
364-day,
$2.40
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
SOFR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum.
The
agreement
expires
in
April
2025
unless
extended
or
renewed.
d
Period
from
03/06/24
(a)
to
03/31/24
Fund
Name/Share
Class
Shares
Amount
BATS:
Series
I
Portfolio
Shares
sold
...........................................................................
5,000,000‌
$
50,000,000‌
5,000,000‌
$
50,000,000‌
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
35
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Allocation
Target
Shares
(the
“Trust”)
met
on
November
14,
2023
(the
“Meeting”)
to
consider
the
approval
of
the
proposed
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BATS:
Series
I
Portfolio
(the
“Fund”)
and
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
advisor.
The
Board
also
considered
the
initial
approval
of
the
proposed
sub-advisory
agreements
(the
“Sub-Advisory
Agreements”)
between
the
Manager
and
(1)
BlackRock
International
Limited
(“BIL”),
with
respect
to
the
Fund,
and
(2)
BlackRock
(Singapore)
Limited
(“BSL”
and,
together
with
BIL,
the
“Sub-Advisors”),
with
respect
to
the
Fund.
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Pursuant
to
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
is
required
to
consider
the
initial
approval
of
the
Agreements.
The
Board
Members
who
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act,
are
considered
independent
Board
Members
(the
“Independent
Board
Members”).
In
connection
with
this
process,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
to
be
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
At
the
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements.
The
Board
considered
all
factors
it
believed
relevant
with
respect
to
the
Fund,
including,
among
other
factors:
(a)
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
BlackRock;
(b)
the
investment
performance
of
BlackRock
portfolio
management;
(c)
the
sharing
of
potential
economies
of
scale;
(d)
potential
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
and
(e)
other
factors
deemed
relevant
by
the
Board
Members.
In
considering
approval
of
the
Agreements,
the
Board
met
with
the
relevant
investment
advisory
personnel
from
BlackRock
and
considered
all
information
it
deemed
reasonably
necessary
to
evaluate
the
terms
of
the
Agreements.
The
Board
received
materials
in
advance
of
the
Meeting
relating
to
its
consideration
of
the
Agreements,
including,
among
other
things,
(a)
fees
and
estimated
expense
ratios
of
the
Fund;
(b)
information
regarding
BlackRock’s
economic
outlook
for
the
Fund
and
its
general
investment
outlook
for
the
markets;
(c)
information
regarding
fees
paid
to
service
providers
that
are
affiliates
of
BlackRock;
and
(d)
information
outlining
the
legal
duties
of
the
Board
under
the
1940
Act
with
respect
to
the
consideration
and
approval
of
the
Agreements.
The
Board
also
noted
information
received
at
prior
Board
meetings
concerning
compliance
records
and
regulatory
matters
relating
to
BlackRock.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
to
be
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
did
not
identify
any
particular
information
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
to
be
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
to
be
provided
by
BlackRock,
including
the
investment
advisory
services
to
be
provided
to
the
Fund.
The
Board
received
information
concerning
the
investment
philosophy
and
investment
process
to
be
used
by
BlackRock
in
managing
the
Fund,
as
well
as
a
description
of
the
capabilities,
personnel
and
services
of
BlackRock.
In
connection
with
this
review,
the
Board
considered
BlackRock’s
in-
house
research
capabilities
as
well
as
other
resources
available
to
its
personnel.
The
Board
considered
the
scope
of
the
services
to
be
provided
by
BlackRock
to
the
Fund
under
the
Agreements
relative
to
services
typically
provided
by
third
parties
to
other
funds.
The
Board
concluded
that
the
scope
of
BlackRock’s
services
to
be
provided
to
the
Fund
was
consistent
with
the
Fund’s
operational
requirements,
including,
in
addition
to
seeking
to
meet
its
investment
objective,
compliance
with
investment
restrictions,
tax
and
reporting
requirements
and
related
shareholder
services.
The
Board,
including
the
Independent
Board
Members,
also
considered
the
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
by
BlackRock
and
its
affiliates
to
the
Fund.
The
Board
received
information
regarding
the
procedures
of
BlackRock
designed
to
fulfill
its
fiduciary
duty
to
the
Fund
with
respect
to
possible
conflicts
of
interest,
including
BlackRock’s
code
of
ethics
(regulating
the
personal
trading
of
BlackRock’s
officers
and
employees),
the
procedures
by
which
BlackRock
allocates
trades
among
its
various
investment
advisory
clients,
the
integrity
of
the
systems
in
place
to
ensure
compliance
with
the
foregoing
and
the
record
of
BlackRock
in
these
matters.
The
Board
also
noted
information
received
at
prior
meetings
of
the
boards
of
directors/trustees
of
other
funds
in
the
BlackRock
Fixed-Income
Complex
concerning
the
standards
of
BlackRock
and
its
affiliates
with
respect
to
the
execution
of
portfolio
transactions.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
investment
personnel
generally
and
the
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group
(“RQA”).
The
Board
considered
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
to
the
Fund.
BlackRock
and
its
affiliates
will
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund,
as
applicable.
In
particular,
BlackRock
and
its
affiliates
will
provide
the
Fund
with
certain
administrative
services,
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus,
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators
and
stock
exchanges;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
the
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
36
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
The
Board
noted
that
the
engagement
of
the
Sub-Advisors
with
respect
to
the
Fund
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
the
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Fund
and
BlackRock
In
their
capacity
as
members
of
the
boards
of
directors/trustees
of
other
funds
in
the
BlackRock
Fixed-Income
Complex,
the
Board,
including
the
Independent
Board
Members,
previously
received
and
considered
information
about
BlackRock’s
investment
performance
for
other
funds.
The
Board,
however,
did
not
consider
the
performance
history
of
the
Fund
because
the
Fund
had
not
yet
commenced
operations
as
of
the
date
of
the
Meeting.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
to
be
Provided
and
Estimated
Profits
to
be
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
The
Board,
including
the
Independent
Board
Members,
noted
that
BlackRock
will
not
charge
the
Fund
an
advisory
fee.
Additionally,
the
Board
noted
information
received
at
prior
meetings
of
the
boards
of
directors/trustees
of
other
funds
in
the
BlackRock
Fixed-Income
Complex
concerning
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts,
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
previously
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition
in
connection
with
their
duties
as
trustees
or
directors
of
other
funds
in
the
BlackRock
Fixed-Income
Complex.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
BlackRock
does
not
charge
the
Funds
an
advisory
fee,
although
investors
in
the
Funds
will
pay
a
fee
to
an
affiliate
of
BlackRock
or
their
managed
account
program
sponsor.
The
Board
also
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
waive
all
fees
and
pay
or
reimburse
all
direct
expenses
of
the
Fund,
except
extraordinary
expenses.
Extraordinary
expenses
may
include
interest
expense,
dividend
expense
and
acquired
fund
fees
and
expenses.
As
the
Fund
had
not
commenced
operations
as
of
the
date
of
the
Meeting,
BlackRock
was
not
able
to
provide
the
Board
with
specific
information
concerning
the
expected
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationships
with
the
Fund.
BlackRock,
however,
will
provide
the
Board
with
such
information
at
future
meetings.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase.
The
Board
considered
multiple
factors,
including
the
advisory
fee
rate
and
breakpoint
structure,
fee
waivers,
and
expense
caps,
as
applicable.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
noted
that
it
considered
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices
and
received
and
reviewed
reports
from
BlackRock
and
its
affiliates
at
prior
meetings
of
the
boards
of
directors/trustees
of
other
funds
in
the
BlackRock
Fixed-Income
Complex
which
included
information
on
brokerage
commissions
and
trade
execution
practices.
Conclusion
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
the
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Advisory
Agreement,
and
the
Sub-Advisory
Agreements
between
BlackRock
and
the
Sub-Advisors,
with
respect
to
the
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Sub-Advisory
Agreements.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
throughout
the
deliberative
process.
Statement
Regarding
Liquidity
Risk
Management
Program
37
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Allocation
Target
Shares
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BATS:
Series
I
Portfolio
(the
“Fund”),
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
the
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Fund
met
on
November
14-15,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC,
the
investment
adviser
to
the
Fund,
as
the
program
administrator
for
the
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
the
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2024
BlackRock
Semi-Annual
Report
to
Shareholders
38
Tailored
Shareholder
Reports
for
Open-End Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Fund.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Fund
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Fund at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments 
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT is
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Fund
voted
proxies
relating
to
securities
held
in
the
Fund's
portfolio
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800) 
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
Additional
Information
(continued)
39
Additional
Information
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
This
Report
2024
BlackRock
Annual
Report
to
Shareholders
40
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CHF
Swiss
Franc
CLP
Chilean
Peso
COP
Colombian
Peso
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
PEN
Peruvian
Sol
PLN
Polish
Zloty
RON
Romanian
Leu
SEK
Swedish
Krona
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CLICP
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
CLO
Collateralized
Loan
Obligation
EURIBOR
Euro
Interbank
Offered
Rate
JIBAR
Johannesburg
Interbank
Average
Rate
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
PIK
Payment-In-Kind
PRIBOR
Prague
Interbank
Offered
Rate
SOFR
Secured
Overnight
Financing
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
BATIX-3/24-SAR
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the period covered by this report
that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable
 
Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 14 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
           
  <<section302>>
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –
Not Applicable
(a)(4) Change in Registrant’s independent public accountant –
Not Applicable
(b) Section 906 Certifications are attached
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Allocation Target Shares
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Allocation Target Shares
 
Date: May 22, 2024
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Allocation Target Shares
 
Date: May 22, 2024
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Allocation Target Shares
 
Date: May 22, 2024