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: High Income Taxable Series
 
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: 09/30/2026
 
Date of reporting period: 03/31/2026
 
Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.
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BATS: High Income Taxable Series

Image

BATIX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BATS: High Income Taxable Series (the “Fund”) for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
BATS: High Income Taxable Series
$0
-%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$94,587,909
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1,145
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
192%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary
Investment Type
Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
35.1%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
18.3
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.8
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.0
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.7
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
Table Summary
Credit RatingFootnote Reference(c)
Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.3%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.8
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.5
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.7
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.6
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.1
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.1
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.6
FootnoteDescription
Footnote(a)
Excludes short-term securities, short investments and options, if any.
Footnote(b)
Rounds to less than 0.1%.
Footnote(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. 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 N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)
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/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

Image

BATS: High Income Taxable Series

BATIX

Semi-Annual Shareholder Report — March 31, 2026

BATIX-03/26-SAR

(b) Not Applicable
 
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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
 
              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.
March
31,
2026
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
BlackRock
Allocation
Target
Shares
BATS:
High
Income
Taxable
Series
Table
of
Contents
Page
2
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
3
Derivative
Financial
Instruments
.............................................................................................
3
Schedule
of
Investments
..................................................................................................
4
Statement
of
Assets
and
Liabilities
............................................................................................
34
Statement
of
Operations
..................................................................................................
36
Statements
of
Changes
in
Net
Assets
..........................................................................................
37
Financial
Highlights
.....................................................................................................
38
Notes
to
Financial
Statements
...............................................................................................
39
Additional
Information
....................................................................................................
49
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
51
The
Benefits
and
Risks
of
Leveraging
3
The
Benefits
and
Risks
of
Leveraging
/
Derivative
Financial
Instruments
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.
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.
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
March
31,
2026
BATS:
High
Income
Taxable
Series
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
6.8%
(a)(b)
AIMCO
CLO
11
Ltd.,
Series
2020-11A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
07/17/37
............
USD
250
$
250,033
AREIT
Ltd.,
Series
2025-CRE10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.07%,
12/17/29
.
105
104,725
Bain
Capital
Credit
CLO
Ltd.,
Series
2021-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.94%
Floor
+
0.94%),
4.61%,
04/18/34
.......
250
249,483
BlueMountain
CLO
Ltd.
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
4.86%,
10/25/30
...
55
54,591
Series
2018-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
10/25/30
...
100
99,982
CBAM
Ltd.,
Series
2020-13A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.69%),
5.36%,
01/20/34
.
250
250,307
Cedar
Funding
XIV
CLO
Ltd.,
Series
2021-14A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
10/15/37
.......
250
250,147
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
0.98%),
4.65%,
07/20/34
.......
100
99,790
Madison
Park
Funding
LI
Ltd.,
Series
2021-51A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
10/19/38
.......
250
249,837
Madison
Park
Funding
XXXV
Ltd.,
Series
2019-35A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.80%,
02/13/39
.
250
249,824
Neuberger
Berman
Loan
Advisers
CLO
46
Ltd.,
Series
2021-46A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.32%,
01/20/37
.
250
245,615
OCP
CLO
Ltd.
Series
2017-13A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
11/26/37
...
250
250,121
Series
2019-17A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
07/20/37
...
250
250,106
Series
2021-23A,
Class
D1R2,
(3-
mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.02%,
01/17/39
250
241,882
Octagon
Investment
Partners
41
Ltd.,
Series
2019-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.09%),
4.76%,
10/15/33
.......
250
249,633
OHA
Credit
Funding
5
Ltd.,
Series
2020-5A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
10/18/37
.......
250
250,244
OHA
Credit
Partners
XVI,
Series
2021-
16A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
6.67%,
10/18/37
............
250
247,146
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
OHA
Loan
Funding
Ltd.,
Series
2015-
1A,
Class
A1R4,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
10/19/38
............
USD
250
$
249,915
Palmer
Square
Loan
Funding
Ltd.,
Series
2024-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
8.37%,
01/15/33
.......
250
243,201
Post
CLO
VI
Ltd.,
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
01/20/38
.................
250
250,171
Regatta
XXVIII
Funding
Ltd.,
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
04/25/37
.......
250
250,125
RR
20
Ltd.,
Series
2022-20A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
6.27%,
07/15/37
.................
250
238,464
Sound
Point
CLO
XXI
Ltd.,
Series
2018-3A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
10/26/31
.......
74
74,218
TCW
CLO
Ltd.,
Series
2019-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
4.94%,
01/20/38
.................
250
249,996
Trestles
CLO
II
Ltd.,
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.24%,
07/25/37
.................
250
250,136
Trestles
CLO
III
Ltd.,
Series
2020-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.10%
Floor
+
6.10%),
9.77%,
10/20/37
.................
250
243,889
Trestles
CLO
VIII
Ltd.,
Series
2025-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
06/11/35
..................
250
249,941
Trinitas
CLO
XVIII
Ltd.,
Series
2021-
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.89%,
01/20/35
............
250
249,782
Whitebox
CLO
II
Ltd.,
Series
2020-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
10/24/37
............
250
250,155
6,393,459
Jersey,
Channel
Islands
—
1.1%
(a)(b)
Benefit
Street
Partners
CLO
XXIX
Ltd.,
Series
2022-29A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
01/25/38
.......
250
249,439
Benefit
Street
Partners
CLO
XXXV
Ltd.,
Series
2024-35A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
6.97%,
04/25/37
.......
250
249,468
CarVal
CLO
VIII-C
Ltd.,
Series
2022-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
10/22/37
............
250
250,226
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
CarVal
CLO
X-C
Ltd.,
Series
2024-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.46%
Floor
+
1.46%),
5.13%,
07/20/37
.................
USD
250
$
250,014
999,147
United
Kingdom
—
0.0%
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(c)
....
GBP
28
37,703
United
States
—
5.2%
(a)
ACRES
LLC,
Series
2025-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.30%,
08/18/40
(b)
USD
200
200,056
ARI
Fleet
Lease
Trust,
Series
2023-B,
Class
A3,
5.89%,
07/15/32
.....
100
101,496
CIT
Mortgage
Loan
Trust,
Series
2007-
1,
Class
2M2,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
2.74%),
5.54%,
10/25/37
(b)
...........
100
98,056
College
Avenue
Student
Loans
LLC
Series
2021-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
4.89%,
07/25/51
(b)
..
32
32,379
Series
2021-C,
Class
A2,
2.32%,
07/26/55
...............
101
93,731
Series
2023-A,
Class
A2,
5.33%,
05/25/55
...............
73
72,811
Compass
Datacenters
Issuer
III
LLC
Series
2025-3A,
Class
A2,
5.29%,
07/25/50
...............
39
38,617
Series
2026-1A,
Class
A21,
4.90%,
02/25/56
...............
26
25,784
Consolidated
Communications
LLC,
Series
2025-4A,
Class
A2,
5.52%,
12/20/55
.................
100
100,597
Eaton
Vance
CLO
Ltd.,
Series
2019-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.51%
Floor
+
1.51%),
5.18%,
07/15/37
(b)
................
250
250,134
EDvestinU
Private
Education
Loan
Issue
No.
LLC,
Series
2021-A,
Class
A,
1.80%,
11/25/45
..........
45
42,328
ELFI
Graduate
Loan
Program
LLC
Series
2023-A,
Class
A,
6.37%,
02/04/48
...............
70
72,369
Series
2024-A,
Class
A,
5.56%,
08/25/49
...............
67
67,538
Enterprise
Fleet
Financing
LLC,
Series
2022-3,
Class
A3,
4.29%,
07/20/29
120
120,459
FIGRE
Trust,
Series
2024-SL1,
Class
A1,
5.75%,
07/25/53
(b)
........
96
97,135
Foundation
Finance
Trust,
Series
2024-
2A,
Class
B,
4.93%,
03/15/50
...
79
79,109
FS
Rialto
Issuer
LLC,
Series
2025-
FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
08/19/42
(b)
...........
100
99,785
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
6.77%,
10/20/37
(b)
................
250
248,741
GoodLeap
Home
Improvement
Solutions
Trust,
Series
2025-1A,
Class
A,
5.38%,
02/20/49
......
35
35,588
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Green
Lakes
Park
CLO
LLC,
Series
2025-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
01/25/38
(b)
.....
USD
250
$
249,507
GreenSky
Home
Improvement
Issuer
Trust,
Series
2024-2,
Class
A2,
5.25%,
10/27/59
............
7
6,622
Lendmark
Funding
Trust,
Series
2024-
1A,
Class
D,
7.21%,
06/21/32
...
110
111,440
Mariner
Finance
Issuance
Trust
Series
2021-AA,
Class
A,
1.86%,
03/20/36
...............
98
96,862
Series
2024-BA,
Class
C,
5.73%,
11/20/38
...............
100
101,225
Series
2025-AA,
Class
C,
5.69%,
05/20/38
...............
100
100,887
MF1
LLC,
Series
2026-FL21,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
02/18/41
(b)
100
99,628
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-A,
Class
A,
0.84%,
05/15/69
............
113
103,309
Navient
Refinance
Loan
Trust,
Series
2025-B,
Class
A,
4.72%,
09/15/55
86
85,840
Navient
Student
Loan
Trust,
Series
2023-BA,
Class
A1B,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.70%),
5.37%,
03/15/72
(b)
...........
40
40,101
Nelnet
Student
Loan
Trust
Series
2021-A,
Class
APT2,
1.36%,
04/20/62
...............
27
25,688
Series
2021-BA,
Class
AFL,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.89%),
4.57%,
04/20/62
(b)
..
54
53,661
Series
2021-CA,
Class
AFL,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.85%),
4.53%,
04/20/62
(b)
..
56
55,287
Series
2025-BA,
Class
B,
4.98%,
05/17/55
...............
100
99,012
Series
2025-BA,
Class
C,
5.38%,
05/17/55
...............
100
98,375
NYMT
Trust,
Series
2024-RR1,
Class
A,
7.37%,
05/25/64
(d)
...........
86
85,807
OHS
Issuer
LLC,
Series
2026-1,
Class
A2,
5.98%,
02/25/61
.........
110
107,756
OneMain
Financial
Issuance
Trust
Series
2023-2A,
Class
A2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.50%),
5.17%,
09/15/36
(b)
...
125
125,781
Series
2023-2A,
Class
B,
6.17%,
09/15/36
...............
125
127,760
Point
Broadband
Funding
LLC
Series
2025-1A,
Class
A2,
5.34%,
07/20/55
...............
75
75,055
Series
2025-1A,
Class
B,
5.73%,
07/20/55
...............
100
100,114
QTS
Issuer
ABS
II
LLC
Series
2026-2A,
Class
A2,
5.85%,
01/05/56
...............
25
24,481
Series
2026-5A,
Class
A2,
6.18%,
03/05/56
...............
41
40,798
Regional
Management
Issuance
Trust
Series
2021-2,
Class
A,
1.90%,
08/15/33
...............
100
97,255
Series
2024-1,
Class
A,
5.83%,
07/15/36
...............
100
101,385
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Republic
Finance
Issuance
Trust,
Series
2024-B,
Class
A,
5.42%,
11/20/37
..................
USD
100
$
101,264
Retained
Vantage
Data
Centers
Issuer
LLC,
Series
2025-1A,
Class
A2A,
5.09%,
08/15/50
............
28
27,379
Shentel
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.64%,
12/20/55
.....
30
30,227
SMB
Private
Education
Loan
Trust
Series
2018-C,
Class
A2A,
3.63%,
11/15/35
...............
20
20,362
Series
2021-A,
Class
A2A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.84%),
4.52%,
01/15/53
(b)
..
66
65,771
Series
2021-A,
Class
A2B,
1.59%,
01/15/53
...............
66
61,470
Series
2021-C,
Class
APT1,
1.39%,
01/15/53
...............
38
35,088
Series
2021-C,
Class
B,
2.30%,
01/15/53
...............
64
62,943
Series
2022-A,
Class
APT,
2.85%,
11/16/54
...............
67
63,237
Series
2022-D,
Class
B,
6.15%,
10/15/58
...............
56
57,931
Series
2023-A,
Class
A1B,
(SOFR
30
day
Average
at
1.50%
Floor
+
1.50%),
5.17%,
01/15/53
(b)
...
66
66,295
Series
2023-B,
Class
A1B,
(SOFR
30
day
Average
at
1.80%
Floor
+
1.80%),
5.47%,
10/16/56
(b)
...
76
77,720
Series
2023-C,
Class
A1A,
5.67%,
11/15/52
...............
101
103,194
SoFi
Consumer
Loan
Program
Trust,
Series
2026-B,
Class
A,
4.40%,
02/25/36
.................
86
85,992
4,949,222
Total
Asset-Backed
Securities
—
13.1%
(Cost:
$
12,378,304
)
..............................
12,379,531
Shares
Shares
Common
Stocks
United
States
—
0.0%
New
Kleo
Holdco
(e)
(f)
............
8,085
12,149
Total
Common
Stocks
—
0.0%
(Cost:
$
9,584
)
.................................
12,149
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Australia
—
0.1%
Mineral
Resources
Ltd.
,
8.00%
,
11/01/27
(a)
................
100
101,277
Belgium
—
0.2%
Telenet
Finance
Luxembourg
Notes
SARL
,
5.50%
,
03/01/28
(a)
......
200
196,264
Security
Par
(000)
Par
(000)
Value
Brazil
—
0.2%
Samarco
Mineracao
SA
,
9.00%
,
(
9.00
%
Cash
or
9.00
%
PIK),
06/30/31
(c)
(g)
.
USD
19
$
18,943
Suzano
Austria
GmbH
,
6.00%
,
01/15/29
200
204,240
223,183
Canada
—
0.6%
1011778
BC
ULC
,
4.00%
,
10/15/30
(a)
100
93,993
Brookfield
Residential
Properties,
Inc.
,
4.88%
,
02/15/30
(a)
...........
100
91,813
Garda
World
Security
Corp.
,
6.00%
,
06/01/29
(a)
................
100
95,182
Methanex
Corp.
,
5.13%
,
10/15/27
...
100
99,378
NOVA
Chemicals
Corp.
,
4.25%
,
05/15/29
(a)
................
100
97,278
Rogers
Communications,
Inc.
3.20%
,
03/15/27
............
15
14,814
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.62%),
7.13%
,
04/15/55
(b)
...
100
102,329
594,787
Czech
Republic
—
0.3%
(c)
Allwyn
Entertainment
Financing
UK
plc
,
7.25%
,
04/30/30
............
EUR
90
107,537
EP
Infrastructure
A/S
,
4.13%
,
02/27/33
200
222,120
329,657
Denmark
—
0.1%
SGL
Group
ApS
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
6.78%
,
04/22/30
(b)
................
100
107,496
Finland
—
0.4%
(c)
Citycon
Treasury
BV
,
1.63%
,
03/12/28
100
107,263
Mehilainen
Yhtiot
Oy
,
5.13%
,
06/30/32
200
230,365
337,628
France
—
2.6%
Atos
SE
,
9.36%
,
12/18/29
(c)
(d)
......
114
148,789
Banque
Federative
du
Credit
Mutuel
SA
,
1.25%
,
06/03/30
(c)
........
100
104,685
BNP
Paribas
SA
,
(3-mo.
EURIBOR
+
1.05%),
3.74%
,
04/20/34
(b)
(c)
....
100
112,969
Elior
Group
SA
,
5.63%
,
03/15/30
(c)
..
101
117,826
Forvia
SE
,
5.50%
,
06/15/31
(c)
......
100
114,440
Goldstory
SAS
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.02%
,
02/01/30
(b)
(c)
...............
100
112,336
IPD
3
BV
,
5.50%
,
06/15/31
(c)
......
100
108,551
Lion/Polaris
Lux
4
SA
(b)(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.63%),
5.64%
,
07/01/29
....
100
115,349
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.63%),
5.64%
,
07/01/29
....
100
115,348
Loxam
SAS
,
4.25%
,
02/15/31
(c)
....
100
112,162
Lune
Holdings
SARL
,
5.63%
,
11/15/28
(c)
100
2,470
Maya
SAS
5.38%
,
04/15/30
(c)
...........
100
116,940
6.88%
,
04/15/31
(c)
...........
100
120,415
8.50%
,
04/15/31
(a)
...........
USD
200
209,263
New
Immo
Holding
SA
,
5.88%
,
04/17/28
(c)
................
EUR
100
115,799
Opal
Bidco
SAS
,
5.50%
,
03/31/32
(c)
.
100
112,815
Paprec
Holding
SA
,
4.13%
,
07/15/30
(c)
100
113,347
RCI
Banque
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.75%),
5.50%
,
10/09/34
(b)
(c)
...............
100
117,154
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Worldline
SA
(c)
4.13%
,
09/12/28
............
EUR
200
$
210,056
5.25%
,
11/27/29
............
100
99,782
5.50%
,
06/10/30
............
100
98,930
2,479,426
Germany
—
2.0%
(c)
Alstria
Office
AG
,
5.50%
,
03/20/31
..
200
228,895
Deutsche
Bank
AG
,
(3-mo.
EURIBOR
+
1.05%),
3.00%
,
06/16/29
(b)
.....
100
114,016
Dynamo
Newco
II
GmbH
,
6.25%
,
10/15/31
.................
100
102,509
Gruenenthal
GmbH
6.75%
,
05/15/30
............
100
119,164
4.63%
,
11/15/31
............
100
113,270
IHO
Verwaltungs
GmbH
,
8.75%
,
(
8.75
%
Cash
or
9.50
%
PIK),
05/15/28
(b)
(g)
.
100
118,296
Mahle
GmbH
,
6.50%
,
05/02/31
....
100
116,872
Nidda
Healthcare
Holding
GmbH
7.00%
,
02/21/30
............
100
117,542
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.23%
,
10/15/32
(b)
...
109
124,985
Progroup
AG
,
5.38%
,
04/15/31
.....
141
159,526
Volkswagen
International
Finance
NV
,
3.25%
,
11/18/30
............
100
112,121
Vonovia
SE
,
Series
B
,
0.88%
,
05/20/32
(h)
................
100
109,474
ZF
Europe
Finance
BV
7.00%
,
06/12/30
............
200
235,810
5.50%
,
02/17/32
............
100
109,047
1,881,527
Greece
—
0.3%
(c)
National
Bank
of
Greece
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%
,
06/28/35
(b)
...........
100
120,882
Public
Power
Corp.
SA
,
4.25%
,
10/31/30
.................
100
114,238
235,120
Ireland
—
0.5%
Cedacri
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.48%
,
05/15/28
(b)
(c)
...............
100
112,494
Flutter
Treasury
DAC
,
4.00%
,
06/04/31
(c)
................
100
111,564
GGAM
Finance
Ltd.
,
6.88%
,
04/15/29
(a)
USD
100
102,224
Virgin
Media
O2
Vendor
Financing
Notes
V
DAC
,
7.88%
,
03/15/32
(c)
.
GBP
100
117,247
443,529
Israel
—
0.2%
Teva
Pharmaceutical
Finance
Netherlands
II
BV
,
7.88%
,
09/15/31
EUR
100
134,079
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
3.15%
,
10/01/26
USD
40
39,613
173,692
Italy
—
1.4%
Bubbles
Bidco
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.38%
,
09/30/31
(b)
(c)
...............
EUR
100
115,628
Dolcetto
Holdco
SpA
,
5.63%
,
07/14/32
(c)
107
122,846
Duomo
Bidco
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.31%
,
01/15/32
(b)
(c)
...............
100
113,686
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Fedrigoni
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.13%
,
01/15/30
(b)
(c)
...............
EUR
100
$
109,275
Gruppo
San
Donato
SpA
,
6.50%
,
10/31/31
(c)
................
100
112,118
Irca
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.90%
,
12/15/29
(b)
(c)
100
115,768
Itelyum
Regeneration
SpA
,
5.75%
,
04/15/30
(c)
................
100
114,012
Lottomatica
Group
SpA
,
5.38%
,
06/01/30
(c)
................
100
117,715
Multiversity
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.28%
,
05/17/31
(b)
(c)
...............
100
115,100
Rossini
SARL
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.88%),
6.00%
,
12/31/29
(b)
(c)
...............
42
49,170
Telecom
Italia
Capital
SA
,
7.72%
,
06/04/38
.................
USD
5
5,569
UniCredit
SpA
,
3.73%
,
06/10/35
(c)
...
EUR
117
132,344
Unipol
Assicurazioni
SpA
,
4.90%
,
05/23/34
(c)
................
100
118,189
1,341,420
Japan
—
0.4%
(c)
Nissan
Motor
Co.
Ltd.
5.25%
,
07/17/29
............
100
114,416
6.38%
,
07/17/33
............
100
115,000
SoftBank
Group
Corp.
,
5.25%
,
10/10/29
100
113,693
343,109
Jersey,
Channel
Islands
—
0.1%
Aston
Martin
Capital
Holdings
Ltd.
,
10.38%
,
03/31/29
(c)
..........
GBP
100
101,573
Jordan
—
0.2%
Hikma
Finance
USA
LLC
,
5.13%
,
07/08/30
(c)
................
USD
200
198,938
Luxembourg
—
1.5%
ADLER
Financing
SARL
,
8.25%
,
(
8.25
%
Cash
or
8.25
%
PIK),
12/31/28
(g)
................
EUR
183
216,360
Essendi
SA
,
6.38%
,
10/15/29
(c)
.....
100
116,173
Garfunkelux
Holdco
3
SA
,
9.00%
,
09/01/28
(c)
................
48
55,756
INEOS
Finance
plc
,
6.38%
,
04/15/29
(c)
100
108,819
ION
Platform
Finance
SARL
(c)
6.50%
,
09/30/30
............
100
95,794
6.88%
,
09/30/32
............
101
93,126
Kleopatra
Finco
SARL
,
(1M
EURIBOR
+
2.00%),
6.00%
,
01/30/31
(b)
....
81
82,542
Luna
2.5
SARL
,
5.50%
,
07/01/32
(c)
..
100
113,690
Maxam
Prill
SARL
,
6.00%
,
07/15/30
(c)
200
228,455
Summer
BC
Holdco
B
SARL
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.23%
,
02/15/30
(b)
(c)
..........
100
100,433
Vivion
Investments
SARL
(c)
8.25%
,
(
8.25
%
Cash
or
8.00
%
PIK),
02/28/29
(g)
..............
102
115,061
5.63%
,
06/08/30
............
100
108,030
1,434,239
Netherlands
—
1.6%
Boels
Topholding
BV
,
5.75%
,
05/15/30
(c)
100
116,131
IMCD
NV
(c)
2.13%
,
03/31/27
............
154
176,309
3.63%
,
04/30/30
............
100
114,129
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Q-Park
Holding
I
BV
,
5.13%
,
02/15/30
(c)
EUR
100
$
116,107
Sunrise
FinCo.
I
BV
,
4.88%
,
07/15/31
(a)
USD
200
190,408
Trivium
Packaging
Finance
BV
,
12.25%
,
01/15/31
(a)
................
200
216,542
VZ
Secured
Financing
BV
5.00%
,
01/15/32
(a)
...........
200
171,439
5.25%
,
01/15/33
(c)
...........
EUR
251
267,463
VZ
Vendor
Financing
II
BV
,
2.88%
,
01/15/29
(c)
................
100
105,329
1,473,857
South
Korea
—
0.2%
Hyundai
Card
Co.
Ltd.
,
5.75%
,
04/24/29
(c)
................
USD
200
206,124
Spain
—
0.5%
(c)
Arena
Luxembourg
Finance
SARL
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.52%
,
05/01/30
(b)
.....
EUR
100
115,250
Cellnex
Finance
Co.
SA
,
3.88%
,
01/19/36
.................
100
110,801
Cirsa
Finance
International
SARL
,
(3-mo.
EURIBOR
+
3.00%),
5.15%
,
10/15/32
(b)
................
100
115,046
Kaixo
Bondco
Telecom
SA
,
5.13%
,
09/30/29
.................
100
115,875
456,972
Switzerland
—
0.2%
(c)
Dufry
One
BV
,
4.50%
,
05/23/32
....
100
114,203
gategroup
Finance
Luxembourg
SA
,
3.00%
,
02/28/27
............
CHF
50
62,761
176,964
United
Kingdom
—
4.0%
Albion
Financing
1
SARL
,
5.38%
,
05/21/30
(c)
................
EUR
100
115,840
BCP
V
Modular
Services
Finance
II
plc
(c)
6.13%
,
11/30/28
............
GBP
200
247,480
6.50%
,
07/10/31
............
EUR
100
98,208
Bellis
Acquisition
Co.
plc
,
8.13%
,
05/14/30
(c)
................
GBP
116
141,588
Biffa
Group
Holdings
Ltd.
(c)
5.25%
,
06/15/31
............
EUR
100
111,815
7.38%
,
06/15/31
............
GBP
100
129,249
Boots
Group
Finco
LP
,
7.38%
,
08/31/32
(c)
................
100
131,450
Bracken
MidCo1
plc
,
6.75%
,
(
6.75
%
Cash
or
7.50
%
PIK),
11/01/27
(c)
(g)
.
100
130,642
California
Buyer
Ltd.
,
5.63%
,
02/15/32
(c)
EUR
100
111,727
CD&R
Firefly
Bidco
plc
,
8.63%
,
04/30/29
(c)
................
GBP
200
269,119
ContourGlobal
Power
Holdings
SA
(c)
5.00%
,
02/28/30
............
EUR
100
115,579
4.38%
,
07/31/31
............
100
109,457
Deuce
Finco
plc
,
7.00%
,
11/20/31
(c)
..
GBP
100
130,338
Edge
Finco
plc
,
8.13%
,
08/15/31
(c)
..
100
136,535
Froneri
Lux
FinCo
SARL
,
4.75%
,
08/01/32
(c)
................
EUR
100
109,184
Heathrow
Finance
plc
,
4.13%
,
09/01/29
(c)
(d)
...............
GBP
100
123,437
Motability
Operations
Group
plc
,
3.88%
,
01/24/34
(c)
................
EUR
110
124,925
Ocado
Group
plc
,
10.50%
,
08/08/29
(c)
GBP
100
130,265
OEG
Finance
plc
,
7.25%
,
09/27/29
(c)
.
EUR
200
238,102
Pinnacle
Bidco
plc
,
10.00%
,
10/11/28
(c)
GBP
100
137,261
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Stonegate
Pub
Co.
Financing
plc
,
10.75%
,
07/31/29
(c)
..........
GBP
100
$
131,050
Vmed
O2
UK
Financing
I
plc
4.50%
,
07/15/31
(c)
...........
100
110,928
4.75%
,
07/15/31
(a)
...........
USD
200
172,073
5.63%
,
04/15/32
(c)
...........
EUR
100
105,884
WPP
Finance
2013
(c)
3.63%
,
06/09/31
............
100
110,273
3.63%
,
06/09/31
............
100
110,272
Zegona
Finance
plc
,
6.75%
,
07/15/29
(c)
180
215,922
3,798,603
United
States
—
15.4%
Acrisure
LLC
,
6.75%
,
07/01/32
(a)
....
USD
100
96,362
Advance
Auto
Parts,
Inc.
,
7.38%
,
08/01/33
(a)
................
100
101,280
Albertsons
Cos.,
Inc.
,
6.50%
,
02/15/28
(a)
................
100
101,252
Alliant
Holdings
Intermediate
LLC
,
7.00%
,
01/15/31
(a)
...........
100
100,851
Allied
Universal
Holdco
LLC
4.88%
,
06/01/28
(c)
...........
GBP
100
128,089
7.88%
,
02/15/31
(a)
...........
USD
100
103,121
Alphabet,
Inc.
,
3.88%
,
05/06/45
....
EUR
100
107,431
American
Airlines,
Inc.
,
5.75%
,
04/20/29
(a)
................
USD
100
99,453
American
Axle
&
Manufacturing,
Inc.
,
6.88%
,
07/01/28
............
62
61,922
American
Tower
Corp.
,
3.65%
,
03/15/27
20
19,855
Antero
Midstream
Partners
LP
,
5.38%
,
06/15/29
(a)
................
100
99,679
Ardagh
Group
SA
(c)
9.50%
,
12/01/30
............
76
79,881
12.00%
,
(
12.00
%
Cash
or
7.50
%
PIK),
12/01/30
(g)
..........
EUR
100
91,987
Asbury
Automotive
Group,
Inc.
,
5.00%
,
02/15/32
(a)
................
USD
100
94,701
Avantor
Funding,
Inc.
,
4.63%
,
07/15/28
(a)
................
100
97,601
Avis
Budget
Car
Rental
LLC
,
8.00%
,
02/15/31
(a)
................
100
98,841
Bank
of
America
Corp.
,
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%
,
07/23/30
(b)
................
55
52,748
Bausch
+
Lomb
Corp.
,
8.38%
,
10/01/28
(a)
................
100
103,250
Beach
Acquisition
Bidco
LLC
,
5.25%
,
07/15/32
(c)
................
EUR
100
110,857
Beignet
Investor
LLC
,
6.58%
,
05/30/49
(a)
................
USD
270
277,602
Boeing
Co.
(The)
,
2.80%
,
03/01/27
..
20
19,689
Builders
FirstSource,
Inc.
,
6.38%
,
06/15/32
(a)
................
100
99,855
Caesars
Entertainment,
Inc.
,
6.50%
,
02/15/32
(a)
................
100
98,836
Capital
One
Financial
Corp.
,
3.75%
,
03/09/27
.................
60
59,647
Carnival
Corp.
,
5.75%
,
08/01/32
(a)
...
61
60,980
CCO
Holdings
LLC
(a)
5.13%
,
05/01/27
............
32
31,964
5.00%
,
02/01/28
............
100
99,179
4.75%
,
03/01/30
............
100
94,888
4.25%
,
01/15/34
............
100
85,549
Celanese
US
Holdings
LLC
,
6.75%
,
04/15/33
.................
100
102,596
Chemours
Co.
(The)
,
8.00%
,
01/15/33
(a)
100
100,546
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Churchill
Downs,
Inc.
,
6.75%
,
05/01/31
(a)
................
USD
100
$
101,880
Cipher
Compute
LLC
,
7.13%
,
11/15/30
(a)
................
4
4,144
Citigroup,
Inc.
(b)
(1-day
SOFR
+
1.36%),
5.17%
,
02/13/30
...............
55
55,848
6.35%
,
09/09/30
............
260
254,728
5.92%
,
12/11/30
............
132
125,759
(3-mo.
EURIBOR
+
1.03%),
3.49%
,
10/22/34
...............
EUR
119
132,045
Clarios
Global
LP
,
6.75%
,
05/15/28
(a)
.
USD
100
100,973
Clear
Channel
Outdoor
Holdings,
Inc.
,
7.13%
,
02/15/31
(a)
...........
21
22,002
Cleveland-Cliffs,
Inc.
,
7.00%
,
03/15/32
(a)
100
96,755
Cloud
Software
Group,
Inc.
(a)
6.50%
,
03/31/29
............
78
76,095
9.00%
,
09/30/29
............
100
96,467
Clydesdale
Acquisition
Holdings,
Inc.
,
8.75%
,
04/15/30
(a)
...........
100
93,307
Cogent
Communications
Group
LLC
,
6.50%
,
07/01/32
(a)
...........
100
87,179
Columbus
McKinnon
Corp.
,
7.13%
,
02/01/33
(a)
................
4
3,998
Community
Health
Systems,
Inc.
(a)
10.88%
,
01/15/32
...........
80
85,829
9.75%
,
01/15/34
............
100
103,787
Comstock
Resources,
Inc.
,
6.75%
,
03/01/29
(a)
................
100
98,703
CoreWeave,
Inc.
,
9.00%
,
02/01/31
(a)
.
100
95,152
Crescent
Energy
Finance
LLC
,
7.38%
,
01/15/33
(a)
................
100
99,975
CVR
Energy,
Inc.
,
7.50%
,
02/15/31
(a)
.
20
20,149
Darling
Global
Finance
BV
,
4.50%
,
07/15/32
(c)
................
EUR
100
115,014
Darling
Ingredients,
Inc.
,
6.00%
,
06/15/30
(a)
................
USD
100
100,699
DaVita,
Inc.
,
3.75%
,
02/15/31
(a)
....
100
91,695
Delek
Logistics
Partners
LP
,
7.38%
,
06/30/33
(a)
................
7
7,058
DirecTV
Financing
LLC
(a)
8.88%
,
02/01/30
............
100
99,534
8.88%
,
02/01/30
............
19
18,958
Discovery
Communications
LLC
,
5.00%
,
09/20/37
............
100
72,298
EchoStar
Corp.
,
10.75%
,
11/30/29
..
100
108,025
EMRLD
Borrower
LP
6.38%
,
12/15/30
(c)
...........
EUR
100
117,651
6.63%
,
12/15/30
(a)
...........
USD
100
101,706
Ford
Motor
Credit
Co.
LLC
,
3.31%
,
05/17/29
.................
EUR
120
135,138
Freedom
Mortgage
Holdings
LLC
,
9.25%
,
02/01/29
(a)
...........
USD
100
101,359
Gen
Digital,
Inc.
,
6.75%
,
09/30/27
(a)
.
100
100,101
GFL
Environmental,
Inc.
,
4.38%
,
08/15/29
(a)
................
100
97,292
Global
Partners
LP
,
8.25%
,
01/15/32
(a)
100
103,345
Goldman
Sachs
Bank
USA
,
6.60%
,
09/12/30
(b)
(f)
................
260
248,716
Goldman
Sachs
Group,
Inc.
(The)
(b)
(1-day
SOFR
+
1.21%),
5.05%
,
07/23/30
...............
56
56,674
(1-day
SOFR
+
1.14%),
4.69%
,
10/23/30
...............
20
20,016
(3-mo.
EURIBOR
+
0.95%),
3.51%
,
08/17/33
(c)
..............
EUR
60
67,397
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Gray
Media,
Inc.
,
9.63%
,
07/15/32
(a)
.
USD
100
$
99,994
GS
Finance
Corp.
(b)
5.95%
,
01/15/31
............
230
220,740
6.11%
,
02/17/31
............
141
136,953
7.35%
,
02/17/31
............
294
286,135
HCA,
Inc.
3.13%
,
03/15/27
............
50
49,358
4.13%
,
06/15/29
............
20
19,723
Herc
Holdings,
Inc.
,
6.00%
,
03/15/34
(a)
100
96,675
Hilcorp
Energy
I
LP
,
8.38%
,
11/01/33
(a)
100
104,333
Hilton
Domestic
Operating
Co.,
Inc.
,
3.63%
,
02/15/32
(a)
...........
100
90,867
ION
Platform
Finance
US,
Inc.
,
8.75%
,
05/01/29
(a)
................
100
92,995
Iron
Mountain,
Inc.
7.00%
,
02/15/29
(a)
...........
100
101,921
4.75%
,
01/15/34
(c)
...........
EUR
100
107,554
Jane
Street
Group
,
4.50%
,
11/15/29
(a)
USD
100
96,921
JetBlue
Airways
Corp.
,
9.88%
,
09/20/31
(a)
................
100
94,506
JPMorgan
Chase
&
Co.
,
(3-mo.
CME
Term
SOFR
+
1.51%),
2.74%
,
10/15/30
(b)
................
35
32,963
Kronos
International,
Inc.
,
9.50%
,
03/15/29
(c)
................
EUR
100
99,298
Lamar
Media
Corp.
,
4.88%
,
01/15/29
USD
100
98,809
LCM
Investments
Holdings
II
LLC
,
4.88%
,
05/01/29
(a)
...........
100
97,311
Level
3
Financing,
Inc.
(a)
6.88%
,
06/30/33
............
35
35,641
7.00%
,
03/31/34
............
33
33,779
LYB
International
Finance
II
BV
,
3.50%
,
03/02/27
.................
10
9,902
Magnera
Corp.
,
7.25%
,
11/15/31
(a)
..
100
92,560
Match
Group
Holdings
II
LLC
,
5.00%
,
12/15/27
(a)
................
100
99,582
Mauser
Packaging
Solutions
Holding
Co.
,
9.25%
,
04/15/30
(a)
........
100
92,917
Medline
Borrower
LP
,
3.88%
,
04/01/29
(a)
................
100
96,736
MGM
Resorts
International
,
6.13%
,
09/15/29
.................
100
100,592
Millrose
Properties,
Inc.
,
6.38%
,
08/01/30
(a)
................
100
99,969
MKS,
Inc.
,
4.25%
,
02/15/34
(c)
......
EUR
100
110,431
Mohegan
Tribal
Gaming
Authority
,
11.88%
,
04/15/31
(a)
..........
USD
100
104,177
Molina
Healthcare,
Inc.
,
3.88%
,
05/15/32
(a)
................
100
86,862
Morgan
Stanley
(b)
(3-mo.
CME
Term
SOFR
+
1.40%),
3.77%
,
01/24/29
..........
20
19,732
(1-day
SOFR
+
1.73%),
5.12%
,
02/01/29
...............
20
20,219
(1-day
SOFR
+
0.80%),
4.24%
,
01/09/30
...............
58
57,415
(1-day
SOFR
+
1.10%),
4.65%
,
10/18/30
...............
20
19,992
(3-mo.
EURIBOR
+
1.12%),
3.75%
,
11/07/36
...............
EUR
120
133,370
MPT
Operating
Partnership
LP
0.99%
,
10/15/26
............
100
110,628
7.00%
,
02/15/32
(c)
...........
106
120,574
NCL
Corp.
Ltd.
,
5.88%
,
01/15/31
(a)
..
USD
100
97,157
Neptune
Bidco
US,
Inc.
,
10.38%
,
05/15/31
(a)
................
91
91,820
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Nissan
Motor
Acceptance
Co.
LLC
(a)
1.85%
,
09/16/26
............
USD
100
$
98,285
5.63%
,
09/29/28
............
43
42,198
Noble
Finance
II
LLC
,
8.00%
,
04/15/30
(a)
................
100
102,959
Northern
Oil
&
Gas,
Inc.
,
7.88%
,
10/15/33
(a)
................
5
5,173
Novelis
Corp.
,
3.88%
,
08/15/31
(a)
...
100
89,065
NRG
Energy,
Inc.
,
5.25%
,
06/15/29
(a)
100
99,006
Oak-Eagle
AcquireCo,
Inc.
,
7.25%
,
07/01/33
(a)
................
26
26,938
Olympus
Water
US
Holding
Corp.
,
6.13%
,
02/15/33
(c)
...........
EUR
100
111,101
Panther
Escrow
Issuer
LLC
,
7.13%
,
06/01/31
(a)
................
USD
100
100,336
Paramount
Global
,
(3-mo.
SOFR
+
4.16%),
6.25%
,
02/28/57
(b)
.....
100
67,000
Park
Intermediate
Holdings
LLC
,
4.88%
,
05/15/29
(a)
...........
100
95,990
PennyMac
Financial
Services,
Inc.
,
7.88%
,
12/15/29
(a)
...........
100
102,297
Performance
Food
Group,
Inc.
,
4.25%
,
08/01/29
(a)
................
100
96,056
Permian
Resources
Operating
LLC
,
6.25%
,
02/01/33
(a)
...........
100
101,864
Post
Holdings,
Inc.
,
4.63%
,
04/15/30
(a)
100
96,000
PRA
Group
Europe
Holding
II
SARL
,
6.25%
,
09/30/32
(c)
...........
EUR
100
109,320
Prime
Security
Services
Borrower
LLC
,
5.75%
,
04/15/26
(a)
...........
USD
6
6,007
Quikrete
Holdings,
Inc.
,
6.75%
,
03/01/33
(a)
................
100
101,564
Rocket
Cos.,
Inc.
(a)
6.13%
,
08/01/30
............
25
25,231
6.38%
,
08/01/33
............
25
25,268
Rocket
Mortgage
LLC
,
3.63%
,
03/01/29
(a)
................
100
94,699
SCIL
IV
LLC
,
9.50%
,
07/15/28
(c)
....
EUR
100
119,097
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
9.63%
,
12/01/32
(a)
........
USD
100
111,141
Sealed
Air
Corp.
,
6.13%
,
02/01/28
(a)
.
100
101,253
Service
Corp.
International
,
5.75%
,
10/15/32
.................
100
99,808
Service
Properties
Trust
,
4.38%
,
02/15/30
.................
100
88,802
Shift4
Payments
LLC
,
5.50%
,
05/15/33
(c)
................
EUR
100
108,968
Sirius
XM
Radio
LLC
,
4.13%
,
07/01/30
(a)
................
USD
100
93,633
Six
Flags
Entertainment
Corp.
(a)
7.25%
,
05/15/31
............
100
96,282
8.63%
,
01/15/32
............
4
4,006
Standard
Building
Solutions,
Inc.
,
6.50%
,
08/15/32
(a)
...........
100
100,052
Starwood
Property
Trust,
Inc.
,
7.25%
,
04/01/29
(a)
................
100
102,963
Sunoco
LP
4.50%
,
04/30/30
............
100
96,404
4.63%
,
05/01/30
(a)
...........
100
96,237
SV
RNO
Property
Owner
1
LLC
,
5.88%
,
03/01/31
(a)
................
44
43,494
Tallgrass
Energy
Partners
LP
,
7.38%
,
02/15/29
(a)
................
100
102,874
Tenet
Healthcare
Corp.
4.38%
,
01/15/30
............
100
96,858
6.75%
,
05/15/31
............
100
102,213
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Tenneco,
Inc.
,
8.00%
,
11/17/28
(a)
...
USD
100
$
99,644
TransDigm,
Inc.
(a)
6.75%
,
08/15/28
............
100
101,214
6.00%
,
01/15/33
............
100
99,944
United
Rentals
North
America,
Inc.
,
3.88%
,
02/15/31
............
100
94,007
Univision
Communications,
Inc.
(a)
8.00%
,
08/15/28
............
100
101,499
9.38%
,
08/01/32
............
5
5,153
USA
Compression
Partners
LP
,
6.25%
,
10/01/33
(a)
................
7
6,978
UWM
Holdings
LLC
,
6.25%
,
03/15/31
(a)
20
18,214
Venture
Global
Calcasieu
Pass
LLC
,
3.88%
,
11/01/33
(a)
...........
100
88,610
Venture
Global
LNG,
Inc.
,
8.38%
,
06/01/31
(a)
................
131
136,237
Venture
Global
Plaquemines
LNG
LLC
(a)
6.50%
,
01/15/34
............
115
119,881
6.75%
,
01/15/36
............
15
15,887
Versant
Media
Group,
Inc.
,
7.25%
,
01/30/31
(a)
................
8
8,187
Vistra
Operations
Co.
LLC
(a)
4.30%
,
10/15/28
............
15
14,820
4.38%
,
05/01/29
............
35
34,173
VoltaGrid
LLC
,
7.38%
,
11/01/30
(a)
...
39
40,280
Wells
Fargo
&
Co.
(b)
(3-mo.
CME
Term
SOFR
+
1.43%),
2.88%
,
10/30/30
..........
56
52,835
(3-mo.
EURIBOR
+
1.22%),
3.90%
,
07/22/32
(c)
..............
EUR
140
162,655
Whirlpool
Corp.
6.13%
,
06/15/30
............
USD
6
5,858
6.50%
,
06/15/33
............
7
6,632
Windstream
Services
LLC
,
7.50%
,
10/15/33
(a)
................
107
111,243
XPLR
Infrastructure
Operating
Partners
LP
,
7.25%
,
01/15/29
(a)
.........
100
102,917
14,546,364
Uzbekistan
—
0.2%
Navoi
Mining
&
Metallurgical
Combinat
,
6.70%
,
10/17/28
(c)
...........
200
203,440
Total
Corporate
Bonds
—
33.2%
(Cost:
$
31,841,240
)
..............................
31,385,189
Foreign
Agency
Obligations
Chile
—
0.2%
Corp.
Nacional
del
Cobre
de
Chile
,
3.15%
,
01/14/30
(c)
...........
200
187,524
France
—
0.2%
Electricite
de
France
SA
,
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(b)
(c)
(i)
EUR
200
217,390
Hungary
—
0.2%
MVM
Energetika
Zrt.
,
7.50%
,
06/09/28
(c)
USD
200
207,616
Mexico
—
0.1%
Petroleos
Mexicanos
8.75%
,
06/02/29
............
52
54,984
6.84%
,
01/23/30
............
24
24,081
6.95%
,
01/28/60
............
16
12,578
91,643
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Peru
—
0.2%
Corp.
Financiera
de
Desarrollo
SA
,
2.40%
,
09/28/27
(c)
...........
USD
200
$
193,513
Total
Foreign
Agency
Obligations
—
0.9%
(Cost:
$
886,471
)
................................
897,686
Foreign
Government
Obligations
Angola
—
0.2%
Republic
of
Angola
,
8.25%
,
05/09/28
(c)
200
201,600
Argentina
—
0.0%
Argentine
Republic
(The)
,
0.00%
,
12/15/27
(j)
.................
ARS
6,028
10,144
Brazil
—
0.7%
Federative
Republic
of
Brazil
,
10.00%
,
01/01/27
.................
BRL
3
645,598
Colombia
—
0.5%
Republic
of
Colombia
5.75%
,
11/03/27
............
COP
552,400
133,442
7.75%
,
09/18/30
............
557,000
121,391
7.00%
,
06/30/32
............
42,000
8,346
8.00%
,
04/20/33
............
USD
200
211,150
7.25%
,
10/26/50
............
COP
66,400
10,506
Titulos
de
Tesoreria
,
12.50%
,
02/27/30
83,400
21,560
506,395
Czech
Republic
—
0.1%
Czech
Republic
4.50%
,
11/11/32
............
CZK
1,450
67,564
4.00%
,
04/04/44
............
480
19,394
86,958
Egypt
—
0.3%
Arab
Republic
of
Egypt
(c)
5.63%
,
04/16/30
............
EUR
100
107,962
7.90%
,
02/21/48
............
USD
200
161,887
269,849
Gabon
—
0.2%
Gabon
Government
Bond
,
9.50%
,
02/18/29
(c)
................
200
187,122
Ghana
—
0.1%
Republic
of
Ghana
(c)
0.00%
,
07/03/26
(j)
...........
1
502
5.00%
,
07/03/29
(d)
...........
124
117,500
0.00%
,
01/03/30
(j)
...........
2
1,934
5.00%
,
07/03/35
(d)
...........
15
12,557
132,493
Hungary
—
0.2%
Hungary
Government
Bond
5.00%
,
02/22/27
(c)
...........
EUR
76
89,119
7.00%
,
10/24/35
............
HUF
16,070
47,686
136,805
Indonesia
—
0.2%
Republic
of
Indonesia
7.00%
,
05/15/27
............
IDR
1,508,000
89,777
6.50%
,
07/15/30
............
829,000
48,618
138,395
Italy
—
0.4%
Buoni
Poliennali
del
Tesoro
,
3.65%
,
08/01/35
(a)
(c)
...............
EUR
314
357,933
Security
Par
(000)
Par
(000)
Value
Lebanon
—
0.1%
Lebanese
Republic
(c)(e)(k)
6.10%
,
10/04/24
............
USD
39
$
9,185
6.00%
,
01/27/25
............
29
6,829
6.20%
,
02/26/25
............
82
19,311
6.65%
,
04/22/25
............
27
6,359
6.60%
,
11/27/26
............
137
32,263
6.85%
,
03/23/27
............
39
9,184
7.00%
,
03/23/32
............
41
9,738
92,869
Mexico
—
0.8%
Mex
Bonos
Desarr
Fix
Rt
7.00%
,
09/03/26
............
MXN
36
198,317
8.50%
,
03/01/29
............
39
216,635
8.50%
,
05/31/29
............
—
(l)
2,194
7.75%
,
11/13/42
............
22
101,074
United
Mexican
States
,
5.40%
,
02/09/28
.................
USD
200
202,400
720,620
Nigeria
—
0.2%
Federal
Republic
of
Nigeria
,
6.13%
,
09/28/28
(c)
................
200
198,400
Pakistan
—
0.2%
Islamic
Republic
of
Pakistan
,
6.88%
,
12/05/27
(c)
................
200
197,100
Paraguay
—
0.0%
Republic
of
Paraguay
,
8.50%
,
04/04/38
(a)
................
PYG
180,000
27,338
Peru
—
0.0%
Republic
of
Peru
7.60%
,
08/12/39
(a)
...........
PEN
50
14,874
7.60%
,
08/12/39
(c)
...........
46
13,685
28,559
Philippines
—
0.3%
Republic
of
Philippines
6.38%
,
07/27/30
............
PHP
4,230
69,054
6.00%
,
08/20/30
............
7,170
115,255
6.38%
,
04/28/35
............
4,520
71,917
256,226
Poland
—
0.3%
Republic
of
Poland
5.75%
,
04/25/29
............
PLN
387
106,774
4.75%
,
07/25/29
............
225
60,058
5.00%
,
10/25/34
............
246
63,056
5.00%
,
10/25/35
............
345
87,023
316,911
Republic
of
Turkiye
—
0.3%
Republic
of
Turkiye
(The)
30.00%
,
09/12/29
...........
TRY
470
9,106
9.38%
,
01/19/33
............
USD
200
222,040
27.70%
,
09/27/34
...........
TRY
751
14,972
246,118
Romania
—
0.4%
Romania
Government
Bond
5.25%
,
11/25/27
(c)
...........
USD
38
37,971
6.63%
,
02/17/28
(c)
...........
6
6,124
5.88%
,
01/30/29
(c)
...........
186
186,963
5.25%
,
03/10/30
(c)
...........
EUR
35
41,041
5.75%
,
09/16/30
(a)
...........
USD
24
23,898
3.63%
,
03/27/32
(c)
...........
22
19,282
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Romania
(continued)
2.75%
,
04/14/41
(c)
...........
EUR
25
$
18,082
333,361
Saudi
Arabia
—
0.2%
Kingdom
of
Saudi
Arabia
,
4.75%
,
01/18/28
(c)
................
USD
200
200,075
South
Africa
—
0.7%
Republic
of
South
Africa
3.75%
,
07/24/26
............
EUR
100
115,461
8.00%
,
01/31/30
............
ZAR
4,180
244,326
7.00%
,
02/28/31
............
4,134
228,940
8.50%
,
01/31/37
............
1,899
104,840
693,567
Spain
—
0.5%
Bonos
y
Obligaciones
del
Estado
2.70%
,
01/31/30
............
EUR
206
236,535
2.60%
,
05/31/31
............
79
89,562
3.45%
,
10/31/34
(a)
(c)
..........
97
112,762
438,859
Sri
Lanka
—
0.0%
Sri
Lanka
Government
Bond
4.00%
,
04/15/28
(a)
...........
USD
2
2,135
4.00%
,
04/15/28
(c)
...........
5
5,142
3.10%
,
01/15/30
(c)
(d)
..........
2
1,395
3.10%
,
01/15/30
(a)
(d)
..........
2
2,139
3.35%
,
03/15/33
(a)
(d)
..........
5
3,813
3.60%
,
06/15/35
(a)
(d)
..........
3
2,307
3.60%
,
06/15/35
(c)
(d)
..........
3
1,937
3.60%
,
05/15/36
(a)
(d)
..........
2
1,935
3.60%
,
02/15/38
(a)
(d)
..........
4
3,870
24,673
Tunisia
—
0.1%
Tunisian
Republic
,
6.38%
,
07/15/26
(c)
EUR
100
114,883
Ukraine
—
0.2%
Ukraine
Government
Bond
(c)(d)
4.50%
,
02/01/29
............
USD
21
14,384
0.00%
,
02/01/30
............
2
1,383
4.00%
,
02/01/32
............
74
53,380
0.00%
,
02/01/34
............
22
9,222
4.50%
,
02/01/34
............
38
20,081
0.00%
,
02/01/35
............
99
45,190
4.50%
,
02/01/35
............
55
28,405
0.00%
,
02/01/36
............
71
32,235
4.50%
,
02/01/36
............
2
832
205,112
United
Arab
Emirates
—
0.2%
United
Arab
Emirates
Government
Bond
,
4.88%
,
04/30/29
(c)
.......
200
202,200
United
Kingdom
—
0.2%
U.K.
Treasury
Bonds
,
4.38%
,
03/07/30
(c)
GBP
121
159,866
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
9.75%
,
07/20/33
............
UYU
505
13,751
8.00%
,
10/29/35
............
765
19,059
32,810
Total
Foreign
Government
Obligations
—
7.6%
(Cost:
$
7,326,885
)
..............................
7,162,839
Security
Par
(000)
Pa
r
(
000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
8
.8
%
United
States
—
8.8%
(a)
A&D
Mortgage
Trust
Series
2024-NQM4,
Class
A1,
5.46%,
08/25/69
..........
USD
72
$
72,036
Series
2024-NQM5,
Class
A1,
5.70%,
11/25/69
..........
77
77,728
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
0.98%,
04/25/66
(b)
..............
87
75,759
Series
2021-3,
Class
A1,
1.07%,
05/25/66
(b)
..............
34
29,275
Series
2021-3,
Class
A2,
1.31%,
05/25/66
(b)
..............
34
29,503
Series
2021-5,
Class
A1,
0.95%,
07/25/66
(b)
..............
76
65,795
Series
2021-5,
Class
A2,
1.21%,
07/25/66
(b)
..............
38
32,979
Series
2023-6,
Class
A2,
6.50%,
12/25/67
(d)
..............
58
58,249
Series
2024-3,
Class
A1,
4.80%,
11/26/68
(d)
..............
74
73,303
Series
2024-12,
Class
A1,
5.65%,
10/25/69
(d)
..............
71
71,608
Series
2025-1,
Class
A1,
5.69%,
01/25/70
(d)
..............
110
110,609
Series
2025-2,
Class
A1,
5.64%,
02/25/70
(d)
..............
43
42,934
Series
2025-8,
Class
A1,
5.41%,
07/25/70
(d)
..............
44
44,583
Arroyo
Mortgage
Trust,
Series
2019-1,
Class
A1,
3.80%,
01/25/49
(b)
....
9
8,690
Barclays
Mortgage
Loan
Trust
Series
2024-NQM1,
Class
A1,
5.90%,
01/25/64
(d)
.........
51
50,893
Series
2025-NQM3,
Class
A1,
5.64%,
05/25/65
(b)
.........
86
86,648
BINOM
Securitization
Trust,
Series
2021-INV1,
Class
A1,
2.03%,
06/25/56
(b)
................
43
39,556
BRAVO
Residential
Funding
Trust
(d)
Series
2024-NQM3,
Class
A1,
6.19%,
03/25/64
..........
83
83,216
Series
2024-NQM7,
Class
A1,
5.55%,
10/27/64
..........
98
98,062
Series
2025-NQM2,
Class
A1,
5.68%,
11/25/64
..........
118
118,205
Series
2025-NQM4,
Class
A1,
5.61%,
02/25/65
..........
75
75,080
Chase
Home
Lending
Mortgage
Trust,
Series
2024-3,
Class
A4,
6.00%,
02/25/55
(b)
................
56
56,139
CIM
Trust
(b)
Series
2021-R6,
Class
A1,
1.42%,
07/25/61
...............
36
33,171
Series
2025-I1,
Class
M1,
6.44%,
10/25/69
...............
100
100,556
COLT
Mortgage
Loan
Trust
Series
2023-1,
Class
A1,
6.05%,
04/25/68
(d)
..............
51
51,175
Series
2023-2,
Class
A1,
6.60%,
07/25/68
(d)
..............
46
46,022
Series
2023-3,
Class
A2,
7.43%,
09/25/68
(d)
..............
52
52,640
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-6,
Class
A1,
5.39%,
11/25/69
(d)
..............
USD
73
$
73,226
Series
2024-INV2,
Class
B1,
8.07%,
05/25/69
(b)
..............
100
101,233
Series
2025-7,
Class
A1,
5.47%,
06/25/70
(d)
..............
86
86,462
Series
2025-7,
Class
B1,
6.92%,
06/25/70
(b)
..............
100
100,115
Series
2025-9,
Class
B1,
6.82%,
09/25/70
(b)
..............
100
99,781
Cross
Mortgage
Trust
Series
2024-H2,
Class
A1,
6.09%,
04/25/69
(d)
..............
59
59,136
Series
2024-H5,
Class
A1,
5.85%,
08/26/69
(d)
..............
125
125,642
Series
2024-H7,
Class
A1,
5.59%,
11/25/69
(b)
..............
72
72,154
Series
2025-H1,
Class
A1,
5.74%,
02/25/70
(b)
..............
101
101,425
Series
2025-H1,
Class
M1,
6.48%,
02/25/70
(b)
..............
140
140,763
CSMC
Trust
(b)
Series
2021-NQM6,
Class
A1,
1.17%,
07/25/66
..........
49
42,160
Series
2022-NQM1,
Class
A1,
3.26%,
11/25/66
..........
71
64,052
Deephaven
Residential
Mortgage
Trust
Series
2024-1,
Class
A1,
5.74%,
07/25/69
(d)
..............
66
66,905
Series
2026-INV1,
Class
A1,
4.80%,
12/25/70
(b)
..............
98
97,270
Ellington
Financial
Mortgage
Trust
Series
2022-2,
Class
A1,
4.30%,
04/25/67
(b)
..............
71
70,852
Series
2022-3,
Class
A1,
5.00%,
08/25/67
(d)
..............
69
68,855
Series
2024-NQM1,
Class
A1A,
5.71%,
11/25/69
(d)
.........
68
68,052
Series
2026-NQM3,
Class
A1,
5.03%,
03/25/71
(b)
.........
250
248,392
Galton
Funding
Mortgage
Trust,
Series
2020-H1,
Class
A2,
2.41%,
01/25/60
(b)
................
43
41,076
GCAT
Trust,
Series
2024-INV4,
Class
A2,
5.50%,
12/25/54
(b)
........
74
74,260
GS
Mortgage-Backed
Securities
Trust
(b)
Series
2021-INV1,
Class
A6,
2.50%,
12/25/51
...............
69
61,805
Series
2024-RPL2,
Class
A1,
3.75%,
07/25/61
...............
80
77,769
Homes
Trust,
Series
2025-NQM5,
Class
B1,
6.79%,
09/25/70
(b)
....
100
99,159
J.P.
Morgan
Mortgage
Trust
Series
2017-2,
Class
A7,
3.50%,
05/25/47
(b)
..............
84
76,072
Series
2025-VIS2,
Class
A1B,
5.38%,
12/25/55
(d)
.........
93
92,987
Series
2026-NQM1,
Class
A1,
4.75%,
06/25/66
(b)
.........
62
61,770
Series
2026-NQM1,
Class
A1LC,
4.93%,
06/25/66
(d)
.........
100
99,153
MFA
Trust
Series
2022-NQM1,
Class
M1,
4.30%,
12/25/66
(b)
.........
100
89,724
Series
2024-NPL1,
Class
A1,
6.33%,
09/25/54
(d)
..............
83
82,884
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2025-NQM1,
Class
A1,
5.74%,
11/25/69
(b)
.........
USD
143
$
143,974
Series
2025-NQM1,
Class
M1,
6.50%,
11/25/69
(b)
.........
180
181,638
Series
2025-NQM5,
Class
A1,
5.44%,
07/25/70
(b)
.........
86
86,096
Series
2026-DSC1,
Class
A1LC,
4.93%,
01/25/71
(d)
.........
100
99,397
New
Residential
Mortgage
Loan
Trust
Series
2015-1A,
Class
A3,
3.75%,
05/28/52
(b)
..............
6
6,196
Series
2017-2A,
Class
A4,
4.00%,
03/25/57
(b)
..............
28
26,687
Series
2019-NQM4,
Class
A1,
2.49%,
09/25/59
(b)
.........
8
7,758
Series
2019-NQM4,
Class
A3,
2.80%,
09/25/59
(b)
.........
93
89,841
Series
2019-NQM5,
Class
A1,
2.71%,
11/25/59
(b)
.........
15
13,951
Series
2024-NQM1,
Class
A1,
6.13%,
03/25/64
(d)
.........
54
54,305
Series
2024-NQM1,
Class
B1,
7.91%,
03/25/64
(b)
.........
100
101,049
Series
2025-NQM1,
Class
A1,
5.64%,
01/25/65
(d)
.........
78
79,194
Series
2025-NQM1,
Class
M1,
6.47%,
01/25/65
(b)
.........
100
101,506
Series
2025-NQM4,
Class
A1,
5.35%,
07/25/65
(b)
.........
87
86,605
Series
2026-NQM3,
Class
A1,
4.83%,
02/25/66
(b)
.........
99
98,206
Nomura
Resecuritization
Trust,
Series
2014-8R,
Class
1A2,
4.35%,
10/26/36
(b)
................
46
43,998
NYMT
Loan
Trust
Series
2025-CP1,
Class
A1,
3.75%,
11/25/69
(b)
..............
92
88,243
Series
2026-INV1,
Class
A1LC,
4.94%,
02/25/61
(d)
.........
100
99,551
OBX
Trust
Series
2019-INV2,
Class
A25,
4.00%,
05/27/49
(b)
.........
72
67,520
Series
2023-NQM3,
Class
A1,
5.95%,
02/25/63
(d)
.........
74
73,402
Series
2024-NQM11,
Class
A1,
5.87%,
06/25/64
(d)
.........
59
59,816
Series
2024-NQM15,
Class
A1,
5.32%,
10/25/64
(d)
.........
65
64,859
Series
2024-NQM4,
Class
A1,
6.07%,
01/25/64
(d)
.........
52
52,717
PMT
Loan
Trust
(b)
Series
2024-INV1,
Class
A3,
5.50%,
10/25/59
...............
80
80,157
Series
2026-CNF1,
Class
A1,
5.00%,
01/25/57
..........
98
96,207
PRET
Trust,
Series
2025-RPL1,
Class
A1,
4.00%,
07/25/69
(d)
........
90
87,086
PRKCM
Trust,
Series
2026-AFC1,
Class
A1,
4.68%,
02/25/61
(b)
....
100
98,462
PRPM
Trust
Series
2024-NQM1,
Class
A1,
6.27%,
12/25/68
(d)
.........
59
59,593
Series
2025-NQM1,
Class
A1,
5.80%,
11/25/69
(d)
.........
71
71,135
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-NQM1,
Class
M1A,
6.64%,
11/25/69
(b)
.........
USD
100
$
100,868
Series
2025-NQM3,
Class
A1,
5.61%,
05/25/70
(b)
.........
89
89,427
Radian
Mortgage
Capital
Trust
LLC,
Series
2024-J1,
Class
A8,
6.00%,
11/25/54
(b)
................
30
29,831
RCKT
Mortgage
Trust,
Series
2024-
CES8,
Class
A1A,
5.49%,
11/25/44
(d)
68
68,561
SAIF
Securitization
Trust,
Series
2024-
CES1,
Class
A1,
5.96%,
07/25/54
(d)
113
113,939
Sequoia
Mortgage
Trust
(b)
Series
2024-HYB1,
Class
A1A,
4.44%,
11/25/63
..........
62
61,907
Series
2025-12,
Class
A5,
5.00%,
12/25/55
...............
96
95,180
SG
Residential
Mortgage
Trust
(b)
Series
2025-1,
Class
A1,
5.10%,
12/25/65
...............
99
98,511
Series
2026-1,
Class
A1,
4.78%,
01/25/66
...............
99
98,492
Towd
Point
Mortgage
Trust,
Series
2024-CES6,
Class
A1,
5.73%,
11/25/64
(d)
................
70
70,630
TRK
Trust,
Series
2022-INV1,
Class
A2,
3.44%,
02/25/57
(b)
...........
100
87,614
Verus
Securitization
Trust
Series
2022-3,
Class
A1,
5.13%,
02/25/67
(d)
..............
64
61,247
Series
2023-8,
Class
M1,
7.45%,
12/25/68
(b)
..............
100
101,013
Series
2024-8,
Class
A1,
5.36%,
10/25/69
(b)
..............
71
70,701
Series
2024-INV1,
Class
A1,
6.12%,
03/25/69
(d)
..............
68
68,683
Series
2024-INV2,
Class
A1,
5.33%,
08/26/69
(d)
..............
73
72,707
Series
2024-R1,
Class
A1,
5.22%,
09/25/69
(b)
..............
76
76,581
Series
2025-6,
Class
A1,
5.42%,
07/25/70
(d)
..............
87
86,862
Series
2026-1,
Class
A1,
4.86%,
01/25/71
(b)
..............
99
98,285
Series
2026-1,
Class
A1LC,
5.02%,
01/25/71
(d)
..............
100
99,516
Series
2026-2,
Class
A1LC,
4.75%,
02/25/71
(d)
..............
100
98,159
Series
2026-R1,
Class
A1LC,
4.94%,
10/25/67
(d)
..............
100
99,499
8,294,910
Commercial
Mortgage-Backed
Securities
—
8
.5
%
United
States
—
8.5%
ARES1,
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.12%,
10/15/34
(a)
(b)
100
100,000
ARZ
Trust,
Series
2024-BILT,
Class
A,
5.77%,
06/11/39
(a)
...........
100
101,174
Atrium
Hotel
Portfolio
Trust
(a)(b)
Series
2024-ATRM,
Class
A,
5.05%,
11/10/29
...............
50
50,485
Series
2024-ATRM,
Class
E,
8.60%,
11/10/29
...............
30
30,813
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BAHA
Trust
(a)(b)
Series
2024-MAR,
Class
A,
5.57%,
12/10/41
...............
USD
190
$
193,875
Series
2024-MAR,
Class
C,
7.01%,
12/10/41
...............
100
102,860
BAMLL
Trust,
Series
2024-BHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.02%,
08/15/39
(a)
(b)
90
90,012
BBCMS
Mortgage
Trust
Series
2025-C35,
Class
AS,
5.84%,
07/15/58
(b)
..............
15
15,458
Series
2025-C35,
Class
D,
4.50%,
07/15/58
(a)
..............
29
22,598
BFLD
Commercial
Mortgage
Trust,
Series
2024-UNIV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.17%,
11/15/41
(a)
(b)
....
60
60,019
BFLD
Trust,
Series
2025-FPM,
Class
C,
6.21%,
10/10/40
(a)
(b)
..........
100
99,869
BMP,
Series
2024-MF23,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.39%
Floor
+
3.39%),
7.06%,
06/15/41
(a)
(b)
140
139,475
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2024-AIRC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.36%,
08/15/41
...
321
321,184
Series
2024-BRBK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.88%
Floor
+
2.88%),
6.56%,
10/15/41
...
135
134,662
Series
2024-GPA3,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
5.56%,
12/15/39
...
78
78,413
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.11%,
02/15/39
...
111
110,647
Series
2024-PALM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
06/15/37
...
87
86,484
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
03/15/41
...
76
76,498
Series
2025-JDI,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
11/15/42
...
89
88,948
Series
2026-VLT9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
03/15/45
...
100
99,516
Series
2026-XL6,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
6.67%,
03/15/43
...
100
99,377
BX
Trust
(a)(b)
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
1.16%),
4.84%,
02/15/36
...
79
79,032
Series
2022-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.16%,
04/15/37
...
82
82,048
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
4.52%,
01/15/39
...
95
95,069
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.11%,
04/15/41
...
107
106,980
Series
2025-TAIL,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
6.97%,
06/15/35
...
100
99,998
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-VOLT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
12/15/44
...
USD
100
$
99,687
Cali,
Series
2024-SUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
5.56%,
07/15/41
(a)
(b)
....
100
100,000
CEDR
Commercial
Mortgage
Trust,
Series
2022-SNAI,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.99%
Floor
+
0.99%),
4.66%,
02/15/39
(a)
(b)
....
100
98,820
CENT,
Series
2025-CITY,
Class
A,
4.92%,
07/10/40
(a)
(b)
..........
100
100,717
Citigroup
Commercial
Mortgage
Trust,
Series
2020-420K,
Class
A,
2.46%,
11/10/42
(a)
................
100
89,668
Commercial
Mortgage
Trust
(a)
Series
2024-CBM,
Class
A2,
5.87%,
12/10/41
(b)
..............
200
200,558
Series
2025-167G,
Class
A,
5.50%,
08/10/40
...............
47
46,814
Series
2025-167G,
Class
E,
8.20%,
08/10/40
(b)
..............
20
19,906
CONE
Trust,
Series
2024-DFW1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.31%,
08/15/41
(a)
(b)
185
183,670
CRSNT
Trust,
Series
2026-MOON,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.40%),
5.07%,
02/15/31
(a)
(b)
...............
100
99,563
DC
Trust,
Series
2024-HLTN,
Class
D,
7.71%,
04/13/40
(a)
(b)
..........
100
99,147
DK
Trust,
Series
2024-SPBX,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
2.75%),
6.42%,
03/15/34
(a)
(b)
100
99,969
Fontainebleau
Miami
Beach
Mortgage
Trust,
Series
2024-FBLU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.12%,
12/15/39
(a)
(b)
140
139,956
FS
ORL
(a)(b)
Series
2026-ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
02/15/41
...
100
99,812
Series
2026-ORL,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
6.92%,
02/15/41
...
100
99,837
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
5.76%,
03/15/28
...
100
100,281
Series
2024-RVR,
Class
D,
6.03%,
08/10/41
...............
40
39,949
Series
2025-800D,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.33%,
11/25/41
...
100
99,895
GSAT
Trust,
Series
2025-BMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
07/15/40
(a)
(b)
100
99,902
Harvest
Commercial
Capital
Loan
Trust,
Series
2024-1,
Class
A,
6.16%,
10/25/56
(a)
................
80
81,319
HIH
Trust,
Series
2024-61P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.51%,
10/15/41
(a)
(b)
93
92,594
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
HILT
Commercial
Mortgage
Trust,
Series
2024-ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
05/15/37
(a)
(b)
....
USD
140
$
139,913
Hudson
Yards
Mortgage
Trust
(a)
Series
2019-30HY,
Class
A,
3.23%,
07/10/39
...............
100
95,042
Series
2019-55HY,
Class
A,
2.94%,
12/10/41
(b)
..............
100
93,521
INV
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.41%,
11/15/41
(a)
(b)
...............
80
78,950
JW
Trust,
Series
2024-BERY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.27%,
11/15/39
(a)
(b)
140
140,000
LEX
Trust
(a)(b)
Series
2026-450,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
03/15/43
...
55
54,759
Series
2026-450,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.70%),
7.37%,
03/15/43
...
100
99,029
LoanCore
2025
Issuer
LLC,
Series
2025-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
08/17/42
(a)
(b)
....
105
104,804
LQR
Trust
(a)(b)
Series
2025-CALI,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
01/15/43
...
35
34,760
Series
2025-CALI,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
3.95%),
7.62%,
01/15/43
...
100
99,999
MAIN
Trust
(a)(b)
Series
2026-OLAS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
01/15/41
...
100
99,999
Series
2026-OLAS,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
7.92%,
01/15/41
...
100
99,999
Series
2026-OLAS,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
8.92%,
01/15/41
...
100
99,999
MCR
Mortgage
Trust
(a)
Series
2024-HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
5.43%,
02/15/37
(b)
..
81
80,469
Series
2024-TWA,
Class
A,
5.92%,
06/12/39
...............
100
100,712
MHP
Commercial
Mortgage
Trust,
Series
2021-STOR,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
4.49%,
07/15/38
(a)
(b)
....
125
124,922
MIC
Trust
(The),
Series
2023-MIC,
Class
A,
8.44%,
12/05/38
(a)
(b)
....
180
191,558
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
(a)
...........
100
102,650
MLTI
Trust,
Series
2026-SF75,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
03/15/31
(a)
(b)
55
54,725
NYC
Commercial
Mortgage
Trust,
Series
2025-300P,
Class
E,
7.39%,
07/13/42
(a)
(b)
...............
30
30,125
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
NYC
Trust,
Series
2024-3ELV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.99%
Floor
+
1.99%),
5.66%,
08/15/29
(a)
(b)
USD
100
$
100,158
PENN
Commercial
Mortgage
Trust
(a)(b)
Series
2025-P11,
Class
A,
5.34%,
08/10/42
...............
46
46,739
Series
2025-P11,
Class
C,
6.51%,
08/10/42
...............
200
207,467
SCG
Mortgage
Trust,
Series
2024-MSP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.41%,
04/15/41
(a)
(b)
...............
100
100,000
SDAL
Trust,
Series
2025-DAL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.44%
Floor
+
2.44%),
6.11%,
04/15/42
(a)
(b)
145
145,322
SELF
Commercial
Mortgage
Trust,
Series
2024-STRG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
11/15/34
(a)
(b)
....
4
4,481
SHR
Trust,
Series
2024-LXRY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
10/15/41
(a)
(b)
100
99,875
SLG
Commercial
Mortgage
Trust,
Series
2026-PAT,
Class
A,
4.45%,
02/15/39
(a)
(b)
...............
100
99,179
SLG
Office
Trust,
Series
2026-OMA,
Class
A,
1.00%,
04/15/41
(a)
(b)
....
250
250,735
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
C,
3.76%,
10/15/52
(b)
................
160
141,018
UNIV
Trust,
Series
2025-APTS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
11/15/42
(a)
(b)
100
99,649
VCC
Trust,
Series
2025-MC1,
Class
A1,
8.16%,
05/25/55
(a)
(d)
..........
70
69,760
VEGAS
Trust,
Series
2024-TI,
Class
A,
5.52%,
11/10/39
(a)
...........
60
60,124
Velocity
Commercial
Capital
Loan
Trust,
Series
2022-3,
Class
A,
5.22%,
06/25/52
(a)
(b)
...............
62
61,048
8,069,048
Total
Non-Agency
Mortgage-Backed
Securities
—
17.3%
(Cost:
$
16,337,242
)
..............................
16,363,958
Preferred
Securities
Capital
Trusts
—
3.5%
Denmark
—
0.1%
Orsted
A/S
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.14%),
2.50
%
,
02/18/3021
(b)
(c)
...
GBP
100
100,283
France
—
0.1%
Electricite
de
France
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.07%),
4.38
%
(b)
(c)
(i)
................
EUR
100
112,040
Germany
—
0.8%
(b)(i)
Aroundtown
Finance
SARL
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.13
%
(c)
..........
200
208,527
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.43%),
5.25
%
(c)
..........
100
105,178
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Grand
City
Properties
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.18%),
1.50
%
(c)
..................
EUR
100
$
113,252
Volkswagen
International
Finance
NV
,
(EUAMDB08
+
3.49%),
5.99
%
(c)
..
200
231,056
Wintershall
Dea
Finance
2
BV
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.94%),
6.12
%
(c)
..................
100
116,806
774,819
Italy
—
0.2%
(b)(c)(i)
Eni
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.64%),
4.13
%
........
100
111,251
Prysmian
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.01%),
5.25
%
....
100
117,352
228,603
Portugal
—
0.1%
EDP
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.92%),
4.38
%
,
12/02/55
(b)
(c)
100
111,066
Spain
—
0.4%
(b)(i)
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.25%),
7.75
%
.............
USD
200
204,845
Telefonica
Emisiones
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.84%),
4.38
%
(c)
..................
EUR
100
111,643
Telefonica
Europe
BV
,
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14
%
(c)
..
100
120,047
436,535
United
Kingdom
—
0.6%
(b)
British
Telecommunications
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38
%
,
12/20/83
(c)
...........
GBP
100
138,876
Centrica
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.51%),
6.50
%
,
05/21/55
(c)
.....
100
132,691
NatWest
Group
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.29%),
7.50
%
(i)
.....
200
263,125
Vodafone
Group
plc
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.77%),
4.13
%
,
06/04/81
............
USD
5
4,576
539,268
United
States
—
1.2%
(b)
AES
Corp.
(The)
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
7.60
%
,
01/15/55
100
99,192
CVS
Health
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
7.00
%
,
03/10/55
100
103,059
Energy
Transfer
LP
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.68%),
6.50
%
,
02/15/56
............
100
98,798
FMC
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.37%),
8.45
%
,
11/01/55
.....
90
57,947
NextEra
Energy
Capital
Holdings,
Inc.
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.59%),
4.00
%
,
05/15/56
....
EUR
100
111,287
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.99%),
4.75
%
,
02/26/56
....
EUR
100
$
111,324
PG&E
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.88%),
7.38
%
,
03/15/55
.....
USD
100
100,641
Stellantis
NV
(i)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.77%),
6.25
%
(c)
..........
EUR
100
110,324
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.24%),
6.88
%
(c)
..........
100
108,957
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.08%),
8.25
%
(c)
................
GBP
100
126,490
1,028,019
Total
Preferred
Securities
—
3.5%  
(Cost:
$
3,396,761
)
..............................
3,330,633
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
0.1%
Tennessee
Valley
Authority
,
5.25
%
,
02/01/55
............
USD
60
59,071
Collateralized
Mortgage
Obligations
—
3.0%
(b)
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
Class
FH
,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16
%
,
06/25/55
.
24
24,696
Series
413
,
Class
F26
,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
4.86
%
,
05/25/54
........
67
67,053
Series
5386
,
Class
FD
,
(SOFR
30
day
Average
at
1.25%
Floor
and
7.00%
Cap
+
1.25%),
4.91
%
,
03/25/54
..
17
17,557
Series
5448
,
Class
CF
,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
4.66
%
,
09/25/54
........
112
112,368
Series
5458
,
Class
DF
,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
4.76
%
,
10/25/54
........
193
193,483
Series
5458
,
Class
FB
,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
4.81
%
,
10/25/54
........
103
102,921
Series
5470
,
Class
AF
,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
4.76
%
,
11/25/54
........
161
161,411
Series
5471
,
Class
FM
,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06
%
,
11/25/54
..
174
174,985
Series
5478
,
Class
FD
,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06
%
,
02/25/54
..
22
22,490
Series
5478
,
Class
FH
,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.11
%
,
04/25/54
..
55
55,938
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
5480
,
Class
FA
,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.11
%
,
03/25/54
........
USD
54
$
54,620
Series
5482
,
Class
FB
,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16
%
,
12/25/54
........
38
38,303
Series
5500
,
Class
DF
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01
%
,
10/25/54
........
29
29,252
Series
5502
,
Class
EF
,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06
%
,
02/25/55
........
17
17,318
Series
5505
,
Class
FB
,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16
%
,
02/25/55
........
44
44,777
Series
5505
,
Class
JF
,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.11
%
,
02/25/55
........
111
112,424
Series
5508
,
Class
FE
,
(SOFR
30
day
Average
at
1.60%
Floor
and
6.50%
Cap
+
1.60%),
5.26
%
,
02/25/55
........
28
28,727
Series
5511
,
Class
QF
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01
%
,
03/25/55
........
179
180,491
Series
5563
,
Class
FA
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01
%
,
08/25/55
........
17
17,594
Series
5574
,
Class
FB
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01
%
,
09/25/55
........
26
26,062
Federal
National
Mortgage
Association
Variable
Rate
Notes
Series
2023-35
,
Class
FC
,
(SOFR
30
day
Average
at
1.10%
Floor
and
7.00%
Cap
+
1.10%),
4.76
%
,
08/25/53
..
43
43,121
Series
2023-68
,
Class
FB
,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
4.71
%
,
01/25/54
..
43
42,708
Series
2024-38
,
Class
FE
,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
4.71
%
,
06/25/54
..
98
98,894
Series
2024-63
,
Class
FH
,
(SOFR
30
day
Average
at
1.10%
Floor
and
7.00%
Cap
+
1.10%),
4.76
%
,
09/25/54
..
30
30,662
Series
2024-75
,
Class
FC
,
(SOFR
30
day
Average
at
0.95%
Floor
and
7.00%
Cap
+
0.95%),
4.61
%
,
10/25/54
..
132
132,437
Series
2024-88
,
Class
FC
,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06
%
,
12/25/54
..
27
27,435
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2024-91
,
Class
FA
,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
4.86
%
,
12/25/54
..
USD
86
$
86,382
Series
2024-94
,
Class
FB
,
(SOFR
30
day
Average
at
1.42%
Floor
and
6.50%
Cap
+
1.42%),
5.08
%
,
12/25/54
..
19
19,642
Series
2024-96
,
Class
FA
,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06
%
,
12/25/54
..
35
35,109
Series
2025-13
,
Class
FB
,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
4.96
%
,
03/25/55
..
252
253,627
Series
2025-2
,
Class
FG
,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.11
%
,
02/25/55
..
47
47,090
Series
2025-21
,
Class
FB
,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
4.96
%
,
07/25/53
..
44
44,777
Series
2025-31
,
Class
FA
,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
4.96
%
,
06/25/54
..
160
161,118
Series
2025-32
,
Class
FA
,
(SOFR
30
day
Average
at
1.25%
Floor
and
6.50%
Cap
+
1.25%),
4.91
%
,
05/25/55
..
131
131,256
Series
2025-35
,
Class
FJ
,
(SOFR
30
day
Average
at
1.60%
Floor
and
6.50%
Cap
+
1.60%),
5.26
%
,
05/25/55
..
61
62,014
Series
2025-63
,
Class
DF
,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06
%
,
08/25/55
..
10
9,996
Series
2025-9
,
Class
FG
,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01
%
,
03/25/55
..
14
14,468
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2024-125
,
Class
HF
,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
4.67
%
,
08/20/54
..
74
74,008
Series
2024-51
,
Class
TF
,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
4.67
%
,
03/20/54
..
19
19,090
Series
2024-96
,
Class
FL
,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
4.82
%
,
06/20/54
..
34
34,339
2,850,643
Mortgage-Backed
Securities
—
15.9%
Uniform
Mortgage-Backed
Securities
(m)
2.50
%
,
04/25/56
..........
2,325
1,954,506
3.00
%
,
04/25/56
..........
1,000
878,179
3.50
%
,
04/25/56
-
05/25/56
...
8,168
7,483,669
4.50
%
,
04/25/56
..........
366
353,192
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
6.00
%
,
04/25/56
-
05/25/56
...
USD
4,303
$
4,383,518
15,053,064
Total
U.S.
Government
Sponsored
Agency
Securities
—
19
.0
%
(Cost:
$
18,074,790
)
..............................
17,962,778
Total
Long-Term
Investments
—
94
.6
%
(Cost:
$
90,251,277
)
..............................
89,494,763
Short-Term
Securities
Foreign
Government
Obligations
—
0.4%
Brazil
—
0.4%
Letras
do
Tesouro
Nacional
Treasury
Bills
(n)
14.65
%
,
07/01/26
...........
BRL
—
(l)
72,159
12.89
%
,
10/01/26
...........
1
257,656
329,815
Total
Foreign
Government
Obligations
—
0.4%
(Cost:
$
321,560
)
................................
329,815
Shares
Shares
Money
Market
Funds
—
19.2%
Dreyfus
Treasury
Securities
Cash
Management
,
3.52
%
(o)
........
18,192,613
18,192,613
Total
Money
Market
Funds
—
19
.2
%
(Cost:
$
18,192,613
)
..............................
18,192,613
Total
Short-Term
Securities
—
19.6%
(Cost:
$
18,514,173
)
..............................
18,522,428
Total
Options
Purchased
—
0.0
%
(Cost:
$
5,505
)
.................................
2,772
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
114.2%
(Cost:
$
108,770,955
)
.............................
108,019,963
Total
Options
Written
—
(
0
.1
)
%
(Premiums
Received
—
$
(
65,959
)
)
...................
(
92,027
)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities
(m)
3.00
%
,
04/25/56
............
USD
(
742
)
(
651,609
)
3.50
%
,
04/25/56
............
(
127
)
(
116,414
)
6.00
%
,
04/25/56
............
(
1,900
)
(
1,936,723
)
Total
TBA
Sale
Commitments
—
(
2
.9
)
%
(Proceeds:
$
(
2,701,454
)
)
..........................
(
2,704,746
)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
111
.2
%
(Cost:
$
106,003,542
)
.............................
105,223,190
Liabilities
in
Excess
of
Other
Assets
—
(
11.2
)
%
...........
(
10,635,281
)
Net
Assets
—
100.0%
..............................
$
94,587,909
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
19
(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)
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.
(e)
Non-income
producing
security.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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)
Convertible
security.
(i)
Perpetual
security
with
no
stated
maturity
date.
(j)
Zero-coupon
bond.
(k)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(l)
Rounds
to
less
than
1,000.
(m)
Represents
or
includes
a
TBA
transaction.
(n)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(o)
Annualized
7-day
yield
as
of
period
end.
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
20
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
Euro-Bund
..............................................................
7
06/08/26
$
1,015
$
(
17,057
)
Euro-OAT
...............................................................
2
06/08/26
274
(
6,971
)
Short
Euro-BTP
...........................................................
4
06/08/26
489
(
3,569
)
U.S.
Treasury
Long
Bond
.....................................................
4
06/18/26
455
(
1,139
)
Long
Gilt
................................................................
1
06/26/26
116
(
6,398
)
U.S.
Treasury
2-Year
Note
....................................................
131
06/30/26
27,178
(
128,489
)
U.S.
Treasury
5-Year
Note
....................................................
20
06/30/26
2,163
(
14,278
)
3-mo.
SOFR
.............................................................
5
03/14/28
1,208
(
1,183
)
3-mo.
SOFR
.............................................................
5
03/20/29
1,206
255
(
178,829
)
Short
Contracts
Euro-Buxl
...............................................................
1
06/08/26
127
1,826
Euro-Schatz
.............................................................
2
06/08/26
244
2,091
U.S.
Treasury
10-Year
Note
...................................................
51
06/18/26
5,660
64,327
U.S.
Treasury
10-Year
Ultra
Note
...............................................
11
06/18/26
1,248
17,170
U.S.
Treasury
Ultra
Bond
.....................................................
1
06/18/26
116
957
86,371
$
(
92,458
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
203,736
USD
39,000
Barclays
Bank
plc
04/02/26
$
332
BRL
2,026,060
USD
385,848
BNP
Paribas
SA
04/02/26
5,294
BRL
151,934
USD
29,000
Citibank
NA
04/02/26
332
BRL
228,635
USD
43,000
HSBC
Bank
plc
04/02/26
1,139
BRL
334,574
USD
64,387
JPMorgan
Chase
Bank
NA
04/02/26
204
BRL
335,832
USD
63,263
JPMorgan
Chase
Bank
NA
04/02/26
1,571
USD
341,099
BRL
1,766,569
Citibank
NA
04/02/26
53
USD
82,309
THB
2,596,437
Citibank
NA
04/09/26
3,541
ARS
20,391,705
USD
13,150
Citibank
NA
04/23/26
1,094
CNY
1,876,838
USD
272,691
UBS
AG
04/24/26
282
COP
135,753,251
USD
36,322
Morgan
Stanley
&
Co.
International
plc
04/24/26
399
HUF
9,710,650
USD
29,000
Barclays
Bank
plc
04/24/26
153
HUF
42,912,007
USD
127,180
Morgan
Stanley
&
Co.
International
plc
04/24/26
1,649
JPY
4,118,452
USD
26,000
Bank
of
America
NA
04/24/26
6
USD
30,931
AUD
44,255
Bank
of
America
NA
04/24/26
406
USD
28,286
AUD
41,000
Barclays
Bank
plc
04/24/26
6
USD
47,000
CAD
64,458
JPMorgan
Chase
Bank
NA
04/24/26
619
USD
150,110
EUR
129,483
Citibank
NA
04/24/26
282
USD
250,654
MXN
4,460,200
Barclays
Bank
plc
04/24/26
2,259
ZAR
495,245
USD
29,000
Morgan
Stanley
&
Co.
International
plc
04/24/26
217
IDR
960,171,060
USD
56,348
BNP
Paribas
SA
04/27/26
207
IDR
345,039,494
USD
20,279
HSBC
Bank
plc
04/27/26
44
MXN
458,095
USD
25,277
UBS
AG
04/27/26
229
TRY
1,255,496
USD
27,130
Barclays
Bank
plc
04/27/26
199
USD
21,651
CZK
446,040
Deutsche
Bank
AG
04/27/26
639
USD
79,862
CZK
1,648,411
HSBC
Bank
plc
04/27/26
2,206
USD
5,307
HUF
1,752,784
BNP
Paribas
SA
04/27/26
46
USD
45,549
HUF
14,905,993
HSBC
Bank
plc
04/27/26
809
USD
195,150
IDR
3,307,679,565
BNP
Paribas
SA
04/27/26
324
USD
39,174
MXN
694,078
Bank
of
America
NA
04/27/26
529
USD
660,020
MXN
11,626,072
Citibank
NA
04/27/26
12,709
USD
75,990
PEN
255,426
Morgan
Stanley
&
Co.
International
plc
04/27/26
2,693
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
21
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
136,082
PHP
8,090,597
Citibank
NA
04/27/26
$
2,770
USD
189,108
PHP
11,207,766
HSBC
Bank
plc
04/27/26
4,433
USD
5,056
PLN
18,685
HSBC
Bank
plc
04/27/26
23
USD
336,973
PLN
1,206,572
JPMorgan
Chase
Bank
NA
04/27/26
11,958
USD
25,176
THB
780,182
HSBC
Bank
plc
04/27/26
1,470
USD
356,156
THB
11,058,298
JPMorgan
Chase
Bank
NA
04/27/26
20,146
USD
20,462
THB
633,898
UBS
AG
04/27/26
1,201
USD
1,577
UYU
60,658
Citibank
NA
04/27/26
86
USD
13,122
UYU
502,443
HSBC
Bank
plc
04/27/26
760
USD
42,372
ZAR
702,915
HSBC
Bank
plc
04/28/26
917
USD
604,805
ZAR
9,854,336
JPMorgan
Chase
Bank
NA
04/28/26
23,636
BRL
131,000
USD
24,792
BNP
Paribas
SA
05/05/26
333
INR
21,953,436
USD
230,355
Citibank
NA
05/27/26
1,668
USD
92,061
CZK
1,931,534
Citibank
NA
06/09/26
1,026
USD
73,164
IDR
1,238,008,044
Standard
Chartered
Bank
06/09/26
373
USD
73,164
INR
6,796,204
Standard
Chartered
Bank
06/09/26
1,475
USD
45,727
PEN
157,507
Citibank
NA
06/09/26
634
USD
46,334
PLN
171,104
BNP
Paribas
SA
06/09/26
252
USD
45,727
PLN
167,643
HSBC
Bank
plc
06/09/26
577
USD
46,334
THB
1,467,861
Morgan
Stanley
&
Co.
International
plc
06/09/26
1,580
BRL
828,741
USD
154,662
HSBC
Bank
plc
06/17/26
2,629
BRL
2,092,836
USD
395,255
JPMorgan
Chase
Bank
NA
06/17/26
1,956
BRL
995,100
USD
186,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
2,866
COP
119,566,534
USD
31,472
Bank
of
America
NA
06/17/26
500
COP
40,231,218
USD
10,686
Citibank
NA
06/17/26
72
USD
37,316
CHF
29,000
UBS
AG
06/17/26
741
USD
3,375,280
GBP
2,541,000
Standard
Chartered
Bank
06/17/26
12,788
USD
370,088
IDR
6,284,464,328
Citibank
NA
06/17/26
712
USD
49,528
INR
4,598,303
Barclays
Bank
plc
06/17/26
1,078
INR
2,770,950
USD
29,000
Citibank
NA
07/06/26
122
NGN
67,943,219
USD
45,485
Citibank
NA
07/28/26
1,471
MXN
368,500
USD
20,080
Goldman
Sachs
International
08/18/26
233
MXN
430,700
USD
23,327
HSBC
Bank
plc
08/18/26
414
MXN
3,661,000
USD
194,418
Morgan
Stanley
&
Co.
International
plc
08/18/26
7,386
USD
3,752,773
EUR
3,126,287
HSBC
Bank
plc
09/16/26
113,984
262,742
USD
24,792
BRL
130,181
BNP
Paribas
SA
04/02/26
(
340
)
USD
30,000
BRL
157,830
Citibank
NA
04/02/26
(
470
)
USD
218,601
BRL
1,221,000
JPMorgan
Chase
Bank
NA
04/02/26
(
17,119
)
THB
6,827,186
USD
220,406
Barclays
Bank
plc
04/17/26
(
13,144
)
THB
2,147,913
USD
69,322
Citibank
NA
04/17/26
(
4,114
)
THB
1,077,156
USD
34,764
JPMorgan
Chase
Bank
NA
04/17/26
(
2,063
)
EGP
2,747,485
USD
55,900
Citibank
NA
04/20/26
(
6,580
)
CHF
22,798
USD
29,000
BNP
Paribas
SA
04/24/26
(
415
)
CLP
139,278,720
USD
150,500
UBS
AG
04/24/26
(
67
)
CZK
2,196,700
USD
103,982
HSBC
Bank
plc
04/24/26
(
501
)
EUR
24,400
HUF
9,515,349
Standard
Chartered
Bank
04/24/26
(
333
)
GBP
21,000
USD
28,097
HSBC
Bank
plc
04/24/26
(
302
)
IDR
4,696,170,310
USD
277,476
Citibank
NA
04/24/26
(
848
)
INR
21,588,438
USD
230,355
JPMorgan
Chase
Bank
NA
04/24/26
(
838
)
KRW
32,393,304
USD
21,600
HSBC
Bank
plc
04/24/26
(
53
)
MXN
5,263,941
USD
294,300
Morgan
Stanley
&
Co.
International
plc
04/24/26
(
1,143
)
MYR
1,577,781
USD
403,318
Barclays
Bank
plc
04/24/26
(
13,311
)
PLN
802,257
USD
217,508
Morgan
Stanley
&
Co.
International
plc
04/24/26
(
1,403
)
RON
226,577
USD
51,483
HSBC
Bank
plc
04/24/26
(
177
)
THB
9,764,979
USD
298,696
HSBC
Bank
plc
04/24/26
(
2,062
)
USD
38,000
CLP
35,435,000
Citibank
NA
04/24/26
(
273
)
USD
230,355
INR
21,828,468
Citibank
NA
04/24/26
(
1,714
)
USD
21,171
MXN
382,282
JPMorgan
Chase
Bank
NA
04/24/26
(
119
)
USD
36,829
MXN
664,301
Morgan
Stanley
&
Co.
International
plc
04/24/26
(
167
)
USD
29,000
PEN
101,499
Deutsche
Bank
AG
04/24/26
(
130
)
USD
38,000
PHP
2,317,620
Barclays
Bank
plc
04/24/26
(
197
)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
22
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
38,000
THB
1,252,290
Citibank
NA
04/24/26
$
(
41
)
ZAR
5,373,692
USD
317,631
Citibank
NA
04/24/26
(
610
)
IDR
521,388,294
USD
30,909
BNP
Paribas
SA
04/27/26
(
199
)
MXN
1,478,371
USD
85,071
Morgan
Stanley
&
Co.
International
plc
04/27/26
(
2,759
)
MXN
995,723
USD
55,628
UBS
AG
04/27/26
(
189
)
PEN
170,146
USD
50,595
Barclays
Bank
plc
04/27/26
(
1,770
)
PHP
291,397
USD
4,928
Barclays
Bank
plc
04/27/26
(
127
)
PHP
1,177,339
USD
19,457
Citibank
NA
04/27/26
(
57
)
PHP
824,597
USD
13,641
Goldman
Sachs
International
04/27/26
(
54
)
PHP
824,660
USD
13,650
JPMorgan
Chase
Bank
NA
04/27/26
(
62
)
THB
2,478,681
USD
78,392
Barclays
Bank
plc
04/27/26
(
3,076
)
USD
250,386
COP
943,642,936
Morgan
Stanley
&
Co.
International
plc
04/27/26
(
4,639
)
USD
8,982
IDR
152,607,546
Morgan
Stanley
&
Co.
International
plc
04/27/26
(
7
)
USD
40,347
IDR
686,763,828
Standard
Chartered
Bank
04/27/26
(
104
)
USD
891
TRY
41,247
Barclays
Bank
plc
04/27/26
(
7
)
ZAR
672,631
USD
40,222
Goldman
Sachs
International
04/28/26
(
553
)
PEN
143,788
USD
43,000
Citibank
NA
05/04/26
(
1,754
)
USD
383,434
BRL
2,026,060
BNP
Paribas
SA
05/05/26
(
5,149
)
USD
26,247
BRL
146,150
JPMorgan
Chase
Bank
NA
06/02/26
(
1,592
)
USD
91,455
BRL
488,095
BNP
Paribas
SA
06/09/26
(
1,362
)
USD
46,334
BRL
249,592
Morgan
Stanley
&
Co.
International
plc
06/09/26
(
1,129
)
USD
46,334
IDR
788,141,340
Barclays
Bank
plc
06/09/26
(
6
)
EUR
403,000
USD
469,225
HSBC
Bank
plc
06/17/26
(
1,779
)
MXN
2,068,576
USD
114,889
Bank
of
America
NA
06/17/26
(
243
)
MXN
68,821
USD
3,831
Goldman
Sachs
International
06/17/26
(
17
)
MXN
3,338,012
USD
186,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
(
998
)
USD
77,331
BRL
412,859
Bank
of
America
NA
06/17/26
(
1,028
)
USD
317,970
BRL
1,703,813
HSBC
Bank
plc
06/17/26
(
5,406
)
USD
14,643,608
EUR
12,694,000
Barclays
Bank
plc
06/17/26
(
80,372
)
USD
64,071
JPY
10,118,000
UBS
AG
06/17/26
(
95
)
ZAR
2,498,824
USD
151,174
BNP
Paribas
SA
06/17/26
(
4,359
)
ZAR
1,947,714
USD
115,188
Citibank
NA
06/17/26
(
752
)
EGP
1,987,743
USD
39,206
Citibank
NA
06/22/26
(
4,794
)
USD
56,907
COP
217,455,923
JPMorgan
Chase
Bank
NA
07/07/26
(
992
)
(
193,964
)
$
68,778
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
EUR
Currency
................
One-Touch
Deutsche
Bank
AG
06/04/26
USD
1.13
USD
1.13
EUR
12
$
1,871
$
–
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
USD
Currency
...........................
HSBC
Bank
plc
05/04/26
IDR
16,400.00
USD
66
$
11
$
—
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
23
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.00%
At
Termination
Goldman
Sachs
International
06/08/26
3
.00
%
USD
3,251
$
890
(a)
Forward
settling
swaption.
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
.............................
Bank
of
America
NA
05/04/26
ZAR
16.74
USD
178
$
(
4,537
)
USD
Currency
.............................
Barclays
Bank
plc
05/04/26
BRL
5.65
USD
176
(
485
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
05/04/26
MXN
18.05
USD
176
(
2,459
)
EUR
Currency
.............................
Deutsche
Bank
AG
05/15/26
MXN
20.55
EUR
103
(
2,386
)
USD
Currency
.............................
HSBC
Bank
plc
05/15/26
CLP
905.00
USD
52
(
1,806
)
USD
Currency
.............................
HSBC
Bank
plc
05/15/26
ZAR
17.50
USD
78
(
955
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
06/29/26
BRL
5.35
USD
134
(
3,176
)
–
(
15,804
)
–
Put
USD
Currency
.............................
Barclays
Bank
plc
05/04/26
COP
3,520.00
USD
44
(
67
)
USD
Currency
.............................
Barclays
Bank
plc
05/04/26
IDR
16,400.00
USD
66
(
11
)
USD
Currency
.............................
Barclays
Bank
plc
05/04/26
BRL
5.15
USD
176
(
1,890
)
EUR
Currency
.............................
Deutsche
Bank
AG
05/15/26
MXN
20.55
EUR
103
(
785
)
USD
Currency
.............................
HSBC
Bank
plc
05/15/26
CLP
905.00
USD
52
(
651
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
06/24/26
BRL
5.11
USD
372
(
4,555
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
06/24/26
MXN
17.32
USD
372
(
2,428
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
06/29/26
BRL
5.35
USD
134
(
4,807
)
–
(
15,194
)
–
$
(
30,998
)
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Call
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
5
.00
%
iTraxx
Europe
Crossover
Index
Series
44.V1
Quarterly
JPMorgan
Chase
Bank
NA
06/17/26
BB-
EUR
300.00
EUR
202
$
(
1,878
)
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
44.V1
5
.00
%
Quarterly
JPMorgan
Chase
Bank
NA
06/17/26
BB-
EUR
300.00
EUR
202
(
5,228
)
$
(
7,106
)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
24
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
1-Year
Interest
Rate
Swap
(a)
.
2.50%
At
Termination
1-day
SOFR
At
Termination
Goldman
Sachs
International
06/08/26
2
.50
%
USD
3,251
$
(
271
)
Put
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.50%
At
Termination
Goldman
Sachs
International
06/08/26
3
.50
USD
3,251
(
9,551
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Deutsche
Bank
AG
06/30/26
4
.00
USD
3,483
(
5,098
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.80%
Annual
Deutsche
Bank
AG
09/14/26
3
.80
USD
3,094
(
11,551
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.85%
Annual
Goldman
Sachs
International
10/21/26
3
.85
USD
3,131
(
11,912
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Morgan
Stanley
&
Co.
International
plc
12/08/27
4
.00
USD
1,369
(
8,059
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.50%
Annual
Bank
of
America
NA
12/16/27
4
.50
USD
2,087
(
7,481
)
(
53,652
)
$
(
53,923
)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx
Europe
Crossover
Index
Series
44.V1
.
5
.00
%
Quarterly
12/20/30
EUR
146
$
(
12,493
)
$
(
15,263
)
$
2,770
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
45.V2
...........
5
.00
%
Quarterly
12/20/30
B+
USD
1,110
$
60,292
$
80,605
$
(
20,313
)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
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)
4.53%
Annual
1-day
SOFR
Annual
N/A
04/01/26
USD
4,000
$
(
14,890
)
$
—
$
(
14,890
)
8.18%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
04/02/26
ZAR
271
(
56
)
—
(
56
)
8.15%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
05/07/26
ZAR
502
(
104
)
—
(
104
)
1-day
TIIEOIS
Monthly
7.73%
Monthly
N/A
05/11/26
MXN
522
40
—
40
1-day
TIIEOIS
Monthly
7.73%
Monthly
N/A
05/11/26
MXN
1,424
109
—
109
1-day
TIIEOIS
Monthly
7.66%
Monthly
N/A
06/01/26
MXN
596
64
—
64
1-day
TIIEOIS
Monthly
7.72%
Monthly
N/A
06/01/26
MXN
219
25
—
25
7.97%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
06/06/26
ZAR
355
(
70
)
—
(
70
)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
25
Centrally
Cleared
Interest
Rate
Swaps
(continued)
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)
7.73%
Monthly
1-day
TIIEOIS
Monthly
N/A
06/19/26
MXN
2,751
$
(
315
)
$
—
$
(
315
)
1-day
TIIEOIS
Monthly
7.69%
Monthly
N/A
06/26/26
MXN
122
18
—
18
1-day
TIIEOIS
Monthly
7.49%
Monthly
N/A
08/04/26
MXN
243
35
—
35
6.91%
Monthly
1-day
TIIEOIS
Monthly
N/A
09/11/26
MXN
5,547
(
144
)
—
(
144
)
6.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
1,963
(
13
)
—
(
13
)
6.86%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
805
14
—
14
6.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
405
(
3
)
5
(
8
)
7.03%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
1,741
(
55
)
—
(
55
)
7.06%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
822
(
32
)
—
(
32
)
4.43%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
84
(
547
)
—
(
547
)
4.21%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
406
(
2,415
)
—
(
2,415
)
4.22%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
167
(
997
)
—
(
997
)
4.46%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
360
(
2,383
)
—
(
2,383
)
4.31%
At
Termination
6-mo.
WIBOR
Semi-Annual
N/A
09/17/26
PLN
170
(
1,066
)
—
(
1,066
)
5.24%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/19/26
PLN
406
(
3,547
)
—
(
3,547
)
6.92%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/23/26
ZAR
382
1
—
1
1-day
TIIEOIS
Monthly
7.62%
Monthly
N/A
11/18/26
MXN
394
116
—
116
1-day
TIIEOIS
Monthly
9.26%
Monthly
N/A
11/18/26
MXN
1,074
984
—
984
13.84%
At
Termination
1-day
BZDIOVER
At
Termination
N/A
01/04/27
BRL
88
71
—
71
13.70%
At
Termination
1-day
BZDIOVER
At
Termination
N/A
01/04/27
BRL
41
39
—
39
13.88%
At
Termination
1-day
BZDIOVER
At
Termination
N/A
01/04/27
BRL
670
625
—
625
6-mo.
BUBOR
Semi-Annual
6.04%
Annual
N/A
03/19/27
HUF
2,568
(
66
)
—
(
66
)
6-mo.
BUBOR
Semi-Annual
6.50%
Annual
N/A
03/19/27
HUF
7,004
(
89
)
—
(
89
)
7.25%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/19/27
ZAR
457
(
16
)
—
(
16
)
5.13%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/19/27
PLN
116
(
300
)
—
(
300
)
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/19/27
PLN
194
(
508
)
—
(
508
)
6-mo.
BUBOR
Semi-Annual
5.68%
Annual
N/A
09/17/27
HUF
18,004
456
—
456
6-mo.
BUBOR
Semi-Annual
5.76%
Annual
N/A
09/17/27
HUF
11,000
328
—
328
6-mo.
BUBOR
Semi-Annual
5.94%
Annual
N/A
09/17/27
HUF
7,542
306
—
306
6-mo.
BUBOR
Semi-Annual
6.02%
Annual
N/A
09/17/27
HUF
13,400
600
—
600
6-mo.
BUBOR
Semi-Annual
6.10%
Annual
N/A
09/17/27
HUF
3,715
183
—
183
6-mo.
BUBOR
Semi-Annual
6.20%
Annual
N/A
09/17/27
HUF
7,384
406
—
406
7.02%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
405
84
—
84
6.99%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
457
105
—
105
7.08%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
191
29
—
29
6.79%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
187
75
—
75
6.93%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
94
26
3
23
4.27%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
275
(
1,547
)
—
(
1,547
)
4.05%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
130
(
581
)
—
(
581
)
3.97%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
310
(
1,263
)
—
(
1,263
)
4.03%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
127
(
557
)
—
(
557
)
4.18%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
64
(
330
)
—
(
330
)
1-day
SOFR
At
Termination
3.23%
At
Termination
12/11/26
(a)
12/11/27
USD
1,619
(
6,051
)
—
(
6,051
)
1-day
BZDIOVER
At
Termination
13.75%
At
Termination
N/A
01/03/28
BRL
2,434
35
—
35
1-day
BZDIOVER
At
Termination
13.80%
At
Termination
N/A
01/03/28
BRL
293
55
—
55
1-day
BZDIOVER
At
Termination
13.81%
At
Termination
N/A
01/03/28
BRL
988
208
—
208
6-mo.
BUBOR
Semi-Annual
5.76%
Annual
N/A
03/18/28
HUF
2,740
(
207
)
—
(
207
)
3.33%
Quarterly
3-mo.
KLIBOR
Quarterly
N/A
03/18/28
MYR
349
144
—
144
3.49%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/18/28
PLN
47
209
—
209
1-day
TIIEOIS
Monthly
7.73%
Monthly
N/A
03/23/28
MXN
3,336
613
—
613
1.38%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
28,939
(
92
)
—
(
92
)
1.39%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
31,351
(
123
)
—
(
123
)
1.32%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
31,663
140
—
140
1.34%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
31,336
71
—
71
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
26
Centrally
Cleared
Interest
Rate
Swaps
(continued)
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)
1.32%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
31,166
$
147
$
—
$
147
4.31%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
5,250
(
96,737
)
—
(
96,737
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.59%
Quarterly
N/A
12/17/28
CNY
1,032
349
—
349
1-day
BZDIOVER
At
Termination
12.90%
At
Termination
N/A
01/02/29
BRL
77
(
335
)
—
(
335
)
1-day
BZDIOVER
At
Termination
13.01%
At
Termination
N/A
01/02/29
BRL
439
(
2,180
)
—
(
2,180
)
1-day
BZDIOVER
At
Termination
13.14%
At
Termination
N/A
01/02/29
BRL
220
(
960
)
—
(
960
)
1-day
BZDIOVER
At
Termination
13.29%
At
Termination
N/A
01/02/29
BRL
164
(
403
)
—
(
403
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.56%
Quarterly
N/A
03/18/29
CNY
61
11
—
11
1-day
TIIEOIS
Monthly
7.77%
Monthly
N/A
11/14/29
MXN
87
(
33
)
—
(
33
)
1-day
TIIEOIS
Monthly
9.04%
Monthly
N/A
11/14/29
MXN
237
455
—
455
8.97%
Monthly
1-day
TIIEOIS
Monthly
N/A
12/14/29
MXN
292
(
524
)
—
(
524
)
7.78%
Monthly
1-day
TIIEOIS
Monthly
N/A
12/14/29
MXN
107
43
—
43
1-day
MIBOR
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
5,273
(
20
)
—
(
20
)
1-day
MIBOR
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
5,273
(
6
)
—
(
6
)
7.80%
Monthly
1-day
TIIEOIS
Monthly
N/A
02/07/30
MXN
133
56
—
56
8.65%
Monthly
1-day
TIIEOIS
Monthly
N/A
02/07/30
MXN
361
(
436
)
—
(
436
)
1-day
SOFR
Annual
3.92%
Annual
N/A
02/26/30
USD
1,400
17,046
—
17,046
6-mo.
PRIBOR
Semi-Annual
3.46%
Annual
N/A
03/19/30
CZK
655
(
994
)
—
(
994
)
6-mo.
PRIBOR
Semi-Annual
3.60%
Annual
N/A
03/19/30
CZK
240
(
303
)
—
(
303
)
6-mo.
BUBOR
Semi-Annual
6.15%
Annual
N/A
03/19/30
HUF
1,065
(
108
)
—
(
108
)
6-mo.
BUBOR
Semi-Annual
6.55%
Annual
N/A
03/19/30
HUF
2,905
(
176
)
—
(
176
)
7.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/19/30
ZAR
1,078
(
856
)
—
(
856
)
7.73%
Monthly
1-day
TIIEOIS
Monthly
N/A
05/06/30
MXN
361
235
—
235
7.82%
Monthly
1-day
TIIEOIS
Monthly
N/A
05/06/30
MXN
133
62
—
62
7.77%
Monthly
1-day
TIIEOIS
Monthly
N/A
05/27/30
MXN
163
93
—
93
7.82%
Monthly
1-day
TIIEOIS
Monthly
N/A
05/27/30
MXN
60
28
—
28
6-mo.
EURIBOR
Semi-Annual
2.20%
Annual
N/A
06/04/30
EUR
133
(
2,224
)
—
(
2,224
)
1-day
TIIEOIS
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
137
(
66
)
—
(
66
)
1-day
TIIEOIS
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
373
(
180
)
—
(
180
)
6-mo.
PRIBOR
Semi-Annual
3.56%
Annual
N/A
06/18/30
CZK
201
(
119
)
—
(
119
)
6-mo.
PRIBOR
Semi-Annual
3.62%
Annual
N/A
06/18/30
CZK
74
(
66
)
—
(
66
)
7.77%
Monthly
1-day
TIIEOIS
Monthly
N/A
06/21/30
MXN
44
26
—
26
1-day
TIIEOIS
Monthly
7.72%
Monthly
N/A
06/24/30
MXN
376
(
261
)
—
(
261
)
1-day
TIIEOIS
Monthly
7.67%
Monthly
N/A
07/30/30
MXN
201
(
168
)
—
(
168
)
1-day
TIIEOIS
Monthly
7.69%
Monthly
N/A
07/30/30
MXN
2,161
(
1,720
)
—
(
1,720
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.45%
Quarterly
N/A
09/17/30
CNY
677
(
531
)
—
(
531
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.56%
Quarterly
N/A
09/17/30
CNY
90
(
7
)
—
(
7
)
6-mo.
PRIBOR
Semi-Annual
3.39%
Annual
N/A
09/17/30
CZK
358
(
378
)
—
(
378
)
6-mo.
PRIBOR
Semi-Annual
3.41%
Annual
N/A
09/17/30
CZK
855
(
881
)
—
(
881
)
6-mo.
PRIBOR
Semi-Annual
3.55%
Annual
N/A
09/17/30
CZK
748
(
535
)
—
(
535
)
6-mo.
PRIBOR
Semi-Annual
3.62%
Annual
N/A
09/17/30
CZK
240
(
138
)
—
(
138
)
6-mo.
PRIBOR
Semi-Annual
3.64%
Annual
N/A
09/17/30
CZK
719
(
378
)
—
(
378
)
6-mo.
PRIBOR
Semi-Annual
3.81%
Annual
N/A
09/17/30
CZK
478
(
73
)
—
(
73
)
6-mo.
WIBOR
Semi-Annual
4.14%
Annual
N/A
09/17/30
PLN
109
145
—
145
6-mo.
WIBOR
Semi-Annual
4.14%
Annual
N/A
09/17/30
PLN
97
118
—
118
6-mo.
BUBOR
Semi-Annual
5.96%
Annual
N/A
09/17/30
HUF
2,905
(
132
)
—
(
132
)
6-mo.
BUBOR
Semi-Annual
6.16%
Annual
N/A
09/17/30
HUF
1,217
(
25
)
—
(
25
)
6-mo.
BUBOR
Semi-Annual
6.21%
Annual
N/A
09/17/30
HUF
599
(
8
)
—
(
8
)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
27
Centrally
Cleared
Interest
Rate
Swaps
(continued)
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)
6-mo.
BUBOR
Semi-Annual
6.22%
Annual
N/A
09/17/30
HUF
1,511
$
(
19
)
$
—
$
(
19
)
6-mo.
BUBOR
Semi-Annual
6.27%
Annual
N/A
09/17/30
HUF
1,191
(
7
)
—
(
7
)
7.49%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
1,210
321
—
321
7.60%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
1,078
33
—
33
7.63%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
572
(
23
)
—
(
23
)
7.37%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
282
155
27
128
7.22%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
560
499
—
499
6-mo.
PRIBOR
Semi-Annual
3.91%
Annual
N/A
12/17/30
CZK
2,309
(
2,044
)
—
(
2,044
)
4.10%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/17/30
PLN
114
581
—
581
4.08%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/17/30
PLN
114
602
—
602
4.08%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/17/30
PLN
113
596
—
596
1-day
BZDIOVER
At
Termination
13.06%
At
Termination
N/A
01/02/31
BRL
118
(
605
)
—
(
605
)
1-day
BZDIOVER
At
Termination
13.18%
At
Termination
N/A
01/02/31
BRL
219
(
896
)
—
(
896
)
1-day
TIIEOIS
Monthly
7.53%
Monthly
N/A
01/03/31
MXN
99
(
127
)
—
(
127
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.64%
Quarterly
N/A
03/18/31
CNY
45
15
—
15
6-mo.
PRIBOR
Semi-Annual
3.74%
Annual
N/A
03/18/31
CZK
374
(
502
)
—
(
502
)
6-mo.
PRIBOR
Semi-Annual
3.97%
Annual
N/A
03/18/31
CZK
908
(
775
)
—
(
775
)
6-mo.
BUBOR
Semi-Annual
5.98%
Annual
N/A
03/18/31
HUF
619
(
88
)
—
(
88
)
6.75%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/18/31
ZAR
631
1,441
—
1,441
6.69%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/18/31
ZAR
269
658
—
658
3.58%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/18/31
CZK
237
399
—
399
3.62%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/18/31
CZK
237
382
—
382
1-day
TIIEOIS
Monthly
8.05%
Monthly
N/A
03/21/31
MXN
1,030
(
170
)
—
(
170
)
1-day
TIIEOIS
Monthly
8.09%
Monthly
N/A
03/24/31
MXN
926
(
64
)
—
(
64
)
1-day
TIIEOIS
Monthly
8.17%
Monthly
04/06/26
(a)
03/31/31
MXN
210
—
—
—
1-day
SOFR
Annual
3.86%
Annual
N/A
04/01/31
USD
400
3,116
—
3,116
1-day
THOR
Quarterly
1.62%
Quarterly
06/17/26
(a)
06/17/31
THB
4,452
(
1,007
)
—
(
1,007
)
1-day
MIBOR
Semi-Annual
6.51%
Semi-Annual
06/17/26
(a)
06/17/31
INR
10,443
(
1,518
)
—
(
1,518
)
4.40%
Annual
6-mo.
WIBOR
Semi-Annual
06/17/26
(a)
06/17/31
PLN
238
604
—
604
4.12%
Annual
6-mo.
WIBOR
Semi-Annual
06/17/26
(a)
06/17/31
PLN
237
1,382
—
1,382
1-day
MIBOR
Semi-Annual
6.44%
Semi-Annual
N/A
09/18/34
INR
2,963
(
928
)
—
(
928
)
1-day
SOFR
Annual
3.70%
Annual
N/A
01/06/35
USD
343
(
2,861
)
—
(
2,861
)
1-day
THOR
Quarterly
1.38%
Quarterly
N/A
09/17/35
THB
122
(
230
)
—
(
230
)
1.35%
Quarterly
1-day
THOR
Quarterly
N/A
09/17/35
THB
122
238
84
154
1-day
TIIEOIS
Monthly
8.27%
Monthly
N/A
12/05/35
MXN
1,057
(
756
)
—
(
756
)
1-day
TIIEOIS
Monthly
8.00%
Monthly
N/A
12/28/35
MXN
57
(
100
)
—
(
100
)
1-day
TONAR
Annual
2.87%
Annual
N/A
03/30/56
JPY
8,868
(
1,729
)
—
(
1,729
)
1-day
TONAR
Annual
2.88%
Annual
N/A
03/30/56
JPY
8,878
(
1,549
)
—
(
1,549
)
1-day
TONAR
Annual
2.89%
Annual
N/A
03/30/56
JPY
8,936
(
1,485
)
—
(
1,485
)
1-day
TONAR
Annual
2.95%
Annual
N/A
03/30/56
JPY
8,862
(
821
)
—
(
821
)
1-day
TONAR
Annual
2.98%
Annual
N/A
03/30/56
JPY
10,445
(
499
)
—
(
499
)
$
(
133,081
)
$
119
$
(
133,200
)
(a)
Forward
swap.
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
28
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Altice
France
SA
......
5
.00
%
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
CCC+
EUR
51
$
1,944
$
1,034
$
910
Altice
France
SA
......
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
CCC+
EUR
49
1,867
1,325
542
$
3,811
$
2,359
$
1,452
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
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)
8.07%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
16,818
$
113
$
—
$
113
8.40%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
7,045
41
—
41
8.61%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
14,916
79
—
79
8.64%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
6,898
36
—
36
8.69%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
3,471
18
—
18
7.25%
Quarterly
1-day
IBR
Quarterly
Barclays
Bank
plc
N/A
09/25/26
COP
16,818
96
—
96
1-day
IBR
Quarterly
9.31%
Quarterly
Goldman
Sachs
International
N/A
12/17/27
COP
118,922
(
1,419
)
—
(
1,419
)
1-day
IBR
Quarterly
9.37%
Quarterly
Goldman
Sachs
International
N/A
12/17/27
COP
118,051
(
1,378
)
—
(
1,378
)
1-day
IBR
Quarterly
9.54%
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
12/17/27
COP
234,375
(
2,565
)
—
(
2,565
)
4.44%
Semi-Annual
1-day
CLICP
Semi-Annual
Goldman
Sachs
International
N/A
12/17/27
CLP
119,115
1,019
—
1,019
1-day
IBR
Quarterly
10.78%
Quarterly
Goldman
Sachs
International
N/A
03/18/28
COP
25,606
(
162
)
—
(
162
)
1-day
BZDIOVER
At
Termination
12.44%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/02/29
BRL
785
(
8,902
)
—
(
8,902
)
1-day
BZDIOVER
At
Termination
12.95%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
279
(
1,797
)
—
(
1,797
)
1-day
BZDIOVER
At
Termination
13.00%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
325
(
1,973
)
—
(
1,973
)
1-day
BZDIOVER
At
Termination
13.00%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
500
(
3,035
)
—
(
3,035
)
1-day
BZDIOVER
At
Termination
13.12%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
1,306
(
6,923
)
—
(
6,923
)
1-day
BZDIOVER
At
Termination
13.31%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
31
(
125
)
—
(
125
)
1-day
BZDIOVER
At
Termination
13.33%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
70
(
300
)
—
(
300
)
1-day
BZDIOVER
At
Termination
13.34%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
61
(
215
)
—
(
215
)
1-day
BZDIOVER
At
Termination
13.34%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
193
(
753
)
—
(
753
)
1-day
BZDIOVER
At
Termination
13.42%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
133
(
445
)
—
(
445
)
1-day
BZDIOVER
At
Termination
13.43%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
29
(
101
)
—
(
101
)
1-day
BZDIOVER
At
Termination
14.03%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
70
105
—
105
9.36%
Quarterly
1-day
IBR
Quarterly
Goldman
Sachs
International
N/A
12/17/29
COP
65,963
1,296
—
1,296
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
29
OTC
Interest
Rate
Swaps
(continued)
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)
9.42%
Quarterly
1-day
IBR
Quarterly
Goldman
Sachs
International
N/A
12/17/29
COP
65,769
$
1,260
$
—
$
1,260
9.54%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
12/17/29
COP
128,979
2,345
—
2,345
10.60%
Quarterly
1-day
IBR
Quarterly
Goldman
Sachs
International
N/A
03/18/30
COP
14,163
135
—
135
5.42%
Semi-Annual
1-day
CLICP
Semi-Annual
BNP
Paribas
SA
06/17/26
(a)
06/17/36
CLP
17,415
(
165
)
—
(
165
)
$
(
23,715
)
$
—
$
(
23,715
)
(a)
Forward
swap.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
..........
At
Termination
1-day
SOFR
Quarterly
Bank
of
America
NA
06/20/26
USD
468
$
543
$
171
$
372
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Bank
of
America
NA
06/22/26
USD
449
(
1,838
)
(
3,379
)
1,541
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Barclays
Bank
plc
06/22/26
USD
410
(
2,105
)
(
3,086
)
981
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
06/22/26
USD
1,463
(
5,244
)
(
11,124
)
5,880
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/22/26
USD
302
(
1,275
)
(
2,274
)
999
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
Investment
Grade
Total
Return
Index
At
Termination
Goldman
Sachs
International
06/22/26
USD
229
536
(
1,683
)
2,219
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
Investment
Grade
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
06/22/26
USD
469
(
1,652
)
(
3,609
)
1,957
iBoxx
USD
Liquid
Investment
Grade
Total
Return
Index
.
At
Termination
1-day
SOFR
Quarterly
JPMorgan
Chase
Bank
NA
06/22/26
USD
410
(
962
)
3,019
(
3,981
)
$
(
11,997
)
$
(
21,965
)
$
9,968
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
.05
%
1-day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0
.01
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
9
.64
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
6
.98
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
3
.65
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
0
.99
1-day
TIIEOIS
........................................
Mexico
Interbank
TIIE
1-day
6
.94
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0
.73
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
1
.49
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
30
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Reference
Index
Reference
Rate
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
6
.75
%
3-mo.
KLIBOR
........................................
Kuala
Lumpur
Interbank
Offered
Rate
3
.37
3-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
3
.75
6-mo.
BUBOR
........................................
Budapest
Interbank
Offered
Rate
6
.62
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2
.48
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
3
.62
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
3
.79
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)
............................................
$
80,724
$
(
15,263
)
$
38,706
$
(
189,449
)
$
—
OTC
Swaps
.....................................................
5,549
(
25,155
)
21,944
(
34,239
)
—
Options
Written
...................................................
N/A
N/A
8,094
(
34,162
)
(
92,027
)
(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)
......
$
—
$
—
$
—
$
—
$
86,626
$
—
$
86,626
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
262,742
—
—
262,742
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
............
—
—
—
1,882
890
—
2,772
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
2,770
—
—
35,936
—
38,706
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
3,811
—
—
23,682
—
27,493
$
—
$
6,581
$
—
$
264,624
$
147,134
$
—
$
418,339
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
179,084
$
—
$
179,084
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
193,964
—
—
193,964
Options
written
(b)
Options
written
at
value
.....................
—
7,106
—
30,998
53,923
—
92,027
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
20,313
—
—
169,136
—
189,449
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
59,394
—
59,394
$
—
$
27,419
$
—
$
224,962
$
461,537
$
—
$
713,918
(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
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
31
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
For
the
period
ended
March
31,
2026,
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
.......................
$
—
$
—
$
—
$
—
$
(
127,460
)
$
—
$
(
127,460
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
556,765
—
—
556,765
Options
purchased
(a)
.....................
—
—
—
—
(
7,748
)
—
(
7,748
)
Options
written
........................
—
—
—
2,780
34,592
—
37,372
Swaps
..............................
—
75,731
(
9,733
)
—
(
85,479
)
—
(
19,481
)
$
—
$
75,731
$
(9,733)
$
559,545
$
(186,095)
$
—
$
439,448
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
(
114,395
)
$
—
$
(
114,395
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
8,991
—
—
8,991
Options
purchased
(b)
.....................
—
—
—
317
4,556
—
4,873
Options
written
........................
—
(
1,024
)
—
(
3,788
)
(
30,304
)
—
(
35,116
)
Swaps
..............................
—
(
53,376
)
—
—
(
16,341
)
—
(
69,717
)
$
—
$
(54,400)
$
—
$
5,520
$
(156,484)
$
—
$
(205,364)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
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
..................................................................................
$
30,635,954
Average
notional
value
of
contracts
—
short
.................................................................................
4,885,262
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
28,812,621
Average
amounts
sold
—
in
USD
........................................................................................
6,503,488
Options
Average
value
of
option
contracts
purchased
................................................................................
941
Average
value
of
option
contracts
written
...................................................................................
15,519
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
3,250,747
Average
notional
value
of
swaption
contracts
written
...........................................................................
17,346,877
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
84,146
Average
notional
value
—
sell
protection
...................................................................................
1,143,156
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
21,225,251
Average
notional
value
—
receives
fixed
rate
................................................................................
19,770,178
Total
return
swaps
Average
notional
value
...............................................................................................
2,479,700
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
18,282
$
11,536
Forward
f
oreign
currency
exchange
contracts
.................................................................
262,742
193,964
Options
(a)
(b)
........................................................................................
2,772
92,027
Swaps
—
centrally
cleared
..............................................................................
12,809
—
Swaps
—
OTC
(c)
.....................................................................................
27,493
59,394
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
324,098
$
356,921
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
31,091
)
(
11,536
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
293,007
$
345,385
(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
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statement
of
Assets
and
Liabilities.
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
32
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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.
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
...............................
$
3,525
$
(
3,525
)
$
—
$
—
$
—
Barclays
Bank
plc
................................
5,496
(
5,496
)
—
—
—
BNP
Paribas
SA
.................................
6,456
(
6,456
)
—
—
—
Citibank
NA
.....................................
26,572
(
22,007
)
—
—
4,565
Deutsche
Bank
AG
................................
2,510
(
2,510
)
—
—
—
Goldman
Sachs
International
.........................
7,052
(
7,052
)
—
—
—
HSBC
Bank
plc
..................................
129,416
(
13,692
)
—
—
115,724
JPMorgan
Chase
Bank
NA
..........................
72,890
(
57,507
)
—
—
15,383
Morgan
Stanley
&
Co.
International
plc
..................
22,001
(
22,001
)
—
—
—
Standard
Chartered
Bank
...........................
14,636
(
437
)
—
—
14,199
UBS
AG
.......................................
2,453
(
351
)
—
—
2,102
$
293,007
$
(
141,034
)
$
—
$
—
$
151,973
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
...............................
$
27,806
$
(
3,525
)
$
—
$
—
$
24,281
Barclays
Bank
plc
................................
122,078
(
5,496
)
—
—
116,582
BNP
Paribas
SA
.................................
11,989
(
6,456
)
—
—
5,533
Citibank
NA
.....................................
22,007
(
22,007
)
—
—
—
Deutsche
Bank
AG
................................
19,950
(
2,510
)
—
—
17,440
Goldman
Sachs
International
.........................
27,000
(
7,052
)
—
—
19,948
HSBC
Bank
plc
..................................
13,692
(
13,692
)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
57,507
(
57,507
)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
42,568
(
22,001
)
—
—
20,567
Standard
Chartered
Bank
...........................
437
(
437
)
—
—
—
UBS
AG
.......................................
351
(
351
)
—
—
—
$
345,385
$
(
141,034
)
$
—
$
—
$
204,351
(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
...................................
$
—
$
12,379,531
$
—
$
12,379,531
Common
Stocks
.........................................
—
—
12,149
12,149
Corporate
Bonds
Australia
.............................................
—
101,277
—
101,277
Belgium
.............................................
—
196,264
—
196,264
Brazil
...............................................
—
223,183
—
223,183
Canada
.............................................
—
594,787
—
594,787
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BATS:
High
Income
Taxable
Series
Schedule
of
Investments
33
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Czech
Republic
........................................
$
—
$
329,657
$
—
$
329,657
Denmark
.............................................
—
107,496
—
107,496
Finland
..............................................
—
337,628
—
337,628
France
..............................................
—
2,479,426
—
2,479,426
Germany
............................................
—
1,881,527
—
1,881,527
Greece
..............................................
—
235,120
—
235,120
Ireland
..............................................
—
443,529
—
443,529
Israel
...............................................
—
173,692
—
173,692
Italy
................................................
—
1,341,420
—
1,341,420
Japan
...............................................
—
343,109
—
343,109
Jersey,
Channel
Islands
...................................
—
101,573
—
101,573
Jordan
..............................................
—
198,938
—
198,938
Luxembourg
..........................................
—
1,434,239
—
1,434,239
Netherlands
...........................................
—
1,473,857
—
1,473,857
South
Korea
..........................................
—
206,124
—
206,124
Spain
...............................................
—
456,972
—
456,972
Switzerland
...........................................
—
176,964
—
176,964
United
Kingdom
........................................
—
3,798,603
—
3,798,603
United
States
..........................................
—
14,297,648
248,716
14,546,364
Uzbekistan
...........................................
—
203,440
—
203,440
Foreign
Agency
Obligations
.................................
—
897,686
—
897,686
Foreign
Government
Obligations
..............................
—
7,162,839
—
7,162,839
Non-Agency
Mortgage-Backed
Securities
........................
—
16,363,958
—
16,363,958
Preferred
Securities
.......................................
—
3,330,633
—
3,330,633
U.S.
Government
Sponsored
Agency
Securities
....................
—
17,962,778
—
17,962,778
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
329,815
—
329,815
Money
Market
Funds
......................................
18,192,613
—
—
18,192,613
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
1,882
—
1,882
Interest
rate
contracts
......................................
—
890
—
890
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(
2,704,746
)
—
(
2,704,746
)
$
18,192,613
$
86,861,739
$
260,865
$
105,315,217
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
4,222
$
—
$
4,222
Foreign
currency
exchange
contracts
............................
—
262,742
—
262,742
Interest
rate
contracts
.......................................
86,626
56,428
—
143,054
Liabilities
Credit
contracts
...........................................
—
(
27,419
)
—
(
27,419
)
Foreign
currency
exchange
contracts
............................
—
(
224,962
)
—
(
224,962
)
Interest
rate
contracts
.......................................
(
179,084
)
(
257,298
)
—
(
436,382
)
$
(
92,458
)
$
(
186,287
)
$
—
$
(
278,745
)
(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.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities
(unaudited)

March
31,
2026
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
34
BATS:
High
Income
Taxable
Series
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
108,019,963‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
201,000‌
Centrally
cleared
swaps
................................................................................................
161,000‌
Foreign
currency,
at
value
(b)
...............................................................................................
1,509,035‌
Receivables:
–‌
Options
written
......................................................................................................
7,842‌
Swaps
..........................................................................................................
11‌
TBA
sale
commitments
................................................................................................
2,701,454‌
Capital
shares
sold
...................................................................................................
299,998‌
Interest
—
unaffiliated
.................................................................................................
900,232‌
From
the
Manager
...................................................................................................
3,832‌
Variation
margin
on
futures
contracts
.......................................................................................
18,282‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
12,809‌
Swap
premiums
paid
...................................................................................................
5,549‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
262,742‌
OTC
swaps
........................................................................................................
21,944‌
Prepaid
e
xpenses
.....................................................................................................
241‌
Total
a
ssets
.........................................................................................................
114,125,934‌
LIABILITIES
Bank
overdraft
........................................................................................................
19,311‌
Options
written,
at
value
(c)
................................................................................................
92,027‌
TBA
sale
commitments,
at
value
(d)
..........................................................................................
2,704,746‌
Payables:
–‌
Investments
purchased
................................................................................................
15,969,194‌
Deferred
foreign
capital
gain
tax
..........................................................................................
9‌
Income
dividend
distributions
............................................................................................
432,813‌
Professional
fees
....................................................................................................
55,031‌
Variation
margin
on
futures
contracts
.......................................................................................
11,536‌
Swap
premiums
received
................................................................................................
25,155‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
193,964‌
OTC
swaps
........................................................................................................
34,239‌
Total
li
abilities
........................................................................................................
19,538,025‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
94,587,909‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
96,616,568‌
Accumulated
loss
.....................................................................................................
(
2,028,659‌
)
NET
ASSETS
........................................................................................................
$
94,587,909‌
(a)
  Investments,
at
cost
—
unaffiliated
.................................................................................
$
108,770,955‌
(b)
  Foreign
currency,
at
cost
.......................................................................................
$
1,510,275‌
(c)
  Premiums
received
...........................................................................................
$
65,959‌
(d)
  Proceeds
received
from
TBA
sale
commitments
.........................................................................
$
2,701,454‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2026
35
Statement
of
Assets
and
Liabilities
See
notes
to
financial
statements.
BATS:
High
Income
Taxable
Series
NET
ASSET
VALUE
Net
assets
.........................................................................................................
$
94,587,909‌
Shares
outstanding
...................................................................................................
9,647,696‌
Net
asset
value
.....................................................................................................
$
9.80‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
March
31,
2026
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
36
See
notes
to
financial
statements.
BATS:
High
Income
Taxable
Series
INVESTMENT
INCOME
Interest
—
unaffiliated
.................................................................................................
$
2,296,465‌
Payment-in-kind
interest
—
unaffiliated
.....................................................................................
10,843‌
Foreign
taxes
withheld
................................................................................................
(
2,625‌
)
Total
investment
income
.................................................................................................
2,304,683‌
EXPENSES
Professional
.......................................................................................................
20,785‌
Administration
.....................................................................................................
20,371‌
Trustees
and
Officer
..................................................................................................
1,121‌
Total
expenses
.......................................................................................................
42,277‌
Less:
–‌
Administration
fees
waived
.............................................................................................
(
20,371‌
)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
21,906‌
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
—‌
Net
investment
income
..................................................................................................
2,304,683‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
1,910,620‌
)
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
(a)
..........................................................................................
426,700‌
Forward
foreign
currency
exchange
contracts
...............................................................................
556,765‌
Foreign
currency
transactions
.........................................................................................
(
11,388‌
)
Futures
contracts
..................................................................................................
(
127,460‌
)
Options
written
...................................................................................................
37,372‌
Swaps
.........................................................................................................
(
19,481‌
)
A
862,508‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(b)
..........................................................................................
(
2,549,495‌
)
Forward
foreign
currency
exchange
contracts
...............................................................................
8,991‌
Foreign
currency
translations
..........................................................................................
(
13,394‌
)
Futures
contracts
..................................................................................................
(
114,395‌
)
Options
written
...................................................................................................
(
35,116‌
)
Swaps
.........................................................................................................
(
69,717‌
)
A
(2,773,126‌)
Net
realized
and
unrealized
loss
............................................................................................
(1,910,618‌)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
394,065‌
(a)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
..............................................................
$
(
682‌
)
(b)
  Net
of
reduction
in
deferred
foreign
capital
gain
tax
of
..........................................................................
$
364‌
Statements
of
Changes
in
Net
Assets

37
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
BATS:
High
Income
Taxable
Series
Six
Months
Ended
03/31/26
(unaudited)
Year
Ended
09/30/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
2,304,683
‌
$
4,072,055
‌
Net
realized
gain
(loss)
..............................................................................
862,508
‌
(
985,320
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(
2,773,126
)
1,142,130
‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
394,065
‌
4,228,865
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(2,806,013
)
(4,710,726
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
21,981,743
‌
19,578,602
‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
19,569,795
‌
19,096,741
‌
Beginning
of
period
..................................................................................
75,018,114
‌
55,921,373
‌
End
of
period
......................................................................................
$
94,587,909
‌
$
75,018,114
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
38
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
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.
(i)
Rounds
to
less
than
0.01%.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BATS:
High
Income
Taxable
Series
Six
Months
Ended
03/31/26
(unaudited)
Year
Ended
09/30/25
Period
from
03/06/24
(a)
to
09/30/24
Net
asset
value,
beginning
of
period
.........................................................
$
10.07
‌
$
10.16
‌
$
10.00
‌
Net
investment
income
(b)
.................................................................
0
.28
‌
0
.58
‌
0
.35
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.20
)
0.00
‌
0.17
‌
Net
increase
from
investment
operations
........................................................
0.08
‌
0.58
‌
0.52
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(
0
.35
)
(
0
.62
)
(
0
.36
)
From
net
realized
gain
...................................................................
—
‌
(
0
.05
)
—
‌
Total
distributions
.......................................................................
(0.35
)
(0.67
)
(0.36
)
Net
asset
value,
end
of
period
..............................................................
$
9.80
‌
$
10.07
‌
$
10.16
‌
Total
Return
(d)
Based
on
net
asset
value
..................................................................
0.76
%
(e)
5.99
%
5.28
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.........................................................................
0.10
%
(g)
0.11
%
0.12
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.00
%
(g)
0.00
%
(i)
0.00
%
(g)
(h)
Net
investment
income
....................................................................
5.66
%
(g)
5.77
%
6.09
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
94,588
‌
$
75,018
‌
$
55,921
‌
Portfolio
turnover
rate
(j)
....................................................................
192
%
292
%
137
%
Six
Months
Ended
03/31/26
(unaudited)
Year
Ended
09/30/25
Period
from
03/06/24
to
09/30/24
Portfolio
turnover
rate
(excluding
MDRs)
..................................................................
108%
193%
85%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
39
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:
High
Income
Taxable
Series
(the
“Fund”)
is
a
series
of
the
Trust.
The
Fund
is
classified
as
a non-diversified
fund under
the 1940
Act.
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
(the
“trade
dates”).
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.
For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
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,
2026
,
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.  
Cash:
The
Fund
may
maintain
cash
at its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
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.  
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
40
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
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.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Fund's
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that
the
Fund
operates
as
a
single
operating
segment
since
the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund's
financial
statements. 
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: 
Equity
investments
(except
ETF
options,
equity
index
options
or
those
that
are
customized) traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded
or,
if
a
reported
closing
price
is
not
available,
the
last
traded
price
on
the
exchange
or
market
on
which
the
security
or
instrument
is
primarily
traded
at
the
time
of
valuation
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
and
certain
derivative
instruments for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
(including
evaluated
prices) 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
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a
fund.
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
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
(except
ETF
options,
equity
index
options
or
those
that
are
customized)
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.
Customized
exchange-traded
equity
options,
ETF
options,
equity
index
options
and
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.
Interest
rate,
credit
default,
inflation
and
currency
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
market
data
and discounted
cash
flows.
Total
return
and
equity swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
models
that
incorporate
market
trades
and
fair
value
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
occurs
after the
close
of
the
local
markets.
Notes
to
Financial
Statements
(unaudited)
(continued)
41
Notes
to
Financial
Statements
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
as
of
the
measurement
date.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs:
(i)
recent
market
transactions,
including
secondary
market
transactions,
merger
or
acquisition
activity
and
subsequent
rounds
of
financing
in
the
underlying investment
or
comparable
issuers
(ii)
recapitalizations
and
other
transactions
across
the
capital
structure
(iii)
market
or
relevant
indices
multiples
of
comparable
issuers
(iv)
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks
(v)
quoted
prices
for
similar
investments
or
assets
in
active
markets
(vi)
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
recovery
rates,
liquidation
amounts
and/
or default
rates
(vii) audited
or
unaudited
financial
statements,
investor
communications
and
Private
Company
financial
or
operational
metrics
(viii) relevant
market
news
and
other
public
sources.
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
a
market
approach to
determine the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involves
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
Private
Companies
are
not
subject
to
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Certain
information
made
available
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 —
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
42
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.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
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. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
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
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.
Mortgage
Dollar
Roll
Transactions
:
The
Fund
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
Notes
to
Financial
Statements
(unaudited)
(continued)
43
Notes
to
Financial
Statements
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
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.
Swaptions
–
The
Fund
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Fund’s
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option. 
Barrier
options
–
The
Fund
may
purchase
and
write
a
variety
of
options
with
non-standard
payout
structures
or
other
features
(“barrier
options”)
that
are
generally
traded
OTC.
The
Fund
may
invest
in
various
types
of
barrier
options,
including
down-and-out
options,
down-and-in
options,
double
no-touch
options,
one-touch
options,
instant
one-touch
options,
up-and-out
options
and
up-and-in
options.
Down-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
falls
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
44
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Down-and-in
options
expire
worthless
to
the
purchaser
unless
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Double
no-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
does
not
reach
or
surpass
predetermined
barrier
price
levels
prior
to
the
option’s
expiration
date.
One-touch
options
and
instant
one-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
reaches
or
surpasses
predetermined
barrier
price
levels
prior
to
the
expiration
date.
Up-
and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level
prior
to
the
expiration
date.
Up-and-in
options
can
only
be
exercised
when
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level.
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.
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.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
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.
Forward
swaps
—
The
Fund
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
the
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
45
Notes
to
Financial
Statements
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,
majority-owned
subsidiary
of
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")
(collectively,
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.
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,
majority-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 the
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 six
months
ended
March
31,
2026,
the
amount
waived
was $21,906. 
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,
2035.
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 six
months
ended
March
31,
2026,
the
amount
was $20,371. 
The
Manager
contractually
agreed
to
waive
its
administration
fee
through
June
30,
2035.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
46
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
six
months ended
March
31,
2026,
purchases
and
sales
of
investments,
including
paydowns/payups,
mortgage
dollar
rolls
and
excluding
short-term
securities,
were
as
follows:
For
the six
months ended
March
31,
2026,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
$70,763,248
and
$70,802,019,
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,
2026,
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.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund's
NAV.
As
of
September
30,
2025, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains of
$245,884.
As
of
March
31,
2026, 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.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
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
Secured
Overnight
Financing
Rate
(“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
2027
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the six
months ended
March
31,
2026,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 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,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
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.
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
BATS:
High
Income
Taxable
Series
..........................................
$
129,013,696
$
125,887,376
$
39,472,359
$
36,677,455
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BATS:
High
Income
Taxable
Series
.....................................
$
108,822,892‌
$
1,202,647‌
$
(
2,221,654‌
)
$
(
1,019,007‌
)
Notes
to
Financial
Statements
(unaudited)
(continued)
47
Notes
to
Financial
Statements
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
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
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
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
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
48
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.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
were
as
follows:
As
of
March
31,
2026,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
5,000,000
shares
of
the
Fund.
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d                                                      
Six
Months
Ended
03/31/26
Year
Ended
09/30/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BATS:
High
Income
Taxable
Series
Shares
sold
..........................................
2,376,245
$
23,761,641
2,524,361
$
25,279,083
Shares
redeemed
......................................
(179,570
)
(1,779,898
)
(577,271
)
(5,700,481
)
2,196,675
$
21,981,743
1,947,090
$
19,578,602
Additional
Information
49
Additional
Information
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Trust
is
paid
by
the
Trust,
on
behalf
of
the
Fund.
General
Information 
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
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.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions.
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.
Additional
Information
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
50
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
Edinburgh,
EH3
5PP
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.
Westborough,
MA
01581
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02110
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
these
Financial
Statements
51
Glossary
of
Terms
Used
in
these
Financial
Statements
Currency
Abbreviation
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NGN
Nigerian
Naira
PEN
Peruvian
Sol
PHP
Philippine
Peso
PLN
Polish
Zloty
PYG
Paraguayan
Guarani
RON
Romanian
Leu
THB
Thai
Baht
TRY
Turkish
Lira
USD
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
BUBOR
Budapest
Interbank
Offered
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CLICP
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
CLO
Collateralized
Loan
Obligation
CNREPOFIX_CFXS
China
Fixing
Repo
Rates
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
EURIBOR
Euro
Interbank
Offered
Rate
IBR
Colombian
Reference
Banking
Indicator
JIBAR
Johannesburg
Interbank
Average
Rate
KLIBOR
Kuala
Lumpur
Interbank
Offered
Rate
MIBOR
Mumbai
Interbank
Offered
Rate
OTC
Over-the-counter
PIK
Payment-In-Kind
PRIBOR
Prague
Interbank
Offered
Rate
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
TIIEOIS
Mexico
Interbank
TIIE
1-day
TONAR
Tokyo
Overnight
Average
Rate
THOR
Thailand
Overnight
Repo
Rate
ON
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.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
 
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable
 
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
(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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) 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, 2026 
 
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, 2026 
 
By:     /s/ Trent Walker                                  
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Allocation Target Shares
 
Date: May 22, 2026 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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