BATS: Securitized Total Return Series
BlackRock Allocation Target Shares
Fund classification
Classified from what the fund holds · as of 2026 Q2
BATS: Securitized Total Return Series is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2025 Q4
The investment objective of the BATS: Securitized Total Return Series (formerly known as BATS: Series A Portfolio) (the Fund) is to seek a high level of current income consistent with capital preservation.
The fund invests at least 80% of assets in securitized assets including mortgage-backed securities, asset-backed securities, collateralized debt and loan obligations, and commercial mortgage loans, with at least 25% in mortgage-related securities. The management team evaluates individual securities and sectors within the securitized asset market and may use derivatives, repurchase agreements, and leveraged techniques to enhance returns. The fund may hold both investment-grade and non-investment-grade securities of any maturity and engages in active trading. Because security selection depends on the management team's evaluation, fund performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| C000146955 | 0.04% | 0.02% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 50.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 95.76% |
| Cash & short-term | 5.23% |
| Loans | 0.42% |
| Bonds | 0.33% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: BARCLAYS MORTGAGE LOAN TRUST 2026-NQM4, Perimeter Master Note Business, BX TRUST 2026-PNDA, FEDERAL NATIONAL MORTGAGE ASSOCIATION, QTS ISSUER ABS II, LLC, MANHATTAN WEST 2026-2MW MTG TR, MADISON PARK FUNDING XXXIII LTD, UPGRADE MASTER PASS-THRU TRUST SERIES 2026-ST2
Largest exited: Federal National Mortgage Association, GOLUB CAPITAL PARTNERS CLO 44(M)-R, CIM TRUST 2025-NR1, JW COMMERCIAL MORTGAGE TRUST 2024-MRCO, KENNEDY LEWIS CLO 7 LTD, MADISON PARK EURO FUNDING XVII DAC, CIFC Funding 2022-II Ltd. / CIFC Funding 2022-II LLC, GOLDEN TREE LN MGMT US 2021-11
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 75.9% |
| Fixed rate | 22.4% |
| Zero-coupon or unclassified | 1.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 0.5% |
| 3-5y | 2.2% |
| 5-10y | 12.8% |
| 10y+ | 84.4% |
| Unknown | 0.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 64% |
| Interest rates | 36% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.85 yr |
| High yield | +0.94 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 3% |
| 1 yr | 0.29 yr | 19% |
| 5 yr | 0.92 yr | 60% |
| 10 yr | 0.24 yr | 16% |
| 30 yr | 0.04 yr | 2% |
| 3 mo | 1.04 yr | 37% |
| 1 yr | 0.17 yr | 6% |
| 5 yr | 1.11 yr | 40% |
| 10 yr | 0.07 yr | 2% |
| 30 yr | 0.40 yr | 14% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.78 | +0.26 | $419.6k | $137.9k |
| 1 yr | +0.29 | +0.10 | +0.07 | $54.6k | $35.8k |
| 5 yr | +0.92 | +0.74 | +0.37 | $397.4k | $195.8k |
| 10 yr | +0.24 | +0.02 | +0.05 | $12.1k | $24.2k |
| 30 yr | +0.04 | +0.20 | +0.20 | $105.6k | $106.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | DREYFUS TREASURY SECURITIES CASH MANAGEMENT | 5.23% | $279.66M | — |
| — | BARCLAYS MORTGAGE LOAN TRUST 2026-NQM40.00% · due 2056-05-25 | 0.96% | $51.31M | — |
| — | BARCLAYS MORTGAGE LOAN TRUST 2025-N5.23% floating · due 2064-12-25 | 0.86% | $46.04M | — |
| — | BARCLAYS MORTGAGE LOAN TRUST 2025-NQM50.01% floating · due 2055-10-25 | 0.77% | $40.99M | — |
| — | BARCLAYS MORTGAGE LOAN TRUST 2025-NQM40.01% floating · due 2065-07-25 | 0.76% | $40.70M | — |
| — | BARCLAYS MORTGAGE LOAN TRUST 2026-NQM30.01% floating · due 2066-01-01 | 0.70% | $37.27M | — |
| — | BAHA TRUST 2024-MAR6.17% floating · due 2041-12-12 | 0.54% | $28.86M | — |
| — | Perimeter Master Note Business6.01% · due 2032-01-15 | 0.40% | $21.40M | — |
| — | BX TRUST 2026-PNDA4.93% floating · due 2043-05-15 | 0.40% | $21.36M | — |
| — | BARCLAYS MORTGAGE LOAN TRUST 2024-NQM44.79% floating · due 2064-12-25 | 0.38% | $20.13M | — |
Top 10 positions are 10.99% of net assets, top 25 15.50%, across 1.5K issuers.
See more of this fund's book
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