BATS: Short Term Municipal Income Series
Data updated: 2026-08-27
C000227189 — BATS: Short Term Municipal Income Series. Long Municipal - National Bond · $112.13M AUM. Holdings, fees, performance and SEC filings.
C000227189 Fund Overview
BATS: Short Term Municipal Income Series is a US mutual fund managed by Blackrock Allocation Target Shares, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Blackrock Allocation Target Shares
- Category: Long Municipal - National Bond
- Assets under management: $112.13M
- 1-year return: 2.6%
- SEC CIK: 0001221845
- SEC series ID: S000071703
- Share class ID: C000227189
C000227189 Investment Objective and Strategy
BATS: Short Term Municipal Income Series describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Blackrock Allocation Target Shares.
Investment objective
The investment objective of the BATS: Short Term Municipal Income Series (formerly known as BATS: Series V Portfolio) (the Fund) is to seek as high a level of income exempt from federal income tax consistent with preservation of capital while seeking to minimize price volatility.
Principal investment strategy
Under normal circumstances, the Fund seeks to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments the income of which is free from federal income tax and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. The obligations issued by or on behalf of states, territories and possessions of the United States, the District of Columbia, and their respective authorities, agencies, instrumentalities and political subdivisions (Municipal Obligations) in which the Fund may invest will also not be subject to the federal alternative minimum tax. Municipal Obligations in which the Fund may invest include variable rate demand notes, commercial paper, municipal bonds and municipal notes.
The Fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The Fund invests in securities maturing in two years or less (with certain exceptions) and will maintain a dollar-weighted average maturity of 120 days or less. Because of their shorter maturities, the Funds investments will not usually be as sensitive to changes in prevailing interest rates as are long-term municipal bonds. Fluctuations in interest rates on short-term municipal bonds may, however, vary more widely from time to time than those on long-term municipal bonds. Short-term investments (or the issuers of such securities) will carry a rating in the highest rating categories of at least one nationally recognized statistical rating organization (e.g., A-1, P-1 or F1 or better by S&P Global Ratings (S&P), Moodys Investors Service, Inc.
(Moodys) or Fitch Ratings Inc. (Fitch), respectively), or if such investments are unrated, determined to be of comparable quality by BlackRock, at the time of investment. Long-term investments (or the issuers of such securities) will carry a rating of A-, A3 or A- or better by S&P, Moodys or Fitch, respectively, or if such investments are unrated, determined to be of comparable quality by BlackRock, at the time of investment. The Fund is not a money market fund and does not seek to maintain a stable net asset value of $1.00 per share.
C000227189 Holdings
Top 10 holdings of BATS: Short Term Municipal Income Series by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Pittsburgh And Allegheny County Sports & Exhibition Authority (pa) | 2.94% |
| Illinois Finance Authority (il) | 2.37% |
| Colorado Springs (co), City Of | 2.32% |
| Nebraska Investment Finance Authority (ne) | 2.25% |
| East Baton Rouge Parish Industrial Development Board, Inc. (la) | 2.14% |
| District Of Columbia Water And Sewer Authority (dc) | 2.05% |
| Arizona Board Of Regents (az) | 2.05% |
| Wisconsin Housing & Economic Development Authority (wi) | 1.87% |
| Oakland University Board Of Trustees (ok) | 1.87% |
| South Carolina Public Service Authority (sc) | 1.87% |
C000227189 Portfolio Allocation
Asset-class allocation of BATS: Short Term Municipal Income Series by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 104.3% |
C000227189 Performance
Total returns for C000227189 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.2% |
| 1 year | 2.6% |
| 3 years (annualised) | 3.1% |
| 5 years (annualised) | 2.4% |
C000227189 Risk Information
Risk metrics for C000227189, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.1%
C000227189 Costs and Fees
C000227189 costs about $0 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.00%
- Gross expense ratio: 0.18%
- Portfolio turnover: 34%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000227189 Cashflows
Over the 12 months to 2026-06, BATS: Short Term Municipal Income Series had net outflows of $4.75M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$4.82M |
| 2026-05 | $13.81M |
| 2026-04 | $19.60M |
| 2026-03 | $3.70M |
| 2026-02 | −$390.81K |
| 2026-01 | −$12.10M |
C000227189 Debt Constituents
Largest debt holdings of BATS: Short Term Municipal Income Series by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Pittsburgh And Allegheny County Sports & Exhibition Authority (pa) | 2.94% |
| Illinois Finance Authority (il) | 2.37% |
| Colorado Springs (co), City Of | 2.32% |
| Nebraska Investment Finance Authority (ne) | 2.25% |
| East Baton Rouge Parish Industrial Development Board, Inc. (la) | 2.14% |
| District Of Columbia Water And Sewer Authority (dc) | 2.05% |
| Arizona Board Of Regents (az) | 2.05% |
| Wisconsin Housing & Economic Development Authority (wi) | 1.87% |
| Oakland University Board Of Trustees (ok) | 1.87% |
| South Carolina Public Service Authority (sc) | 1.87% |
C000227189 Prospectus and SEC Filings
Official BATS: Short Term Municipal Income Series filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-07-24
- Prospectus (485BPOS) — filed 2025-07-24
- Prospectus (485BPOS) — filed 2024-07-19
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-26
- Portfolio holdings (N-PORT) — filed 2026-02-25
- Annual census (N-CEN) — filed 2026-06-15
- Annual census (N-CEN) — filed 2025-06-13
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.