NPORT-EX 2 BRBATE0BR123123.htm
Schedule of Investments (unaudited)  
December 31, 2023
BATS: Series E Portfolio
(Percentages shown are based on Net Assets)
Security   Par
(000) 		Value
Municipal Bonds
Alabama — 1.6%
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a)
USD        1,715 $  1,728,182
Hoover IDB, RB, AMT, 6.38%, 11/01/50(a)
       1,295  1,413,421
Southeast Energy Authority Cooperative District      
RB, Series A, 4.00%, 11/01/51(a)
       1,785  1,784,770
RB, Series A-1, 5.50%, 01/01/53(a)
         655  705,074
      5,631,447
Arizona — 2.3%
Arizona IDA      
RB, 5.00%, 07/01/45(b)
         265  249,604
RB, 5.00%, 12/15/49(b)
         105  100,212
RB, 7.10%, 01/01/55(b)
         920  939,642
RB, 5.00%, 07/01/55(b)
         285  258,595
RB, Series B, 5.13%, 07/01/47(b)
         195  193,920
Refunding RB, 5.50%, 07/01/52(b)
         610  596,758
Refunding RB, Series A, 5.00%, 07/01/26(b)
         175  176,157
Refunding RB, Series A, 5.13%, 07/01/37(b)
         605  612,278
Refunding RB, Series G, 5.00%, 07/01/47(b)
         185  182,289
City of Phoenix Arizona IDA (The), RB, 5.00%, 07/01/46(b)
         570  553,760
County of Pima IDA (The)      
RB, 5.13%, 07/01/39
         145  137,224
RB, 5.25%, 07/01/49
         180  162,252
Refunding RB, 4.00%, 06/15/51(b)
         625  508,098
Refunding RB, 5.00%, 07/01/56(b)
  295  260,896
La Paz County IDA, RB, 5.88%, 06/15/48(b)
  285  281,045
Maricopa County IDA      
RB, 5.25%, 10/01/40(b)
  280  285,950
RB, 5.50%, 10/01/51(b)
  280  284,048
RB, AMT, 4.00%, 10/15/47(b)
  1,470  1,330,188
Refunding RB, Series A, 4.13%, 09/01/38
  230  231,894
Salt Verde Financial Corp., RB, 5.00%, 12/01/37
  500  555,549
      7,900,359
Arkansas — 2.1%
Arkansas Development Finance Authority      
RB, AMT, 4.50%, 09/01/49(b)
  2,230  2,220,084
RB, AMT, 4.75%, 09/01/49(b)
  4,165  4,168,793
RB, AMT, 5.70%, 05/01/53
  350  357,715
RB, AMT, Series A, 6.88%, 07/01/48(b)
  500  530,720
      7,277,312
California — 2.9%
California HFA, RB, Series 2021-3, Class A, 3.25%, 08/20/36
  949  892,139
California Municipal Finance Authority, RB, 5.63%, 07/01/44(b)
  150  150,072
California School Finance Authority      
RB, Series A, 6.75%, 11/01/45(b)
  250  252,348
Refunding RB, 5.00%, 07/01/51(b)
  300  301,442
California Statewide Communities Development Authority, Refunding RB, Series A, 5.25%, 11/01/44(b)
  250  211,510
California Statewide Financing Authority      
RB, 6.00%, 05/01/43
  315  315,242
RB, 6.00%, 05/01/43
  85  85,065
City of Los Angeles Department of Airports, RB, AMT, 5.25%, 05/15/47
  1,500  1,614,975
CMFA Special Finance Agency I, RB, Series A-2, 4.00%, 04/01/56(b)
  2,250  1,585,730
CSCDA Community Improvement Authority      
RB, 4.00%, 10/01/46(b)
  1,055  793,051
Security   Par
(000) 		Value
California (continued)
CSCDA Community Improvement Authority      
RB, 3.13%, 07/01/56(b)
USD          695 $  450,588
RB, 4.00%, 07/01/56(b)
         205  151,264
RB, 3.13%, 08/01/56(b)
         100  69,309
RB, 4.00%, 10/01/56(b)
         155  130,457
RB, 4.00%, 03/01/57(b)
         505  358,241
RB, 4.00%, 07/01/58(b)
         300  196,513
RB, 4.00%, 07/01/58(b)
         265  172,999
RB, 4.00%, 12/01/59(b)
         435  283,205
RB, 4.00%, 12/01/59(b)
       1,080  642,670
RB, Series A, 3.00%, 09/01/56(b)
       1,090  693,999
Golden State Tobacco Securitization Corp., Refunding RB, Series B-2, 0.00%, 06/01/66(c)
         310  36,463
Hastings Campus Housing Finance Authority, RB, Series A, 0.00%, 07/01/61(b)(c)
       1,045  439,313
San Francisco City & County Redevelopment Agency Successor Agency, TA, 0.00%, 08/01/31(b)(c)
         580  402,665
      10,229,260
Colorado — 3.4%
Amber Creek Metropolitan District, GO, Refunding, Series A, 5.13%, 12/01/47
       1,000  908,112
Aurora Crossroads Metropolitan District No. 2, GO, Series A, 5.00%, 12/01/50
         500  472,880
Aviation Station North Metropolitan District No. 2, GO, Series A, 5.00%, 12/01/48
         500  454,000
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b)
         500  387,572
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)
         155  145,473
City & County of Denver Airport System Revenue, Refunding RB, AMT, Series A, 4.13%, 11/15/53
         455  438,705
Colorado Educational & Cultural Facilities Authority, Refunding RB, 5.00%, 12/15/45(b)
         500  499,809
Colorado Health Facilities Authority      
RB, 5.25%, 11/01/39
  195  212,125
RB, 5.50%, 11/01/47
  120  130,681
RB, 5.25%, 11/01/52
  305  329,552
RB, Series A, 5.00%, 05/15/35
  250  213,226
RB, Series A, 5.00%, 05/15/44
  270  199,220
RB, Series A, 5.00%, 05/15/49
  420  260,340
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40
  950  959,276
First Creek Village Metropolitan District      
GO, Series A, 5.00%, 12/01/39
  600  586,581
GO, Series A, 5.00%, 08/01/49
  540  511,559
Highlands Metropolitan District No. 1, GO, 5.00%, 12/01/51
  575  515,887
Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50
  500  370,783
Loretto Heights Community Authority, RB, 4.88%, 12/01/51
  570  452,003
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48
  500  487,057
North Range Metropolitan District No. 3, GO, Series A, 5.25%, 12/01/50
  500  481,661
Palisade Metropolitan District No. 2, GO, 7.25%, 12/15/49
  675  630,195
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)
  725  486,620
Southlands Metropolitan District No. 1, GO, Refunding, Series A-1, 5.00%, 12/01/37
  250  249,282
 
1
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BATS: Series E Portfolio
(Percentages shown are based on Net Assets)
Security   Par
(000) 		Value
Colorado (continued)
Thompson Crossing Metropolitan District No. 4, GO, Refunding, 5.00%, 12/01/49
USD          645 $  617,177
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51
         560  475,714
Westcreek Metropolitan District No. 2, GO, Series A, 5.38%, 12/01/48
         500  478,793
      11,954,283
Connecticut — 0.3%
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/55(b)
         470  356,445
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)
         675  675,284
      1,031,729
Delaware — 0.2%
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(d)
         667  599,220
District of Columbia — 2.0%
District of Columbia Tobacco Settlement Financing Corp.      
RB, 0.00%, 06/15/46(c)
       8,970  2,253,142
RB, 0.00%, 06/15/46(c)
      10,325  2,523,569
RB, 0.00%, 06/15/55(c)
      19,300  2,170,125
      6,946,836
Florida — 9.2%
Brevard County Health Facilities Authority      
Refunding RB, 4.00%, 11/15/26(b)
         475  464,489
Refunding RB, 4.00%, 11/15/28(b)
         510  494,695
Refunding RB, 4.00%, 11/15/30(b)
         555  527,886
Refunding RB, 4.00%, 11/15/34(b)
         650  601,876
Refunding RB, 5.00%, 04/01/47
         505  540,946
Refunding RB, 5.00%, 04/01/52
  715  759,057
Buckhead Trails Community Development District, Special Assessment RB, Series 2022, 5.75%, 05/01/52
  210  210,265
Capital Region Community Development District, Special Assessment Refunding RB, Series A-2, 4.60%, 05/01/31
  470  471,235
Capital Trust Agency, Inc.      
RB, 5.00%, 06/15/49(b)
  100  87,912
RB, 5.75%, 06/01/54(b)
  420  359,407
RB, 5.00%, 01/01/55(b)
  1,570  1,200,478
RB, 4.88%, 06/15/56(b)
  1,335  1,087,682
RB, 0.00%, 07/01/61(b)(c)
  23,740  1,628,652
Celebration Pointe Community Development District No. 1, Special Assessment RB, 5.13%, 05/01/45
  235  230,251
Charlotte County IDA, RB, 5.00%, 10/01/49(b)
  615  599,320
County of Miami-Dade Seaport Department, Refunding RB, AMT, Series A, 5.25%, 10/01/52
  460  500,467
County of Osceola Transportation Revenue      
Refunding RB, Series A-2, 0.00%, 10/01/46(c)
  935  285,712
Refunding RB, Series A-2, 0.00%, 10/01/47(c)
  900  258,841
Refunding RB, Series A-2, 0.00%, 10/01/48(c)
  635  171,534
Refunding RB, Series A-2, 0.00%, 10/01/49(c)
  525  133,404
Escambia County Health Facilities Authority      
Refunding RB, 4.00%, 08/15/45
  3,060  2,775,437
Refunding RB, (AGM), 3.00%, 08/15/50
  2,500  1,951,266
Florida Development Finance Corp.      
RB, 5.00%, 06/15/51(b)
  840  687,457
RB, 5.25%, 06/01/55(b)
  645  500,050
RB, 5.13%, 06/15/55(b)
  2,490  2,139,385
RB, 6.50%, 06/30/57(b)
  265  261,617
Security   Par
(000) 		Value
Florida (continued)
Florida Development Finance Corp.      
RB, Series A, 6.13%, 06/15/44(b)
USD           45 $  45,057
RB, Series C, 5.75%, 12/15/56(b)
         370  312,242
RB, AMT, 6.13%, 07/01/32(a)(b)
       1,375  1,389,273
RB, AMT, Series B, 7.38%, 01/01/49(b)
       1,492  1,512,878
Refunding RB, 4.00%, 06/01/46(b)
         300  201,404
Refunding RB, Series A, 4.50%, 12/15/56(b)
       1,085  825,532
Grand Oaks Community Development District      
Special Assessment RB, 4.25%, 05/01/40
         210  184,805
Special Assessment RB, 4.50%, 05/01/52
         235  194,567
Harbor Bay Community Development District, Special Assessment Refunding RB, Series A-2, 3.70%, 05/01/33
         370  338,387
Lakewood Ranch Stewardship District      
Special Assessment RB, 3.13%, 05/01/25
         140  138,373
Special Assessment RB, 3.25%, 05/01/29
         225  216,648
Special Assessment RB, 4.75%, 05/01/29
         180  181,750
Special Assessment RB, 4.88%, 05/01/35
         150  149,726
Special Assessment RB, 4.40%, 05/01/39
         525  490,017
Special Assessment RB, 5.30%, 05/01/39
         205  207,561
Special Assessment RB, 5.50%, 05/01/39(b)
          25  25,543
Special Assessment RB, 5.45%, 05/01/48
         365  366,191
Special Assessment RB, 5.65%, 05/01/48(b)
         115  116,428
Special Assessment RB, 4.00%, 05/01/49(b)
         200  161,447
Special Assessment RB, 3.90%, 05/01/50
         240  185,562
Orange County Health Facilities Authority, RB, 5.00%, 08/01/35
  250  253,658
Osceola Chain Lakes Community Development District, Special Assessment RB, 3.25%, 05/01/25
  150  148,598
Parker Road Community Development District      
Special Assessment Refunding RB, 3.10%, 05/01/25
  100  98,454
Special Assessment Refunding RB, 3.38%, 05/01/30
  335  311,725
Poitras East Community Development District, Special Assessment RB, 5.00%, 05/01/43
  355  346,483
Portico Community Development District      
Special Assessment RB, Series 2, 3.25%, 05/01/31
  100  92,567
Special Assessment RB, Series 2, 4.00%, 05/01/50
  425  340,181
Preserve at South Branch Community Development District      
Special Assessment RB, 3.25%, 11/01/24
  25  24,766
Special Assessment RB, 3.50%, 11/01/30
  200  189,195
Sandridge Community Development District      
Special Assessment RB, Series A1, 3.88%, 05/01/41
  135  114,002
Special Assessment RB, Series A1, 4.00%, 05/01/51
  130  101,540
Sawyers Landing Community Development District, Special Assessment RB, 4.25%, 05/01/53
  815  572,890
Seminole County IDA, Refunding RB, 5.75%, 11/15/54
  595  454,480
Southern Groves Community Development District No. 5, Special Assessment Refunding RB, 3.60%, 05/01/34
  365  327,818
Tolomato Community Development District, Special Assessment Refunding RB, Sub-Series A-2, 4.25%, 05/01/37
  185  172,267
Trout Creek Community Development District      
Special Assessment RB, 5.00%, 05/01/28
  240  242,381
 
2
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BATS: Series E Portfolio
(Percentages shown are based on Net Assets)
Security   Par
(000) 		Value
Florida (continued)
Trout Creek Community Development District      
Special Assessment RB, 5.63%, 05/01/45
USD          200 $  200,509
West Villages Improvement District      
Special Assessment RB, 4.25%, 05/01/29
         100  98,611
Special Assessment RB, 4.75%, 05/01/39
         190  179,456
Special Assessment RB, 5.00%, 05/01/50
         290  265,003
Westside Community Development District, Special Assessment Refunding RB, 3.75%, 05/01/29(b)
         805  787,677
Windward at Lakewood Ranch Community Development District      
Special Assessment RB, 4.00%, 05/01/42
         140  121,023
Special Assessment RB, 4.25%, 05/01/52
         170  140,134
      31,756,130
Georgia — 1.0%
Development Authority of Cobb County (The), RB, Series A, 6.38%, 06/15/58(b)
         145  144,521
East Point Business & IDA, RB, Series A, 5.25%, 06/15/62(b)
         150  136,592
Main Street Natural Gas, Inc.      
RB, Series A, 5.00%, 05/15/49
         905  952,954
RB, Series B, 5.00%, 12/01/52(a)
       1,635  1,723,044
Municipal Electric Authority of Georgia, RB, 5.00%, 07/01/52
         645  671,238
      3,628,349
Idaho — 0.1%
Idaho Health Facilities Authority, RB, 4.00%, 12/01/43
         330  330,265
Illinois — 3.9%
Chicago Board of Education      
GO, Series D, 5.00%, 12/01/46
  485  484,995
GO, Refunding, Series A, 5.00%, 12/01/30
  505  535,978
GO, Refunding, Series B, 4.00%, 12/01/35
  230  225,225
GO, Refunding, Series B, 4.00%, 12/01/41
  930  849,367
GO, Refunding, Series C, 5.00%, 12/01/34
  625  644,230
Chicago O’Hare International Airport, Refunding RB, Series D, 5.00%, 01/01/46
  1,000  1,012,150
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 4.00%, 12/01/49
  810  779,491
City of Chicago Wastewater Transmission Revenue, Refunding RB, Series C, 5.00%, 01/01/39
  500  507,049
Cook County Community College District No. 508, GO, 5.25%, 12/01/30
  920  921,475
Illinois Finance Authority, Refunding RB, 6.13%, 02/01/45
  150  150,043
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46
  2,000  2,001,987
Metropolitan Pier & Exposition Authority      
RB, 5.50%, 06/15/53
  390  399,875
RB, 5.00%, 06/15/57
  660  677,299
Refunding RB, 4.00%, 06/15/50
  1,895  1,788,482
State of Illinois      
GO, 5.00%, 04/01/31
  1,000  1,003,820
GO, 5.00%, 05/01/39
  1,275  1,275,440
GO, Series D, 5.00%, 11/01/28
  295  316,247
GO, Refunding, Series B, 5.00%, 10/01/27
  105  112,419
      13,685,572
Indiana — 0.4%
City of Vincennes, Refunding RB, 6.25%, 01/01/29(b)(e)(f)
  325  221,000
Security   Par
(000) 		Value
Indiana (continued)
Indiana Finance Authority, RB, AMT, 6.75%, 05/01/39
USD          640 $  704,881
Indianapolis Local Public Improvement Bond Bank, RB, Series E, 6.00%, 03/01/53
         400  433,531
      1,359,412
Iowa — 0.8%
Iowa Finance Authority      
RB, Series A, 5.00%, 05/15/48
         940  710,487
Refunding RB, Series E, 4.00%, 08/15/46
         570  531,193
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, 3.50%, 12/01/44
       2,000  1,682,969
      2,924,649
Kentucky — 0.7%
City of Henderson, RB, AMT, 4.70%, 01/01/52(b)
         130  125,187
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a)
       2,310  2,316,107
      2,441,294
Louisiana — 1.1%
Lafayette Parish School Board Sale Tax Revenue      
RB, 4.00%, 04/01/48
         175  177,301
RB, 4.00%, 04/01/53
         110  110,385
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b)
         400  331,632
Louisiana Public Facilities Authority      
RB, 5.00%, 06/01/41(b)
         310  278,384
RB, 5.25%, 06/01/51(b)
         455  394,489
RB, 5.25%, 06/01/60(b)
         840  703,315
RB, Series A, 6.50%, 06/01/62(b)
         150  150,673
RB, AMT, Series R2, 6.50%, 10/01/53(a)(b)
  505  511,864
Parish of St. James, RB, Series 2, 6.35%, 07/01/40(b)
  950  1,039,148
      3,697,191
Maine — 0.1%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b)
  670  439,325
Maryland — 1.7%
Anne Arundel County Consolidated Special Taxing District, Special Tax Bonds, 5.25%, 07/01/44
  250  250,669
City of Baltimore      
RB, 4.88%, 06/01/42
  170  171,296
Refunding TA, 3.20%, 06/01/30(b)
  200  184,702
Refunding TA, 3.25%, 06/01/31(b)
  225  205,780
Refunding TA, 3.30%, 06/01/32(b)
  500  453,787
Refunding TA, 3.35%, 06/01/33(b)
  540  487,111
Refunding TA, 3.40%, 06/01/34(b)
  570  512,040
Refunding TA, 3.45%, 06/01/35(b)
  610  545,732
Maryland EDC, RB, AMT, 5.25%, 06/30/47
  570  591,795
Maryland Health & Higher Educational Facilities Authority      
RB, 7.00%, 03/01/55(b)
  1,940  2,059,779
Refunding RB, 5.00%, 07/01/40
  500  505,158
      5,967,849
Massachusetts — 1.0%
Massachusetts Development Finance Agency      
RB, 5.00%, 01/01/48
  1,000  1,012,653
RB, 5.00%, 10/01/54
  710  669,940
RB, Series A, 5.00%, 01/01/47
  500  504,763
RB, Series N, 5.00%, 07/01/44
  500  502,683
 
3
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BATS: Series E Portfolio
(Percentages shown are based on Net Assets)
Security   Par
(000) 		Value
Massachusetts (continued)
Massachusetts HFA      
Refunding RB, AMT, Series A, 4.45%, 12/01/42
USD          325 $  320,684
Refunding RB, AMT, Series A, 4.50%, 12/01/47
         510  509,978
      3,520,701
Michigan — 0.4%
Michigan Strategic Fund, RB, 5.00%, 11/15/42
         210  199,030
Wayne County Airport Authority      
RB, Series B, 5.00%, 12/01/44
         500  506,057
RB, Series D, 5.00%, 12/01/40
         500  513,208
RB, AMT, 5.00%, 12/01/39
         250  252,071
      1,470,366
Minnesota — 1.5%
City of Deephaven, Refunding RB, 5.25%, 07/01/37
         605  608,724
City of Forest Lake, Refunding RB, 5.00%, 07/01/56
       2,140  1,872,512
City of Minneapolis      
RB, 5.00%, 07/01/40
         435  397,337
RB, Series A, 5.75%, 07/01/55
         850  851,999
Duluth EDA, Refunding RB, 5.25%, 02/15/58
         425  436,898
Housing & Redevelopment Authority of the City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/38(b)
         240  242,644
Minnesota HFA, RB, (GNMA/FNMA/FHLMC), Series M, 6.00%, 01/01/53
         700  754,877
      5,164,991
Missouri — 0.9%
City of St. Louis Missouri IDA (The), Refunding RB, 4.38%, 11/15/35
         215  176,887
Kansas City IDA      
RB, Series C, 7.50%, 11/15/46
  64  52,400
RB, AMT, 5.00%, 03/01/54
  1,275  1,307,886
Refunding RB, 2.00%, 11/15/46
  52  2,300
Refunding RB, 5.00%, 11/15/46
  116  92,322
Kansas City Land Clearance Redevelopment Authority      
TA, 4.38%, 02/01/31(b)
  720  633,037
TA, 5.00%, 02/01/40(b)
  260  221,234
St. Louis County IDA, Refunding RB, 5.00%, 09/01/37
  695  683,885
      3,169,951
Nebraska — 0.1%
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45
  500  509,224
Nevada — 0.3%
City of Las Vegas Special Improvement District No. 815, Special Assessment RB, 5.00%, 12/01/49
  190  181,237
Tahoe-Douglas Visitors Authority      
RB, 5.00%, 07/01/40
  405  415,087
RB, 5.00%, 07/01/45
  280  283,402
      879,726
New Hampshire — 0.5%
New Hampshire Business Finance Authority      
RB, Series A, 4.13%, 08/15/40
  320  280,879
RB, Series A, 4.25%, 08/15/46
  365  305,797
RB, Series A, 4.50%, 08/15/55
  755  630,103
Refunding RB, 4.63%, 11/01/42(b)
  320  264,879
Refunding RB, Series A, 3.63%, 07/01/43(a)(b)
  190  143,037
Refunding RB, AMT, 4.88%, 11/01/42(b)
  130  114,617
      1,739,312
New Jersey — 3.6%
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/39
  250  252,202
Security   Par
(000) 		Value
New Jersey (continued)
Middlesex County Improvement Authority      
RB, Series B, 6.13%, 01/01/25
USD          555 $  6,854
RB, Series B, 6.25%, 01/01/37
       1,210  14,944
New Jersey EDA      
RB, 5.25%, 11/01/54(b)
         945  830,299
RB, Series WW, 5.25%, 06/15/40
          55  56,897
RB, Series WW, 5.25%, 06/15/40
         945  977,691
RB, AMT, 6.50%, 04/01/31
          75  78,108
Refunding RB, Series A, 6.00%, 08/01/49(b)
         250  250,612
New Jersey Health Care Facilities Financing Authority      
RB, 4.00%, 07/01/51
       1,865  1,831,327
Refunding RB, 4.25%, 07/01/44
         395  396,000
Refunding RB, 5.00%, 07/01/44
         220  221,510
New Jersey Higher Education Student Assistance Authority      
Refunding RB, AMT, Series C, 4.25%, 12/01/50
       1,540  1,421,837
Refunding RB, AMT, Sub-Series C, 3.63%, 12/01/49
         820  663,580
New Jersey Transportation Trust Fund Authority      
RB, Series AA, 5.25%, 06/15/41
         205  210,667
RB, Series AA, 4.00%, 06/15/45
       3,000  3,004,539
Tobacco Settlement Financing Corp.      
Refunding RB, Series A, 5.00%, 06/01/35
         375  398,940
Refunding RB, Sub-Series B, 5.00%, 06/01/46
       1,675  1,705,600
      12,321,607
New York — 7.6%
Build NYC Resource Corp.      
RB, Series A, 6.13%, 07/01/43
  385  408,709
RB, Series A, 6.38%, 07/01/53
  705  745,283
Refunding RB, AMT, 5.00%, 01/01/35(b)
  285  287,418
County of Cattaraugus, RB, 5.00%, 05/01/44
  195  195,333
Hempstead Town Local Development Corp., RB, 5.00%, 07/01/44
  500  500,964
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56
  125  100,658
Metropolitan Transportation Authority, RB, Series B, 3.00%, 11/15/25
  165  163,773
New York City Housing Development Corp., RB, Series C-1, 4.20%, 11/01/44
  1,000  1,000,081
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series E-1, 4.00%, 02/01/49
  2,845  2,838,087
New York Counties Tobacco Trust IV, Refunding RB, Series A, 5.00%, 06/01/42
  915  912,712
New York Counties Tobacco Trust VI, Refunding RB, Series 2B, 5.00%, 06/01/51
  835  777,751
New York State Dormitory Authority, Refunding RB, Series A, 3.00%, 03/15/51
  800  626,181
New York State Thruway Authority      
Refunding RB, Series A, 4.00%, 03/15/49
  3,690  3,727,115
Refunding RB, Series B, 4.00%, 01/01/45
  1,190  1,189,865
New York Transportation Development Corp.      
RB, AMT, 5.00%, 07/01/34
  500  502,561
RB, AMT, 5.00%, 10/01/35
  710  739,764
RB, AMT, 5.63%, 04/01/40
  500  538,134
RB, AMT, 5.00%, 12/01/40
  830  882,229
RB, AMT, 4.00%, 04/30/53
  640  558,928
RB, AMT, 6.00%, 06/30/54
  6,000  6,608,996
Refunding RB, AMT, 5.38%, 08/01/36
  865  891,424
Westchester County Local Development Corp.      
Refunding RB, 5.00%, 07/01/41(b)
  510  455,327
Refunding RB, 5.00%, 07/01/56(b)
  560  444,928
 
4
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BATS: Series E Portfolio
(Percentages shown are based on Net Assets)
Security   Par
(000) 		Value
New York (continued)
Westchester Tobacco Asset Securitization Corp.      
Refunding RB, Sub-Series C, 4.00%, 06/01/42
USD          670 $  674,108
Refunding RB, Sub-Series C, 5.13%, 06/01/51
         500  507,179
      26,277,508
North Carolina — 0.4%
North Carolina HFA, RB, (GNMA/FNMA/FHLMC), 6.00%, 07/01/53
         815  880,427
North Carolina Medical Care Commission      
Refunding RB, Series A, 5.25%, 01/01/41
          20  20,000
Refunding RB, Series A, 5.25%, 01/01/41
         230  225,931
Town of Mooresville, Special Assessment RB, 5.38%, 03/01/40(b)
         250  250,680
      1,377,038
North Dakota — 0.4%
City of Grand Forks, RB, (AGM), Series A, 5.00%, 12/01/53
         350  371,891
County of Cass, Refunding RB, 5.25%, 02/15/58
         855  885,289
      1,257,180
Ohio — 3.4%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55
       9,205  8,641,175
County of Hamilton      
Refunding RB, 5.00%, 01/01/46
         190  175,076
Refunding RB, 4.00%, 08/15/50
         915  887,526
County of Hardin      
Refunding RB, 5.00%, 05/01/30
         140  133,779
Refunding RB, 5.25%, 05/01/40
         145  133,540
Refunding RB, 5.50%, 05/01/50
  670  599,864
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b)
  790  743,168
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)
  265  230,871
State of Ohio, RB, AMT, Series P-3, 5.00%, 06/30/53
  370  370,097
      11,915,096
Oklahoma — 1.8%
Oklahoma Development Finance Authority      
RB, 7.25%, 09/01/51(b)
  3,290  3,529,067
RB, Series B, 5.00%, 08/15/38
  975  956,375
RB, Series B, 5.50%, 08/15/52
  580  572,087
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b)
  235  224,403
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45
  965  948,924
      6,230,856
Oregon — 1.7%
Clackamas County Hospital Facility Authority, Refunding RB, Series A, 5.25%, 11/15/50
  200  181,622
Clackamas County School District No. 12 North Clackamas, GO, (School Bond Guaranty), Series A, 0.00%, 06/15/38(c)
  275  146,148
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, 5.50%, 10/01/49
  150  152,873
Oregon State Facilities Authority, RB, 5.25%, 06/15/55(b)
  305  285,931
Salem Hospital Facility Authority, Refunding RB, 4.00%, 05/15/49
  5,000  4,772,127
Yamhill County Hospital Authority, Refunding RB, 5.00%, 11/15/36
  300  265,860
      5,804,561
Security   Par
(000) 		Value
Pennsylvania — 2.0%
Bucks County IDA, RB, 4.00%, 07/01/46
USD          200 $  144,878
Montgomery County Higher Education & Health Authority, Refunding RB, 4.00%, 09/01/49
       1,255  1,183,979
Montgomery County IDA, RB, 5.00%, 11/15/45
         875  901,625
Pennsylvania Economic Development Financing Authority      
RB, AMT, 5.75%, 06/30/48
         490  533,965
RB, AMT, 5.25%, 06/30/53
         770  796,143
Refunding RB, AMT, 5.50%, 11/01/44
         500  500,046
Pennsylvania Higher Education Assistance Agency, RB, AMT, Series B, 3.00%, 06/01/47
       1,010  789,661
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44
       1,045  1,050,504
Philadelphia Authority for Industrial Development      
RB, 5.25%, 11/01/52
         235  250,153
Refunding RB, Series 2015, 5.00%, 04/01/45
         500  509,675
School District of Philadelphia (The), GO, Series A, 5.50%, 09/01/48
         265  297,510
      6,958,139
Puerto Rico — 10.5%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c)
      30,030  2,472,091
Commonwealth of Puerto Rico      
GO, Series A, 0.00%, 07/01/33(c)
         537  335,278
GO, Series A1, 5.63%, 07/01/29
       1,049  1,138,429
GO, Series A1, 5.75%, 07/01/31
         440  487,336
GO, Series A1, 4.00%, 07/01/33
         418  407,512
GO, Series A1, 4.00%, 07/01/35
         375  362,629
GO, Series A1, 4.00%, 07/01/37
         322  305,429
GO, Series A1, 4.00%, 07/01/41
  438  404,689
GO, Series A1, 4.00%, 07/01/46
  455  406,222
GO, Sub-Series CW, 0.00%, 11/01/43(a)(c)
  2,899  1,565,353
GO, Sub-Series CW/CONV, 0.00%, 11/01/51(a)(c)
  131  45,919
GO, Sub-Series CW/HTA-98, 0.00%, 11/01/51(a)(c)
  7,043  3,833,274
GO, Sub-Series CW/HTA-98, 0.00%, 11/01/51(a)(c)
  5,106  919,136
GO, Sub-Series CW/PRIFA, 0.00%, 11/01/51(a)(c)
  5,894  2,405,223
Puerto Rico Electric Power Authority      
RB, Series A, 5.00%, 07/01/29(e)(f)
  385  96,250
RB, Series A, 7.00%, 07/01/33(e)(f)
  1,795  448,750
RB, Series A, 6.75%, 07/01/36(e)(f)
  775  193,750
RB, Series A, 5.00%, 07/01/42(e)(f)
  325  81,250
RB, Series A, 7.00%, 07/01/43(e)(f)
  175  43,750
RB, Series A-1, 10.00%, 07/01/19(e)(f)
  42  10,503
RB, Series A-2, 10.00%, 07/01/19(e)(f)
  212  52,986
RB, Series A-3, 10.00%, 07/01/19(e)(f)
  177  44,254
RB, Series B-3, 10.00%, 07/01/19(e)(f)
  177  44,254
RB, Series C-1, 5.40%, 01/01/18(e)(f)
  486  121,587
RB, Series C-2, 5.40%, 07/01/18(e)(f)
  486  121,606
RB, Series C-3, 5.40%, 01/01/20(e)(f)
  49  12,292
RB, Series C-4, 5.40%, 07/01/20(e)(f)
  49  12,293
RB, Series CCC, 5.25%, 07/01/26(e)(f)
  125  31,250
RB, Series CCC, 5.00%, 07/01/27(e)(f)
  545  136,250
RB, Series CCC, 5.25%, 07/01/28(e)(f)
  70  17,500
RB, Series D-1, 7.50%, 01/01/20(e)(f)
  426  106,399
RB, Series D-2, 7.50%, 01/01/20(e)(f)
  840  210,087
RB, Series D-4, 7.50%, 07/01/20(e)(f)
  145  36,249
RB, Series TT, 5.00%, 07/01/18(e)(f)
  160  40,000
RB, Series TT, 5.00%, 07/01/25(e)(f)
  45  11,250
RB, Series TT, 5.00%, 07/01/26(e)(f)
  190  47,500
RB, Series TT, 5.00%, 07/01/32(e)(f)
  395  98,750
RB, Series WW, 5.50%, 07/01/17(e)(f)
  110  27,500
RB, Series WW, 5.50%, 07/01/18(e)(f)
  95  23,750
 
5
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BATS: Series E Portfolio
(Percentages shown are based on Net Assets)
Security   Par
(000) 		Value
Puerto Rico (continued)
Puerto Rico Electric Power Authority      
RB, Series WW, 5.50%, 07/01/19(e)(f)
USD           70 $  17,500
RB, Series WW, 5.38%, 07/01/22(e)(f)
         940  235,000
RB, Series WW, 5.38%, 07/01/24(e)(f)
          65  16,250
RB, Series WW, 5.00%, 07/01/28(e)(f)
         165  41,250
RB, Series WW, 5.25%, 07/01/33(e)(f)
          75  18,750
RB, Series WW, 5.50%, 07/01/38(e)(f)
         220  55,000
RB, Series XX, 5.25%, 07/01/27(e)(f)
          50  12,500
RB, Series XX, 5.25%, 07/01/35(e)(f)
          30  7,500
RB, Series XX, 5.75%, 07/01/36(e)(f)
         600  150,000
RB, Series XX, 5.25%, 07/01/40(e)(f)
       2,320  580,000
Refunding RB, Series AAA, 5.25%, 07/01/22(e)(f)
         160  40,000
Refunding RB, Series AAA, 5.25%, 07/01/28(e)(f)
         265  66,250
Refunding RB, Series AAA, 5.25%, 07/01/29(e)(f)
          40  10,000
Refunding RB, Series DDD, 5.00%, 07/01/19(e)(f)
         895  223,750
Refunding RB, Series UU, 0.00%, 07/01/17(a)(c)(e)(f)
          30  7,500
Refunding RB, Series UU, 0.00%, 07/01/18(a)(c)(e)(f)
          30  7,500
Refunding RB, Series UU, 0.00%, 07/01/20(a)(c)(e)(f)
         250  62,500
Refunding RB, Series UU, 4.45%, 07/01/31(a)(e)(f)
         300  75,000
Refunding RB, Series ZZ, 5.00%, 07/01/17(e)(f)
          70  17,500
Refunding RB, Series ZZ, 5.25%, 07/01/19(e)(f)
         235  58,750
Refunding RB, Series ZZ, 5.25%, 07/01/23(e)(f)
         930  232,500
Refunding RB, Series ZZ, 5.25%, 07/01/24(e)(f)
         150  37,500
Refunding RB, Series ZZ, 5.00%, 07/01/28(e)(f)
  75  18,750
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      
RB, Series A-1, 0.00%, 07/01/29(c)
  613  494,227
RB, Series A-1, 0.00%, 07/01/33(c)
  496  335,560
RB, Series A-1, 0.00%, 07/01/46(c)
  6,971  2,184,759
RB, Series A-1, 4.75%, 07/01/53
  3,377  3,313,980
RB, Series A-1, 5.00%, 07/01/58
  4,542  4,542,479
RB, Series A-2, 4.33%, 07/01/40
  3,825  3,796,253
RB, Series A-2, 4.33%, 07/01/40
  34  33,698
RB, Series A-2, 4.54%, 07/01/53
  317  299,618
RB, Series A-2, 4.78%, 07/01/58
  2,226  2,191,145
RB, Series B-1, 0.00%, 07/01/46(c)
  477  149,841
      36,491,340
Rhode Island — 0.1%
Rhode Island Student Loan Authority, RB, AMT, Series A, 3.63%, 12/01/37
  460  442,632
South Carolina — 1.1%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)
  1,880  2,044,227
South Carolina Jobs EDA      
RB, 7.50%, 08/15/62(b)
  325  303,893
Refunding RB, 4.00%, 11/15/27
  105  100,395
Refunding RB, 5.00%, 02/01/38
  1,000  1,022,110
South Carolina Public Service Authority, Refunding RB, Series B, 4.00%, 12/01/56
  200  186,621
      3,657,246
Tennessee — 2.0%
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44
  250  250,764
Franklin Health & Educational Facilities Board, Refunding RB, 7.50%, 06/01/47(b)(e)(f)
  1,205  131,224
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 4.00%, 10/01/49
  220  182,376
Metropolitan Government Nashville & Davidson County IDB, Special Assessment RB, 0.00%, 06/01/43(b)(c)
  685  247,119
Security   Par
(000) 		Value
Tennessee (continued)
Metropolitan Government Nashville & Davidson County Sports Authority, RB, (AGM), Series A, 5.25%, 07/01/48
USD          935 $  1,050,690
Metropolitan Nashville Airport Authority (The)      
RB, AMT, Series B, 5.25%, 07/01/35
         320  360,578
RB, AMT, Series B, 5.50%, 07/01/36
         265  301,792
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
       2,320  2,465,376
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)
       1,750  1,858,740
      6,848,659
Texas — 7.9%
Angelina & Neches River Authority, RB, AMT, 7.50%, 12/01/45(b)
         510  341,882
Arlington Higher Education Finance Corp.      
RB, 5.00%, 08/15/41
         225  201,101
RB, 5.00%, 06/15/51
         490  413,412
RB, 5.63%, 08/15/54(b)
       1,305  1,233,828
RB, 7.88%, 11/01/62(b)
         280  287,032
Brazoria County IDC, RB, AMT, 7.00%, 03/01/39
         390  369,233
Central Texas Turnpike System      
Refunding RB, Series C, 5.00%, 08/15/37
         200  200,422
Refunding RB, Series C, 5.00%, 08/15/42
         250  249,987
City of Crandall, Special Assessment RB, 4.25%, 09/15/41(b)
         230  204,897
City of Houston Airport System Revenue      
RB, AMT, 4.00%, 07/01/41
         700  624,631
Refunding RB, AMT, 5.00%, 07/15/27
         140  139,951
Refunding RB, AMT, 5.00%, 07/01/29
       1,500  1,495,445
Refunding RB, AMT, Series C, 5.00%, 07/15/27
  910  917,047
Refunding RB, AMT, Sub-Series A, 4.00%, 07/01/41
  3,590  3,589,091
Refunding RB, AMT, (AGM), Series A, 5.25%, 07/01/48
  485  526,441
City of San Antonio Airport System, RB, AMT, 5.00%, 07/01/45
  500  506,418
County of Hays, Special Assessment RB, 7.00%, 09/15/45
  200  204,895
Dallas ISD, GO (Permanent School Fund Guaranteed), 5.00%, 02/15/48
  1,375  1,519,581
Del Valle ISD, GO (Permanent School Fund Guaranteed), 4.00%, 06/15/47
  1,335  1,331,996
Fort Bend County IDC, RB, Series B, 4.75%, 11/01/42
  1,465  1,465,021
Fort Worth ISD, GO (Permanent School Fund Guaranteed), 4.00%, 02/15/48
  230  232,710
Mission EDC, Refunding RB, AMT, 4.63%, 10/01/31(b)
  285  284,696
New Hope Cultural Education Facilities Finance Corp.      
RB, 6.75%, 10/01/52
  800  739,140
RB, Series A, 5.00%, 08/15/51(b)
  250  239,211
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b)
  1,175  1,060,545
Newark Higher Education Finance Corp., RB, Series A, 5.50%, 08/15/35(b)
  300  306,220
Port Beaumont Navigation District      
RB, AMT, 2.75%, 01/01/36(b)
  1,105  813,548
RB, AMT, 2.88%, 01/01/41(b)
  350  240,625
RB, AMT, 3.00%, 01/01/50(b)
  1,495  881,550
Refunding RB, AMT, 3.63%, 01/01/35(b)
  1,375  1,130,117
Refunding RB, AMT, 4.00%, 01/01/50(b)
  1,975  1,416,676
Tarrant County Cultural Education Facilities Finance Corp.      
RB, 5.50%, 11/15/47
  595  672,983
Refunding RB, 5.00%, 10/01/49
  250  241,073
 
6
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BATS: Series E Portfolio
(Percentages shown are based on Net Assets)
Security   Par
(000) 		Value
Texas (continued)
Texas Private Activity Bond Surface Transportation Corp.      
RB, AMT, 5.00%, 06/30/58
USD          315 $  318,540
RB, AMT, 5.50%, 12/31/58
       1,050  1,126,516
Texas Transportation Commission State Highway 249 System      
RB, 0.00%, 08/01/40(c)
       1,000  470,693
RB, 0.00%, 08/01/42(c)
         655  275,251
Texas Water Development Board, RB, 4.00%, 10/15/45
       1,295  1,307,552
      27,579,957
Utah — 0.1%
Utah Charter School Finance Authority      
RB, Series A, 5.00%, 06/15/52(b)
         285  214,523
Refunding RB, 5.00%, 06/15/55(b)
         230  217,420
      431,943
Vermont — 0.6%
East Central Vermont Telecommunications District      
RB, Series A, 4.75%, 12/01/40(b)
         695  603,884
RB, Series A, 4.50%, 12/01/44(b)
         705  568,235
RB, Series A, 6.88%, 12/01/46(b)
         785  826,984
      1,999,103
Virginia — 0.8%
Ballston Quarter Community Development Authority, TA, Series A, 5.13%, 03/01/31
         230  200,163
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/55
         285  280,949
James City County EDA      
RB, Series A, 6.88%, 12/01/58
  345  365,758
RB, Series C3, 5.25%, 12/01/27
  250  250,117
Lower Magnolia Green Community Development Authority      
Special Assessment RB, 5.00%, 03/01/35(b)
  230  231,088
Special Assessment RB, 5.00%, 03/01/45(b)
  85  85,058
Norfolk Redevelopment & Housing Authority      
RB, 4.00%, 01/01/29
  250  232,245
RB, 5.00%, 01/01/34
  190  178,265
RB, 5.00%, 01/01/49
  365  302,253
Virginia Beach Development Authority      
RB, Series A, 7.00%, 09/01/53
  360  380,593
RB, Series B3, 5.38%, 09/01/29
  235  238,854
      2,745,343
Washington — 0.9%
King County Public Hospital District No. 4, GO, Refunding, 5.00%, 12/01/30
  200  201,678
Port of Seattle, RB, AMT, Series C, 5.00%, 04/01/40
  250  251,763
Washington State Housing Finance Commission      
RB, Series A, 5.00%, 07/01/50(b)
  310  306,382
Refunding RB, 5.00%, 01/01/43(b)
  1,935  1,642,782
Refunding RB, 6.00%, 01/01/45(b)
  210  168,610
Refunding RB, Series A, 5.00%, 07/01/43
  200  204,719
Refunding RB, Series A, 5.00%, 07/01/48
  190  191,955
      2,967,889
West Virginia — 0.5%
City of Martinsburg, RB, Series A-1, 4.63%, 12/01/43
  430  381,526
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48
  1,215  1,189,994
      1,571,520
Security   Par
(000) 		Value
Wisconsin — 4.9%
Public Finance Authority      
RB, 6.25%, 10/01/31(b)(e)(f)
USD          195 $  54,600
RB, 0.00%, 01/01/35(b)(c)
       1,155  542,867
RB, 4.50%, 01/01/35(b)
         725  654,437
RB, 5.00%, 06/15/41(b)
         210  196,239
RB, 6.85%, 11/01/46(b)(e)(f)
         275  178,750
RB, 7.00%, 11/01/46(b)(e)(f)
         155  100,750
RB, 5.38%, 07/15/47(b)
         335  330,026
RB, 7.00%, 10/01/47(b)(e)(f)
         195  54,600
RB, 5.63%, 06/15/49(b)
       1,430  1,273,533
RB, 5.00%, 06/15/51(b)
         195  167,215
RB, 5.25%, 12/01/51(b)
       1,060  832,383
RB, 5.00%, 06/15/55(b)
         550  471,884
RB, 5.00%, 06/15/55(b)
       2,750  2,147,648
RB, 5.00%, 07/01/55(b)
         880  752,532
RB, 5.00%, 01/01/56(b)
         875  780,569
RB, 4.75%, 06/15/56(b)
         440  321,158
RB, 5.00%, 06/15/56(b)
         145  121,603
RB, 0.00%, 01/01/60(b)(c)
      19,530  1,219,259
RB, Series A, 7.75%, 07/01/43(b)
       1,920  1,989,036
RB, Series A, 5.63%, 06/15/49(b)
         865  821,878
RB, AMT, 4.00%, 09/30/51
       2,025  1,712,480
RB, AMT, 4.25%, 07/01/54
       1,160  812,232
RB, AMT, 4.00%, 03/31/56
  680  560,716
Refunding RB, AMT, Series B, 5.00%, 07/01/42
  750  750,212
Wisconsin Housing & EDA, RB, Series A, 4.55%, 07/01/37
  165  170,759
      17,017,366
Wyoming — 0.2%
University of Wyoming, RB, (AGM), Series C, 4.00%, 06/01/51
  775  755,209
Total Municipal Bonds — 89.0%

(Cost: $327,176,010)
308,904,945
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
Alabama — 1.6%
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53
  5,095  5,447,125
New York — 2.0%
New York City Housing Development Corp.      
RB, Series D-1-B, 4.25%, 11/01/45
  1,000  963,277
Refunding RB, Series A-1, 4.15%, 11/01/38
  1,414  1,417,799
Port Authority of New York & New Jersey, RB, AMT, Series 221, 4.00%, 07/15/55
  5,015  4,668,781
      7,049,857
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 3.6%

(Cost: $12,514,610)
12,496,982
Total Long-Term Investments — 92.6%

(Cost: $339,690,620)
321,401,927
    Shares  
Short-Term Securities
Money Market Funds — 4.8%
Dreyfus AMT-Free Tax Exempt Cash Management, Institutional Class, 3.90%(h)
  16,763,940   16,762,264
 
7
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BATS: Series E Portfolio
(Percentages shown are based on Net Assets)
Security   Par
(000) 		Value
Municipal Bonds
Florida — 1.5%
City of Gainesville Utilities System Revenue, Refunding RB, Series B, VRDN, (Barclays Bank plc SBPA), 4.15%, 01/02/24(i)
USD        2,500 $  2,500,000
JEA Electric System Revenue, Refunding RB, Series THREE-B-3, VRDN, (Royal Bank of Canada SBPA), 3.77%, 01/08/24(i)
       2,500  2,500,000
      5,000,000
New York — 0.7%
City of New York, GO, Sub-Series A-2, VRDN, (Mizuho Bank Ltd. LOC), 4.00%, 01/02/24(i)
       2,500  2,500,000
Virginia — 0.7%
Loudoun County EDA, RB, Series F, VRDN, 3.81%, 01/08/24(i)
       2,500  2,500,000
Total Municipal Bonds — 2.9%

(Cost: $10,000,000)
10,000,000
Total Short-Term Securities — 7.7%

(Cost: $26,761,995)
26,762,264
Total Investments — 100.3%

(Cost: $366,452,615)
348,164,191
Other Assets Less Liabilities — 1.6%
5,660,855
Liability for TOB Trust Certificates,

Including Interest Expense and Fees Payable — (1.9)%
(6,717,005)
Net Assets — 100.0%
$  347,108,041
(a) 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.
(b) 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.
(c) Zero-coupon bond.
(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) Issuer filed for bankruptcy and/or is in default.
(f) Non-income producing security.
(g) Represents bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.
(h) Annualized 7-day yield as of period end.
(i) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•    Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;
•    Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
•    Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
8
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BATS: Series E Portfolio
Fair Value Hierarchy as of Period End (continued)
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.
  Level 1   Level 2   Level 3   Total
Assets              
Investments              
Long-Term Investments              
Municipal Bonds
$  —   $  308,305,725   $  599,220   $  308,904,945
Municipal Bonds Transferred to Tender Option Bond Trusts
 —    12,496,982    —    12,496,982
Short-Term Securities              
Money Market Funds
 16,762,264    —    —    16,762,264
Municipal Bonds
 —    10,000,000    —    10,000,000
Unfunded Commitments(a)
—   —   2,719,493   2,719,493
  $  16,762,264   $  330,802,707   $  3,318,713   $  350,883,684
(a) Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $6,647,000 are categorized as Level 2 within the fair value hierarchy.
Currency Abbreviation 
USD United States Dollar
Portfolio Abbreviation 
AGM Assured Guaranty Municipal Corp.
AMT Alternative Minimum Tax
EDA Economic Development Authority
EDC Economic Development Corp.
FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
IDC Industrial Development Corp.
ISD Independent School District
LOC Letter of Credit
RB Revenue Bonds
SBPA Stand-By Bond Purchase Agreements
TA Tax Allocation
VRDN Variable Rate Demand Note
9