Blackrock Massachusetts Tax-exempt Trust (MHE) NPORT-P BlackRock Massachusetts Tax-Exempt Trust (Nov 2019 report)

Schedule of Investments  (unaudited) November 30, 2019 BlackRock Massachusetts Tax-Exempt Trust (MHE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 146.8%
California — 1.7%
Tobacco — 1.7%
Golden State Tobacco Securitization Corp., Refunding RB, SeriesA-1, 5.00%, 06/01/47	$	535	$	550,574
Massachusetts — 139.6%
County/City/Special District/School District — 3.4%
Town of Holyoke Massachusetts, GO, Refunding, 5.00%, 09/01/26		1,000		1,103,790
Education — 58.6%
Collegiate Charter School of Lowell, RB, 5.00%, 06/15/54(a)		545		577,384
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		1,000		1,140,100
Emerson College Issue, Series A, 5.25%, 01/01/42		500		586,125
Foxborough Regional Charter School, Series A, 7.00%, 07/01/20(b)		250		258,525
Merrimack College, 5.00%, 07/01/47		550		613,014
Mount Holyoke College, Series B, 5.00%, 07/01/41		500		526,210
UMass Boston Student Housing Project, 5.00%, 10/01/48		1,000		1,123,710
UMass Darthmouth Student Housing Project, 5.00%, 10/01/48		200		231,130
Wellesley College, Series J, 5.00%, 07/01/42		1,950		2,122,633
Wentworth Institute Technology, 5.00%, 10/01/46		500		563,945
WGBH Educational Foundation, Series A (AMBAC), 5.75%, 01/01/42		650		977,802
Massachusetts Development Finance Agency, Refunding RB:
Boston University, Series P, 5.45%, 05/15/59		1,500		1,958,265
Emerson College, Series A, 5.00%, 01/01/20(b)		185		185,564
Emerson College, Series A, 5.00%, 01/01/20(b)		15		15,045
Emmanuel College Issue, Series A, 5.00%, 10/01/35		250		289,735
Foxborough Regional Charter School Issue, 5.00%, 07/01/37		150		169,518

Security	Par (000)		Value
Education (continued)
International Charter School, 5.00%, 04/15/40	$	1,000	$	1,083,300
Suffolk University, 4.00%, 07/01/39		500		536,330
Trustees of Deerfield Academy, 5.00%, 10/01/40		1,675		1,722,503
Wellesley College Issue, Series L, 4.00%, 07/01/44		250		283,480
Western New England University, 5.00%, 09/01/43		500		586,015
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 01/01/27		1,000		1,146,750
Massachusetts Educational Financing Authority, Refunding RB, Issue J, AMT, 3.50%, 07/01/33		180		183,967
Massachusetts Health & Educational Facilities Authority, RB, Berklee College of Music, Inc., Series A, 5.00%, 10/01/37		70		70,193
Massachusetts Health & Educational Facilities Authority, Refunding RB:
Northeastern University, SeriesT-2, 5.00%, 10/01/32		500		551,070
Tufts University, Series M, 5.50%, 02/15/27		1,000		1,276,780
University of Massachusetts Building Authority, RB, Senior-Series 2, 5.00%, 11/01/39		500		547,975
				19,327,068
Health — 18.7%
Massachusetts Development Finance Agency, Refunding RB:
Atrius Health Issue, Series A, 5.00%, 06/01/39		250		296,802
Atrius Health Issue, Series A, 4.00%, 06/01/49		250		264,710
Boston Medical Center, Series E, 4.00%, 07/01/38		500		538,235
Carleton-Willard Village, 5.63%, 12/01/30		500		500,485
New Bridge Charles, Inc., 4.13%, 10/01/42(c)		550		574,805
Partners Healthcare, Series L, 5.00%, 07/01/21(b)		995		1,056,083
Partners Healthcare, Series L, 5.00%, 07/01/36		5		5,276
Series A, 5.00%, 07/01/44		250		293,005

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Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Massachusetts Tax-Exempt Trust (MHE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health (continued)
Massachusetts Health & Educational Facilities Authority, RB:
Children’s Hospital, Series M, 5.25%, 12/01/19(b)	$	600	$	600,000
Children’s Hospital, Series M, 5.50%, 12/01/19(b)		500		500,000
Southcoast Health Obligation Group, Series D, 5.00%, 07/01/39		500		501,605
Massachusetts Health & Educational Facilities Authority, Refunding RB, Winchester Hospital, Series H, 5.25%, 07/01/20(b)		1,000		1,024,020
				6,155,026
Housing — 8.9%
Massachusetts HFA, RB, M/F Housing:
Series A, 3.80%, 12/01/43		500		531,305
Series A (FHA), 5.25%, 12/01/35		185		188,221
SeriesC-1, 3.15%, 12/01/49(a)		1,000		1,002,760
Massachusetts HFA, Refunding RB, AMT:
Series A, 4.50%, 12/01/47		500		532,895
Series C, 5.00%, 12/01/30		135		137,388
Series C, 5.35%, 12/01/42		545		550,832
				2,943,401
State — 26.1%
Commonwealth of Massachusetts, GO:
Series C, 5.00%, 07/01/45		1,000		1,164,380
Series G, 4.00%, 09/01/42		1,000		1,101,150
Massachusetts Bay Transportation Authority, Refunding RB:
Senior Series A, 5.25%, 07/01/29		730		968,389
Sub-SeriesA-2, 5.00%, 07/01/45		2,100		2,528,673
Massachusetts School Building Authority, RB:
Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43		500		555,640
Series B, 5.00%, 10/15/21(b)		1,000		1,073,160
Massachusetts State College Building Authority, Refunding RB, Series B (AGC), 5.50%, 05/01/39		825		1,203,724
				8,595,116
Transportation — 23.9%
Commonwealth of Massachusetts, RB, Series A, 5.00%, 06/15/22(b)		1,000		1,097,790
Commonwealth of Massachusetts, Refunding RB, Series A, 5.00%, 06/01/21(b)		500		529,095

Security	Par (000)		Value
Transportation (continued)
Massachusetts Department of Transportation, Refunding RB, Senior Series B:
5.00%, 01/01/32	$	1,120	$	1,123,416
5.00%, 01/01/37		1,000		1,003,050
Massachusetts Port Authority, RB, AMT:
Series A, 5.00%, 07/01/42		1,000		1,076,460
Series B, 5.00%, 07/01/45		1,750		2,001,090
Metropolitan Boston Transit Parking Corp., Refunding RB, 5.25%, 07/01/36		1,000		1,056,860
				7,887,761
Total Municipal Bonds in Massachusetts				46,012,162
Puerto Rico — 5.5%
State — 3.7%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
SeriesA-1, 4.75%, 07/01/53		113		116,678
SeriesA-1, 5.00%, 07/01/58		747		785,194
SeriesA-2, 4.33%, 07/01/40		150		151,732
SeriesA-2, 4.78%, 07/01/58		168		173,242
				1,226,846
Tobacco — 0.7%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43		215		218,260
Utilities — 1.1%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:
5.00%, 07/01/33		115		119,585
5.13%, 07/01/37		75		77,963
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 07/01/38		170		172,503
				370,051
Total Municipal Bonds in Puerto Rico				1,815,157
Total Municipal Bonds — 146.8% (Cost — $44,600,918)				48,377,893

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Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Massachusetts Tax-Exempt Trust (MHE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds Transferred to Tender Option Bond Trusts(d)
Massachusetts — 15.3%
Education — 10.4%
Massachusetts Development Finance Agency, RB, Worcester Polytechnic Institute, 4.00%, 09/01/49	$	1,006	$	1,048,891
Massachusetts School Building Authority, RB, Senior Series B, 5.00%, 11/15/46(e)		2,000		2,372,880
				3,421,771
Health — 1.5%
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 4.00%, 07/01/35		430		488,106
State — 3.4%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46		1,001		1,133,251
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 15.3% (Cost — $4,796,779)				5,043,128
Total Long-Term Investments — 162.1% (Cost — $49,397,697)				53,421,021

Security	Shares		Value
Short-Term Securities — 5.9%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(f)(g)	$	1,953,254	$	1,953,449
Total Short-Term Securities — 5.9% (Cost — $1,953,449)				1,953,449
Total Investments — 168.0% (Cost — $51,351,146)				55,374,470
Liabilities in Excess of Other Assets — (2.8)%				(927,268	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.5)%				(3,142,741	)
VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (55.7)%				(18,347,228	)
Net Assets Applicable to Common Shares — 100.0%			$	32,957,233

^(a) When-issued security.

^(b)  U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(c) 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.

^(d) Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

^(e) All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires on November 15, 2024, is $1,551,389.

^(f) Annualized7-day yield as of period end.

^(g) During the period ended November 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 08/31/19		Net Activity		Shares Held at 11/30/19		Value at 11/30/19		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		76,210		1,877,044		1,953,254	$	1,953,449	$	1,383	$	(2	)	$	3

^(a)  Includes net capital gain distributions, if applicable.

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sectorsub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sectorsub-classifications for reporting ease.

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Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Massachusetts Tax-Exempt Trust (MHE)

Portfolio Abbreviations

AGC — Assured Guarantee Corp.

AMBAC — American Municipal Bond Assurance Corp.

AMT — Alternative Minimum Tax (subject to)

FHA — Federal Housing Administration

GO — General Obligation Bonds

HFA — Housing Finance Agency

M/F — Multi-Family

RB — Revenue Bonds

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		5		03/20/20	$	647	$	735
Long U.S. Treasury Bond		10		03/20/20		1,590		3,579
5-Year U.S. Treasury Note		3		03/31/20		357		226
							$	4,540

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Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Massachusetts Tax-Exempt Trust (MHE)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 Trust 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s) assumptions used in determining the fair value of investments and derivative 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 Global 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	—	$	53,421,021	$	—	$	53,421,021
Short-Term Securities		1,953,449		—		—		1,953,449
	$	1,953,449	$	53,421,021	$	—	$	55,374,470
Derivative Financial Instruments(b)
Assets:
Interest rate contracts	$	4,540	$	—	$	—	$	4,540

^(a) See above Schedule of Investments for values in each sector/state or political subdivision.

^(b) Derivative financial instruments are futures contracts. Future contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(3,136,631	)	$	—	$	(3,136,631	)
VRDP Shares at Liquidation Value		—		(18,500,000	)		—		(18,500,000	)
	$	—	$	(21,636,631	)	$	—	$	(21,636,631	)

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