Blackrock Massachusetts Tax-exempt Trust (MHE) NPORT-P BlackRock Massachusetts Tax-Exempt Trust (Nov 2020 report)

Schedule of Investments  (unaudited) November 30, 2020 BlackRock Massachusetts Tax-Exempt Trust (MHE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
California — 1.7%
Tobacco — 1.7%
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47	$	535	$	551,852
Massachusetts — 125.1%
County/City/Special District/School District — 8.1%
City of Holyoke Massachusetts, Refunding GO, (SAW), 5.00%, 09/01/26		1,000		1,083,320
Commonwealth of Massachusetts Transportation Fund Revenue, Refunding RB, Series A, 5.00%, 06/01/21(a)		500		511,990
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21(a)		1,000		1,041,850
				2,637,160
Education — 54.5%
Massachusetts Development Finance Agency, RB 5.00%, 10/01/46		500		554,560
5.00%, 07/01/47		550		593,631
5.00%, 10/01/48		200		194,008
Series A, 5.25%, 01/01/42		500		571,000
Series A, (AMBAC), 5.75%, 01/01/42		650		1,053,299
Series A, 5.00%, 01/01/47		1,000		1,118,260
Series B, 5.00%, 07/01/21(a)		500		513,995
Series J, 5.00%, 07/01/42		1,950		2,080,591
Massachusetts Development Finance Agency, Refunding RB
5.00%, 07/01/37		150		169,646
4.00%, 07/01/39		500		531,955
5.00%, 04/15/40		1,000		1,085,810
5.00%, 09/01/43		500		575,990
4.00%, 07/01/44		250		291,633
Series A, 5.00%, 10/01/35		250		284,600
Series P, 5.45%, 05/15/59		1,500		1,957,920
Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27		1,000		1,143,690
Massachusetts Educational Financing Authority, Refunding RB, AMT, 3.50%, 07/01/33		165		167,754
Massachusetts Health & Educational Facilities Authority, Refunding RB
Series M, 5.50%, 02/15/27		1,000		1,304,270
Series T-2, 5.00%, 10/01/32		500		540,655
Massachusetts State College Building Authority, Refunding RB, Series B, (AGC SAP), 5.50%, 05/01/39		825		1,285,828
University of Massachusetts Building Authority, RB, Series 1, 5.00%, 11/01/22(a)		500		545,770
University of Massachusetts Building Authority, Refunding RB, Series 1, Senior Lien, 5.00%, 11/01/50		1,000		1,272,130
				17,836,995
Health — 14.4%
Massachusetts Development Finance Agency, Refunding RB
5.00%, 07/01/21(a)		1,000		1,027,990
4.13%, 10/01/42(b)		550		546,287
4.00%, 12/01/42		485		524,110
5.00%, 12/01/42		525		595,224
Series A, 5.00%, 06/01/39		250		299,418
Series A, 5.00%, 07/01/44		250		296,055
Series A, 4.00%, 06/01/49		250		271,763

Security	Par (000)		Value
Health (continued)
Massachusetts Development Finance Agency, Refunding RB (continued)
Series A-2, 4.00%, 07/01/41	$	100	$	116,952
Series E, 4.00%, 07/01/38		500		541,410
Massachusetts Health & Educational Facilities Authority, RB, Series D, 5.00%, 07/01/39		500		501,425
				4,720,634
Housing — 9.5%
Massachusetts Housing Finance Agency, RB, M/F Housing
Series A, (FHA INS), 5.25%, 12/01/35		185		185,437
Series A, 3.80%, 12/01/43		500		546,830
Series C-1, 3.15%, 12/01/49		1,000		1,052,410
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		485		528,330
Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 214, (GNMA/FNMA/FHLMC), 2.95%, 12/01/44		750		792,337
				3,105,344
State — 22.7%
Commonwealth of Massachusetts, GO
Series C, 5.00%, 07/01/45		1,000		1,182,930
Series G, 4.00%, 09/01/42		1,000		1,142,620
Massachusetts Bay Transportation Authority, Refunding RB
Series A, 5.25%, 07/01/29		730		1,002,049
Sub-Series A-2, 5.00%, 07/01/45		2,100		2,561,601
Massachusetts School Building Authority, RB
Series A, 5.00%, 05/15/23(a)		500		558,530
Series A, 5.00%, 08/15/45		750		987,458
				7,435,188
Transportation — 15.9%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue, RB, Series A, 5.00%, 06/15/22(a)		1,000		1,073,640
Massachusetts Port Authority, RB
Series A, AMT, 5.00%, 07/01/42		1,000		1,061,430
Series B, AMT, 5.00%, 07/01/45		1,750		2,024,260
Metropolitan Boston Transit Parking Corp., Refunding RB, 5.25%, 07/01/36		1,000		1,025,930
				5,185,260
Total Municipal Bonds in Massachusetts				40,920,581
Puerto Rico — 7.4%
State — 5.6%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		113		122,377
Series A-1, Restructured, 5.00%, 07/01/58		747		821,640
Series A-2, Restructured, 4.33%, 07/01/40		150		159,786
Series A-2, Restructured, 4.54%, 07/01/53		500		534,645
Series A-2, Restructured, 4.78%, 07/01/58		168		181,806
				1,820,254
Tobacco — 0.7%
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		215		216,970

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Schedule of Investments  (unaudited) (continued) November 30, 2020 BlackRock Massachusetts Tax-Exempt Trust (MHE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utilities — 1.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33	$	115	$	119,173
Series A, Senior Lien, 5.13%, 07/01/37		75		77,813
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, Senior Lien, 6.00%, 07/01/38		170		170,564
				367,550
Total Municipal Bonds in Puerto Rico				2,404,774
Total Municipal Bonds — 134.2% (Cost: $39,829,051)				43,877,207
Municipal Bonds Transferred to Tender Option Bond Trusts(c)
Massachusetts — 15.5%
Education — 3.1%
Massachusetts Development Finance Agency, RB, 4.00%, 09/01/49		1,000		1,024,540
Health — 1.5%
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/35		430		499,471
State — 10.9%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46		1,001		1,132,190
Massachusetts School Building Authority, RB, Series B, 5.00%, 11/15/46(d)		2,000		2,425,960
				3,558,150
Total Municipal Bonds in Massachusetts				5,082,161
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 15.5% (Cost: $4,739,207)				5,082,161
Total Long-Term Investments — 149.7% (Cost: $44,568,258)				48,959,368

Security	Shares		Value
Short-Term Securities
Money Market Funds — 14.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(e)(f)		4,650,103	$	4,650,568
Total Short-Term Securities — 14.2% (Cost: $ 4,650,956)				4,650,568
Total Investments — 163.9% (Cost: $ 49,219,214)				53,609,936
Other Assets Less Liabilities — 1.3%				417,127
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.1)%				(2,966,539	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (56.1)%				(18,350,120	)
Net Assets Applicable to Common Shares — 100.0%			$	32,710,404

^(a)  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.

^(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)  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.

^(d)  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.

^(e)  Affiliate of the Trust.

^(f)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended November 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 11/30/20		Shares Held at 11/30/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	3,103,807	$	1,547,230	(a)	$	—	$	(14	)	$	(455	)	$	4,650,568		4,650,103	$	102	$	—

^(a) Represents net amount purchased (sold).

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-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 sector sub- classifications for reporting ease.

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Schedule of Investments  (unaudited) (continued) November 30, 2020 BlackRock Massachusetts Tax-Exempt Trust (MHE)

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 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 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 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 Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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	$	—	$	43,877,207	$	—	$	43,877,207
Municipal Bonds Transferred to Tender Option Bond Trusts		—		5,082,161		—		5,082,161
Short-Term Securities
Money Market Funds		4,650,568		—		—		4,650,568
	$	4,650,568	$	48,959,368	$	—	$	53,609,936

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting 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	$	—	$	(2,965,858	)	$	—	$	(2,965,858	)
VRDP Shares at Liquidation Value		—		(18,500,000	)		—		(18,500,000	)
	$	—	$	(21,465,858	)	$	—	$	(21,465,858	)

Portfolio Abbreviation		Portfolio Abbreviation (continued)
AGC	Assured Guaranty Corp.	SAW	State Aid Withholding
AMBAC	AMBAC Assurance Corp.
AMT	Alternative Minimum Tax
FHA	Federal Housing Administration
GO	General Obligation Bonds
INS	Insured
M/F	Multi-Family
RB	Revenue Bond
S/F	Single-Family
SAP	Subject to Appropriations

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