UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07660
Name of Fund: The Massachusetts Health & Education Tax-Exempt Trust
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Donald C. Burke, Vice President, The
Massachusetts Health & Education Tax-Exempt Trust, 800 Scudders Mill Road,
Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ
08543-9011
Registrant's telephone number, including area code: (800) 882-0052
Date of fiscal year end: 12/31/07
Date of reporting period: 01/01/07 - 06/30/07
Item 1 - Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE
LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
The Massachusetts BLACKROCK
Health & Education
Tax-Exempt Trust
SEMI-ANNUAL REPORT
JUNE 30, 2007 | (UNAUDITED)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
The Massachusetts Health & Education Tax-Exempt Trust
Officers and Trustees
Walter B. Prince, Chairman and Trustee
James F. Carlin, III, Trustee
Thomas H. Green, III, Trustee
Edward M. Murphy, Trustee
Frank Nesvet, Trustee
James M. Storey, Trustee
Donald C. Burke, Vice President and Treasurer
Catherine A. Johnston, Trust Chief Compliance Officer
Alice A. Pellegrino, Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agents
Common Shares:
The Bank of New York
101 Barclay Street -- 11 East
New York, NY 10286
Preferred Shares:
Deutsche Bank Trust Company
280 Park Avenue, 9th Floor
New York, NY 10018
2 THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007
A Letter to Shareholders
Dear Shareholder
At the mid-point of 2007, investor sentiment appeared quite buoyant,
notwithstanding some undertones of caution. For equity markets, positive
momentum as the year began was interrupted by a notable but transitory set-back
at the end of February. Markets resumed their ascent through May, but entered a
trading range in June as investors began to question the sustainability of the
rally. For the most part, equities found support in robust
merger-and-acquisition activity, healthy global economies, tame inflation,
relatively low interest rates, still-positive earnings growth and attractive
valuations. These tailwinds prevailed over such headwinds as a weakening U.S.
economy, slowing housing market, credit-related lending problems, escalating
geopolitical concerns and high energy prices, leading the Standard & Poor's
(S&P) 500 Index to a new record high in May.
Meanwhile, turmoil in the subprime mortgage market and generally mixed economic
signals weighed on bonds. In June, bond prices dropped precipitously as
long-term yields rose to their highest levels in five years. The 10-year
Treasury yield, which began 2007 at 4.68%, reached nearly 5.30% in mid-June
before retracing to 5.03% by month's end. Notably, this year has brought some
re-steepening of the yield curve, which had been flat to inverted throughout
2006. Still, at the end of June, yields along the curve remained below the
federal funds rate of 5.25%, the level at which the Federal Reserve Board (the
Fed) has left it since first pausing in August 2006. While first-quarter gross
domestic product growth of 0.7% represented the slowest rate of expansion since
2002, the Fed reiterated that inflation, not a slowing economy, remains its
primary concern. Many observers interpreted the Fed's reaction to mean that the
economy has hit its low and is bound for renewed strength, thereby reducing the
likelihood of an interest rate cut in the near future.
Against this backdrop, the major equity market indexes posted strong returns for
the annual and semi-annual periods ended June 30, 2007, while fixed income
assets were more mixed:
Total Returns as of June 30, 2007 6-month 12-month
==============================================================================================================
U.S. equities (S&P 500 Index) + 6.96% +20.59%
- --------------------------------------------------------------------------------------------------------------
Small cap U.S. equities (Russell 2000 Index) + 6.45 +16.43
- --------------------------------------------------------------------------------------------------------------
International equities (MSCI Europe, Australasia, Far East Index) +10.74 +27.00
- --------------------------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers U.S. Aggregate Bond Index) + 0.98 + 6.12
- --------------------------------------------------------------------------------------------------------------
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 0.14 + 4.69
- --------------------------------------------------------------------------------------------------------------
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) + 2.96 +11.22
- --------------------------------------------------------------------------------------------------------------
We expect market volatility to linger throughout the second half of 2007. As you
navigate the uncertainties, we encourage you to review your investment goals
with your financial professional and to make portfolio changes, as needed. For
more market insight, we invite you to view "What's Ahead in 2007: The
Second-Quarter Update" and "Are You Prepared for Volatility?" at
www.blackrock.com/funds. We thank you for entrusting BlackRock with your
investment assets, and we look forward to continuing to serve you in the months
and years ahead.
Sincerely,
/s/ Robert C. Doll, Jr.
Robert C. Doll, Jr.
Vice Chairman and Director, BlackRock, Inc.
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007 3
The Benefits and Risks of Leveraging
The Massachusetts Health & Education Tax-Exempt Trust utilizes leveraging to
seek to enhance the yield and net asset value of its Common Shares. However,
these objectives cannot be achieved in all interest rate environments. To
leverage, the Trust issues Preferred Shares, which pay dividends at prevailing
short-term interest rates, and invests the proceeds in long-term municipal
bonds. The interest earned on these investments, net of dividends to Preferred
Shares, is paid to Common Shareholders in the form of dividends, and the value
of these portfolio holdings is reflected in the per share net asset value of the
Trust's Common Shares. However, in order to benefit Common Shareholders, the
yield curve must be positively sloped; that is, short-term interest rates must
be lower than long-term interest rates. At the same time, a period of generally
declining interest rates will benefit Common Shareholders. If either of these
conditions change, then the risks of leveraging will begin to outweigh the
benefits.
To illustrate these concepts, assume a fund's Common Share capitalization of
$100 million and the issuance of Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are approximately 3%
and long-term interest rates are approximately 6%, the yield curve has a
strongly positive slope. The fund pays dividends on the $50 million of Preferred
Shares based on the lower short-term interest rates. At the same time, the
fund's total portfolio of $150 million earns the income based on long-term
interest rates. Of course, increases in short- term interest rates would reduce
(and even eliminate) the dividends on the Common Shares.
In this case, the dividends paid to Preferred Shareholders are significantly
lower than the income earned on the fund's long-term investments, and therefore
the Common Shareholders are the beneficiaries of the incremental yield. However,
if short-term interest rates rise, narrowing the differential between short-term
and long-term interest rates, the incremental yield pickup on the Common Shares
will be reduced or eliminated completely. At the same time, the market value of
the fund's Common Shares (that is, its price as listed on the American Stock
Exchange) may, as a result, decline. Furthermore, if long-term interest rates
rise, the Common Shares' net asset value will reflect the full decline in the
price of the portfolio's investments, since the value of the fund's Preferred
Shares does not fluctuate. In addition to the decline in net asset value, the
market value of the fund's Common Shares may also decline.
As of June 30,2007, the Trust's leverage amount, due to Auction Preferred
Shares, was 38.40% of total net assets, before the deduction of Preferred
Shares.
As a part of its investment strategy, the Trust may invest in certain securities
whose potential income return is inversely related to changes in a floating
interest rate ("inverse floaters"). In general, income on inverse floaters will
decrease when short-term interest rates increase and increase when short-term
interest rates decrease. Investments in inverse floaters may be characterized as
derivative securities and may subject the Trust to the risks of reduced or
eliminated interest payments and losses of invested principal. In addition,
inverse floaters have the effect of providing investment leverage and, as a
result, the market value of such securities will generally be more volatile than
that of fixed rate, tax-exempt securities. To the extent the Trust invests in
inverse floaters, the market value of the Trust's portfolio and the net asset
value of the Trust's shares may also be more volatile than if the Trust did not
invest in inverse floaters. Certain inverse floaters may be presented for
financial reporting purposes as secured borrowings by the Trust.
Swap Agreements
The Trust may invest in swap agreements, which are over-the-counter contracts in
which one party agrees to make periodic payments based on the change in market
value of a specified bond, basket of bonds, or index in return for periodic
payments based on a fixed or variable interest rate or the change in market
value of a different bond, basket of bonds or index. Swap agreements may be used
to obtain or reduce exposure to a bond or market without owning or taking
physical custody of securities. Swap agreements involve the risk that the party
with whom the Trust has entered into the swap will default on its obligation to
pay the Trust and the risk that the Trust will not be able to meet its
obligations to pay the other party to the agreement.
4 THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007
Fund Summary as of June 30, 2007
The Massachusetts Health & Education Tax-Exempt Trust
Trust Information
Symbol on American Stock Exchange ............................... MHE
Initial Offering Date ........................................... July 23, 1993
Yield on Closing Market Price as of 6/30/07 ($12.45)* ........... 4.72%
Current Monthly Distribution per Common Share** ................. $ .049
Current Annualized Distribution per Common Share** .............. $ .588
Leverage as of 6/30/07*** ....................................... 38.40%
- --------------------------------------------------------------------------------
* Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
** The distribution is not constant and is subject to change.
*** As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and net asset
value:
- -------------------------------------------------------------------------------------------
6/30/07 12/31/06 Change High Low
- -------------------------------------------------------------------------------------------
Market Price ................... $12.45 $13.10 (4.96%) $13.50 $12.31
Net Asset Value ................ $13.46 $13.90 (3.17%) $14.06 $13.32
- -------------------------------------------------------------------------------------------
The following charts show the Trust's portfolio composition and credit quality
allocations of the Trust's long-term investments:
Portfolio Composition
Sector 6/30/07 12/31/06
- --------------------------------------------------------------------------------
Education ................................................. 53% 46%
Hospital .................................................. 25 27
City, County & State ...................................... 11 12
Housing ................................................... 5 5
Industrial & Pollution Control ............................ 5 4
Transportation ............................................ 1 3
Water & Sewer ............................................. --* 2
Lease Revenue ............................................. --* 1
- --------------------------------------------------------------------------------
* Amount is less than 1%.
Credit Quality Allocations*
Credit Rating 6/30/07 12/31/06
- --------------------------------------------------------------------------------
AAA/Aaa ................................................... 43% 41%
AA/Aa ..................................................... 16 18
A ......................................................... 18 16
BBB/Baa ................................................... 8 11
BB/Ba ..................................................... 3 3
B ......................................................... 3 3
Not Rated ................................................. 9 8
- --------------------------------------------------------------------------------
* Using the highest of S&P's or Moody's ratings.
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007 5
Schedule of Investments as of June 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
Massachusetts -- 156.7%
- -------------------------------------------------------------------------------
$1,000 Massachusetts Educational Financing Authority,
Education Loan Revenue Refunding Bonds, AMT,
Issue E, Series A, 4.70% due 1/01/2033 (b) $ 955
- -------------------------------------------------------------------------------
1,000 Massachusetts State College Building Authority, Project
Revenue Bonds, Series A, 5% due 5/01/2031 (b) 1,036
- -------------------------------------------------------------------------------
825 Massachusetts State College Building Authority, Project
Revenue Refunding Bonds, Series B, 5.50%
due 5/01/2039 (m) 941
- -------------------------------------------------------------------------------
Massachusetts State Development Finance Agency,
Education Revenue Bonds:
1,100 (Belmont Hill School), 5% due 9/01/2011 (i) 1,152
1,000 (Belmont Hill School), 4.50% due 9/01/2036 931
400 (Middlesex School Project), 5% due 9/01/2033 407
250 (Xaverian Brothers High School), 5.65%
due 7/01/2029 256
- -------------------------------------------------------------------------------
1,000 Massachusetts State Development Finance Agency,
Educational Facility Revenue Bonds (Academy of the
Pacific Rim), Series A, 5.125% due 6/01/2031 (a) 1,013
- -------------------------------------------------------------------------------
Massachusetts State Development Finance Agency, First
Mortgage Revenue Bonds, Series A:
855 (Edgecombe Project), 6.75% due 7/01/2021 927
850 (Overlook Communities Inc.), 6.125%
due 7/01/2024 877
- -------------------------------------------------------------------------------
1,250 Massachusetts State Development Finance Agency,
First Mortgage Revenue Refunding Bonds (Symmes
Life Care, Inc. -- Brookhaven at Lexington), Series A,
5% due 3/01/2035 (j) 1,271
- -------------------------------------------------------------------------------
500 Massachusetts State Development Finance Agency,
Human Service Provider Revenue Bonds (Seven Hills
Foundation & Affiliates), 5% due 9/01/2035 (j) 508
- -------------------------------------------------------------------------------
825 Massachusetts State Development Finance Agency,
Resource Recovery Revenue Bonds (Ogden Haverhill
Associates), AMT, Series A, 6.70% due 12/01/2014 877
- -------------------------------------------------------------------------------
Massachusetts State Development Finance Agency
Revenue Bonds:
1,000 (Boston University), Series T-1, 5%
due 10/01/2039 (b) 1,026
500 (College of Pharmacy and Allied Health Services),
Series D, 5% due 7/01/2027 (c) 512
500 (Curry College), Series A, 5% due 3/01/2035 (a) 498
400 (Franklin W. Olin College), Series B, 5.25%
due 7/01/2033 (m) 416
1,000 (Massachusetts College of Pharmacy and Health
Sciences), 5.75% due 7/01/2033 1,061
425 (Massachusetts Council of Human Service
Providers, Inc.), Series C, 6.60% due 8/15/2029 427
2,000 (Smith College), 5% due 7/01/2035 2,053
- -------------------------------------------------------------------------------
Massachusetts State Development Finance Agency
Revenue Bonds (concluded):
500 (Volunteers of America -- Ayer Limited Partnership),
AMT, Series A, 6.20% due 2/20/2046 (h) 557
1,000 (WGBH Educational Foundation), Series A, 5.375%
due 1/01/2012 (b)(i) 1,065
1,100 (WGBH Educational Foundation), Series A, 5.75%
due 1/01/2042 (b) 1,297
600 (Western New England College), 5.875%
due 12/01/2012 (i) 645
540 (The Wheeler School), 6.50% due 12/01/2029 565
500 (Williston Northampton School Project), 5%
due 10/01/2025 (m) 517
1,985 (Worcester Polytechnic Institute), 5%
due 9/01/2027 (n) 2,072
- -------------------------------------------------------------------------------
Massachusetts State Development Finance Agency,
Revenue Refunding Bonds:
1,500 (Boston University), Series P, 5.45% due 5/15/2059 1,584
500 (Clark University), 5.125% due 10/01/2035 (m) 519
1,500 (Western New England College), Series A, 5%
due 9/01/2033 (c) 1,539
- -------------------------------------------------------------------------------
1,000 Massachusetts State, HFA, Housing Revenue Bonds,
AMT, Series A, 5.25% due 12/01/2048 1,003
- -------------------------------------------------------------------------------
Massachusetts State Health and Educational Facilities
Authority Revenue Bonds:
1,000 (Baystate Medical Center), Series F, 5.75%
due 7/01/2033 1,050
350 (Berkshire Health System), Series E, 6.25%
due 10/01/2031 372
1,000 (Berkshire Health System), Series F, 5%
due 10/01/2019 (c) 1,042
1,350 (Harvard University), Series FF, 5.125%
due 7/15/2037 1,398
750 (Milford-Whitinsville Hospital), Series D, 6.35%
due 7/15/2012 (i) 831
100 (Partners Healthcare System), VRDN, Series D-5,
3.75% due 7/01/2017 (l) 100
300 (Partners Healthcare System), VRDN, Series D-6,
3.80% due 7/01/2017 (l) 300
1,000 (Simmons College), Series F, 5%
due 10/01/2013 (f)(i) 1,055
230 (University of Massachusetts), Series C, 5.125%
due 10/01/2034 (f) 238
1,210 (Wheaton College), Series D, 6% due 1/01/2018 1,243
- -------------------------------------------------------------------------------
Massachusetts State Health and Educational Facilities
Authority, Revenue Refunding Bonds:
780 (Bay Cove Human Services Issue), Series A, 5.90%
due 4/01/2028 789
1,000 (Boston College), Series N, 5.125% due 6/01/2037 1,027
100 (Children's Hospital Project), VRDN, Series L-2,
3.75% due 10/01/2042 (b)(l) 100
500 (Christopher House), Series A, 6.875%
due 1/01/2029 515
Portfolio Abbreviations
To simplify the listings of The Massachusetts Health & Education Tax-Exempt
Trust's portfolio holdings in the Schedule of Investments, we have abbreviated
the names of many of the securities according to the list at right.
AMT Alternative Minimum Tax (subject to)
HFA Housing Finance Agency
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
6 THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007
Schedule of Investments (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
Massachusetts (continued)
- -------------------------------------------------------------------------------
Massachusetts State Health and Educational Facilities
Authority, Revenue Refunding Bonds (concluded):
$ 800 (Covenant Health System), 6% due 7/01/2022 $ 848
400 (Covenant Health System), 6% due 7/01/2031 427
495 (Learning Center For Deaf Children), Series C,
6.125% due 7/01/2029 506
500 (Massachusetts Institute of Technology), Series L,
5% due 7/01/2023 538
500 (Partners Healthcare System), Series C, 5.75%
due 7/01/2032 531
395 (Valley Regional Health System), Series C, 5.75%
due 7/01/2018 (e) 396
1,500 (Wellesley College), 5% due 7/01/2033 1,534
- -------------------------------------------------------------------------------
730 Massachusetts State Industrial Finance Agency, Health
Care Facility Revenue Bonds (Age Institute of
Massachusetts Project), 8.05% due 11/01/2025 745
- -------------------------------------------------------------------------------
1,500 Massachusetts State Industrial Finance Agency, PCR
(General Motors Corporation), 5.55% due 4/01/2009 1,503
- -------------------------------------------------------------------------------
400 Massachusetts State Industrial Finance Agency Revenue
Bonds (Wentworth Institute of Technology), 5.75%
due 10/01/2008 (i) 416
- -------------------------------------------------------------------------------
340 Massachusetts State Industrial Finance Agency, Senior
Living Facility Revenue Bonds (Forge Hill Project), AMT,
6.75% due 4/01/2008 (i) 353
- -------------------------------------------------------------------------------
2,000 Massachusetts State School Building Authority,
Dedicated Sales Tax Revenue Bonds, Series A, 5%
due 8/15/2030 (g) 2,071
- -------------------------------------------------------------------------------
1,000 Rail Connections, Inc., Massachusetts, Capital
Appreciation Revenue Bonds (Route 128 Parking
Garage), Series B, 6.53% due 7/01/2009 (a)(i)(k) 466
- -------------------------------------------------------------------------------
500 University of Massachusetts Building Authority, Project
Revenue Refunding Bonds, Senior Series 04-1, 5.125%
due 11/01/2014 (b)(i) 535
===============================================================================
Puerto Rico -- 4.4%
- -------------------------------------------------------------------------------
1,285 Puerto Rico Public Buildings Authority, Government
Facilities Revenue Refunding Bonds, Series F, 5.25%
due 7/01/2025 (d)(g) 1,410
- -------------------------------------------------------------------------------
Total Investments (Cost -- $49,393*) -- 161.1% 50,846
Other Assets Less Liabilities -- 2.3% 719
Preferred Shares, at
Redemption Value -- (63.4%) (20,011)
--------
Net Assets Applicable to Common Shares -- 100.0% $ 31,554
===== ========
* The cost and unrealized appreciation (depreciation) of investments as of
June 30, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost ............................................... $ 49,261
========
Gross unrealized appreciation ................................ $ 1,753
Gross unrealized depreciation ................................ (168)
--------
Net unrealized appreciation .................................. $ 1,585
========
(a) ACA Insured.
(b) AMBAC Insured.
(c) Assured Guaranty Insured.
(d) CIFG Insured.
(e) Connie Lee Insured.
(f) FGIC Insured.
(g) FSA Insured.
(h) GNMA Collateralized.
(i) Prerefunded.
(j) Radian Insured.
(k) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(l) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(m) XL Capital Insured.
(n) MBIA Insured.
o Forward interest rate swaps outstanding as of June 30, 2007 were as
follows:
--------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
--------------------------------------------------------------------------
Pay a fixed rate of 3.824% and receive a
floating rate based on 1-Week Bond
Market Association Rate
Broker, JPMorgan Chase
Expires September 2016 $2,500 $22
Pay a fixed rate of 3.834% and receive a
floating rate based on 1-Week Bond
Market Association Rate
Broker, JPMorgan Chase
Expires August 2017 $1,500 17
--------------------------------------------------------------------------
Total $39
===
See Notes to Financial Statements.
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007 7
Statement of Net Assets
As of June 30, 2007 (Unaudited)
===================================================================================================================================
Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Investments in unaffiliated securities, at value (identified cost -- $49,393,041) ...... $ 50,845,529
Unrealized appreciation on forward interest rate swaps ................................. 39,244
Interest receivable .................................................................... 866,662
Prepaid expenses ....................................................................... 7,611
------------
Total assets ........................................................................... 51,759,046
------------
===================================================================================================================================
Liabilities
- -----------------------------------------------------------------------------------------------------------------------------------
Bank overdraft ......................................................................... 99,598
Payables:
Investment adviser ................................................................. $ 15,323
Administration fees ................................................................ 6,567
Distributions to shareholders ...................................................... 4,993
Other affiliates ................................................................... 252 27,135
------------
Accrued expenses ....................................................................... 67,129
------------
Total liabilities ...................................................................... 193,862
------------
===================================================================================================================================
Preferred Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Preferred Shares, at redemption value, par value $.01 per share (200 Series A Shares
and 200 Series B Shares of APS* authorized, issued and outstanding at $50,000 per
share liquidation preference) ........................................................ 20,010,828
------------
===================================================================================================================================
Net Assets Applicable to Common Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common Shares ................................................. $ 31,554,356
============
===================================================================================================================================
Analysis of Net Assets Applicable to Common Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Common Shares, par value $.01 per share (2,344,067 shares issued and outstanding) ...... $ 23,441
Paid-in capital in excess of par ....................................................... 29,660,491
Undistributed investment income -- net ................................................. $ 296,838
Undistributed realized capital gains -- net ............................................ 81,854
Unrealized appreciation -- net ......................................................... 1,491,732
------------
Total accumulated earnings -- net ...................................................... 1,870,424
------------
Total -- Equivalent to $13.46 net asset value per Common Share (market price -- $12.45) $ 31,554,356
============
* Auction Preferred Shares.
See Notes to Financial Statements.
8 THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007
Statement of Operations
For the Six Months Ended June 30, 2007 (Unaudited)
===================================================================================================================================
Investment Income
- -----------------------------------------------------------------------------------------------------------------------------------
Interest ............................................................................... $ 1,299,702
===================================================================================================================================
Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
Investment advisory fees ............................................................... $ 90,836
Administration fees .................................................................... 38,930
Commission fees ........................................................................ 26,749
Printing and shareholder reports ....................................................... 22,760
Transfer agent fees .................................................................... 20,264
Professional fees ...................................................................... 17,220
Trustees' fees and expenses ............................................................ 16,366
Other .................................................................................. 5,904
------------
Total expenses ......................................................................... 239,029
------------
Investment income -- net ............................................................... 1,060,673
------------
===================================================================================================================================
Realized & Unrealized Gain (Loss) -- Net
- -----------------------------------------------------------------------------------------------------------------------------------
Realized gain on:
Investments -- net ................................................................. 68,982
Forward interest rate swaps -- net ................................................. 93,839 162,821
------------
Change in unrealized appreciation on:
Investments -- net ................................................................. (1,210,193)
Forward interest rate swaps -- net ................................................. (707) (1,210,900)
----------------------------
Total realized and unrealized loss -- net .............................................. (1,048,079)
------------
===================================================================================================================================
Dividends to Preferred Shareholders
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net ............................................................... (344,326)
------------
Net Decrease in Net Assets Resulting from Operations ................................... $ (331,732)
============
See Notes to Financial Statements.
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007 9
Statements of Changes in Net Assets
For the Six
Months Ended For the
June 30, Year Ended
2007 December 31,
Increase (Decrease) in Net Assets: (Unaudited) 2006
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net ............................................................... $ 1,060,673 $ 2,108,489
Realized gain -- net ................................................................... 162,821 201,249
Change in unrealized appreciation -- net ............................................... (1,210,900) 886,659
Dividends and distributions to Preferred Shareholders .................................. (344,326) (660,520)
----------------------------
Net increase (decrease) in net assets resulting from operations ........................ (331,732) 2,535,877
----------------------------
===================================================================================================================================
Dividends & Distributions to Common Shareholders
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net ............................................................... (689,156) (1,588,436)
Realized gain -- net ................................................................... (5,635) (222,930)
----------------------------
Net decrease in net assets resulting from dividends and distributions to Common
Shareholders ......................................................................... (694,791) (1,811,366)
----------------------------
===================================================================================================================================
Share Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Value of shares issued to Common Shareholders in reinvestment of dividends and
distributions ........................................................................ -- 64,509
----------------------------
Net increase in net assets derived from share transaction .............................. -- 64,509
----------------------------
===================================================================================================================================
Net Assets Applicable to Common Shares
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets applicable to Common Shares .................... (1,026,523) 789,020
Beginning of period .................................................................... 32,580,879 31,791,859
----------------------------
End of period* ......................................................................... $ 31,554,356 $ 32,580,879
============================
* Undistributed investment income -- net ........................................... $ 296,838 $ 269,647
============================
See Notes to Financial Statements.
10 THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007
Financial Highlights
For the Six
Months Ended
The following per share data and ratios June 30, For the Year Ended December 31,
have been derived from information 2007 ---------------------------------------------------
provided in the financial statements. (Unaudited) 2006 2005 2004+ 2003 2002
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 13.90 $ 13.59 $ 13.74 $ 13.91 $ 13.76 $ 13.25
---------------------------------------------------------------
Investment income -- net*** ......................... .45 .90 .83 .82 .93 .94
Realized and unrealized gain (loss) -- net .......... (.45) .47 .15 .08 .07 .42
Dividends and distributions to Preferred
Shareholders:
Investment income -- net ........................ (.15) (.25) (.11) (.03) (.03) (.05)
Realized gain -- net ............................ -- (.03) (.01) (.01) -- --
---------------------------------------------------------------
Total from investment operations .................... (.15) 1.09 .86 .86 .97 1.31
---------------------------------------------------------------
Less dividends and distributions to Common
Shareholders:
Investment income -- net ........................ (.29) (.68) (.78) (.87) (.82) (.80)
Realized gain -- net ............................ --++ (.10) (.13) (.16) -- --
---------------------------------------------------------------
Total dividends and distributions to Common
Shareholders ...................................... (.29) (.78) (.91) (1.03) (.82) (.80)
---------------------------------------------------------------
Offering and underwriting costs resulting
from issuance of Preferred Shares ................. -- -- (.10) -- -- --
---------------------------------------------------------------
Net asset value, end of period ...................... $ 13.46 $ 13.90 $ 13.59 $ 13.74 $ 13.91 $ 13.76
===============================================================
Market price per share, end of period ............... $ 12.45 $ 13.10 $ 13.60 $ 16.24 $ 15.26 $ 13.48
===============================================================
===================================================================================================================================
Total Investment Return
- -----------------------------------------------------------------------------------------------------------------------------------
Based on market price per share ..................... (2.79%)@ 1.99% (10.71%) 14.29% 20.11% 5.10%
===============================================================
===================================================================================================================================
Ratios Based on Average Net Assets Applicable to Common Shares**
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of reimbursement ................ 1.49%* 1.64% 1.30% 1.45% 1.16% 1.19%
===============================================================
Total expenses ...................................... 1.49%* 1.64% 1.30% 1.45% 1.16% 1.20%
===============================================================
Total investment income -- net ...................... 6.61%* 6.61% 6.00% 5.97% 6.74% 7.00%
===============================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common Shares, end of period
(in thousands) .................................... $31,554 $32,581 $31,792 $32,076 $32,390 $31,996
===============================================================
Portfolio turnover .................................. 9% 9% 16% 21% 26% 36%
===============================================================
* Annualized.
** Do not reflect the effect of dividends to Preferred Shareholders.
*** Based on average shares outstanding.
+ On September 1, 2004, Fund Asset Management, L.P. became the Manager.
++ Amount is less than ($.01) per share.
@ Aggregate total investment return.
See Notes to Financial Statements.
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007 11
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies:
The Massachusetts Health & Education Tax-Exempt Trust (the "Trust") is
registered under the Investment Company Act of 1940, as amended, as a
non-diversified, closed-end management investment company. The Trust's financial
statements are prepared in conformity with U.S. generally accepted accounting
principles, which may require the use of management accruals and estimates.
Actual results may differ from these estimates. These unaudited financial
statements reflect all adjustments, which are, in the opinion of management,
necessary to present a fair statement of the results for the interim period. All
such adjustments are of a normal, recurring nature. The Trust determines and
makes available for publication the net asset value of its Common Shares on a
daily basis. The Trust's Common Shares are listed on the American Stock Exchange
under the symbol MHE. The following is a summary of significant accounting
policies followed by the Trust.
(a) Valuation of investments -- Municipal bonds are traded primarily in the
over-the-counter ("OTC") markets and are valued at the last available bid price
in the OTC market or on the basis of values as obtained by a pricing service.
Pricing services use valuation matrixes that incorporate both dealer-supplied
valuations and valuation models. The procedures of the pricing service and its
valuations are reviewed by the officers of the Trust under the general direction
of the Board of Trustees. Such valuations and procedures are reviewed
periodically by the Board of Trustees of the Trust. Financial futures contracts
and options thereon, which are traded on exchanges, are valued at their closing
prices as of the close of such exchanges. Options written or purchased are
valued at the last sale price in the case of exchange-traded options. Options
traded in the OTC market are valued at the last asked price (options written) or
the last bid price (options purchased). Swap agreements are valued by quoted
fair values received daily by the Trust's pricing service. Investments in
open-end investment companies are valued at their net asset value each business
day. Securities and other assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under the
direction of the Board of Trustees of the Trust. The counterparty for certain
instruments may pledge cash or securities as collateral.
(b) Derivative financial instruments -- The Trust may engage in various
portfolio investment strategies both to increase the return of the Trust and to
hedge, or protect, its exposure to interest rate movements and movements in the
securities markets. Losses may arise due to changes in the value of the contract
or if the counterparty does not perform under the contract. The counterparty for
certain instruments may pledge cash or securities as collateral.
o Financial futures contracts -- The Trust may purchase or sell financial
futures contracts and options on such financial futures contracts.
Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield.
Upon entering into a contract, the Trust deposits and maintains as
collateral such initial margin as required by the exchange on which the
transaction is effected. Pursuant to the contract, the Trust agrees to
receive from or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are known
as variation margin and are recorded by the Trust as unrealized gains or
losses. When the contract is closed, the Trust records a realized gain or
loss equal to the difference between the value of the contract at the time
it was opened and the value at the time it was closed.
o Options -- The Trust may write covered call options and purchase put
options. When the Trust writes an option, an amount equal to the premium
received by the Trust is reflected as an asset and an equivalent
liability. The amount of the liability is subsequently marked-to-market to
reflect the current market value of the option written. When a security is
purchased or sold through an exercise of an option, the related premium
paid (or received) is added to (or deducted from) the basis of the
security acquired or deducted from (or added to) the proceeds of the
security sold. When an option expires (or the Trust enters into a closing
transaction), the Trust realizes a gain or loss on the option to the
extent of the premiums received or paid (or gain or loss to the extent the
cost of the closing transaction exceeds the premium paid or received).
Written and purchased options are non-income producing investments.
o Forward interest rate swaps -- The Trust may enter into forward interest
rate swaps. In a forward interest rate swap, the Trust and the
counterparty agree to make periodic net payments on a specified notional
contract amount, commencing on a specified future effective date, unless
terminated earlier. When the agreement is closed, the Trust records a
realized gain or loss in an amount equal to the value of the agreement.
12 THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007
Notes to Financial Statements (continued)
o Swaps -- The Trust may enter into swap agreements, which are OTC contracts
in which the Trust and a counterparty agree to make periodic net payments
on a specified notional amount. The net payments can be made for a set
period of time or may be triggered by a predetermined credit event. The
net periodic payments may be based on a fixed or variable interest rate;
the change in market value of a specified security, basket of securities,
or index; or the return generated by a security. These periodic payments
received or made by the Trust are recorded in the accompanying Statement
of Operations as realized gains or losses, respectively. Gains or losses
are also realized upon termination of the swap agreements. Swaps are
marked-to-market daily and changes in value are recorded as unrealized
appreciation (depreciation). Risks include changes in the returns of the
underlying instruments, failure of the counterparties to perform under the
contracts' terms and the possible lack of liquidity with respect to the
swap agreements.
(c) Income taxes -- It is the Trust's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
(d) Security transactions and investment income -- Security transactions are
recorded on the dates the transactions are entered into (the trade
dates).Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Interest income is recognized on the accrual basis. The Trust amortizes all
premiums and discounts on debt securities.
(e) Dividends and distributions -- Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on the
ex-dividend dates.
(f) Bank overdraft -- The Trust recorded a bank overdraft resulting from a
timing difference of security transaction settlements.
(g) Recent accounting pronouncements -- Effective June 29, 2007, the Trust
implemented Financial Accounting Standards Board ("FASB") Interpretation No. 48,
"Accounting for Uncertainty in Income Taxes -- an interpretation of FASB
Statement No. 109" ("FIN 48"). FIN 48 prescribes the minimum recognition
threshold a tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be taken by an
entity, including investment companies, before being measured and recognized in
the financial statements. Management has evaluated the application of FIN 48 to
the Trust, and has determined that the adoption of FIN 48 does not have a
material impact on the Trust's financial statements. The Trust files U.S. and
various state tax returns. No income tax returns are currently under
examination. The statute of limitations on the Trust's tax returns remains open
for the years ended December 31, 2003 through December 31, 2006.
In September 2006, Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS 157
and its impact on the Trust's financial statements, if any, has not been
determined.
In addition, in February 2007, Statement of Financial Accounting Standards No.
159, "The Fair Value Option for Financial Assets and Financial Liabilities"
("FAS 159"), was issued and is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also elects
to apply the provisions of FAS 157. FAS 159 permits entities to choose to
measure many financial instruments and certain other items at fair value that
are not currently required to be measured at fair value. FAS 159 also
establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for
similar types of assets and liabilities. At this time, management is evaluating
the implications of FAS 159 and its impact on the Trust's financial statements,
if any, has not been determined.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Trust has entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the "Manager"), an indirect, wholly owned subsidiary of
BlackRock, Inc. Merrill Lynch & Co., Inc. and The PNC Financial Services Group,
Inc. are the principal owners of BlackRock, Inc.
The Manager is responsible for the management of the Trust's portfolio and
provides the necessary personnel, facilities, equipment and certain other
services necessary to the operations of the Trust. For such services, the Trust
pays a monthly fee at an annual rate of .35% of the Trust's average daily net
assets, including proceeds from the issuance of Preferred Shares.
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007 13
Notes to Financial Statements (concluded)
The Trust has also entered into an Administration Agreement with Princeton
Administrators, LLC ("Princeton"). The Trust pays Princeton a monthly fee at an
annual rate of .15% of the Trust's average daily net assets, including proceeds
from the issuance of Preferred Shares, for the performance of administrative
services (other than investment advice and related portfolio activities)
necessary for the operation of the Trust.
For the six months ended June 30, 2007, the Trust reimbursed the Manager $406
for certain accounting services.
Certain officers and/or trustees of the Trust are officers and/or directors of
BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six
months ended June 30, 2007 were $5,016,939 and $4,722,996, respectively.
4. Share Transactions:
Common Shares
The Trust is authorized to issue an unlimited number of Common Shares, par value
$.01 per share. Shares issued and outstanding during the six months ended June
30, 2007 remained constant and during the year ended December 31, 2006 increased
by 4,386 as a result of reinvestment of dividends and distributions.
Preferred Shares
The Trust is authorized to issue an unlimited number of Preferred Shares, par
value $.01 per share. In addition, the Trust has authorized 400 Auction
Preferred Shares. Auction Preferred Shares are redeemable shares of Preferred
Shares of the Trust, with a par value of $.01 per share and a liquidation
preference of $50,000 per share, plus accrued and unpaid dividends, that entitle
their holders to receive cash dividends at an annual rate that may vary for the
successive dividend periods. The yields in effect at June 30, 2007 were: Series
A, 3.68% and Series B, 3.68%.
5. Subsequent Event:
The Trust paid a tax-exempt income dividend to holders of Common Shares in the
amount of $.049000 per share on August 1, 2007 to shareholders of record on July
16, 2007.
14 THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund
investors and individual clients (collectively, "Clients") and to safeguarding
their non-public personal information. The following information is provided to
help you understand what personal information BlackRock collects, how we protect
that information and why in certain cases we share such information with select
parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you
from different sources, including the following: (i) information we receive from
you or, if applicable, your financial intermediary, on applications, forms or
other documents; (ii) information about your transactions with us, our
affiliates, or others; (iii) information we receive from a consumer reporting
agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to non-affiliated third parties any
non-public personal information about its Clients, except as permitted by law or
as is necessary to respond to regulatory requests or to service Client accounts.
These non-affiliated third parties are required to protect the confidentiality
and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services that may
be of interest to you. In addition, BlackRock restricts access to non-public
personal information about its Clients to those BlackRock employees with a
legitimate business need for the information. BlackRock maintains physical,
electronic and procedural safeguards that are designed to protect the non-public
personal information of its Clients, including procedures relating to the proper
storage and disposal of such information.
Availability of Quarterly Schedule of Investments
The Trust files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Trust's Forms N-Q are available on the SEC's Web site at
http://www.sec.gov. The Trust's Forms N-Q may also be reviewed and copied at the
SEC's Public Reference Room in Washington, DC. Information on the operation of
the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available on
the Trust's Web site. Shareholders can sign up for e-mail notifications of
quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Trust's electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all
investment advisers, banks or brokerages may offer this service.
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST JUNE 30, 2007 15
The Massachusetts Health & Education Tax-Exempt Trust seeks to provide
shareholders with as high a level of current income exempt from both regular
federal income taxes and Massachusetts personal income taxes as is consistent
with the preservation of shareholders' capital. The Trust seeks to achieve its
investment objective by investing primarily in Massachusetts tax-exempt
obligations issued on behalf of participating not-for-profit institutions. The
Trust will continue to invest primarily in "investment grade" obligations. The
Trust is intended to be a long-term investment and not a short-term trading
vehicle.
This report, including the financial information herein, is transmitted to
shareholders of The Massachusetts Health & Education Tax-Exempt Trust for their
information. It is not a prospectus. Past performance results shown in this
report should not be considered a representation of future performance. The
Trust has leveraged its Common Shares and intends to remain leveraged by issuing
Preferred Shares to provide the Common Shareholders with a potentially higher
rate of return. Leverage creates risks for Common Shareholders, including the
likelihood of greater volatility of net asset value and market price of the
Common Shares, and the risk that fluctuations in the short-term dividend rates
of the Preferred Shares may affect the yield to Common Shareholders. Statements
and other information herein are as dated and are subject to change.
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available (1) without
charge, upon request, by calling toll-free 1-800-441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission's Web site
at http://www.sec.gov. Information about how the Trust voted proxies relating to
securities held in the Trust's portfolio during the most recent 12-month period
ended June 30 is available (1) at www.blackrock.com and (2) on the Securities
and Exchange Commission's Web site at http://www.sec.gov.
The Massachusetts Health & Education Tax-Exempt Trust
P.O. Box 9011
Princeton, NJ 08543-9011
BLACKROCK
#MHET-6/07
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this
semi-annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable to this
semi-annual report
Item 6 - Schedule of Investments - The registrant's Schedule of Investments
is included as part of the Report to Stockholders filed under Item 1
of this form.
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable to this semi-annual
report
Item 8 - Portfolio Managers of Closed-End Management Investment Companies -
Not Applicable to this semi-annual report
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - The
registrant's Nominating Committee will consider nominees to the
Board recommended by shareholders when a vacancy becomes available.
Shareholders who wish to recommend a nominee should send nominations
which include biographical information and set forth the
qualifications of the proposed nominee to the registrant's
Secretary. There have been no material changes to these procedures.
Item 11 - Controls and Procedures
11(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities and Exchange Act of 1934, as amended.
11(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected,
or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
The Massachusetts Health & Education Tax-Exempt Trust
By: /s/ Donald C. Burke
-------------------------------
Donald C. Burke,
Vice President (principal executive officer) of
The Massachusetts Health & Education Tax-Exempt Trust
Date: August 20, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Donald C. Burke
-------------------------------
Donald C. Burke,
Vice President (principal executive officer) of
The Massachusetts Health & Education Tax-Exempt Trust
Date: August 20, 2007
By: /s/ Donald C. Burke
-------------------------------
Donald C. Burke,
Treasurer and Chief Financial Officer (principal financial officer) of
The Massachusetts Health & Education Tax-Exempt Trust
Date: August 20, 2007