<PAGE>
[logo]
EATON VANCE
- ------------
ANNUAL REPORT DECEMBER 31, 1999
[graphic omitted]
THE
MASSACHUSETTS
HEALTH & EDUCATION
TAX-EXEMPT
TRUST
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST AS OF DECEMBER 31,1999
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
[Photo of Thomas J. Fetter]
Thomas J. Fetter
President
The Massachusetts Health & Education Tax-Exempt Trust had a total return of
- -18.23% for the year ended December 31, 1999. That return was the result of a
decline in share price from $14.875 on December 31, 1998 to $11.50 on December
31, 1999, and the reinvestment of $0.749 in dividends.
1999 proved a very challenging year for bond investors, as a continuing strong
economy led to higher interest rates and a difficult environment for
fixed-income vehicles. Amid a continuing robust economy, the Federal Reserve
maintained a watchful eye for any sign of inflation. On three occasions during
the year, the Fed raised its Federal Funds rate - a key barometer of short-term
interest rates - in an attempt to reduce the potential for inflation. The Fed's
actions kept the bond markets - including the municipal market - on the
defensive for much of the year.
IN THE WAKE OF THIS YEAR'S MARKET DECLINE, MUNICIPAL YIELDS NEARLY
EQUAL TREASURY YIELDS...
Rising interest rates pushed municipal bond yields significantly higher in
1999. At year-end, the ratio of municipal bond yields to Treasury yields -
including that of The Massachusetts Health & Education Tax-Exempt Trust - was
very high by historical standards, reaching around 95% of Treasury yields at
December 31, 1999.
A GROWING BUDGET SURPLUS SUGGESTS A FAVORABLE LONG-TERM OUTLOOK FOR MUNICIPAL
BONDS...
A strong economy combined with low inflation has resulted in the first budget
surpluses in a generation and created an excellent long-term scenario for bonds.
In addition, the forward calendar of new municipal issuance is significantly
lighter than in recent years. That will be a positive factor for municipal bonds
because the market should be less impacted by supply pressures. As a result,
municipal bonds should remain an attractive income alternative for tax-conscious
Massachusetts investors.
THE MASSACHUSETTS HEALTH &EDUCATION TAX-EXEMPT TRUST PROVIDES TAX-EXEMPT INCOME,
FLEXIBILITY, AND LIQUIDITY...
Municipal bonds are among the few tax-advantaged vehicles remaining for
investors. The Trust is designed to deliver tax-exempt income together with the
flexibility of a closed-end fund and the liquidity afforded by trading on the
American Stock Exchange. We believe that the Trust will continue to provide
promising opportunities for their tax-conscious shareholders.
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
February 9, 2000
- --------------------------------------------------------------------------------
TRUST INFORMATION
as of December 31, 1999
PERFORMANCE(1)
----------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS (BY MARKET VALUE, ASE)
----------------------------------------------------
One Year -18.23%
Five Years 8.11
Life of Fund (7/30/93) 1.58
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
----------------------------------------------------
One Year -6.34%
Five Years 7.94
Life of Fund (7/30/93) 3.96
FIVE LARGEST SECTOR WEIGHTINGS(2)
----------------------------------------------------
By total investments
ESCROWED 21.9%
EDUCATION 19.4%
INSURED HOSPITAL* 19.1%
INSURED EDUCATION* 10.2%
HOSPITALS 9.4%
(1) Returns are calculated by determining the percentage change in net asset
value or share price with all distributions reinvested.
(2) Five largest sector weightings account for 80.0% of the Trust's investments,
determined by dividing the total market value of the holdings by the total
investments of the Trust. Holdings are subject to change.
* Private insurance does not remove the risk of loss of principal associated
with this investment due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when sold, may be worth more or
less than their original cost. Yield will change.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST AS OF DECEMBER 31,1999
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MANAGEMENT DISCUSSION
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[Photo of Robert B. MacIntosh]
Robert B. MacIntosh,
Portfolio Manager
INVESTMENT ENVIRONMENT
- --------------------------------------------------------------------------------
THE ECONOMY
o The Massachusetts economy continued to advance in 1999. The December 1999
unemployment rate was 3.2%, slightly above the 3.1% rate of a year ago, but
still well below the national rate. Financial services, retail trade, health
services and technology were again among the largest sources of new jobs.
o Underlining the strength of the Massachusetts economy, Moody's Investors
Service, Inc. recently announced an upgrade of the state's bond rating from
Aa3 to Aa2. The agency indicated that the state's robust economy, a $1.4
billion rainy day fund and the reorganization of MBTA finances played a role
in the upgrade.
o Massachusetts tax revenues totalled just over $7 billion in 1999, an
increase of $300 million, or 4.9%, over the previous year. Revenues rose in
spite of the tax cuts that went into effect in 1999, reflecting a sharp
increase in individual income tax collections and capital gains taxes from a
rising stock market.
THE TRUST
- --------------------------------------------------------------------------------
MANAGEMENT DISCUSSION
o The Trust's largest sector weightings at December 31 were escrowed bonds and
education bonds. Education bonds provided compelling yields and excellent
quality in well-regarded issuers such as Boston College, Tufts University
and College of the Holy Cross.
o Management remained very selective with regard to hospital issues, focusing
on quality institutions such as Dana Farber Cancer Institute. The Trust
limited new investments in the sector given the increasingly competitive
environment. Harvard Pilgrim Health Care's difficulties have further clouded
the outlook.
o The Trust took advantage of the recent rise in interest rates by
establishing tax losses that can be used to offset future capital gains. The
proceeds of those sales were used to buy bonds with more attractive yields,
as they became available.
PERFORMANCE FOR THE PAST YEAR
o Based on the December dividend and the December 31 share price of $11.50,
the Trust had a market yield of 6.64%.1 To equal that in a taxable
investment, a Massachusetts taxpayer in the combined state and 36% federal
tax bracket (43.68% combined rate) would need a 11.80% yield.
o Based on net asset value, the Trust had a total return of -6.34%% for the
year ended December 31, 1999. That return was the result of a decline in net
asset value per share from $14.06 on December 31, 1998 to $12.45 on December
31, 1999, and the reinvestment of all distributions.
o On December 31, 1999, the Trust's share price on the American Stock
Exchange traded at a 7.63% discount to its underlying net asset value.
The share price traded at a 5.8% premium to its net asset value on
December 31, 1998.
YOUR INVESTMENT AT WORK
- --------------------------------------------------------------------------------
RAIL CONNECTIONS, INC. MA
CANTON AMTRAK PROJECT
[Graphic Omitted]
o In an effort to relieve the transportation gridlock along the crowded
Northeast Corridor, Amtrak announced plans to begin high-speed, electric
rail service between Boston and New York City.
o These Rail Connections, Inc. bonds funded the construction of a
Canton-based, Amtrak parking facility built to serve riders of Amtrak's new
Acela service. It is expected that the Acela service will become
increasingly popular as an alternative to air travel between New York and
Boston. Debt service for the bonds will be paid by revenues generated by the
parking facility.
o The lower investment-grade bonds were privately insured by management,
significantly enhancing their quality and upside potential in the event of a
market rally.
- --------------------------------------------------------------------------------
SHARES OF THE TRUST ARE NOT INSURED BY THE FDIC AND ARE NOT DEPOSITS OR OTHER
OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE SUBJECT
TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTED. YIELD WILL
CHANGE.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
QUALITY WEIGHTINGS(2)
----------------------------------------------------------------
BY TOTAL INVESTMENTS
AAA 36.0%
AA 13.7%
A 9.2%
BBB 22.1%
BB 1.1%
Non-Rated 17.9%
TRUST OVERVIEW(2)
----------------------------------------------------------------
Number of Issues 46
Average Maturity 19.3 Years
Duration 8.4 Years
Average Rating A+
Average Call 5.1 Years
Average Dollar Price $96.72
(1) The Trust's market yield is calculated by annualizing the most recent
dividend per share and dividing by the share price at the end of the period.
(2) Because the Trust is actively managed, Quality Weightings and Trust Overview
are subject to change. In the view of management, 13.0% of the non-rated
portion of the Trust (17.9%) is of investment-grade quality.
Past performance is no guarantee of future results. The value of an
investment in the Trust will fluctuate so that shares, when redeemed, may be
worth more or less than their original cost. In addition, share price is
subject to market influences.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
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<TABLE>
<CAPTION>
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited) Principal
- ------------------ Amount
Standard (000's
Moody's & Poor's Omitted) Security Value
- ------------------------------------------------------------------------------------------------------
Education -- 19.4%
- ------------------------------------------------------------------------------------------------------
<C> <C> <C> <S> <C>
NR BBB- $ 750 Massachusetts DFA, Eastern Nazarene College,
5.625%, 4/1/29 $ 635,565
Baa2 BBB 550 Massachusetts DFA, Suffolk University, 5.75%, 07/01/19 509,053
NR BBB 540 Massachusetts DFA, Wheeler School, 6.50% 12/01/29 519,026
Baa2 NR 250 Massachusetts DFA, Xaverian Brothers High School,
5.65%, 07/01/29 222,380
NR NR 1,650 Massachusetts HEFA, Wheaton College, 6.00%,1/1/18(5) 1,514,931
A3 A- 1,500 Massachusetts IFA, Clark University, 7.00%, 7/1/12(5) 1,573,815
Baa1 BBB 2,110 Massachusetts IFA, Springfield College,
5.625%, 9/15/10 2,058,495
Baa1 NR 400 Massachusetts IFA, Wentworth Inst of Technology,
5.75%, 10/1/28 355,516
- ----------------------------------------------------------------------------------------------------
$ 7,388,781
- ----------------------------------------------------------------------------------------------------
Escrowed -- 21.9%
- ----------------------------------------------------------------------------------------------------
NR NR $2,105 Massachusetts HEFA, Atlanticare Medical Center,
8.00%, 12/01/13 Prerefunded to 12/1/03(5) $ 2,335,645
Aaa AAA 1,380 Massachusetts HEFA, Boston College, (FGIC),
6.625%, 7/1/21 Prerefunded to 7/1/01 1,446,971
Aa2 AA+ 1,500 Massachusetts HEFA, Daughters Of Charity,
6.10%, 7/1/14 Prerefunded to 7/15/06 1,588,545
Baa3 NR 1,000 Massachusetts HEFA, Milford-Whitinsville
Hospital, 7.75%, 7/15/17 Prerefunded to 07/15/02 1,090,320
Aaa NR 800 Massachusetts HEFA, Sisters of Providence Hospital,
6.625%, 11/15/22 Prerefunded to 11/15/04 856,296
A1 AA- 1,000 Massachusetts IFA, College of the Holy Cross,
6.45%, 1/1/12 Prerefunded to 1/1/02 1,052,740
- -------------------------------------------------------------------------------------------------
$ 8,370,517
- -------------------------------------------------------------------------------------------------
General Obligations -- 2.7%
- ---------------------------------------------------------------------------
Aa3 AA+ $1,000 Massachusetts Water Pollution Abatement Trust,
6.375%, 2/1/15 $ 1,046,770
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Hospitals -- 9.4%
- ----------------------------------------------------------------------------------------------------
NR BBB+ $ 650 Massachusetts HEFA, Cape Cod Health, 5.45%, 11/15/23 $ 542,380
Baa2 BBB 750 Massachusetts HEFA, Caritas Christi Obl. Group,
5.625%, 7/1/20 628,635
Ba2 BB 495 Massachusetts HEFA, Learning Center for the Deaf,
6.125%, 7/1/29 430,803
NR BBB- 400 Massachusetts HEFA, North Adams Hospital,
6.625%, 7/1/18 386,216
A2 A 200 Massachusetts HEFA, South Shore Hospital,
5.75%, 07/01/29 177,918
Aa2 NR 1,000 Massachusetts HEFA, Youville House, 6.25%, 2/
15/41 974,830
NR NR 500 Massachusetts DFA MC Hospital Human Service
Providers, 6.60%, 8/12/29 453,275
- ----------------------------------------------------------------------------------------------------
$ 3,594,057
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Industrial Development Revenue -- 3.9%
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A3 A $1,500 Massachusetts IFA, General Motors, 5.55%, 4/1/09 $ 1,487,145
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Insured Education -- 10.2%
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Aaa AAA $ 40 Massachusetts HEFA, Boston College, (FGIC),
6.625%, 7/1/21 $ 41,590
Aaa AAA 1,765 Massachusetts HEFA, Northeastern University,
(MBIA), 6.55%, 10/1/22 1,818,850
Baa AAA 1,000 Massachusetts HEFA, Suffolk University, (CLEE),
6.25%, 7/1/12 1,038,610
Aaa AAA 1,000 Massachusetts HEFA, Tufts University, (FGIC),
5.95%, 8/15/18 1,000,920
- ----------------------------------------------------------------------------------------------------
$ 3,899,970
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Insured Hospitals -- 19.1%
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Aaa AAA $1,725 Massachusetts HEFA, Addison Gilbert Hospital,
(MBIA), 5.75%, 7/1/23 $ 1,622,518
Aaa AAA 800 Massachusetts HEFA, Baystate Medical Center,
(FSA), 6.00%, 7/1/26 778,800
Aaa AAA 1,000 Massachusetts HEFA, Berkshire Health System,
(MBIA), 6.00%, 10/1/19 989,060
Aaa AAA 1,250 Massachusetts HEFA, Dana Farber Cancer Institute,
(FGIC), 6.00%, 12/1/10 1,297,725
Aaa AAA 500 Massachusetts HEFA, Mt. Auburn Hospital,
(MBIA), 6.25%, 8/15/14 519,560
Aaa AAA 1,000 Massachusetts HEFA, North Shore Medical
Center, (MBIA), 5.625%, 7/1/14 982,520
NR AAA 595 Massachusetts HEFA, Valley Regional Health
System, (CLEE), 5.75%, 7/1/18 573,050
NR AAA 500 Massachusetts HEFA, Winchester Hospital,
(CLEE), 5.80%, 7/1/09 511,115
- ----------------------------------------------------------------------------------------------------
$ 7,274,348
- ----------------------------------------------------------------------------------------------------
Insured Special Tax -- 2.5%
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NR NR $1,000 Puerto Rico IFA, (AMBAC), Variable Rate,
3.798% (6)(7) $ 710,380
NR AAA 420 Puerto Rico IFA, (AMBAC), Variable Rate,
4.103% 07/01/28(7)(8) 237,539
- ----------------------------------------------------------------------------------------------------
$ 947,919
- ----------------------------------------------------------------------------------------------------
Insured Transportation -- 2.1%
- ----------------------------------------------------------------------------------------------------
NR A $1,000 Rail Connections Inc. MA, (ACA), 0.00%, 7/1/19 $ 274,800
NR A 2,000 Rail Connections Inc, MA, (ACA), 0.00%, 7/1/20 512,340
- ----------------------------------------------------------------------------------------------------
$ 787,140
- ----------------------------------------------------------------------------------------------------
Life Care -- 0.8%
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NR NR $ 350 Massachusetts IFA, Forge Hill, 6.75%, 04/1/30 $ 296,377
- ----------------------------------------------------------------------------------------------------
Miscellaneous -- 1.4%
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NR BBB+ $ 625 Massachusetts DFA, YMCA of Greater Boston,
5.45%, 11/1/28 $ 519,244
- ----------------------------------------------------------------------------------------------------
Nursing Home -- 4.0%
- ----------------------------------------------------------------------------------------------------
NR NR $ 295 Massachusetts DFA, Odd Fellows, 6.25%, 1/1/15 $ 268,040
NR NR 500 Massachusetts HEFA, Christopher House, 6.875%,
1/1/29 463,535
NR NR 750 Massachusetts IFA, Age Institute of
Massachusetts, 8.05%, 11/1/25 786,180
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$ 1,517,755
- ----------------------------------------------------------------------------------------------------
Solid Waste -- 1.1%
- ----------------------------------------------------------------------------------------------------
NR BBB $ 500 Massachusetts DFA, Res Recovery Ogden Haverhill,
5.50%, 12/1/19 $ 435,755
- ----------------------------------------------------------------------------------------------------
Transportation -- 1.5%
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NR AA- $ 830 Massachusetts Bay Transportation Authority,
Variable Rate, 4.18%, 3/1/27(6)(7) $ 566,873
- ----------------------------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100%
(identified cost $38,505,584) $38,132,651
- ----------------------------------------------------------------------------------------------------
</TABLE>
NOTES TO PORTFOLIO:
1. Portfolio Overview: (Unaudited)
Number of Issues 46
Average Maturity (Years) 19.3 Yrs.
Effective Maturity (Years) 13.6 Yrs.
Average Call (Years) 5.1 Yrs.
Duration (Years) 8.4 Yrs.
Average Rating A+
2. Health and Educational Obligors - At December 31, 1999, the Trust held
securities issued by health and educational obligors with a value of
$32,341,805 (representing 84.8% of total investments).
3. Insured Investments - The Trust invests primarily in debt securities issued
by the Commonwealth of Massachusetts and its municipalities. The ability of
the issuers of the debt securities to meet their obligations may be
affected by economic developments in a specific industry or municipality.
In order to reduce the risk associated with such economic developments, at
December 31, 1999, 37.6% of the securities in the portfolio of investments
are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The Trust's insured securities by
financial institution are as follows:
Percentage
of Total
Value Investments
- ------------------------------------------------------------------------------
$
Municipal Bond Insurance Association (MBIA) 5,932,508 15.6%
Financial Guaranty Insurance Company (FGIC) 3,787,206 9.9
College Construction Loan Insurance Corporation
(CLEE) 2,122,775 5.6
AMBAC Financial Group Inc. (AMBAC) 947,919 2.5
American Capital Access (ACA) 787,140 2.0
Financial Security Assurance Incorporated (FSA) 778,800 2.0
- ------------------------------------------------------------------------------
Total Insured Securities $14,356,348 37.6%
- ------------------------------------------------------------------------------
4. Summary of Ratings (Unaudited):
Percentage
Number of Total
Ratings of Issues Value Investments
- ------------------------------------------------------------------------------
AAA/Aaa 15 $13,715,124 36.0%
AA/Aa 5 5,229,758 13.7
A/A 4 3,513,678 9.2
BBB/Baa 13 8,414,925 22.1
BB/Ba 1 430,803 1.1
NR 8 6,828,363 17.9
- ------------------------------------------------------------------------------
Total 46 $38,132,651 100.0%
- ------------------------------------------------------------------------------
The ratings indicated are the most recent Moody's and Standard & Poor's
ratings believed to be available at December 31, 1999. NR indicates no
rating is available for the security. Ratings are generally ascribed to
securities at time of issuance. While the rating agencies may from time to
time revise such ratings, they undertake no responsibility to do so, and
the ratings indicated do not necessarily represent ratings the agencies
would ascribe to these securities at December 31, 1999.
5. Private Placement Securities - Information relating to the initial
acquisition and market valuation of private placement securities is
presented below:
Acquisition Percentage
Cost Value of Net Assets
- ------------------------------------------------------------------------------
Massachusetts HEFA, Atlanticare
Medical Center "AMC"
(acquired 12/15/93) $2,450,000 $2,335,645 6.1%
Massachusetts IFA, Clark University
(acquired 12/15/94) 1,519,125 1,573,815 4.1%
Massachusetts HEFA, Wheaton College
(acquired 1/12/98) 1,750,000 1,514,931 4.0%
- ------------------------------------------------------------------------------
Total $5,424,391 14.2%
- ------------------------------------------------------------------------------
AMC and Clark have no publicly offered securities of the same class as the
private placement security held by the Trust. Wheaton College has
outstanding publicly offered securities of the same class as the private
placement security held by the Trust. The Trust will bear the costs, if
any, relating to the disposition of the private placement securities,
including costs associated with registering the securities under the
Securities Act of 1933, if necessary.
6. Security has been issued as an inverse floater bond.
7. Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
8. Security has been issued as a leveraged inverse floater.
The accompanying notes are an integral aprt of these financial statements.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities
As of December 31, 1999
Assets
- ------------------------------------------------------------------------------
Total Investments, at value
(identified cost, $38,505,584) $38,132,651
Interest receivable 874,325
Receivable for securities sold 55,000
Other assets 2,005
- ------------------------------------------------------------------------------
Total assets $39,063,981
- ------------------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------------------
Due to Bank $ 162,375
Accrued expenses and other liabilities 69,389
- ------------------------------------------------------------------------------
Total liabilities $ 231,764
- ------------------------------------------------------------------------------
Net Assets $38,832,217
- ------------------------------------------------------------------------------
Net Assets Were Comprised of:
- ------------------------------------------------------------------------------
Auction Preferred Shares, $0.01 par value; 400 shares
authorized, 200 shares issued and outstanding at
$50,000 per share liquidation preference (Note 2) $10,000,000
Common Shares, $0.01 par value; unlimited number of shares
authorized, 2,314,859 shares issued and outstanding 23,149
Additional paid-in capital 32,045,795
Accumulated net realized loss from investment transactions (2,939,694)
Undistributed net investment income 75,900
Unrealized depreciation of investments (372,933)
- ------------------------------------------------------------------------------
Net Assets $38,832,217
- ------------------------------------------------------------------------------
Net Assets applicable to preferred shareholders:
Auction preferred shares at liquidation value $10,000,000
Cumulative undeclared dividends 2,329
- ------------------------------------------------------------------------------
$10,002,329
Net assets applicable to common shareholders $28,829,888
- ------------------------------------------------------------------------------
Total $38,832,217
- ------------------------------------------------------------------------------
Net Asset Value Per Common Share
- ------------------------------------------------------------------------------
($28,829,888 / 2,314,859 common shares issued and outstanding) $ 12.45
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
Statement of Operations
For the Year Ended
December 31, 1999
Investment Income
- --------------------------------------------------------------------------------
Interest income $ 2,463,750
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment advisory fee (Note 4) $ 143,543
Administration fee (Note 4) 61,726
Trustees' fees (Note 4) 30,000
Custodian and transfer agent fees (Note 1) 59,004
Legal and accounting services 37,599
Preferred share remarketing agent fee 25,000
Printing and postage 20,200
Exchange membership fees 7,500
Preferred shares auction agent fees 5,300
Miscellaneous 8,589
- --------------------------------------------------------------------------------
Total operating expenses $ 398,461
- --------------------------------------------------------------------------------
Deduct -
Reduction of custody fees (Note 1) $ 4,396
- --------------------------------------------------------------------------------
Total $ 4,396
- --------------------------------------------------------------------------------
Net operating expenses $ 394,065
- --------------------------------------------------------------------------------
Net Investment Income $ 2,069,685
- --------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
on Investments
- --------------------------------------------------------------------------------
Net realized gain from investment transactions $ 183,693
Net change in unrealized depreciation of investments (3,950,422)
- --------------------------------------------------------------------------------
Net loss on investments $(3,766,729)
- --------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(1,697,044)
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Increase (Decrease) Year Ended Year Ended
in Net Assets December 31, 1999 December 31, 1998
- -------------------------------------------------------------------------------------------
<S> <C> <C>
From operations -
Net investment income $ 2,069,685 $ 2,026,532
Net realized gain from investment transactions 183,693 412,882
Net change in unrealized appreciation
(depreciation) of investments (3,950,422) (20,854)
- -------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
operations $ (1,697,044) $ 2,418,560
- -------------------------------------------------------------------------------------------
Dividends and Distributions:
Preferred Shareholders -
From net investment income $ (284,906) $ (321,910)
Common Shareholders -
From net investment income (1,732,987) (1,718,628)
- -------------------------------------------------------------------------------------------
Total dividends and distributions to
shareholders $ (2,017,893) $ (2,040,538)
- -------------------------------------------------------------------------------------------
Capital Share Transactions:
Reinvestment of distributions to common
shareholders $ 43,260 $ 44,199
- -------------------------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions $ 43,260 $ 44,199
- -------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (3,671,677) $ 422,221
- -------------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------------
At beginning of period $ 42,503,894 $ 42,081,673
- -------------------------------------------------------------------------------------------
At end of period, including undistributed net
investment income of $75,900
and $24,108, respectively $ 38,832,217 $ 42,503,894
- -------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Financial Highlights
Selected data for a common share outstanding during each period
Year Ended December 31,
---------------------------------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period (common shares) $ 14.06 $ 13.90 $ 13.01 $ 13.24 $ 11.32
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT OPERATIONS
- --------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.89(e) $ 0.88(e) $ 0.88(e) $ 0.88(e) $ 0.84
Net realized and unrealized gain (loss) on investments (1.63) 0.16 0.89 (0.27) 1.94
- --------------------------------------------------------------------------------------------------------------------------
Total from investment operations $ (0.74) $ 1.04 $ 1.77 $ 0.61 $ 2.78
- --------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
- --------------------------------------------------------------------------------------------------------------------------
Preferred Shareholders -
From net investment income $ (0.12) $ (0.14) $ (0.14) $ (0.13) $ (0.15)(c)
Common Shareholders -
From net investment income (0.75) (0.74) (0.74) (0.71) (0.69)
Distributions in excess of net investment income -- -- -- -- (0.02)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.87) $ (0.88) $ (0.88) $ (0.84) $ (0.86)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period (Common shares) $ 12.45 $ 14.06 $ 13.90 $ 13.01 $ 13.24
- --------------------------------------------------------------------------------------------------------------------------
Per share market value, end of period (Common shares) $11.500 $14.875 $13.938 $12.125 $11.125
- --------------------------------------------------------------------------------------------------------------------------
Total investment return at Market Value (18.23%) 12.05% 21.63% 15.61% 14.12%
- --------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000 omitted) $38,832 $42,504 $42,082 $40,039 $40,553
Ratio: (as a percentage of average total net assets)
Expenses(d) 0.97% 0.96%(b) 0.96%(b) 1.00% 1.17%(b)
Expenses, after custodian fee reduction 0.96% 0.95%(b) 0.95%(b) 0.98% --
Net investment income 5.05% 4.79%(b) 4.95%(b) 5.12% 5.01%(b)
Ratios: (as a percentage of average common net assets)
Expenses(a)(d) 1.28% 1.25%(b) 1.27%(b) 1.34% 1.58%(b)
Expenses, after custodian fee reduction (a) 1.27% 1.24%(b) 1.26%(b) 1.32% --
Net investment income(a) 6.68% 6.27%(b) 6.57%(b) 6.86% 6.75%(b)
Portfolio turnover rate 32% 28% 20% 44% 28%
- --------------------------------------------------------------------------------------------------------------------------
The Financial Highlights summarize the impact of net investment income, gains (losses) and distributions on the Trust's net
asset value per common share for the last 5 years. Additionally, important relationships between certain financial statement
items are expressed in ratio form.
(a) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average common net assets reflect
the Trust's leveraged capital structure.
(b) Reflects expense waivers by the Advisor, Administrator, and/or Shareholder Servicing Agent during the period. If the Trust had
borne all expenses for the year ended December 31, 1998 and the year ended December 31, 1997, net investment income per common
share would have decreased by less than $0.01 during each period. If the Trust had borne all expenses for the year ended
December 31, 1995, net investment income per common share would have decreased by $0.05.
(c) Includes distributions in excess of net investment income of $0.003 per common share.
(d) The expense ratios for the year ended December 31, 1996 and periods thereafter have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require the Trust to increase its expense ratio by the effect of any
expense offset arrangements with its service providers. The expense ratios for the period ended December 31, 1995 have not
been adjusted to reflect this change.
(e) Computed using average shares outstanding throughout the period.
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1 GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
- -------------------------------------------------------------------------------
The Massachusetts Health & Education Tax-Exempt Trust (the "Trust") is an
entity commonly known as a Massachusetts business trust and is registered
under the Investment Company Act of 1940 as a non-diversified, closed-end
management investment company. The Trust's investment objective is to earn a
high level of current income exempt from regular Federal income taxes and
Massachusetts personal income taxes consistent with preservation of capital.
The Trust seeks to achieve its objective by investing primarily in
Massachusetts "investment grade" tax-exempt obligations issued on behalf of
not-for-profit health and education institutions.
The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements, in accordance with
generally accepted accounting principles.
SECURITIES VALUATION. Municipal securities are normally valued at the mean
between the quoted bid and asked prices obtained from a pricing service.
Municipal securities which are not valued by a pricing service will be valued
on the basis of three dealer quotes or, if such quotes are unavailable, such
other available market information. Short-term obligations, maturing in sixty
days or less, are valued at amortized cost, which approximates value. Futures
and options on futures contracts traded on an exchange will be valued at last
settlement price. In the event of unusual market disruptions affecting
valuation, the Pricing Committee of the Trustees will be consulted.
SECURITIES TRANSACTIONS. Securities transactions are recorded on a trade date
basis. Realized gains and losses from such transactions are determined using
the specific identification method. Securities purchased or sold on a
when-issued or delayed delivery basis may be settled a month or more after the
transaction date. The securities so purchased are subject to market
fluctuations during this period. To the extent that when-issued or delayed
delivery purchases are outstanding, the Trust instructs the custodian to
segregate assets in a separate account, with a current value at least equal to
the amount of its purchase commitments.
INTEREST INCOME. Interest income is determined on the basis of interest
accrued and discount earned, adjusted for amortization of premium or accretion
of discounts on long term debt securities when required for federal income tax
purposes.
FEDERAL INCOME TAXES. The Trust has complied and intends to comply with the
requirements of the Internal Revenue Code (the "Code") applicable to
regulated investment companies by distributing all of its income, including
any net realized gains from investments, to shareholders. Therefore, no
federal income tax provision is required. In addition, the Trust intends to
satisfy conditions which will enable it to designate distributions from the
interest income generated by its investments in municipal securities, which
are exempt from regular federal and Massachusetts income taxes when received
by the Trust, as exempt interest dividends.
At December 31, 1999, the Trust for federal income tax purposes had a capital
loss carryover of $2,822,449, which will reduce taxable income arising from
future net realized gain on investments, if any, to the extent permitted by
the Code, and thus will reduce the amount of distributions to shareholders
which would otherwise be necessary to relieve the Trust of any liability for
federal income or excise tax. Such capital loss carryovers will expire on
December 31, 2002 ($1,656,796) and December 31, 2003 ($1,165,653).
EXPENSE REDUCTIONS. Investors Bank & Trust Company (IBT) serves the Trust as
its Custodian and Transfer Agent. Pursuant to its service agreements, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balance the Trust maintains with IBT. Credits used to reduce IBT's
fee are reported as a reduction of expenses on the statement of operations.
USE OF ESTIMATES. The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of revenue and expense during the reporting period. Actual results could
differ from those estimates.
2 AUCTION PREFERRED SHARES
- --------------------------------------------------------------------------------
The Trust currently has 200 Auction Preferred Shares outstanding. The Auction
Preferred Shares are redeemable at the option of the Trust on any dividend
payment date at the redemption price of $50,000 per share, plus an amount
equal to any dividends accumulated on a daily basis unpaid through the
redemption date (whether or not such dividends have been declared).
Under the Investment Company Act of 1940, the Trust is required to maintain
asset coverage of at least 200% with respect to the Auction Preferred Shares
as of the last business day of each month in which any Auction Preferred
Shares are outstanding. Additionally, the Trust is required to meet more
stringent asset coverage requirements under the terms of the Auction Preferred
Shares and in accordance with the guidelines prescribed by the rating agency.
Should these requirements not be met, or should dividends accrued on the
Auction Preferred Shares not be paid, the Trust may be restricted in its
ability to declare dividends to common shareholders or may be required to
redeem certain of the Auction Preferred Shares. At December 31, 1999, there
were no such restrictions on the Trust.
3 DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------
Distributions to common shareholders are recorded on the ex-dividend date and
are paid on the last business day of each month. Distributions to preferred
shareholders are recorded daily and are payable at the end of each dividend
period. Each dividend payment period for the Auction Preferred Shares is
generally seven days. The applicable dividend rate for the Auction Preferred
Shares on December 31, 1999 was 4.25%. For the year ended December 31, 1999,
the Trust paid dividends to Auction Preferred shareholders amounting to
$284,906, representing an average APS dividend rate for such period of 2.85%.
4 INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
- --------------------------------------------------------------------------------
The Trust has entered into an Advisory Agreement with Eaton Vance Management
("Eaton Vance"), under which Eaton Vance will furnish the Trust with
investment research and advisory services. For the year ended December 31,
1999, the fee paid for such services amounted to $143,543 and was equivalent
to 0.35% of the average daily net assets of the Trust, including net assets
attributable to any Auction Preferred Shares outstanding.
In addition, the Trust also entered into an Administration Agreement with
Eaton Vance, under which Eaton Vance will manage and administer the Trust's
business affairs and, in connection therewith, furnish for use of the Trust,
office space and all necessary office facilities, equipment, and personnel for
administering the affairs of the Trust. For the year ended December 31, 1999,
the fee paid for such services amounted to $61,726 and was equivalent to 0.15%
of the average daily net assets of the Trust, including net assets
attributable to any Auction Preferred Shares outstanding.
Trustees who are not affiliates of Eaton Vance are eligible to receive an
annual fee of $7,500 each.
5 SECURITIES TRANSACTIONS
------------------------------------------------------------------------------
Purchases and sales (including maturities) of portfolio securities during the
year ended December 31, 1999, aggregated $12,904,842 and $12,851,438,
respectively. There were no purchases and sales of short-term municipal
securities during the year ended December 31, 1999.
The identified cost and unrealized appreciation (depreciation) in value of the
investments owned by the Trust at December 31, 1999, as computed for federal
income tax purposes, were as follows:
IDENTIFIED COST $38,622,829
-------------------------------------------------------------------
Gross unrealized appreciation $ 1,366,134
Gross unrealized depreciation (1,856,312)
-------------------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (490,178)
-------------------------------------------------------------------
6 CAPITAL TRANSACTIONS
------------------------------------------------------------------------------
The Declaration of Trust allows the Trustees to issue an unlimited number of
$0.01 par value shares of common stock.
Transactions in common shares were as follows:
YEAR ENDED DECEMBER 31,
------------------------
1999 1998
--------------------------------------------------------------------------
Beginning shares 2,311,664 2,308,508
Shares issued pursuant to the Trust's dividend
reinvestment plan 3,195 3,156
--------------------------------------------------------------------------
Ending shares 2,314,859 2,311,664
--------------------------------------------------------------------------
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS' REPORT
- --------------------------------------------------------------------------------
TO THE TRUSTEES AND SHAREHOLDERS OF
THE MASSACHUSETTS HEALTH & EDUCATION
TAX-EXEMPT TRUST
- --------------------------------------------------------------------------------
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments (except for bond ratings), and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
The Massachusetts Health & Education Tax-Exempt Trust (the "Trust") at December
31, 1999, and the results of its operations, the changes in its net assets and
financial highlights for the periods indicated, in conformity with accounting
principles generally accepted in the United States. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Trust's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits, which included confirmation of securities at December
31, 1999 by correspondence with the custodian, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 8, 2000
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
From time to time in the future, the Trust may effect redemptions and/or
repurchases of its Auction Preferred Shares as provided in the applicable
constituent instruments or as agreed upon by the Trust and holders of Auction
Preferred Shares. The Trust would effect such redemptions and/or repurchases
to the extent necessary to maintain applicable asset coverage requirements.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------
The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which
common shareholders may elect to have dividends and capital gains distributions
reinvested in common shares of the Trust. The Trust declares dividends out of
net investment income, and will distribute annually net realized capital gains,
if any. Common shareholders may join or withdraw from the Plan at any time.
If you decide to participate in the Plan, Investors Bank & Trust Company, as
your Plan Agent, will automatically invest your dividends and capital gains
distributions in common shares of the Trust in your account.
HOW THE PLAN WORKS
Under the Plan, participants in the Plan will have their dividends reinvested in
common shares of the Trust on valuation date. If the market price per common
share on valuation date equals or exceeds net asset value per common share on
that date, the Trust will issue new common shares to participants at the higher
of net asset value or 95% of the market price. If net asset value per common
share on valuation date exceeds the market price per common share on that date,
or if the Board of Trustees should declare a dividend or capital gains
distribution payable to the common shareholders only in cash, the agent will buy
common shares in the open market on the American Stock Exchange, or elsewhere.
If, before the Plan Agent has completed its purchases, the market price exceeds
the net asset value per common share, the average per share purchase price paid
by the Plan Agent may exceed the net asset value of the Trust's common shares,
resulting in the acquisition of fewer common shares than if the dividend or
distribution had been paid in common shares issued by the Trust.
The Plan Agent maintains all shareholder accounts in the Plan and furnishes
written confirmation of all transactions in the accounts, including information
needed by shareholders for tax records. Common shares in the account of each
Plan participant will be held by the Plan Agent in noncertificated form in the
name of the participant, and each shareholder's proxy will include those shares
received pursuant to the Plan. Holders of common shares who do not elect to
participate in the Plan will receive all such amounts in cash paid by check
mailed directly to the record shareholder by Investors Bank & Trust Company, as
dividend paying agent.
Experience under the Plan may indicate that changes are desirable. Accordingly,
the Trust reserves the right to amend or terminate the Plan.
COSTS OF THE PLAN
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. Each participant will pay a pro rata
share of brokerage commissions incurred with respect to the Plan Agent's open
market purchases in connection with the reinvestment of dividends or capital
gains distributions.
TAX IMPLICATIONS
Plan participants will receive tax information annually for personal records and
to help prepare federal income tax returns. The automatic reinvestment of
dividends and capital gains distributions does not relieve plan participants of
any income tax which may be payable on dividends or distributions.
RIGHT TO WITHDRAW
Plan participants may withdraw from the Plan at any time by writing to the Plan
Agent at the address noted on the following page. If you withdraw, you will
receive a share certificate in your name for all full common shares credited to
your account under the Plan and a cash payment for any fraction of a share
credited to your account. If you desire, the Plan Agent will sell your shares in
the Plan and send you the proceeds of the sale, less brokerage commissions and a
$2.50 service fee.
HOW TO PARTICIPATE
If you wish to participate in the Plan and your shares are held in your own
name, you may complete the form on the following page and deliver it to the Plan
Agent.
If your shares are held in the name of a brokerage firm, bank, or other nominee,
you should contact your nominee to see if it will participate in the Plan on
your behalf. If you wish to participate in the Plan, but your brokerage firm,
bank or nominee is unable to participate on your behalf, you should request that
your shares be re-registered in your own name which will enable your
participation in the Plan.
Any inquiries regarding the Plan can be directed to Investors Bank & Trust
Company at 1-800-553-1916.
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST
- --------------------------------------------------------------------------------
APPLICATION FOR PARTICIPATION IN
DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
This form is for shareholders who hold their common shares in their own names.
If your common shares are held in the name of a brokerage firm, bank, or other
nominee, you should contact your nominee to see if it will participate in the
Plan on your behalf. If you wish to participate in the Plan, but your brokerage
firm, bank or nominee is unable to participate on your behalf, you should
request that your common shares be re-registered in your own name which will
enable your participation in the Plan.
- -------------------------------------------------------------------------------
The following authorization and appointment is given with the understanding
that I may terminate it at any time by terminating my participation in the
Plan as provided in the terms and conditions of the Plan provided above.
--------------------------------------
Please print exact name on account:
--------------------------------------
Shareholder signature Date
--------------------------------------
Shareholder signature Date
Please sign exactly as your common
shares are registered. All persons
whose names appear on the share
certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND
DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
THE AUTHORIZATION FORM, WHEN SIGNED, SHOULD BE MAILED TO THE FOLLOWING ADDRESS:
Investors Bank & Trust Company
P.O. Box 1537, MFD23
Boston, MA 02205-1537
- --------------------------------------------------------------------------------
<PAGE>
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST as of December 31, 1999
- --------------------------------------------------------------------------------
INVESTMENT MANAGEMENT
- --------------------------------------------------------------------------------
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST
OFFICERS BOARD OF TRUSTEES
THOMAS J. FETTER, CFA WALTER B. PRINCE, ESQ., CHAIRMAN
President Partner, Peckham, Lobel & Tye
ROBERT B. MACINTOSH, CFA JAMES F. CARLIN
Vice President and Chairman of the Massachusetts Board of Higher
Portfolio Manager Education and Chairman & CEO of Carlin
Consolidated, Inc.
JAMES L. O'CONNOR
Treasurer THOMAS H. GREEN III, ESQ.
Director of Salomon Smith Barney, Public
Finance
ERIC G. WOODBURY, ESQ. Department
Secretary
EDWARD M. MURPHY
KRISTIN S. ANAGNOST Alliance Health Incorporated, and
Assistant Treasurer and Former Executive Director of the
Assistant Secretary Massachusetts Health & Education Facilities
Authority
JAMES M. STOREY, ESQ.
Trustee, various investment companies
<PAGE>
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<PAGE>
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<PAGE>
INVESTMENT ADVISOR AND ADMINISTRATOR
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
CUSTODIAN, TRANSFER AGENT,
DIVIDEND DISBURSING AGENT AND REGISTRAR
Investors Bank & Trust Company
200 Clarendon Street, 16Th Floor
Boston, MA 02116
INDEPENDENT ACCOUNTANTS
PRICEWATERHOUSECOOPERS LLP
160 Federal Street
Boston, MA 02110
THE MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
278-12/99 MHEFASRC
