Vanguard Massachusetts Tax-Exempt Fund
VMATX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- PO Box 2600 Valley Forge PA United States of America 19482
- IPO Date
- Dec 9, 1998
- CIK
- 0001070414
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Massachusetts Tax-Exempt Fund (VMATX) is a mutual fund that seeks to provide a high level of current income exempt from both federal and Massachusetts personal income taxes by investing primarily in high-quality municipal bonds issued by Massachusetts state and local governments, as well as regional governmental and public financing authorities; these include investment-grade securities such as revenue bonds from the Massachusetts State Development Finance Agency, Massachusetts State general obligations, Massachusetts State Health and Educational Facilities Authority revenue bonds, and Quincy Massachusetts general obligations, with a portfolio emphasizing well-diversified, highly rated holdings across sectors like municipal development finance, health and education, transportation, and state general funds. Under normal circumstances, at least 80% of the fund's assets are invested in tax-exempt securities with a dollar-weighted average maturity between 10 and 25 years; up to 20% may be allocated to non-investment-grade municipal securities or those subject to the alternative minimum tax, and the fund is non-diversified with approximately 931-963 total holdings, 10-11% concentrated in its top 10 positions. The fund maintains a low expense ratio of 0.09-0.13%, a minimum initial investment of $3,000 for Investor Shares, and serves Massachusetts residents as its target market within the Muni Massachusetts category. The fund, managed by The Vanguard Group, Inc., with principal portfolio managers Stephen M. McFee (since 2020) and Grace Boraas (since 2023), operates from Vanguard's headquarters in Malvern, Pennsylvania, and traces its Investor Shares inception to December 1998. Geographically, it focuses on U.S. issuers, predominantly Massachusetts (97.62% of assets), with minor exposures to Puerto Rico (2.22%), U.S. Virgin Islands (0.16%), and Guam. In early 2025, Vanguard implemented its largest round of fee cuts across funds, costing an estimated USD 350 million, reinforcing its low-cost leadership; the firm also established a dedicated division for advice and wealth management services to enhance competitiveness and continued robust asset growth, with inflows rivaling BlackRock's and client numbers more than doubling since 2015. Over the 12 months through June 2025, Vanguard launched roughly a dozen low-cost bond exchange-traded funds, including actively managed strategies aligned with its philosophy, while entering private assets via collaborations with Wellington and Blackstone without reported concerns. Portfolio turnover stood at 92% for the fiscal year ended November 30, 2024, reflecting active management amid interest rate sensitivity (effective duration of 7.89-8.24 years).