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VMATX Vanguard MA Tax-Exempt Inv

  • Fund
  • VMATX
  • Price as of: Aug 08, 2016
  • $11.20
  • - $0.00
  • - 0.00%
  • Category
  • Single State Municipal Bonds

VMATX - Profile

Vitals

  • YTD Return 2.6%
  • 3 Yr Annualized Return 6.9%
  • 5 Yr Annualized Return 5.3%
  • Net Assets $1.52 B
  • Holdings in Top 10 11.7%

52 WEEK LOW AND HIGH

$11.20
$10.76
$11.32

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.16%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 15.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

$3,000

Investment Themes

CATEGORY

Single State Municipal Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Muni Massachusetts

Distributions

  • YTD Total Return 2.6%
  • 3 Yr Annualized Total Return 6.9%
  • 5 Yr Annualized Total Return 5.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.09%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Vanguard Massachusetts Tax-Exempt Fund
  • Fund Family Name Vanguard
  • Inception Date Dec 09, 1998
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Marlin G. Brown

Fund Description

The fund invests primarily in high-quality municipal bonds issued by Massachusetts state and local governments, as well as by regional governmental and public financing authorities. Under normal circumstances, at least 80% of its assets will be invested in securities whose income is exempt from federal and Massachusetts state taxes. Although the fund has no limitations on the maturities of individual securities, its dollar-weighted average maturity is expected to be between 10 and 25 years. It is non-diversified.

VMATX - Performance

Return Ranking - Trailing

Period VMATX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.6% -22.9% 5.1% 13.18% 1
1 Yr 7.6% 0.0% 14.1% 15.85% 1
3 Yr 6.9% * 0.0% 12.0% 11.75% 1
5 Yr 5.3% * 0.0% 10.8% 22.80% 2
10 Yr 4.9% * 0.5% 6.1% 9.74% 1

* Annualized


Return Ranking - Calendar

Period VMATX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.6% -68.5% 1.8% 3.91% 1
2014 N/A 0.0% 7.4% N/A N/A
2013 N/A -16.0% -5.3% N/A N/A
2012 N/A 2.2% 6.5% N/A N/A
2011 N/A 4.2% 5.7% N/A N/A

Total Return Ranking - Trailing

Period VMATX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.6% -22.9% 5.1% 13.25% 1
1 Yr 7.6% -4.6% 14.1% 9.01% 1
3 Yr 6.9% * -0.1% 12.0% 8.94% 1
5 Yr 5.3% * 0.0% 10.8% 17.48% 1
10 Yr 4.9% * 0.5% 6.1% 7.71% 1

* Annualized


Total Return Ranking - Calendar

Period VMATX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.6% -68.5% 1.8% 3.93% 1
2014 N/A 2.9% 7.4% N/A N/A
2013 N/A -16.0% -5.2% N/A N/A
2012 N/A 2.2% 6.5% N/A N/A
2011 N/A 4.2% 5.8% N/A N/A

NAV & Total Return History

VMATX - Holdings

Filings data as of: Mar 31, 2016

Concentration Analysis

VMATX Category Low Category High VMATX % Rank Quintile
Net Assets 1.52 B 6.75 M 15.1 B 2.42% 1
Number of Holdings 341 18 3403 3.10% 1
Net Assets in Top 10 164 M 1.73 M 2.2 B 5.81% 1
Weighting of Top 10 11.7% 4.1% 73.5% 32.95% 5

Top 10 Holdings

  1. Massachusetts St Health & Edl Rev B 5.5% 2.02%
  2. Massachusetts St Go Bds 5.5% 1.37%
  3. Massachusetts St Spl Obl Ded Ref Re 5.5% 1.21%
  4. Massachusetts St Go Bds 5% 1.10%
  5. Massachusetts St Health & Edl Var R 0.3% 1.07%
  6. Massachusetts St Wtr Res Auth 5% 1.04%
  7. Massachusetts St Go Bds 5% 1.01%
  8. Massachusetts Bay Transn Auth 5.25% 0.99%
  9. Massachusetts Bay Transn Auth 5.25% 0.97%
  10. Massachusetts St Go Bds 5% 0.90%

Asset Allocation

Weighting Category Low Category High VMATX % Rank Quintile
Bonds
99.41% 0.00% 103.80% 6.10% 2
Cash
0.59% -4.51% 99.63% 20.54% 4
Other
0.00% -1.12% 23.51% 5.72% 1
Convertible Bonds
0.00% 0.00% 0.00% 0.10% 1
Preferred Stocks
0.00% 0.00% 0.00% 0.10% 1
Stocks
0.00% 0.00% 0.75% 0.87% 1

Bond Sector Breakdown

Weighting Category Low Category High VMATX % Rank Quintile
Municipal
99.41% 0.00% 104.40% 5.43% 2
Cash & Equivalents
0.59% -4.51% 99.63% 20.83% 4
Securitized
0.00% 0.00% 0.00% 0.10% 1
Corporate
0.00% 0.00% 5.92% 1.16% 1
Derivative
0.00% -0.15% 0.00% 0.10% 1
Government
0.00% -10.18% 5.10% 3.59% 1

Bond Geographic Breakdown

Weighting Category Low Category High VMATX % Rank Quintile
US
99.41% 0.00% 103.80% 6.10% 2
Non US
0.00% 0.00% 0.00% 0.10% 1

VMATX - Expenses

Operational Fees

VMATX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.16% 0.12% 5.19% 17.54% 1
Management Fee 0.14% 0.00% 0.80% 4.07% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.33% N/A N/A

Sales Fees

VMATX Fees (% of AUM) Category Low Category High VMATX Rank Quintile
Front Load N/A 1.00% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

VMATX Fees (% of AUM) Category Low Category High VMATX Rank Quintile
Max Redemption Fee N/A 0.50% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VMATX Fees (% of AUM) Category Low Category High VMATX Rank Quintile
Turnover 15.00% 0.00% 131.91% 5.59% 4

VMATX - Distributions

Dividend Yield Analysis

VMATX Category Low Category High VMATX % Rank Quintile
Dividend Yield 0.3% 0.00% 0.99% 17.67% 3

Dividend Distribution Analysis

VMATX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

VMATX Category Low Category High VMATX % Rank Quintile
Net Income Ratio 3.09% 0.00% 7.39% 13.76% 3

Capital Gain Distribution Analysis

VMATX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

VMATX - Managers

Marlin G. Brown

Manager

Start Date

Mar 28, 2008

Tenure

8.35

Tenure Rank

6.6%

Marlin G. Brown, Portfolio Manager at Vanguard. He has worked in investment management for Vanguard since 1996, has managed investment portfolios since 2007, and has managed the Limited-Term Tax-Exempt Fund since 2008. Education: B.S., University of Virginia.


Tenure Analysis

Category Low

0.1

Category High

36.9

Category Average

9.28

Category Mode

1.6