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VMATX Vanguard MA Tax-Exempt Inv

  • Fund
  • VMATX
  • Price as of: May 14, 2019
  • $10.97 + $0.01 + 0.09%
  • Category
  • Single State Municipal Bonds

VMATX - Profile

Vitals

  • YTD Return 3.8%
  • 3 Yr Annualized Return -0.5%
  • 5 Yr Annualized Return 0.4%
  • Net Assets $1.97 B
  • Holdings in Top 10 8.9%

52 WEEK LOW AND HIGH

$10.97
$10.32
$10.97

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.13%

SALES FEES

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

BROKERAGE FEES

  • Turnover 33.00%

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 3.8%
  • 3 Yr Annualized Total Return -0.5%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.04%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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 Mathew M. Kiselak

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 (%)
YTD 3.8% -3.1% 6.8% 5.66%
1 Yr 3.9% -4.5% 9.0% 5.80%
3 Yr -0.5%* -2.9% 3.7% 18.60%
5 Yr 0.4%* -2.0% 1.6% 12.76%
10 Yr 0.9%* -1.2% 4.3% 23.03%

* Annualized


Return Ranking - Calendar

Period VMATX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.6% -7.2% 11.0% 68.31%
2017 2.9% -10.1% 6.8% 7.39%
2016 -3.5% -4.9% 0.0% 84.33%
2015 0.6% -5.6% 1.8% 7.13%
2014 6.2% -34.8% 15.6% 41.21%

Total Return Ranking - Trailing

Period VMATX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.8% -3.1% 6.8% 6.16%
1 Yr 3.9% -4.5% 9.0% 8.70%
3 Yr -0.5%* -2.9% 3.7% 24.46%
5 Yr 0.4%* -1.4% 4.2% 17.19%
10 Yr 0.9%* -1.1% 5.5% 28.40%

* Annualized


Total Return Ranking - Calendar

Period VMATX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.6% -7.2% 11.0% 70.58%
2017 2.9% -10.1% 6.9% 10.57%
2016 -3.5% -4.9% 1.0% 88.15%
2015 0.6% -5.6% 4.0% 9.94%
2014 6.2% -34.8% 16.3% 42.95%

NAV & Total Return History

VMATX - Holdings

Concentration Analysis

VMATX Category Low Category High VMATX % Rank
Net Assets 1.97 B 6.28 M 19.8 B 5.53%
Number of Holdings 536 23 4231 5.79%
Net Assets in Top 10 170 M -4.71 M 2.82 B 15.60%
Weighting of Top 10 8.89% 2.5% 59.3% 97.36%

Top 10 Holdings

  1. UNIVERSITY MASS BLDG AUTH 5% 0.88%

  2. MASSACHUSETTS ST 5% 0.85%

  3. MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV 5.25% 0.83%

  4. MASSACHUSETTS ST DEV FIN AGY REV 5% 0.82%

  5. MASSACHUSETTS ST DEV FIN AGY REV 4% 0.82%

  6. MASSACHUSETTS ST DEV FIN AGY 5% 0.73%

  7. MASSACHUSETTS BAY TRANSN AUTH MASS 5.25% 0.73%

  8. MASSACHUSETTS ST 5% 0.72%

  9. MASSACHUSETTS ST 4.5% 0.68%

  10. MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 1.65% 0.67%


Asset Allocation

Weighting Return Low Return High VMATX % Rank
Bonds
100.00% -0.21% 102.82% 11.07%
Stocks
0.00% 0.00% 0.31% 51.07%
Preferred Stocks
0.00% 0.00% 0.00% 50.19%
Other
0.00% -1.80% 8.92% 57.11%
Convertible Bonds
0.00% 0.00% 0.00% 50.19%
Cash
0.00% -2.82% 93.39% 85.53%

Bond Sector Breakdown

Weighting Return Low Return High VMATX % Rank
Municipal
100.00% 0.00% 102.82% 12.96%
Derivative
0.00% 0.00% 0.00% 50.19%
Cash & Equivalents
0.00% -2.82% 93.39% 82.77%
Securitized
0.00% 0.00% 0.00% 50.19%
Corporate
0.00% 0.00% 13.08% 54.72%
Government
0.00% -17.97% 1.02% 47.42%

Bond Geographic Breakdown

Weighting Return Low Return High VMATX % Rank
US
99.73% -0.21% 102.38% 9.56%
Non US
0.27% 0.00% 21.15% 67.80%

VMATX - Expenses

Operational Fees

VMATX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.13% 0.09% 2.58% 99.37%
Management Fee 0.11% 0.08% 1.30% 0.88%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.33% N/A

Sales Fees

VMATX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 0.50% 5.00% N/A

Trading Fees

VMATX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 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 Return Low Category Return High Rank in Category (%)
Turnover 33.00% 3.32% 293.00% 86.62%

VMATX - Distributions

Dividend Yield Analysis

VMATX Category Low Category High VMATX % Rank
Dividend Yield 0.02% 0.00% 1.04% 41.13%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

VMATX Category Low Category High VMATX % Rank
Net Income Ratio 3.04% -0.21% 4.62% 32.83%

Capital Gain Distribution Analysis

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

VMATX - Managers

Mathew M. Kiselak

Manager

Start Date

Tenure

Tenure Rank

May 10, 2017

1.97

2.0%

Mathew M. Kiselak, Principal of Vanguard. He has worked in investment management since 1987, has managed investment portfolios since 1990, and has been with Vanguard since 2010. Education: B.S., Pace University.


Tenure Analysis

Category Low

0.0

Category High

39.6

Category Average

9.09

Category Mode

1.33