VMATX

About VMATX

Vanguard Massachusetts Tax-Exempt Fund Investor Shares is an open-end municipal bond mutual fund focused on generating a high level of current income that is exempt from both federal and Massachusetts personal income taxes. It primarily invests in high-quality municipal securities issued by Massachusetts state and local governments, as well as regional authorities and public financing entities, with a mandate to keep at least 80% of assets in tax-exempt holdings under normal conditions. The portfolio typically spans intermediate to long maturities, targeting a dollar-weighted average maturity between 10 and 25 years, which embeds meaningful interest-rate sensitivity. The fund is non-diversified and emphasizes investment-grade credit, offering broad exposure to essential-service and infrastructure-backed revenue and general obligation bonds across the Commonwealth. With assets in the multi-billion-dollar range and a low expense structure for its share class, it serves investors seeking tax-advantaged income and state-specific municipal bond exposure within a professionally managed framework. Morningstar characterizes the strategy with an effective duration in the 8-year range and highlights a process grounded in Vanguard’s risk-aware municipal research platform.