# Vanguard Massachusetts Tax-Exempt Fund (VMATX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vmatx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Vanguard · Asset class: Municipal Bond - Strategy: Actively Managed · Inception: 1998-12-09 The primary aim of this fund is to generate a substantial amount of current income, free from both federal and Massachusetts personal income taxes. Exclusively available to Massachusetts residents, it principally allocates its investments to high-quality municipal bonds issued by state and local governments within Massachusetts, along with regional and public financing authorities. Under normal operating conditions, a minimum of 80% of the fund's holdings will consist of securities that provide income exempt from federal and Massachusetts state taxes. Although there are no specific limitati... ## Key Facts | Metric | Value | |---|---| | Price | $9.73 | | Expense Ratio | 0.09% | | Assets Under Management | $3.50B | | NAV | $9.74 | | Holdings Count | 0 | | Distribution Yield (TTM) | 3.83% | | Annual Distribution (TTM) | $0.37 /share | | Distribution Frequency | Monthly | | 52-Week Range | $9.36 – $10.31 | | Beta | 1.13 | ## Latest Distribution - Amount: $0.0320 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-01 ## Frequently Asked Questions ### What does VMATX invest in? The primary aim of this fund is to generate a substantial amount of current income, free from both federal and Massachusetts personal income taxes. Exclusively available to Massachusetts residents, it principally allocates its investments to high-quality municipal bonds issued by state and local governments within Massachusetts, along with regional and public financing authorities. Under normal operating conditions, a minimum of 80% of the fund's holdings will consist of securities that provide income exempt from federal and Massachusetts state taxes. Although there are no specific limitations on the maturities of individual bonds, the portfolio's dollar-weighted average maturity typically ranges from 10 to 25 years. With an average duration of roughly 6 to 10 years, its net asset value is considerably more responsive to changes in interest rates compared to bond funds with shorter durations. This makes it a suitable option for Massachusetts-based investors who desire income free from federal and state taxes and are comfortable assuming the associated interest rate risk. ### What is the expense ratio of VMATX? Vanguard Massachusetts Tax-Exempt Fund (VMATX) charges an expense ratio of 0.09%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VMATX's dividend yield? VMATX's trailing-twelve-month yield is 3.83%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VMATX? Effective duration measures VMATX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VMATX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VMATX? VMATX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of VMATX? Yield to maturity (YTM) is the total return you'd earn from VMATX if every bond in the portfolio is held to maturity at the current price. VMATX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does VMATX pay a dividend? Yes, Vanguard Massachusetts Tax-Exempt Fund (VMATX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.83%. Full dividend history is on this page. ### How often does VMATX pay dividends? Vanguard Massachusetts Tax-Exempt Fund pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is VMATX's next ex-dividend date? The most recently announced ex-dividend date for VMATX was 2026-09-30. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will VMATX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.09% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does VMATX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VMATX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does VMATX cost more than a fund like VOO? VMATX is actively managed (current expense ratio 0.09%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether VMATX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to VMATX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VMATX (0.09%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/vmatx - Distribution history: https://www.dividenddata.com/funds/vmatx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vmatx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vmatx/expenses - Peer comparison: https://www.dividenddata.com/funds/vmatx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.