Close

Form N-CSR VANGUARD MASSACHUSETTS For: Nov 30

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 4/25/2024

1. META
2. CMG
3. LRCX
4. IBM
5. SPY
6. BA
7. HCP
8. SNAP
9. TMUS
10. MSFT


January 27, 2023 2:56 PM EST

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-09005

 

Name of Registrant: Vanguard Massachusetts Tax-Exempt Funds
Address of Registrant: P.O. Box 2600
  Valley Forge, PA 19482

 

Name and address of agent for service: Anne E. Robinson, Esquire
  P.O. Box 876
  Valley Forge, PA 19482

 

Registrant’s telephone number, including area code: (610) 669-1000

 

Date of fiscal year end: November 30

 

Date of reporting period: December 1, 2021—November 30, 2022

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

Annual Report   |   November 30, 2022
Vanguard Massachusetts
Tax-Exempt Fund
Contents
Your Fund’s Performance at a Glance
1
Advisor's Report
2
About Your Fund’s Expenses
5
Performance Summary
7
Financial Statements
9
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Performance at a Glance
•   Despite some relief toward the close of the period, the 12 months ended November 30, 2022, were a volatile, challenging period for financial markets. Vanguard Massachusetts Tax-Exempt Fund returned –10.28%, lagging the –8.42% return of its benchmark, the Bloomberg MA Municipal Bond Index.
•   The economic backdrop deteriorated early on as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check, which weighed on bond prices and increased fears of recession.
•   Municipal bonds were not immune to the run-up in U.S. Treasury yields, and the muni market experienced significant cash outflows. As a whole, however, their fundamentals remained solid, and they fared better than the taxable bond market.
•   The fund’s overweight positions in hospital and university bonds detracted. Its underweight allocation to state general obligation bonds helped performance, while security selection in AA bonds hurt.
•   Overall, the advisor lengthened the fund’s duration late in the period, detracting from returns.
Market Barometer
  Average Annual Total Returns
Periods Ended November 30, 2022
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) -10.66% 10.56% 10.69%
Russell 2000 Index (Small-caps) -13.01 6.44 5.45
Russell 3000 Index (Broad U.S. market) -10.80 10.28 10.33
FTSE All-World ex US Index (International) -11.40 2.23 1.86
Bonds      
Bloomberg U.S. Aggregate Float Adjusted Index
(Broad taxable market) 		-12.91% -2.56% 0.24%
Bloomberg Municipal Bond Index
(Broad tax-exempt market) 		-8.64 -0.77 1.40
FTSE Three-Month U.S. Treasury Bill Index 1.16 0.64 1.19
CPI      
Consumer Price Index 7.11% 5.00% 3.83%
1
Advisor’s Report
For the 12 months ended November 30, 2022, Vanguard Massachusetts Tax-Exempt Fund returned –10.28%. The fund underperformed its benchmark, the Bloomberg MA Municipal Bond Index, which returned –8.42%.
The fund’s 30-day SEC yield increased 253 basis points to 3.68% during the period. (A basis point is one-hundredth of a percentage point.) The 30-day SEC yield is a proxy for a fund’s potential annualized rate of income.
Please note that the fund is permitted to invest in securities that would generate income distributions subject to the alternative minimum tax (AMT). During the fiscal year, the fund did not own such securities.
The investment environment
The period was defined by a historic rise in interest rates, which caused ripple effects across every sector of the financial markets and brought with it renewed volatility.
Concerns that had been weighing on market sentiment in late 2021 carried into 2022. Supply-chain bottlenecks persisted, labor remained in short supply in some sectors of the economy as unemployment rates continued to fall, and year-on-year inflation readings—which had been accelerating—climbed to multidecade highs across much of the world.
In late February, Russia’s invasion of Ukraine injected more uncertainty into the markets. Oil headed north of $100 per barrel and staple food prices soared.
 
Yields of Tax-Exempt Municipal Securities
(National Averages, AAA-Rated General Obligation Issues)
   
Maturity November 30,
2021 		November 30,
2022
2 years 0.24% 2.59%
5 years 0.61 2.65
10 years 1.07 2.75
30 years 1.55 3.57
Source: Vanguard.
2
While energy prices eventually began to cool amid slowing economic growth and the U.S. government’s release of some of its strategic oil reserves to boost supply, price increases broadened to other categories of goods and services, heightening concerns that inflation might remain stubbornly high.
In response, major central banks wound down their bond-purchasing programs and began raising short-term interest rates. The Federal Reserve was especially aggressive, raising the federal funds rate target by 3.75 percentage points over eight months.
That created a challenging environment for bonds. Muni yields rose sharply even as the credit profile of many issuers remained solid overall. With muni returns turning negative, investors pulled large amounts of cash out of the asset class, which put more pressure on muni prices. As a whole, the U.S. muni market finished the period down close to –9%, as measured by the Bloomberg Municipal Bond Index.
Massachusetts had a near-peak financial position for the 12 months, given exceptionally strong tax revenues primed by federal stimulus, high wage growth, historically low unemployment, and capital gains from 2021 equity market performance. A large budget surplus for the fiscal year ended June 30 helped lift the commonwealth’s rainy-day fund to a record high of $8.4 billion and provide a cushion against the possibility of recession in the year ahead.
In November 2022, voters approved a “millionaires tax,” a 4% tax on annual income above $1 million, in addition to the state’s current 5% flat income tax. Proceeds from the new tax, which are expected to exceed $1 billion per year, will be used to fund education, roads, bridges, and public transportation.
In October, Standard & Poor’s affirmed its state general obligation rating of AA and revised the outlook to positive from stable, based on the commonwealth’s improved reserves. Moody’s affirmed its rating of Aa1, and Fitch kept its rating at AA+.
Management of the fund
The main driver of the fund’s underperformance was its longer duration relative to its benchmark index. We were defensively positioned early in the period in the expectation that rates would rise and spreads would decompress. That positioning included a duration similar to the benchmark’s, which is generally shorter than the fund’s because it includes municipals across the maturity spectrum. Although that worked out well during the first wave of rate increases, our duration drifted longer as relative valuations improved, a stance that weighed on performance as the Fed continued raising rates.
We were lighter than we typically are on credit exposure early in the period as well but were still carrying more than the benchmark. The widening in credit spreads that took place therefore
3
dampened the fund’s relative performance.
In the second half of the period, we seized opportunities to cycle out of shorter call bonds and into bonds with a call of closer to 10 years, as they offer a better convexity profile, which will position the fund to capture more upside price performance in the future.
The fund was well-prepared in terms of liquidity going into 2022. With the Fed having been expected to initiate a hiking cycle, and with municipal valuations at rich levels, we didn’t predict the magnitude of outflows that occurred, but we had increased our liquidity buffer in anticipation that some investors could head for the exits.
Outlook
Although the bond market may continue to see volatility if, as expected, the Fed enacts more rate hikes in the coming year, today’s higher yields mean munis can offer more of a cushion against further price declines.
Energy supply-and-demand concerns, diminishing capital flows, declining trade volumes, and falling output per person in all likelihood will lead to a global recession in the coming year. Although we had upgraded the portfolio’s credit quality because of that outlook, we are open to opportunistically increasing our credit exposure given the widening in spreads that has taken place. At the same time, we are favoring some sectors that tend to be more defensive in downturns.
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment opportunities that will add to the fund’s performance.
Stephen M. McFee, CFA,
Portfolio Manager
Vanguard Fixed Income Group
December 15, 2022
4
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
5
Six Months Ended November 30, 2022      
Massachusetts Tax-Exempt Fund Beginning
Account Value
5/31/2022 		Ending
Account Value
11/30/2022 		Expenses
Paid During
Period
Based on Actual Fund Return $1,000.00 $981.20 $0.65
Based on Hypothetical 5% Yearly Return 1,000.00 1,024.42 0.66
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratio for that period is 0.13%. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).
6
Massachusetts Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2012, Through November 30, 2022
Initial Investment of $10,000
    Average Annual Total Returns
Periods Ended November 30, 2022 		 
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $10,000
Investment
Massachusetts Tax-Exempt Fund -10.28% 1.46% 2.06% $12,259
Bloomberg MA Municipal Bond Index -8.42 1.26 1.78 11,931
Bloomberg Municipal Bond Index -8.64 1.40 1.98 12,161
See Financial Highlights for dividend and capital gains information.
7
Massachusetts Tax-Exempt Fund
Distribution by Stated Maturity
As of November 30, 2022
Under 1 Year 8.4%
1 - 3 Years 1.7
3 - 5 Years 3.2
5 - 10 Years 11.8
10 - 20 Years 39.2
20 - 30 Years 31.3
Over 30 Years 4.4
The table reflects the fund’s investments, except for short-term investments and derivatives.
8
Massachusetts Tax-Exempt Fund
Financial Statements
Schedule of Investments
As of November 30, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Tax-Exempt Municipal Bonds (99.4%)
Massachusetts (98.5%)
  Acton & Boxborough Regional School District GO 2.125%   3/1/43    150       103
  Andover MA GO 4.000% 11/15/31    535       563
  Andover MA GO 4.000% 11/15/32    545       573
  Andover MA GO 4.000% 11/15/33    560       587
  Andover MA GO 4.000% 11/15/34    455       472
  Arlington MA GO 3.000%   9/1/34  2,155     2,040
  Ashland KY GO 3.000%   8/1/47  3,180     2,619
  Ashland KY GO 3.000%   8/1/52  2,890     2,294
  Ashland MA GO 2.250%  5/15/51  1,930     1,217
  Attleboro MA GO 2.625% 10/15/50  3,335     2,278
  Berkshire Wind Power Cooperative Corp. Electric Power & Light Revenue (Berkshire Wind Project) 5.000%   7/1/29    420       458
  Berkshire Wind Power Cooperative Corp. Electric Power & Light Revenue (Berkshire Wind Project) 5.000%   7/1/30    450       490
1,2 Billerica MA GO TOB VRDO 1.100%  12/1/22  2,690     2,690
  Blue Hills Regional Technical High School District (School Project Loan-Chapter 70B) GO 3.375%  7/15/39    100        91
  Boston MA GO 5.000%   5/1/36  5,725     6,302
  Boston MA GO 5.000%  11/1/39 14,995    17,269
  Boston MA GO 5.000%  11/1/40  5,205     5,828
  Boston MA GO 5.000%  11/1/41  1,600     1,824
  Braintree MA GO 3.000%   6/1/33  1,865     1,796
  Braintree MA GO 3.000%   6/1/34  1,910     1,805
  Braintree MA GO 3.000%   6/1/36  1,790     1,600
  Braintree MA GO 3.000%   6/1/37    395       344
  Braintree MA GO 3.375%   6/1/37    120       110
  Braintree MA GO 4.000%   6/1/42    625       623
  Bristol County MA GO 5.250%   6/1/45  4,405     4,929
  Bristol County MA GO 4.000%   6/1/51  4,000     3,785
  Brockton MA GO 4.000%   8/1/47  4,470     4,314
  Brockton MA GO 4.000%   8/1/52 12,290    11,566
  Burlington MA GO 2.750%  1/15/41    600       481
  Burlington MA GO 2.750%  1/15/42    620       493
  Burlington MA GO 2.750%  1/15/43    635       499
  Burlington MA GO 2.750%  1/15/44    655       508
  Burlington MA GO 2.750%  1/15/46  1,360     1,031
  Burlington MA GO 2.750%  1/15/50  2,565     1,870
  Canton MA GO 2.500%  3/15/38    150       121
9
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Cape Cod Regional Technical High School District (School Project Loan-Chapter 70B) GO 4.000% 11/15/31    485       506
  Cape Cod Regional Technical High School District (School Project Loan-Chapter 70B) GO 4.000% 11/15/32  2,060     2,136
  Central Berkshire MA Regional School District GO 3.000%   6/1/32  1,125     1,104
  Central Berkshire MA Regional School District GO 3.000%   6/1/33  1,210     1,154
  Central Berkshire MA Regional School District GO 3.000%   6/1/34  1,000       935
  Central Berkshire MA Regional School District GO 3.000%   6/1/35  1,280     1,169
  Central Berkshire MA Regional School District GO 3.000%   6/1/36  1,120     1,002
  Chicopee MA GO 3.000%  8/15/35    380       348
  Collegiate Charter School of Lowell Charter School Aid Revenue 5.000%  6/15/39    605       592
  Collegiate Charter School of Lowell Charter School Aid Revenue 5.000%  6/15/49  3,250     3,020
  Collegiate Charter School of Lowell Charter School Aid Revenue 5.000%  6/15/54  2,620     2,385
  Commonwealth of Massachusetts Federal Highway Government Fund/Grant Revenue 5.000%  6/15/24  2,500     2,591
  Commonwealth of Massachusetts GO 5.250%   8/1/28    520       590
  Commonwealth of Massachusetts GO 5.000%   9/1/29  2,160     2,466
3 Commonwealth of Massachusetts GO 5.500%   8/1/30    300       356
  Commonwealth of Massachusetts GO 5.000%   3/1/31  5,250     5,399
  Commonwealth of Massachusetts GO 4.000%   3/1/32  7,650     8,162
  Commonwealth of Massachusetts GO 4.000%   9/1/32    550       570
  Commonwealth of Massachusetts GO 5.000%   7/1/33  5,500     5,899
  Commonwealth of Massachusetts GO 4.500%   7/1/34 16,295    16,824
  Commonwealth of Massachusetts GO 3.000%   7/1/35  3,000     2,799
  Commonwealth of Massachusetts GO 5.000%   7/1/35  5,000     5,317
  Commonwealth of Massachusetts GO 3.000%  11/1/35  2,875     2,676
  Commonwealth of Massachusetts GO 5.000%   1/1/36  5,115     5,634
  Commonwealth of Massachusetts GO 3.000%   3/1/36  1,160     1,066
  Commonwealth of Massachusetts GO 5.000%   7/1/36    145       163
  Commonwealth of Massachusetts GO 5.000%   7/1/36  5,795     6,129
  Commonwealth of Massachusetts GO 3.000%   9/1/36 10,000     9,133
  Commonwealth of Massachusetts GO 4.000%  11/1/36  5,235     5,434
  Commonwealth of Massachusetts GO 5.000%  12/1/36  3,070     3,264
  Commonwealth of Massachusetts GO 5.000%   1/1/38  1,205     1,295
  Commonwealth of Massachusetts GO 5.000%   7/1/38  1,250     1,392
  Commonwealth of Massachusetts GO 5.000%   5/1/39    610       668
  Commonwealth of Massachusetts GO 3.000%   7/1/39  6,500     5,664
  Commonwealth of Massachusetts GO 3.000%  11/1/39  3,505     3,049
  Commonwealth of Massachusetts GO 5.000%  11/1/39  1,115     1,191
  Commonwealth of Massachusetts GO 4.000%   2/1/40  5,000     5,034
  Commonwealth of Massachusetts GO 4.000%   5/1/40  5,000     5,022
  Commonwealth of Massachusetts GO 5.000%   7/1/40    200       221
  Commonwealth of Massachusetts GO 3.000%  11/1/40  1,670     1,430
  Commonwealth of Massachusetts GO 5.000%  11/1/40  1,145     1,219
  Commonwealth of Massachusetts GO 3.000%   2/1/41    245       207
  Commonwealth of Massachusetts GO 5.000%   3/1/41  8,150     8,286
  Commonwealth of Massachusetts GO 3.000%  11/1/41  4,500     3,782
  Commonwealth of Massachusetts GO 4.000%   2/1/42  1,475     1,481
  Commonwealth of Massachusetts GO 5.000%   4/1/42  8,650     9,117
  Commonwealth of Massachusetts GO 5.250%   4/1/42  3,000     3,196
  Commonwealth of Massachusetts GO 3.000%  11/1/42    300       250
  Commonwealth of Massachusetts GO 5.000%  11/1/42  1,860     1,973
  Commonwealth of Massachusetts GO 2.500%   3/1/43    750       566
  Commonwealth of Massachusetts GO 5.000%   5/1/43  1,970     2,125
  Commonwealth of Massachusetts GO 5.250%   1/1/44  9,705    10,528
  Commonwealth of Massachusetts GO 5.000%   7/1/45  6,155     6,675
10
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Commonwealth of Massachusetts GO 5.000%  11/1/45  3,860     4,199
  Commonwealth of Massachusetts GO 5.000%   5/1/46  2,250     2,408
  Commonwealth of Massachusetts GO 4.000%  12/1/46 10,700    10,573
  Commonwealth of Massachusetts GO 3.000%   3/1/47  9,680     7,559
  Commonwealth of Massachusetts GO 3.000%   4/1/47  7,500     5,854
  Commonwealth of Massachusetts GO 5.250%   4/1/47  4,500     4,766
  Commonwealth of Massachusetts GO 3.000%   3/1/48  5,555     4,303
  Commonwealth of Massachusetts GO 3.000%   4/1/48  2,685     2,079
  Commonwealth of Massachusetts GO 3.000%   7/1/48    915       708
  Commonwealth of Massachusetts GO 5.000%   7/1/48 10,000    10,745
  Commonwealth of Massachusetts GO 5.000%   9/1/48  7,500     8,132
  Commonwealth of Massachusetts GO 5.000%   1/1/49  4,650     4,932
  Commonwealth of Massachusetts GO 3.000%   3/1/49  1,255       965
  Commonwealth of Massachusetts GO 3.000%   4/1/49 12,055     9,266
  Commonwealth of Massachusetts GO 2.750%   3/1/50  2,500     1,825
  Commonwealth of Massachusetts GO 2.000%   4/1/50 13,780     8,284
  Commonwealth of Massachusetts GO 5.000%  11/1/50  3,595     3,866
  Commonwealth of Massachusetts GO 2.125%   4/1/51  9,205     5,647
  Commonwealth of Massachusetts GO PUT 5.000%   6/1/23  5,000     5,063
1,2 Commonwealth of Massachusetts GO TOB VRDO 1.930%  12/1/22  5,500     5,500
4 Commonwealth of Massachusetts Hotel Occupancy Tax Revenue 5.500%   1/1/27    310       340
4 Commonwealth of Massachusetts Hotel Occupancy Tax Revenue 5.500%   1/1/28  3,470     3,872
5 Commonwealth of Massachusetts Hotel Occupancy Tax Revenue 5.500%   1/1/34 27,115    32,621
1,2 Commonwealth of Massachusetts Miscellaneous Revenue TOB VRDO 1.930%  12/1/22  2,125     2,125
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/32  1,815     1,874
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 4.000%   6/1/35    190       198
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/37  8,500     9,568
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 3.000%   6/1/39  4,545     3,969
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/41  7,900     8,390
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/41  5,000     5,535
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/42 14,000    14,772
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/42  9,750    10,772
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/43    420       463
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.250%   6/1/43  4,000     4,328
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/48  1,100     1,167
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 5.000%   6/1/49 26,565    28,400
  Commonwealth of Massachusetts Transportation Fund Fuel Sales Tax Revenue 4.000%   6/1/50 15,060    14,608
  Dedham MA GO 3.000%   6/1/32    890       879
  Dedham MA GO 3.000%   6/1/33    890       872
  Dedham MA GO 3.000%   6/1/34    890       846
  Dedham MA GO 3.000%   6/1/35    880       813
  Dedham MA GO 3.000%   6/1/36    880       802
  Dennis & Yarmouth Regional School District GO 2.250%  10/1/46  3,615     2,404
11
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Easthampton MA GO 3.000%   6/1/37  1,190     1,069
  Easthampton MA GO 3.000%   6/1/38  1,895     1,684
  Easthampton MA GO 3.000%   6/1/39     70        61
6 Easton MA GO 5.000%   6/1/37    245       274
  Easton MA GO 2.000% 10/15/37    265       195
6 Easton MA GO 5.000%   6/1/38    830       925
  Easton MA GO 2.125% 10/15/38  1,155       847
6 Easton MA GO 5.000%   6/1/39  1,015     1,126
  Easton MA GO 2.250% 10/15/40    810       586
6 Easton MA GO 4.000%   6/1/41  1,090     1,091
  Easton MA GO 2.250% 10/15/41    615       436
  Easton MA GO 2.500% 10/15/46  2,000     1,395
  Fall River MA GO 3.000%  12/1/36  2,265     2,000
  Fall River MA GO 3.000%  12/1/37  2,335     2,037
  Fall River MA GO 2.000%  12/1/40    155       107
  Framingham MA GO 2.000% 12/15/39  1,215       860
  Framingham MA GO 2.000% 12/15/40  1,235       855
  Framingham MA GO 2.000% 12/15/41  1,245       843
6 Gardner MA GO 2.000%   8/1/39  1,230       874
  Gardner MA GO 4.000%  1/15/45  1,650     1,612
6 Gardner MA GO 2.125%   8/1/46  1,160       746
  Gardner MA GO 4.125%  1/15/48  2,930     2,884
  Gloucester MA GO 2.000%  9/15/40    855       596
  Gloucester MA GO 2.125%  9/15/42    885       608
  Gloucester MA GO 2.125%  9/15/43    655       443
  Harvard MA GO 3.000%  8/15/33  1,265     1,238
  Harvard MA GO 3.000%  8/15/35  1,260     1,161
  Lawrence MA GO 5.000%   2/1/31    260       302
  Lawrence MA GO 5.000%   6/1/31    970     1,132
  Lawrence MA GO 5.000%   6/1/33  1,070     1,236
  Lawrence MA GO 4.000%   2/1/35  2,390     2,478
  Lawrence MA GO 3.000%   2/1/49  3,790     2,921
  Lawrence MA GO 4.000%   6/1/49  1,800     1,712
  Lawrence MA GO 4.125%   6/1/51  2,165     2,089
  Lawrence MA GO 4.125%   6/1/52  2,175     2,092
  Leominster MA GO 4.000%   3/1/34    400       417
  Leominster MA GO 4.000%   3/1/36    675       692
  Leominster MA GO 3.000%   3/1/42    125       104
  Leominster MA GO 3.000%   3/1/52  4,000     3,059
  Lexington MA GO 3.625%   2/1/49    450       406
  Lincoln MA GO 3.125%   3/1/37  1,880     1,733
  Lincoln MA GO 3.250%   3/1/40  1,150     1,042
  Littleton MA GO 3.250%  6/15/38    205       190
  Longmeadow MA GO 4.000%  5/15/31  1,300     1,359
  Lowell MA GO 4.000%   9/1/30  1,935     2,030
  Lowell MA GO 3.000%   9/1/33  2,170     2,084
  Lowell MA GO 5.000%   8/1/34  1,455     1,665
  Lowell MA GO 3.000%   9/1/34  2,215     2,084
  Lowell MA GO 5.000%   8/1/35  1,150     1,305
  Lowell MA GO 2.125%   9/1/42  1,040       714
  Lowell MA GO 2.125%   9/1/43    895       605
  Ludlow MA GO 4.000%   2/1/29    825       856
  Ludlow MA GO 4.000%   2/1/30    855       886
  Ludlow MA GO 4.000%   2/1/31    685       710
  Ludlow MA GO 3.000%   2/1/49    250       195
12
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Bay Transportation Authority Sales Tax Revenue 0.000%   7/1/28  7,000     5,802
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.250%   7/1/30  3,805     4,461
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/31    645       753
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/33  2,480     2,820
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.250%   7/1/33  4,500     5,274
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/34    105       118
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.250%   7/1/34  1,240     1,507
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.250%   7/1/34    210       255
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/35  1,270     1,367
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/35    895     1,015
  Massachusetts Bay Transportation Authority Sales Tax Revenue 4.000%   7/1/36    125       128
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/38    360       385
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/39  1,045     1,114
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/40  7,145     7,421
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/40  5,305     5,639
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/40  3,500     3,720
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/42  5,000     5,295
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/42  2,950     3,192
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/43  1,680     1,777
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/45  7,620     8,119
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/45  2,020     2,131
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/46  3,815     4,019
  Massachusetts Bay Transportation Authority Sales Tax Revenue 5.000%   7/1/50  7,440     7,891
  Massachusetts Bay Transportation Authority Sales Tax Revenue 4.000%   7/1/51 16,155    15,465
  Massachusetts Bay Transportation Authority Sales Tax Revenue, Prere. 5.000%   7/1/25    300       318
  Massachusetts Bay Transportation Authority Special Assessment Revenue 5.000%   7/1/52 10,000    11,010
  Massachusetts Clean Water Trust Lease Revenue 5.000%   8/1/31    230       267
  Massachusetts Clean Water Trust Lease Revenue 5.000%   8/1/39  4,865     5,386
  Massachusetts Clean Water Trust Lease Revenue 3.000%   8/1/40  1,635     1,406
  Massachusetts Clean Water Trust Water Revenue 5.000%   2/1/40  2,540     2,852
  Massachusetts Clean Water Trust Water Revenue (Unrefunded BAL-MWRA Program) 5.750%   8/1/29    190       190
4 Massachusetts Department of Transportation Highway Revenue 0.000%   1/1/25  5,035     4,708
4 Massachusetts Department of Transportation Highway Revenue 0.000%   1/1/28  7,110     5,981
  Massachusetts Development Finance Agency Charter School Aid Revenue 5.000%   7/1/37  1,260     1,271
  Massachusetts Development Finance Agency Charter School Aid Revenue 4.000%  11/1/46  2,500     2,281
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/23    910       911
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/23  2,500     2,526
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/23    675       682
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/24    990     1,005
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/24     25        26
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/24    610       619
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/24    100       103
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/24    650       666
13
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/24    185       190
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/24  1,090     1,121
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/25    100       103
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/25  2,580     2,659
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/25    265       272
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/25    225       233
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/25  1,205     1,251
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/25    355       369
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/25     55        57
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/26  1,240     1,292
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/26    550       575
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/26  1,190     1,249
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/26    175       186
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/26    100       107
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/27  2,160     2,275
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/27    775       819
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/27  1,550     1,638
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/27  1,150     1,190
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/28  1,875     1,929
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/28    255       271
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/28  4,540     4,823
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/28  1,575     1,678
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/28  1,300     1,371
  Massachusetts Development Finance Agency College & University Revenue 5.500%  10/1/28  1,000     1,015
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/29  4,125     4,369
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/29  3,000     3,083
3 Massachusetts Development Finance Agency College & University Revenue 6.000%  5/15/29  1,400     1,576
  Massachusetts Development Finance Agency College & University Revenue 5.000%   6/1/29  1,945     2,072
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/29    340       321
14
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/29  2,120     2,230
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/29  1,200     1,286
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/29  1,820     1,881
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/29     40        42
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/29    390       439
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/30    210       221
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/30  3,120     3,202
  Massachusetts Development Finance Agency College & University Revenue 5.000%   6/1/30  2,040     2,182
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/30    355       331
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/30  3,500     3,675
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/30    715       765
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/30    165       169
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/30    750       769
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/30  1,080     1,147
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/30    230       262
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/31    500       522
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/31    370       340
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/31    440       461
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/31  1,235     1,305
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/31    635       649
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/31  1,120     1,288
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/32  1,500     1,575
  Massachusetts Development Finance Agency College & University Revenue 5.000%   3/1/32    950       961
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/32  1,110     1,286
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/32  1,300     1,357
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/32    465       476
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/32    125       131
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/32    500       527
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/32  1,000     1,161
15
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/33    305       318
  Massachusetts Development Finance Agency College & University Revenue 5.000%   6/1/33    105       115
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/33  1,615     1,679
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/33  3,000     3,159
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/33    770       788
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/33  1,265     1,418
  Massachusetts Development Finance Agency College & University Revenue 5.000%  7/15/33  5,155     5,562
  Massachusetts Development Finance Agency College & University Revenue 5.125%  10/1/33  2,000     2,021
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/34    700       723
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/34  1,000     1,002
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/34  2,000     2,070
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/34  2,390     2,516
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/34    500       524
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/34  1,395     1,610
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/34  2,070     2,113
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/34    350       356
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/35  1,000     1,035
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/35  4,580     4,650
  Massachusetts Development Finance Agency College & University Revenue 4.000%   6/1/35  2,300     2,208
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/35  1,000       993
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/35  2,170     2,239
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/35    470       491
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/35  1,620     1,855
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/35    350       354
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/35  3,375     3,416
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/35    570       591
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/35    750       845
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/36    630       650
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/36  1,750     1,727
16
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/36  1,750     1,787
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/36  3,065     3,156
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/36  1,160     1,179
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/36    485       505
  Massachusetts Development Finance Agency College & University Revenue 5.000%  7/15/36  5,660     6,647
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/36    375       375
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/36  2,420     2,479
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/36  4,785     4,834
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/36  2,330     2,618
  Massachusetts Development Finance Agency College & University Revenue 5.250%   3/1/37     20        20
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/37  1,230     1,204
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/37  1,250     1,266
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/37    725       740
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/37    605       628
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/37  1,455     1,650
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/37  3,095     2,877
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/37    400       399
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/38  1,000       973
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/38    340       352
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/38    755       850
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/38  2,020     1,861
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/38    700       691
  Massachusetts Development Finance Agency College & University Revenue 5.375%  5/15/39  1,585     1,826
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/39  2,985     2,771
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/39    305       283
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/39    735       711
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/39  4,000     4,041
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/39    665       750
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/39    400       392
17
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/39  1,700     1,747
  Massachusetts Development Finance Agency College & University Revenue 5.250%  10/1/39  3,235     3,262
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/40    145       148
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/40  3,510     2,836
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/40  1,000       961
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/40    150       157
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/40    535       603
  Massachusetts Development Finance Agency College & University Revenue 5.000%  7/15/40 19,420    22,693
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/40  1,150     1,158
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/40    435       422
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/40  4,790     4,908
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/41  7,925     7,983
  Massachusetts Development Finance Agency College & University Revenue 4.000%   6/1/41  1,000       904
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/41    925       891
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/42    300       305
  Massachusetts Development Finance Agency College & University Revenue 5.250%   1/1/42  5,700     5,826
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/42  7,000     7,380
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/42    500       508
  Massachusetts Development Finance Agency College & University Revenue 5.000%   6/1/43  2,770     2,967
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/43  9,000     9,023
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/44  2,705     2,718
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/44  1,945     1,810
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/45    530       533
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/45    100        76
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/45  2,605     2,609
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/45  2,000     2,057
  Massachusetts Development Finance Agency College & University Revenue 4.000%  10/1/46  4,120     3,500
  Massachusetts Development Finance Agency College & University Revenue 5.000%  10/1/46  4,050     4,101
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/47  9,330     9,399
18
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/47  8,500     8,600
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/48  9,855     9,856
  Massachusetts Development Finance Agency College & University Revenue 4.000%   6/1/50  5,050     4,290
  Massachusetts Development Finance Agency College & University Revenue 4.000%   7/1/50  3,500     2,569
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/50 12,385    14,409
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/53    850       856
  Massachusetts Development Finance Agency College & University Revenue 5.000%   1/1/53  6,420     6,464
  Massachusetts Development Finance Agency College & University Revenue 5.000%   7/1/55 10,100    11,555
  Massachusetts Development Finance Agency College & University Revenue 4.000%   6/1/56  1,550     1,274
  Massachusetts Development Finance Agency College & University Revenue 5.450%  5/15/59  1,130     1,288
7 Massachusetts Development Finance Agency College & University Revenue 6.000%  5/15/59  6,075     7,116
  Massachusetts Development Finance Agency College & University Revenue 5.000%   9/1/59 16,765    17,183
  Massachusetts Development Finance Agency College & University Revenue (Suffolk University Project) 4.000%   7/1/46  4,050     3,539
  Massachusetts Development Finance Agency College & University Revenue (Suffolk University Project) 4.000%   7/1/51  9,060     7,702
1,2 Massachusetts Development Finance Agency College & University Revenue TOB VRDO 1.960%  12/1/22 11,630    11,630
  Massachusetts Development Finance Agency College & University Revenue, ETM 5.000%   1/1/24     80        82
  Massachusetts Development Finance Agency College & University Revenue, ETM 5.000%   1/1/25    275       288
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%  12/1/22    410       410
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/22  1,950     1,950
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/23    705       713
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%  12/1/23    425       426
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    985     1,010
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/24  1,000     1,032
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    725       741
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    100       103
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    815       837
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.250%   7/1/24  1,610     1,614
6 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/24    225       232
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%  12/1/24    440       442
19
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/25  1,650     1,709
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/25  1,000     1,050
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/25    125       131
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   9/1/25  7,815     7,497
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/25    460       476
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   1/1/26  1,180     1,169
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/26  1,150     1,213
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/26  1,175     1,233
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/26  2,510     2,639
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.250%   7/1/26  1,175     1,177
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/26  1,200     1,280
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/26    485       505
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  2,235     2,345
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  1,885     1,992
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  1,420     1,487
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  3,960     4,119
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  1,630     1,719
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  1,605     1,697
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    335       343
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    400       419
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/27  1,400     1,513
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/27    505       530
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  3,485     3,682
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    540       565
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    550       575
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,370     1,434
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  3,000     3,163
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,500     1,630
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  2,120     2,248
20
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
6 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/28  1,165     1,270
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/28    775       846
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000% 11/15/28  1,500     1,580
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/28    535       566
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    110       119
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  2,555     2,558
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    600       626
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,565     1,634
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    255       267
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  3,100     3,211
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,055     1,111
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  2,000     2,126
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    465       524
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  8/15/29  1,860     1,944
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/29    560       590
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,795     1,867
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  3,520     3,843
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  3,450     3,567
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  2,470     2,600
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,350     1,467
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/30    160       170
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  8/15/30  2,525     2,633
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/30  1,000     1,111
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/30    290       305
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   1/1/31  1,000       945
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  3,240     3,532
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  1,000     1,046
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  1,000     1,041
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,120     2,186
21
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/31    770       829
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,260     2,452
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/31    155       173
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,000     2,111
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  8/15/31  1,585     1,651
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/31    600       669
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/32  8,000     8,131
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  3,000     3,084
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  1,000     1,083
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  1,000     1,038
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  1,200     1,254
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,505     2,686
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  8/15/32    445       463
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   9/1/32    500       502
6 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/32  1,575     1,714
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/32    975     1,026
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  1,690     1,826
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  1,000     1,036
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/33    310       318
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/33    650       703
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/33    500       524
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  7/15/33    640       650
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  8/15/33  1,080     1,121
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/34    145       148
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  1,130     1,213
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  1,500     1,527
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/34    300       323
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  7/15/34    600       608
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  8/15/34     30        31
22
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  3,450     3,473
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/35    565       575
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/35    200       214
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  7/15/35    550       554
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   9/1/35  2,300     2,302
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  5,000     5,019
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  6,470     6,164
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/36    310       318
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/36    200       211
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  1,255     1,282
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  7/15/36    470       472
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.625%  7/15/36  1,000     1,009
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  4,800     4,818
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  1,250     1,296
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  6,190     6,591
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/37    350       367
6 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 3.000%  10/1/37  1,980     1,684
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  1,470     1,375
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/38  8,000     8,144
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/38  1,000     1,035
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/38    385       391
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/38  5,500     5,805
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/38    985     1,018
6 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 3.000%  10/1/38  1,995     1,672
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/39    800       808
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/39    275       288
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  1,420     1,476
6 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 3.000%  10/1/39  2,045     1,690
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   1/1/41    445       387
23
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   1/1/41    485       414
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/41 13,210    12,900
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  2,500     2,441
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/41    710       720
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  1,850     1,872
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  12/1/41  7,760     7,940
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%  12/1/42    485       444
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/43  5,000     5,119
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/43  2,180     2,232
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.750%  7/15/43  5,830     5,878
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/44  3,430     3,069
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/44 15,145    13,308
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/44  1,300     1,314
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/44  2,125     2,127
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/45  2,000     1,884
6 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 3.000%  10/1/45  4,445     3,321
6 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%  10/1/45  7,800     7,121
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   7/1/46  2,080     1,847
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/46  5,335     5,386
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  7/15/46  1,150     1,101
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.125% 11/15/46  4,435     4,518
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/47  4,650     3,839
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/47  1,860     1,897
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/47  2,265     2,303
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/48  4,480     4,557
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/48  6,500     6,612
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/50  7,225     7,303
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   1/1/51    100        81
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 4.000%   1/1/51    520       411
24
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%   7/1/53  4,230     4,257
1 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue 5.000%  10/1/57  6,765     6,848
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue PUT 5.000%  1/30/25  1,000     1,044
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue PUT 5.000%  1/31/30  1,160     1,289
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue, Prere. 6.000%   1/3/23  2,215     2,259
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue, Prere. 5.250% 11/15/23     10        10
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue, Prere. 4.000%   6/1/29  3,760     4,034
  Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue, Prere. 5.000%   6/1/29  8,245     9,345
  Massachusetts Development Finance Agency Intergovernmental Agreement Revenue 3.000%   5/1/32    500       491
  Massachusetts Development Finance Agency Intergovernmental Agreement Revenue 3.000%   5/1/33    320       307
  Massachusetts Development Finance Agency Intergovernmental Agreement Revenue 3.000%   5/1/34    345       328
  Massachusetts Development Finance Agency Intergovernmental Agreement Revenue 3.000%   5/1/34    315       300
  Massachusetts Development Finance Agency Intergovernmental Agreement Revenue 5.000%   5/1/35  1,765     1,846
  Massachusetts Development Finance Agency Intergovernmental Agreement Revenue 3.000%   5/1/37    825       740
  Massachusetts Development Finance Agency Intergovernmental Agreement Revenue 3.000%   5/1/39  1,015       888
  Massachusetts Development Finance Agency Intergovernmental Agreement Revenue 3.000%   5/1/39    840       734
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/30  1,200     1,206
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/31  1,200     1,203
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/32  1,240     1,240
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/33  1,500     1,488
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/34    900       869
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/34  2,170     2,132
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/38  3,215     3,011
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 4.000%   7/1/42    475       429
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/48  1,000       872
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 4.000%   7/1/50  1,625     1,397
  Massachusetts Development Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/54  7,350     6,274
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   9/1/23    135       136
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   9/1/26    185       190
25
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   9/1/27    200       206
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   9/1/28    220       226
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   1/1/29    505       558
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   9/1/29    245       250
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   9/1/30    255       259
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   9/1/31    285       288
7 Massachusetts Development Finance Agency Miscellaneous Revenue 0.000%   1/1/32  1,630     1,170
  Massachusetts Development Finance Agency Miscellaneous Revenue 4.000%   1/1/32  1,500     1,555
7 Massachusetts Development Finance Agency Miscellaneous Revenue 0.000%   1/1/33  3,090     2,123
  Massachusetts Development Finance Agency Miscellaneous Revenue 4.000%   1/1/33  1,510     1,563
  Massachusetts Development Finance Agency Miscellaneous Revenue 4.000%   1/1/34  1,000     1,031
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   4/1/34    250       270
  Massachusetts Development Finance Agency Miscellaneous Revenue 4.000%   9/1/34    480       439
  Massachusetts Development Finance Agency Miscellaneous Revenue 4.000%   1/1/35  1,700     1,742
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   1/1/35  1,720     1,831
  Massachusetts Development Finance Agency Miscellaneous Revenue 5.000%   1/1/36  1,000     1,060
  Massachusetts Development Finance Agency Miscellaneous Revenue 4.000%   9/1/39    245       215
  Massachusetts Development Finance Agency Miscellaneous Revenue 4.000%   4/1/41  7,500     7,481
  Massachusetts Development Finance Agency Miscellaneous Revenue 4.000%   9/1/48    780       635
  Massachusetts Development Finance Agency Miscellaneous Revenue 3.000%   9/1/51  2,040     1,272
  Massachusetts Development Finance Agency Private Schools Revenue 5.000%   5/1/31    500       520
  Massachusetts Development Finance Agency Private Schools Revenue 5.000%   5/1/32  1,695     1,760
  Massachusetts Development Finance Agency Recreational Revenue 5.000%   7/1/34  1,040     1,091
  Massachusetts Development Finance Agency Recreational Revenue 5.000%   7/1/35  2,000     2,093
  Massachusetts Development Finance Agency Recreational Revenue 4.000%   7/1/41  3,310     3,312
1,2 Massachusetts GO TOB VRDO 1.900%  12/1/22 10,600    10,600
  Massachusetts Health & Educational Facilities Authority College & University Revenue 5.250%   7/1/33    165       203
  Massachusetts Health & Educational Facilities Authority College & University Revenue 5.500%   6/1/35  2,955     3,536
  Massachusetts Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 1.850%  12/7/22 10,550    10,550
  Massachusetts Health & Educational Facilities Authority Recreational Revenue VRDO 1.040%  12/1/22 73,730    73,730
26
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
8 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%   6/1/26 29,645    30,211
8 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 2.250%  12/1/32    940       802
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 2.000%  12/1/35    175       138
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 2.000%  12/1/36    125        95
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 2.150%  12/1/36    355       271
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.450%  12/1/37    880       820
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.150%  12/1/37    600       589
8 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.600%  12/1/37    625       652
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.900%  12/1/37  3,340     3,505
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%  12/1/38    445       438
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 2.350%   6/1/39  2,615     1,939
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 2.300%  12/1/40    500       354
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 2.300%  12/1/41  8,250     5,921
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%   6/1/42    215       214
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.900%  12/1/42    500       465
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.350%  12/1/42  1,000       982
8 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.875%  12/1/42  2,300     2,401
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 5.150%  12/1/42  6,490     6,829
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%  12/1/43     85        85
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.100%  12/1/44  1,000       790
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%  12/1/44    240       240
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%   6/1/45    180       180
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%   6/1/47  4,000     3,865
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.000%  12/1/48  2,810     2,812
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.500%  12/1/48  1,660     1,678
8 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  12/1/49  2,910     2,269
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.400%  12/1/49  1,000       810
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 5.000%   6/1/50  1,750     1,817
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 2.550%  12/1/50    100        67
27
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  12/1/50  2,410     2,339
8 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  12/1/50  2,500     1,810
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.050%  12/1/52  4,490     4,033
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.200%  12/1/52  1,540     1,409
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 5.500%  12/1/52 12,825    13,741
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  12/1/54  5,000     3,987
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.300%  12/1/57  4,445     4,052
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.450%  12/1/58  1,000       959
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 4.400%  12/1/64  1,575     1,452
8 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue 5.250%   6/1/66  4,540     4,752
1,2 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.010%  12/1/22  8,745     8,745
1,2 Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.010%  12/1/22  8,745     8,745
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 5.000%   7/1/34    655       748
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/35    650       659
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/36    600       601
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/37  1,055     1,049
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/38    750       736
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/39    600       586
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/40  1,000       968
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/41  1,000       959
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/46  4,500     4,146
  Massachusetts Municipal Wholesale Electric Co. Electric Power & Light Revenue (Project 2015A) 4.000%   7/1/51  3,840     3,475
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/36  1,000     1,132
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/36    500       566
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/37  1,060     1,121
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/37  1,845     2,079
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/37    850       958
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/38  1,000     1,123
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/38    600       674
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/39    700       783
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/39    670       749
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/40  6,850     7,124
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/40    500       556
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/40    615       684
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/41    500       554
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/44  6,960     7,492
28
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/46  4,340     4,739
  Massachusetts Port Authority Port, Airport & Marina Revenue 5.000%   7/1/49 10,690    11,437
  Massachusetts School Building Authority Sales Tax Revenue 5.000%  8/15/29  1,630     1,727
  Massachusetts School Building Authority Sales Tax Revenue 4.000% 11/15/35  6,500     6,637
  Massachusetts School Building Authority Sales Tax Revenue 5.000% 11/15/35  2,500     2,671
  Massachusetts School Building Authority Sales Tax Revenue 5.000% 11/15/36  3,680     3,924
  Massachusetts School Building Authority Sales Tax Revenue 5.000%  8/15/37 10,000    10,469
  Massachusetts School Building Authority Sales Tax Revenue 5.000%  2/15/44  5,765     6,150
  Massachusetts School Building Authority Sales Tax Revenue 4.000%  8/15/45  2,650     2,630
  Massachusetts School Building Authority Sales Tax Revenue 5.000%  8/15/45    120       130
  Massachusetts School Building Authority Sales Tax Revenue 5.250%  2/15/48 24,560    26,182
  Massachusetts School Building Authority Sales Tax Revenue 5.250%  2/15/48  5,110     5,448
  Massachusetts School Building Authority Sales Tax Revenue 3.000%  8/15/50 12,000     9,231
  Massachusetts School Building Authority Sales Tax Revenue 5.000%  8/15/50  1,460     1,576
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/30    730       771
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/31    855       901
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/32  3,435     3,595
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/34    675       697
  Massachusetts State College Building Authority College & University Revenue 5.000%   5/1/34    500       577
  Massachusetts State College Building Authority College & University Revenue 5.000%   5/1/35  1,060     1,209
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/36  2,000     2,040
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/36    570       590
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/37    775       782
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/37  2,000     2,020
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/37    630       643
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/38    250       252
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/39  2,000     1,999
7 Massachusetts State College Building Authority College & University Revenue 5.500%   5/1/39  3,475     4,149
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/40  4,475     4,433
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/40    600       594
  Massachusetts State College Building Authority College & University Revenue 2.000%   5/1/41  1,280       862
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/41  1,500     1,483
  Massachusetts State College Building Authority College & University Revenue 4.000%   5/1/42    555       543
  Massachusetts State College Building Authority College & University Revenue 2.000%   5/1/43  1,335       873
  Massachusetts State College Building Authority College & University Revenue 2.125%   5/1/46  2,100     1,347
  Massachusetts State College Building Authority College & University Revenue 2.125%   5/1/51  3,810     2,280
29
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue 5.000%   1/1/32    280       314
  Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue 5.000%   1/1/33    795       883
  Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue 5.000%   1/1/33    305       340
  Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue 5.000%   1/1/35  2,145     2,353
  Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue PUT 5.000%   1/1/23  8,650     8,667
2 Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue VRDO 1.850%  12/7/22  9,725     9,725
6 Massachusetts Water Resources Authority Water Revenue 5.250%   8/1/30  1,220     1,428
6 Massachusetts Water Resources Authority Water Revenue 5.250%   8/1/33  3,305     3,989
6 Massachusetts Water Resources Authority Water Revenue 5.250%   8/1/35  8,000     9,731
6 Massachusetts Water Resources Authority Water Revenue 5.250%   8/1/36  1,530     1,871
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/37  2,000     2,230
6 Massachusetts Water Resources Authority Water Revenue 5.250%   8/1/37  2,000     2,452
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/38  1,000     1,124
9 Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/39  7,600     8,413
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/39  1,350     1,511
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/40  1,500     1,670
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/40  4,000     4,409
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/41    800       887
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/42    380       416
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/44    220       240
  Massachusetts Water Resources Authority Water Revenue 5.000%   8/1/44  5,000     5,402
  Massachusetts Water Resources Authority Water Revenue VRDO 1.940%  12/7/22  4,800     4,800
  Massachusetts Water Resources Authority Water Revenue VRDO 1.950%  12/7/22  7,000     7,000
  Massachusetts Water Resources Authority Water Revenue, Prere. 5.000%   8/1/26  1,000     1,082
  Medford MA GO 3.000%  7/15/30    755       747
  Medford MA GO 3.000%  7/15/31    780       769
  Medford MA GO 3.000%  7/15/32    810       795
  Medford MA GO 3.000%  7/15/33    830       797
  Medford MA GO 3.000%  7/15/34    860       809
  Medford MA GO 3.000%  7/15/35    885       814
  Medford MA GO 3.000%  7/15/36    910       827
  Medway MA GO 4.000%   8/1/52  2,800     2,797
  Middleborough MA GO 2.000%  10/1/39  1,450     1,038
  Middleborough MA GO 2.000%  10/1/40  1,450     1,015
  Middleborough MA GO 2.000%  10/1/41  1,450       993
  Middleborough MA GO 2.250%  10/1/45  5,800     3,843
  Middleborough MA GO 2.350%  10/1/49  5,050     3,276
  Middleton MA GO 2.125% 12/15/42  2,635     1,813
  Milford MA GO 2.250%  12/1/44  6,600     4,468
  Milford MA GO 2.125%  12/1/48  6,200     3,866
  Milford MA GO 2.500%  12/1/51  5,335     3,531
  Millbury MA GO 4.000%  8/15/41    905       906
  Millbury MA GO 4.000%  8/15/42    905       906
  Millbury MA GO 4.000%  8/15/47  4,390     4,250
  Minuteman Regional Vocational Technical School District GO 2.500%  1/15/43     20        15
  Montague MA GO 2.375%   2/1/38    140       109
  Natick MA GO 4.000%  7/15/31  4,760     4,998
  Needham MA GO 3.000%  7/15/35    765       708
  New Bedford MA GO 3.000%   3/1/34    335       315
  New Bedford MA GO 3.000%   3/1/35    395       362
30
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Bedford MA GO 3.000%   3/1/37    235       208
  New Bedford MA GO 4.000%   9/1/40  1,460     1,462
  New Bedford MA GO 4.000%   9/1/41  1,520     1,511
  New Bedford MA GO 4.000%   9/1/42  1,565     1,550
  New Bedford MA GO 2.250%   9/1/43    825       573
  New Bedford MA GO 3.250%   3/1/44    885       748
  New Bedford MA GO 4.000%   9/1/52  7,500     7,057
  Newton MA GO 3.000%   4/1/33  3,440     3,386
  Northeast Metropolitan Regional Vocational School District GO 4.000%  4/15/35    900       933
  Northeast Metropolitan Regional Vocational School District GO 4.000%  4/15/36    935       961
  Northeast Metropolitan Regional Vocational School District GO 4.000%  4/15/37    975       993
  Northeast Metropolitan Regional Vocational School District GO 4.000%  4/15/38  1,015     1,027
  Northeast Metropolitan Regional Vocational School District GO 4.000%  4/15/39  1,055     1,063
  Northeast Metropolitan Regional Vocational School District GO 4.000%  4/15/40  1,095     1,098
  Northeast Metropolitan Regional Vocational School District GO 4.000%  4/15/41  1,140     1,141
  Northeast Metropolitan Regional Vocational School District GO 4.000%  4/15/42  1,185     1,187
  Northeast Metropolitan Regional Vocational School District GO 3.000%  4/15/52  1,500     1,161
  Norwood MA GO 4.000%  3/15/33  1,155     1,225
  Norwood MA GO 3.000%  3/15/42    595       499
  Norwood MA GO 4.000%  9/15/42  4,285     4,326
  Norwood MA GO 4.000%  9/15/47 10,000     9,878
  Orange MA GO 3.000%   6/1/36    400       356
  Orange MA GO 3.000%   6/1/51  2,795     2,122
  Palmer MA GO 4.000% 11/30/23    770       780
  Peabody MA GO 3.500%   7/1/37    115       110
  Plymouth MA GO 3.000%   5/1/32  1,625     1,596
  Plymouth MA GO 3.000%   5/1/33  2,020     1,944
  Quincy MA GO 4.000%   7/7/23 10,000    10,088
  Quincy MA GO 4.000%   6/1/31  1,235     1,310
  Quincy MA GO 5.000%   6/1/31    300       350
  Quincy MA GO 5.000%   7/1/31    500       584
  Quincy MA GO 4.000%  1/15/32  1,425     1,496
  Quincy MA GO 3.000%   6/1/32  1,285     1,250
  Quincy MA GO 5.000%   6/1/32    275       325
  Quincy MA GO 5.000%   7/1/32    450       532
  Quincy MA GO 3.000%   6/1/33  1,330     1,281
  Quincy MA GO 5.000%   6/1/33    400       468
  Quincy MA GO 5.000%   7/1/33    555       650
  Quincy MA GO 3.000%   6/1/34  1,360     1,285
  Quincy MA GO 5.000%   6/1/34    600       695
  Quincy MA GO 3.000%   7/1/34    200       189
  Quincy MA GO 5.000%   7/1/34    500       579
  Quincy MA GO 5.000%   6/1/35  1,000     1,145
  Quincy MA GO 5.000%   7/1/35    900     1,031
  Quincy MA GO 5.000%   6/1/36    750       853
  Quincy MA GO 5.000%   7/1/36    470       535
  Quincy MA GO 4.000%   6/1/37    500       510
  Quincy MA GO 2.000%   7/1/37    170       127
  Quincy MA GO 5.000%   7/1/37    660       746
  Quincy MA GO 5.000%  9/15/37    600       680
  Quincy MA GO 4.000%   6/1/38    500       507
  Quincy MA GO 5.000%   7/1/38    685       772
  Quincy MA GO 4.000%  9/15/38    715       725
  Quincy MA GO 4.000%   6/1/39    500       504
  Quincy MA GO 5.000%   7/1/39    750       841
31
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Quincy MA GO 4.000%   6/1/40    750       752
  Quincy MA GO 5.000%   7/1/40    785       875
  Quincy MA GO 4.000%  9/15/40    650       652
  Quincy MA GO 4.000%   6/1/41    260       260
  Quincy MA GO 5.000%   7/1/41    620       688
  Quincy MA GO 4.000%  9/15/41    355       355
  Quincy MA GO 4.000%   6/1/42    390       391
  Quincy MA GO 5.000%   7/1/42    600       665
  Quincy MA GO 4.000%  9/15/42    275       275
  Quincy MA GO 2.000%  1/15/46  3,000     1,866
  Quincy MA GO 2.000%   6/1/46  5,155     3,220
  Quincy MA GO 5.000%   6/1/47  1,000     1,132
  Quincy MA GO 5.000%   6/1/50  2,000     2,181
  Quincy MA GO 4.000%   7/1/51  1,000       956
  Quincy MA GO 5.000%   7/1/51  1,500     1,635
  Randolph MA GO 3.375%  9/15/35    830       806
  Randolph MA GO 3.375%  9/15/36    785       741
  Rowley MA GO 3.500%  7/15/43  1,625     1,484
  Salem MA GO 3.000%  9/15/34    620       583
  Salem MA GO 3.000%  9/15/35    585       535
  Salem MA GO 3.000%  9/15/36    605       539
  Salisbury MA GO 2.000%   8/1/28    400       371
  Saugus MA GO 3.000%  9/15/31    930       916
  Saugus MA GO 3.000%  9/15/32    800       784
  Saugus MA GO 3.000%  9/15/33    980       939
  Saugus MA GO 3.000%  9/15/35    135       124
  Saugus MA GO 3.000%  9/15/36  1,500     1,360
  Sharon MA GO 4.000%  2/15/31  5,875     6,181
  Sharon MA GO 3.000%  2/15/32  2,040     1,986
  Shrewsbury MA GO 4.000%  7/15/33  2,370     2,499
  Somerville MA GO 4.000%   6/1/31    730       774
  Somerville MA GO 3.000%   6/1/32  1,050     1,031
  Somerville MA GO 3.000%   6/1/33    750       721
  Somerville MA GO 2.000%   6/1/40  1,755     1,219
  Springfield MA GO 4.000%   3/1/31  1,250     1,300
  Springfield MA GO 4.000%   3/1/32  1,285     1,333
  Springfield MA GO 4.000%   3/1/39    965       971
  Springfield MA GO 4.000%   3/1/40  1,400     1,402
  Springfield MA GO 4.000%   3/1/41  2,080     2,069
  Springfield MA GO 4.000%   3/1/42  1,155     1,144
6 Springfield MA GO 3.500%   3/1/47    210       183
  Springfield MA Water & Sewer Commission Water Revenue 4.000%  4/15/30    150       159
  Springfield MA Water & Sewer Commission Water Revenue 4.000%  4/15/31    345       362
  Springfield MA Water & Sewer Commission Water Revenue 4.000%  4/15/32    325       339
  Springfield MA Water & Sewer Commission Water Revenue 4.000%  4/15/33    350       365
  Springfield MA Water & Sewer Commission Water Revenue 4.000%  4/15/34    400       415
  Stoneham MA GO 2.500%  1/15/52  1,960     1,309
  Stoughton MA GO 3.000% 10/15/32  1,920     1,860
  Stoughton MA GO 3.000% 10/15/35    370       339
  Swampscott MA GO 3.000%   3/1/52  2,500     1,916
  Taunton MA GO 4.000%  8/15/31    915       958
  Taunton MA GO 4.000%  8/15/33    775       807
  Tewksbury MA GO 3.000%   6/1/33  2,720     2,616
  Tewksbury MA GO 3.000%   6/1/35  2,720     2,507
32
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/28  1,695     1,794
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/32  3,420     3,821
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/33  5,085     5,659
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/33    335       381
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/34  1,150     1,241
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/34    345       390
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/35  5,360     5,782
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/35  3,035     3,342
  University of Massachusetts Building Authority College & University Revenue 5.000%   5/1/36  3,400     3,715
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/38  3,790     4,043
  University of Massachusetts Building Authority College & University Revenue 5.000%   5/1/39  1,000     1,082
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/40 10,180    10,648
  University of Massachusetts Building Authority College & University Revenue 4.000%  11/1/46  5,000     4,882
  University of Massachusetts Building Authority College & University Revenue 5.250%  11/1/47 13,080    13,845
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/50  8,450     8,969
  University of Massachusetts Building Authority College & University Revenue 5.000%  11/1/52 19,000    20,176
  Upton MA GO 2.250%  8/15/46    150       100
  Wakefield MA GO 4.000%  9/15/47  3,095     3,109
  Watertown MA GO 3.375%  4/15/42    100        91
  Webster MA GO 5.000%  12/1/25    340       363
  Webster MA GO 5.000%  12/1/26    255       277
  Webster Town MA GO 5.000%  12/1/24    355       371
  West Springfield MA GO 2.000%  5/15/37    840       628
  West Springfield MA GO 2.000%  5/15/38    840       616
  West Springfield MA GO 2.000%  5/15/39    835       599
  West Springfield MA GO 2.000%  5/15/40    835       585
  West Springfield MA GO 2.000%  5/15/41    835       572
  West Springfield MA GO 2.125%  5/15/42    705       487
  West Springfield MA GO 2.125%  5/15/43    705       479
  West Springfield MA GO 2.250%  5/15/46  2,115     1,388
  Weymouth MA GO 2.000%  9/15/40    505       350
  Weymouth MA GO 2.000%  9/15/45  2,355     1,493
  Weymouth MA GO 2.250%  9/15/50  5,000     3,102
  Worcester MA GO 3.000%   2/1/32    230       224
  Worcester MA GO 3.000%   2/1/33  2,155     2,086
6 Worcester MA GO 4.000%   2/1/33  4,900     5,131
6 Worcester MA GO 4.000%   2/1/35  4,325     4,467
  Worcester MA GO 2.250%   2/1/40    100        73
6 Worcester MA GO 2.000%  2/15/43    300       198
6 Worcester MA GO 2.500%   2/1/44  4,550     3,305
6 Worcester MA GO 2.000%  2/15/44  1,940     1,253
33
Massachusetts Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Worcester MA GO 4.000%   6/1/44    535       526
  Worcester MA GO 4.000%   6/1/46    480       467
  Worcester MA GO 2.000%   2/1/48  3,140     1,941
  Worcester MA GO 2.000%   2/1/49  3,200     2,036
  Worcester MA GO 2.125%   2/1/50  3,325     2,067
  Worcester MA GO 4.000%   6/1/50  2,100     2,014
                 2,272,812
Guam (0.1%)
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/42    315       273
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/23  1,000     1,012
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/25    745       761
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/31    300       306
                 2,352
Puerto Rico (0.8%)
  Commonwealth of Puerto Rico GO 5.250%   7/1/23  2,469     2,479
  Commonwealth of Puerto Rico GO 5.375%   7/1/25  2,838     2,877
  Commonwealth of Puerto Rico GO 5.625%   7/1/27  4,313     4,412
  Commonwealth of Puerto Rico GO 5.625%   7/1/29    642       658
  Commonwealth of Puerto Rico GO 5.750%   7/1/31  2,006     2,057
  Commonwealth of Puerto Rico GO 0.000%   7/1/33    686       375
  Commonwealth of Puerto Rico GO 4.000%   7/1/35    293       249
  Commonwealth of Puerto Rico GO 4.000%   7/1/46     86        66
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24    279       259
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27    844       679
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29    887       644
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31  1,500       972
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40  3,893     3,517
                 19,244
Total Tax-Exempt Municipal Bonds (Cost $2,455,545) 2,294,408
Total Investments (99.4%) (Cost $2,455,545) 2,294,408
Other Assets and Liabilities—Net (0.6%) 14,255
Net Assets (100%) 2,308,663
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, the aggregate value was $69,305,000, representing 3.0% of net assets.
2 Scheduled principal and interest payments are guaranteed by bank letter of credit.
3 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
4 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
5 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
6 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
7 Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp.
8 Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
9 Securities with a value of $1,798,000 have been segregated as initial margin for open futures contracts.
  ETM—Escrowed to Maturity.
  GO—General Obligation Bond.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
34
Massachusetts Tax-Exempt Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
2-Year U.S. Treasury Note March 2023 164 33,679 87
 
Short Futures Contracts        
Long U.S. Treasury Bond March 2023 (58) (7,366) (87)
Ultra Long U.S. Treasury Bond March 2023 (157) (21,396) (215)
        (302)
        (215)
  
See accompanying Notes, which are an integral part of the Financial Statements.
35
Massachusetts Tax-Exempt Fund
Statement of Assets and Liabilities
As of November 30, 2022
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $2,455,545) 2,294,408
Investment in Vanguard 81
Cash 94
Receivables for Investment Securities Sold 1,188
Receivables for Accrued Income 31,113
Receivables for Capital Shares Issued 2,502
Variation Margin Receivable—Futures Contracts 136
Other Assets 24
Total Assets 2,329,546
Liabilities  
Payables for Investment Securities Purchased 16,356
Payables for Capital Shares Redeemed 3,093
Payables for Distributions 1,311
Payables to Vanguard 123
Total Liabilities 20,883
Net Assets 2,308,663
At November 30, 2022, net assets consisted of:  
   
Paid-in Capital 2,499,855
Total Distributable Earnings (Loss) (191,192)
Net Assets 2,308,663
 
Net Assets  
Applicable to 232,217,675 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		2,308,663
Net Asset Value Per Share $9.94
  
See accompanying Notes, which are an integral part of the Financial Statements.
36
Massachusetts Tax-Exempt Fund
Statement of Operations
  Year Ended
November 30, 2022
  ($000)
Investment Income  
Income  
Interest 65,496
Total Income 65,496
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 136
Management and Administrative 2,734
Marketing and Distribution 217
Custodian Fees 17
Auditing Fees 30
Shareholders’ Reports 44
Trustees’ Fees and Expenses 1
Other Expenses 15
Total Expenses 3,194
Expenses Paid Indirectly (6)
Net Expenses 3,188
Net Investment Income 62,308
Realized Net Gain (Loss)  
Investment Securities Sold (32,599)
Futures Contracts 3,618
Realized Net Gain (Loss) (28,981)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities (316,251)
Futures Contracts (183)
Change in Unrealized Appreciation (Depreciation) (316,434)
Net Increase (Decrease) in Net Assets Resulting from Operations (283,107)
  
See accompanying Notes, which are an integral part of the Financial Statements.
37
Massachusetts Tax-Exempt Fund
Statement of Changes in Net Assets
  Year Ended November 30,
  2022
($000) 		2021
($000)
     
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 62,308 60,271
Realized Net Gain (Loss) (28,981) 11,442
Change in Unrealized Appreciation (Depreciation) (316,434) (7,536)
Net Increase (Decrease) in Net Assets Resulting from Operations (283,107) 64,177
Distributions    
Total Distributions (72,817) (79,148)
Capital Share Transactions    
Issued 1,413,753 567,069
Issued in Lieu of Cash Distributions 55,539 61,186
Redeemed (1,581,007) (331,445)
Net Increase (Decrease) from Capital Share Transactions (111,715) 296,810
Total Increase (Decrease) (467,639) 281,839
Net Assets    
Beginning of Period 2,776,302 2,494,463
End of Period 2,308,663 2,776,302
  
See accompanying Notes, which are an integral part of the Financial Statements.
38
Massachusetts Tax-Exempt Fund
Financial Highlights
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $11.41 $11.47 $11.16 $10.45 $10.74
Investment Operations          
Net Investment Income1 .263 .259 .286 .315 .322
Net Realized and Unrealized Gain (Loss) on Investments (1.427) .026 .374 .711 (.290)
Total from Investment Operations (1.164) .285 .660 1.026 .032
Distributions          
Dividends from Net Investment Income (.261) (.259) (.285) (.316) (.322)
Distributions from Realized Capital Gains (.045) (.086) (.065) — (.000)2
Total Distributions (.306) (.345) (.350) (.316) (.322)
Net Asset Value, End of Period $9.94 $11.41 $11.47 $11.16 $10.45
Total Return3 -10.28% 2.53% 6.03% 9.91% 0.31%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $2,309 $2,776 $2,494 $2,234 $1,805
Ratio of Total Expenses to Average Net Assets 0.13%4 0.13% 0.13% 0.13% 0.13%
Ratio of Net Investment Income to Average Net Assets 2.54% 2.27% 2.55% 2.88% 3.04%
Portfolio Turnover Rate 80% 37% 27% 31% 33%
1 Calculated based on average shares outstanding.
2 Distribution was less than $.001 per share.
3 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
4 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.13%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
39
Massachusetts Tax-Exempt Fund
Notes to Financial Statements
Vanguard Massachusetts Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended November 30, 2022, the fund’s average investments in long and short futures contracts represented 1% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is
40
Massachusetts Tax-Exempt Fund
generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended November 30, 2022, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management,
41
Massachusetts Tax-Exempt Fund
administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2022, the fund had contributed to Vanguard capital in the amount of $81,000, representing less than 0.01% of the fund’s net assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2022, custodian fee offset arrangements reduced the fund’s expenses by $6,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2022, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Tax-Exempt Municipal Bonds — 2,294,408 — 2,294,408
Derivative Financial Instruments         
Assets        
Futures Contracts1 87 — — 87
Liabilities        
Futures Contracts1 302 — — 302
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods
42
Massachusetts Tax-Exempt Fund
for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income 1,311
Undistributed Long-Term Gains —
Capital Loss Carryforwards (29,715)
Qualified Late-Year Losses —
Net Unrealized Gains (Losses) (161,499)
The tax character of distributions paid was as follows:
  Year Ended November 30,
  2022
Amount
($000) 		2021
Amount
($000)
Tax-Exempt Income 61,868 60,174
Ordinary Income* 533 7,299
Long-Term Capital Gains 10,416 11,675
Total 72,817 79,148
* Includes short-term capital gains, if any.
As of November 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 2,455,907
Gross Unrealized Appreciation 15,342
Gross Unrealized Depreciation (176,841)
Net Unrealized Appreciation (Depreciation) (161,499)
F. During the year ended November 30, 2022, the fund purchased $1,972,022,000 of investment securities and sold $2,104,426,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2022, such purchases were $325,830,000 and sales were $349,205,000, resulting in net realized gain (loss) of $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
43
Massachusetts Tax-Exempt Fund
G. Capital shares issued and redeemed were:
    
  Year Ended November 30,
  2022
Shares
(000) 		2021
Shares
(000)
     
Issued 140,400 49,622
Issued in Lieu of Cash Distributions 5,337 5,361
Redeemed (156,859) (29,058)
Net Increase (Decrease) in Shares Outstanding (11,122) 25,925
H. Management has determined that no events or transactions occurred subsequent to November 30, 2022, that would require recognition or disclosure in these financial statements.
44
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Massachusetts Tax-Exempt Funds and Shareholders of Vanguard Massachusetts Tax-Exempt Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Massachusetts Tax-Exempt Fund (the “Fund”) as of November 30, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian, the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 19, 2023
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
45
Tax information (unaudited)
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed $10,416,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
The fund designates 100% of its income dividends as exempt-interest dividends.
46
"Bloomberg®" and Bloomberg MA Municipal Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).
The Massachusetts Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Massachusetts Tax-Exempt Fund or any member of the public regarding the advisability of investing in securities generally or in the Massachusetts Tax-Exempt Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg MA Municipal Bond Index, which is determined, composed and calculated by BISL without regard to Vanguard or the Massachusetts Tax-Exempt Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the Massachusetts Tax-Exempt Fund into consideration in determining, composing or calculating the Bloomberg MA Municipal Bond Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Massachusetts Tax-Exempt Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Massachusetts Tax-Exempt Fund customers, in connection with the administration, marketing or trading of the Massachusetts Tax-Exempt Fund.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG MA MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE MASSACHUSETTS TAX-EXEMPT FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG MA MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG MA MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE MASSACHUSETTS TAX-EXEMPT FUND OR BLOOMBERG MA MUNICIPAL BOND INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
© 2023 Bloomberg.
Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.
47
This page intentionally left blank.
The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them. 
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.
Independent Trustees
Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal (2002–2006), the advisory board of the University of California, Berkeley School of Engineering (2020–present), and the advisory board of Santa Clara University’s Leavey School of Business (2018–present).
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.                            
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology
 
1  Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: adjunct professor of finance at the University of Notre Dame (2020–present). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Assistant professor (retired June 2020) of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of superintendence of the Institute for the Works of Religion, and the board of directors of Paxos Trust Company (finance).
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Member of the board (2018–present) of RIT Capital Partners (investment firm). Member of the investment committee of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law (2021–present), professor (2020–present), Distinguished Fellow of the Global Financial Markets Center (2020–present), and
Rubenstein Fellow (2017–2020) at Duke University. Trustee (2017–present) of Amherst College and member of Amherst College Investment Committee (2019–present). Member of the Regenerative Crisis Response Committee (2020–present).
David A. Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company (2013–present). Trustee of Common Fund (2019–present).
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.
Executive Officers
Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street Corporation.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).
Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
Matthew Benchener Thomas M. Rampulla
Joseph Brennan Karin A. Risi
Mortimer J. Buckley Anne E. Robinson
Gregory Davis Michael Rollings
John James Nitin Tandon
Chris D. Mclsaac Lauren Valente
Connect with Vanguard®>vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].
CFA® is a registered trademark owned by CFA Institute.
© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q1680 012023

 

Item 2: Code of Ethics.

 

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

 

Item 3: Audit Committee Financial Expert.

 

All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

Item 4: Principal Accountant Fees and Services.

 

(a)Audit Fees.

 

Audit Fees of the Registrant.

 

Fiscal Year Ended November 30, 2022: $30,000
Fiscal Year Ended November 30, 2021: $30,000

 

Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.

 

Fiscal Year Ended November 30, 2022: $10,494,508
Fiscal Year Ended November 30, 2021: $11,244,694

 

Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(b)Audit-Related Fees.

 

Fiscal Year Ended November 30, 2022: $2,757,764
Fiscal Year Ended November 30, 2021: $2,955,181

 

Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(c)Tax Fees.

 

Fiscal Year Ended November 30, 2022: $5,202,689
Fiscal Year Ended November 30, 2021: $2,047,574

 

Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(d)All Other Fees.

 

Fiscal Year Ended November 30, 2022: $298,000
Fiscal Year Ended November 30, 2021: $280,000

 

Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(e)         (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.

 

 

 

 

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.

 

The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.

 

(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)          For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

 

(g)          Aggregate Non-Audit Fees.

 

Fiscal Year Ended November 30, 2022: $5,500,689
Fiscal Year Ended November 30, 2021: $2,327,574

 

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(h)          For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

 

Item 5: Audit Committee of Listed Registrants.

 

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

 

 

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11: Controls and Procedures.

 

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13: Exhibits.

 

(a)(1)Code of Ethics filed herewith.
(a)(2)Certifications filed herewith.
(b)Certifications filed herewith.

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  VANGUARD MASSACHUSETTS TAX-EXEMPT FUNDS
     
BY: /s/ MORTIMER J. BUCKLEY*  
   
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 23, 2023

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  VANGUARD MASSACHUSETTS TAX-EXEMPT FUNDS
     
BY: /s/ MORTIMER J. BUCKLEY*  
   
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 23, 2023

 

  VANGUARD MASSACHUSETTS TAX-EXEMPT FUNDS
     
BY: /s/ CHRISTINE BUCHANAN*  
   
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: January 23, 2023

 

* By: /s/ Anne E. Robinson  

 

Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.

 

 

 

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CODE ETH

EXHIBIT 99.CERT

EXHIBIT 99.906CERT


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings

Related Entities

Vanguard