
See exactly how VWALX's revenue becomes profit — a Sankey that traces revenue (and its reported segments) through gross profit, operating expenses, and net profit, with the year-over-year change on every line.
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This fund's primary objective is to generate a significant and consistent flow of income that is entirely free from federal personal income. It commits at least 80% of its holdings to high-quality municipal bonds, which are either rated as investment-grade by established organizations or considered of similar caliber by the advisor. Up to 20% of the fund's assets may be allocated to municipal bonds with lower credit quality, as assessed by a rating agency or the advisor. While individual security maturities are not limited, the portfolio is expected to maintain an average dollar-weighted…
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