Invests in investment-grade municipal securities. Seeks high current income exempt from federal, New York State, and New York City personal income taxes. Now — the numbers.
The stock trades 15% below its peak. The market has trimmed its expectations for the company.
It pays out $0.37 per share each year — regular cash for whoever holds the stock.
The balance sheet offers little cushion against a rough stretch. Report-card grade: 15/100.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.