No. of Recommendations: 3
Only problem is the leverage in many of the funds.

If you see it as a problem, you can easily pick non-leveraged funds. E.g, to stay within Nuveen's family and California munis, NCA (yielding 5.04%) vs NKX (modestly leveraged and thus yielding 6.82%).

They had very similar behavior over the last 3 months, but if you look back a year, NCA -9%, NKX -17% -- that's where you see leverage vs lack thereof. You pays your money and you takes your chances...!-)

Me, buying NKX recently at `distressed` levels, I deliberately chose to go for their modest and prudent leverage. Somebody who's otherwise leveraged, or contrary to even modest leverage in principle, can easily choose non-leveraged funds like NCA. No prob: they're both bargains!-)
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