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If you're thinking of buying shares in a single state muni bond fund...

I read an article in the WSJ a while ago, I think it was on December 5...which said some single state muni bond funds were holding a lot of debt from Puerto Rico. Some of the numbers were very high...I believe in excess of 25% of the funds' portfolios.

The article listed specific funds. You might find the article with a google search.

Anyways, don't let the name of a muni bond fund fool you. You might find yourself owning a lot of Puerto Rico debt instead of debt from your city/county/state.

Bill Gross was on TV today, gave his two cents that he didn't think Puerto Rico would be allowed to default. And he mentioned buying 5-year Mexico debt which was paying about 5%.
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