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That's right - and I'd venture to say that most, if not all, of the single-state muni funds hold a lot of Puerto Rican bonds - the reason being that the fund's holidngs are TAX-EXEMPT for your state - not always FROM your state.

Most definitely not "all" -- I own NKX (slightly-leveraged California muni closed-end-fund), and its exposure to Puerto Rico bonds is only 0.5% (half a percent of the fund's assets under management).

I believe this low level of exposure is common among Nuveen's closed end funds, both the leveraged and non-leveraged ones, though I haven't researched such funds for States other than the one in which I reside.
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