Word: nuveen
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Dates: during 2000-2009
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...Looking long-term, places like New York and Massachusetts could have some pressure, even though they are relatively highly rated and have passed budgets for this year," says John Miller, chief investment officer of Nuveen Asset Management, which runs, among other things, municipal-bond funds. "Those are areas where obligations are probably growing faster than their revenues." That spend-now-pay-later attitude eventually catches up with a state. Ask California. (Read "Can the U.S. Afford to Let California Fail...
...there, Merrill says, are the fully taxable preferreds of Comerica (yielding 7.44%), Torchmark (7.58%) and Virginia Electric & Power (7.26%). A handful of closed-end mutual funds invest in fully taxable preferreds, including the John Hancock preferred-income fund and three Quality Preferred Income funds launched this year by Nuveen Investments...
Finally, to squeeze more income out of your short-term assets, consider my nominee for America's most underrated investment: preferred shares of closed-end municipal-bond funds. The dividends on these shares, available from firms such as Nuveen, Merrill Lynch and Morgan Stanley, are generally exempt from federal income tax and some states' income tax as well. For more details, go to etfconnect.com and under MULTIFUND SEARCH, choose PREFERREDS and select FIXED INCOME--MUNICIPAL...