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Rating:Nuveen Fund Raises $2.2 Billion Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 26, 2003

Nuveen Fund Raises $2.2 Billion

by: Sean Hanna, Editor in Chief

Judging by the results, the demand for closed-end bond funds is still spiking. Today Nuveen Investments said it had sold $2.2 billion of shares for its new Preferred and Convertible Income Fund 2. The fund is a follow-on to a similar offering that raised $1.5 billion three months ago.

The amount raised may rise to $3 billion after preferred shares are issued in the coming weeks, according to Nuveen.

"We believe investors are looking for quality-oriented fixed income investments to add income and balance to their portfolios," said Bill Adams, executive vice president of Nuveen Investments.  

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