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Rating:Closed-End Funds Have Gangbuster Day Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 29, 2005

Closed-End Funds Have Gangbuster Day

by: Theresa Sim

Three closed-end fund IPOs raised more than $2.3 billion on Tuesday.

Far-and-away raising the most cash was ING's Global Equity Dividend and Premium Opportunity Fund, which started trading on the NYSE on Tuesday.

The ING fund invests in global stocks with a history of dividend generation.

Meanwhile, a Gabelli natural resources fund raised $332 million on the AMEX and Nuveen's Tax-Advantaged Floating Rate Fund raised more than $300 million in an initial offering on the NYSE.

Gabelli's Global Gold, Natural Resources & Income Trust invests in gold and natural resources companies, while Nuveen's fund seeks value in adjustable rate preferred securities issued by small- to mid-sized banking companies.  

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