Driven by the firm's move into exchange-traded municipal bond funds, the John Nuveen Company of Chicago announced today a record net income of $28 million for the quarter ending March 31, a seven percent increase over the first quarter of 2000. Nuveen also announced gross sales of $3.8 billion for the quarter, which is also a record, up 20 percent from a year ago.

Sales of closed-end exchange-traded municipal bond funds for the first quarter were $ 1.2 billion and sales of defined portfolios and mutual funds were $0.7 billion. Nuveen stands out because so many of its competitors have reported declines in earnings for the first quarter.

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