Nuveen New York Municipal Value Fund · NYSE:NNY
Nuveen New York Municipal Value Fund — Proxy Contest (April 2009)
18 slides from Nuveen New York Municipal Value Fund's proxy contest presentation, Apr 10, 2009
Slide 1: Shareholders Meeting May 6, 2009: Presentation to Institutional Shareholder Services
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Nuveen New York Select Quality Municipal Fund, Inc. (NVN) Nuveen New York Investment Quality Fund, Inc. (NQN) Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) Nu
Slide 2: Contents
Contents Overview of Nuveen Investments Closed-End Fund Secondary Market Support Program The State of the Municipal Bond Insurance Business Review of Insured Municipal Closed-End Fund Proposals Review of Municipal Closed-End Fund Best Practices Proposals Summary
Slide 3: Overview of Nuveen Investments
111 year-old investment firm headquartered in Chicago $119 Billion assets under management (AUM) across multiple asset classes and channels Multi-boutique operating model with seven independent, branded investment teams Client-centric, multi-channel service/ operations platform Closed-end funds are
Slide 4: Nuveen is the Leading Sponsor of Closed-End Funds
Van Kampen PIMCO/Allianz Eaton Vance BlackRock Nuveen 9.2 12.9 19.7 34.3 39.9 $39.9, (121) $34.3, (101) $19.7, (37) $12.9, (25) $9.2, (16) Closed-End AUM, $Billions (# Funds) Overview of Nuveen Investments Sources: Nuveen and www.funddata.com as of 12/31/2008. Nuveen is the Leading Sponsor of Closed
Slide 5: Nuveen ARPs Refinanced / Redeemed
$5.7 billion of Nuveen ARPs redeemed as of 3/31/09 (37% of total) $2.1 billion of municipal ARPs redeemed (19%) $3.6 billion of taxable ARPs redeemed (83%) First closed-end sponsor to successfully issue a new form of preferred shares- Variable Rate Demand Preferred (VRDP)-to refinance MuniPreferredT
Slide 6: Closed-End Fund Secondary Market Support Program: Primary Objectives
Closed-End Fund Secondary Market Support Program Enable Nuveen Funds to meet or exceed the performance expectations of financial advisors and their clients over time as financial markets change Promote attractive secondary market trading markets for Nuveen Funds in terms of premium/discount levels r
Slide 7: Integrated Implementation Strategy Tailored to Each Fund's Unique Circumstances
Closed-End Fund Secondary Market Support Program Integrated Implementation Strategy Tailored to Each Fund's Unique Circumstances
Slide 8: Industry Recognition
Closed-End Fund Secondary Market Support Program Best CEF Shareholder Relations by a Fixed Income Fund Family (2004/2005/2007) Best Contribution to the Closed-End Fund Sector (2005/2006/2007) Best Investor Relations Closed-End Fund Website (2006/2007) Lipper Best Fund Family, Large Fixed Income (200
Slide 9: Fund Discount Review Process
Closed-End Fund Secondary Market Support Program Fund management monitors discounts daily for all Nuveen Funds Selected funds receive heightened scrutiny Persistently trading above a 10% discount Weak investment and/or secondary market performance relative to peer group averages Industry, category,
Slide 10: State of the Municipal Bond Insurance Business
State of the Municipal Bond Insurance Business Traditional monoline municipal bond insurers expanded their guarantee business early in the decade to insure mortgage-related securities as well as other structured credit transactions. As a result of their exposure to these types of securities bond ins
Slide 11: Implications for Nuveen Insured Municipal Closed-End Funds
State of the Municipal Bond Insurance Business Nuveen Insured Municipal Closed-End Funds originally required that insured bonds must be backed by a AAA/Aaa - rated insurer at the time of purchase. The limited number of AAA/Aaa - rated insurers and on-going uncertainty surrounding the long-term outlo
Slide 12: Municipal Bond Insurers' Current Ratings
State of the Municipal Bond Insurance Business Municipal Bond Insurers' Current Ratings As of March 25, 2009 Rating Agency Rating Agency Rating Agency Insurer Moody's S&P Fitch Ambac Baa1 A Withdrawn at company's request Assured Guaranty Aa2 AAA AAA CIFG Ba3 BB Rating Withdrawn FGIC Rating Withdrawn
Slide 13: Review of Insured Municipal Closed-End Fund Proposals
Review of Insured Municipal Closed-End Fund Proposals The Board of Trustees of Nuveen's insured municipal closed-end funds recommends that fund shareholders approve changes to fundamental investment policies at the annual shareholders' meeting to be held on May 6, 2009 to the extent necessary to imp
Slide 14: Review of Insured Municipal Closed-End Fund Proposals: Rationale
Review of Insured Municipal Closed-End Fund Proposals At present we believe the market for insured funds remains viable and continues to offer opportunities. Nuveen insured fund net asset values have outperformed their uninsured, leveraged counterparts, suggesting value in the underlying market. The
Slide 15: Overview of Best Practices Initiative
Review of Municipal Closed-End Fund Best Practices Proposals Considerable variation in policies currently exists throughout Nuveen's municipal closed-end fund complex. This reflects the different times when the funds were launched as well as the continued evolution of the municipal marketplace. This
Slide 16: Potential Benefits of Proposed Investment Policies
Review of Municipal Closed-End Fund Best Practices Proposals Common shareholders Enhanced ability to meet investment objectives while maintaining quality orientation of funds' investment portfolio. Increased flexibility in diversifying portfolio risks and managing duration to help sustain and build
Slide 17: Best Practices Proposals: Board Recommended Investment Policies
Review of Municipal Closed-End Fund Best Practices Proposals The Board of Trustees of Nuveen's municipal closed-end funds recommends that fund shareholders approve the following investment policies at the annual shareholders' meeting to be held on May 6, 2009: Uniform definition of municipal obligat
Slide 18: Summary
Summary Nuveen is the leading sponsor of closed-end funds, which are a significant portion of the firm's overall asset management business. Nuveen has dedicated significant resources to an on-going, integrated secondary market support program for its closed-end funds that has received industry-wide
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