UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
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[ ] Preliminary Proxy Statement.
[ ] CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY
RULE 14a-6(e)(2)).
[ ] Definitive Proxy Statement.
[ ] Definitive Additional Materials.
[X] Soliciting Material Pursuant to Section 240.14A-11(c) or Section 240.14a-12
NUVEEN PREFERRED AND CONVERTIBLE INCOME FUND (JPC)
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(Name of Registrant as Specified In Its Charter)
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FOR IMMEDIATE RELEASE Media Contact:
Kathleen H. Cardoza
312-917-7813
kathleen.cardoza@nuveen.com
NUVEEN INVESTMENTS' MULTI-STRATEGY CLOSED-END FUNDS
MAIL PROXY STATEMENT REGARDING ENHANCED INVESTMENT CAPABILITIES
CHICAGO, March 7, 2007 -- Nuveen Investments, a leading provider of diversified
investment services, today announced that the Nuveen Preferred and Convertible
Income Fund (NYSE: JPC) and Nuveen Preferred and Convertible Income Fund 2
(NYSE: JQC) began mailing proxy statements for an annual meeting of shareholders
scheduled for April 11, 2007. Shareholders of each fund are being asked to vote
on the election of Board members as well as two additional proposals that are
the result of changes to each fund's investment policies announced last fall.
The proposed enhancements were authorized by the funds' Board of Trustees and
are designed to provide each fund with greater flexibility to pursue its
investment objectives of high current income and total return.
At the meeting, shareholders of each fund will be asked to approve an amended
sub-advisory fee schedule with one of the funds' current sub-advisers, Symphony
Asset Management LLC, as well as the addition of Tradewinds NWQ Global
Investors, LLC as a sub-adviser to manage a portion of each fund's direct equity
investments. Neither proposal, if approved, will increase the overall management
fees paid by the funds.
The proposals regarding the funds' sub-advisory relationships are being proposed
in connection with following previously announced changes to the funds'
investment policies:
- Eliminating the requirement to invest a minimum of each fund's
managed assets in preferred and/or convertible securities
- Expanding the funds' direct equity investment types to include
both domestic and international equities
- Increasing the percentage of the funds' managed assets that
may be invested directly in equity securities
Reflecting these enhancements, the funds will also change their names to the
Nuveen Multi-Strategy Income and Growth Fund (NYSE: JPC) and Nuveen
Multi-Strategy Income and Growth Fund 2 (NYSE: JQC). The implementation of these
changes is anticipated in early May, 2007.
The funds will continue to allocate their assets to maintain each portfolio's
current strategic asset mix of approximately 70% in income-oriented securities
and 30% in equity-oriented securities. However, the funds' exposure to
convertible securities is expected to shift from a static to a more variable
level and decline over time. Eventually,
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the funds' investments in convertible securities will comprise a portion of
either the funds' multi-strategy income sleeve managed by Symphony or the
equity-oriented assets managed by Tradewinds, if approved as a fund sub-adviser.
In connection with these changes, the Board of each fund has determined that
Froley, Revy Investment Co., Inc., the funds' current sub-adviser investing fund
assets allocated to it in convertible securities, will no longer serve as a
sub-adviser to the Fund effective as early as May 1, 2007, but not later than
June 30, 2007.
In response to market changes over time, Nuveen Asset Management, together with
the funds' sub-advisers, will determine how best to allocate each fund's assets
among the fund's sub-advisers, consistent with the fund's objectives and
strategic asset allocation target. More information on these and other Nuveen
closed-end funds is posted on Nuveen's web site at www.nuveen.com/cef.
ADDITIONAL INFORMATION ABOUT THE ANNUAL MEETING
The funds have made a filing with the Securities and Exchange Commission of a
definitive proxy statement and accompanying proxy card to be used to solicit
votes in connection with the proposals to be presented at the annual meeting.
The funds strongly advise all shareholders of the funds to read the proxy
statement and other proxy materials relating to the annual meeting because they
contain important information. Such proxy materials are available at no charge
on the Securities and Exchange Commission's web site at http://www.sec.gov. In
addition, a stockholder who wishes to receive a copy of the definitive proxy
materials, without charge, should submit this request to the Funds at 333 West
Wacker Drive, Chicago, Illinois 6060 or by calling 1-800-257-8787.
The funds and their Board members, executive officers and other employees may be
deemed to be participants in the solicitation of proxies from shareholders in
connection with the annual meeting. Information concerning the interests of the
funds and the other participants in the solicitation is set forth in the funds'
definitive proxy statement filed with the Securities and Exchange Commission.
INFORMATION ABOUT NUVEEN INVESTMENTS
Nuveen Investments provides high-quality investment services designed to help
secure the long-term goals of institutions and high-net-worth investors as well
as the consultants and financial advisors who serve them. Nuveen Investments
markets its highly specialized investment teams, each with its own brand-name
and area of expertise: NWQ, specializing in value-style equities; Nuveen,
focused on fixed-income investments; Santa Barbara, committed to growth
equities; Tradewinds, specializing in global value equities; Rittenhouse,
dedicated to "blue-chip" growth equities; and Symphony, with expertise in
alternative investments as well as equity and income portfolios. As of December
31, 2006, the Company managed approximately $162
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billion in assets. Nuveen Investments is listed on The New York Stock Exchange
and trades under the symbol "JNC."
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