-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OVZDMxM/riiP7g01diiRNIBGFknEmncsv/WWX5R72JPIMX6KcrvPTdlGPaVFu9U2
 +XrcUKLecqRfr63vBCwKaw==

<SEC-DOCUMENT>0001189637-03-000049.txt : 20030625
<SEC-HEADER>0001189637-03-000049.hdr.sgml : 20030625
<ACCEPTANCE-DATETIME>20030625114030
ACCESSION NUMBER:		0001189637-03-000049
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030625
FILED AS OF DATE:		20030625

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSTITUTIONAL ADVISORY CORP
		CENTRAL INDEX KEY:			0001122117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21333
		FILM NUMBER:		03756067

	BUSINESS ADDRESS:	
		STREET 1:		333 W. WACKER DRIVE
		STREET 2:		SUITE 2900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN PREFERRED CONVERTIBLE INCOME FUND 2
		CENTRAL INDEX KEY:			0001227476
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	MAIL ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>nuv22.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>3</documentType>
	<periodOfReport>2003-06-25</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001227476</issuerCik>
        <issuerName>NUVEEN PREFERRED CONVERTIBLE INCOME FUND 2</issuerName>
        <issuerTradingSymbol>JQC</issuerTradingSymbol>
	</issuer>
	<reportingOwner>
		<reportingOwnerId>
            <rptOwnerCik>0001122117</rptOwnerCik>
            <rptOwnerName>NUVEEN INSTITUTIONAL ADVISORY CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
			<isDirector>0</isDirector>
			<isOfficer>0</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>1</isOther>
			<otherText>Investment Advisor</otherText>
		</reportingOwnerRelationship>
	</reportingOwner>
	<nonDerivativeSecurity>
		<securityTitle>
			<value>Common Stock</value>
		</securityTitle>
		<transactionAmounts>
			<transactionShares>
				<value>0</value>
			</transactionShares>
		</transactionAmounts>
		<ownershipNature>
			<directOrIndirectOwnership>
				<value>D</value>
			</directOrIndirectOwnership>
			<natureOfOwnership>
				<value/>
			</natureOfOwnership>
		</ownershipNature>
	</nonDerivativeSecurity>
	<footnotes>
	</footnotes>
	<ownerSignature>
		<signatureName>By: Jessica R. Droeger, Vice President</signatureName>
		<signatureDate>2003-06-25</signatureDate>
	</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----