Exhibit 1.3

                             BELL, BOYD & LLOYD LLC
                           Three First National Plaza
                       70 West Madison Street, Suite 3300
                          Chicago, Illinois 60602-4207
                                  312 372-1121
                                Fax 312 372-2098

                                 June 24, 2003

As counsel for Nuveen Preferred and Convertible Income Fund 2 (the
"Registrant"), we consent to the incorporation by reference of our opinion,
filed with pre-effective amendment no. 1 to the Registrant's registration
statement on Form N-2 (File Nos. 333-104599 and 811-21333) on May 21, 2003.

In giving this consent we do not admit that we are in the category of persons
whose consent is required under Section 7 of the Securities Act of 1933.

                           Very truly yours,

                           /s/ Bell, Boyd & Lloyd LLC