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Nuveen Preferred and Convertible Income Funds Adopt Share Repurchase Program.

CHICAGO -- Nuveen Investments, a leading provider of diversified investment services, today announced that the Board of the Nuveen Preferred and Convertible Income Fund (NYSE:JPC) and the Nuveen Preferred and Convertible Income Fund 2 (NYSE:JQC) has approved an open-market share repurchase program. Effective immediately, the funds may purchase up to an aggregate of 10 million and 14 million shares, respectively, of each fund's common shares in open-market transactions at the discretion of fund management. In each case the repurchase limit represents approximately 10% of shares outstanding.

Both funds are designed for investors seeking attractive income as well as potential protection from inflation and rising interest rates. The funds feature diversified portfolios of preferred securities, convertible securities and high yield securities.

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, managing fixed-income investments; Santa Barbara, committed to growth equities; Rittenhouse, focused on "blue-chip" growth equities; and Symphony, with expertise in alternative investments as well as equity and income portfolios. In total, the Company manages just over $136 billion in assets.
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Publication:Business Wire
Date:Feb 3, 2006
Words:214
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