Edgar Filing: NUVEEN QUALITY PREFERRED INCOME FUND 2

nvq

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21137

Nuveen Quality Preferred Income Fund 2

(Exact name of registrant as specified in charter)

333 West Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)

Jessica R. Droeger—Vice President and Secretary
333 West Wacker Drive, Chicago, Illinois 60606
(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-917-7700

Date of fiscal year end: 12/31

Date of reporting period: 3/31/06

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

TABLE OF CONTENTS


	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
Certification

Item 1. Schedule of Investments


	Portfolio of Investments (Unaudited) Nuveen Quality Preferred Income Fund 2 (JPS) March 31, 2006


Shares		Description (1)	Coupon			Ratings (2)		Value


		Convertible Preferred Securities - 0.4% (0.3% of Total Investments)

		Insurance - 0.1%

	118,000	XL Capital Ltd		6.500	%		A2	$	2,617,240


		Thrifts & Mortgage Finance - 0.3%

	172,300	PMI Group Inc.		5.875	%		A1		4,557,335

		Total Convertible Preferred Securities (cost $7,088,078)							7,174,575



Shares		Description (1)	Coupon			Ratings (2)		Value


		$25 Par (or similar) Securities - 82.3% (57.1% of Total Investments)

		Automobiles - 0.1%

	2,400	Daimler Chrysler, Series DCX (CORTS)		8.250	%		A3	$	60,000
	4,300	Daimler Chrysler, Series DCX (CORTS)		7.500	%		A3		104,920
	3,000	Daimler Chrysler, Series DCX (CORTS)		6.875	%		A3		68,100
	3,400	DaimlerChrysler AG (CORTS)		7.875	%		A3		84,150
	23,300	DaimlerChrysler Corp. (PPLUS)		7.250	%		A3		576,675

		Total Automobiles							893,845


		Capital Markets - 5.6%

	68,324	Bear Stearns Capital Trust III		7.800	%		A2		1,734,063
	19,300	BNY Capital Trust IV, Series E		6.875	%		A1		486,360
	44,888	BNY Capital Trust V, Series F		5.950	%		A1		1,080,903
	395,625	Compass Capital Trust III		7.350	%		A3		9,969,750
	28,600	CSFB USA, Series 2002-10 (SATURNS)		7.000	%		Aa3		727,584
	31,300	First Union Institutional Capital II (CORTS)		8.200	%		A1		860,750
	6,300	Goldman Sachs Capital I (CORTS)		6.000	%		A1		146,916
	2,100	Goldman Sachs Capital I, Series A (CORTS)		6.000	%		A1		49,476
	3,000	Goldman Sachs Group Inc., Series 2003-11 (SATURNS)		5.625	%		Aa3		66,060
	13,800	Goldman Sachs Group Inc., Series 2004-04 (SATURNS)		6.000	%		A1		319,470
	4,300	Goldman Sachs Group Inc., Series 2004-06 (SATURNS)		6.000	%		A1		100,319
	9,900	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)		6.000	%		A1		228,888
	3,000	Goldman Sachs Group Inc., Series GSG-2 (PPLUS)		5.750	%		Aa3		67,980
	179,900	Goldman Sachs Group Inc., (3)		6.200	%		A2		4,612,636
	3,800	Goldman Sachs Group Incorporated (SATURNS)		5.750	%		Aa3		84,930
	324,900	Lehman Brothers Holdings Capital Trust III, Series K		6.375	%		A2		8,018,532
	102,900	Lehman Brothers Holdings Capital Trust IV, Series L		6.375	%		A2		2,559,123
	57,800	Lehman Brothers Holdings Capital Trust V, Series M		6.000	%		A2		1,391,246
	42,000	Lehman Brothers Holdings Inc., Series C, (3)		5.940	%		BBB+		2,144,100
	70,000	Lehman Brothers Holdings Inc., Series F, (3)		6.500	%		A-		1,794,800
	122,400	Merrill Lynch Capital Trust II		8.000	%		A1		3,155,472
	210,600	Merrill Lynch Preferred Capital Trust III		7.000	%		A1		5,340,816
	129,700	Merrill Lynch Preferred Capital Trust IV		7.120	%		A1		3,343,666
	228,700	Merrill Lynch Preferred Capital Trust V		7.280	%		A1		5,863,868
	107,900	Merrill Lynch Preferred Capital Trust		7.750	%		A1		2,739,581
	53,200	Morgan Stanley (PPLUS)		7.050	%		Aa3		1,328,936
	168,008	Morgan Stanley Capital Trust II		7.250	%		A1		4,264,043
	430,350	Morgan Stanley Capital Trust III		6.250	%		A1		10,483,326
	380,000	Morgan Stanley Capital Trust IV		6.250	%		A1		9,218,800
	51,100	Morgan Stanley Capital Trust V		5.750	%		A+		1,163,036
	495,300	Morgan Stanley Capital Trust VI		6.600	%		A1		12,531,090
	46,400	UBS Preferred Funding Trust III		7.250	%		AA-		1,167,424

		Total Capital Markets							97,043,944


		Commercial Banks - 11.4%

	119,000	ABN AMRO Capital Fund Trust V		5.900	%		A		2,767,940
	7,000	ABN AMRO Capital Trust Fund VII		6.080	%		A		167,650
	158,960	ASBC Capital I		7.625	%		Baa1		4,031,226
	136,100	BAC Capital Trust I		7.000	%		Aa3		3,428,359
	168,500	BAC Capital Trust II		7.000	%		Aa3		4,286,640
	218,300	BAC Capital Trust III		7.000	%		Aa3		5,575,382
	304,100	Banco Santander		6.410	%		A2		7,693,730
	54,100	Banco Totta & Acores Finance, Series A		8.875	%		A3		1,381,243
	12,000	BancorpSouth Capital Trust I		8.150	%		Baa2		303,960
	731,000	Banesto Holdings, Series A, 144A		10.500	%		A2		22,501,130
	204,000	Bank One Capital Trust VI		7.200	%		A1		5,206,080
	67,200	BankNorth Capital Trust II		8.000	%		A3		1,714,272
	15,600,000	BOI Capital Funding 3, 144A		6.107	%		A2		15,074,015
	122,800	Chittenden Capital Trust I		8.000	%		Baa1		3,119,120
	225,500	Cobank ABC, 144A, (3)		7.000	%		N/R		10,942,613
	268,700	Comerica Capital Trust I		7.600	%		A3		6,738,996
	361,300	HSBC Finance Corporation		6.875	%		Aa3		9,195,085
	41,200	KeyCorp (PCARS)		7.500	%		A3		1,058,840
	7,867	KeyCorp Capital Trust V		5.875	%		A3		185,032
	270,900	National Commerce Capital Trust II		7.700	%		A1		6,878,151
	5,000	National Westminster Bank PLC		7.760	%		Aa3		127,450
	2,900	PNC Capital Trust		6.125	%		A3		69,629
	596,876	Royal Bank of Scotland Group PLC, Series N		6.350	%		A1		15,029,338
	173,800	SunTrust Capital Trust IV		7.125	%		A1		4,376,284
	162,200	SunTrust Capital Trust V		7.050	%		A1		4,092,306
	714,300	USB Capital Trust III		7.750	%		Aa3		18,128,934
	315,800	USB Capital Trust IV		7.350	%		Aa3		8,033,952
	132,200	USB Capital Trust V		7.250	%		Aa3		3,335,406
	63,300	USB Capital Trust VI		5.750	%		Aa3		1,437,543
	118,600	USB Capital Trust VII		5.875	%		Aa3		2,732,544
	92,300	VNB Capital Trust I		7.750	%		Baa1		2,338,882
	55,900	Well Fargo Capital Trust IX		5.625	%		Aa2		1,262,222
	38,900	Wells Fargo Capital Trust IV		7.000	%		Aa2		981,058
	304,300	Wells Fargo Capital Trust V		7.000	%		Aa2		7,677,489
	43,100	Wells Fargo Capital Trust VI		6.950	%		Aa2		1,081,379
	45,975	Wells Fargo Capital Trust VII		5.850	%		Aa2		1,090,987
	578,650	Zions Capital Trust B		8.000	%		Baa1		15,108,552

		Total Commercial Banks							199,153,419


		Computers & Peripherals - 0.1%

	2,600	IBM Inc., Series 2001-1 (SATURNS)		7.125	%		A+		66,534
	11,700	IBM Inc., Trust Certificates, Series 2001-2		7.100	%		A+		300,047
	20,200	IBM Trust II (CORTS)		7.125	%		A+		502,172
	39,200	IBM Trust III (CORTS)		7.200	%		A+		1,004,500

		Total Computers & Peripherals							1,873,253


		Consumer Finance - 1.4%

	73,600	Household Capital Trust VII		7.500	%		A1		1,870,912
	899,300	HSBC Finance Corporation		6.360	%		A2		22,923,157
	19,950	SLM Corporation		6.000	%		A		476,805

		Total Consumer Finance							25,270,874


		Diversified Financial Services - 9.5%

	78,800	BBVA Preferred Capital Ltd., Series B		7.750	%		A1		1,978,668
	407,000	CIT Group Inc., Series A, (3)		6.350	%		BBB+		10,297,100
	40,000	CIT Group Incorporated (CORTS)		7.750	%		A3		1,046,800
	5,960	Citigroup Capital Trust IX		6.000	%		Aa2		142,086
	587,400	Citigroup Capital Trust VII		7.125	%		Aa2		14,849,472
	934,437	Citigroup Capital Trust VIII		6.950	%		Aa2		23,501,091
	28,200	Citigroup Capital Trust XI		6.000	%		Aa2		672,006
	29,600	Citigroup Inc., Series H, (3)		6.231	%		Aa3		1,494,060
	10,600	Citigroup, Series CIT (CORTS)		6.750	%		A3		266,272
	3,900	General Electric Capital Corporation (CORTS)		6.000	%		AAA		94,692
	199,700	General Electric Capital Corporation		6.625	%		AAA		5,044,422
	300,700	General Electric Capital Corporation		6.100	%		AAA		7,412,255
	1,523,600	ING Group N.V.		7.200	%		A		39,080,340
	1,445,555	ING Group N.V.		7.050	%		A		36,717,097
	8,900	ING Group N.V.		6.200	%		A		220,275
	92,400	JPM Capital Trust (CORTS)		7.200	%		A2		2,338,644
	9,700	JPMorgan Chase & Company (PCARS)		7.125	%		A2		245,216
	323,000	JPMorgan Chase Capital Trust IX, Series I		7.500	%		A1		8,197,740
	203,600	JPMorgan Chase Capital Trust X		7.000	%		A1		5,161,260
	22,156	JPMorgan Chase Capital Trust XI		5.875	%		A1		517,564
	210,900	JPMorgan Chase Capital Trust XVI		6.350	%		A1		5,272,500
	52,900	JPMorgan Chase Trust, Series 2002-6, Class A (SATURNS)		7.125	%		A1		1,343,131

		Total Diversified Financial Services							165,892,691


		Diversified Telecommunication Services - 0.6%

	114,999	AT&T Inc.		7.000	%		A		2,889,925
	17,500	BellSouth Capital Funding (CORTS)		7.100	%		A		441,875
	21,600	BellSouth Corporation (CORTS)		7.000	%		Aa3		549,936
	16,300	BellSouth Corporation, Series 2001-3 (SATURNS)		7.125	%		A		413,205
	15,800	BellSouth Corporation, Series BLS (CORTS)		7.000	%		A		401,162
	42,600	BellSouth Corporation		7.125	%		A		1,083,105
	16,300	BellSouth Inc. (CORTS)		7.000	%		A		413,042
	28,400	BellSouth Telecommunications (PPLUS)		7.300	%		A		726,472
	30,600	Verizon Communications (CORTS)		7.625	%		A		786,420
	7,600	Verizon Communications (CORTS)		7.375	%		A		194,636
	70,100	Verizon Global Funding Corporation (SATURNS)		7.500	%		A		1,791,055
	22,100	Verizon New England Inc., Series B		7.000	%		A3		563,550
	13,000	Verizon South Inc., Series F		7.000	%		A		328,120

		Total Diversified Telecommunication Services							10,582,503


		Electric Utilities - 4.7%

	189,500	Alabama Power Company, (3)		5.830	%		BBB+		4,692,020
	17,200	Consolidated Edison Company of New York Inc.		7.500	%		A1		432,064
	2,800	Consolidated Edison, Inc.		7.250	%		A2		71,120
	27,400	DTE Energy Trust I		7.800	%		Baa3		697,878
	4,200	Entergy Arkansas Inc.		6.700	%		AAA		108,654
	56,750	Entergy Louisiana LLC		7.600	%		A-		1,434,640
	1,299,100	Entergy Mississippi Inc.		7.250	%		A-		33,386,870
	1,900	Georgia Power Capital Trust VII		5.875	%		A3		45,467
	3,900	Georgia Power Capital Trust V		7.125	%		A3		98,631
	59,000	Georgia Power Company		5.900	%		A		1,427,800
	11,452	Georgia Power Company		5.700	%		AAA		276,108
	941,500	Interstate Power and Light Company, Series B, (3)		8.375	%		BBB-		30,951,813
	9,100	National Rural Utilities Cooperative Finance Corporation		7.600	%		A3		228,956
	30,200	National Rural Utilities Cooperative Finance Corporation		7.400	%		A3		768,288
	1,700	National Rural Utilities Cooperative Finance Corporation		6.750	%		A3		42,806
	1,700	National Rural Utilities Cooperative Finance Corporation		6.100	%		A3		40,800
	18,400	National Rural Utilities Cooperative Finance Corporation		5.950	%		A3		433,136
	1,000	Southern Company Capital Trust I (CORTS)		8.190	%		BBB+		26,610
	2,900	Southern Company Capital Trust I (CORTS)		7.375	%		BBB+		73,312
	29,900	Tennessee Valley Authority, Series D		6.750	%		AAA		712,218
	265,500	Virginia Power Capital Trust		7.375	%		Baa2		6,802,110

		Total Electric Utilities							82,751,301


		Food Products - 0.7%

	122,000	Dairy Farmers of America Inc., 144A, (3)		7.875	%		BBB-		12,051,319


		Gas Utilities - 0.1%

	53,500	AGL Capital Trust II		8.000	%		BBB		1,356,760


		Health Care Providers & Services - 0.1%

	62,900	Aetna Inc.		8.500	%		A3		1,592,628


		Industrial Conglomerates - 0.0%

	8,600	General Electric Company, Series GE (CORTS)		6.800	%		AAA		218,354


		Insurance - 19.8%

	972,600	Ace Ltd., Series C		7.800	%		Baa2		25,482,120
	131,200	Aegon N.V.		6.500	%		A-		3,286,560
	2,124,800	Aegon N.V.		6.375	%		A-		52,907,520
	21,300	AMBAC Financial Group Inc.		7.000	%		AA		533,991
	56,600	AMBAC Financial Group Inc.		5.950	%		AA		1,335,194
	4,800	AMBAC Financial Group Inc.		5.875	%		AA		112,752
	704,208	Arch Capital Group Limited		8.000	%		Baa3		18,111,385
	479,357	Delphi Financial Group, Inc.		8.000	%		BBB		12,492,043
	1,976,095	EverestRe Group Limited		7.850	%		Baa1		50,726,359
	61,400	Financial Security Assurance Holdings		6.875	%		AA		1,542,982
	704,200	Financial Security Assurance Holdings		6.250	%		AA		17,527,538
	369,200	Hartford Capital Trust III, Series C		7.450	%		Baa1		9,277,996
	105,300	Hartford Life Capital Trust II, Series B		7.625	%		Baa1		2,671,461
	94,000	Lincoln National Capital Trust V, Series E		7.650	%		A-		2,368,800
	55,300	Lincoln National Capital Trust VI		6.750	%		A-		1,409,597
	1,097,500	MetLife Inc., Series B, (3)		6.500	%		Baa1		28,074,050
	7,500	MetLife Inc.		5.875	%		A		178,500
	646,020	PartnerRe Limited, Series C		6.750	%		BBB+		16,156,960
	27,400	PartnerRe Limited, Series D		6.500	%		BBB+		656,230
	301,581	PartnerRe Limited		7.900	%		A3		7,596,825
	108,700	PLC Capital Trust III		7.500	%		BBB+		2,755,545
	453,840	PLC Capital Trust IV		7.250	%		BBB+		11,463,998
	21,200	PLC Capital Trust V		6.125	%		BBB+		505,620
	6,500	Prudential Financial Inc. (CORTS)		6.000	%		A		153,725
	223,000	Prudential PLC		6.750	%		A		5,586,150
	145,800	RenaissanceRe Holdings Limited, Series B		7.300	%		BBB		3,685,824
	20,200	RenaissanceRe Holdings Limited, Series C		6.080	%		BBB+		434,300
	324,060	RenaissanceRe Holdings Ltd., Series A		8.100	%		BBB+		8,240,846
	21,100	Safeco Capital Trust I (CORTS)		8.750	%		Baa2		614,749
	93,500	Safeco Capital Trust I (CORTS)		8.700	%		Baa2		2,559,095
	5,300	Safeco Capital Trust III (CORTS)		8.072	%		Baa2		138,065
	3,100	Safeco Capital Trust IV (CORTS)		8.375	%		Baa2		80,864
	2,600	Safeco Corporation, Series 2001-7 (SATURNS)		8.250	%		Baa2		67,327
	8,100	Safeco Corporation, Series 2002-5 (SATURNS)		8.250	%		Baa2		210,924
	132,300	Saint Paul Capital Trust I		7.600	%		Baa1		3,372,327
	132,300	Torchmark Capital Trust I		7.750	%		A-		3,373,650
	7,900	Torchmark Capital Trust II		7.750	%		A-		201,529
	21,200	W.R. Berkley (CORTS)		8.250	%		BBB-		546,324
	26,800	W.R. Berkley Capital Trust, Series 2002-1 (CBTCS)		8.125	%		BBB-		274,968
	711,146	W.R. Berkley Corporation		6.750	%		BBB-		18,063,108
	570,600	XL Capital Ltd, Series A		8.000	%		Baa1		14,681,538
	598,417	XL Capital Ltd, Series B		7.625	%		Baa1		15,349,396

		Total Insurance							344,808,735


		IT Services - 0.0%

	16,100	Vertex Industries Inc. (PPLUS)		7.625	%		A		414,575


		Media - 0.3%

	166,800	CBS Corporation		0.000	%		BBB+		4,186,680
	2,900	Walt Disney Company (CORTS)		6.875	%		A-		73,399
	18,200	Walt Disney Company		7.000	%		A-		462,280

		Total Media							4,722,359


		Multiline Retail - 0.0%

	6,800	Nordstrom Inc. (CORTS)		7.625	%		A		170,680


		Multi-Utilities - 0.4%

	119,400	Dominion CNG Capital Trust I		7.800	%		Baa2		3,039,924
	46,300	Dominion Resources Capital Trust II		8.400	%		Baa3		1,174,168
	120,200	Energy East Capital Trust I		8.250	%		BBB-		3,061,494

		Total Multi-Utilities							7,275,586


		Oil, Gas & Consumable Fuels - 1.6%

	906,911	Nexen Inc.		7.350	%		Baa3		23,987,796
	151,900	TransCanada Pipeline		8.250	%		A3		3,826,361

		Total Oil, Gas & Consumable Fuels							27,814,157


		Pharmaceuticals - 0.0%

	10,800	Bristol Myers Squibb Company (CORTS)		6.250	%		A+		270,756
	7,300	Bristol-Myers Squibb Company Trust (CORTS)		6.800	%		A+		184,471

		Total Pharmaceuticals							455,227


		Real Estate - 21.4%

	95,400	AvalonBay Communities, Inc., Series H		8.700	%		BBB		2,594,880
	16,400	BRE Properties, Series B		8.080	%		BBB-		417,216
	221,020	BRE Properties, Series C		6.750	%		BBB-		5,450,353
	81,006	BRE Properties, Series D		6.750	%		BBB-		1,974,116
	717,370	CarrAmerica Realty Corporation, Series E		7.500	%		BBB-		18,063,377
	40,467	Developers Diversified Realty Corporation		7.500	%		BBB-		1,019,364
	135,925	Developers Diversified Realty Corporation, Series F		8.600	%		BBB-		3,466,088
	639,813	Developers Diversified Realty Corporation, Series G		8.000	%		BBB-		16,424,000
	187,823	Developers Diversified Realty Corporation, Series H		7.375	%		BBB-		4,712,479
	298,900	Duke Realty Corporation, Series L		6.600	%		BBB		7,412,720
	150,000	Duke-Weeks Realty Corporation		6.950	%		BBB		3,870,000
	5,600	Duke-Weeks Realty Corporation		6.625	%		BBB		138,376
	220,650	Duke-Weeks Realty Corporation, Series B		7.990	%		BBB		10,867,013
	383,000	Equity Office Properties Trust, Series G		7.750	%		BBB-		9,743,520
	54,000	Equity Residential Properties Trust, Series C		9.125	%		BBB		1,374,300
	68,250	Equity Residential Properties Trust, Series D		8.600	%		BBB		1,788,150
	36,484	Equity Residential Properties Trust, Series N		6.480	%		BBB		893,858
	332,800	Federal Realty Investment Trust		8.500	%		BBB-		8,582,912
	18,300	First Industrial Realty Trust, Inc., Series C		8.625	%		BBB-		478,545
	221,200	First Industrial Realty Trust, Inc., Series J		7.250	%		BBB-		5,740,140
	1,579,825	HRPT Properties Trust, Series B		8.750	%		BBB-		41,502,003
	247,600	HRPT Properties Trust, Series C		7.125	%		BBB-		6,301,420
	149,600	Kimco Realty Corporation, Series F		6.650	%		BBB+		3,725,040
	199,550	New Plan Excel Realty Trust, Series D		7.800	%		BBB-		10,008,690
	770,900	New Plan Excel Realty Trust, Series E		7.625	%		BBB-		19,503,770
	1,700	Prologis Trust, Series F		6.750	%		BBB		42,500
	97,728	Prologis Trust, Series G		6.750	%		BBB		2,443,200
	734,970	PS Business Parks, Inc.		7.000	%		BBB-		18,153,759
	107,600	PS Business Parks, Inc., Series I		6.875	%		BBB-		2,566,260
	401,000	PS Business Parks, Inc., Series L		7.600	%		BBB-		10,105,200
	230,400	Public Storage, Inc., Series C		6.600	%		BBB+		5,598,720
	35,200	Public Storage, Inc., Series D		6.180	%		BBB+		803,616
	38,600	Public Storage, Inc., Series E		6.750	%		BBB+		958,824
	60,066	Public Storage, Inc., Series F		6.450	%		BBB+		1,400,739
	125,300	Public Storage, Inc., Series H		6.950	%		BBB+		3,182,620
	268,295	Public Storage, Inc., Series R		8.000	%		BBB+		6,769,083
	65,800	Public Storage, Inc., Series S		7.875	%		BBB+		1,658,818
	131,065	Public Storage, Inc., Series T		7.625	%		BBB+		3,298,906
	108,900	Public Storage, Inc., Series U		7.625	%		BBB+		2,759,526
	148,000	Public Storage, Inc., Series V		7.500	%		BBB+		3,751,800
	2,129	Public Storage, Inc., Series X		6.450	%		BBB+		50,457
	6,000	Public Storage, Inc.		7.125	%		BBB+		153,900
	164,100	Realty Income Corporation		7.375	%		BBB-		4,227,216
	309,100	Regency Centers Corporation		7.450	%		BBB-		7,929,961
	245,800	Regency Centers Corporation		7.250	%		BBB-		6,255,610
	16,100	Regency Centers Corporation		6.700	%		BBB-		400,085
	34,500	Simon Property Group, Inc., Series F		8.750	%		Baa2		873,540
	326,041	Simon Property Group, Inc., Series G		7.890	%		BBB		16,895,445
	74,600	United Dominion Realty Trust		8.600	%		BBB-		1,923,188
	9,200	Vornado Realty Trust, Series E		7.000	%		BBB-		231,380
	22,300	Vornado Realty Trust, Series F		6.750	%		BBB-		553,040
	213,940	Vornado Realty Trust, Series G		6.625	%		BBB-		5,145,257
	113,500	Vornado Realty Trust, Series H		6.750	%		BBB-		2,813,665
	226,700	Vornado Realty Trust, Series I		6.625	%		BBB-		5,406,795
	2,461,900	Wachovia Preferred Funding Corporation		7.250	%		A2		67,185,251
	158,600	Weingarten Realty Trust, Series E		6.950	%		A-		4,028,440

		Total Real Estate							373,619,131


		Specialty Retail - 0.2%

	44,200	Sherwin Williams Company, Series III (CORTS)		7.250	%		A+		1,106,768


		Thrifts & Mortgage Finance - 1.5%

	4,800	Countrywide Capital Trust II, Series II (CORTS)		8.000	%		BBB+		123,840
	1,050,000	Countrywide Capital Trust IV		6.750	%		BBB+		26,355,000
	16,800	Harris Preferred Capital Corporation, Series A		7.375	%		A1		422,520

		Total Thrifts & Mortgage Finance							26,901,360


		U.S. Agency - 0.8%

	20,300	Fannie Mae, (3)		5.810	%		AA-		994,700
	2,800	Fannie Mae, (3)		4.750	%		AA-		114,380
	124,200	Federal Home Loan Mortgage Corporation, (3)		6.000	%		AA-		6,300,666
	34,000	Federal Home Loan Mortgage Corporation, (3)		5.300	%		AA-		1,568,250
	107,900	Federal Home Loan Mortgage Corporation, (3)		5.100	%		AA-		4,726,020

		Total U.S. Agency							13,704,016


		Wireless Telecommunication Services - 2.0%

	16,271	Telephone and Data Systems Inc.		7.600	%		A-		406,775
	1,315,200	United States Cellular Corporation		8.750	%		A-		34,918,560

		Total Wireless Telecommunication Services							35,325,335

		Total $25 Par (or similar) Securities (cost $1,413,427,687)							1,434,998,820


Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (2)		Value


		Corporate Bonds - 1.0% (0.7% of Total Investments)

		Commercial Banks - 0.1%

$	2,000	HBOS PLC, Series, 144A	6.413%	9/29/49	A1	$	1,909,900


		Household Durables - 0.5%

	8,600	Stanley Works Capital Trust I, 144A	5.902%	12/01/45	Baa1		7,972,260


		Insurance - 0.4%

	7,500	ILFC E-Capital Trust I, 144A	5.900%	12/21/65	A		7,286,243
	1,100	ILFC E-Capital Trust II, 144A	6.250%	12/21/65	A		1,056,084

	8,600	Total Insurance					8,342,327

$	19,200	Total Corporate Bonds (cost $18,981,274)					18,224,487


Principal
Amount (000)/
Shares		Description (1)	Coupon	Maturity	Ratings (2)		Value


		Capital Preferred Securities - 58.1% (40.3% of Total Investments)

		Capital Markets - 7.0%

	15,000	Ahmanson Capital Trust I, 144A	8.360%	12/01/26	Baa1	$	15,768,270
	1,465	Bank of New York Capital I, Series B	7.970%	12/31/26	A1		1,546,105
	4,000	BT Capital Trust, Series B1	7.900%	1/15/27	A2		4,201,176
	2,000	BT Institutional Capital Trust B, 144A	7.750%	12/01/26	A2		2,102,554
	500	BT Preferred Capital Trust II	7.875%	2/25/27	A2		527,671
	5,000	C.A. Preferred Fund Trust II	7.000%	10/30/49	A1		5,034,460
	18,600	C.A. Preferred Funding Trust	7.000%	1/30/49	A1		18,739,723
	5,050	First Hawaiian Capital Trust I, Series B	8.343%	7/01/27	A-		5,407,055
	1,000	First Security Capital I	8.410%	12/15/26	Aa2		1,057,965
	17,095	First Union Capital Trust II, Series A	7.950%	11/15/29	A1		20,399,481
	20,000	Mellon Capital Trust I, Series A	7.720%	12/01/26	A2		21,020,180
	3,240	State Street Institutional Capital Trust, 144A	7.940%	12/30/26	A1		3,410,923
	19,800	UBS Preferred Funding Trust I	8.622%	10/29/49	AA-		22,111,888

		Total Capital Markets					121,327,451


		Commercial Banks - 32.0%

	19,000	AB Svensk Exportkredit, 144A	6.375%	10/27/49	AA-		19,212,838
	37,250	Abbey National Capital Trust I	8.963%	6/30/50	A2		48,490,560
	7,100	AgFirst Farm Credit Bank	7.300%	12/15/53	N/R		6,859,502
	6,500	Bank One Capital III	8.750%	9/01/30	A1		8,395,407
	21,000	BankBoston Capital Trust I, Series B	8.250%	12/15/26	Aa3		22,206,975
	5,000	BanPonce Trust I, Series A	8.327%	2/01/27	Baa1		5,281,765
	36,000	Barclays Bank PLC, 144A	8.550%	6/15/49	Aa3		40,547,556
	2,000	Corestates Capital Trust I, 144A	8.000%	12/15/26	A1		2,103,484
	3,700	DBS Capital Funding Corporation, 144A	7.657%	3/15/49	A1		4,001,957
	1,500	First Empire Capital Trust I	8.234%	2/01/27	Baa1		1,586,908
	1,500	First Midwest Bancorp Inc.	6.950%	12/01/33	Baa2		1,580,577
	22,080	Fleet Capital Trust II	7.920%	12/11/26	Aa3		23,260,662
	44,010	HBOS Capital Funding LP, Notes	6.850%	3/23/49	A1		44,143,570
	2,400	HSBC Capital Funding LP, 144A	9.547%	12/31/49	A1		2,742,672
	6,250	HSBC Capital Funding LP, Debt	10.176%	6/30/50	A1		9,066,781
	32,000	KBC Bank Fund Trust III, 144A	9.860%	5/02/50	A2		36,203,520
	8,000	KeyCorp Capital III	7.750%	7/15/29	A3		9,321,728
	2,500	KeyCorp Institutional Capital Trust A	7.826%	12/01/26	A3		2,626,535
	13,500	Lloyds TSB Bank PLC, Subordinated Note	6.900%	11/22/49	Aa2		13,537,895
	25,000	M&I Capital Trust A	7.650%	12/01/26	A2		26,213,750
	19,500	NB Capital Trust II	7.830%	12/15/26	Aa3		20,537,517
	14,000	Nordbanken AB, 144A	8.950%	11/29/49	A		15,471,064
	2,000	North Fork Capital Trust I, Capital Securities	8.700%	12/15/26	A3		2,118,002
	8,000	North Fork Capital Trust II	8.000%	12/15/27	A3		8,554,056
	2,000	Peoples Heritage Capital Trust I, Series B	9.060%	2/01/27	A3		2,138,832
	289,600	PFCI Capital Corporation	7.750%	8/17/52	A-		7,692,500
	33,085	PNC Institutional Capital Securities, 144A	7.950%	12/15/26	A-		34,810,581
	2,000	Popular North American Capital Trust I	6.564%	9/15/34	Baa1		1,951,394
	13,100	RBS Capital Trust B	6.800%	12/31/49	A1		13,121,864
	8,000	Reliance Capital Trust I, Series B	8.170%	5/01/28	N/R		8,610,664
	500	Republic New York Capital II, Capital Securities	7.530%	12/04/26	A1		523,602
	17,500	Royal Bank of Scotland Group PLC	9.118%	3/31/49	A1		19,625,095
	5,000	Sparebanken Rogaland, Notes, 144A	6.443%	5/01/49	Baa1		4,897,740
	9,000	St. George Funding Company LLC, 144A	8.485%	12/31/47	Baa1		9,460,890
	3,400	Swedbank ForeningsSparbanken AB, 144A	9.000%	9/17/50	A2		3,848,028
	7,500	Union Planters Capital Trust A	8.200%	12/15/26	A2		7,900,103
	240	Union Planters Preferred Fund, 144A	7.750%	7/15/53	A2		26,032,500
	26,500	Washington Mutual Preferred Funding Cayman, Series A-1, 144A	7.250%	3/15/49	BBB		25,969,523
	6,300	Washington Mutual Preferred Funding Delaware, Series A-1, 144A	6.534%	3/15/49	BBB		6,126,359
	10,000	Zions Institutional Capital Trust, Series A	8.536%	12/15/26	Baa1		10,582,400

		Total Commercial Banks					557,357,356


		Diversified Financial Services - 2.8%

	1,000	BNP Paribas Capital Trust, 144A	9.003%	12/29/49	A+		1,130,089
	2,750	BNP Paribas Capital Trust	7.200%	12/31/49	A+		2,778,154
	18,800	Citigroup Capital X	6.100%	9/30/33	Aa2		454,772
	3,700	Fulton Capital Trust I	6.290%	2/01/36	A3		3,524,520
	3,600	JPM Capital Trust I	7.540%	1/15/27	A1		3,774,330
	22,085	JPM Capital Trust II	7.950%	2/01/27	A1		23,325,735
	13,800	Old Mutual Capital Funding, Notes	8.000%	6/22/53	Baa2		14,393,510

		Total Diversified Financial Services					49,381,110


		Diversified Telecommunication Services - 2.2%

	30,250	Centaur Funding Corporation, Series B, 144A	9.080%	4/21/20	A-		37,519,453


		Insurance - 10.5%
	14,280	Ace Capital Trust II	9.700%	4/01/30	Baa1		19,067,470
	28,000	American General Institutional Capital, 144A	8.125%	3/15/46	Aa3		34,564,096
	2,000	Mangrove Bay, Class 3, 144A	6.102%	7/15/33	BBB+		1,938,020
	6,000	MIC Financing Trust I	8.375%	2/01/27	A+		6,094,626
	10,250	Prudential PLC	6.500%	6/29/49	A		10,215,775
	10,000	RenaissanceRe Capital Trust	8.540%	3/01/27	BBB+		9,962,950
	51,700	Sun Life Canada Capital Trust, Capital Securities, 144A	8.526%	5/06/47	A+		55,162,246
	43,000	Zurich Capital Trust I, 144A	8.376%	6/01/37	A-		46,012,193

		Total Insurance					183,017,376


		Oil, Gas & Consumable Fuels - 1.2%

	3,680	KN Capital Trust I, Preferred Securities	8.560%	4/15/27	Baa3		3,906,092
	10,750	KN Capital Trust III	7.630%	4/15/28	Baa3		11,495,760
	7,355	Phillips 66 Capital Trust II	8.000%	1/15/37	A3		7,760,055

		Total Oil, Gas & Consumable Fuels					23,161,907


		Thrifts & Mortgage Finance - 2.4%

	5,595	Countrywide Capital Trust I	8.000%	12/15/26	BBB+		5,674,751
	8,460	Countrywide Capital Trust III, Series B	8.050%	6/15/27	BBB+		9,692,142
	11,825	Dime Capital Trust I, Series A	9.330%	5/06/27	Baa1		12,786,030
	13,000	Great Western Financial Trust II, Series A	8.206%	2/01/27	Baa1		13,756,873

		Total Thrifts & Mortgage Finance					41,909,796

		Total Capital Preferred Securities (cost $1,000,809,887)					1,013,674,449


Shares		Description (1)				Value


		Investment Companies - 0.5% (0.2% of Total Investments)

	33,071	Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.				$	655,137
	66,886	Flaherty and Crumrine/Claymore Total Return Fund Inc.					1,325,012
	3,000	John Hancock Preferred Income Fund					70,050
	8,108	John Hancock Preferred Income Fund II					185,835
	83,517	John Hancock Preferred Income Fund III					1,701,241
	30,869	Preferred and Corporate Strategies Fund Inc.					627,567
	105,849	Preferred Income Strategies Fund Inc.					2,061,939

		Total Investment Companies (cost $6,733,625)					6,626,781



Principal
Amount (000)		Description (1)	Coupon	Maturity			Value


		Short-Term Investments – 2.0% (1.4% of Total Investments)

$	34,355	Repurchase Agreement with State Street Bank, dated 3/31/06, repurchase price $34,367,355, collateralized by $37,035,000 U.S. Treasury Bonds, 4.500%, due 2/15/36, value $35,044,369	4.250%	4/03/06		$	34,355,188

		Total Short-Term Investments (cost $34,355,188)					34,355,188

		Total Investments (cost $2,481,395,739) – 144.3%					2,515,054,300

		Other Assets Less Liabilities – 1.6%					28,412,924

		Preferred Shares, at Liquidation Value – (45.9)%					(800,000,000)

		Net Assets Applicable to Common Shares – 100%				$	1,743,467,224

Interest Rate Swaps outstanding at March 31, 2006:

Fixed Rate

Paid

Fixed Rate

Floating Rate

Unrealized

Notional

by the Fund

Payment

Received

Payment

Termination

Appreciation

Counterparty

Amount

(annualized)

Frequency

by the Fund (4)

Frequency

Date

(Depreciation)

Citigroup Inc.

100,000,000

4.604

Monthly

4.661

Monthly

6/06/06

85,327

Citigroup Inc.

100,000,000

4.713

Monthly

4.661

Monthly

12/06/06

334,784

Citigroup Inc.

200,000,000

3.375

Monthly

4.661

Monthly

11/06/07

5,642,576

Citigroup Inc.

200,000,000

3.910

Monthly

4.661

Monthly

11/06/09

8,275,132

14,337,819


(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.

(2)		Ratings: Using the higher of Standard & Poor’s or Moody’s rating. Ratings below BBB by Standard & Poor’s Group or Baa by Moody’s Investor Service, Inc. are considered to be below investment grade.

(3)		Investment is eligible for the Dividends Received Deduction.

(4)		Based on USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate).

N/R		Not rated.

144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.

CBTCS		Corporate Backed Trust Certificates.

CORTS		Corporate Backed Trust Securities.

PCARS		Public Credit and Repackaged Securities.

PPLUS		PreferredPlus Trust.

SATURNS		Structured Asset Trust Unit Repackaging.






Income Tax Information The following information is presented on an income tax basis based on the information currently available to the Fund. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in the recognition of income and timing differences in recognizing certain gains and losses on investment transactions.

At March 31, 2006, the cost of investments was $2,489,827,180.

Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2006, were as follows:


Gross unrealized:
Appreciation	$	68,827,222
Depreciation		(43,600,102	)



Net unrealized appreciation (depreciation) of investments	$	25,227,120

Item 2. Controls and Procedures.

	a.		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

	b.		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)Nuveen Quality Preferred Income Fund 2



By (Signature and Title)*	/s/ Jessica R. Droeger
	Jessica R. Droeger
	Vice President and Secretary

Date May 30, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By (Signature and Title)*	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer (principal executive officer)

Date May 30, 2006



By (Signature and Title)*	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller (principal financial officer)

Date May 30, 2006


*		Print the name and title of each signing officer under his or her signature.

Table of Contents

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