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)

Kevin J. McCarthy—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:    9/30/2008   

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.

 

 

Item 1. Schedule of Investments

Nuveen Quality Preferred Income Fund 2 (JPS)
September 30, 2008

Shares				Description (1)		Coupon				Ratings (2)		Value
				$25 Par (or similar) Preferred Securities – 91.6% (55.5% of Total Investments)
				Capital Markets – 5.9%
	36,993			BNY Capital Trust V, Series F		5.950%				A		$	672,533
	1,323,200			Deutsche Bank Capital Funding Trust II		6.550%				A			19,186,400
	190,505			Deutsche Bank Contingent Capital Trust III		7.600%				A			3,446,235
	28,600			Goldman Sachs Group Inc., Series 2004-04 (SATURNS)		6.000%				A1			421,850
	18,600			Goldman Sachs Group Inc., Series 2004-4 (CORTS)		6.000%				A1			256,122
	21,200			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)		6.000%				A1			294,680
	23,200			Goldman Sachs Group Inc., Series GSC-4 Class A (PPLUS)		6.000%				A1			332,920
	71,000			Goldman Sachs Group Inc., Series GSG-1 (PPLUS)		6.000%				AA-			1,069,260
	146,778			Merrill Lynch Preferred Capital Trust III		7.000%				A3			2,128,281
	132,800			Merrill Lynch Preferred Capital Trust IV		7.120%				A3			1,924,272
	233,200			Merrill Lynch Preferred Capital Trust V		7.280%				A3			3,428,040
	396,197			Morgan Stanley Capital Trust III		6.250%				A2			4,548,342
	153,159			Morgan Stanley Capital Trust IV		6.250%				A2			1,729,165
	15,679			Morgan Stanley Capital Trust V		5.750%				A2			169,176
	428,998			Morgan Stanley Capital Trust VI		6.600%				A2			5,062,176
	84,797			Morgan Stanley Capital Trust VII		6.600%				A2			1,004,844
				Total Capital Markets									45,674,296
				Commercial Banks – 13.8%
	7,400			ABN AMRO Capital Fund Trust V		5.900%				A			66,304
	163,860			ASBC Capital I		7.625%				A3			2,947,841
	12,900			BAC Capital Trust IV		5.875%				Aa3			219,558
	18,000			BAC Capital Trust V		6.000%				A			324,000
	212,505			Banco Santander Finance		6.800%				Aa3			3,612,585
	88,179			Banco Santander Finance		6.500%				A+			1,457,599
	731,000			Banesto Holdings, Series A, 144A		10.500%				A1			18,914,625
	100,000			Bank of America Corporation		6.625%				A			1,900,000
	182,106			Bank One Capital Trust VI		7.200%				Aa3			3,687,647
	120,529			Barclays Bank PLC		8.125%				Aa3			2,061,046
	96,167			Barclays Bank PLC		7.750%				Aa3			1,510,784
	176,105			Capital One Capital II Corporation		7.500%				Baa1			2,069,234
	191,705			Citizens Funding Trust I		7.500%				Baa1			1,437,788
	225,500			Cobank Agricultural Credit Bank		7.000%				N/R			10,748,683
	82,000			Cobank Agricultural Credit Bank		0.000%				A			4,130,693
	9,000			Credit Suisse		7.900%				A			183,600
	9,600			Fleet Capital Trust IX		6.000%				Aa3			159,648
	177,265			HSBC Finance Corporation		6.875%				AA-			3,550,618
	23,521			HSBC Finance Corporation		6.000%				AA-			432,786
	81,694			M&T Capital Trust IV		8.500%				A3			1,748,252
	77,568			National Bank of Greece SA		9.000%				AAA-			1,551,360
	1,006,464			National City Capital Trust II		6.625%				Baa1			5,938,138
	2,900			National Westminster Bank PLC		7.760%				Aa3			29,290
	289,600			PFCI Capital Corporation		7.750%				A-			3,918,664
	10,800			PNC Capital Trust		6.125%				A2			199,260
	628,733			Royal Bank of Scotland Group PLC, Series N		6.350%				A1			6,067,273
	29,443			Royal Bank of Scotland Group PLC, Series P		6.250%				A1			250,560
	85,400			Royal Bank of Scotland Group PLC		6.600%				Aa3			738,710
	222,300			SunTrust Capital Trust IX		7.875%				A-			3,908,034
	17,700			USB Capital Trust VI		5.750%				Aa3			327,273
	412,150			USB Capital Trust XI		6.600%				A+			8,160,570
	100,699			Wells Fargo Capital Trust V		7.000%				Aa2			2,215,378
	37,981			Wells Fargo Capital Trust VII		5.850%				AA-			689,355
	571,400			Zions Capital Trust B		8.000%				Baa1			11,285,150
				Total Commercial Banks									106,442,306
				Computers & Peripherals – 0.0%
	6,000			IBM Corporation, Class A (CORTS)		5.625%				A+			132,000
				Consumer Finance – 0.1%
	29,200			HSBC Finance Corporation		6.360%				A			454,060
				Diversified Financial Services – 11.4%
	3,850			American International Group, CORTS		6.125%				A3			15,400
	235,460			BAC Capital Trust XII		6.875%				A			4,520,832
	527,425			Citigroup Capital Trust VIII		6.950%				A1			8,829,095
	96,390			Citigroup Capital Trust IX		6.000%				A1			1,337,893
	9,347			Citigroup Capital X		6.100%				A1			125,717
	784,888			Citigroup Capital XV		6.500%				A1			10,988,432
	43,400			Citigroup Capital XVII		6.350%				A1			590,240
	30,100			Citigroup Capital XIX		7.250%				A1			519,225
	54,900			Citigroup Capital XX		7.875%				A1			1,001,925
	176,600			Citigroup Inc., Series M		8.125%				A			2,913,900
	1,042,900			Deutsche Bank Capital Funding Trust VIII		6.375%				Aa3			15,330,630
	60,812			General Electric Capital Corporation		6.450%				AAA			1,323,269
	1,465,600			ING Groep N.V.		7.200%				A1			20,152,000
	1,422,255			ING Groep N.V.		7.050%				A			18,716,876
	61,400			Merrill Lynch Capital Trust I		6.450%				A+			853,460
	60,800			Royal Bank of Scotland Group PLC, Series R		6.125%				A1			510,720
	25,700			Royal Bank of Scotland Public Limited Company, Series 2006Q		6.750%				A1			226,160
				Total Diversified Financial Services									87,955,774
				Diversified Telecommunication Services – 0.4%
	64,921			AT&T Inc.		6.375%				A			1,506,167
	17,500			BellSouth Capital Funding (CORTS)		7.120%				A			412,344
	43,200			BellSouth Corporation (CORTS)		7.000%				A			961,200
	28,800			Verizon Communications (CORTS)		7.625%				A			633,600
				Total Diversified Telecommunication Services									3,513,311
				Electric Utilities – 9.1%
	27,300			DTE Energy Trust I		7.800%				Baa3			625,170
	56,150			Entergy Louisiana LLC		7.600%				A-			1,276,851
	1,292,211			Entergy Mississippi Inc.		7.250%				A-			30,754,622
	1,400			Entergy Mississippi Inc.		6.000%				AAA			28,280
	97,767			FPL Group Capital Inc.		6.600%				BBB+			2,047,241
	10,300			National Rural Utilities Cooperative Finance Corporation		6.100%				A3			176,233
	27,400			National Rural Utilities Cooperative Finance Corporation		5.950%				A3			504,434
	322,200			PPL Capital Funding, Inc.		6.850%				Baa2			6,785,532
	356,600			PPL Energy Supply LLC		7.000%				BBB			8,201,800
	840,382			Xcel Energy Inc.		7.600%				BBB-			19,664,939
				Total Electric Utilities									70,065,102
				Food Products – 0.4%
	56,900			Dairy Farmers of America Inc., 144A		7.875%				BBB-			3,029,925
				Insurance – 17.6%
	54,914			Aegon N.V.		6.875%				A-			482,694
	2,374,049			Aegon N.V.		6.375%				A-			20,250,638
	3,000			AIG Capital Securities, Series 2002-11 (SATURNS)		6.000%				A3			12,660
	67,190			AMBAC Financial Group Inc.		5.950%				A			335,950
	15,200			Arch Capital Group Limited, Series B		7.875%				BBB-			280,440
	989,983			Arch Capital Group Limited		8.000%				BBB-			20,096,655
	720,946			Berkley WR Corporation, Capital Trust II		6.750%				BBB-			12,400,271
	660,207			Delphi Financial Group, Inc.		8.000%				BBB+			10,543,506
	426,900			Delphi Financial Group, Inc.		7.376%				BBB-			6,147,360
	311,500			EverestRe Capital Trust II		6.200%				Baa1			4,438,875
	60,600			Financial Security Assurance Holdings		6.875%				AA			424,200
	713,650			Financial Security Assurance Holdings		6.250%				AA-			3,725,253
	54,100			Lincoln National Capital VI, Series F		6.750%				A-			860,190
	7,900			Lincoln National Corporation		6.750%				A-			118,500
	520,100			Markel Corporation		7.500%				BBB			10,818,080
	662,136			PartnerRe Limited, Series C		6.750%				BBB+			10,759,710
	7,200			PartnerRe Limited, Series D		6.500%				BBB+			121,536
	114,600			PLC Capital Trust III		7.500%				BBB+			1,501,260
	465,240			PLC Capital Trust IV		7.250%				BBB+			6,327,264
	25,800			PLC Capital Trust V		6.125%				BBB+			309,600
	104,000			Protective Life Corporation		7.250%				BBB			1,445,600
	550,600			Prudential Financial Inc.		9.000%				A-			12,471,090
	385,900			Prudential PLC		6.750%				A-			4,071,245
	11,225			Prudential PLC		6.500%				A-			121,230
	158,000			RenaissanceRe Holdings Limited, Series B		7.300%				BBB			2,409,500
	20,500			RenaissanceRe Holdings Limited, Series C		6.080%				BBB+			255,225
	354,400			RenaissanceRe Holdings Limited		6.600%				BBB			5,145,888
				Total Insurance									135,874,420
				IT Services – 0.0%
	17,300			Vertex Industries Inc. (PPLUS)		7.625%				A			380,600
				Media – 7.9%
	163,700			CBS Corporation		7.250%				BBB			2,766,530
	870,321			CBS Corporation		6.750%				BBB			13,916,433
	1,338,214			Comcast Corporation		7.000%				BBB+			25,680,327
	15,700			Comcast Corporation		6.625%				Baa2			277,890
	1,010,340			Viacom Inc.		6.850%				BBB			18,085,086
	800			Walt Disney Company (CORTS)		6.875%				A			18,400
				Total Media									60,744,666
				Oil, Gas & Consumable Fuels – 2.4%
	893,059			Nexen Inc.		7.350%				Baa3			18,129,098
				Pharmaceuticals – 0.0%
	7,600			Bristol-Myers Squibb Company (CORTS)		6.250%				A+			165,300
	7,500			Bristol-Myers Squibb Company Trust (CORTS)		6.800%				A+			172,500
				Total Pharmaceuticals									337,800
				Real Estate/Mortgage – 19.2%
	100,805			BRE Properties, Series C		6.750%				BBB-			1,821,546
	32,635			BRE Properties, Series D		6.750%				BBB-			581,556
	639,813			Developers Diversified Realty Corporation, Series G		8.000%				BBB-			10,499,331
	191,323			Developers Diversified Realty Corporation, Series H		7.375%				BBB-			2,690,001
	58,667			Developers Diversified Realty Corporation		7.500%				BBB-			837,178
	231,300			Duke Realty Corporation, Series K		6.500%				BBB			3,238,200
	302,600			Duke Realty Corporation, Series L		6.600%				BBB			4,672,144
	2,200			Duke Realty Corporation, Series N		7.250%				BBB-			32,516
	40,901			Duke Realty Corporation, Series O		8.375%				BBB-			756,259
	5,600			Duke-Weeks Realty Corporation		6.625%				Baa2			78,568
	77,931			First Industrial Realty Trust, Inc., Series J		7.250%				BBB-			1,285,862
	1,065,965			HRPT Properties Trust, Series B		8.750%				BBB-			18,228,002
	75,880			HRPT Properties Trust, Series C		7.125%				BBB-			1,233,050
	163,100			Kimco Realty Corporation, Series F		6.650%				BBB+			3,098,900
	833,716			Kimco Realty Corporation, Series G		7.750%				BBB+			17,016,144
	89,050			Prologis Trust, Series G		6.750%				BBB-			1,522,755
	111,000			PS Business Parks, Inc., Series I		6.875%				BBB-			1,731,600
	104,300			PS Business Parks, Inc., Series K		7.950%				Baa3			2,200,730
	9,300			PS Business Parks, Inc., Series O		7.375%				Baa3			156,147
	782,929			PS Business Parks, Inc.		7.000%				BB+			13,607,306
	234,600			Public Storage, Inc., Series C		6.600%				BBB			3,950,664
	41,400			Public Storage, Inc., Series E		6.750%				BBB+			701,730
	78,066			Public Storage, Inc., Series F		6.450%				BBB			1,244,372
	20,130			Public Storage, Inc., Series H		6.950%				BBB+			354,086
	144,400			Public Storage, Inc., Series V		7.500%				BBB			2,812,912
	8,971			Public Storage, Inc., Series X		6.450%				BBB			143,626
	67,600			Public Storage, Inc., Series Y		6.850%				BBB+			1,480,866
	34,085			Public Storage, Inc.		6.750%				Baa1			588,989
	159,400			Realty Income Corporation		7.375%				BBB-			3,376,092
	474,158			Realty Income Corporation		6.750%				Baa2			8,890,463
	199,845			Regency Centers Corporation		7.450%				BBB			3,703,128
	224,936			Regency Centers Corporation		7.250%				BBB-			4,107,331
	2,293,200			Wachovia Preferred Funding Corporation		7.250%				A2			21,303,828
	413,568			Weingarten Realty Investors Series F		6.500%				Baa2			7,444,224
	158,600			Weingarten Realty Trust, Series E		6.950%				A-			2,949,960
				Total Real Estate/Mortgage									148,340,066
				Thrifts & Mortgage Finance – 1.2%
	372,573			Countrywide Capital Trust IV		6.750%				Aa3			3,315,900
	644,767			Countrywide Capital Trust V		7.000%				A+			5,125,898
	26,390			Harris Preferred Capital Corporation, Series A		7.375%				A1			442,295
				Total Thrifts & Mortgage Finance									8,884,093
				Wireless Telecommunication Services – 2.2%
	937,440			United States Cellular Corporation		8.750%				Baa2			16,780,175
				Total $25 Par (or similar) Preferred Securities (cost $1,111,498,509)									706,737,692

Principal

Amount (000)

Description (1)

Coupon

Maturity

Ratings (2)

Value

Corporate Bonds – 0.6% (0.3% of Total Investments)

Commercial Banks – 0.6%

$

4,400

Swedbank ForeningsSparbanken AB, 144A

7.500%

9/27/49

Aa3

$

4,676,047

$

4,400

Total Corporate Bonds (cost $4,839,061)

4,676,047

Principal
Amount (000)/
Shares				Description (1)		Coupon		Maturity		Ratings (2)		Value
				Capital Preferred Securities – 68.0% (41.2% of Total Investments)
				Capital Markets – 6.4%
	21,190			Dresdner Funding Trust I, 144A		8.151%		6/30/31		A2		$	16,314,075
	17,095			First Union Capital Trust II, Series A		7.950%		11/15/29		A2			10,689,760
	4,300			JPM Chase Capital XXV		6.800%		10/01/37		Aa3			3,304,937
	3,600			MUFG Capital Finance		4.850%		7/25/56		BBB+			3,334,493
	3,000			Schwab Capital Trust I		7.500%		11/15/37		A3			2,483,295
	13,850			UBS Preferred Funding Trust I		8.622%		10/29/49		A1			13,392,673
				Total Capital Markets									49,519,233
				Commercial Banks – 37.9%
	10,000			AB Svensk Exportkredit, 144A		6.375%		10/27/49		AA-			9,988,450
	36,650			Abbey National Capital Trust I		8.963%		6/30/50		A+			39,329,042
	29,000			AgFirst Farm Credit Bank		8.393%		12/15/16		A			17,376,510
	7,100			AgFirst Farm Credit Bank		7.300%		12/15/53		A			5,783,454
	6,500			Bank One Capital III		8.750%		9/01/30		Aa3			6,068,237
	4,300			BankAmerica Institutional Capital Trust, Series B, 144A		7.700%		12/31/26		Aa3			3,727,102
	4,500			BanPonce Trust I, Series A		8.327%		2/01/27		Baa1			4,180,338
	36,000			Barclays Bank PLC, 144A		8.550%		6/15/49		Aa3			33,071,760
	1,000			Barclays Bank PLC		7.434%		12/15/57		Aa3			815,579
	3,600			BBVA International Unipersonal		5.919%		4/18/58		Aa3			2,717,708
	6,250			Credit Agricole S.A.		6.637%		5/29/49		Aa3			4,220,394
	1,500			First Empire Capital Trust I		8.234%		2/01/27		A3			1,400,883
	1,500			First Midwest Bancorp Inc.		6.950%		12/01/33		Baa1			1,196,241
	18,200			HBOS PLC, Series 144A		6.413%		4/01/49		A1			10,287,987
	2,000			HBOS PLC, Series 144A		6.657%		11/21/57		A1			1,133,588
	6,250			HSBC Capital Funding LP, Debt		10.176%		6/30/50		A1			6,174,313
	6,000			HT1 Funding, GmbH		6.352%		6/30/57		A-			5,041,795
	25,000			KBC Bank Fund Trust III, 144A		9.860%		5/02/50		A1			24,990,500
	8,000			KeyCorp Capital III		7.750%		7/15/29		A3			5,778,208
	2,690			Lloyds TSB Bank PLC, Subordinated Note		6.900%		11/22/49		Aa2			1,811,121
	10,000			Mizuho Financial Group		8.375%		4/27/49		Aa3			8,600,150
	8,000			North Fork Capital Trust II		8.000%		12/15/27		Baa1			6,817,480
	10,000			Northgroup Preferred Capital Corporation, 144A		6.378%		10/15/57		A1			6,078,250
	11,400			PNC Preferred Funding Trust III		8.700%		3/15/58		A-			10,181,294
	2,000			Popular North American Capital Trust I		6.564%		9/15/34		Baa1			1,090,636
	8,000			Reliance Capital Trust I, Series B		8.170%		5/01/28		N/R			6,690,560
	12,000			Royal Bank of Scotland Group PLC		9.118%		3/31/49		A1			11,640,000
	22,700			Shinsei Finance II Cayman Limited, Perpetual Maturity, 144A		7.160%		7/25/49		Baa2			11,647,937
	5,000			Sparebanken Rogaland, Notes, 144A		6.443%		5/01/49		A2			4,988,155
	6,900			Standard Chartered PLC, 144A		7.014%		1/30/58		BBB+			5,819,322
	13,600			Swedbank ForeningsSparbanken AB, 144A		9.000%		9/17/50		A1			13,337,792
	9,000			Unicredito Italiano Capital Trust, 144A		9.200%		4/05/51		A1			8,629,290
	1,500			Union Bank of Norway		7.068%		11/19/49		A			1,970,639
	—	(3)		Union Planters Preferred Fund, 144A		7.750%		7/15/53		A3			9,660,000
				Total Commercial Banks									292,244,715
				Diversified Financial Services – 2.0%
	6,800			Fulton Capital Trust I		6.290%		2/01/36		A3			3,293,818
	19,300			Old Mutual Capital Funding, Notes		8.000%		6/22/53		Baa2			11,773,000
				Total Diversified Financial Services									15,066,818
				Diversified Telecommunication Services – 3.9%
	30			Centaur Funding Corporation, Series B, 144A		9.080%		4/21/20		BBB			30,344,531
				Insurance – 14.4%
	6,850			Ace Capital Trust II		9.700%		4/01/30		Baa1			6,373,274
	28,000			American General Institutional Capital, 144A		8.125%		3/15/46		A3			5,174,372
	8,900			AXA SA, 144A		6.463%		12/14/49		BBB+			5,090,880
	10,700			AXA-UAP		8.600%		12/15/30		A-			10,416,300
	6,600			Great West Life and Annuity Insurance Company		7.153%		5/16/46		A-			5,317,257
	1,000			Hartford Financial Services Group Inc.		8.125%		6/15/68		AAA			853,067
	1,000			Liberty Mutual Group		7.800%		3/15/37		Baa3			605,161
	8,000			MetLife Capital Trust IV		7.875%		12/15/67		BBB+			5,494,432
	4,000			MetLife Capital Trust X		9.250%		4/08/68		BBB+			3,806,000
	1,200			Nationwide Financial Services Capital Trust		7.899%		3/01/37		Baa1			755,467
	6,400			Nationwide Financial Services Inc.		6.750%		5/15/67		Baa1			3,468,205
	12,300			Oil Insurance Limited, 144A		7.558%		12/30/49		Baa1			9,371,665
	15,600			Progressive Corporation		6.700%		6/15/67		A2			12,729,974
	7,000			Prudential Financial Inc.		8.875%		6/15/68		A-			6,598,697
	2,850			Prudential PLC		6.500%		6/29/49		A-			1,227,538
	18,100			QBE Capital Funding Trust II, 144A		6.797%		6/01/49		BBB			14,472,543
	28,900			XL Capital, Limited		6.500%		10/15/57		BBB			17,074,871
	3,800			ZFS Finance USA Trust V		6.500%		5/09/67		BBB+			2,549,728
				Total Insurance									111,379,431
				Real Estate – 0.6%
	15,000			CBG Florida REIT Corporation		7.114%		11/15/49		BB+			4,082,400
				Road & Rail – 1.5%
	14,400			Burlington Northern Santa Fe Funding Trust I		6.613%		12/15/55		BBB			11,819,867
				Thrifts & Mortgage Finance – 1.3%
	12,811			Countrywide Capital Trust III, Series B		8.050%		6/15/27		Aa3			9,461,295
	1,300			MM Community Funding Trust I Limited		9.480%		6/15/31		Baa2			260,000
	21,347			Washington Mutual Preferred Funding Cayman, Series A-1, 144A		7.250%		3/15/49		C			133,419
	11,433			Washington Mutual Preferred Funding Trust II		6.665%		3/15/57		C			71,456
				Total Thrifts & Mortgage Finance									9,926,170
				Total Capital Preferred Securities (cost $777,584,641)									524,383,165

Shares				Description (1)								Value
				Investment Companies – 4.0% (2.4% of Total Investments)
	239,589			Blackrock Preferred and Corporate Income Strategies Fund								$	1,998,173
	1,027,007			Blackrock Preferred Income Strategies Fund									8,565,238
	265,596			Blackrock Preferred Opportunity Trust									2,536,442
	1,164,774			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.									8,863,930
	173,089			Flaherty and Crumrine/Claymore Total Return Fund Inc.									1,334,516
	759,424			John Hancock Preferred Income Fund III									7,761,313
				Total Investment Companies (cost $72,919,633)									31,059,612

Principal
Amount (000)				Description (1)		Coupon		Maturity		Ratings (2)		Value
				U.S. Government and Agency Obligations – 0.8% (0.5% of Total Investments)
$	6,000			U.S. Treasury Notes, (4)		3.125%		11/30/09		AAA		$	6,088,128
$	6,000			Total U.S. Government and Agency Obligations (cost $6,075,878)									6,088,128

Principal
Amount (000)				Description (1)		Coupon		Maturity				Value
				Short-Term Investments – 0.1% (0.1% of Total Investments)
$	653			Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/08, repurchase price $653,053, collateralized by $485,000 U.S. Treasury Bonds, 8.125%, due 8/15/19, value $667,481		0.100%		10/01/08				$	653,051
				Total Short-Term Investments (cost $653,051)									653,051
				Total Investments (cost $1,973,570,773) – 165.1%									1,273,597,695
				Borrowings Payable – (27.4)% (5)(6)									(211,500,000	)
				Other Assets Less Liabilities – 3.8%									29,214,074
				FundPreferred Shares, at Liquidation Value – (41.5)%									(320,000,000	)
				Net Assets Applicable to Common Shares – 100%								$	771,311,769

Fund

Fixed Rate

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Termination

Appreciation

Counterparty

Amount

Floating Rate

Index

(Annualized)

Frequency

Date

(Depreciation)

Citigroup Inc.

$

200,000,000

Receive

1-Month USD-LIBOR

3.910%

Monthly

11/06/09

$

(1,525,671

)

USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)

(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 Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.
(3)		Principal Amount (000)/Shares rounds to less than $1,000.
(4)		Portion of Investment has been pledged to collateralize the net payment obligations under interest rate swap contracts.
(5)		Borrowings and FundPreferred shares, at Liquidation Value as a percentage of Total Investment are 16.6% and 25.1%, respectively.
(6)		The Fund may pledge up to 100% of its eligible securities in the Portfolio of Investments as collateral for Borrowings.
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.
CORTS		Corporate Backed Trust Securities.
PPLUS		PreferredPlus Trust.
SATURNS		Structured Asset Trust Unit Repackaging.

Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1	–	Quoted prices in active markets for identical securities.
Level 2	–	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3	–	Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of September 30, 2008:

		Level 1				Level 2				Level 3				Total
Investments		$	700,941,483			$	572,656,212			$	—			$	1,273,597,695
Derivatives*			—				(1,525,671	)			—				(1,525,671	)
Total		$	700,941,483			$	571,130,541			$	—			$	1,272,072,024

* Represents net unrealized appreciation (depreciation).

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 recognition of premium amortization, recognition of income on REIT investments, timing differences in the recognition of income and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At September 30, 2008, the cost of investments was $1,976,119,702.

Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2008, were as follows:

Gross unrealized:
Appreciation		$	3,622,893
Depreciation			(706,144,900	)
Net unrealized appreciation (depreciation) of investments		$	(702,522,007	)

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     

Date November 28, 2008

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.

Date November 28, 2008

Date November 28, 2008