Edgar Filing: NUVEEN QUALITY PREFERRED INCOME FUND 2

Registrant’s telephone number, including area code:

Date of fiscal year end:

Date of reporting period:

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)

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

		Portfolio of Investments (Unaudited)

		Nuveen Quality Preferred Income Fund 2 (JPS)
		October 31, 2012

Shares			Description (1)	Coupon		Ratings (2)	Value
			$25 Par (or similar) Preferred Securities – 59.1% (43.2% of Total Investments)
			Capital Markets – 6.6%
373,200			Ameriprise Financial, Inc.	7.750%		A	$	10,692,180
11,000			Charles Schwab Corporation, (3)	7.000%		BBB+	12,610,730
3,700			Credit Suisse	7.900%		BBB	96,015
91,230			Deutsche Bank Capital Funding Trust I	7.350%		BBB	2,319,067
1,284,535			Deutsche Bank Capital Funding Trust II	6.550%		BBB	33,256,609
13,800			Deutsche Bank Capital Funding Trust IX	6.625%		BBB	349,140
40,000			Deutsche Bank Capital Funding Trust V	8.050%		BBB	1,108,000
91,791			Deutsche Bank Capital Funding Trust VIII	6.375%		BBB	2,281,006
256,400			Deutsche Bank Contingent Capital Trust III	7.600%		BBB	6,863,828
70,214			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)	6.000%		Baa3	1,738,499
5,200			Goldman Sachs Group Inc., Series GSC-4 Class A (PPLUS)	6.000%		Baa3	129,792
1,040			Goldman Sachs Group Inc., Series GSG-1 (PPLUS)	6.000%		A-	26,042
1,390			Morgan Stanley Capital Trust III	6.250%		BB+	34,695
2,800			Morgan Stanley Capital Trust V	5.750%		Ba1	69,356
180,800			State Street Corporation	5.250%		BBB+	4,670,064
			Total Capital Markets				76,245,023
			Commercial Banks – 8.8%
51,240			Banco Santander Finance	10.500%		BB	1,396,290
150,000			Barclays Bank PLC	8.125%		BBB	3,877,500
1,933,500			BPCE SA, (3)	13.000%		BBB-	2,073,679
146,500			First Naigara Finance Group	8.625%		BB+	4,276,335
10,500			HSBC Bank PLC, (3)	1.000%		A	5,145,000
417,415			HSBC Holdings PLC	8.000%		BBB+	11,779,451
102,700			HSBC Holdings PLC	6.200%		BBB+	2,607,553
60,000			HSBC USA Inc.	2.858%		BBB+	2,988,000
5,600,000			National Australia Bank, (3)	8.000%		BBB+	6,154,400
1,214,400			PNC Financial Services	6.125%		BBB	34,003,198
20,000			PNC Financial Services Inc., (3)	6.750%		BBB	23,063,800
3,400,000			Royal Bank of Scotland Group PLC, (3)	7.648%		BB	3,349,000
			Total Commercial Banks				100,714,206
			Consumer Finance – 0.0%
20,100			HSBC USA Inc.	6.500%		BBB+	507,726
			Diversified Financial Services – 4.7%
139,900			Citigroup Capital Trust XI	6.000%		BB	3,503,096
271,589			Citigroup Capital XIII	7.875%		BB+	7,552,890
40,000			Citigroup Capital XVI	6.450%		BB+	1,005,200
110,000			General Electric Capital Corporation	4.875%		AA+	2,750,000
768,094			ING Groep N.V.	7.200%		BBB-	19,379,012
731,274			ING Groep N.V.	7.050%		BBB-	18,406,167
80,000			JPMorgan Chase & Company	5.500%		BBB	2,008,000
			Total Diversified Financial Services				54,604,365
			Diversified Telecommunication Services – 1.6%
184,004			Qwest Corporation	7.500%		BBB-	5,045,390
96,790			Qwest Corporation	7.375%		BBB-	2,636,560
383,205			Qwest Corporation	7.000%		BBB-	10,204,749
26,600			Qwest Corporation	7.000%		BBB-	701,974
			Total Diversified Telecommunication Services				18,588,673
			Electric Utilities – 0.9%
135,400			Alabama Power Company, (3)	6.450%		A-	3,926,600
59,650			Entergy Louisiana LLC	5.875%		A-	1,682,130
25,000			Entergy Louisiana LLC	5.250%		A-	664,250
62,264			Entergy Texas Inc.	7.875%		BBB+	1,803,788
73,246			NextEra Energy Inc.	5.700%		BBB	1,947,611
			Total Electric Utilities				10,024,379
			Food Products – 0.5%
53,400			Dairy Farmers of America Inc., 144A, (3)	7.875%		BBB-	5,445,134
			Industrial Conglomerates – 0.2%
1,600,000			General Electric Capital Trust I, (3)	6.375%		AA-	1,714,000
			Insurance – 16.7%
1,717,889			Aegon N.V.	6.375%		Baa1	44,458,965
355,607			Aflac Inc.	5.500%		Baa1	9,096,427
617,913			Allianz SE, (3)	8.375%		A+	15,969,220
261,725			Arch Capital Group Limited	6.750%		BBB	7,048,254
74,981			Aspen Insurance Holdings Limited	7.250%		BBB-	2,009,491
354,550			Axis Capital Holdings Limited	6.875%		BBB	9,519,668
2,100,000			Chubb Corporation, (3)	6.375%		A-	2,278,500
6,500,000			Dai-Ichi Mutual Life, 144A, (3)	7.250%		A3	7,590,050
402,182			Delphi Financial Group, Inc., (3)	7.376%		Baa3	10,104,823
305,930			EverestRe Capital Trust II	6.200%		Baa1	7,724,733
562,966			PartnerRe Limited, Series C	6.750%		BBB+	14,468,226
4,000			Protective Life Corporation	6.250%		BBB	104,320
195,842			Prudential Financial Inc.	9.000%		BBB+	5,162,395
317,875			Prudential PLC	6.750%		A-	8,064,489
4,704,000			Reinsurance Group of America Inc., (3)	6.750%		BBB-	4,759,267
280,000			Reinsurance Group of America Inc.	6.200%		BBB	7,649,600
532,986			RenaissanceRe Holdings Limited, Series D	6.600%		BBB+	13,532,515
1,400,000			Swiss Re Capital I, (3)	6.854%		A	1,449,000
125,600			Torchmark Corporation	5.875%		BBB+	3,259,320
707,761			W. R. Berkley Corporation, Capital Trust II	6.750%		BBB-	17,814,344
			Total Insurance				192,063,607
			Machinery – 0.9%
398,000			Stanley, Black and Decker Inc.	5.750%		BBB+	10,527,100
			Multi-Utilities – 3.6%
541,591			Dominion Resources Inc.	8.375%		BBB	15,164,548
112,600			DTE Energy Company	5.250%		BBB-	2,869,048
148,032			Scana Corporation	7.700%		BBB-	4,048,675
750,121			Xcel Energy Inc.	7.600%		BBB	19,180,594
			Total Multi-Utilities				41,262,865
			Oil, Gas & Consumable Fuels – 1.7%
786,299			Nexen Inc.	7.350%		BB+	20,034,899
			Real Estate/Mortgage – 12.1%
5,000			Alexandria Real Estate Equities Inc., Series B	6.450%		Baa3	132,450
126,100			CommomWealth REIT	5.750%		Baa3	3,098,277
12,800			Digital Realty Trust Inc.	7.000%		Baa3	352,000
161,969			Duke Realty Corporation, Series L	6.600%		Baa3	4,114,013
8,710			Harris Preferred Capital Corporation, Series A	7.375%		Baa1	226,634
321,594			Hospitality Properties Trust	7.125%		Baa3	8,776,300
58,372			Kimco Realty Corporation, Series H	6.900%		Baa2	1,601,144
4,600			Kimco Realty Corporation, Series I	6.000%		Baa2	118,404
131,572			National Retail Properties Inc.	6.625%		Baa3	3,448,502
9,428			Prologis Inc., Series L	6.500%		Baa3	239,377
82,301			Prologis Inc., Series Q, (3)	8.540%		BB	5,123,237
2,024			Prologis Inc., Series R	6.750%		BB	51,025
87,050			Prologis Inc., Series S	6.750%		BB	2,187,567
152,633			PS Business Parks, Inc.	6.450%		BBB-	4,102,775
450,182			PS Business Parks, Inc.	6.000%		BBB-	11,659,714
6,400			Public Storage, Inc., Series Q	6.500%		A3	180,928
196,229			Public Storage, Inc., Series S	5.900%		A3	5,296,221
203,125			Public Storage, Inc., Series T, (3)	5.750%		A3	5,427,500
10,000			Public Storage, Inc., Series U	5.625%		A3	260,900
376,525			Realty Income Corporation	6.750%		Baa2	9,650,336
65,100			Realty Income Corporation	6.625%		Baa2	1,769,418
146,600			Regency Centers Corporation	6.625%		Baa3	3,958,200
1,079,521			Vornado Realty LP	7.875%		BBB	30,107,841
965,092			Wachovia Preferred Funding Corporation	7.250%		BBB+	26,337,361
93,358			Weingarten Realty Trust, Preferred Securities	6.750%		Baa3	2,368,493
7,253			Weingarten Realty Trust	8.100%		BBB	172,476
144,410			Weingarten Realty Trust	6.950%		Baa3	3,652,129
195,629			Weingarten Realty Trust	6.500%		Baa3	4,968,977
			Total Real Estate/Mortgage				139,382,199
			U.S. Agency – 0.6%
82,000			Cobank Agricultural Credit Bank, Series C, (3)	11.000%		A-	4,402,375
42,800			Cobank Agricultural Credit Bank, Series D, (3)	11.000%		A-	2,323,240
			Total U.S. Agency				6,725,615
			Wireless Telecommunication Services – 0.2%
9,050			Telephone and Data Systems Inc.	7.000%		Baa2	254,848
70,501			Telephone and Data Systems Inc.	6.875%		BBB	1,956,403
			Total Wireless Telecommunication Services				2,211,251
			Total $25 Par (or similar) Preferred Securities (cost $632,038,217)				680,051,042

Principal
Amount (000)			Description (1)	Coupon	Maturity	Ratings (2)	Value
			Corporate Bonds – 14.5% (10.7% of Total Investments)
			Capital Markets – 1.7%
$		6,300	Credit Suisse Guernsey	7.875%	2/24/41	BBB-	$	6,552,000
1,700			Macquarie Bank Limited	10.250%	6/20/57	BB+	1,819,000
14,686			State Street Capital Trust IV, (4)	1.308%	6/15/37	A3	11,262,253
22,686			Total Capital Markets				19,633,253
			Commercial Banks – 3.8%
4,200			BNP Paribas, 144A	5.186%	N/A (5)	BBB	3,906,000
1,000			Den Norske Bank	0.561%	N/A (5)	Baa3	520,000
1,000			Den Norske Bank	0.859%	N/A (5)	Baa3	500,000
10,000			Groupe BCPE	1.990%	N/A (5)	BBB-	5,213,200
1,700			LBG Capital I PLC, 144A	7.875%	11/01/20	BB+	1,746,750
5,350			Lloyds Banking Group LBG Capital 1, 144A	8.000%	N/A (5)	BB	5,119,768
1,000			Lloyds Banking Group PLC, 144A	6.267%	N/A (5)	BB	737,500
26,000			M&T Bank Corporation, 144A	6.875%	N/A (5)	BBB	26,616,720
50,250			Total Commercial Banks				44,359,938
			Diversified Financial Services – 1.0%
5,500			Citigroup Inc.	5.950%	N/A (5)	BB	5,668,438
2,350			Fortis Hybrid Financing	8.250%	N/A (5)	BBB	2,279,500
3,200			General Electric Capital Corporation	6.250%	N/A (5)	AA-	3,488,096
11,050			Total Diversified Financial Services				11,436,034
			Electric Utilities – 1.0%
8,000			FPL Group Capital Inc.	6.650%	6/15/67	BBB	8,660,000
2,900			WPS Resource Corporation	6.110%	12/01/66	BBB	3,045,000
10,900			Total Electric Utilities				11,705,000
			Industrial Conglomerates – 0.7%
7,500			Hutchison Whampoa International 12 Limited, 144A	6.000%	N/A (5)	BBB	7,818,750
			Insurance – 6.1%
2,000			AXA S.A.	1.680%	N/A (5)	A3	1,040,000
6,300			Mitsui Sumitomo Insurance Company Limited, 144A	7.000%	3/15/72	A-	7,119,718
5,200			Prudential PLC	11.750%	N/A (5)	A-	5,993,000
8,400			Prudential Financial Inc.	5.875%	9/15/42	BBB+	8,841,000
37,270			QBE Capital Funding Trust II, 144A	7.250%	5/24/41	BBB+	38,947,150
8,085			QBE Capital Funding Trust II, 144A	6.797%	N/A (5)	BBB+	8,091,961
700			QBE Insurance Group Limited, 144A	5.647%	7/01/23	BBB+	693,558
67,955			Total Insurance				70,726,387
			Multi-Utilities – 0.2%
2,000			Wisconsin Energy Corporation	6.250%	5/15/67	Baa1	2,145,000
$		172,341	Total Corporate Bonds (cost $160,014,233)				167,824,362

Principal
Amount (000)/
Shares			Description (1)	Coupon	Maturity	Ratings (2)	Value
			Capital Preferred Securities – 56.7% (41.5% of Total Investments)
			Capital Markets – 2.0%
$	800		BNY Institutional Capital, 144A	7.780%	12/01/26	A2	$	812,000
8,500			Credit Suisse thru Claudius Limited	8.250%	N/A (5)	BBB	8,840,000
4,200			Dresdner Funding Trust I, 144A	8.151%	6/30/31	Ba2	3,885,000
1,900			Goldman Sachs Capital II	4.000%	6/01/43	BB+	1,501,760
7,931			Goldman Sachs Group, Inc.	6.345%	2/15/34	Baa3	8,175,259
			Total Capital Markets				23,214,019
			Commercial Banks – 18.0%
5,500			AB Svensk Exportkredit	6.375%	N/A (5)	Aa3	5,498,488
3,522			Banco Santander Finance	7.908%	6/13/36	Ba1	3,698,100
2,074			Banco Santander Finance	10.500%	N/A (5)	BB	2,177,700
575			Barclays Bank PLC, 144A	7.434%	N/A (5)	BBB	598,000
2,980			Barclays Bank PLC, Regulation S, 144A	6.860%	N/A (5)	BBB	2,994,900
5,000			Barclays Bank PLC	6.278%	N/A (5)	BBB	4,709,375
1,500			First Empire Capital Trust I	8.234%	2/01/27	BBB	1,504,429
17,095			First Union Capital Trust II, Series A	7.950%	11/15/29	BBB+	20,399,771
6,800			Fulton Capital Trust I	6.290%	2/01/36	Baa3	6,460,000
1,500			HBOS Capital Funding LP, Notes	6.850%	N/A (5)	BB	1,240,500
5,500			HSBC Bank PLC	0.850%	6/11/37	A-	2,739,000
4,650			HSBC Capital Funding LP, Debt	10.176%	N/A (5)	BBB+	6,370,500
8,352			HSBC Financial Capital Trust IX	5.911%	11/30/35	BBB+	8,324,522
6			KeyCorp Capital III	7.750%	7/15/29	BBB-	6,740,568
1,875			Lloyds Banking Group PLC	5.920%	N/A (5)	BB	1,364,063
6,200			M&T Bank Corporation	5.000%	N/A (5)	BBB	6,293,000
11,900			Nordea Bank AB	8.375%	N/A (5)	Baa3	12,804,400
8,200			North Fork Capital Trust II	8.000%	12/15/27	Baa3	8,179,500
100			Rabobank Nederland Capital Trust II, 144A	5.260%	N/A (5)	A-	100,000
7,600			Rabobank Nederland Capital Trust III, 144A	5.254%	N/A (5)	A+	7,638,000
18,030			Rabobank Nederland, 144A	11.000%	N/A (5)	A-	24,115,125
8,000			Reliance Capital Trust I, Series B	8.170%	5/01/28	N/R	8,071,808
800			Societe Generale, 144A	1.103%	N/A (5)	BBB-	434,400
1,300			Societe Generale, 144A	5.922%	N/A (5)	BBB-	1,079,000
24,144			Societe Generale	8.750%	N/A (5)	BBB-	24,508,574
3,750			Sparebanken Rogaland, Notes, 144A	6.443%	N/A (5)	Ba1	3,918,750
6,310			Standard Chartered PLC, 144A	6.409%	N/A (5)	BBB+	6,373,100
6,450			Standard Chartered PLC, 144A	7.014%	N/A (5)	BBB+	6,772,500
- (6)			Union Planters Preferred Fund, 144A	7.750%	N/A (5)	BB	21,883,500
			Total Commercial Banks				206,991,573
			Consumer Finance – 1.1%
3,900			American Express Company	6.800%	9/01/66	Baa2	4,236,375
7,019			Capital One Capital IV Corporation	6.745%	2/17/37	Baa3	7,092,699
1,180			Capital One Capital VI	8.875%	5/15/40	Baa3	1,210,481
			Total Consumer Finance				12,539,555
			Diversified Financial Services – 6.4%
3,400			Bank One Capital III	8.750%	9/01/30	BBB	4,874,658
14,420			BankAmerica Institutional Capital Trust, Series B, 144A	7.700%	12/31/26	BB+	14,692,250
5,400			Citigroup Capital III	7.625%	12/01/36	BB+	5,899,500
12,811			Countrywide Capital Trust III, Series B	8.050%	6/15/27	BB+	14,732,650
24,000			General Electric Capital Corporation	7.125%	N/A (5)	AA-	27,458,160
2,800			General Electric Capital Corporation	6.375%	11/15/67	AA-	2,996,000
17			JPMorgan Chase Capital Trust XI	5.875%	6/15/33	BBB	439,903
2,800			JPMorgan Chase Capital XXIII	1.310%	5/15/47	BBB	2,068,870
			Total Diversified Financial Services				73,161,991
			Electric Utilities – 0.9%
1,700			FPL Group Capital Inc.	6.350%	10/01/66	BBB	1,802,000
7,700			PPL Capital Funding, Inc.	6.700%	3/30/67	BB+	8,113,875
			Total Electric Utilities				9,915,875
			Insurance – 22.2%
1,200			Allstate Corporation	6.500%	5/15/57	Baa1	1,290,000
9,186			Allstate Corporation	6.125%	5/15/37	Baa1	9,518,992
9,450			AXA S.A., 144A	6.379%	N/A (5)	Baa1	8,835,750
11,350			AXA	8.600%	12/15/30	A3	14,125,030
15,359			Catlin Insurance Company Limited	7.249%	N/A (5)	BBB+	15,512,590
1,200			Everest Reinsurance Holdings, Inc.	6.600%	5/15/37	Baa1	1,229,244
23,200			Glen Meadows Pass Through Trust	6.505%	2/12/67	BB+	21,112,000
2,600			Great West Life & Annuity Capital I, 144A	6.625%	11/15/34	A-	2,642,604
6,600			Great West Life and Annuity Insurance Company, 144A	7.153%	5/16/46	A-	6,795,109
10,481			Liberty Mutual Group, 144A	7.800%	3/15/37	Baa3	11,764,922
7,076			Lincoln National Corporation	7.000%	5/17/66	BBB	7,252,900
2,500			Lincoln National Corporation	6.050%	4/20/67	BBB	2,500,000
16,600			MetLife Capital Trust IV, 144A	7.875%	12/15/37	BBB	20,042,956
1,400			MetLife Capital Trust X, 144A	9.250%	4/08/38	BBB	1,946,000
23,754			National Financial Services Inc.	6.750%	5/15/37	Baa2	24,822,930
1,200			Nationwide Financial Services Capital Trust	7.899%	3/01/37	Baa2	1,303,630
14,200			Oil Insurance Limited, 144A	3.292%	N/A (5)	Baa1	12,681,026
6,300			Progressive Corporation, (4)	6.700%	6/15/37	A2	6,859,125
5,600			Prudential Financial Inc.	8.875%	6/15/38	BBB+	6,916,000
8,250			Prudential PLC	6.500%	N/A (5)	A-	8,208,750
13,400			Swiss Re Capital I, 144A	6.854%	N/A (5)	A	13,979,242
2,600			White Mountains Re Group Limited	7.506%	N/A (5)	BB+	2,701,140
29,050			XL Capital Ltd	6.500%	N/A (5)	BBB-	26,943,875
3,600			ZFS Finance USA Trust II 144A	6.450%	12/15/65	A	3,870,000
21,257			ZFS Finance USA Trust V	6.500%	5/09/37	A	22,691,847
			Total Insurance				255,545,662
			Multi-Utilities – 0.6%
6,400			Dominion Resources Inc.	7.500%	6/30/66	BBB	7,040,000
			Road & Rail – 1.1%
11,400			Burlington Northern Santa Fe Funding Trust I	6.613%	12/15/55	BBB	12,796,500
			Thrifts & Mortgage Finance – 0.0%
500			Onbank Capital Trust I	9.250%	2/01/27	BBB	509,317
			U.S. Agency – 0.4%
2,800			AgFirst Farm Credit Bank	7.300%	N/A (5)	A-	2,799,664
2			Farm Credit Bank of Texas	10.000%	N/A (5)	A3	1,947,562
			Total U.S. Agency				4,747,226
			Wireless Telecommunication Services – 4.0%
36			Centaur Funding Corporation, Series B	9.080%	4/21/20	BBB	45,952,954
			Total Capital Preferred Securities (cost $591,380,403)				652,414,672

Shares			Description (1)	Coupon		Ratings (2)	Value
			Convertible Preferred Securities – 0.3% (0.2% of Total Investments)
			Commerical Banks – 0.3%
3,100,000			Credit Suisse AG	7.875%		BBB	$ 3,278,250
			Total Convertible Preferred Securities (cost $3,217,270)				3,278,250

Shares			Description (1)				Value
			Investment Companies – 1.8% (1.3% of Total Investments)
838,654			BlackRock Credit Allocation Income Trust II				$ 9,678,067
53,191			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.				1,047,863
517,213			John Hancock Preferred Income Fund III				10,183,924
			Total Investment Companies (cost $26,465,134)				20,909,854

Principal
Amount (000)			Description (1)	Coupon	Maturity		Value
			Short-Term Investments – 4.3% (3.1% of Total Investments)
$		49,319	Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/31/12, repurchase price $49,319,489, collateralized by $50,310,000 U.S. Treasury Notes, 0.750%, due 10/31/17, value $50,310,000	0.010%	11/01/12		$ 49,319,475
			Total Short-Term Investments (cost $49,319,475)				49,319,475
			Total Investments (cost $1,462,434,732) – 136.7%				1,573,797,655
			Borrowings – (37.1)% (7), (8)				(427,000,000		)
			Other Assets Less Liabilities – 0.4% (9)				4,078,175
			Net Assets Applicable to Common Shares – 100%				$1,150,875,830

Investments in Derivatives at October 31, 2012

Interest Rate Swaps outstanding:

				Fund										Fixed Rate							Unrealized
		Notional		Pay/Receive										Payment				Termination			Appreciation
Counterparty		Amount		Floating Rate	Floating Rate Index					Fixed Rate*				Frequency				Date			(Depreciation) (9)
JPMorgan		$ 77,200,000		Receive	1-Month USD-LIBOR					1.193%				Monthly				3/21/14			$ (1,206,955)
Morgan Stanley		77,200,000		Receive	1-Month USD-LIBOR					2.064				Monthly				3/21/16			(4,529,325)
																					$ (5,736,280)
* Annualized.

	Fair Value Measurements

	Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels. Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 - Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

							Level 1				Level 2						Level 3					Total
	Long-Term Investments*:
	$25 Par (or similar) Preferred Securities						$	557,141,487			$	122,909,555					$		—			$		680,051,042
	Corporate Bonds						—				167,824,362						—					167,824,362
	Capital Preferred Securities						—				652,414,672						—					652,414,672
	Convertible Preferred Securities						—				3,278,250						—					3,278,250
	Investment Companies						20,909,854				—						—					20,909,854
	Short-Term Investments:
	Repurchase Agreements						—				49,319,475						—					49,319,475
	Derivatives:
	Interest Rate Swaps**						—				(5,736,280					)	—					(5,736,280				)
	Total						$	578,051,341			$	990,010,034					$		—			$		1,568,061,375

	* Refer to the Fund’s Portfolio of Investments for industry classifications and breakdown of $25 Par (or similar) Preferred Securities classified as Level 2.
	** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

	The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team. The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities. For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees. Derivative Instruments and Hedging Activities The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The following table presents the fair value of all derivative instruments held by the Fund as of October 31, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

									Location on the Statement of Assets and Liabilities
	Underlying					Derivative			Asset Derivatives											Liability Derivatives
	Risk Exposure					Instrument			Location				Value							Location			Value
	Interest Rate					Swaps			—				$		—					Unrealized depreciation on interest rate swaps			$		(5,736,280)

	Income Tax Information

	The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to recognition of premium amortization, 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 October 31, 2012, the cost of investments (excluding investments in derivatives) was $1,459,107,266.

	Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at October 31, 2012, were as follows:


	Gross unrealized:
	Appreciation																						$		125,409,745
	Depreciation																						(10,719,356			)

	Net unrealized appreciation (depreciation) of investments																						$		114,690,389


			For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

	(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

	(3)		For fair value measurement disclosure purposes, $25 Par (or similar) Preferred Securities categorized as Level 2.

	(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

	(5)		Perpetual security. Maturity date is not applicable.

	(6)		Principal Amount (000) rounds to less than $1,000.

	(7)		Borrowings as a percentage of Total Investments is 27.1%.

	(8)		The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of the end of the reporting period, investments with a value of $964,264,235 have been pledged as collateral for Borrowings.

	(9)		Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at the end of the reporting period.

	N/A		Not applicable.

	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.

	PPLUS		PreferredPlus Trust.

	USD-LIBOR		United States Dollar—London Inter-Bank Offered Rate.

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/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

Date: December 28, 2012

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: December 28, 2012

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

Date: December 28, 2012