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:    9/30/2007   

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, 2007

Shares				Description (1)		Coupon				Ratings(2)		Value
				$25 Par (or similar) Preferred Securities – 84.4% (56.1% of Total Investments)
				Capital Markets – 6.4%
	68,324			Bear Stearns Capital Trust III		7.800%				A2		$	1,720,398
	19,200			BNY Capital Trust IV, Series E		6.875%				Aa3			472,128
	38,493			BNY Capital Trust V, Series F		5.950%				Aa3			878,795
	399,525			Compass Capital Trust III		7.350%				A2			9,884,249
	28,800			CSFB USA, Series 2002-10 (SATURNS)		7.000%				Aa1			709,632
	1,301,600			Deutsche Bank Capital Funding Trust II		6.550%				Aa3			31,043,160
	9,900			Goldman Sachs Capital I (CORTS)		6.000%				A1			216,810
	9,500			Goldman Sachs Capital I, Series A (CORTS)		6.000%				A1			208,145
	4,800			Goldman Sachs Group Inc. (SATURNS)		5.750%				AA-			102,192
	4,200			Goldman Sachs Group Inc., Series 2003-11 (SATURNS)		5.625%				Aa3			87,654
	24,900			Goldman Sachs Group Inc., Series 2004-04 (SATURNS)		6.000%				A1			548,049
	4,600			Goldman Sachs Group Inc., Series 2004-06 (SATURNS)		6.000%				A1			100,694
	4,300			Goldman Sachs Group Inc., Series 2004-4 (CORTS)		6.000%				A1			92,493
	16,800			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)		6.000%				A1			364,224
	8,900			Goldman Sachs Group Inc., Series GSC-4 Class A (PPLUS)		6.000%				A1			194,732
	14,500			Goldman Sachs Group Inc., Series GSG-1 (PPLUS)		6.000%				AA-			320,015
	7,400			Goldman Sachs Group Inc., Series GSG-2 (PPLUS)		5.750%				AA-			155,696
	228,000			Lehman Brothers Holdings Capital Trust III, Series K		6.375%				A2			5,127,720
	103,600			Lehman Brothers Holdings Capital Trust IV, Series L		6.375%				A2			2,380,728
	56,200			Lehman Brothers Holdings Capital Trust V, Series M		6.000%				A2			1,219,540
	197,781			Merrill Lynch Preferred Capital Trust III		7.000%				A1			4,885,191
	144,200			Merrill Lynch Preferred Capital Trust IV		7.120%				A1			3,594,906
	253,200			Merrill Lynch Preferred Capital Trust V		7.280%				A1			6,304,680
	408,864			Morgan Stanley Capital Trust III		6.250%				A1			9,371,163
	251,357			Morgan Stanley Capital Trust IV		6.250%				A1			5,710,831
	9,800			Morgan Stanley Capital Trust V		5.750%				A+			209,230
	500,400			Morgan Stanley Capital Trust VI		6.600%				A1			11,759,400
	124,897			Morgan Stanley Capital Trust VII		6.600%				A2			2,862,639
				Total Capital Markets									100,525,094
				Commercial Banks – 12.1%
	107,100			ABN AMRO Capital Fund Trust V		5.900%				A1			2,296,224
	161,360			ASBC Capital I		7.625%				A3			4,017,864
	3,800			BAC Capital Trust V		6.000%				Aa3			85,728
	3,000			BAC Capital Trust VIII		6.000%				Aa2			67,680
	141,300			BAC Capital Trust X		6.250%				Aa2			3,286,638
	113,457			Banco Santander Series 144A		6.800%				Aa3			2,634,335
	77,879			Banco Santander, 144A		6.500%				A			1,803,389
	82,334			Banco Santander		6.410%				Aa3			1,826,991
	18,600			BancorpSouth Capital Trust I		8.150%				Baa1			467,604
	731,000			Banesto Holdings, Series A, 144A		10.500%				A1			22,044,255
	204,700			Bank One Capital Trust VI		7.200%				Aa3			5,133,876
	100,000			Barclays Bank PLC		7.100%				Aa3			2,500,000
	27,412			Barclays Bank PLC, (3)		6.625%				Aa3			663,096
	1,000,000			BNP Paribas		7.195%				AA-			997,651
	405,600			Capital One Capital II Corporation		7.500%				Baa1			9,993,984
	481,100			Citizens Funding Trust I		7.500%				Baa2			11,301,039
	225,500			Cobank ABC, 144A, (3)		7.000%				A			11,079,492
	374,795			HSBC Finance Corporation		6.875%				AA-			9,294,916
	51,398			KeyCorp Capital Trust IX		6.750%				A3			1,209,395
	2,200			KeyCorp Capital VI		6.125%				A3			48,092
	60,162			KeyCorp Capital VIII		7.000%				A3			1,470,961
	1,138,400			National City Capital Trust II		6.625%				A3			24,077,160
	112,000			National City Capital Trust IV		8.000%				A2			2,811,760
	1,800			National Westminster Bank PLC		7.760%				Aa3			45,900
	289,600			PFCI Capital Corporation		7.750%				A-			7,629,164
	4,100			PNC Capital Trust		6.125%				A2			92,988
	94,900			Royal Bank of Scotland Group PLC		6.600%				Aa3			2,215,915
	598,076			Royal Bank of Scotland Group PLC, Series N		6.350%				Aa3			13,426,806
	180,000			Royal Bank of Scotland Group PLC, Series T		7.250%				Aa3			4,518,000
	2,500			SunAmerica CORTS		6.700%				AA			60,975
	2,100			USB Capital Trust VI		5.750%				Aa3			44,478
	9,000			USB Capital Trust VII		5.875%				Aa3			194,580
	522,050			USB Capital Trust XI		6.600%				Aa3			12,257,734
	83,070			VNB Capital Trust I		7.750%				A3			2,084,226
	9,715			Wachovia Capital Trust IX		6.375%				A1			224,125
	179,416			Wachovia Trust IV		6.375%				A1			4,191,158
	309,000			Wells Fargo Capital Trust V		7.000%				Aa2			7,697,190
	34,481			Wells Fargo Capital Trust VII		5.850%				Aa2			782,719
	578,650			Zions Capital Trust B		8.000%				BBB-			14,564,621
				Total Commercial Banks									189,142,709
				Computers & Peripherals – 0.0%
	7,200			IBM Corporation, Class A (CORTS)		5.625%				A+			163,512
	11,310			IBM Inc., Trust Certificates, Series 2001-2		7.100%				A+			282,354
	1,500			IBM Trust VI (CORTS)		6.375%				A+			36,360
				Total Computers & Peripherals									482,226
				Consumer Finance – 0.0%
	12,718			SLM Corporation		6.000%				BBB+			225,745
				Diversified Financial Services – 10.5%
	493,960			BAC Capital Trust XII		6.875%				Aa3			12,447,792
	565,725			Citigroup Capital Trust VIII		6.950%				Aa2			13,854,605
	6,100			Citigroup Capital Trust IX		6.000%				Aa2			139,507
	7,400			Citigroup Capital X		6.100%				Aa2			171,162
	10,300			Citigroup Capital Trust XI		6.000%				Aa2			235,149
	188,975			Citigroup Capital XIV		6.875%				Aa2			4,705,478
	847,588			Citigroup Capital XV		6.500%				Aa3			19,935,270
	29,000			Citigroup Capital XVI		6.450%				Aa2			678,890
	29,400			Citigroup Capital XVII		6.350%				Aa2			674,730
	116,000			Citigroup Capital XIX		7.250%				Aa2			2,968,440
	1,248,400			Deutsche Bank Capital Funding Trust VIII		6.375%				A			28,650,780
	131,912			General Electric Capital Corporation		6.450%				AAA			3,376,947
	11,200			General Electric Capital Corporation		6.100%				AAA			274,736
	1,523,600			ING Group N.V.		7.200%				A1			37,099,660
	1,445,555			ING Group N.V.		7.050%				A			34,953,520
	2,700			ING Group N.V.		6.200%				A1			58,347
	5,600			JPMorgan Chase Capital Trust XIV		6.200%				Aa3			129,696
	166,700			Merrill Lynch Capital Trust I		6.450%				A1			3,820,764
				Total Diversified Financial Services									164,175,473
				Diversified Telecommunication Services – 0.4%
	87,100			AT&T Inc.		6.375%				A			2,074,722
	17,500			BellSouth Capital Funding (CORTS)		7.120%				A			376,250
	43,200			BellSouth Corporation (CORTS)		7.000%				A			1,017,900
	28,800			Verizon Communications (CORTS)		7.625%				A			727,200
	7,700			Verizon Communications (CORTS)		7.375%				A			195,734
	22,100			Verizon New England Inc., Series B		7.000%				A3			549,185
				Total Diversified Telecommunication Services									4,940,991
				Electric Utilities – 3.4%
	27,400			DTE Energy Trust I		7.800%				Baa3			695,686
	4,200			Entergy Arkansas Inc.		6.700%				AAA			105,294
	57,650			Entergy Louisiana LLC		7.600%				A-			1,442,403
	1,299,100			Entergy Mississippi Inc.		7.250%				A-			32,646,383
	108,392			FPL Group Capital Inc.		6.600%				A3			2,616,583
	7,700			National Rural Utilities Cooperative Finance Corporation		6.100%				A3			174,405
	25,600			National Rural Utilities Cooperative Finance Corporation		5.950%				A3			588,288
	3,400			PPL Capital Funding, Inc.		6.850%				Baa2			80,920
	336,800			PPL Energy Supply LLC		7.000%				BBB			8,302,120
	265,500			Virginia Power Capital Trust		7.375%				Baa2			6,661,395
				Total Electric Utilities									53,313,477
				Food Products – 0.5%
	56,900			Dairy Farmers of America Inc., 144A, (3)		7.875%				BBB-			5,951,387
				Household Durables – 0.6%
	489,240			Pulte Homes Inc.		7.375%				BBB-			9,784,800
				Insurance – 19.8%
	1,214,900			Ace Ltd., Series C		7.800%				BBB			31,052,844
	73,618			Aegon N.V.		6.875%				A-			1,757,262
	2,334,600			Aegon N.V., (3)		6.375%				A-			51,944,850
	20,933			AMBAC Financial Group Inc.		5.950%				AA			465,759
	989,183			Arch Capital Group Limited		8.000%				BBB-			25,273,626
	8,900			Arch Capital Group Limited, Series B		7.875%				BBB-			222,945
	711,146			Berkley WR Corporation, Capital Trust II		6.750%				BBB-			16,633,705
	479,357			Delphi Financial Group, Inc.		8.000%				BBB+			12,237,984
	419,600			Delphi Financial Group, Inc.		7.376%				BBB-			9,776,680
	1,702,521			EverestRe Group Limited		7.850%				Baa1			42,818,403
	62,400			Financial Security Assurance Holdings		6.875%				AA			1,546,272
	709,500			Financial Security Assurance Holdings		6.250%				AA			16,134,030
	54,300			Lincoln National Capital Trust VI		6.750%				A-			1,308,630
	13,700			Lincoln National Corporation		6.750%				A-			330,444
	531,600			Markel Corporation		7.500%				BBB-			13,385,688
	651,620			PartnerRe Limited, Series C		6.750%				BBB+			15,052,422
	27,400			PartnerRe Limited, Series D		6.500%				BBB+			606,362
	109,000			PLC Capital Trust III		7.500%				BBB+			2,705,380
	455,740			PLC Capital Trust IV		7.250%				BBB+			11,243,106
	22,300			PLC Capital Trust V		6.125%				BBB+			488,370
	20,900,000			Progressive Corporation		6.700%				A2			20,312,376
	122,700			Protective Life Corporation		7.250%				BBB			3,030,690
	7,800			Prudential Financial Inc. (CORTS)		6.000%				A+			169,338
	223,300			Prudential PLC		6.750%				A			5,359,200
	343,300			RenaissanceRe Holdings Limited		6.600%				BBB			7,267,661
	145,800			RenaissanceRe Holdings Limited, Series B		7.300%				BBB			3,468,582
	3,000			RenaissanceRe Holdings Limited, Series C		6.080%				BBB+			60,420
	607,617			XL Capital Ltd, Series B		7.625%				Baa1			15,087,130
				Total Insurance									309,740,159
				IT Services – 0.0%
	16,500			Vertex Industries Inc. (PPLUS)		7.625%				A			422,070
				Media – 4.9%
	178,000			CBS Corporation		7.250%				BBB			4,444,660
	685,300			CBS Corporation		6.750%				BBB			15,734,488
	100			Comcast Corporation		7.000%				BBB+			2,520
	1,369,514			Comcast Corporation		7.000%				BBB+			34,169,374
	1,200			Comcast Corporation		6.625%				BBB+			28,152
	931,840			Viacom Inc.		6.850%				BBB			22,215,066
	3,600			Walt Disney Company (CORTS)		6.875%				A2			88,740
				Total Media									76,683,000
				Oil, Gas & Consumable Fuels – 1.4%
	908,311			Nexen Inc.		7.350%				Baa3			22,707,775
				Pharmaceuticals – 0.0%
	7,600			Bristol-Myers Squibb Company (CORTS)		6.250%				A+			180,728
	7,500			Bristol-Myers Squibb Company Trust (CORTS)		6.800%				A+			183,825
				Total Pharmaceuticals									364,553
				Real Estate/Mortgage – 20.4%
	40,000			AMB Property Corporation, Series O		7.000%				Baa2			954,200
	201,379			AMB Property Corporation, Series P		6.850%				Baa2			4,750,531
	95,400			AvalonBay Communities, Inc., Series H		8.700%				BBB			2,485,170
	105,805			BRE Properties, Series C		6.750%				BBB-			2,377,438
	30,335			BRE Properties, Series D		6.750%				BBB-			673,134
	40,467			Developers Diversified Realty Corporation		7.500%				BBB-			971,208
	639,813			Developers Diversified Realty Corporation, Series G		8.000%				BBB-			16,200,065
	187,823			Developers Diversified Realty Corporation, Series H		7.375%				BBB-			4,517,143
	298,900			Duke Realty Corporation, Series L		6.600%				BBB			6,802,964
	2,200			Duke Realty Corporation, Series N		7.250%				BBB			53,790
	151,846			Duke-Weeks Realty Corporation		6.950%				BBB			3,545,604
	5,600			Duke-Weeks Realty Corporation		6.625%				BBB			127,008
	220,650			Duke-Weeks Realty Corporation, Series B		7.990%				BBB			11,087,663
	279,000			First Industrial Realty Trust, Inc., Series J		7.250%				BBB-			6,659,730
	1,828,225			HRPT Properties Trust, Series B		8.750%				BBB-			46,290,657
	71,980			HRPT Properties Trust, Series C		7.125%				BBB-			1,772,148
	175,900			Kimco Realty Corporation, Series F		6.650%				BBB+			4,151,240
	1,300			Prologis Trust, Series F		6.750%				BBB			30,264
	95,328			Prologis Trust, Series G		6.750%				BBB			2,205,890
	9,100			PS Business Parks, Inc.		6.700%				BBB-			197,015
	774,970			PS Business Parks, Inc.		7.000%				BBB-			17,436,825
	108,900			PS Business Parks, Inc., Series I		6.875%				BBB-			2,399,067
	110,700			PS Business Parks, Inc., Series K		7.950%				BBB-			2,784,105
	401,000			PS Business Parks, Inc., Series L		7.600%				BBB-			9,624,000
	6,300			PS Business Parks, Inc., Series O		7.375%				BBB-			148,641
	41,400			Public Storage, Inc.		6.750%				BBB+			939,780
	4,800			Public Storage, Inc.		7.125%				BBB+			117,360
	234,600			Public Storage, Inc., Series C		6.600%				BBB+			5,255,040
	38,600			Public Storage, Inc., Series E		6.750%				BBB+			875,448
	73,666			Public Storage, Inc., Series F		6.450%				BBB+			1,612,549
	11,830			Public Storage, Inc., Series H		6.950%				BBB+			275,994
	401,300			Public Storage, Inc., Series I		7.250%				BBB+			9,859,941
	381,020			Public Storage, Inc., Series K		7.250%				BBB+			9,296,888
	709,070			Public Storage, Inc., Series M		6.625%				BBB+			15,705,901
	148,000			Public Storage, Inc., Series V		7.500%				BBB+			3,710,360
	67,600			Public Storage, Inc., Series Y		6.850%				BBB+			1,694,225
	166,500			Realty Income Corporation		7.375%				BBB-			4,152,510
	466,397			Realty Income Corporation, Series E		6.750%				BBB-			10,960,330
	325,223			Regency Centers Corporation		7.450%				BBB-			7,951,702
	245,800			Regency Centers Corporation		7.250%				BBB-			5,990,146
	326,041			Simon Property Group, Inc., Series G		7.890%				BBB			16,256,404
	24,100			Vornado Realty Trust, Series F		6.750%				BBB-			536,466
	213,940			Vornado Realty Trust, Series G		6.625%				BBB-			4,787,977
	122,800			Vornado Realty Trust, Series H		6.750%				BBB-			2,758,088
	220,250			Vornado Realty Trust, Series I		6.625%				BBB-			4,889,550
	2,296,200			Wachovia Preferred Funding Corporation		7.250%				A2			59,793,048
	158,600			Weingarten Realty Trust, Series E		6.950%				A-			3,881,735
				Total Real Estate/Mortgage									319,546,942
				Thrifts & Mortgage Finance – 2.5%
	971,765			Countrywide Capital Trust IV		6.750%				BBB+			18,706,476
	1,072,275			Countrywide Capital Trust V		7.000%				BBB+			20,641,294
	17,700			Harris Preferred Capital Corporation, Series A		7.375%				A1			440,907
				Total Thrifts & Mortgage Finance									39,788,677
				Wireless Telecommunication Services – 1.5%
	939,840			United States Cellular Corporation		8.750%				A-			23,749,757
				Total $25 Par (or similar) Preferred Securities (cost $1,380,687,060)									1,321,544,835

Principal
Amount (000)				Description (1)		Coupon		Maturity		Ratings(2)		Value
				Corporate Bonds – 0.6% (0.3% of Total Investments)
				Commercial Banks – 0.6%
$	5,000			Credit Agricole SA		6.637%		5/29/49		Aa3		$	4,705,795
	4,400			Swedbank ForengingsSparbanken AB, 144A		7.500%		9/27/49		Aa2			4,611,028
	9,400			Total Commercial Banks									9,316,823
$	9,400			Total Corporate Bonds (cost $9,684,036)									9,316,823

Principal
Amount (000)/
Shares				Description (1)		Coupon		Maturity		Ratings(2)		Value
				Capital Preferred Securities – 58.6% (39.0% of Total Investments)
				Capital Markets – 6.6%
	1,465			Bank of New York Capital I, Series B		7.970%		12/31/26		Aa3		$	1,523,380
	5,000			C.A. Preferred Fund Trust II		7.000%		10/30/49		A1			4,938,180
	13,600			C.A. Preferred Funding Trust		7.000%		1/30/49		A1			13,398,543
	21,190			Dresdner Funding Trust I, 144A		8.151%		6/30/31		A1			23,046,456
	5,050			First Hawaiian Capital Trust I, Series B		8.343%		7/01/27		A-			5,260,661
	17,095			First Union Capital Trust II, Series A		7.950%		11/15/29		A1			19,191,787
	10,000			Mizuho JGB Investment		9.870%		6/30/48		A1			10,265,000
	3,600			MUFG Capital Finance 2		4.850%		7/25/56		BBB+			4,546,259
	19,800			UBS Preferred Funding Trust I		8.622%		10/29/49		Aa2			21,518,264
				Total Capital Markets									103,688,530
				Commercial Banks – 32.5%
	10,000			AB Svensk Exportkredit, 144A		6.375%		10/27/49		AA-			9,913,560
	38,350			Abbey National Capital Trust I		8.963%		6/30/50		A+			46,933,842
	29,000			AgFirst Farm Credit Bank		8.393%		12/15/16		A-			31,311,387
	7,100			AgFirst Farm Credit Bank		7.300%		12/15/53		A-			7,000,295
	6,500			Bank One Capital III		8.750%		9/01/30		Aa3			7,777,361
	4,300			BankAmerica Institutional Capital Trust, Series B, 144A		7.700%		12/31/26		Aa2			4,462,540
	5,000			BanPonce Trust I, Series A		8.327%		2/01/27		A3			5,208,150
	36,000			Barclays Bank PLC, 144A		8.550%		6/15/49		Aa3			38,956,824
	1,000			Barclays Bank PLC		7.434%		12/15/57		Aa3			1,064,591
	6,900			BBVA International Perferred SA, Unipersonal		5.919%		10/18/49		Aa3			6,185,402
	5,000			Capital One Capital III Corporation		7.686%		8/15/36		Baa1			4,926,820
	6,920			Capital One Capital IV Corporation		6.745%		2/17/37		Baa1			6,188,217
	15,000			CBG Florida REIT Corporation		7.114%		11/15/49		Baa3			14,498,490
	2,000			Corestates Capital Trust I, 144A		8.000%		12/15/26		A+			2,072,472
	3,700			DBS Capital Funding Corporation, 144A		7.657%		3/15/49		Aa3			3,973,215
	11,700			Den Norske Bank, 144A		7.729%		6/29/49		Aa3			12,385,374
	1,500			First Empire Capital Trust I		8.234%		2/01/27		A3			1,564,475
	1,500			First Midwest Bancorp Inc.		6.950%		12/01/33		Baa1			1,554,690
	6,310			HBOS Capital Funding LP, Notes		6.850%		3/23/49		A1			6,026,605
	24,200			HBOS PLC, Series 144A		6.413%		4/01/49		A1			21,487,712
	2,400			HSBC Capital Funding LP, 144A		9.547%		12/31/49		A1			2,633,273
	6,250			HSBC Capital Funding LP, Debt		10.176%		6/30/50		A1			8,390,888
	6,000			HT1 Funding, GmbH		6.352%		6/30/57		A-			8,362,545
	32,000			KBC Bank Fund Trust III, 144A		9.860%		5/02/50		A1			35,086,368
	8,000			KeyCorp Capital III		7.750%		7/15/29		A3			8,670,944
	13,500			Lloyds TSB Bank PLC, Subordinated Note		6.900%		11/22/49		Aa2			13,466,736
	14,000			Mizuho Financial Group		8.375%		4/27/49		Aa3			14,586,404
	14,000			Nordbanken AB, 144A		8.950%		11/29/49		Aa3			14,993,552
	8,000			North Fork Capital Trust II		8.000%		12/15/27		Baa1			8,345,056
	7,000			Northgroup Preferred Capital Corporation, 144A		6.378%		10/15/57		A1			6,521,214
	2,000			Popular North American Capital Trust I		6.564%		9/15/34		A3			1,710,820
	8,000			Reliance Capital Trust I, Series B		8.170%		5/01/28		N/R			8,439,168
	17,500			Royal Bank of Scotland Group PLC		9.118%		3/31/49		Aa3			18,748,748
	3,300			Royal Bank of Scotland Group PLC, Series U WI/DD		7.640%		3/31/49		Aa3			3,448,500
	22,700			Shinsei Finance II Cayman Limited, Perpetual Maturity, 144A		7.160%		7/25/49		Baa2			20,217,188
	5,000			Sparebanken Rogaland, Notes, 144A		6.443%		5/01/49		A2			4,858,930
	6,900			Standard Chartered PLC, 144A		7.014%		1/30/58		BBB+			6,569,945
	5,000			Suntrust Capital VIII		6.100%		12/15/36		A1			4,550,350
	13,600			Swedbank ForeningsSparbanken AB, 144A		9.000%		9/17/50		Aa3			14,691,250
	9,000			Unicredito Italiano Capital Trust, 144A		9.200%		4/05/51		A1			9,842,517
	1,500			Union Bank of Norway		7.068%		11/19/49		A2			2,270,276
	– (4)			Union Planters Preferred Fund, 144A		7.750%		7/15/53		A2			26,272,500
	36,700			Washington Mutual Preferred Funding Cayman, Series A-1, 144A		7.250%		3/15/49		Baa1			32,657,495
				Total Commercial Banks									508,826,689
				Diversified Financial Services – 3.9%
	1,000			BNP Paribas Capital Trust, 144A		9.003%		12/29/49		AA-			1,102,269
	6,800			Fulton Capital Trust I		6.290%		2/01/36		A3			6,412,176
	15,300			JPMorgan Chase Capital Trust XVIII		6.950%		8/17/36		Aa3			15,086,458
	13,400			MBNA Corporation, Capital Trust A		8.278%		12/01/26		Aa2			13,947,966
	4,594			MM Community Funding Trust I Limited		8.030%		6/15/31		Aaa			5,007,642
	19,300			Old Mutual Capital Funding, Notes		8.000%		6/22/53		Baa2			19,635,820
				Total Diversified Financial Services									61,192,331
				Diversified Telecommunication Services – 2.1%
	30			Centaur Funding Corporation, Series B, 144A		9.080%		4/21/20		BBB			33,672,031
				Insurance – 10.2%
	14,280			Ace Capital Trust II		9.700%		4/01/30		Baa1			18,590,504
	28,000			American General Institutional Capital, 144A		8.125%		3/15/46		Aa3			33,200,160
	12,900			AXA SA, 144A		6.463%		12/14/49		BBB+			11,939,079
	10,700			AXA-UAP		8.600%		12/15/30		A-			12,769,680
	9,600			Great West Life and Annuity Insurance Company		7.153%		5/16/46		A-			9,883,392
	1,000			Liberty Mutual Group		7.800%		3/15/37		Baa3			975,957
	5,500			MetLife Inc.		6.400%		12/15/66		BBB+			5,246,417
	1,200			Nationwide Financial Services Capital Trust		7.899%		3/01/37		Baa1			1,331,520
	6,400			Nationwide Financial Services Inc.		6.750%		5/15/67		Baa1			6,190,483
	12,300			Oil Insurance Limited, 144A		7.558%		12/30/49		Baa1			12,573,097
	2,850			Prudential PLC		6.500%		6/29/49		A			2,688,439
	18,100			QBE Capital Funding Trust II, 144A		6.797%		6/01/49		BBB			17,779,232
	28,900			XL Capital, Limited		6.500%		10/15/57		BBB			27,040,025
				Total Insurance									160,207,985
				Oil, Gas & Consumable Fuels – 0.7%
	10,750			KN Capital Trust III		7.630%		4/15/28		B1			9,675,505
				Road & Rail – 0.8%
	14,400			Burlington Northern Santa Fe Funding Trust I		6.613%		12/15/55		BBB			13,023,965
				Thrifts & Mortgage Finance – 1.8%
	12,811			Countrywide Capital Trust III, Series B		8.050%		6/15/27		BBB+			11,128,595
	1,300			MM Community Funding Trust I Limited		9.480%		6/15/31		Baa2			1,421,875
	18,100			Washington Mutual Preferred Funding Trust II		6.665%		3/15/57		Baa1			15,624,445
				Total Thrifts & Mortgage Finance									28,174,915
				Total Capital Preferred Securities (cost $953,807,350)									918,461,951

Shares				Description (1)								Value
				Investment Companies – 5.1% (3.4% of Total Investments)
	306,317			Blackrock Preferred and Corporate Income Strategies Fund								$	5,519,831
	985,208			Blackrock Preferred Income Strategies Fund									17,388,920
	344,171			Blackrock Preferred Opportunity Trust									7,114,014
	1,217,312			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.									22,179,424
	291,898			Flaherty and Crumrine/Claymore Total Return Fund Inc.									5,429,303
	884,701			John Hancock Preferred Income Fund III									17,835,572
	90,920			John Hancock Preferred Income Fund II									2,002,968
	107,237			John Hancock Preferred Income Fund									2,373,155
				Total Investment Companies (cost $87,385,912)									79,843,187

Principal
Amount (000)				Description (1)		Coupon		Maturity				Value
				Short-Term Investments – 1.7% (1.2% of Total Investments)
$	27,181			Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/28/07, repurchase price $27,189,371, collateralized by $20,000,000 U.S. Treasury Bonds, 8.750%, due 8/15/20, value $27,725,000		3.750%		10/01/07				$	27,180,877
				Total Short-Term Investments (cost $27,180,877)									27,180,877
				Total Investments (cost $2,458,745,235) – 150.4%									2,356,347,673
				Other Assets Less Liabilities – 0.7%									10,320,246
				Preferred Shares, at Liquidation Value – (51.1)%									(800,000,000	)
				Net Assets Applicable to Common Shares – 100%								$	1,566,667,919

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

3.375%

Monthly

11/06/07

$

675,822

Citigroup Inc.

200,000,000

Receive

1-Month USD-LIBOR

3.910

Monthly

11/06/09

2,817,045

$

3,492,867

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)		Investment is eligible for the Dividends Received Deduction.
(4)		Principal Amount rounds to less than $1,000.
N/R		Not rated.
WI/DD		Purchased on a when-issued or delayed delivery basis.
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.

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.

At September 30, 2007, the cost of investments was $2,464,045,578.

Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2007, were as follows:

Gross unrealized:
Appreciation		$	22,118,736
Depreciation			(129,816,641	)
Net unrealized appreciation (depreciation) of investments		$	(107,697,905	)

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 29, 2007

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 29, 2007

Date November 29, 2007