Nuveen Quality Preferred Income Fund 2

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:          03/31/05         

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)
March 31, 2005

Ratings*

Market

Shares

Description(1)

Coupon

Moody's

S&P

Value

$25 PAR (or similar) SECURITIES - 69.8% (49.2% of Total Investments)

Auto Components - 0.1%

 

136,022

Delphi Trust I  

8.250%

Ba3

B+

$    2,530,009

Automobiles - 0.1%

 

2,300

Daimler Chrysler, Series DCX (CORTS)

7.500%

A3

BBB

56,672

2,400

Daimler Chrysler, Series DCX (CORTS)

8.250%

A3

BBB

60,000

3,000

Daimler Chrysler, Series DCX (CORTS)

6.875%

A3

BBB

75,150

3,400

Daimler Chrysler AG (CORTS)

7.875%

A3

BBB

85,476

23,300

Daimler Chrysler Corp. (PPLUS)

7.250%

A3

BBB

589,490

14,500

Ford Motor Company

0.000%

Baa1

BBB-

344,520

38,000

Ford Motor Company, Series F (CORTS)

8.000%

Baa1

BBB-

927,580

Capital Markets - 5.4%

 

339,000

BCH Capital Ltd., Series B

9.430%

A2

BBB+

8,624,160

101,400

Bear Stearns Capital Trust III

7.800%

A2

BBB

2,634,372

19,300

BNY Capital Trust IV, Series E

6.875%

A1

A-

486,167

46,800

BNY Capital Trust V, Series F

5.950%

A1

A-

1,146,600

304,100

BSCH Finance Ltd., Series Q

8.625%

A2

BBB+

7,769,755

383,825

Compass Capital Trust III

7.350%

A3

BBB-

9,914,200

25,800

CSFB USA, Series 2002-10 (SATURNS)

7.000%

Aa3

A+

673,380

63,300

First Union Capital II, Series II (CORTS)

7.500%

A1

BBB+

1,633,140

31,300

First Union Institutional Capital II (CORTS)

8.200%

A1

BBB+

880,939

366,000

JPMorgan Chase Capital Trust IX, Series I

7.500%

A1

A-

9,519,660

323,400

Lehman Brothers Holdings Capital Trust III, Series K

6.375%

A2

BBB+

7,945,938

102,900

Lehman Brothers Holdings Capital Trust IV, Series L

6.375%

A2

BBB+

2,532,369

37,800

Lehman Brothers Holdings Capital Trust V, Series M

6.000%

A2

BBB+

910,980

42,000

Lehman Brothers Holdings Inc., Series C (a)

5.940%

NR

BBB+

2,184,000

176,100

Merrill Lynch Capital Trust

7.000%

A1

A-

4,525,770

103,500

Merrill Lynch Preferred Capital Trust

7.750%

A1

A-

2,704,455

89,500

Merrill Lynch Preferred Capital Trust IV

7.120%

A1

A-

2,313,575

152,800

Merrill Lynch Preferred Capital Trust V

7.280%

A1

A-

4,011,000

53,700

Morgan Stanley (PPLUS)

7.050%

Aa3

A+

1,358,610

166,508

Morgan Stanley Capital Trust II

7.250%

A1

A-

4,297,571

457,500

Morgan Stanley Capital Trust III

6.250%

A1

A-

11,249,925

380,000

Morgan Stanley Capital Trust IV

6.250%

A1

A-

9,359,400

21,300

Morgan Stanley Capital Trust V

5.750%

A1

A+

489,474

2,000

PreferredPlus Trust, Series GSG-1

6.000%

Aa3

A+

47,200

17,000

Safeco Capital Trust I (CORTS)

8.750%

Baa2

BBB-

501,585

3,000

UBS Preferred Funding Trust III

7.250%

A1

AA-

77,100

Commercial Banks - 8.3%

 

119,000

ABN AMRO Capital Fund Trust V

5.900%

A2

A

2,817,920

152,060

ASBC Capital I

7.625%

Baa1

BBB-

3,983,972

135,900

BAC Capital Trust I

7.000%

Aa3

A

3,492,630

168,500

BAC Capital Trust II

7.000%

Aa3

A

4,352,355

218,300

BAC Capital Trust III  

7.000%

Aa3

A

5,673,617

44,100

Banco Totta & Acores Finance, Series A

8.875%

A3

NR

1,183,812

82,100

BancWest Capital I

9.500%

A3

A-

2,142,810

731,000

Banesto Holdings, Series A, 144A

10.500%

A2

NR

22,295,500

85,800

Bank One Capital II

8.500%

A1

A-

2,198,196

198,500

Bank One Capital Trust VI

7.200%

A1

A-

5,141,150

47,400

Bank One Capital V

8.000%

A1

A-

1,232,400

57,900

BankNorth Capital Trust II

8.000%

A3

BB+

1,503,663

121,500

Chittenden Capital Trust I

8.000%

Baa1

BB+

3,156,570

225,500

Cobank ABC, 144A (a)

7.000%

NR

NR

12,050,946

245,500

Comerical Capital Trust I

7.600%

A3

BBB+

6,297,075

35,400

KeyCorp (PCARS)

7.500%

A3

NR

934,914

32,100

KeyCorp, Series 2001-7 (CORTS)

7.750%

A3

BBB

825,291

91,300

KeyCorp, Series B (CORTS)

8.250%

A3

BBB

2,384,756

242,700

National Commerce Capital Trust II

7.700%

A1

A-

6,312,627

112,200

National Westminster Bank plc, Series A

7.875%

Aa2

A+

2,881,296

40,100

Regions Finance Trust I

8.000%

A2

BBB+

1,030,971

139,600

SunTrust Capital Trust IV

7.125%

A1

A-

3,554,216

110,200

SunTrust Capital Trust V

7.050%

A1

A-

2,817,814

684,000

USB Capital Trust III

7.750%

Aa3

A-

17,818,200

247,200

USB Capital Trust IV

7.350%

Aa3

A-

6,439,560

116,800

USB Capital Trust V

7.250%

Aa3

A-

2,990,080

90,900

VNB Capital Trust I

7.750%

Baa1

BBB

2,352,492

42,400

Washington Mutual Capital Trust I, Series 2001-22, Class A-1 (CORTS)

7.650%

Baa1

BBB

1,094,344

14,900

Wells Fargo Capital Trust IX

5.625%

Aa2

A

349,256

26,900

Wells Fargo Capital Trust IV

7.000%

Aa2

A

692,675

195,200

Wells Fargo Capital Trust V

7.000%

Aa2

A

4,997,120

40,100

Wells Fargo Capital Trust VI

6.950%

Aa2

A-

1,023,352

21,800

Wells Fargo Capital Trust VII

5.850%

Aa2

A

527,124

539,200

Zions Capital Trust B

8.000%

Baa1

BB+

14,240,272

Computers & Peripherals - 0.0%

 

4,400

IBM Inc. (CORTS)

7.125%

A1

A+

114,532

Consumer Finance - 2.2%

 

528,700

Household Capital Trust V, Series X

10.000%

A2

BBB+

13,376,110

620,196

Household Capital Trust VI

8.250%

A2

BBB+

16,205,721

66,100

Household Capital Trust VII

7.500%

A2

BBB+

1,718,600

360,600

HSBC Finance Corporation

6.875%

A1

A

9,418,872

Diversified Financial Services - 7.2%

 

75,800

BBVA Preferred Capital Ltd., Series B

7.750%

A1

A-

1,940,480

73,800

Chase Capital Trust VIII, Series H

8.300%

A1

A-

1,895,184

34,600

CIT Group Incorporated (CORTS)

7.750%

A3

BBB+

943,888

1,800

Citigroup Capital Trust IX

6.000%

Aa2

A

43,902

375,900

Citigroup Capital Trust VII

7.125%

Aa2

A

9,690,702

444,900

Citigroup Capital Trust VIII

6.950%

Aa2

A

11,389,440

36,900

Citigroup Inc., Series H (a)

6.231%

Aa3

NR

1,909,575

39,000

Citigroup Inc., Series M (a)

5.864%

Aa3

A

2,047,500

300,000

General Electric Capital Corporation

6.100%

Aaa

AAA

7,572,000

199,700

General Electric Capital Corporation

6.625%

Aaa

AAA

5,154,257

3,600

Goldman Sachs Capital I (CORTS)

6.000%

A1

A-

83,700

63,600

ING Capital Funding Trust II

9.200%

A2

A-

1,612,260

1,415,455

ING Group NV

7.050%

NR

A-

36,320,575

1,510,100

ING Group NV

7.200%

A2

A-

39,020,984

11,000

ING Group NV

6.200%

A2

A-

271,150

5,800

JP Morgan Chase Capital XII Trust

6.250%

A1

A-

144,130

89,600

JPM Capital Trust (CORTS)

7.200%

A2

A-

2,290,176

3,000

JPMorgan Chase & Company (PCARS)

7.125%

A2

A-

77,115

10,600

JPM Capital Trust I, Series 2001-1, Class A-1 (CORTS)

7.850%

A1

A-

273,745

154,500

JPMorgan Chase Capital Trust X

7.000%

A1

NR

3,986,100

11,000

JPMorgan Chase Capital Trust XI

5.875%

A1

A-

259,050

51,200

JPMorgan Chase Trust, Series 2002-6, Class A (SATURNS)

7.125%

A1

A-

1,314,304

117,500

Merrill Lynch Capital Trust II

8.000%

A1

A-

3,111,400

Diversified Telecommunication Services - 0.3%

 

18,800

BellSouth Corporation

7.125%

Aa2

A

487,860

2,300

BellSouth Capital Funding (CORTS)

7.100%

A1

A

58,926

4,800

BellSouth Corporation, Series BLS (CORTS)

7.000%

Aa2

A

124,800

11,000

BellSouth Inc. (CORTS)

7.000%

A2

A

284,900

14,100

BellSouth Telecommunications (PPLUS)

7.300%

Aa3

A

361,242

56,100

SBC Communications Inc.

7.000%

A2

A

1,428,867

30,000

Verizon Communications (CORTS)

7.625%

A2

A+

807,000

6,600

Verizon Communications (CORTS)

7.375%

A2

A+

173,250

64,900

Verizon Global Funding Corporation (SATURNS)

7.500%

A2

A+

1,734,128

5,500

Verizon New England Inc., Series B

7.000%

A2

NR

141,790

5,500

Verizon South Inc., Series F

7.000%

A2

A+

140,030

Electric Utilities - 5.0%

 

189,500

Alabama Power Company (a)

5.830%

Baa1

BBB+

4,652,225

17,200

Consolidated Edison Company of New York Inc.

7.500%

A1

A

443,072

27,400

DTE Energy Trust I

7.800%

Baa3

BB+

731,306

5,500

Entergy Arkansas Inc.

6.700%

Aaa

AAA

143,770

49,000

Entergy Louisiana Inc.

7.600%

Baa1

A-

1,278,900

1,299,000

Entergy Mississippi Inc.

7.250%

Baa2

A-

33,981,840

3,000

Georgia Power Capital Trust V

7.125%

A3

BBB+

77,400

1,500

Georgia Power Capital Trust VII

5.875%

A3

BBB+

36,540

28,800

Georgia Power Company

5.700%

Aaa

AAA

704,160

941,500

Interstate Power and Light Company, Series B (a)

8.375%

Baa3

BBB-

32,481,750

1,400

National Rural Utilities Cooperative Finance Corporation

7.400%

A3

BBB+

36,526

20,000

National Rural Utilities Cooperative Finance Corporation

6.100%

A3

BBB+

481,600

269,400

National Rural Utilities Cooperative Finance Corporation

5.950%

A3

BBB+

6,258,162

51,500

Public Service Company of Oklahoma, Series B

6.000%

Aaa

AAA

1,295,225

56,700

Tennessee Valley Authority, Series D

6.750%

Aaa

AAA

1,397,655

256,000

Virginia Power Capital Trust

7.375%

Baa1

BBB-

6,694,400

Food Products - 0.7%

 

125,000

Dairy Farmers of America Inc., 144A (a)

7.875%

Baa3

BBB-

13,140,625

Gas Utilities - 0.1%

 

53,500

AGL Capital Trust II

8.000%

Baa2

BBB

1,388,860

Health Care Providers & Services - 0.1%

 

62,900

Aetna Incorporated

8.500%

Baa1

BBB+

1,641,690

Industrial Conglomerates - 0.0%

 

5,000

General Electric Company, Series GE (CORTS)

6.800%

Aaa

AAA

127,400

Insurance - 12.8%

 

972,600

Ace Ltd., Series C  

7.800%

Baa2

BBB-

25,297,326

2,700

AMBAC Financial Group Inc.

7.000%

Aa2

AA

69,093

31,500

AMBAC Financial Group Inc.

5.950%

Aa2

AA

777,735

36,900

American General Capital III

8.050%

Aa2

AA-

942,795

473,057

Delphi Financial Group Inc.

8.000%

Baa3

BBB

12,266,368

2,639,100

EverestRe Group Limited  

7.850%

Baa1

BBB

68,616,600

43,400

Financial Security Assurance Holdings

6.875%

Aa2

AA

1,106,700

693,000

Financial Security Assurance Holdings

6.250%

Aa2

AA

17,463,600

292,400

Hartford Capital Trust III, Series C  

7.450%

Baa1

BBB

7,500,060

70,100

Hartford Life Capital Trust II, Series B

7.625%

Baa1

BBB

1,812,085

83,600

Lincoln National Capital Trust V, Series E

7.650%

Baa1

BBB

2,146,848

34,100

Lincoln National Capital Trust VI

6.750%

Baa1

BBB

861,366

24,200

MBIA Inc.

8.000%

Aa2

AA

621,940

7,500

Metlife Inc.

5.875%

A2

A

180,450

274,681

PartnerRe Limited

7.900%

A3

BBB+

7,133,466

609,120

PartnerRe Limited, Series C

6.750%

Baa1

BBB+

15,228,000

21,600

PartnerRe Limited, Series D

6.500%

Aa1

BBB+

533,520

108,700

PLC Capital Trust III

7.500%

Baa1

BBB+

2,806,634

441,940

PLC Capital Trust IV

7.250%

Baa1

BBB+

11,490,440

11,700

PLC Capital Trust V

6.125%

Baa1

BBB+

284,310

218,000

Prudential plc

6.750%

Baa1

A

5,545,920

314,260

RenaissanceRe Holdings Ltd., Series A

8.100%

Baa2

BBB+

8,195,901

142,200

RenaissanceRe Holdings Ltd., Series B

7.300%

Baa2

BBB+

3,668,760

6,200

RenaissanceRe Holdings Ltd., Series C

6.080%

Baa2

BBB+

146,320

78,900

Safeco Capital Trust I (CORTS)

8.700%

Baa2

BBB-

2,087,694

60,200

Safeco Capital Trust I, Series 2001-4 (CORTS)

8.750%

Baa2

BBB-

1,574,230

3,100

Safeco Corporation, Series 2002-5 (SATURNS)

8.250%

Baa2

BBB-

82,708

79,200

Torchmark Capital Trust I

7.750%

Baa1

A-

2,058,408

17,900

W.R. Berkley (CORTS)

8.250%

Baa3

BBB-

463,789

8,200

W.R. Berkley Capital Trust, Series 2002-1 (CBTCS)

8.125%

Baa3

BBB-

85,977

565,200

XL Capital Ltd., Series A

8.000%

Baa1

BBB+

14,921,280

546,517

XL Capital Ltd., Series B

7.625%

Baa1

BBB+

14,209,442

IT Services - 0.0%

 

6,300

Vertex Industries Inc. (PPLUS)

7.625%

A2

A+

165,060

Media - 0.1%

 

4,400

The Walt Disney Company

7.000%

Baa1

BBB+

113,520

96,300

Viacom Inc.

7.300%

A3

A-

2,445,057

Multi-Utilities & Unregulated Power - 0.4%

 

98,600

Dominion CNG Capital Trust I

7.800%

Baa1

BBB-

2,573,460

46,300

Dominion Resources Capital Trust II

8.400%

Baa2

BBB-

1,203,337

112,400

Energy East Capital Trust I

8.250%

Baa3

BBB-

2,944,880

Oil & Gas - 1.5%

 

909,511

Nexen Inc.

7.350%

Baa3

BB+

23,610,906

151,900

TransCanada Pipeline

8.250%

A3

BBB

3,919,020

Pharmaceuticals - 0.0%

 

14,600

Bristol Myers Squibb Company (CORTS)

6.250%

A1

A+

372,300

Real Estate - 19.4%

 

93,800

AvalonBay Communities, Inc., Series H

8.700%

Baa2

BBB

2,575,748

15,500

BRE Properties, Series B

8.080%

Baa3

BBB-

400,055

356,900

BRE Properties, Series C  

6.750%

Baa3

BBB-

8,833,275

183,500

BRE Properties, Series D

6.750%

Baa3

BBB-

4,416,845

1,002,995

CarrAmerica Realty Corporation, Series E

7.500%

Baa3

BBB-

25,837,151

1,100

Developers Diversified Realty Corporation

7.500%

Ba1

BBB-

27,731

103,800

Developers Diversified Realty Corporation, Series F

8.600%

Ba1

BBB-

2,728,902

489,800

Developers Diversified Realty Corporation, Series G

8.000%

Ba1

BBB-

12,651,534

115,200

Developers Diversified Realty Corporation, Series H

7.375%

Ba1

BBB-

2,899,584

296,700

Duke Realty Corporation, Series L

6.600%

Baa2

BBB

7,111,899

5,600

Duke-Weeks Realty Corporation

6.625%

Baa2

BBB

136,248

200,650

Duke-Weeks Realty Corporation, Series B

7.990%

Baa2

BBB

10,264,512

38,600

Duke-Weeks Realty Corporation, Series I

8.450%

Baa2

BBB

988,932

331,600

Equity Office Properties Trust, Series G

7.750%

Baa3

BBB

8,472,380

88,800

Equity Residential Properties Trust

9.125%

Baa2

BBB

2,262,624

40,000

Equity Residential Properties Trust, Series C

9.125%

Baa2

BBB

1,040,800

63,250

Equity Residential Properties Trust, Series D

8.600%

Baa2

BBB

1,672,963

48,924

Equity Residential Properties Trust, Series N

6.480%

Baa2

BBB

1,182,982

329,500

Federal Realty Investment Trust

8.500%

Baa3

BBB-

8,731,750

8,600

First Industrial Realty Trust, Inc., Series C

8.625%

Baa3

BBB-

491,505

16,800

Harris Preferred Capital Corporation, Series A

7.375%

A1

A

421,008

209,300

HRPT Properties Trust, Series A

9.875%

Baa3

BBB-

5,481,567

1,542,125

HRPT Properties Trust, Series B

8.750%

Baa3

BBB-

41,221,001

153,000

Kimco Realty Corporation, Series F

6.650%

Baa2

BBB+

3,825,000

147,350

New Plan Excel Realty Trust, Series D

7.800%

Baa3

BBB-

7,376,709

768,000

New Plan Excel Realty Trust, Series E

7.625%

NR

BBB-

20,075,520

1,700

Prologis Trust, Series F

6.750%

Baa2

BBB

42,245

97,728

Prologis Trust, Series G

6.750%

Baa2

BBB

2,443,200

734,970

PS Business Parks Inc.

7.000%

Ba1

BBB-

17,845,072

107,600

PS Business Parks Inc., Series I

6.875%

Ba1

BBB-

2,492,016

401,000

PS Business Parks Inc., Series L

7.600%

Ba1

BBB-

10,069,110

4,100

Public Storage Inc.

7.125%

Baa2

BBB+

104,755

6,800

Public Storage Inc.

6.125%

Baa2

BBB+

161,500

230,500

Public Storage Inc., Series C

6.600%

Baa2

BBB+

5,670,300

3,000

Public Storage Inc., Series D

6.180%

Baa2

BBB+

68,430

13,000

Public Storage Inc., Series F

9.750%

Baa2

BBB+

326,430

86,300

Public Storage Inc., Series Q

8.600%

Baa2

BBB+

2,217,910

224,595

Public Storage Inc., Series R

8.000%

Baa2

BBB+

5,796,797

43,600

Public Storage Inc., Series S

7.875%

Baa2

BBB+

1,117,468

99,565

Public Storage Inc., Series T

7.625%

Baa2

BBB+

2,539,903

100,400

Public Storage Inc., Series U

7.625%

Baa2

BBB+

2,545,140

148,000

Public Storage Inc., Series V

7.500%

Baa2

BBB+

3,793,240

4,000

Public Storage Inc., Series X

6.450%

Baa2

BBB+

96,800

32,900

Public Storage Inc., Series Z

6.250%

Baa2

BBB+

788,613

160,000

Realty Income Corporation

7.375%

Baa3

BBB-

4,166,400

302,000

Regency Centers Corporation

7.450%

Baa3

BBB-

7,595,300

154,600

Regency Centers Corporation

7.250%

Baa3

BBB-

3,888,190

34,500

Simon Property Group, Inc., Series F

8.750%

Baa2

BBB-

899,070

326,041

Simon Property Group, Inc., Series G

7.890%

Baa2

BBB

17,312,777

208,440

Vornado Realty Trust

6.625%

Baa3

BBB-

4,960,872

2,461,900

Wachovia Preferred Funding Corporation

7.250%

A2

BBB+

68,933,200

156,500

Weingarten Realty Trust, Series E

6.950%

Baa1

A-

3,976,665

Specialty Retail - 0.0%

 

22,800

Sherwin Williams Company, Series III (CORTS)

7.250%

A2

A

592,800

Thrifts & Mortgage Finance - 3.9%

 

1,200

Countrywide Capital Trust II, Series II (CORTS)

8.000%

Baa1

BBB+

31,800

1,043,000

Countrywide Capital Trust IV

6.750%

Baa1

BBB+

26,200,160

384,900

Fannie Mae (a)

0.000%

Aa3

AA-

21,386,006

70,200

Fannie Mae (a)

5.125%

Aa3

AA-

2,932,254

83,500

Fannie Mae (a)

3.780%

Aa3

AA-

4,180,845

45,000

Fannie Mae (a)

5.810%

Aa3

AA-

2,133,000

141,700

Federal Home Loan Mortgage Corporation (a)

6.000%

Aa3

AA-

7,092,085

21,700

Federal Home Loan Mortgage Corporation (a)

1.140%

Aa3

AA-

922,250

68,000

Federal Home Loan Mortgage Corporation (a)

5.100%

Aa3

AA-

2,975,000

67,600

Federal Home Loan Mortgage Corporation (a)

5.000%

Aa3

AA-

2,842,580

Wireless Telecommunication Services - 2.2%

 

157,500

Telephone and Data Systems Inc.

7.600%

Baa1

A-

4,028,850

1,318,300

United States Cellular Corporation

8.750%

Baa1

A-

35,870,943

Total $25 Par (or similar) Securities (cost $1,231,369,642)

1,267,866,055

CONVERTIBLE PREFERRED SECURITIES - 4.5% (3.2% of Total Investments)

Diversified Financial Services - 0.5%

 

210,000

Citigroup Global Markets

2.000%

Aa1

AA-

8,554,350

Electric Utilities - 0.4%

 

126,500

FPL Group Inc.

8.000%

NR

A-

7,844,265

Food & Staples Retailing - 0.6%

 

511,790

Albertson's, Inc.

7.250%

Baa2

BBB

11,576,690

Health Care Equipment & Supplies - 0.4%

 

128,600

Baxter International Inc.

7.000%

Baa1

NR

6,925,110

Insurance - 0.2%

 

118,000

XL Capital Ltd.

6.500%

A2

A

2,826,100

Multi-Utilities & Unregulated Power - 2.2%

 

468,500

Dominion Resources Inc.

8.750%

Baa1

BBB+

26,273,480

190,144

Public Service Enterprise Group

10.250%

Baa3

BBB-

13,291,066

Thrifts & Mortgage Finance - 0.2%

 

172,300

PMI Group Inc.

5.875%

A1

A

4,186,890

Total Convertible Preferred Securities (cost $69,975,882)

81,477,951

Principal

Ratings*

Amount (000)/

Market

Shares

Description(1)

Coupon

Maturity

Moody's

S&P

Value

CAPITAL PREFERRED SECURITIES - 62.0% (43.7% of Total Investments)

Capital Markets - 9.5%

 

5,000

ABN AMRO North America Holding Capital, 144A

6.523%

12/31/49

A3

A-

5,387,290

15,000

Ahmanson Capital Trust I, 144A

8.360%

12/01/26

Baa1

BBB

16,642,725

1,465

Bank of New York Capital I, Series B

7.970%

12/31/26

A1

A-

1,602,965

4,000

BT Capital Trust, Series B1

7.900%

1/15/27

A2

A-

4,402,968

2,000

BT Institutional Capital Trust B, 144A

7.750%

12/01/26

A2

A-

2,156,102

500

BT Preferred Capital Trust II

7.875%

2/25/27

A2

NR

544,962

5,000

C.A. Preferred Fund Trust II

7.000%

10/30/49

A1

A

5,144,625

18,600

C.A. Preferred Funding Trust

7.000%

1/30/49

A1

A

19,041,006

5,050

First Hawaiian Capital Trust I, Series B

8.343%

7/01/27

A3

A-

5,599,637

17,095

First Union Capital Trust II, Series A

7.950%

11/15/29

A1

A-

21,505,630

7,300

Goldman Sachs Group Inc.

6.345%

2/15/34

A1

A-

7,506,707

25,000

M&I Capital Trust A

7.650%

12/01/26

A2

BBB+

26,967,475

25,000

Mellon Capital Trust I, Series A

7.720%

12/01/26

A2

A-

26,868,575

3,240

State Street Institutional Capital Trust, 144A

7.940%

12/30/26

A1

A

3,485,553

21,000

UBS Preferred Funding Trust I

8.622%

10/29/49

A1

AA-

24,798,249

Commercial Banks - 28.3%

 

19,000

AB Svensk Exportkredit, 144A

6.375%

10/27/49

Aa3

AA-

19,692,569

55,750

Abbey National Capital Trust I

8.963%

12/30/49

A2

A-

78,665,201

7,100

AgFirst Farm Credit Bank

7.300%

12/15/53

NR

NR

7,455,824

6,500

Bank One Capital III

8.750%

9/01/30

A1

A-

8,771,575

26,355

BankBoston Capital Trust I, Series B

8.250%

12/15/26

Aa3

A

29,114,527

3,031

BankBoston Capital Trust II, Series B

7.750%

12/15/26

Aa3

A

3,243,064

5,000

BanPonce Trust I, Series A

8.327%

2/01/27

Baa1

BBB-

5,445,010

36,000

Barclays Bank plc, 144A

8.550%

6/15/49

Aa3

A+

42,588,936

5,300

Barnett Capital I

8.060%

12/01/26

Aa3

A

5,757,931

2,229

Corestates Capital Trust I, 144A

8.000%

12/15/26

A1

A

2,425,237

3,700

DBS Capital Funding Corporation, 144A

7.657%

3/15/49

A1

A-

4,196,377

5,000

FBS Capital Trust I

8.090%

11/15/26

Aa3

A-

5,373,705

3,500

First Chicago NBD Institutional Capital, 144A

7.950%

12/01/26

A1

NR

3,768,727

1,500

First Empire Capital Trust I

8.234%

2/01/27

Baa1

BBB

1,644,377

1,500

First Midwest Bancorp Inc.

6.950%

12/01/33

Baa2

BBB-

1,662,519

22,080

Fleet Capital Trust II

7.920%

12/11/26

Aa3

A

23,831,010

2,400

HSBC Capital Funding LP, 144A

9.547%

12/31/49

A1

A-

2,898,067

6,250

HSBC Capital Funding LP, Debt

10.176%

6/30/50

A1

A-

9,630,500

32,000

KBC Bank Fund Trust III, 144A

9.860%

11/02/49

A2

A-

38,460,576

8,000

KeyCorp Capital III

7.750%

7/15/29

A3

BBB

9,670,096

2,500

KeyCorp Institutional Capital Trust A

7.826%

12/01/26

A3

BBB

2,730,813

13,500

Lloyds TSB Bank plc, Subordinate Note

6.900%

11/22/49

Aa2

A+

13,851,257

19,500

NB Capital Trust II

7.830%

12/15/26

Aa3

A

20,589,485

14,000

Nordbanken AB, 144A

8.950%

11/29/49

A2

A-

16,278,276

2,000

North Fork Capital Trust I, Capital Securities

8.700%

12/15/26

A3

BBB-

2,188,500

8,000

North Fork Capital Trust II

8.000%

12/15/27

A3

BBB-

8,861,712

2,000

Peoples Heritage Capital Trust I, Series B

9.060%

2/01/27

A3

BB+

2,196,686

33,085

PNC Institutional Capital Securities, 144A

7.950%

12/15/26

A3

BBB+

35,437,377

2,000

Popular North American Capital Trust I

6.564%

9/15/34

Baa1

BBB-

2,114,456

11,600

RBS Capital Trust B

6.800%

12/31/49

A1

A

11,795,924

8,000

Reliance Capital Trust I, Series B

8.170%

5/01/28

NR

NR

8,923,672

500

Republic New York Capital II, Capital Securities

7.530%

12/04/26

A1

A-

536,788

17,500

Royal Bank of Scotland Group plc

9.118%

3/31/49

A1

A

20,704,005

2,150

Royal Bank of Scotland Group plc

7.648%

8/31/49

A1

A

2,649,890

5,000

Sparebanken Rogaland, Notes, 144A

6.443%

5/01/49

Baa1

NR

5,022,080

9,000

St. George Funding Company LLC, 144A

8.485%

6/30/47

Baa1

NR

9,879,480

7,500

Union Planters Capital Trust A

8.200%

12/15/26

A2

BBB+

8,149,583

240

Union Planters Preferred Fund, 144A

7.750%

7/15/53

A2

BBB-

25,935,000

1,000

Wells Fargo Capital I

7.960%

12/15/26

Aa2

A

1,095,359

10,000

Zions Institutional Capital Trust, Series A

8.536%

12/15/26

Baa1

BBB-

10,883,060

Diversified Financial Services - 5.5%

 

2,750

BNP Paribas Capital Trust

7.200%

12/31/49

A1

A+

2,825,702

1,000

BNP Paribas Capital Trust, 144A

9.003%

12/29/49

A1

A+

1,200,225

8,750

Chase Capital Trust I, Series A

7.670%

12/01/26

A1

A-

9,406,705

44,010

HBOS Capital Funding LP, Notes

6.850%

3/01/49

A1

A

44,899,442

3,600

JPM Capital Trust I

7.540%

1/15/27

A1

A-

3,882,269

22,085

JPM Capital Trust II

7.950%

2/01/27

A1

A-

23,785,920

13,800

Old Mutual Capital Funding, Notes

8.000%

6/22/53

Baa2

NR

14,259,305

Diversified Telecommunication Services - 3.3%

 

45,250

Centaur Funding Corporation, Series B, 144A

9.080%

4/21/20

Baa1

BBB+

59,800,703

Insurance - 11.1%

 

14,280

Ace Capital Trust II

9.700%

4/01/30

Baa1

BBB-

19,571,982

2,000

Allstate Financing II

7.830%

12/01/45

A2

A-

2,125,814

28,000

American General Institutional Capital, 144A

8.125%

3/15/46

Aa2

AA-

35,768,152

10,000

Berkeley Capital Trust

8.197%

12/15/45

Baa3

BBB-

10,369,270

2,000

Mangrove Bay, Class 3, 144A

6.102%

7/15/33

Baa1

BBB+

1,990,030

6,000

MIC Financing Trust I

8.375%

2/01/27

A1

A+

6,298,920

10,250

Prudential plc

6.500%

6/29/49

Baa1

A

10,004,256

10,000

RenaissanceRe Capital Trust

8.540%

3/01/27

Baa1

BBB+

10,947,700

51,700

Sun Life Canada Capital Trust, Capital Securities, 144A

8.526%

5/06/47

A1

A+

56,830,967

43,000

Zurich Capital Trust I, 144A

8.376%

6/01/37

Baa2

A-

47,034,389

Oil & Gas - 1.1%

 

10,750

KN Capital Trust III

7.630%

4/15/28

Baa3

BB+

12,415,895

7,355

Phillips 66 Capital Trust II

8.000%

1/15/37

Baa2

BBB

7,852,007

Thrifts & Mortgage Finance - 3.2%

 

8,595

Countrywide Capital Trust I

8.000%

12/15/26

Baa1

BBB+

8,880,870

18,460

Countrywide Capital Trust III, Series B

8.050%

6/15/27

Baa1

BBB+

22,440,179

11,825

Dime Capital Trust I, Series A

9.330%

5/06/27

Baa1

BBB

13,254,063

13,000

Great Western Financial Trust II, Series A

8.206%

2/01/27

Baa1

BBB

14,211,962

Total Capital Preferred Securities (cost $1,063,352,145)

1,125,830,427

CORPORATE BONDS - 3.6% (2.5% of Total Investments)

Automobiles - 3.6%

 

21,500

Ford Motor Company, Debenture

7.400%

11/01/46

Baa1

BBB-

18,244,255

7,525

Ford Motor Company

8.900%

1/15/32

Baa1

BBB-

7,627,475

4,000

Ford Motor Company

7.450%

7/16/31

Baa1

BBB-

3,628,120

40,700

General Motors Acceptance Corporation, Notes

8.000%

11/01/31

Baa2

BBB-

35,532,154

223

General Motors Corporation, Senior Debentures

8.375%

7/15/33

Baa3

BBB-

191,290

Total Corporate Bonds (cost $66,081,961)

65,223,294

Repurchase Agreements - 2.1% (1.4% of Total Investments)
$

37,296

State Street Bank, 2.400%, dated 3/31/05, due 4/01/05, repurchase price

   $37,298,319, collateralized by $29,710,000 U.S. Treasury Bonds, 7.500%,

37,295,833

   due 11/15/16, value $38,044,279

Total Repurchase Agreements (cost $37,295,833)

37,295,833

Total Investments (cost $2,468,075,463) - 142.0%

2,577,693,560

Other Assets Less Liabilities - 2.1%

37,908,850

FundPreferred Shares, at Liquidation Value - (44.1) %

(800,000,000)

Net Assets Applicable to Common Shares - 100%

$1,815,602,410

  

Interest Rate Swap Contracts outstanding at March 31, 2005:

Unrealized

Notional

Termination

Appreciation

Counterparty

Amount

Fixed Rate

Floating Rate**

Date

(Depreciation)
 

Citibank, N.A.

$200,000,000

2.6300%

2.7456%

11/06/05

$    1,011,762

Citibank, N.A.

200,000,000

3.3750

2.7456

11/06/07

4,154,715

Citibank, N.A.

200,000,000

3.9100

2.7456

11/06/09

4,599,894

$9,766,371

(1)  

All percentages shown in the Portfolio of Investments are based on net assets applicable to Common

shares unless otherwise noted.

*  

Ratings: Below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered

to be below investment grade.

**  

Based on LIBOR (London Inter-bank Offered Rate).

(a)  

Security is eligible for the Dividends Received Deduction.

144A  

144A securities are those which are exempt from registration under Rule 144A of the Securities Act of

1933, as amended. These securities 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.

NR  

Security is not rated.

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 the recognition of income on certian securities which are

treated as debt securities for income tax purposes and equity securities for financial statement purposes, and timing

differences in recognizing certain gains and losses on security transactions.

At March 31, 2005, the cost of investments was $2,469,928,129.

Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2005, were as

follows:

Gross unrealized:

   Appreciation

$131,732,110

   Depreciation

(23,966,679)

Net unrealized appreciation of investments

$107,765,431

Item 2. Controls and Procedures.

  1. 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)).
  2. 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--Vice President and Secretary        

Date         05/27/05        

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--Chief Administrative Officer (principal executive officer)        

Date         05/27/05        

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

Date         05/27/05        

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