Nuveen Quality Preferred Income Fund 2 (the Fund) is a closed-end management investment company. The Fund's investment objective is high current income consistent with capital preservation. Its secondary investment objective is to enhance portfolio value. The Fund invests at least 80% of its managed assets in preferred securities. It invests up to 20% of its managed assets in debt securities, including convertible debt securities and convertible preferred securities, and 100% of the Fund's total assets in securities that, at the time of investment, are investment grade quality (BBB/Baa or better), which may include up to 10% in securities that are rated investment grade by at least one statistical rating organization and lower by another. The Fund is also authorized to invest in interest rate swap transactions. The Funds' investment adviser is Nuveen Fund Advisors, Inc. Its sub-adviser is Spectrum Asset Management, Inc.