Form N-Q

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         811-6622         

        Nuveen Select Tax-Free Income Portfolio 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:            03/31          

Date of reporting period:         12/31/06         

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 Select Tax-Free Income Portfolio 2 (NXQ)             
    December 31, 2006             
Principal        Optional Call         
Amount (000)    Description    Provisions (1)    Ratings (2)    Value 
    Arkansas – 1.7%             
$          1,000    Fort Smith, Arkansas, Water and Sewer Revenue Refunding and Construction Bonds, Series 2002A,    10/11 at 100.00    AAA   $   1,050,150 
     5.000%, 10/01/19 – FSA Insured             
1,205    Sebastian County Health Facilities Board, Arkansas, Hospital Revenue Improvement Bonds, Sparks    11/11 at 101.00    Baa2    1,235,017 
     Regional Medical Center, Series 2001A, 5.250%, 11/01/21             
2,000    University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%,    12/12 at 100.00    Aaa    2,104,480 
     12/01/32 – FGIC Insured             
4,205    Total Arkansas            4,389,647 
    California – 7.4%             
1,000    Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series    10/17 at 100.00    AAA    818,000 
     2004A, 0.000%, 10/01/25 – AMBAC Insured             
3,325    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A,    5/12 at 101.00    A1    3,717,350 
     6.000%, 5/01/14             
500    California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges    12/08 at 101.00    A    516,795 
     Projects, Series 1998A, 5.250%, 12/01/16             
2,000    California State Public Works Board, Lease Revenue Refunding Bonds, Various University of    No Opt. Call    Aa2    2,188,400 
     California Projects, Series 1993A, 5.500%, 6/01/14             
190    California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured    10/07 at 101.00    AAA    193,625 
    California, General Obligation Bonds, Series 1997:             
2,105     5.000%, 10/01/18 (Pre-refunded 10/01/07) – AMBAC Insured    10/07 at 101.00    AAA    2,149,142 
205     5.000%, 10/01/18 (Pre-refunded 10/01/07) – AMBAC Insured    10/07 at 101.00    AAA    209,299 
2,500    California, General Obligation Bonds, Series 2005, 5.000%, 3/01/31    3/16 at 100.00    A+    2,642,025 
500    Contra Costa County, California, Certificates of Participation Refunding, Merrithew Memorial    11/07 at 102.00    AAA    516,505 
     Hospital Replacement, Series 1997, 5.375%, 11/01/17 – MBIA Insured             
500    Contra Costa Water District, California, Water Revenue Refunding Bonds, Series 1997H,    10/07 at 100.00    AA    504,715 
     5.000%, 10/01/17             
3,200    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/13 at 100.00    BBB    3,666,656 
     Bonds, Series 2003A-1, 6.750%, 6/01/39             
1,750    Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed    6/15 at 100.00    BBB    1,847,003 
     Bonds, Series 2005A-1, 5.500%, 6/01/45             
17,775    Total California            18,969,515 
    Colorado – 9.6%             
1,700    Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series    3/12 at 100.00    AA (3)    1,842,749 
     2002A, 5.500%, 3/01/22 (ETM)             
1,300    Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series    3/12 at 100.00    AA (3)    1,408,849 
     2002A, 5.500%, 3/01/22 (Pre-refunded 3/01/12)             
3,185    Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13    No Opt. Call    A+    3,561,340 
     (Alternative Minimum Tax)             
5,000    Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A,    11/11 at 100.00    AAA    5,348,550 
     5.625%, 11/15/17 – FGIC Insured (Alternative Minimum Tax)             
1,555    Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001, 5.500%,    11/11 at 100.00    AAA    1,665,187 
     11/15/16 – FGIC Insured             
3,000    Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center    12/13 at 100.00    AAA    3,235,200 
     Hotel, Series 2003A, 5.000%, 12/01/23 (Pre-refunded 12/01/13) – XLCA Insured             
2,000    Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center    11/16 at 100.00    AAA    2,052,900 
     Hotel, Series 2006, 4.750%, 12/01/35 – XLCA Insured             
515    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997A, 5.000%,    9/07 at 101.00    AAA    523,436 
     9/01/26 – MBIA Insured             
5,000    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,    No Opt. Call    AAA    2,321,050 
     9/01/24 – MBIA Insured             
5,000    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/28    9/10 at 31.42    AAA    1,369,600 
     (Pre-refunded 9/01/10) – MBIA Insured             
250    Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A,    6/11 at 102.00    AAA    266,530 
     5.250%, 6/15/41 – FSA Insured             
1,100    University of Colorado Hospital Authority, Revenue Bonds, Series 2001A, 5.600%, 11/15/31    11/11 at 100.00    Baa1    1,155,891 
29,605    Total Colorado            24,751,282 
    District of Columbia – 0.4%             
500    District of Columbia, Hospital Revenue Refunding Bonds, Medlantic Healthcare Group, Series    2/07 at 102.00    AAA    510,820 
     1996A, 5.750%, 8/15/16 – MBIA Insured (ETM)             
500    Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax    10/08 at 101.00    AAA    514,875 
     Revenue Bonds, Series 1998, 5.000%, 10/01/21 – AMBAC Insured             
1,000    Total District of Columbia            1,025,695 
    Florida – 2.3%             
1,000    Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa    10/16 at 100.00    A3    1,054,020 
     General Hospital, Series 2006, 5.250%, 10/01/41             
1,500    Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series    10/12 at 100.00    AAA    1,589,400 
     2002, 5.000%, 10/01/21 – FGIC Insured             
2,500    JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 5.000%, 10/01/41 – FSA Insured    4/15 at 100.00    AAA    2,623,200 
625    Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series    7/11 at 101.00    Aaa    659,644 
     2001, 5.125%, 7/01/29 – FGIC Insured             
5,625    Total Florida            5,926,264 
    Hawaii – 0.4%             
1,100    Hawaii, Certificates of Participation, Kapolei State Office Building, Series 1998A, 5.000%,    11/08 at 101.00    AAA    1,133,143 
     5/01/17 – AMBAC Insured             
    Illinois – 12.8%             
820    Chicago Metropolitan Housing Development Corporation, Illinois, FHA-Insured Section 8 Assisted    1/07 at 100.00    AA    821,361 
     Housing Development Revenue Refunding Bonds, Series 1992, 6.800%, 7/01/17             
590    Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured    7/13 at 100.00    AAA    617,140 
1,665    Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,    1/16 at 100.00    AAA    1,758,273 
     Series 2005A, 5.000%, 1/01/33 – FGIC Insured             
250    Illinois Development Finance Authority, Economic Development Revenue Bonds, Latin School of    8/08 at 100.00    Baa2 (3)    255,785 
     Chicago, Series 1998, 5.200%, 8/01/11 (Pre-refunded 8/01/08)             
600    Illinois Educational Facilities Authority, Student Housing Revenue Bonds, Educational    5/12 at 101.00    Aaa    672,906 
     Advancement Foundation Fund, University Center Project, Series 2002, 6.000%, 5/01/22             
     (Pre-refunded 5/01/12)             
2,185    Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%,    9/15 at 100.00    AA    2,279,348 
     9/01/31 – RAAI Insured             
2,255    Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A,    7/12 at 100.00    A–    2,481,876 
     6.250%, 7/01/22             
1,055    Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series    7/11 at 100.00    Baa2 (3)    1,155,236 
     2001A, 6.125%, 7/01/31 (Pre-refunded 7/01/11)             
1,000    Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.750%, 7/01/30 –    1/15 at 100.00    AAA    1,016,980 
     FGIC Insured             
5,700    Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/15/22    6/13 at 100.00    AAA    6,021,651 
45    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion    6/07 at 100.00    A1    45,095 
     Project, Series 1992A, 6.500%, 6/15/22             
7,000    Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place    6/12 at 101.00    AAA    7,410,760 
     Expansion Project, Series 2002B, 5.000%, 6/15/21 – MBIA Insured             
5,045    Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment,    12/12 at 100.00    AA    5,229,092 
     Series 2002A, 5.000%, 6/01/22 – RAAI Insured             
    Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment,             
    Series 2002B:             
1,060     0.000%, 12/01/17 – RAAI Insured    No Opt. Call    AA    649,865 
1,135     0.000%, 12/01/18 – RAAI Insured    No Opt. Call    AA    661,501 
1,100    Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured    12/14 at 100.00    AAA    1,187,494 
1,000    Yorkville, Illinois, General Obligation Debt Certificates, Series 2003, 5.000%, 12/15/21 –    12/11 at 100.00    AA    1,032,540 
     RAAI Insured             
32,505    Total Illinois            33,296,903 
    Indiana – 3.1%             
1,000    Franklin Community Multi-School Building Corporation, Marion County, Indiana, First Mortgage    7/14 at 100.00    AAA    1,060,210 
     Revenue Bonds, Series 2004, 5.000%, 7/15/22 – FGIC Insured             
1,005    Indiana Housing Finance Authority, Single Family Mortgage Revenue Bonds, Series 2002C-2,    7/11 at 100.00    Aaa    1,024,185 
     5.250%, 7/01/23 (Alternative Minimum Tax)             
4,380    Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2002A, 5.125%,    1/12 at 100.00    AAA    4,633,076 
     1/01/21 – AMBAC Insured             
355    St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Memorial Health System, Series    2/08 at 101.00    AAA    356,008 
     1998A, 4.625%, 8/15/28 – MBIA Insured             
750    West Clark 2000 School Building Corporation, Clark County, Indiana, First Mortgage Bonds,    1/15 at 100.00    AAA    797,693 
     Series 2005, 5.000%, 7/15/22 – MBIA Insured             
7,490    Total Indiana            7,871,172 
    Iowa – 2.3%             
1,000    Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,    6/17 at 100.00    BBB    1,010,210 
     0.000%, 6/01/34             
    Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B:             
1,000     5.300%, 6/01/25 (Pre-refunded 6/01/11)    6/11 at 101.00    AAA    1,064,970 
3,500     5.600%, 6/01/35 (Pre-refunded 6/01/11)    6/11 at 101.00    AAA    3,794,910 
5,500    Total Iowa            5,870,090 
    Kansas – 0.7%             
795    Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2006,    7/16 at 100.00    A3    811,989 
     4.875%, 7/01/36             
1,000    Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006,    4/13 at 100.00    A1    991,540 
     4.500%, 10/01/26             
1,795    Total Kansas            1,803,529 
    Louisiana – 2.1%             
2,125    Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series    7/14 at 100.00    AAA    2,276,555 
     2004, 5.250%, 7/01/24 – MBIA Insured             
3,000    Louisiana Public Facilities Authority, Revenue Bonds, Tulane University, Series 2002A, 5.125%,    7/12 at 100.00    AAA    3,134,700 
     7/01/27 – AMBAC Insured             
5,125    Total Louisiana            5,411,255 
    Massachusetts – 3.2%             
3,000    Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health    10/11 at 101.00    BBB+    3,237,840 
     System, Series 2001E, 6.250%, 10/01/31             
2,565    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series    1/07 at 102.00    AAA    2,614,941 
     1997A, 5.000%, 1/01/37 – MBIA Insured             
2,090    Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%,    No Opt. Call    AAA    2,284,182 
     12/01/15 – MBIA Insured             
7,655    Total Massachusetts            8,136,963 
    Michigan – 2.0%             
2,900    Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health    12/12 at 100.00    Aa2    3,087,079 
     Credit Group, Series 2002C, 5.375%, 12/01/30             
2,000    Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, Unlimited    5/09 at 100.00    AA    2,037,780 
     Tax General Obligation School Building and Site Bonds, Series 1999, 4.750%, 5/01/18             
4,900    Total Michigan            5,124,859 
    Nevada – 7.5%             
1,500    Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,    6/11 at 100.00    AAA    1,600,500 
     Series 2001, 5.300%, 6/01/19 (Pre-refunded 6/01/11) – FGIC Insured             
500    Clark County, Nevada, Limited Tax General Obligation Las Vegas Convention and Visitors    1/07 at 101.00    AAA    504,430 
     Authority Bonds, Series 1996, 5.500%, 7/01/17 – MBIA Insured             
    Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas             
    Monorail Project, First Tier, Series 2000:             
4,595     0.000%, 1/01/22 – AMBAC Insured    No Opt. Call    AAA    2,391,422 
13,250     5.375%, 1/01/40 – AMBAC Insured    1/10 at 100.00    AAA    13,757,341 
1,100    Nevada, General Obligation Refunding Bonds, Municipal Bond Bank Projects 65 and R-6, Series    5/08 at 100.00    AAA    1,116,181 
     1998, 5.000%, 5/15/22 – MBIA Insured             
20,945    Total Nevada            19,369,874 
    New Jersey – 1.9%             
2,500    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center,    7/13 at 100.00    Ba1    2,615,975 
     Series 2003, 5.500%, 7/01/23             
    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,             
    Series 2003:             
1,000     6.375%, 6/01/32    6/13 at 100.00    BBB    1,125,530 
1,010     6.250%, 6/01/43    6/13 at 100.00    BBB    1,129,130 
4,510    Total New Jersey            4,870,635 
    New Mexico – 2.5%             
    University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004:             
555     4.625%, 1/01/25 – FSA Insured    7/14 at 100.00    AAA    564,152 
660     4.625%, 7/01/25 – FSA Insured    7/14 at 100.00    AAA    670,883 
2,000     4.750%, 7/01/27 – FSA Insured    7/14 at 100.00    AAA    2,052,680 
3,000     4.750%, 1/01/28 – FSA Insured    7/14 at 100.00    AAA    3,077,100 
6,215    Total New Mexico            6,364,815 
    New York – 4.9%             
2,045    Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated    7/10 at 101.00    BBB    2,204,121 
     Group, Series 2000A, 6.500%, 7/01/17             
655    Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated    7/10 at 101.00    BBB (3)    718,836 
     Group, Series 2000A, 6.500%, 7/01/17 (Pre-refunded 7/01/10)             
2,000    New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue    12/14 at 100.00    AAA    2,113,520 
     Bonds, Fiscal Series 2005B, 5.000%, 6/15/36 – FSA Insured             
1,700    New York Dormitory Authority, New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida    8/16 at 100.00    AAA    1,725,585 
     Health Series 2006, 4.700%, 2/15/35 (UB)             
3,000    New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and    6/11 at 100.00    AA–    3,212,640 
     State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/16             
2,440    Triborough Bridge and Tunnel Authority, New York, Convention Center Bonds, Series 1990E,    No Opt. Call    AA–    2,563,074 
     7.250%, 1/01/10             
11,840    Total New York            12,537,776 
    North Carolina – 0.6%             
1,500    Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,    1/11 at 101.00    AA    1,548,855 
     Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31             
    Oklahoma – 0.4%             
1,000    Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005,    9/16 at 100.00    BBB–    1,053,500 
     5.375%, 9/01/36             
    Pennsylvania – 2.6%             
1,020    Carlisle Area School District, Cumberland County, Pennsylvania, General Obligation Bonds,    9/09 at 100.00    Aaa    1,050,906 
     Series 2004A, 5.000%, 9/01/20 – FGIC Insured             
545    Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health    2/09 at 101.00    AAA    563,895 
     System Project, Series 1999, 5.125%, 8/15/17 – MBIA Insured             
455    Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health    2/09 at 101.00    AAA    473,623 
     System Project, Series 1999, 5.125%, 8/15/17 (Pre-refunded 2/15/09) – MBIA Insured             
1,000    Philadelphia Authority for Industrial Development, Pennsylvania, Airport Revenue Bonds,    7/11 at 101.00    AAA    1,069,860 
     Philadelphia Airport System Project, Series 2001A, 5.500%, 7/01/17 – FGIC Insured (Alternative             
     Minimum Tax)             
3,250    Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002A, 5.500%,    2/12 at 100.00    AAA    3,529,175 
     2/01/31 (Pre-refunded 2/01/12) – FSA Insured             
6,270    Total Pennsylvania            6,687,459 
    Puerto Rico – 1.2%             
3,000    Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,    12/13 at 100.00    AA    3,171,390 
     5.000%, 12/01/20             
    Rhode Island – 2.2%             
5,145    Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB    5,558,298 
     Series 2002A, 6.250%, 6/01/42             
    South Carolina – 4.4%             
700    Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,    12/14 at 100.00    A    750,295 
     GROWTH, Series 2004, 5.250%, 12/01/20             
620    Florence, South Carolina, Water and Sewerage Revenue Bonds, Series 2000, 5.750%, 3/01/20 –    3/10 at 101.00    AAA    662,141 
     AMBAC Insured             
4,000    Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series    12/12 at 101.00    AA– (3)    4,494,360 
     2002, 5.875%, 12/01/19 (Pre-refunded 12/01/12)             
2,500    Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and    11/13 at 100.00    A    2,755,875 
     Improvement Bonds, Series 2003, 6.000%, 11/01/18             
2,435    Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,    8/14 at 100.00    AAA    2,627,462 
     Series 2004A, 5.250%, 2/15/21 – MBIA Insured             
170    Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series    1/08 at 101.00    AAA    172,254 
     1998A, 4.750%, 1/01/25 – MBIA Insured             
10,425    Total South Carolina            11,462,387 
    South Dakota – 0.4%             
1,000    South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley    11/14 at 100.00    A+    1,050,910 
     Hospitals, Series 2004A, 5.250%, 11/01/34             
    Texas – 12.6%             
4,000    Brazos River Harbor Navigation District, Brazoria County, Texas, Environmental Facilities    5/12 at 101.00    A–    4,361,320 
     Revenue Bonds, Dow Chemical Company Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put             
     5/15/17) (Alternative Minimum Tax)             
1,500    Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue    1/15 at 100.00    AAA    1,560,690 
     Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured             
1,210    Cleveland Housing Corporation, Texas, FHA-Insured Section 8 Assisted Mortgage Revenue    1/07 at 100.00    AAA    1,212,190 
     Refunding Bonds, Series 1992C, 7.375%, 7/01/24 – MBIA Insured             
1,000    Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Series 2001, 5.000%,    12/11 at 100.00    AAA    1,035,430 
     12/01/31 – AMBAC Insured             
2,500    Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Texas    No Opt. Call    AAA    2,777,650 
     Children’s Hospital, Series 1995, 5.500%, 10/01/16 – MBIA Insured (ETM)             
3,000    Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds,    11/13 at 100.00    AAA    3,124,650 
     TECO Project, Series 2003, 5.000%, 11/15/30 – MBIA Insured             
6,610    Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H,    11/31 at 53.78    AAA    1,119,668 
     0.000%, 11/15/41 – MBIA Insured             
2,000    Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2002A, 5.625%, 7/01/20 –    7/12 at 100.00    AAA    2,154,560 
     FSA Insured (Alternative Minimum Tax)             
3,125    Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General    2/12 at 100.00    AAA    3,238,375 
     Obligation Bonds, Series 2002A, 5.000%, 2/15/32             
1,400    Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson    No Opt. Call    BBB–    1,468,558 
     Memorial Hospital Project, Series 2005, 5.375%, 8/15/35             
220    Killeen Independent School District, Bell County, Texas, General Obligation Bonds, Series    2/08 at 100.00    AAA    223,049 
     1998, 5.000%, 2/15/14             
780    Killeen Independent School District, Bell County, Texas, General Obligation Bonds, Series    2/08 at 100.00    AAA    792,667 
     1998, 5.000%, 2/15/14 (Pre-refunded 2/15/08)             
1,000    Lewisville Independent School District, Denton County, Texas, General Obligation Bonds, Series    8/11 at 100.00    AAA    1,044,830 
     2004, 5.000%, 8/15/23             
4,750    Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series    10/12 at 100.00    AA    5,116,558 
     2002A, 5.500%, 10/01/17 – RAAI Insured             
1,000    San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – MBIA Insured    5/15 at 100.00    AAA    1,023,200 
500    Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 2000A,    7/10 at 100.00    AAA    530,750 
     5.625%, 7/15/13             
1,560    Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2003A, 5.125%,    8/13 at 100.00    Aa1    1,612,666 
     8/01/42 (Alternative Minimum Tax)             
36,155    Total Texas            32,396,811 
    Utah – 0.6%             
1,435    Salt Lake City and Sandy Metropolitan Water District, Utah, Water Revenue Bonds, Series 2004,    7/14 at 100.00    Aaa    1,524,860 
     5.000%, 7/01/21 – AMBAC Insured             
    Vermont – 2.6%             
3,000    Vermont Housing Finance Agency, Multifamily Housing Bonds, Series 1999C, 5.800%, 8/15/16 –    2/09 at 100.00    AAA    3,087,630 
     FSA Insured             
3,600    Vermont Industrial Development Authority, Revenue Refunding Bonds, Stanley Works Inc., Series    3/07 at 100.00    A    3,607,740 
     1992, 6.750%, 9/01/10             
6,600    Total Vermont            6,695,370 
    Virginia – 0.5%             
250    Norfolk, Virginia, Water Revenue Bonds, Series 1995, 5.750%, 11/01/13 – MBIA Insured    11/07 at 100.00    AAA    252,905 
1,000    Virginia Transportation Board, Transportation Revenue Refunding Bonds, U.S. Route 58 Corridor    5/07 at 101.00    AA+    1,014,880 
     Development Program, Series 1997C, 5.125%, 5/15/19             
1,250    Total Virginia            1,267,785 
    Washington – 3.5%             
2,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Catholic Health Initiatives,    12/07 at 101.00    AAA    2,047,120 
     Series 1997A, 5.125%, 12/01/17 (Pre-refunded 12/01/07) – MBIA Insured             
6,715    Washington State Healthcare Facilities Authority, Revenue Bonds, Sisters of Providence Health    10/11 at 100.00    AAA    7,041,752 
     System, Series 2001A, 5.125%, 10/01/17 – MBIA Insured             
8,715    Total Washington            9,088,872 
    Wisconsin – 1.9%             
1,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan    8/13 at 100.00    A–    1,066,080 
     Services Inc., Series 2003A, 5.500%, 8/15/18             
3,755    Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series    3/12 at 100.00    AA    3,880,980 
     2002G, 4.850%, 9/01/17             
4,755    Total Wisconsin            4,947,060 
$      255,040    Total Long-Term Investments (cost $240,104,467) – 98.3%            253,306,974 
    Short-Term Investments – 0.3%             
$             700    Lancaster County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Byran Memorial        VMIG-1    700,000 
     Hospital, Variable Rate Demand Obligations, Series 2002, 4.000%, 6/01/18 – AMBAC Insured (4)             
    Total Short-Term Investments (cost $700,000)            700,000 
    Total Investments (cost $240,804,467) – 98.6%            254,006,974 
    Floating Rate Obligations – (0.4%)            (1,135,000) 
    Other Assets Less Liabilities – 1.8%            4,721,144 
    Net Assets – 100%           $   257,593,118 

(1)    Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
    There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
    may be subject to periodic principal paydowns. 
(2)    Ratings: Using the higher of Standard & Poor’s or Moody’s rating. Ratings below BBB by Standard & Poor’s 
    Group or Baa by Moody’s Investor Service, Inc. are considered to be below investment grade. 
(3)    Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities 
    which ensure the timely payment of principal and interest. Such investments are normally considered to 
    be equivalent to AAA rated securities. 
(4)    Investment has a maturity of more than one year, but has variable rate and demand features which qualify 
    it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This 
    rate changes periodically based on market conditions or a specified market index. 

(ETM) Escrowed to maturity.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140.

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 treatment of paydown gains and losses, timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No.140.

At December 31, 2006, the cost of investments was $239,561,087.

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2006, were as follows:

Gross unrealized:     
  Appreciation    $13,442,920 
  Depreciation    (132,108) 
Net unrealized appreciation (depreciation) of investments    $13,310,812 

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 Select Tax-Free Income Portfolio 2        

By (Signature and Title)*          /s/ Jessica R. Droeger                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         March 1, 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.

By (Signature and Title)*         /s/ Gifford R. Zimmerman                    
                                                   Gifford R. Zimmerman
                                                   Chief Administrative Officer (principal executive officer) 

Date         March 1, 2007        

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

Date        March 1, 2007        

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