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)

Nuveen Investments
        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:            03/31          

Date of reporting period:         12/31/07         

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, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Municipal Bonds – 99.8%             
    Arizona – 0.7%             
$          2,000    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, 5.000%, 12/01/37    No Opt. Call    AA   $   1,874,820 
    Arkansas – 1.7%             
1,000    Fort Smith, Arkansas, Water and Sewer Revenue Refunding and Construction Bonds, Series 2002A,    10/11 at 100.00    AAA    1,049,180 
     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    Baa3    1,199,867 
     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    2,047,760 
     12/01/32 – FGIC Insured             
4,205    Total Arkansas            4,296,807 
    California – 6.6%             
1,000    Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series    10/17 at 100.00    AAA    849,130 
     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    Aa3    3,687,791 
     6.000%, 5/01/14             
500    California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges    12/08 at 101.00    A    510,950 
     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    2,169,180 
     California Projects, Series 1993A, 5.500%, 6/01/14             
60    California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured    1/08 at 101.00    AAA    60,686 
130    California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 (Pre-refunded 4/01/08) –    4/08 at 101.00    Aaa    131,955 
     AMBAC Insured             
2,500    California, General Obligation Bonds, Series 2005, 5.000%, 3/01/31    3/16 at 100.00    A+    2,527,400 
1,000    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/17 at 100.00    BBB    844,100 
     Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47             
3,200    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/13 at 100.00    AAA    3,701,632 
     Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)             
1,195    Palmdale Elementary School District, Los Angeles County, California, General Obligation Bonds,    No Opt. Call    AAA    442,078 
     Series 2003, 0.000%, 8/01/28 – FSA Insured             
1,750    Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed    6/15 at 100.00    BBB    1,575,928 
     Bonds, Series 2005A-1, 5.500%, 6/01/45             
16,660    Total California            16,500,830 
    Colorado – 9.3%             
1,700    Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series    3/12 at 100.00    AA (4)    1,820,462 
     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 (4)    1,412,801 
     2002A, 5.500%, 3/01/22 (Pre-refunded 3/01/12)             
2,825    Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13    No Opt. Call    A+    3,147,530 
     (Alternative Minimum Tax)             
5,000    Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A,    11/11 at 100.00    AAA    5,229,200 
     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    1,666,058 
     11/15/16 – FGIC Insured             
3,000    Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center    12/13 at 100.00    Aaa    3,264,450 
     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    1,877,920 
     Hotel, Series 2006, 4.750%, 12/01/35 – XLCA Insured             
5,100    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/24 –    No Opt. Call    AAA    2,261,238 
     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    1,437,750 
     (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    269,875 
     5.250%, 6/15/41 (Pre-refunded 6/15/11) – FSA Insured             
1,100    University of Colorado Hospital Authority, Revenue Bonds, Series 2001A, 5.600%, 11/15/31    11/11 at 100.00    Baa1 (4)    1,191,421 
     (Pre-refunded 11/15/11)             
28,830    Total Colorado            23,578,705 
    District of Columbia – 0.4%             
500    District of Columbia, Hospital Revenue Refunding Bonds, Medlantic Healthcare Group, Series    2/08 at 101.00    AAA    506,025 
     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    512,435 
     Revenue Bonds, Series 1998, 5.000%, 10/01/21 (Pre-refunded 10/01/08) – AMBAC Insured             
1,000    Total District of Columbia            1,018,460 
    Florida – 2.3%             
1,000    Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa    10/16 at 100.00    A3    965,450 
     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    1,588,500 
     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    2,552,700 
625    Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series    7/11 at 101.00    Aaa    650,013 
     2001, 5.125%, 7/01/29 – FGIC Insured             
5,625    Total Florida            5,756,663 
    Hawaii – 0.4%             
1,100    Hawaii, Certificates of Participation, Kapolei State Office Building, Series 1998A, 5.000%,    11/08 at 101.00    AAA    1,127,643 
     5/01/17 – AMBAC Insured             
    Illinois – 13.1%             
630    Chicago Metropolitan Housing Development Corporation, Illinois, FHA-Insured Section 8 Assisted    1/08 at 100.00    AA    631,140 
     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    606,980 
1,665    Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,    1/16 at 100.00    AAA    1,685,246 
     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 (4)    253,085 
     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    671,250 
     Advancement Foundation Fund, University Center Project, Series 2002, 6.000%, 5/01/22             
     (Pre-refunded 5/01/12)             
705    Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, Residual 73TP,    7/17 at 100.00    AA    727,440 
     7.588%, 7/01/46 (IF)             
2,185    Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%,    9/15 at 100.00    AA    2,074,439 
     9/01/31 – RAAI Insured             
2,255    Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A,    7/12 at 100.00    A–    2,388,744 
     6.250%, 7/01/22             
1,055    Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series    7/11 at 100.00    Baa2 (4)    1,152,936 
     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    988,420 
     FGIC Insured             
5,700    Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/15/22    6/13 at 100.00    AAA    5,962,884 
45    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion    6/08 at 100.00    A1    45,086 
     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    7,350,070 
     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    5,019,170 
     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    664,821 
1,135     0.000%, 12/01/18 – RAAI Insured    No Opt. Call    AA    671,954 
1,100    Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured    12/14 at 100.00    AAA    1,153,526 
1,000    Yorkville, Illinois, General Obligation Debt Certificates, Series 2003, 5.000%, 12/15/21    12/11 at 100.00    AA (4)    1,068,860 
     (Pre-refunded 12/15/11) – RAAI Insured             
33,020    Total Illinois            33,116,051 
    Indiana – 3.4%             
1,000    Franklin Community Multi-School Building Corporation, Marion County, Indiana, First Mortgage    7/14 at 100.00    AAA    1,092,780 
     Revenue Bonds, Series 2004, 5.000%, 7/15/22 (Pre-refunded 7/15/14) – FGIC Insured             
1,000    Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest    3/17 at 100.00    BBB–    921,780 
     Indiana, Series 2007, 5.500%, 3/01/37             
935    Indiana Housing Finance Authority, Single Family Mortgage Revenue Bonds, Series 2002C-2,    7/11 at 100.00    Aaa    949,764 
     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    4,610,914 
     1/01/21 – AMBAC Insured             
355    St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Memorial Health System, Series    2/08 at 101.00    AAA    342,177 
     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    788,325 
     Series 2005, 5.000%, 7/15/22 – MBIA Insured             
8,420    Total Indiana            8,705,740 
    Iowa – 2.6%             
1,000    Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,    6/15 at 100.00    BBB    893,270 
     5.375%, 6/01/38             
1,000    Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,    6/17 at 100.00    BBB    926,720 
     5.600%, 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    1,063,810 
3,500     5.600%, 6/01/35 (Pre-refunded 6/01/11)    6/11 at 101.00    AAA    3,783,955 
6,500    Total Iowa            6,667,755 
    Kansas – 0.7%             
795    Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2006,    7/16 at 100.00    A3    743,397 
     4.875%, 7/01/36             
1,000    Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006,    4/13 at 100.00    A1    915,600 
     4.500%, 10/01/26             
1,795    Total Kansas            1,658,997 
    Louisiana – 2.2%             
2,125    Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series    7/14 at 100.00    AAA    2,212,146 
     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    3,233,070 
     7/01/27 (Pre-refunded 7/01/12) – AMBAC Insured             
5,125    Total Louisiana            5,445,216 
    Massachusetts – 3.2%             
3,000    Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health    10/11 at 101.00    BBB+    3,113,400 
     System, Series 2001E, 6.250%, 10/01/31             
2,565    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series    1/08 at 101.00    AAA    2,575,542 
     1997A, 5.000%, 1/01/37 – MBIA Insured             
1,270    Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%, 12/01/15 –    No Opt. Call    Aaa    1,394,752 
     MBIA Insured (ETM)             
820    Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%, 12/01/15 –    No Opt. Call    AAA    894,112 
     MBIA Insured             
7,655    Total Massachusetts            7,977,806 
    Michigan – 2.2%             
545    Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/19 – XLCA Insured    4/13 at 100.00    AAA    577,602 
2,900    Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health    12/12 at 100.00    AA    2,976,618 
     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–    2,028,680 
     Tax General Obligation School Building and Site Bonds, Series 1999, 4.750%, 5/01/18             
5,445    Total Michigan            5,582,900 
    Minnesota – 0.6%             
1,500    Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%,    7/16 at 100.00    AA+    1,393,140 
     7/01/38 (Alternative Minimum Tax)             
    Nevada – 7.2%             
1,500    Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,    6/11 at 100.00    AAA    1,604,400 
     Series 2001, 5.300%, 6/01/19 (Pre-refunded 6/01/11) – FGIC 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    2,152,712 
13,250     5.375%, 1/01/40 – AMBAC Insured    1/10 at 100.00    AAA    13,338,510 
1,100    Nevada, General Obligation Refunding Bonds, Municipal Bond Bank Projects 65 and R-6, Series    5/08 at 100.00    AAA    1,105,236 
     1998, 5.000%, 5/15/22 – MBIA Insured             
20,445    Total Nevada            18,200,858 
    New Jersey – 1.9%             
2,500    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center,    7/13 at 100.00    Ba2    2,424,000 
     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 (Pre-refunded 6/01/13)    6/13 at 100.00    AAA    1,133,430 
1,010     6.250%, 6/01/43 (Pre-refunded 6/01/13)    6/13 at 100.00    AAA    1,150,047 
4,510    Total New Jersey            4,707,477 
    New Mexico – 2.9%             
1,000    New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series    9/17 at 100.00    AAA    975,760 
     2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)             
    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    559,340 
660     4.625%, 7/01/25 – FSA Insured    7/14 at 100.00    AAA    665,161 
2,000     4.750%, 7/01/27 – FSA Insured    7/14 at 100.00    AAA    2,036,380 
3,000     4.750%, 1/01/28 – FSA Insured    7/14 at 100.00    AAA    3,044,400 
7,215    Total New Mexico            7,281,041 
    New York – 4.5%             
2,045    Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated    7/10 at 101.00    Baa1    2,148,334 
     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    Baa1 (4)    714,657 
     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    2,070,580 
     Bonds, Fiscal Series 2005B, 5.000%, 6/15/36 – FSA Insured             
1,700    New York Dorm Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health,    8/16 at 100.00    AAA    1,625,370 
     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–    3,166,290 
     State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/16             
1,680    Triborough Bridge and Tunnel Authority, New York, Convention Center Bonds, Series 1990E,    No Opt. Call    AA–    1,742,328 
     7.250%, 1/01/10             
11,080    Total New York            11,467,559 
    North Carolina – 0.6%             
1,155    Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,    1/11 at 101.00    AA–    1,157,275 
     Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31             
345    Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,    1/11 at 101.00    Aa3 (4)    366,438 
     Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31 (Pre-refunded 1/15/11)             
1,500    Total North Carolina            1,523,713 
    Ohio – 0.9%             
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue             
    Bonds, Senior Lien, Series 2007A-2:             
55     5.125%, 6/01/24    6/17 at 100.00    BBB    52,075 
530     5.875%, 6/01/30    6/17 at 100.00    BBB    517,715 
525     5.750%, 6/01/34    6/17 at 100.00    BBB    501,338 
1,180     5.875%, 6/01/47    6/17 at 100.00    BBB    1,132,847 
2,290    Total Ohio            2,203,975 
    Oklahoma – 1.6%             
1,000    Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005,    9/16 at 100.00    BBB    954,960 
     5.375%, 9/01/36             
3,000    Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,    2/17 at 100.00    AA–    2,973,120 
     5.000%, 2/15/42 (UB)             
4,000    Total Oklahoma            3,928,080 
    Pennsylvania – 2.6%             
1,020    Carlisle Area School District, Cumberland County, Pennsylvania, General Obligation Bonds,    9/09 at 100.00    Aaa    1,052,966 
     Series 2004A, 5.000%, 9/01/20 (Pre-refunded 9/01/09) – FGIC Insured             
545    Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health    2/09 at 101.00    AAA    560,979 
     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    469,847 
     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    1,062,970 
     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    3,529,370 
     2/01/31 (Pre-refunded 2/01/12) – FSA Insured             
6,270    Total Pennsylvania            6,676,132 
    Puerto Rico – 1.2%             
3,000    Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,    12/13 at 100.00    AA    3,126,870 
     5.000%, 12/01/20             
    Rhode Island – 2.0%             
5,145    Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB    5,161,361 
     Series 2002A, 6.250%, 6/01/42             
    South Carolina – 4.7%             
700    Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,    12/14 at 100.00    A    727,930 
     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    655,315 
     AMBAC Insured             
4,000    Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series    12/12 at 101.00    AA– (4)    4,494,960 
     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+ (4)    2,832,000 
     Improvement Bonds, Series 2003, 6.000%, 11/01/18 (Pre-refunded 11/01/13)             
2,435    Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,    8/14 at 100.00    AAA    2,569,120 
     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    170,080 
     1998A, 4.750%, 1/01/25 – MBIA Insured             
475    The College of Charleston, Charleston South Carolina, Academic and Administrative Revenue    4/14 at 100.00    Aaa    491,169 
     Bonds, Series 2004B, 5.125%, 4/01/30 – XLCA Insured             
10,900    Total South Carolina            11,940,574 
    South Dakota – 0.4%             
1,000    South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley    11/14 at 100.00    AA–    1,013,380 
     Hospitals, Series 2004A, 5.250%, 11/01/34             
    Texas – 12.0%             
4,000    Brazos River Harbor Navigation District, Brazoria County, Texas, Environmental Facilities    5/12 at 101.00    A–    4,116,080 
     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    1,503,945 
     Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured             
1,000    Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Series 2001, 5.000%,    12/11 at 100.00    AAA    1,067,450 
     12/01/31 (Pre-refunded 12/01/11) – AMBAC Insured             
2,500    Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Texas    No Opt. Call    AAA    2,793,975 
     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    3,024,870 
     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    1,038,894 
     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    2,097,800 
     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    3,336,156 
     Obligation Bonds, Series 2002A, 5.000%, 2/15/32 (Pre-refunded 2/15/12)             
1,400    Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson    No Opt. Call    BBB–    1,295,840 
     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    220,477 
     1998, 5.000%, 2/15/14             
780    Killeen Independent School District, Bell County, Texas, General Obligation Bonds, Series    2/08 at 100.00    AAA    781,888 
     1998, 5.000%, 2/15/14 (Pre-refunded 2/15/08)             
90    Lewisville Independent School District, Denton County, Texas, General Obligation Bonds, Series    8/11 at 100.00    AAA    93,529 
     2004, 5.000%, 8/15/23             
910    Lewisville Independent School District, Denton County, Texas, General Obligation Bonds, Series    8/11 at 100.00    N/R (4)    967,658 
     2004, 5.000%, 8/15/23 (Pre-refunded 8/15/11)             
4,750    Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds,    10/12 at 100.00    AA    4,974,533 
     Series 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    1,002,720 
500    Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 2000A,    7/10 at 100.00    AAA    528,710 
     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    1,563,525 
     8/01/42 (Alternative Minimum Tax)             
34,945    Total Texas            30,408,050 
    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    1,522,162 
     5.000%, 7/01/21 – AMBAC Insured             
    Vermont – 2.6%             
2,895    Vermont Housing Finance Agency, Multifamily Housing Bonds, Series 1999C, 5.800%, 8/15/16 –    2/09 at 100.00    AAA    2,945,373 
     FSA Insured             
3,600    Vermont Industrial Development Authority, Revenue Refunding Bonds, Stanley Works Inc., Series    3/08 at 100.00    A    3,608,424 
     1992, 6.750%, 9/01/10             
6,495    Total Vermont            6,553,797 
    Virginia – 0.3%             
510    Metropolitan District of Columbia Airports Authority, Virginia, Airport System Revenue Bonds,    10/08 at 101.00    AAA    511,906 
     Series 1998B, 5.000%, 10/01/28 – MBIA Insured (Alternative Minimum Tax)             
250    Norfolk, Virginia, Water Revenue Bonds, Series 1995, 5.750%, 11/01/13 – MBIA Insured    5/08 at 100.00    AAA    250,533 
760    Total Virginia            762,439 
    Washington – 2.8%             
6,715    Washington State Healthcare Facilities Authority, Revenue Bonds, Sisters of Providence Health    10/11 at 100.00    AAA    6,960,299 
     System, Series 2001A, 5.125%, 10/01/17 – MBIA Insured             
    Wisconsin – 1.6%             
1,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan    8/13 at 100.00    A–    1,016,100 
     Services Inc., Series 2003A, 5.500%, 8/15/18             
2,895    Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series    3/12 at 100.00    AA    2,983,036 
     2002G, 4.850%, 9/01/17             
3,895    Total Wisconsin            3,999,136 
$       260,480    Total Municipal Bonds (cost $244,237,122)            252,138,436 
Shares    Description (1)        Value 
    Common Stocks – 0.0%         
    Airlines – 0.0%         
757    UAL Corporation, (5) (6)        $ 26,995 
    Total Common Stocks (cost $0)        26,995 
    Total Investments (cost $244,237,122) – 99.8%        252,165,431 
    Floating Rate Obligations – (1.2)%        (3,130,000) 
    Other Assets Less Liabilities – 1.4%        3,639,978 
    Net Assets – 100%           $  252,675,409 

    The Fund may invest in “zero coupon” securities. A zero coupon security does not pay a regular interest 
    coupon to its holders during the life of the security. Tax-exempt income to the holder of the security 
    comes from accretion of the difference between the original purchase price of the security at issuance 
    and the par value of the security at maturity and is effectively paid at maturity. Such securities are 
    included in the Portfolio of Investments with a 0.000% coupon rate in their description. The market 
    prices of zero coupon securities generally are more volatile than the market prices of securities that 
    pay interest periodically. 
(1)    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
    Shares unless otherwise noted. 
(2)    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. 
(3)    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. 
    The AAA ratings shown in the Portfolio of Investments reflect the AAA ratings on certain bonds insured 
    by AMBAC, FGIC, XCLA or MBIA and/or the A ratings on certain bonds insured by ACA as of December 31, 
    2007. During December 2007, at least one rating agency reduced the rating for ACA bonds to CCC. 
    Subsequent to December 31, 2007, at least one rating agency reduced the rating for AMBAC-insured bonds 
    to AA, the rating for XCLA-insured bonds to A and the rating for FGIC-insured bonds to A3. One or more 
    rating agencies have placed each of these insurers on “negative credit watch”, which may presage one or 
    more rating reductions for such insurer or insurers in the future. If one or more insurers’ ratings are reduced 
    below AAA (or A in the case of ACA) by these rating agencies, it would likely reduce the effective rating of 
    many of the bonds insured by that insurer or insurers. 
(4)    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. 
(5)    Non-income producing. 
(6)    On December 9, 2002, UAL Corporation (“UAL”), the holding company of United Air Lines, Inc. (“United”) 
    filed for federal bankruptcy protection. The Adviser determined that it was likely that United would not 
    remain current on their interest payment obligations with respect to the bonds previously held and thus 
    the Fund had stopped accruing interest on its UAL bonds. On February 1, 2006, UAL emerged from federal 
    bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement 
    agreement established to meet UAL’s unsecured bond obligations, the bondholders, including the Fund, 
    received three distributions of UAL common stock over the subsequent months, and the bankruptcy court 
    dismissed all unsecured claims of bondholders, including those of the Fund. On May 5, 2006, the Fund 
    liquidated such UAL common stock holdings. On September 29, 2006, May 30, 2007 and November 14, 2007,
    the Fund received additional distributions of 1,825, 592 and 165 shares, respectively, of UAL common
    stock as a result of its earlier ownership of the UAL bonds. The Fund liquidated 1,825 shares of such
    UAL common stock holdings on November 15, 2006. The remaining 757 shares of UAL common stock
    were still held by the Fund at December 31, 2007.
N/R    Not rated. 
(ETM)    Escrowed to maturity. 
(IF)    Inverse floating rate investment. 
(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. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At December 31, 2007, the cost of investments was $240,987,000.

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2007, were as follows:
Gross unrealized:     
  Appreciation    $ 9,452,691 
  Depreciation    (1,404,150) 
Net unrealized appreciation (depreciation) of investments    $ 8,048,541 

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

Date         February 29, 2008        

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         February 29, 2008        

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

Date        February 29, 2008        

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