nq2.htm



 
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 811-06622
 
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:            3/31          
 
Date of reporting period:         12/31/15         
 
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
      
           
   
Nuveen Select Tax-Free Income Portfolio 2 (NXQ)
      
   
December 31, 2015 (Unaudited)
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 96.8%
      
           
   
MUNICIPAL BONDS – 96.8%
      
           
   
Alaska – 0.3%
      
$      1,000
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
6/16 at 100.00
B3
$     910,640
   
Series 2006A, 5.000%, 6/01/32
      
   
Arizona – 2.4%
      
2,500
  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series
3/21 at 100.00
A
2,784,350
   
2011B-1&2, 5.250%, 3/01/39
      
600
  
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power
10/20 at 100.00
A3
666,198
   
Company, Series 2010A, 5.250%, 10/01/40
      
2,250
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
No Opt. Call
BBB+
2,612,363
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
      
215
  
Sedona Wastewater Municipal Property Corporation Arizona, Excise Tax Revenue Bonds, Series
No Opt. Call
AA–
192,943
   
1998, 0.000%, 7/01/20 – NPFG Insured
      
5,565
  
Total Arizona
    
6,255,854
   
California – 14.9%
      
1,000
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate
10/17 at 100.00
BBB+
1,069,060
   
Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
      
11,000
  
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,
No Opt. Call
AA
3,959,780
   
Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured
      
4,000
  
Arcadia Unified School District, Los Angeles County, California, General Obligation Bonds,
2/17 at 44.77
Aa1
1,741,920
   
Election 2006 Series 2007A, 0.000%, 8/01/33 – AGM Insured
      
1,500
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
12/18 at 100.00
B
1,501,920
   
Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
      
500
  
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges
6/16 at 100.00
A+
502,085
   
Projects, Series 1998A, 5.250%, 12/01/16
      
2,500
  
California State, General Obligation Bonds, Refunding Series 2005, 5.000%, 3/01/31
3/16 at 100.00
A+ (4)
2,519,650
   
(Pre-refunded 3/01/16)
      
60
  
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
4/16 at 100.00
AA–
60,245
2,440
  
Eureka Unified School District, Humboldt County, California, General Obligation Bonds, Series
No Opt. Call
AA
1,695,336
   
2002, 0.000%, 8/01/27 – AGM Insured
      
3,290
  
Folsom Cordova Unified School District, Sacramento County, California, General Obligation
No Opt. Call
AA–
2,530,997
   
Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/24 – NPFG Insured
      
1,000
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/17 at 100.00
B–
873,460
   
Bonds, Series 2007A-1, 5.125%, 6/01/47
      
3,030
  
Grossmont Union High School District, San Diego County, California, General Obligation Bonds,
No Opt. Call
Aa3
2,356,613
   
Series 2006, 0.000%, 8/01/25 – NPFG Insured
      
1,495
  
Huntington Beach Union High School District, Orange County, California, General Obligation
No Opt. Call
Aa2
779,927
   
Bonds, Series 2007, 0.000%, 8/01/33 – FGIC Insured
      
1,160
  
Mount San Antonio Community College District, Los Angeles County, California, General
8/35 at 100.00
AA
842,299
   
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
      
450
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series
No Opt. Call
A
633,119
   
2009C, 6.500%, 11/01/39
      
1,195
  
Palmdale Elementary School District, Los Angeles County, California, General Obligation Bonds,
No Opt. Call
AA
798,224
   
Series 2003, 0.000%, 8/01/28 – AGM Insured
      
590
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
11/19 at 100.00
Ba1
653,838
   
6.750%, 11/01/39
      
4,620
  
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election
No Opt. Call
AA–
3,605,356
   
of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured
      
4,400
  
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
No Opt. Call
A+
2,516,844
   
Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
      
2,500
  
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of
No Opt. Call
AA– (4)
1,192,975
   
Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM)
      
2,755
  
Sacramento City Unified School District, Sacramento County, California, General Obligation
No Opt. Call
A1
2,158,543
   
Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured
      
   
San Joaquin Delta Community College District, California, General Obligation Bonds, Election
      
   
2004 Series 2008B:
      
1,000
  
0.000%, 8/01/30 – AGM Insured
8/18 at 50.12
AA
483,110
1,890
  
0.000%, 8/01/31 – AGM Insured
8/18 at 47.14
AA
858,740
6,025
  
Simi Valley Unified School District, Ventura County, California, General Obligation Bonds,
No Opt. Call
AA
3,552,702
   
Series 2007C, 0.000%, 8/01/30
      
2,080
  
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
6/16 at 100.00
B–
1,941,888
   
Bonds, Series 2005A-1, 5.500%, 6/01/45
      
60,480
  
Total California
    
38,828,631
   
Colorado – 9.4%
      
500
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
7/19 at 100.00
A+
562,760
   
Series 2009A, 5.500%, 7/01/34
      
1,975
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
1/20 at 100.00
AA–
2,181,644
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
      
1,000
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital
5/17 at 100.00
A–
1,043,750
   
Association, Series 2007, 5.250%, 5/15/42
      
1,935
  
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
11/23 at 100.00
A
2,178,481
   
5.000%, 11/15/43
      
2,230
  
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,
11/16 at 100.00
BBB–
2,257,362
   
Senior Lien Series 2006, 4.750%, 12/01/35 – SYNCORA GTY Insured
      
1,600
  
Denver, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/16 –
No Opt. Call
AA–
1,661,360
   
NPFG Insured
      
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
      
5,140
  
0.000%, 9/01/24 – NPFG Insured
No Opt. Call
AA–
3,989,514
8,100
  
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
AA–
5,058,287
4,475
  
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
AA–
2,327,358
3,000
  
University of Colorado, Enterprise System Revenue Bonds, Series 2009B, 5.000%, 6/01/16
No Opt. Call
AA+
3,059,460
29,955
  
Total Colorado
    
24,319,976
   
Connecticut – 0.8%
      
1,945
  
Connecticut Health and Educational Facilities Authority, Auction Rate Revenue Bonds, Yale
7/17 at 100.00
AAA
2,057,654
   
University, Series 2007Z-2, 5.050%, 7/01/42
      
   
Florida – 2.6%
      
1,685
  
Broward County, Florida, Professional Sports Facilities Tax and Revenue Bonds, Broward County
No Opt. Call
AA
1,728,001
   
Civic Arena Project, Refunding Series 2006A, 5.000%, 9/01/28 – AMBAC Insured
      
2,365
  
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds
No Opt. Call
A+
2,410,124
   
Series 2010A-1, 5.000%, 6/01/16
      
1,000
  
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa
10/16 at 100.00
A
1,022,300
   
General Hospital, Series 2006, 5.250%, 10/01/41
      
1,500
  
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015,
11/24 at 100.00
A2
1,667,250
   
5.000%, 11/15/45
      
6,550
  
Total Florida
    
6,827,675
   
Illinois – 12.0%
      
1,400
  
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System
No Opt. Call
AA–
1,079,190
   
Revenue Bonds, Series 1999A, 0.000%, 4/01/23 – NPFG Insured
      
735
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series
12/21 at 100.00
B+
619,443
   
2011A, 5.000%, 12/01/41
      
1,000
  
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%,
1/16 at 100.00
AA
1,000,550
   
1/01/31 – AGM Insured
      
1,515
  
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007C, 5.000%,
No Opt. Call
AA–
1,561,783
   
1/01/27 – NPFG Insured
      
470
  
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%,
5/17 at 100.00
AA– (4)
496,757
   
5/15/32 (Pre-refunded 5/15/17) – NPFG Insured
      
1,050
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust
7/17 at 100.00
AA+ (4)
1,182,731
   
2015-XF0248, 9.272%, 7/01/46 (Pre-refunded 7/01/17) (IF) (5)
      
1,750
  
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical
8/18 at 100.00
BBB+
1,856,978
   
Centers, Series 2008A, 5.500%, 8/15/30
      
1,035
  
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
11/16 at 100.00
BBB+
1,055,172
   
University Center Project, Series 2006B, 5.000%, 5/01/25
      
2,190
  
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
No Opt. Call
A–
2,424,637
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
      
   
Project, Series 2002A:
      
6,350
  
0.000%, 12/15/31 – NPFG Insured
No Opt. Call
AA–
3,188,272
1,350
  
0.000%, 6/15/35 – NPFG Insured
No Opt. Call
AA–
563,126
5,000
  
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
AA–
1,929,800
9,170
  
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
AA–
3,045,540
5,045
  
Sauk Village, Illinois, General Obligation Alternate Revenue Source Bonds, Tax Increment,
6/16 at 100.00
AA
5,045,705
   
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
979,620
1,135
  
0.000%, 12/01/18 – RAAI Insured
No Opt. Call
AA
1,003,363
2,000
  
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22
3/17 at 100.00
AA– (4)
2,100,280
   
(Pre-refunded 3/01/17) – NPFG Insured
      
1,825
  
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
3/25 at 100.00
A
2,134,192
44,080
  
Total Illinois
    
31,267,139
   
Indiana – 5.2%
      
1,600
  
Indiana Bond Bank, Special Program Bonds, Carmel Junior Waterworks Project, Series 2008B,
No Opt. Call
AA
987,584
   
0.000%, 6/01/30 – AGM Insured
      
2,040
  
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group,
6/25 at 100.00
AA
2,320,459
   
Refunding 2015A, 5.000%, 12/01/40
      
170
  
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,
9/24 at 100.00
BBB
186,993
   
Series 2014, 5.250%, 9/01/40 (Alternative Minimum Tax)
      
1,075
  
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension
11/16 at 100.00
AA+
1,113,292
   
Health, Series 2006B-5, 5.000%, 11/15/36
      
485
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
3/17 at 100.00
A+
503,891
   
Indiana, Series 2007, 5.500%, 3/01/37
      
515
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
3/17 at 100.00
N/R (4)
543,871
   
Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
      
2,000
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42
1/17 at 100.00
AA– (4)
2,085,440
   
(Pre-refunded 1/01/17) – NPFG Insured
      
1,750
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue
7/16 at 100.00
A1
1,786,873
   
Bonds, Series 2006F, 5.000%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
      
1,825
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,
1/19 at 100.00
AA
2,056,720
   
5.500%, 1/01/38 – AGC Insured
      
1,895
  
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development
No Opt. Call
N/R
1,994,298
   
Project, Series 2010, 6.000%, 1/15/19
      
13,355
  
Total Indiana
    
13,579,421
   
Iowa – 1.7%
      
1,665
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
No Opt. Call
BB–
1,763,435
   
Project, Series 2013, 5.000%, 12/01/19
      
1,645
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
6/16 at 100.00
B+
1,587,803
   
5.375%, 6/01/38
      
1,000
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
6/17 at 100.00
B+
1,000,620
   
5.600%, 6/01/34
      
4,310
  
Total Iowa
    
4,351,858
   
Kansas – 0.4%
      
795
  
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006,
7/16 at 100.00
A1
804,063
   
4.875%, 7/01/36
      
305
  
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park
1/17 at 100.00
BB+
307,898
   
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
      
1,100
  
Total Kansas
    
1,111,961
   
Kentucky – 1.3%
      
2,500
  
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare
8/21 at 100.00
A+
2,692,800
   
System Obligated Group, Series 2011, 5.250%, 8/15/46
      
805
  
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
7/31 at 100.00
Baa3
600,699
   
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43
      
3,305
  
Total Kentucky
    
3,293,499
   
Maryland – 1.5%
      
   
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
      
595
  
5.000%, 9/01/32 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
604,478
100
  
5.250%, 9/01/39 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
101,757
3,145
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland
7/16 at 100.00
AA– (4)
3,208,309
   
Health, Series 2006A, 4.500%, 1/01/21 (Pre-refunded 7/01/16) – NPFG Insured
      
3,840
  
Total Maryland
    
3,914,544
   
Massachusetts – 0.2%
      
500
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,
7/18 at 100.00
A–
542,035
   
Series 2008E-1 &2, 5.000%, 7/01/28
      
   
Michigan – 3.3%
      
355
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
A–
393,230
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
      
2,590
  
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%,
7/18 at 100.00
AA+
2,827,011
   
7/01/31 – BHAC Insured
      
2,500
  
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%,
7/16 at 100.00
AA–
2,527,625
   
7/01/33 – FGIC Insured
      
2,060
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 4.500%,
7/16 at 100.00
AA–
2,073,184
   
7/01/25 – NPFG Insured
      
385
  
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding
10/25 at 100.00
Aa2
445,634
   
Series 2015-I, 5.000%, 4/15/38
      
250
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
Aaa
297,533
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
      
8,140
  
Total Michigan
    
8,564,217
   
Minnesota – 0.4%
      
955
  
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%,
7/16 at 100.00
AA+
956,843
   
7/01/38 (Alternative Minimum Tax)
      
   
Mississippi – 0.2%
      
500
  
Mississippi Development Bank, Revenue Bonds, Mississippi Municipal Energy Agency, Mississippi
3/16 at 100.00
N/R (4)
503,945
   
Power, Series 2006A, 5.000%, 3/01/21 (Pre-refunded 3/01/16) – SYNCORA GTY Insured
      
   
Missouri – 0.1%
      
270
  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales
10/18 at 100.00
AA+
295,793
   
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
      
   
Nebraska – 0.2%
      
545
  
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska
11/25 at 100.00
A–
560,075
   
Methodist Health System, Refunding Series 2015, 4.125%, 11/01/36
      
   
Nevada – 4.1%
      
1,325
  
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A,
No Opt. Call
AAA
1,488,280
   
5.250%, 7/01/38
      
1,250
  
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823, 20.155%,
1/20 at 100.00
A+
2,042,500
   
1/01/36 (IF)
      
1,000
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
A+
1,117,800
   
International Airport, Series 2010A, 5.250%, 7/01/42
      
3,000
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015,
12/24 at 100.00
AA+
3,551,310
   
5.000%, 6/01/34
      
2,500
  
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
AA–
2,499,750
9,075
  
Total Nevada
    
10,699,640
   
New Jersey – 3.1%
      
2,165
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program
3/21 at 100.00
A–
2,350,909
   
Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
      
1,250
  
New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K,
No Opt. Call
A–
1,385,300
   
5.500%, 12/15/19 – AMBAC Insured
      
2,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A,
No Opt. Call
A–
2,083,880
   
5.000%, 6/15/42
      
2,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA,
6/25 at 100.00
A–
2,217,100
   
5.250%, 6/15/29
      
7,415
  
Total New Jersey
    
8,037,189
   
New Mexico – 0.4%
      
1,000
  
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series
9/17 at 100.00
N/R
1,013,690
   
2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
      
   
New York – 4.7%
      
1,700
  
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds,
8/16 at 100.00
N/R (4)
1,745,917
   
Kaleida Health, Series 2006, 4.700%, 2/15/35 (Pre-refunded 8/15/16)
      
5,000
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds,
9/16 at 100.00
N/R (4)
5,159,849
   
Education Series 2006D, 5.000%, 3/15/36 (Pre-refunded 9/15/16)
      
500
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
565,580
   
2011A, 5.250%, 2/15/47
      
1,805
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,
2/17 at 100.00
A
1,873,861
   
2/15/47 – FGIC Insured
      
1,250
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
11/22 at 100.00
AA–
1,494,400
   
Series 2012F, 5.000%, 11/15/26
      
1,135
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
12/20 at 100.00
BBB
1,330,299
   
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
      
11,390
  
Total New York
    
12,169,906
   
Ohio – 3.3%
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
      
   
Bonds, Senior Lien, Series 2007A-2:
      
2,155
  
5.375%, 6/01/24
6/17 at 100.00
B–
1,973,937
2,475
  
5.875%, 6/01/30
6/17 at 100.00
B–
2,212,799
875
  
5.750%, 6/01/34
6/17 at 100.00
B–
767,121
2,680
  
5.875%, 6/01/47
6/17 at 100.00
B–
2,330,796
1,105
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
2/23 at 100.00
A+
1,219,589
   
2013A-1, 5.000%, 2/15/48
      
9,290
  
Total Ohio
    
8,504,242
   
Oklahoma – 1.6%
      
1,000
  
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005,
9/16 at 100.00
BBB–
1,017,030
   
5.375%, 9/01/36
      
2,905
  
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,
2/17 at 100.00
AA
3,011,062
   
5.000%, 2/15/42
      
95
  
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,
2/17 at 100.00
N/R (4)
99,615
   
5.000%, 2/15/42 (Pre-refunded 2/15/17)
      
4,000
  
Total Oklahoma
    
4,127,707
   
Pennsylvania – 0.6%
      
1,500
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
12/20 at 100.00
AA–
1,679,820
   
Bonds, Series 2010B, 5.000%, 12/01/30
      
   
Puerto Rico – 0.8%
      
1,035
  
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,
6/16 at 100.00
AA–
1,043,601
   
5.000%, 12/01/20
      
15,000
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
Caa3
1,060,800
   
8/01/54 – AMBAC Insured
      
16,035
  
Total Puerto Rico
    
2,104,401
   
South Dakota – 0.3%
      
600
  
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health,
11/25 at 100.00
A+
682,602
   
Series 2015, 5.000%, 11/01/35
      
   
Texas – 12.1%
      
250
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011,
1/21 at 100.00
BBB+
286,833
   
6.000%, 1/01/41
      
240
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
7/25 at 100.00
BBB+
272,412
   
5.000%, 1/01/35
      
3,000
  
Fort Worth Independent School District, Tarrant County, Texas, General Obligation Bonds,
No Opt. Call
AAA
3,088,170
   
Refunding Series 2006, 5.000%, 2/15/18
      
5,560
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series
10/23 at 100.00
BBB+
6,233,034
   
2013A, 5.500%, 4/01/53
      
1,160
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston
6/25 at 100.00
AA
1,324,523
   
Methodist Hospital System, Series 2015, 5.000%, 12/01/45
      
675
  
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Texas
No Opt. Call
AA– (4)
698,821
   
Children’s Hospital, Series 1995, 5.500%, 10/01/16 – NPFG Insured (ETM)
      
   
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
      
630
  
0.000%, 11/15/24 – NPFG Insured
No Opt. Call
AA–
448,579
12,480
  
0.000%, 11/15/41 – NPFG Insured
11/31 at 53.78
AA–
3,228,077
975
  
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%,
7/17 at 100.00
AA–
1,027,894
   
7/01/25 – NPFG Insured
      
575
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
No Opt. Call
A2
429,491
   
Project, Series 2001B, 0.000%, 9/01/24 – AMBAC Insured
      
1,400
  
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson
2/16 at 100.00
BBB+ (4)
1,408,764
   
Memorial Hospital Project, Series 2015, 5.375%, 8/15/35 (Pre-refunded 2/15/16)
      
200
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/17 at 24.20
AAA
47,064
   
Bonds, Series 2008, 0.000%, 8/15/41
      
4,800
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/17 at 24.20
N/R (4)
1,141,200
   
Bonds, Series 2008, 0.000%, 8/15/41 (Pre-refunded 8/15/17)
      
2,255
  
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
11/20 at 100.00
Baa1
2,488,866
   
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
      
1,025
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
1/23 at 100.00
A1
1,144,659
   
5.000%, 1/01/40
      
5,000
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
No Opt. Call
A3
5,670,499
   
2012, 5.000%, 12/15/26
      
   
Texas State University System, Financing Revenue Bonds, Refunding Series 2006:
      
1,260
  
5.000%, 3/15/28 (Pre-refunded 3/15/16) – AGM Insured
3/16 at 100.00
AA (4)
1,272,020
165
  
5.000%, 3/15/28 (Pre-refunded 3/15/16) – AGM Insured
3/16 at 100.00
AA (4)
166,614
2,000
  
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School
No Opt. Call
AAA
1,044,060
   
Building Series 2010, 0.000%, 8/15/31
      
43,650
  
Total Texas
    
31,421,580
   
Utah – 0.8%
      
5,465
  
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/36
6/17 at 38.77
AA–
2,085,608
   
Virginia – 2.2%
      
1,500
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien
10/26 at 100.00
AA
1,842,555
   
Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
      
   
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
      
   
Crossing, Opco LLC Project, Series 2012:
      
1,000
  
5.250%, 1/01/32 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
1,115,100
500
  
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
577,765
1,010
  
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
1,121,575
1,000
  
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds,
9/17 at 100.00
BBB+
1,043,750
   
Series 2007A, 5.250%, 9/01/37
      
5,010
  
Total Virginia
    
5,700,745
   
Washington – 3.3%
      
4,000
  
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health Initiative, Series
1/23 at 100.00
A+
4,716,160
   
2013A, 5.750%, 1/01/45
      
990
  
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research
1/21 at 100.00
A
1,107,147
   
Center, Series 2011A, 5.625%, 1/01/35
      
2,500
  
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%,
1/18 at 100.00
AA+ (4)
2,705,050
   
1/01/33 (Pre-refunded 1/01/18)
      
7,490
  
Total Washington
    
8,528,357
   
Wisconsin – 2.6%
      
2,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran,
10/21 at 100.00
A+
2,258,960
   
Series 2011A, 5.250%, 10/15/39
      
1,645
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc.,
6/22 at 100.00
A2
1,793,066
   
Series 2012, 5.000%, 6/01/39
      
1,500
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan
8/16 at 100.00
A–
1,538,864
   
Healthcare System, Series 2006A, 5.250%, 8/15/31
      
1,000
  
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A,
5/19 at 100.00
AA–
1,154,250
   
6.000%, 5/01/36
      
6,145
  
Total Wisconsin
    
6,745,140
$ 314,460
  
Total Municipal Bonds (cost $227,521,218)
    
251,642,387
             
Principal
            
Amount (000)
  
Description (1)
Coupon
Maturity
Ratings (3)
Value
   
CORPORATE BONDS – 0.0%
        
             
   
Transportation – 0.0%
        
$       328
  
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
7/15/19
N/R
$ 9,849
88
  
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
7/15/55
N/R
2,619
$       416
  
Total Corporate Bonds (cost $37,260)
      
12,468
   
Total Long-Term Investments (cost $227,558,478)
      
251,654,855
   
Other Assets Less Liabilities – 3.2%
      
8,206,156
   
Net Assets – 100%
      
$   259,861,011
 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period.
 
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
        
Municipal Bonds
$ —
$251,642,387
$ —
$251,642,387
Corporate Bonds
—
—
12,468
12,468
Total
$ —
$251,642,387
$12,468
$251,654,855
 
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 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 securities reflected as financing transactions, if any. 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.
 
As of December 31, 2015, the cost of investments was $226,481,747.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of December 31, 2015, were as follows:
   
Gross unrealized:
  
   Appreciation
$25,859,306
   Depreciation
(686,198)
Net unrealized appreciation (depreciation) of investments
$25,173,108
 
     
(1)
  
All percentages shown in the Portfolio of Investments are based on net assets.
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
   
of these national rating agencies.
(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. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(6)
  
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
   
Board. For fair value measurement disclosure purposes, investment classified as Level 3.
(7)
  
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
   
protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
   
of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund
   
surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two
   
senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019
   
and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on
   
July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(ETM)
  
Escrowed to maturity.
(IF)
  
Inverse floating rate investment.
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See 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, 2016        
 
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, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         February 29, 2016