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:            3/31          

Date of reporting period:         6/30/07         

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)             
    June 30, 2007             
Principal        Optional Call         
Amount (000)    Description    Provisions (1)    Ratings (2)    Value 
    Long-Term Municipal Bonds – 100.0%             
    Arkansas – 1.7%             
$          1,000    Fort Smith, Arkansas, Water and Sewer Revenue Refunding and Construction Bonds, Series 2002A,    10/11 at 100.00    AAA   $   1,032,190 
     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    1,213,543 
     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    2,051,340 
     12/01/32 – FGIC Insured             
4,205    Total Arkansas            4,297,073 
    California – 7.9%             
1,000    Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series    10/17 at 100.00    AAA    814,130 
     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    A1    3,634,026 
     6.000%, 5/01/14             
500    California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges    12/08 at 101.00    A    511,640 
     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    2,129,380 
     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    192,362 
    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    2,132,723 
205     5.000%, 10/01/18 (Pre-refunded 10/01/07) – AMBAC Insured    10/07 at 101.00    AAA    207,700 
2,500    California, General Obligation Bonds, Series 2005, 5.000%, 3/01/31    3/16 at 100.00    A+    2,557,225 
500    Contra Costa County, California, Certificates of Participation Refunding, Merrithew Memorial    11/07 at 102.00    AAA    512,390 
     Hospital Replacement, Series 1997, 5.375%, 11/01/17 – MBIA Insured             
500    Contra Costa Water District, California, Water Revenue Refunding Bonds, Series 1997H, 5.000%,    10/07 at 100.00    AA (3)    501,535 
     10/01/17 (Pre-refunded 10/01/07)             
1,000    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/17 at 100.00    BBB    978,340 
     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    3,666,176 
     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    436,773 
     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    1,785,928 
     Bonds, Series 2005A-1, 5.500%, 6/01/45             
19,970    Total California            20,060,328 
    Colorado – 9.6%             
1,700    Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series    3/12 at 100.00    AA (3)    1,803,122 
     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)    1,381,419 
     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+    3,488,817 
     (Alternative Minimum Tax)             
5,000    Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A,    11/11 at 100.00    AAA    5,238,150 
     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    1,633,154 
     11/15/16 – FGIC Insured             
3,000    Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center    12/13 at 100.00    Aaa    3,163,980 
     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    1,989,120 
     Hotel, Series 2006, 4.750%, 12/01/35 – XLCA Insured             
515    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997A, 5.000%, 9/01/26    9/07 at 101.00    AAA    521,165 
     (Pre-refunded 9/01/07) – MBIA Insured             
5,100    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,    No Opt. Call    AAA    2,273,733 
     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    1,386,350 
     (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    260,633 
     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 (3)    1,164,779 
     (Pre-refunded 11/15/11)             
29,705    Total Colorado            24,304,422 
    District of Columbia – 0.4%             
500    District of Columbia, Hospital Revenue Refunding Bonds, Medlantic Healthcare Group, Series    9/07 at 101.00    AAA    510,250 
     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    512,060 
     Revenue Bonds, Series 1998, 5.000%, 10/01/21 (Pre-refunded 10/01/08) – AMBAC Insured             
1,000    Total District of Columbia            1,022,310 
    Florida – 2.3%             
1,000    Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa    10/16 at 100.00    A3    1,020,860 
     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    1,555,605 
     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    2,556,075 
625    Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series    7/11 at 101.00    Aaa    646,294 
     2001, 5.125%, 7/01/29 – FGIC Insured             
5,625    Total Florida            5,778,834 
    Hawaii – 0.4%             
1,100    Hawaii, Certificates of Participation, Kapolei State Office Building, Series 1998A, 5.000%,    11/08 at 101.00    AAA    1,127,038 
     5/01/17 – AMBAC Insured             
    Illinois – 13.1%             
630    Chicago Metropolitan Housing Development Corporation, Illinois, FHA-Insured Section 8 Assisted    7/07 at 100.00    AA    630,945 
     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    602,726 
1,665    Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,    1/16 at 100.00    AAA    1,706,142 
     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)    253,455 
     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    657,654 
     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    Aa1    714,398 
     7.203%, 7/01/46 (IF) (4)             
2,185    Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%,    9/15 at 100.00    AA    2,220,747 
     9/01/31 – RAAI Insured             
2,255    Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A,    7/12 at 100.00    A–    2,424,351 
     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)    1,132,975 
     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    995,150 
     FGIC Insured             
5,700    Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/15/22    6/13 at 100.00    AAA    5,883,539 
45    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion    12/07 at 100.00    A1    45,081 
     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    7,232,819 
     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    5,134,650 
     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    644,650 
1,135     0.000%, 12/01/18 – RAAI Insured    No Opt. Call    AA    653,715 
1,100    Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured    12/14 at 100.00    AAA    1,156,133 
1,000    Yorkville, Illinois, General Obligation Debt Certificates, Series 2003, 5.000%, 12/15/21    12/11 at 100.00    AA (3)    1,042,340 
     (Pre-refunded 12/15/11) – RAAI Insured             
33,020    Total Illinois            33,131,470 
    Indiana – 3.0%             
1,000    Franklin Community Multi-School Building Corporation, Marion County, Indiana, First Mortgage    7/14 at 100.00    AAA    1,035,070 
     Revenue Bonds, Series 2004, 5.000%, 7/15/22 – FGIC Insured             
985    Indiana Housing Finance Authority, Single Family Mortgage Revenue Bonds, Series 2002C-2,    7/11 at 100.00    Aaa    996,259 
     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    4,547,447 
     1/01/21 – AMBAC Insured             
355    St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Memorial Health System, Series    2/08 at 101.00    AAA    349,338 
     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    777,878 
     Series 2005, 5.000%, 7/15/22 – MBIA Insured             
7,470    Total Indiana            7,705,992 
    Iowa – 2.3%             
1,000    Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,    6/17 at 100.00    BBB    1,007,860 
     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    1,045,830 
3,500     5.600%, 6/01/35 (Pre-refunded 6/01/11)    6/11 at 101.00    AAA    3,726,660 
5,500    Total Iowa            5,780,350 
    Kansas – 0.7%             
795    Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2006,    7/16 at 100.00    A3    779,267 
     4.875%, 7/01/36             
1,000    Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006,    4/13 at 100.00    A1    933,290 
     4.500%, 10/01/26             
1,795    Total Kansas            1,712,557 
    Louisiana – 2.1%             
2,125    Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series    7/14 at 100.00    AAA    2,224,408 
     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    3,148,260 
     7/01/27 (Pre-refunded 7/01/12) – AMBAC Insured             
5,125    Total Louisiana            5,372,668 
    Massachusetts – 3.2%             
3,000    Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health    10/11 at 101.00    BBB+    3,189,300 
     System, Series 2001E, 6.250%, 10/01/31             
2,565    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series    7/07 at 102.00    AAA    2,592,394 
     1997A, 5.000%, 1/01/37 – MBIA Insured             
1,270    Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%,    No Opt. Call    Aaa    1,353,896 
     12/01/15 – MBIA Insured (ETM)             
820    Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%,    No Opt. Call    AAA    873,152 
     12/01/15 – MBIA Insured             
7,655    Total Massachusetts            8,008,742 
    Michigan – 2.0%             
2,900    Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health    12/12 at 100.00    Aa2    3,018,668 
     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–    2,022,160 
     Tax General Obligation School Building and Site Bonds, Series 1999, 4.750%, 5/01/18             
4,900    Total Michigan            5,040,828 
    Minnesota – 0.6%             
1,500    Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%,    7/16 at 100.00    AA+    1,453,935 
     7/01/38 (Alternative Minimum Tax)             
    Nevada – 7.3%             
1,500    Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,    6/11 at 100.00    AAA    1,573,140 
     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    2,328,976 
13,250     5.375%, 1/01/40 – AMBAC Insured    1/10 at 100.00    AAA    13,575,419 
1,100    Nevada, General Obligation Refunding Bonds, Municipal Bond Bank Projects 65 and R-6, Series    5/08 at 100.00    AAA    1,108,228 
     1998, 5.000%, 5/15/22 – MBIA Insured             
20,445    Total Nevada            18,585,763 
    New Jersey – 1.9%             
2,500    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center,    7/13 at 100.00    Ba1    2,557,000 
     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    1,119,340 
1,010     6.250%, 6/01/43 (Pre-refunded 6/01/13)    6/13 at 100.00    AAA    1,129,018 
4,510    Total New Jersey            4,805,358 
    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    549,744 
660     4.625%, 7/01/25 – FSA Insured    7/14 at 100.00    AAA    653,631 
2,000     4.750%, 7/01/27 – FSA Insured    7/14 at 100.00    AAA    2,008,860 
3,000     4.750%, 1/01/28 – FSA Insured    7/14 at 100.00    AAA    3,007,980 
6,215    Total New Mexico            6,220,215 
    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    Baa1    2,168,089 
     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 (3)    708,979 
     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    2,060,820 
     Bonds, Fiscal Series 2005B, 5.000%, 6/15/36 – FSA Insured             
1,700    New York Dormitory Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida    8/16 at 100.00    AAA    1,674,313 
     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–    3,154,530 
     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–    2,549,849 
     7.250%, 1/01/10             
11,840    Total New York            12,316,580 
    North Carolina – 0.6%             
1,500    Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,    1/11 at 101.00    AA    1,520,940 
     Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31             
    Oklahoma – 1.6%             
1,000    Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005,    9/16 at 100.00    BBB    1,029,100 
     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–    3,016,920 
     5.000%, 2/15/42 (UB)             
4,000    Total Oklahoma            4,046,020 
    Pennsylvania – 2.6%             
1,020    Carlisle Area School District, Cumberland County, Pennsylvania, General Obligation Bonds,    9/09 at 100.00    Aaa    1,044,337 
     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    559,393 
     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    468,177 
     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    1,050,460 
     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    3,454,783 
     2/01/31 (Pre-refunded 2/01/12) – FSA Insured             
6,270    Total Pennsylvania            6,577,150 
    Puerto Rico – 1.2%             
3,000    Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,    12/13 at 100.00    AA    3,107,280 
     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    5,541,884 
     Series 2002A, 6.250%, 6/01/42             
    South Carolina – 4.6%             
700    Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,    12/14 at 100.00    A    730,996 
     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    652,538 
     AMBAC Insured             
4,000    Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series    12/12 at 101.00    AA- (3)    4,389,360 
     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+    2,690,375 
     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    2,564,128 
     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    170,496 
     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    490,670 
     Bonds, Series 2004B, 5.125%, 4/01/30 – XLCA Insured             
10,900    Total South Carolina            11,688,563 
    South Dakota – 0.4%             
1,000    South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley    11/14 at 100.00    AA–    1,030,300 
     Hospitals, Series 2004A, 5.250%, 11/01/34             
    Texas – 12.1%             
4,000    Brazos River Harbor Navigation District, Brazoria County, Texas, Environmental Facilities    5/12 at 101.00    A–    4,267,040 
     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    1,520,130 
     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    1,041,570 
     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    2,707,850 
     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    3,064,680 
     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    1,045,900 
     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    2,103,960 
     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    3,257,688 
     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–    1,435,952 
     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    221,503 
     1998, 5.000%, 2/15/14             
780    Killeen Independent School District, Bell County, Texas, General Obligation Bonds, Series    2/08 at 100.00    AAA    786,178 
     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    92,355 
     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 (3)    945,672 
     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, Series    10/12 at 100.00    AA    5,009,540 
     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    991,270 
500    Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 2000A,    7/10 at 100.00    AAA    522,845 
     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    1,575,272 
     8/01/42 (Alternative Minimum Tax)             
34,945    Total Texas            30,589,405 
    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    1,490,362 
     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    3,056,070 
     FSA Insured             
3,600    Vermont Industrial Development Authority, Revenue Refunding Bonds, Stanley Works Inc., Series    9/07 at 100.00    A    3,607,200 
     1992, 6.750%, 9/01/10             
6,600    Total Vermont            6,663,270 
    Virginia – 0.3%             
510    Metropolitan District of Columbia Airprots Authority, Virginia, Airport System Revenue Bonds,    10/08 at 101.00    AAA    515,452 
     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    11/07 at 100.00    AAA    251,585 
760    Total Virginia            767,037 
    Washington – 3.5%             
2,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Catholic Health Initiatives,    12/07 at 101.00    AAA    2,030,860 
     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    6,922,627 
     System, Series 2001A, 5.125%, 10/01/17 – MBIA Insured             
8,715    Total Washington            8,953,487 
    Wisconsin – 1.8%             
1,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan    8/13 at 100.00    A–    1,038,600 
     Services Inc., Series 2003A, 5.500%, 8/15/18             
3,335    Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series    3/12 at 100.00    AA    3,396,431 
     2002G, 4.850%, 9/01/17             
4,335    Total Wisconsin            4,435,031 
$      260,185    Total Long-Term Municipal Bonds (cost $244,450,821)            253,135,192 
Shares    Description            Value 
    Common Stocks – 0.0%             
    Airlines – 0.0%             
592    UAL Corporation, (5) (6)           $  24,029 
    Total Common Stocks (cost $0)            24,029 
    Total Investments (cost $244,450,821) – 100.0%            253,159,221 
    Floating Rate Obligations – (1.2)%            (3,130,000) 
    Other Assets Less Liabilities – 1.2%            3,253,554 
    Net Assets – 100%           $  253,282,775 

    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 with a 0.00% 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)    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 valued at fair value using methods determined in good faith by, or at the discretion of, the 
    Board of Trustees. 
(5)    Non-income producing. 
(6)    On December 9, 2002, UAL Corporation (“UAL”), the holding company of United Air Lines, Inc. 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 and May 30, 2007, the Fund 
    received additional distributions of 1,825 and 592 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 592 shares of UAL common stock were still held 
    by the Fund at June 30, 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.

At June 30, 2007, the cost of investments was $241,204,452.

Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2007, were as follows:

Gross unrealized:     
  Appreciation    $9,386,694 
  Depreciation    (561,770) 
Net unrealized appreciation (depreciation) of investments    $8,824,924 

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         August 29, 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         August 29, 2007        

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

Date        August 29, 2007        

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