The second annual catalog of the Tokyo Photoelectric Meridian Circle contains 3974 stars that were observed at least twice between 21 December 1985 and 31 December 1986. Specifically, it contains 1141 FK5 stars, 971 FK4 supplemental stars, 554 AGK3R stars, 403 OB stars, 421 NPZT stars, and 484 SAO stars. The positions are for the mean epoch of observation referred to the equinox and equator of J2000.0 and based on the FK5 system. The internal error of a single observation for the bright stars is 0.24" and 0.27" in right ascension and declination, respectively. The catalog contains, in addition to the positions, the catalog from which the star is taken and the number in that catalog, the mean epoch and number of observations of each component of the position and of the magnitude, the spectral type, the V magnitude, and the DM and AGK3 numbers. It also contains the residuals between the position in this catalog and that in the source catalog and mean errors for each component of the position and of the magnitude.