Edgar Filing: NUVEEN INSURED CALIFORNIA PREMIUM INCOME MUNICIPAL FUND 2 IN

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 811-7492

Nuveen Insured California Premium Income Municipal Fund 2, Inc.

(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: 2/28

Date of reporting period: 5/31/10

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 Insured California Premium Income Municipal Fund 2, Inc. (NCL)
	May 31, 2010
Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Education and Civic Organizations – 5.1% (3.4% of Total Investments)
$ 620	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series	11/10 at 100.00	A2	$ 625,028
	2000, 5.875%, 11/01/20 – NPFG Insured
750	California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program,	9/10 at 100.00	Baa1	750,323
	Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)
1,500	California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 –	5/15 at 100.00	Aa2	1,565,040
	AMBAC Insured
6,000	University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/27 –	5/13 at 100.00	Aa1	6,307,320
	AMBAC Insured (UB)
8,870	Total Education and Civic Organizations			9,247,711
	Health Care – 2.3% (1.5% of Total Investments)
1,410	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health	7/18 at 100.00	AAA	1,526,325
	System, Trust 2554, 18.449%, 7/01/47 – AGM Insured (IF)
2,000	The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series	5/15 at 101.00	Aa2	1,906,840
	2007A, 4.500%, 5/15/37 – NPFG Insured
650	University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%,	5/12 at 101.00	N/R	671,626
	5/15/18 – AMBAC Insured
4,060	Total Health Care			4,104,791
	Housing/Single Family – 1.2% (0.8% of Total Investments)
275	California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 –	2/16 at 100.00	A	281,218
	FGIC Insured (Alternative Minimum Tax)
1,735	California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 5.500%, 2/01/42 –	2/16 at 100.00	Aaa	1,849,180
	AMBAC Insured (Alternative Minimum Tax)
2,010	Total Housing/Single Family			2,130,398
	Tax Obligation/General – 32.6% (21.9% of Total Investments)
1,460	ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series	8/10 at 101.00	Aa2	1,488,397
	2000B, 5.750%, 8/01/16 – FGIC Insured
1,425	Bassett Unified School District, Los Angeles County, California, General Obligation Bonds,	8/16 at 100.00	A	1,466,482
	Series 2006B, 5.250%, 8/01/30 – FGIC Insured
3,000	California State, General Obligation Bonds, Series 2006, 4.500%, 9/01/36 – AGM Insured	9/16 at 100.00	AAA	2,732,820
4,400	California, General Obligation Bonds, Series 2003, 5.000%, 2/01/31 – NPFG Insured	2/13 at 100.00	A1	4,388,428
3,000	California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.375%, 12/01/24 – NPFG	6/10 at 100.00	AA–	3,000,330
	Insured (Alternative Minimum Tax)
3,200	Coast Community College District, Orange County, California, General Obligation Bonds, Series	8/18 at 100.00	AAA	2,654,944
	2006C, 0.000%, 8/01/31 – AGM Insured
2,500	Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,	8/18 at 100.00	AAA	2,608,100
	Election 2006 Series 2009b, 5.375%, 2/01/34 – AGC Insured
	East Side Union High School District, Santa Clara County, California, General Obligation
	Bonds, 2008 Election Series 2010B:
3,490	5.000%, 8/01/27 – AGC Insured	8/19 at 100.00	AAA	3,630,403
3,545	5.000%, 8/01/28 – AGC Insured	8/19 at 100.00	AAA	3,668,721
3,110	5.000%, 8/01/29 – AGC Insured	8/19 at 100.00	AAA	3,204,420
2,210	Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,	8/18 at 100.00	AAA	2,490,339
	Trust 2668, 9.389%, 8/01/28 – AGM Insured (IF)
1,255	Los Angeles Community College District, Los Angeles County, California, General Obligation	8/15 at 100.00	AAA	1,325,569
	Bonds, Series 2005A, 5.000%, 8/01/24 – AGM Insured
4,000	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds,	7/17 at 100.00	AAA	4,075,240
	Series 2007A, 4.500%, 7/01/24 – AGM Insured
	Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California,
	General Obligation Bonds, Series 2006C:
2,110	5.000%, 8/01/21 – AGM Insured (UB)	8/14 at 102.00	AAA	2,248,184
3,250	5.000%, 8/01/22 – AGM Insured (UB)	8/14 at 102.00	AAA	3,584,490
3,395	5.000%, 8/01/23 – AGM Insured (UB)	8/14 at 102.00	AAA	3,740,441
1,270	Merced City School District, Merced County, California, General Obligation Bonds, Series 2004,	8/13 at 100.00	A	1,331,354
	5.000%, 8/01/22 – FGIC Insured
305	Roseville Joint Union High School District, Placer County, California, General Obligation	8/15 at 100.00	AA–	316,227
	Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
2,500	Sacramento City Unified School District, Sacramento County, California, General Obligation	7/15 at 100.00	Aa2	2,584,950
	Bonds, Series 2005, 5.000%, 7/01/27 – NPFG Insured
1,125	San Diego Unified School District, California, General Obligation Bonds, Election of 1998,	No Opt. Call	Aa1	703,328
	Series 1999A, 0.000%, 7/01/21 – FGIC Insured
2,000	San Francisco Community College District, California, General Obligation Bonds, Series 2002A,	6/10 at 102.00	Aa2	2,021,640
	5.000%, 6/15/26 – FGIC Insured
2,000	San Jacinto Unified School District, Riverside County, California, General Obligation Bonds,	No Opt. Call	AAA	2,047,840
	Series 2007, 5.250%, 8/01/32 – AGM Insured
1,000	San Ramon Valley Unified School District, Contra Costa County, California, General Obligation	8/14 at 100.00	AAA	1,048,830
	Bonds, Series 2004, 5.000%, 8/01/24 – AGM Insured
2,445	Washington Unified School District, Yolo County, California, General Obligation Bonds, Series	8/13 at 100.00	A+	2,584,414
	2004A, 5.000%, 8/01/21 – FGIC Insured
57,995	Total Tax Obligation/General			58,945,891
	Tax Obligation/Limited – 55.4% (37.2% of Total Investments)
	Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public
	Improvement Project, Series 1997C:
5,130	0.000%, 9/01/18 – AGM Insured	No Opt. Call	AAA	3,598,541
8,000	0.000%, 9/01/21 – AGM Insured	No Opt. Call	AAA	4,437,920
	California Infrastructure Economic Development Bank, Revenue Bonds, North County Center for
	Self-Sufficiency Corporation, Series 2004:
1,535	5.000%, 12/01/20 – AMBAC Insured	12/13 at 100.00	AA–	1,606,424
1,780	5.000%, 12/01/23 – AMBAC Insured	12/13 at 100.00	AA–	1,840,787
3,725	California State Public Works Board, Lease Revenue Bonds, Department of Corrections &	1/16 at 100.00	A2	3,961,649
	Rehabilitation, Series 2005J, 5.000%, 1/01/17 – AMBAC Insured
380	Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community	9/15 at 100.00	A	371,264
	Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured
5,625	El Monte, California, Senior Lien Certificates of Participation, Department of Public Services	1/11 at 100.00	A2	5,660,325
	Facility Phase II, Series 2001, 5.000%, 1/01/21 – AMBAC Insured
8,280	Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana	10/15 at 100.00	A	7,710,336
	Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured
	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
	Asset-Backed Revenue Bonds, Series 2005A:
7,250	5.000%, 6/01/35 – FGIC Insured	6/15 at 100.00	AAA	7,138,060
7,500	5.000%, 6/01/45 – AGC Insured	6/15 at 100.00	AAA	7,143,450
6,215	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement	6/15 at 100.00	AAA	5,624,451
	Revenue Bonds, Drivers Trust 2091, 9.523%, 6/01/45 – AGC Insured (IF)
2,000	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement	6/15 at 100.00	A2	1,510,260
	Revenue Bonds, Residual Series 2040, 10.380%, 6/01/45 – FGIC Insured (IF)
1,255	Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax	9/17 at 100.00	Ba1	1,053,635
	Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured
1,700	Hesperia Unified School District, San Bernardino County, California, Certificates of	2/17 at 100.00	A–	1,501,559
	Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
1,810	Kern County Board of Education, California, Certificates of Participation Refunding, Series	11/10 at 100.00	A	1,813,186
	1998A, 5.200%, 5/01/28 – NPFG Insured
5,000	La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment	9/10 at 100.00	A+	4,964,650
	Project Area 1, Series 1998, 5.200%, 9/01/28 – AMBAC Insured
2,185	Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social	9/15 at 100.00	A1	1,949,588
	Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
1,000	Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill	12/14 at 100.00	AAA	1,092,700
	Project, Series 2004A, 5.000%, 12/01/20 – AGM Insured
1,250	Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier	7/13 at 100.00	AAA	1,366,588
	Senior Sales Tax Revenue Bonds, Series 2003B, 5.000%, 7/01/19 – NPFG Insured
4,000	Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation,	6/13 at 100.00	A+	4,022,160
	Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured
3,000	Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds, Police	1/17 at 100.00	A+	2,976,510
	Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
6,120	Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A,	8/17 at 100.00	A–	5,443,924
	5.000%, 8/01/38 – AMBAC Insured
2,810	Oakland Joint Powers Financing Authority, California, Lease Revenue Bonds, Administration	8/18 at 100.00	AAA	2,999,703
	Building Projects, Series 2008B, 5.000%, 8/01/21 – AGC Insured
4,140	Plumas County, California, Certificates of Participation, Capital Improvement Program, Series	6/13 at 101.00	A–	3,983,053
	2003A, 5.000%, 6/01/28 – AMBAC Insured
390	Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment	12/10 at 102.00	A	390,534
	Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
325	Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series	9/15 at 100.00	A–	292,308
	2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
1,000	Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community	9/13 at 100.00	A	986,280
	Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured
405	Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,	8/13 at 100.00	AA–	405,794
	8/01/25 – AMBAC Insured
5,000	San Bernardino Joint Powers Financing Authority, California, Certificates of Participation	9/10 at 101.00	A	5,117,750
	Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
1,500	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series	8/15 at 100.00	A	1,485,765
	2005A, 5.000%, 8/01/28 – NPFG Insured
5,510	Sweetwater Union High School District Public Financing Authority, California, Special Tax	9/15 at 100.00	AAA	5,532,316
	Revenue Bonds, Series 2005A, 5.000%, 9/01/28 – AGM Insured
1,205	Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010,	No Opt. Call	AAA	1,215,508
	5.000%, 9/01/30 – AGM Insured
1,020	Washington Unified School District, Yolo County, California, Certificates of Participation,	8/17 at 100.00	A	1,020,224
	Series 2007, 5.125%, 8/01/37 – AMBAC Insured
108,045	Total Tax Obligation/Limited			100,217,202
	Transportation – 7.2% (4.9% of Total Investments)
6,500	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding	7/10 at 67.16	A	3,887,845
	Bonds, Series 1999, 0.000%, 1/15/18 – NPFG Insured
4,000	Orange County Transportation Authority, California, Toll Road Revenue Bonds, 91 Express Lanes	8/13 at 100.00	A1	4,159,560
	Project, Series 2003A, 5.000%, 8/15/18 – AMBAC Insured
5,000	San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco	5/11 at 100.00	A1	5,004,700
	International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/31 – NPFG Insured
	(Alternative Minimum Tax)
15,500	Total Transportation			13,052,105
	U.S. Guaranteed – 12.0% (8.1% of Total Investments) (4)
1,380	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series	11/10 at 100.00	A2 (4)	1,412,803
	2000, 5.875%, 11/01/20 (Pre-refunded 11/01/10) – NPFG Insured
1,900	Central Unified School District, Fresno County, California, General Obligation Bonds, Series	9/10 at 100.00	AAA	1,920,463
	1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
3,000	Escondido Union High School District, San Diego County, California, General Obligation Bonds,	No Opt. Call	AAA	3,068,220
	Series 1996, 5.700%, 11/01/10 – NPFG Insured (ETM)
	Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series 2001F:
1,065	5.125%, 8/01/21 – AGM Insured (ETM)	8/10 at 101.00	AAA	1,082,349
1,160	5.125%, 8/01/22 – AGM Insured (ETM)	8/10 at 101.00	AAA	1,178,896
1,220	5.125%, 8/01/23 – AGM Insured (ETM)	8/10 at 101.00	AAA	1,239,874
	Manteca Unified School District, San Joaquin County, California, General Obligation Bonds,
	Series 2004:
1,000	5.250%, 8/01/21 (Pre-refunded 8/01/14) – AGM Insured	8/14 at 100.00	AAA	1,163,580
1,000	5.250%, 8/01/22 (Pre-refunded 8/01/14) – AGM Insured	8/14 at 100.00	AAA	1,163,580
1,610	Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment	12/10 at 102.00	AA (4)	1,690,323
	Project, Series 2000, 5.750%, 6/15/33 (Pre-refunded 12/15/10) – NPFG Insured
4,320	Riverside County, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage	No Opt. Call	AAA	5,771,174
	Revenue Bonds, Series 1987B, 8.625%, 5/01/16 (Alternative Minimum Tax) (ETM)
1,000	Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series	12/10 at 101.00	AA (4)	1,036,510
	2000A, 5.500%, 12/01/20 (Pre-refunded 12/01/10) – AMBAC Insured
905	University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%,	5/12 at 101.00	N/R (4)	1,000,106
	5/15/18 (Pre-refunded 5/15/12) – AMBAC Insured
19,560	Total U.S. Guaranteed			21,727,878
	Utilities – 10.2% (6.9% of Total Investments)
3,740	California Pollution Control Financing Authority, Revenue Refunding Bonds, Southern California	9/10 at 100.50	A	3,774,034
	Edison Company, Series 1999B, 5.450%, 9/01/29 – NPFG Insured
670	Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,	9/15 at 100.00	N/R	624,380
	9/01/31 – SYNCORA GTY Insured
100	Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid	6/10 at 102.00	N/R	101,110
	Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
1,950	Salinas Valley Solid Waste Authority, California, Revenue Bonds, Series 2002, 5.250%, 8/01/27 –	8/12 at 100.00	A+	1,854,528
	AMBAC Insured (Alternative Minimum Tax)
	Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A:
2,800	5.000%, 7/01/24 – NPFG Insured	7/13 at 100.00	A1	2,857,680
5,000	5.000%, 7/01/28 – NPFG Insured	7/13 at 100.00	A1	5,062,550
4,000	Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue	No Opt. Call	AA–	4,179,600
	Bonds, Series 2010-1, 5.000%, 7/01/28
18,260	Total Utilities			18,453,882
	Water and Sewer – 22.7% (15.3% of Total Investments)
1,100	Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Tender Option Bond	5/19 at 100.00	AAA	1,158,014
	Trust 3145, 17.935%, 5/01/40 – AGM Insured (IF)
2,975	Chino Basin Regional Finance Authority, California, Sewerage System Revenue Bonds, Inland	8/10 at 100.00	Aa2	2,987,822
	Empire Utilities Agency, Series 1994, 6.000%, 8/01/16 – AMBAC Insured
2,000	El Dorado Irrigation District, California, Water and Sewer Certificates of Participation,	3/14 at 100.00	A1	2,073,060
	Series 2004A, 5.000%, 3/01/21 – FGIC Insured
750	Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,	10/16 at 100.00	AAA	753,593
	10/01/36 – AGM Insured
460	Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,	4/16 at 100.00	AA–	462,746
	5.000%, 4/01/36 – NPFG Insured
2,700	Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,	10/13 at 100.00	AAA	2,923,776
	Capital Projects, Series 2003A, 5.000%, 10/01/21 – AGM Insured
2,000	Los Angeles, California, Wastewater System Revenue Bonds, Series 2005A, 4.500%, 6/01/29 –	6/15 at 100.00	AA	2,007,120
	NPFG Insured
430	Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006,	6/16 at 100.00	A+	434,442
	5.000%, 6/01/31 – NPFG Insured
12,000	Orange County Sanitation District, California, Certificates of Participation, Series 2003,	8/13 at 100.00	AAA	12,265,800
	5.000%, 2/01/33 – FGIC Insured (UB)
1,520	San Buenaventura, California, Water Revenue Certificates of Participation, Series 2004,	10/14 at 100.00	AA	1,558,015
	5.000%, 10/01/25 – AMBAC Insured
1,000	San Diego County Water Authority, California, Water Revenue Certificates of Participation,	5/18 at 100.00	AAA	1,035,010
	Series 2008A, 5.000%, 5/01/38 – AGM Insured
3,675	San Dieguito Water District, California, Water Revenue Bonds, Series 2004, 5.000%, 10/01/23 –	10/14 at 100.00	AA+	3,858,346
	FGIC Insured
	Santa Clara Valley Water District, California, Certificates of Participation, Series 2004A:
1,400	5.000%, 2/01/19 – FGIC Insured	2/14 at 100.00	AA+	1,490,509
445	5.000%, 2/01/20 – FGIC Insured	2/14 at 100.00	AA+	469,964
465	5.000%, 2/01/21 – FGIC Insured	2/14 at 100.00	AA+	488,640
2,500	West Basin Municipal Water District, California, Revenue Certificates of Participation, Series	8/13 at 100.00	Aa2	2,539,399
	2003A, 5.000%, 8/01/30 – NPFG Insured
	Yorba Linda Water District, California, Certificates of Participation, Highland Reservoir
	Renovation, Series 2003:
2,010	5.000%, 10/01/28 – FGIC Insured	10/13 at 100.00	AAA	2,105,635
2,530	5.000%, 10/01/33 – FGIC Insured	10/13 at 100.00	AAA	2,582,066
39,960	Total Water and Sewer			41,193,957
$ 274,260	Total Investments (cost $265,591,850) – 148.7%			269,073,815
	Floating Rate Obligations – (9.9)%			(17,880,000)
	Other Assets Less Liabilities – 1.7%			3,021,997
	Auction Rate Preferred Shares, at Liquidation Value – (40.5)% (5)			(73,325,000)
	Net Assets Applicable to Common Shares – 100%			$ 180,890,812

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – 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 May 31, 2010:


	Level 1	Level 2	Level 3	Total
Investments:
Municipal Bonds	$ —	$269,073,815	$ —	$269,073,815

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.

At May 31, 2010, the cost of investments was $247,386,911.

Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2010, were as follows:


Gross unrealized:
Appreciation	$ 7,634,106
Depreciation	(3,827,702)
Net unrealized appreciation (depreciation) of investments	$ 3,806,404


	The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by
	insurance guaranteeing the timely payment of principal and interest.
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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.
(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)	Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.3%.
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.

Item 2. Controls and Procedures.

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)).

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 Insured California Premium Income Municipal Fund 2, Inc.

By (Signature and Title) /s/ Kevin J. McCarthy

Kevin J. McCarthy

Vice President and Secretary

Date July 30, 2010

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 July 30, 2010

By (Signature and Title) /s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller (principal financial officer)

Date July 30, 2010