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         811-7492         

        Nuveen Insured California Premium Income Municipal Fund 2, Inc.         
(Exact name of registrant as specified in charter)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—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:            08/31          

Date of reporting period:          05/31/05         

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, 2005             
 
 
 
 
Principal        Optional Call        Market 
Amount (000)    Description(1)    Provisions*    Ratings**    Value 
 
 
    Education and Civic Organizations - 12.3% (8.4% of Total Investments)             
 
    California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 1996:             
$ 2,400    5.750%, 9/01/21 - MBIA Insured    9/06 at 102.00    AAA    $ 2,530,176 
3,000    5.750%, 9/01/26 - MBIA Insured    9/06 at 102.00    AAA    3,151,260 
 
2,000    California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2000,    11/10 at 100.00    Aaa    2,248,200 
    5.875%, 11/01/20 - MBIA Insured             
 
2,125    California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series    3/08 at 102.00    Aaa    2,239,495 
    2001A, 5.400%, 3/01/21 (Alternative Minimum Tax) - MBIA Insured             
 
5,380    California State University, Systemwide Revenue Bonds, Series 2004A, 5.000%, 11/01/16 - FSA    5/14 at 100.00    AAA    5,917,623 
    Insured             
 
1,500    California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 - AMBAC    5/15 at 100.00    AAA    1,614,750 
    Insured             
 
6,000    University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/27 -    5/13 at 100.00    AAA    6,357,060 
    AMBAC Insured             
 
 
    Healthcare - 4.5% (3.0% of Total Investments)             
 
1,450    California Health Facilities Financing Authority, Insured Health Facility Revenue Refunding Bonds,    7/06 at 102.00    AAA    1,524,139 
    Mark Twain St. Joseph's Healthcare Corporation, Series 1996A, 6.000%, 7/01/19 - MBIA Insured             
 
5,000    California Health Facilities Financing Authority, Insured Health Facility Revenue Refunding Bonds,    7/06 at 102.00    AAA    5,245,450 
    Catholic Healthcare West, Series 1996A, 6.000%, 7/01/25 - MBIA Insured             
 
1,755    University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%,    5/12 at 101.00    AAA    1,978,569 
    5/15/18 - AMBAC Insured             
 
 
    Housing/Single Family - 0.6% (0.4% of Total Investments)             
 
1,105    California Housing Finance Agency, Single Family Mortgage Bonds, Series 1997C-2-II, 5.625%,    8/07 at 101.50    AAA    1,147,344 
    8/01/20 (Alternative Minimum Tax) - MBIA Insured             
 
 
    Tax Obligation/General - 20.2% (13.7% of Total Investments)             
 
1,460    ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series    8/10 at 101.00    AAA    1,645,712 
    2000B, 5.750%, 8/01/16 - FGIC Insured             
 
485    California, General Obligation Veterans Welfare Bonds, Series 1997BH, 5.500%, 12/01/24    6/05 at 101.00    AAA    490,291 
    (Alternative Minimum Tax) - FSA Insured             
 
2,500    California, Various Purpose General Obligation Bonds, Series 1999, 5.500%, 9/01/24 - FSA Insured    9/09 at 101.00    AAA    2,730,775 
 
4,400    California, General Obligation Bonds, Series 2003, 5.000%, 2/01/31 - MBIA Insured    2/13 at 100.00    AAA    4,624,048 
 
3,000    California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.375%, 12/01/24    6/07 at 101.00    AAA    3,072,480 
    (Alternative Minimum Tax) - MBIA Insured             
 
    California, General Obligation Bonds, Series 2004:             
1,000    5.000%, 2/01/18 - AMBAC Insured    2/14 at 100.00    AAA    1,084,390 
2,250    5.000%, 4/01/31 - AMBAC Insured    4/14 at 100.00    AAA    2,379,015 
 
    Kern Community College District, California, General Obligation Bonds, Series 2003A:             
3,655    5.000%, 11/01/20 - FGIC Insured    11/13 at 100.00    AAA    3,994,184 
2,665    5.000%, 11/01/21 - FGIC Insured    11/13 at 100.00    AAA    2,893,444 
 
1,750    Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series    8/09 at 100.00    AAA    1,880,340 
    1999A, 5.250%, 8/01/24 - FGIC Insured             
 
1,255    Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds,    8/15 at 100.00    AAA    1,352,940 
    Series 2005A, 5.000%, 8/01/24 - FSA Insured             
 
2,200    Los Angeles Unified School District, California, General Obligation Bonds, Series 2003F, 5.000%,    7/13 at 100.00    AAA    2,409,440 
    7/01/17 - FSA Insured             
 
    Manteca Unified School District, San Joaquin County, California, General Obligation Bonds, Series             
    2004:             
1,000    5.250%, 8/01/21 - FSA Insured    8/14 at 100.00    AAA    1,106,810 
1,000    5.250%, 8/01/22 - FSA Insured    8/14 at 100.00    AAA    1,103,560 
 
1,270    Merced City School District, Merced County, California, General Obligation Bonds, Series 2004,    8/13 at 100.00    AAA    1,372,464 
    5.000%, 8/01/22 - FGIC Insured             
 
1,125    San Diego Unified School District, California, General Obligation Bonds, Election of 1998, Series    No Opt. Call    AAA    548,213 
    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    Aaa    2,108,440 
    5.000%, 6/15/26 - FGIC Insured             
 
    San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation             
    Bonds, Series 2005A:             
320    5.000%, 9/01/25 - MBIA Insured    9/15 at 100.00    AAA    344,579 
465    5.000%, 9/01/27 - MBIA Insured    9/15 at 100.00    AAA    498,299 
 
1,000    San Ramon Valley Unified School District, Contra Costa County, California, General Obligation    8/14 at 100.00    AAA    1,073,280 
    Bonds, Series 2004, 5.000%, 8/01/24 - FSA Insured             
 
2,445    Washington Unified School District, Yolo County, California, General Obligation Bonds, Series    8/13 at 100.00    AAA    2,652,263 
    2004A, 5.000%, 8/01/21 - FGIC Insured             
 
 
    Tax Obligation/Limited - 44.2% (29.9% of Total Investments)             
 
    Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement             
    Project, Series 1997C:             
5,130    0.000%, 9/01/18 - FSA Insured    No Opt. Call    AAA    2,915,687 
8,000    0.000%, 9/01/21 - FSA Insured    No Opt. Call    AAA    3,881,760 
 
    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    AAA    1,649,849 
1,780    5.000%, 12/01/23 - AMBAC Insured    12/13 at 100.00    AAA    1,898,601 
 
3,500    California Department of Transportation, Federal Highway Grant Anticipation Bonds, Series 2004A,    No Opt. Call    AAA    3,898,405 
    5.000%, 2/01/15 - FGIC Insured             
 
3,450    California State Public Works Board, Lease Revenue Bonds, Department of Health Services, Series    11/09 at 101.00    AAA    3,814,010 
    1999A, 5.750%, 11/01/24 - MBIA Insured             
 
5,000    Compton Community Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Area    8/05 at 102.00    AAA    5,130,300 
    Redevelopment Projects, Series 1995A, 6.500%, 8/01/13 - FSA Insured             
 
4,000    Contra Costa County, California, Certificates of Participation Refunding, Merrithew Memorial    11/07 at 102.00    AAA    4,270,800 
    Hospital Replacement Project, Series 1997, 5.500%, 11/01/22 - MBIA Insured             
 
6,000    El Monte, California, Senior Lien Certificates of Participation, Department of Public Services    1/11 at 100.00    AAA    6,283,620 
    Facility Phase II, Series 2001, 5.000%, 1/01/21 - AMBAC Insured             
 
3,000    Galt Schools Joint Powers Authority, Sacramento County, California, Revenue Refunding Bonds, High    11/07 at 102.00    AAA    3,245,070 
    School and Elementary School Facilities, Series 1997A, 5.875%, 11/01/24 - MBIA Insured             
 
285    Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%,    9/15 at 100.00    AAA    307,883 
    9/01/20 (WI, settling 6/07/05) - XLCA Insured             
 
5,000    Kern County Board of Education, California, Certificates of Participation Refunding, Series 1998A,    5/08 at 102.00    AAA    5,304,700 
    5.200%, 5/01/28 - MBIA Insured             
 
5,000    La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment Project    9/07 at 102.00    AAA    5,269,800 
    Area 1, Series 1998, 5.200%, 9/01/28 - AMBAC Insured             
 
2,300    Long Beach Bond Finance Authority, Multiple Project Tax Allocation Bonds, Housing and Gas Utility    8/15 at 100.00    AAA    2,457,734 
    Financing Project Areas, Series 2005A-1, 5.000%, 8/01/25 - AMBAC Insured             
 
4,000    Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series    6/13 at 100.00    AAA    4,197,520 
    2003AW, 5.000%, 6/01/33 - AMBAC Insured             
 
1,000    Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project,    12/14 at 100.00    AAA    1,082,090 
    Series 2004A, 5.000%, 12/01/20 - FSA Insured             
 
3,865    Los Angeles County Metropolitan Transportation Authority, California, Proposition C Second Senior    7/10 at 101.00    AAA    4,146,604 
    Lien Sales Tax Revenue Bonds, Series 2000A, 5.250%, 7/01/30 - FGIC Insured             
 
1,250    Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier    7/13 at 100.00    AAA    1,367,075 
    Senior Sales Tax Revenue Bonds, Series 2003B, 5.000%, 7/01/19 - MBIA Insured             
 
2,690    Norwalk Community Facilities Financing Authority, Los Angeles County, California, Tax Allocation    9/05 at 102.00    AAA    2,764,190 
    Revenue Refunding Bonds, Series 1995A, 6.000%, 9/01/15 - FSA Insured             
 
2,780    Pittsburg Redevelopment Agency, California, Tax Allocation Refunding Bonds, Los Medanos Community    No Opt. Call    AAA    3,069,982 
    Development Project, Series 2003A, 5.000%, 8/01/12 - MBIA Insured             
 
4,140    Plumas County, California, Certificates of Participation, Capital Improvement Program, Series    6/13 at 101.00    AAA    4,384,508 
    2003A, 5.000%, 6/01/28 - AMBAC Insured             
 
2,000    Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment    12/10 at 102.00    AAA    2,248,060 
    Project, Series 2000, 5.750%, 6/15/33 - MBIA Insured             
 
1,000    Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities    9/13 at 100.00    AAA    1,071,510 
    District 1, Series 2004, 5.000%, 9/01/25 - MBIA Insured             
 
5,000    San Bernardino Joint Powers Financing Authority, California, Certificates of Participation    9/09 at 102.00    AAA    5,492,350 
    Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 - MBIA Insured             
 
3,500    San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 1999,    7/09 at 101.00    AAA    3,788,890 
    5.500%, 7/01/34 - FGIC Insured             
 
1,930    Santa Margarita/Dana Point Authority, Orange County, California, Revenue Refinancing Bonds,    No Opt. Call    AAA    1,944,224 
    Improvement Districts 1, 2, 2A and 8, Series 1994A, 7.250%, 8/01/05 - MBIA Insured             
 
 
    Transportation - 6.7% (4.5% of Total Investments)             
 
6,500    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds,    1/10 at 65.32    AAA    3,447,145 
    Series 1999, 0.000%, 1/15/18 - MBIA Insured             
 
4,000    Orange County Transportation Authority, California, Toll Road Revenue Bonds, 91 Express Lanes    8/13 at 100.00    AAA    4,385,680 
    Project, Series 2003A, 5.000%, 8/15/18 - AMBAC Insured             
 
5,000    San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International    5/11 at 100.00    AAA    5,215,100 
    Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/31 (Alternative Minimum Tax) - MBIA Insured             
 
 
    U.S. Guaranteed *** - 22.0% (14.9% of Total Investments)             
 
    California Infrastructure Economic Development Bank, Revenue Bonds, Asian Art Museum of San             
    Francisco, Series 2000:             
1,295    5.500%, 6/01/19 (Pre-refunded to 6/01/10) - MBIA Insured    6/10 at 101.00    AAA    1,457,885 
1,000    5.500%, 6/01/20 (Pre-refunded to 6/01/10) - MBIA Insured    6/10 at 101.00    AAA    1,125,780 
 
    California, Various Purpose General Obligation Bonds, Series 2000:             
7,995    5.750%, 3/01/22 (Pre-refunded to 3/01/10) - MBIA Insured    3/10 at 101.00    AAA    9,056,416 
2,000    5.750%, 3/01/27 (Pre-refunded to 3/01/10) - MBIA Insured    3/10 at 101.00    AAA    2,260,780 
 
2,725    Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993,    9/05 at 100.00    AAA    2,794,133 
    5.625%, 3/01/18 - AMBAC Insured             
 
3,000    Escondido Union High School District, San Diego County, California, General Obligation Bonds,    11/06 at 102.00    AAA    3,178,560 
    Series 1996, 5.700%, 11/01/10 - MBIA Insured             
 
    Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series 2001F:             
1,065    5.125%, 8/01/21 - FSA Insured    8/09 at 102.00    AAA    1,144,279 
1,160    5.125%, 8/01/22 - FSA Insured    8/09 at 102.00    AAA    1,246,350 
1,220    5.125%, 8/01/23 - FSA Insured    8/09 at 102.00    AAA    1,310,817 
 
1,500    Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation    8/10 at 101.00    AAA    1,610,580 
    Bonds, Series 2000A, 5.250%, 8/01/25 (Pre-refunded to 8/01/10) - MBIA Insured             
 
1,890    Menifee Union School District, Riverside County, California, Certificates of Participation, School    9/06 at 102.00    AAA    2,003,513 
    Projects, Series 1996, 6.125%, 9/01/24 (Pre-refunded to 9/01/06) - FSA Insured             
 
2,500    Oakland, California, Insured Revenue Bonds, 1800 Harrison Foundation - Kaiser Permanente, Series    1/10 at 100.00    AAA    2,827,450 
    1999A, 6.000%, 1/01/29 (Pre-refunded to 1/01/10) - AMBAC Insured             
 
4,320    Riverside County, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage    No Opt. Call    AAA    6,066,533 
    Revenue Bonds, Series 1987B, 8.625%, 5/01/16 (Alternative Minimum Tax)             
 
1,000    Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2000A,    12/10 at 101.00    AAA    1,107,540 
    5.500%, 12/01/20 (Pre-refunded to 12/01/10) - AMBAC Insured             
 
5,450    Visalia, California, Certificates of Participation Refunding, Motor Vehicle License Fee    12/06 at 102.00    AAA    5,760,541 
    Enhancement, Series 1996A, 5.375%, 12/01/26 (Pre-refunded to 12/01/06) - MBIA Insured             
 
 
    Utilities - 12.1% (8.2% of Total Investments)             
 
3,740    California Pollution Control Financing Authority, Revenue Refunding Bonds, Southern California    9/09 at 101.00    AAA    4,036,171 
    Edison Company, Series 1999B, 5.450%, 9/01/29 - MBIA Insured (a)             
 
3,215    Modesto Irrigation District, California, Revenue Refunding Bonds, Series 1996A, 6.000%, 10/01/15 -    10/06 at 102.00    AAA    3,408,993 
    MBIA Insured             
 
3,500    Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26 - FSA    7/12 at 101.00    AAA    3,770,935 
    Insured             
 
1,790    Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and    12/09 at 102.00    AAA    2,016,668 
    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    AAA    2,068,657 
    (Alternative Minimum Tax) - AMBAC Insured             
 
    Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A:             
2,800    5.000%, 7/01/24 - MBIA Insured    7/13 at 100.00    AAA    3,011,904 
5,000    5.000%, 7/01/28 - MBIA Insured    7/13 at 100.00    AAA    5,297,950 
 
 
    Water and Sewer - 25.1% (17.0% of Total Investments)             
 
1,700    Castaic Lake Water Agency, California, Revenue Certificates of Participation, Series 2004A,    8/14 at 100.00    AAA    1,835,388 
    5.000%, 8/01/20 - AMBAC Insured             
 
2,975    Chino Basin Regional Finance Authority, California, Sewerage System Revenue Bonds, Inland Empire    8/05 at 101.00    AAA    3,042,116 
    Utilities Agency, Series 1994, 6.000%, 8/01/16 - AMBAC Insured             
 
2,000    El Dorado Irrigation District, California, Water and Sewer Certificates of Participation, Series    3/14 at 100.00    AAA    2,147,080 
    2004A, 5.000%, 3/01/21 - FGIC Insured             
 
2,700    Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,    10/13 at 100.00    AAA    2,930,634 
    Capital Projects, Series 2003A, 5.000%, 10/01/21 - FSA Insured             
 
12,000    Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.000%,    8/13 at 100.00    AAA    12,593,760 
    2/01/33 - FGIC Insured             
 
2,775    Pomona Public Financing Authority, California, Revenue Bonds, Water Facilities Project, Series    5/09 at 101.00    AAA    2,996,389 
    1999AC, 5.500%, 5/01/29 - FGIC Insured             
 
750    Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2004A,    12/14 at 100.00    AAA    812,805 
    5.000%, 12/01/21 - AMBAC Insured             
 
1,520    San Buenaventura, California, Water Revenue Certificates of Participation, Series 2004, 5.000%,    10/14 at 100.00    AAA    1,622,083 
    10/01/25 - AMBAC Insured             
 
3,675    San Dieguito Water District, California, Water Revenue Bonds, Series 2004, 5.000%, 10/01/23 - FGIC    10/14 at 100.00    AAA    3,957,240 
    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    AAA    1,510,656 
445    5.000%, 2/01/20 - FGIC Insured    2/14 at 100.00    AAA    478,816 
465    5.000%, 2/01/21 - FGIC Insured    2/14 at 100.00    AAA    498,926 
 
2,130    Santa Rosa, Sonoma County, California, Wastewater Revenue Bonds, Series 2004B, 5.000%, 9/01/18 -    9/14 at 100.00    AAA    2,328,537 
    FGIC Insured             
 
2,500    West Basin Municipal Water District, California, Revenue Certificates of Participation, Series    8/13 at 100.00    AAA    2,632,500 
    2003A, 5.000%, 8/01/30 - MBIA Insured             
 
4,500    Westlands Water District, California, Revenue Certificates of Participation, Series 2005A, 5.000%,    3/15 at 100.00    AAA    4,772,340 
    9/01/30 - MBIA 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    2,132,851 
2,530    5.000%, 10/01/33 - FGIC Insured    10/13 at 100.00    AAA    2,673,679 

$ 277,785    Total Long-Term Investments (cost $268,834,286) - 147.7%    287,780,415 
 
    Other Assets Less Liabilities - 1.1%    2,049,141 
 
    Preferred Shares, at Liquidation Value - (48.8)%    (95,000,000) 
 
    Net Assets Applicable to Common Shares - 100%    $194,829,556 
 
 
 
    All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or     
    Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S.     
    Government agency securities, any of which ensure 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.     
*    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.     
**    Ratings: Using the higher of Standard & Poor's or Moody's rating.     
***    Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency     
    securities which ensures the timely payment of principal and interest.     
(a)    The issuer has recieved a preliminary adverse determination from the Internal Revenue Service (the "IRS")     
    regarding the tax-exempt status of the bonds' coupon payments. The Fund will continue to treat coupon     
    payments as tax-exempt income until such time that it is formally determined that the interest on the bonds     
    should be treated as taxable.     
(WI)    Security purchased on a when-issued basis.     
 
    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 income on taxable market     
    discount securities and timing differences in recognizing certain gains and losses on investment transactions.     
 
    At May 31, 2005, the cost of investments was $268,696,298.     
 
    Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2005, were as     
    follows:     
 
    Gross unrealized:     
       Appreciation    $19,120,513 
       Depreciation    (36,396) 
 
    Net unrealized appreciation of investments    $19,084,117 

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 Insured California Premium Income Municipal Fund 2, Inc.        

By (Signature and Title)*          /s/ Jessica R. Droeger--Vice President and Secretary        

Date         07/29/05        

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--Chief Administrative Officer (principal executive officer)        

Date         07/29/05        

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

Date         07/29/05        

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