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)

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:            08/31          

Date of reporting period:         11/30/07         

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 Insured California Premium Income Municipal Fund 2, Inc. (NCL)             
    November 30, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Education and Civic Organizations – 5.6% (3.7% of Total Investments)             
$             620    California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series    11/10 at 100.00    Aaa   $   659,885 
     2000, 5.875%, 11/01/20 – MBIA Insured             
2,125    California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program,    3/08 at 102.00    Aaa    2,173,131 
     Series 2001A, 5.400%, 3/01/21 – MBIA Insured (Alternative Minimum Tax)             
1,500    California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 –    5/15 at 100.00    AAA    1,574,310 
     AMBAC Insured             
6,000    University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%,    5/13 at 100.00    AAA    6,218,220 
     5/15/27 – AMBAC Insured             
10,245    Total Education and Civic Organizations            10,625,546 
    Health Care – 4.0% (2.6% of Total Investments)             
7,000    The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series    5/15 at 101.00    AAA    6,796,299 
     2007A, 4.500%, 5/15/37 – MBIA Insured             
650    University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%,    5/12 at 101.00    AAA    704,165 
     5/15/18 – AMBAC Insured             
7,650    Total Health Care            7,500,464 
    Housing/Single Family – 2.3% (1.4% of Total Investments)             
435    California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,    2/16 at 100.00    AAA    467,033 
     8/01/30 – FGIC Insured (Alternative Minimum Tax)             
2,495    California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 5.500%,    2/16 at 100.00    AAA    2,659,246 
     2/01/42 – AMBAC Insured (Alternative Minimum Tax)             
1,100    California Housing Finance Agency, Single Family Mortgage Bonds, Series 1997C-2-II, 5.625%,    2/08 at 101.50    AAA    1,115,708 
     8/01/20 – MBIA Insured (Alternative Minimum Tax)             
4,030    Total Housing/Single Family            4,241,987 
    Tax Obligation/General – 20.2% (13.2% of Total Investments)             
1,460    ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series    8/10 at 101.00    AAA    1,565,923 
     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    AAA    1,523,624 
     Series 2006B, 5.250%, 8/01/30 – FGIC Insured             
4,400    California, General Obligation Bonds, Series 2003, 5.000%, 2/01/31 – MBIA Insured    2/13 at 100.00    AAA    4,505,292 
3,000    California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.375%, 12/01/24 – MBIA    12/07 at 101.00    AAA    3,009,660 
     Insured (Alternative Minimum Tax)             
1,910    Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series    No Opt. Call    AAA    2,136,182 
     2002A, 6.000%, 8/01/26 – MBIA Insured (4)             
1,255    Los Angeles Community College District, Los Angeles County, California, General Obligation    8/15 at 100.00    AAA    1,328,192 
     Bonds, Series 2005A, 5.000%, 8/01/24 – FSA Insured             
4,000    Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds,    7/17 at 100.00    AAA    4,048,040 
     Series 2007A, 4.500%, 7/01/24 – FSA 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 – FSA Insured    8/14 at 102.00    AAA    2,245,673 
3,250     5.000%, 8/01/22 – FSA Insured    8/14 at 102.00    AAA    3,446,820 
3,395     5.000%, 8/01/23 – FSA Insured    8/14 at 102.00    AAA    3,587,938 
1,270    Merced City School District, Merced County, California, General Obligation Bonds, Series 2004,    8/13 at 100.00    AAA    1,333,322 
     5.000%, 8/01/22 – FGIC Insured             
305    Roseville Joint Union High School District, Placer County, California, General Obligation    8/15 at 100.00    AAA    318,905 
     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    Aaa    2,616,275 
     Bonds, Series 2005, 5.000%, 7/01/27 – MBIA Insured             
1,125    San Diego Unified School District, California, General Obligation Bonds, Election of 1998,    No Opt. Call    AAA    602,460 
     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    Aaa    2,077,220 
     5.000%, 6/15/26 – FGIC Insured             
1,000    San Ramon Valley Unified School District, Contra Costa County, California, General Obligation    8/14 at 100.00    AAA    1,049,740 
     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    2,584,952 
     2004A, 5.000%, 8/01/21 – FGIC Insured             
36,850    Total Tax Obligation/General            37,980,218 
    Tax Obligation/Limited – 49.4% (32.3% 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    3,236,466 
8,000     0.000%, 9/01/21 – FSA Insured    No Opt. Call    AAA    4,285,840 
    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    1,615,772 
1,780     5.000%, 12/01/23 – AMBAC Insured    12/13 at 100.00    AAA    1,855,347 
3,725    California State Public Works Board, Lease Revenue Bonds, Department of Corrections &    1/16 at 100.00    AAA    4,048,442 
     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    AAA    395,196 
     Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured             
6,000    El Monte, California, Senior Lien Certificates of Participation, Department of Public Services    1/11 at 100.00    AAA    6,136,500 
     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    AAA    8,510,680 
     Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured             
3,000    Galt Schools Joint Powers Authority, Sacramento County, California, Revenue Refunding Bonds,    5/08 at 102.00    AAA    3,086,580 
     High School and Elementary School Facilities, Series 1997A, 5.875%, 11/01/24 – MBIA Insured             
6,670    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset    6/15 at 100.00    AAA    6,813,071 
     Backed Bonds, Series 2005A, Trust K74W, 7.227%, 6/01/35 – FGIC Insured (IF)             
4,025    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/15 at 100.00    AAA    4,537,061 
     Revenue Bonds, Drivers Trust 2091, 7.872%, 6/01/45 – AGC Insured (IF)             
4,500    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/15 at 100.00    AAA    4,562,865 
     Revenue Bonds, Residual Series 2040, 7.150%, 6/01/45 – FGIC Insured (IF)             
1,255    Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax    9/17 at 100.00    Aaa    1,289,538 
     Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – XLCA Insured             
1,700    Hesperia Unified School District, San Bernardino County, California, Certificates of    2/17 at 100.00    AAA    1,743,265 
     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    5/08 at 102.00    AAA    1,854,562 
     1998A, 5.200%, 5/01/28 – MBIA Insured             
5,000    La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment    3/08 at 102.00    AAA    5,099,950 
     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    Aaa    2,230,579 
     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    1,052,130 
     Project, Series 2004A, 5.000%, 12/01/20 – FSA Insured             
1,250    Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier    7/13 at 100.00    AAA    1,320,625 
     Senior Sales Tax Revenue Bonds, Series 2003B, 5.000%, 7/01/19 – MBIA Insured             
4,000    Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation,    6/13 at 100.00    AAA    4,081,880 
     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    AAA    2,997,780 
     Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured             
2,045    Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A    8/17 at 100.00    AAA    2,222,363 
     Trust 1028, 7.442%, 8/01/38 – AMBAC Insured (IF)             
4,140    Plumas County, California, Certificates of Participation, Capital Improvement Program, Series    6/13 at 101.00    AAA    4,249,710 
     2003A, 5.000%, 6/01/28 – AMBAC Insured             
390    Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment    12/10 at 102.00    AAA    418,029 
     Project, Series 2000, 5.750%, 6/15/33 – MBIA Insured             
325    Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series    9/15 at 100.00    AAA    333,694 
     2005A, 5.000%, 9/01/35 – XLCA Insured             
1,000    Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community    9/13 at 100.00    AAA    1,041,740 
     Facilities District 1, Series 2004, 5.000%, 9/01/25 – MBIA Insured             
405    Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,    8/13 at 100.00    AAA    416,538 
     8/01/25 – AMBAC Insured             
5,000    San Bernardino Joint Powers Financing Authority, California, Certificates of Participation    9/09 at 102.00    AAA    5,253,150 
     Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – MBIA Insured             
1,500    San Jose Redevelopement Agency, California, Tax Allocation Bonds, Merged Project Area, Series    8/15 at 100.00    AAA    1,545,645 
     2005A, 5.000%, 8/01/28 – MBIA Insured             
5,510    Sweetwater Union High School District Public Financing Authority, California, Special Tax    9/15 at 100.00    AAA    5,679,157 
     Revenue Bonds, Series 2005A, 5.000%, 9/01/28 – FSA Insured             
1,020    Washington Unified School District, Yolo County, California, Certificates of Participation,    8/17 at 100.00    AAA    1,061,759 
     Series 2007, 5.125%, 8/01/37 – AMBAC Insured             
95,560    Total Tax Obligation/Limited            92,975,914 
    Transportation – 7.0% (4.6% of Total Investments)             
6,500    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding    1/10 at 65.32    AAA    3,906,500 
     Bonds, 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    4,230,360 
     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    AAA    5,055,850 
     International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/31 – MBIA Insured             
     (Alternative Minimum Tax)             
15,500    Total Transportation            13,192,710 
    U.S. Guaranteed – 37.0% (24.2% of Total Investments) (5)             
1,380    California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series    11/10 at 100.00    Aaa    1,482,672 
     2000, 5.875%, 11/01/20 (Pre-refunded 11/01/10) – MBIA Insured             
    California Infrastructure Economic Development Bank, Revenue Bonds, Asian Art Museum of San             
    Francisco, Series 2000:             
1,295     5.500%, 6/01/19 (Pre-refunded 6/01/10) – MBIA Insured    6/10 at 101.00    AAA    1,377,569 
1,000     5.500%, 6/01/20 (Pre-refunded 6/01/10) – MBIA Insured    6/10 at 101.00    AAA    1,063,760 
3,450    California State Public Works Board, Lease Revenue Bonds, Department of Health Services,    11/09 at 101.00    AAA    3,639,233 
     Series 1999A, 5.750%, 11/01/24 (Pre-refunded 11/01/09) – MBIA Insured             
2,250    California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded    4/14 at 100.00    Aaa    2,458,238 
     4/01/14) – AMBAC Insured             
2,500    California, Various Purpose General Obligation Bonds, Series 1999, 5.500%, 9/01/24    9/09 at 101.00    AAA    2,618,350 
     (Pre-refunded 9/01/09) – FSA Insured             
    California, Various Purpose General Obligation Bonds, Series 2000:             
7,995     5.750%, 3/01/22 (Pre-refunded 3/01/10) – MBIA Insured    3/10 at 101.00    AAA    8,511,396 
1,900     5.750%, 3/01/27 (Pre-refunded 3/01/10) – MBIA Insured    3/10 at 101.00    AAA    2,022,721 
2,425    Central Unified School District, Fresno County, California, General Obligation Bonds, Series    3/08 at 100.00    AAA    2,437,780 
     1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)             
3,000    Escondido Union High School District, San Diego County, California, General Obligation Bonds,    5/08 at 101.00    AAA    3,059,700 
     Series 1996, 5.700%, 11/01/10 – MBIA Insured (ETM)             
    Fresno Unified School District, Fresno County, California, General Obligation Bonds,             
    Series 2001F:             
1,065     5.125%, 8/01/21 – FSA Insured (ETM)    8/09 at 102.00    AAA    1,108,622 
1,160     5.125%, 8/01/22 – FSA Insured (ETM)    8/09 at 102.00    AAA    1,207,514 
1,220     5.125%, 8/01/23 – FSA Insured (ETM)    8/09 at 102.00    AAA    1,269,971 
1,500    Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation    8/10 at 101.00    AAA    1,592,385 
     Bonds, Series 2000A, 5.250%, 8/01/25 (Pre-refunded 8/01/10) – MBIA Insured             
3,190    Kern County Board of Education, California, Certificates of Participation Refunding, Series    5/08 at 102.00    Aaa    3,277,342 
     1998A, 5.200%, 5/01/28 (Pre-refunded 5/01/08) – MBIA Insured             
1,750    Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds,    8/09 at 100.00    AAA    1,807,348 
     Series 1999A, 5.250%, 8/01/24 (Pre-refunded 8/01/09) – FGIC Insured             
3,865    Los Angeles County Metropolitan Transportation Authority, California, Proposition C Second    7/10 at 101.00    AAA    4,097,132 
     Senior Lien Sales Tax Revenue Bonds, Series 2000A, 5.250%, 7/01/30 (Pre-refunded 7/01/10) –             
     FGIC Insured             
    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) – FSA Insured    8/14 at 100.00    AAA    1,111,720 
1,000     5.250%, 8/01/22 (Pre-refunded 8/01/14) – FSA Insured    8/14 at 100.00    AAA    1,111,720 
2,500    Oakland, California, Insured Revenue Bonds, 1800 Harrison Foundation – Kaiser Permanente,    1/10 at 100.00    AAA    2,640,875 
     Series 1999A, 6.000%, 1/01/29 (Pre-refunded 1/01/10) – AMBAC Insured             
2,775    Pomona Public Financing Authority, California, Revenue Bonds, Water Facilities Project, Series    5/09 at 101.00    AAA    2,887,166 
     1999AC, 5.500%, 5/01/29 (Pre-refunded 5/01/09) – FGIC Insured             
1,610    Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment    12/10 at 102.00    Aaa    1,758,040 
     Project, Series 2000, 5.750%, 6/15/33 (Pre-refunded 12/15/10) – MBIA Insured             
3,500    Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26    7/12 at 101.00    AAA    3,814,650 
     (Pre-refunded 7/01/12) – FSA Insured             
4,320    Riverside County, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage    No Opt. Call    AAA    5,804,482 
     Revenue Bonds, Series 1987B, 8.625%, 5/01/16 (Alternative Minimum Tax) (ETM)             
1,690    Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid    12/09 at 102.00    AAA    1,804,430 
     Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 (Pre-refunded 12/01/09) –             
     AMBAC Insured             
1,000    Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series    12/10 at 101.00    AAA    1,074,890 
     2000A, 5.500%, 12/01/20 (Pre-refunded 12/01/10) – AMBAC Insured             
3,500    San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series    7/09 at 101.00    AAA    3,653,650 
     1999, 5.500%, 7/01/34 (Pre-refunded 7/01/09) – FGIC Insured             
905    University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%,    5/12 at 101.00    Aaa    994,921 
     5/15/18 (Pre-refunded 5/15/12) – AMBAC Insured             
64,745    Total U.S. Guaranteed            69,688,277 
    Utilities – 7.9% (5.1% of Total Investments)             
3,740    California Pollution Control Financing Authority, Revenue Refunding Bonds, Southern California    9/09 at 101.00    AAA    3,866,075 
     Edison Company, Series 1999B, 5.450%, 9/01/29 – MBIA Insured             
670    Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,    9/15 at 100.00    AAA    696,438 
     9/01/31 – XLCA Insured             
100    Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid    12/09 at 102.00    AAA    106,227 
     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%,    8/12 at 100.00    AAA    1,991,906 
     8/01/27 – AMBAC Insured (Alternative Minimum Tax)             
    Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A:             
2,800     5.000%, 7/01/24 – MBIA Insured    7/13 at 100.00    AAA    2,931,684 
5,000     5.000%, 7/01/28 – MBIA Insured    7/13 at 100.00    AAA    5,181,300 
14,260    Total Utilities            14,773,630 
    Water and Sewer – 19.7% (12.9% of Total Investments)             
2,975    Chino Basin Regional Finance Authority, California, Sewerage System Revenue Bonds, Inland    2/08 at 100.00    AAA    2,981,486 
     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    AAA    2,086,500 
     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    785,123 
     10/01/36 – FSA Insured             
460    Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,    4/16 at 100.00    AAA    478,897 
     5.000%, 4/01/36 – MBIA Insured             
2,700    Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,    10/13 at 100.00    AAA    2,858,598 
     Capital Projects, Series 2003A, 5.000%, 10/01/21 – FSA Insured             
430    Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006,    6/16 at 100.00    AAA    443,059 
     5.000%, 6/01/31 – MBIA Insured             
12,000    Orange County Sanitation District, California, Certificates of Participation, Series 2003,    8/13 at 100.00    AAA    12,251,397 
     5.000%, 2/01/33 – FGIC Insured             
1,520    San Buenaventura, California, Water Revenue Certificates of Participation, Series 2004,    10/14 at 100.00    AAA    1,570,981 
     5.000%, 10/01/25 – AMBAC Insured             
3,675    San Dieguito Water District, California, Water Revenue Bonds, Series 2004, 5.000%, 10/01/23 –    10/14 at 100.00    AAA    3,868,673 
     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    AAA    1,473,836 
445     5.000%, 2/01/20 – FGIC Insured    2/14 at 100.00    AAA    465,746 
465     5.000%, 2/01/21 – FGIC Insured    2/14 at 100.00    AAA    484,879 
2,500    West Basin Municipal Water District, California, Revenue Certificates of Participation, Series    8/13 at 100.00    AAA    2,577,550 
     2003A, 5.000%, 8/01/30 – 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    2,077,938 
2,530     5.000%, 10/01/33 – FGIC Insured    10/13 at 100.00    AAA    2,603,168 
35,860    Total Water and Sewer            37,007,831 
$       284,700    Total Investments (cost $276,285,895) – 153.1%            287,986,577 
    Other Assets Less Liabilities – (2.6)%            (4,847,535) 
    Preferred Shares, at Liquidation Value – (50.5)%            (95,000,000) 
    Net Assets Applicable to Common Shares – 100%           $   188,139,042 

    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 of Investments with a 0.000% 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. 
    All of the bonds in the Portfolio of Investments 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. 
(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 higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service,  
    Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be 
    below investment grade. 
    The AAA ratings shown in the Portfolio of Investments reflects the AAA ratings on certain bonds insured
    by AMBAC, FGIC, XCLA or MBIA and/or the A ratings on certain bonds insured by ACA as of
    November 30, 2007. Subsequent to the November 30, 2007, at least one rating agency reduced
    the rating for AMBAC-insured bonds to AA, the rating for XCLA-insured bonds to A and the rating for ACA 
    to CCC, and one or more rating agencies have placed each of these insurers on “negative credit watch”, which may   
    presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers’     
ratings are reduced below AAA (or A in the case of ACA) by these rating agencies, it would likely       
reduce the effective rating of many of the bonds insured by that insurer or insurers.       
(4)    The issuer has received a formal 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 it is formally determined that the interest on the bonds 
    should be treated as taxable. 
(5)    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. 
(ETM)    Escrowed to maturity. 
(IF)    Inverse floating rate investment. 

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. 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 November 30, 2007, the cost of investments was $276,138,039.

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

Gross unrealized:     
  Appreciation    $12,173,537 
  Depreciation    (324,999) 
Net unrealized appreciation (depreciation) of investments    $11,848,538 

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/ Kevin J. McCarthy                    
                                                    Kevin J. McCarthy
                                                    Vice President and Secretary

Date         January 29, 2008        

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         January 29, 2008        

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

Date        January 29, 2008        

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