Nuveen Insured California Premium Income Municipal Fund 2, Inc. (the Fund) is a closed-end management investment company. Its investment objective is to provide current income exempt from both regular federal and California state income taxes. The fund invests substantially all of its assets in a diversified portfolio of tax-exempt California municipal obligations, which are either insured as to the timely payment of principal and interest or backed by an escrow or trust account containing sufficient United States Government and United States Government agency securities to ensure the timely payment of principal and interest. The Fund is authorized to invest in inverse floating-rate securities, forward interest rate swap transactions, futures contracts and zero-coupon securities. The Fund’s investment advisor is Nuveen Asset Management, a wholly owned subsidiary of Nuveen Investments, Inc.