Nuveen Insured Premium Income Municipal Fund 2 (the Fund) is a closed-end, diversified management investment company. The Fund seeks to provide current income exempt from regular federal income tax, by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities or certain United States territories. It invests in various industries, such as utilities, transportation, water and sewer, and healthcare. Nuveen Asset Management serves as the Fund’s investment advisor.