NUVEEN INSURED PREMIUM INCOME MUNICIPAL FUND 2
NSAR-B, 1999-12-30
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<PAGE>      PAGE  1
000 B000000 10/31/99
000 C000000 0000906959
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 NUVEEN INSURED PREMIUM INCOME MUNI FUND 2
001 B000000 811-7792
001 C000000 3129178200
002 A000000 333 WEST WACKER DRIVE
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 1280
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 NUVEEN ADVISORY CORP
008 B000001 A
008 C000001 801-12353
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60606
008 D040001 1280
011 A000001 MERRILL LYNCH & CO
011 B000001 8-7221
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
011 A000002 JOHN NUVEEN & CO
011 B000002 8-13464
011 C010002 CHICAGO
011 C020002 IL
011 C030002 60606
011 C040002 1280
<PAGE>      PAGE  2
011 A000003 ALEX BROWN & SONS
011 B000003 8-31213
011 C010003 BALTIMORE
011 C020003 MD
011 C030003 21202
011 A000004 A.G. EDWARDS & SONS, INC
011 B000004 8-13580
011 C010004 ST. LOUIS
011 C020004 MO
011 C030004 63103
011 A000005 KEMPER SECURITIES, INC
011 B000005 8-37180
011 C010005 CHICAGO
011 C020005 IL
011 C030005 60606
011 A000006 PAINE WEBBER INCORPORATED
011 B000006 8-16267
011 C010006 NEW YORK
011 C020006 NY
011 C030006 10019
011 A000007 PRUDENTIAL SECURITIES INCORPORATED
011 B000007 8-12321
011 C010007 NEW YORK
011 C020007 NY
011 C030007 10292
011 A000008 LEGG MASON WOOD WALKER
011 B000008 8-15939
011 C010008 BALTIMORE
011 C020008 MD
011 C030008 21202
012 A000001 CHASE MANHATTAN BANK
012 B000001 85-10233
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10003
013 A000001 ERNST & YOUNG
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60611
014 A000001 JOHN NUVEEN & CO., INC.
014 B000001 8-13464
015 A000001 CHASE MANHATTAN BANK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10003
015 E010001 X
015 A000002 DELETE
015 A000003 BANK OF NEW YORK
015 B000003 S
015 C010003 NEW YORK
<PAGE>      PAGE  3
015 C020003 NY
015 C030003 10007
015 E010003 X
015 A000004 BANKERS TRUST COMPANY
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10015
015 E010004 X
015 A000005 DELETE
015 A000006 DELETE
015 A000007 NATIONSBANK OF NORTH CAROLINA NA
015 B000007 S
015 C010007 CHARLOTTE
015 C020007 NC
015 C030007 28255
015 E010007 X
018  000000 Y
019 A000000 Y
019 B000000  103
019 C000000 NUVEENFUND
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001     77040
022 D000001     22650
022 A000002 J.P. MORGAN
022 B000002 13-3224016
022 C000002     38913
022 D000002     45235
022 A000003 MORGAN STANLEY DEAN WITTER
022 B000003 13-2655998
022 C000003     22842
022 D000003     37107
022 A000004 GEORGE K. BAUM
022 B000004 44-0522232
022 C000004     18244
022 D000004     25236
022 A000005 BEAR STEARNS
022 B000005 13-3604093
022 C000005     25314
<PAGE>      PAGE  4
022 D000005     17510
022 A000006 PAINE WEBBER
022 B000006 13-2638166
022 C000006     16165
022 D000006     14831
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518466
022 C000007     17133
022 D000007     11989
022 A000008 BANC ONE
022 B000008 31-1017233
022 C000008     11858
022 D000008     12146
022 A000009 PRUDENTIAL SECURITIES
022 B000009 22-2347336
022 C000009      8248
022 D000009     14969
022 A000010 NATIONS BANK
022 B000010 68-0193243
022 C000010     16723
022 D000010      5956
023 C000000     385726
023 D000000     380076
024  000000 N
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
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025 D000008       0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
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026 G020000 N
026 H000000 N
027  000000 N
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<PAGE>      PAGE  5
028 C020000         0
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028 H000000         0
030 A000000      0
030 B000000  0.00
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046  000000 N
047  000000 Y
048  000000  0.000
048 A010000   125000
048 A020000 0.650
048 B010000   125000
048 B020000 0.638
048 C010000   250000
048 C020000 0.625
048 D010000   500000
<PAGE>      PAGE  6
048 D020000 0.613
048 E010000  1000000
048 E020000 0.600
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000  2000000
048 K020000 0.588
049  000000 N
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061  000000        0
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062 D000000   0.0
062 E000000   2.6
<PAGE>      PAGE  7
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000  96.5
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
063 A000000   0
063 B000000 13.1
064 A000000 Y
064 B000000 N
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
<PAGE>      PAGE  8
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000    269726
071 B000000    283376
071 C000000    766020
071 D000000   35
072 A000000 12
072 B000000    42068
072 C000000        0
072 D000000        0
072 E000000        0
072 F000000     4855
072 G000000        0
072 H000000        0
072 I000000      118
072 J000000      121
072 K000000       71
072 L000000      106
072 M000000        7
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072 O000000        0
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072 R000000       18
072 S000000        4
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000      829
072 X000000     6129
072 Y000000       16
072 Z000000    35955
072AA000000      180
072BB000000        0
072CC010000        0
072CC020000    64083
072DD010000    27045
072DD020000        0
072EE000000        0
073 A010000   0.7260
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000     1463
074 B000000        0
074 C000000    19300
<PAGE>      PAGE  9
074 D000000   704889
074 E000000        0
074 F000000        0
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000     9976
074 K000000        0
074 L000000    12826
074 M000000       37
074 N000000   748491
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074 P000000      391
074 Q000000        0
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074 R020000        0
074 R030000        0
074 R040000     2753
074 S000000   268900
074 T000000   461955
074 U010000    37254
074 U020000        0
074 V010000    12.40
074 V020000     0.00
074 W000000   0.0000
074 X000000     3273
074 Y000000    17199
075 A000000        0
075 B000000   774458
076  000000    11.50
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 Q010000 Y
078  000000 N
080 A000000 RELIANCE INSURANCE CO
080 C000000    60000
081 A000000 Y
081 B000000 102
082 A000000 N
082 B000000        0
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000     15
086 A020000    429
086 B010000      0
086 B020000      0
<PAGE>      PAGE  10
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON STOCK
087 A020000 6706D8104
087 A030000 NPX
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   STEPHEN D. FOY
TITLE       V.P. & CONTROLLER


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains Summary Fimancial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-START>                             NOV-01-1998
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                           738155
<INVESTMENTS-AT-VALUE>                          724189
<RECEIVABLES>                                    22802
<ASSETS-OTHER>                                    1500
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  748491
<PAYABLE-FOR-SECURITIES>                         14492
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         3144
<TOTAL-LIABILITIES>                              17636
<SENIOR-EQUITY>                                 268900
<PAID-IN-CAPITAL-COMMON>                        490684
<SHARES-COMMON-STOCK>                            37254
<SHARES-COMMON-PRIOR>                            37239
<ACCUMULATED-NII-CURRENT>                         1181
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (15944)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       (13966)
<NET-ASSETS>                                    730855
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                42068
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    6113
<NET-INVESTMENT-INCOME>                          35955
<REALIZED-GAINS-CURRENT>                           180
<APPREC-INCREASE-CURRENT>                      (64083)
<NET-CHANGE-FROM-OPS>                          (27948)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        27045
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                 15
<NET-CHANGE-IN-ASSETS>                         (63007)
<ACCUMULATED-NII-PRIOR>                            715
<ACCUMULATED-GAINS-PRIOR>                      (16125)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             4855
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   6129
<AVERAGE-NET-ASSETS>                            774458
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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