<PAGE>      PAGE  1
000 A000000 04/30/2000
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 1286
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 801-1253
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60606
008 D040001 1286
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 1286
<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, N.A.
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, N.A.
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  106
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 MORGAN STANLEY DEAN WITTER
022 B000001 13-2655998
022 C000001     44494
022 D000001     19269
022 A000002 SALOMON SMITH BARNEY
022 B000002 13-1912900
022 C000002     23170
022 D000002     14610
022 A000003 SAMUEL A. RAMIREZ
022 B000003 13-2695511
022 C000003     27205
022 D000003      4827
022 A000004 J.P. MORGAN
022 B000004 13-3224016
022 C000004     18991
022 D000004     10800
022 A000005 PRUDENTIAL SECURITIES
022 B000005 22-2347336
022 C000005      8258
<PAGE>      PAGE  4
022 D000005     13462
022 A000006 BELLE HAVEN/BT
022 B000006 06-1385063
022 C000006         0
022 D000006     17167
022 A000007 STONE & YOUNGBERG
022 B000007 94-1052545
022 C000007     12924
022 D000007      1244
022 A000008 GOLDMAN SACHS
022 B000008 13-5108880
022 C000008      8986
022 D000008      4216
022 A000009 PAINE WEBBER
022 B000009 13-2638166
022 C000009         0
022 D000009     12894
022 A000010 SEATTLE-NW
022 B000010 91-1172183
022 C000010     12565
022 D000010         0
023 C000000     207661
023 D000000     214548
024  000000 N
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
028 A010000         0
028 A020000         0
028 A030000         0
028 A040000         0
028 B010000         0
028 B020000         0
028 B030000         0
028 B040000         0
028 C010000         0
<PAGE>      PAGE  5
028 C020000         0
028 C030000         0
028 C040000         0
028 D010000         0
028 D020000         0
028 D030000         0
028 D040000         0
028 E010000         0
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000         0
028 F020000         0
028 F030000         0
028 F040000         0
028 G010000         0
028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
035  000000      0
036 B000000      0
038  000000      0
042 A000000   0
042 B000000   0
042 C000000   0
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000      0
044  000000      0
045  000000 Y
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
050  000000 N
051  000000 N
052  000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 Y
055 B000000 N
056  000000 N
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000        0
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
<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  98.2
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
063 A000000   0
063 B000000 13.0
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    161411
071 B000000    148998
071 C000000    720658
071 D000000   21
072 A000000  6
072 B000000    21043
072 C000000        0
072 D000000        0
072 E000000        0
072 F000000     2282
072 G000000        0
072 H000000        0
072 I000000       50
072 J000000       60
072 K000000       13
072 L000000       20
072 M000000        8
072 N000000        6
072 O000000        0
072 P000000        0
072 Q000000        0
072 R000000        7
072 S000000        3
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000      400
072 X000000     2849
072 Y000000       44
072 Z000000    18238
072AA000000        0
072BB000000     5198
072CC010000     9101
072CC020000        0
072DD010000    13523
072DD020000        0
072EE000000        0
073 A010000   0.3630
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000        0
074 B000000        0
074 C000000        0
<PAGE>      PAGE  9
074 D000000   721306
074 E000000        0
074 F000000        0
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000    16390
074 K000000        0
074 L000000    13988
074 M000000       35
074 N000000   751719
074 O000000     8415
074 P000000      381
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000     8646
074 S000000   268900
074 T000000   465377
074 U010000    37254
074 U020000        0
074 V010000    12.49
074 V020000     0.00
074 W000000   0.0000
074 X000000     3098
074 Y000000    85986
075 A000000        0
075 B000000   731604
076  000000    10.94
077 A000000 Y
077 B000000 Y
077 E000000 Y
077 Q010000 Y
078  000000 N
080 C000000        0
081 B000000   0
082 B000000        0
083 B000000        0
084 B000000        0
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
<PAGE>      PAGE  10
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