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         811-21152         

        Nuveen Georgia Dividend Advantage Municipal Fund 2         
(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:            5/31          

Date of reporting period:         8/31/09         

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 Georgia Dividend Advantage Municipal Fund 2 (NKG)       
  August 31, 2009       
Principal    Optional Call     
Amount (000)  Description (1)  Provisions (2)  Ratings (3)  Value 
  Consumer Staples – 2.5% (1.7% of Total Investments)       
$      2,000  Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,  5/12 at 100.00  BBB  $      1,530,100 
  Series 2002, 5.500%, 5/15/39       
  Education and Civic Organizations – 18.1% (12.3% of Total Investments)       
2,500  Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus  12/12 at 100.00  Aa2  2,521,425 
  Housing LLC Project, Series 2002, 5.000%, 12/01/33 – AMBAC Insured       
500  Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus  6/19 at 100.00  Aa2  521,340 
  Housing LLC Project, Series 2009, 5.250%, 6/15/35       
1,225  Athens-Clarke County Unified Government Development Authority, Georgia, Educational Facilities  12/12 at 100.00  N/R  1,239,112 
  Revenue Bonds, UGAREF CCRC Building LLC Project, Series 2002, 5.000%, 12/15/18 – AMBAC Insured       
3,000  Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC  7/17 at 100.00  A1  2,927,100 
  Project, Series 2007, 5.000%, 7/01/39       
2,000  Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech – Klaus Parking and  11/13 at 100.00  Aa3  2,007,320 
  Family Housing, Series 2003, 5.000%, 11/01/23 – NPFG Insured       
1,050  Fulton County Development Authority, Georgia, Revenue Bonds, TUFF Morehouse Project, Series  2/12 at 100.00  A2  1,045,559 
  2002A, 5.000%, 2/01/34 – AMBAC Insured       
  Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series       
  2009B, Trust 3404:       
315  16.668%, 9/01/32 (IF)  9/19 at 100.00  AA  375,638 
490  16.695%, 9/01/35 (IF)  9/19 at 100.00  AA  549,123 
11,080  Total Education and Civic Organizations      11,186,617 
  Health Care – 22.0% (15.0% of Total Investments)       
150  Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center,  12/09 at 100.00  BB+  145,892 
  Series 1997, 5.250%, 12/01/12       
  Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center,       
  Series 1998:       
40  5.250%, 12/01/22  12/10 at 100.00  BB+  31,259 
315  5.375%, 12/01/28  12/09 at 101.00  BB+  222,749 
  Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical       
  Center, Series 2004:       
165  5.000%, 12/01/19  12/14 at 100.00  BBB  150,831 
1,000  5.250%, 12/01/22  12/14 at 100.00  BBB  898,190 
1,000  Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical  7/12 at 101.00  Aa3  1,003,310 
  Center Project, Series 2002, 5.200%, 7/01/32 – NPFG Insured       
1,100  Houston County Hospital Authority, Georgia, Revenue Bonds, Houston Healthcare Project, Series  10/17 at 100.00  A2  977,328 
  2007, 5.250%, 10/01/35       
  Newnan Hospital Authority, Georgia, Revenue Anticipation Certificates, Newnan Hospital Inc.,       
  Series 2002:       
2,260  5.500%, 1/01/19 – NPFG Insured  1/13 at 100.00  A2  2,295,527 
3,020  5.500%, 1/01/20 – NPFG Insured  1/13 at 100.00  A2  3,071,158 
350  Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare  7/11 at 100.00  N/R  330,222 
  System Inc., Series 1999, 6.700%, 7/01/16       
2,000  Savannah Hospital Authority, Georgia, Revenue Bonds, St. Joseph’s/Candler Health System,  1/14 at 100.00  Baa1  1,869,100 
  Series 2003, 5.250%, 7/01/23 – RAAI Insured       
1,945  Tift County Hospital Authority, Georgia, Revenue Anticipation Bonds, Tift Regional Medical  12/12 at 101.00  A2  1,937,220 
  Center, Series 2002, 5.250%, 12/01/19 – AMBAC Insured       
750  Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia  10/17 at 100.00  A+  678,923 
  Medical Center, Series 2007, 5.000%, 10/01/33       
14,095  Total Health Care      13,611,709 
  Housing/Multifamily – 4.8% (3.3% of Total Investments)       
25  Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real  7/17 at 100.00  Baa3  20,752 
  Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured       
  Savannah Economic Development Authority, Georgia, GNMA Collateralized Multifamily Housing       
  Revenue Bonds, Snap I-II-III Apartments, Series 2002A:       
500  5.150%, 11/20/22 (Alternative Minimum Tax)  11/12 at 102.00  AAA  510,505 
980  5.200%, 11/20/27 (Alternative Minimum Tax)  11/12 at 102.00  AAA  983,028 
1,465  5.250%, 11/20/32 (Alternative Minimum Tax)  11/12 at 102.00  AAA  1,455,155 
2,970  Total Housing/Multifamily      2,969,440 
  Housing/Single Family – 0.7% (0.5% of Total Investments)       
170  Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2006C-2, 4.550%,  12/15 at 100.00  AAA  149,643 
  12/01/31 (Alternative Minimum Tax)       
295  Georgia Housing and Finance Authority, Single Family Mortgage Resolution 1 Bonds, Series  6/11 at 100.00  AAA  295,071 
  2001B-2, 5.400%, 12/01/31 (Alternative Minimum Tax)       
465  Total Housing/Single Family      444,714 
  Industrials – 3.1% (2.1% of Total Investments)       
2,190  Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste  4/16 at 101.00  BBB  1,909,198 
  Management Project, Series 2004A, 5.000%, 4/01/33 (Alternative Minimum Tax)       
  Long-Term Care – 1.4% (1.0% of Total Investments)       
1,000  Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care,  7/17 at 100.00  N/R  625,080 
  Lenbrook Square Project, Series 2006A, 5.125%, 7/01/42       
250  Medical Center Hospital Authority, Georgia, Revenue Bonds, Spring Harbor at Green Island,  No Opt. Call  N/R  249,443 
  Series 2007, 5.000%, 7/01/11       
1,250  Total Long-Term Care      874,523 
  Materials – 2.5% (1.7% of Total Investments)       
1,000  Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds,  2/11 at 101.00  BBB  963,120 
  International Paper Company, Series 2001A, 6.250%, 2/01/25 (Alternative Minimum Tax)       
250  Richmond County Development Authority, Georgia, Environmental Improvement Revenue Refunding  2/12 at 101.00  BBB  226,743 
  Bonds, International Paper Company, Series 2002A, 6.000%, 2/01/25 (Alternative Minimum Tax)       
370  Savannah Economic Development Authority, Georgia, Pollution Control Revenue Bonds, Union Camp  No Opt. Call  Baa3  376,638 
  Corporation, Series 1995, 6.150%, 3/01/17       
1,620  Total Materials      1,566,501 
  Tax Obligation/General – 27.0% (18.3% of Total Investments)       
600  Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue  7/17 at 100.00  AA+  563,136 
  Bonds, Ball Ground Recycling LLC Project, Series 2007A, 5.000%, 7/01/37 – AMBAC Insured       
  (Alternative Minimum Tax)       
900  Decatur, Georgia, General Obligation Bonds, Series 2007, 5.000%, 1/01/31 – FSA Insured  1/17 at 100.00  AAA  947,889 
1,000  Forsyth County, Georgia, General Obligation Bonds, Series 2004, 5.250%, 3/01/19  3/14 at 101.00  AA+  1,119,850 
915  Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose  5/19 at 100.00  AAA  951,088 
  Project, Series 2009, 5.500%, 5/01/38 – AGC Insured       
1,700  Georgia State, General Obligation Bonds, Series 2007, 5.000%, 8/01/24  8/17 at 100.00  AAA  1,875,933 
1,645  Georgia State, General Obligation Bonds, Series 2009B, 5.000%, 1/01/26  1/19 at 100.00  AAA  1,817,873 
750  Georgia, General Obligation Bonds, Series 1998D, 5.250%, 10/01/15  No Opt. Call  AAA  884,948 
1,000  Georgia, General Obligation Bonds, Series 2005B, 5.000%, 7/01/15  No Opt. Call  AAA  1,162,580 
2,100  Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008,  2/18 at 100.00  AAA  2,199,792 
  5.000%, 2/01/36 (UB)       
  Oconee County, Georgia, General Obligation Bonds, Recreation Project, Series 2003:       
1,410  5.500%, 1/01/23 – AMBAC Insured  1/13 at 101.00  Aa3  1,513,254 
1,470  5.250%, 1/01/26 – AMBAC Insured  1/13 at 101.00  Aa3  1,518,716 
1,200  Paulding County School District, Georgia, General Obligation Bonds, Series 2007,  2/17 at 100.00  AA+  1,225,296 
  5.000%, 2/01/33       
950  Wayne County Hospital Authority, Georgia, Hospital Revenue Bonds, Series 2006, 5.000%,  3/16 at 100.00  N/R  867,056 
  3/01/23 – SYNCORA GTY Insured       
15,640  Total Tax Obligation/General      16,647,411 
  Tax Obligation/Limited – 10.9% (7.4% of Total Investments)       
120  Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Series 2007, 5.000%, 12/01/23 –  12/17 at 100.00  AAA  121,122 
  AGC Insured       
130  Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16  No Opt. Call  N/R  128,560 
  (Alternative Minimum Tax)       
  Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B:       
250  5.400%, 1/01/20  7/15 at 100.00  N/R  227,670 
350  5.600%, 1/01/30  7/15 at 100.00  N/R  283,784 
340  Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31  1/16 at 100.00  N/R  264,999 
  Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Refunding Bonds,       
  Series 1993:       
105  5.500%, 10/01/18 – NPFG Insured  No Opt. Call  A  113,780 
1,720  5.625%, 10/01/26 – NPFG Insured  10/19 at 100.00  A  1,842,447 
750  Georgia Municipal Association Inc., Certificates of Participation, Atlanta Court Project,  6/12 at 101.00  N/R  769,755 
  Series 2002, 5.125%, 12/01/21 – AMBAC Insured       
2,500  Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds,  No Opt. Call  Aa3  2,989,700 
  Series 1992P, 6.250%, 7/01/20 – AMBAC Insured       
6,265  Total Tax Obligation/Limited      6,741,817 
  Transportation – 6.0% (4.1% of Total Investments)       
3,650  Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2000A, 5.500%, 1/01/21 –  1/10 at 101.00  A+  3,706,063 
  FGIC Insured       
  U.S. Guaranteed – 11.2% (7.6% of Total Investments) (4)       
1,000  Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2002, 5.250%, 10/01/22  10/12 at 100.00  AAA  1,123,680 
  (Pre-refunded 10/01/12) – FSA Insured       
1,000  Cherokee County School System, Georgia, General Obligation Bonds, Series 2003, 5.000%, 8/01/16  8/13 at 100.00  AA+ (4)  1,134,760 
  (Pre-refunded 8/01/13) – MBIA Insured       
  DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Series 2000:       
1,000  5.125%, 10/01/31 (Pre-refunded 10/01/10)  10/10 at 101.00  AAA  1,059,340 
900  5.375%, 10/01/35 (Pre-refunded 10/01/10)  10/10 at 101.00  AAA  955,836 
1,305  Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,  5/11 at 100.00  N/R (4)  1,403,841 
  Northeast Georgia Health Services Inc., Series 2001, 5.500%, 5/15/31 (Pre-refunded 5/15/11)       
1,100  Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series  10/11 at 102.00  Baa2 (4)  1,231,571 
  2001, 5.750%, 10/01/31 (Pre-refunded 10/01/11)       
6,305  Total U.S. Guaranteed      6,909,028 
  Utilities – 5.0% (3.4% of Total Investments)       
1,000  Elberton, Georgia, Combined Utility System Revenue Refunding and Improvement Bonds, Series  1/12 at 100.00  A3  1,038,060 
  2001, 5.000%, 1/01/22 – AMBAC Insured       
1,000  Georgia Municipal Electric Authority, General Power Revenue Bonds, Project 1, Series 2007A,  1/17 at 100.00  A  1,012,180 
  5.000%, 1/01/25 – NPFG Insured       
1,000  Municipal Electric Authority of Georgia, Project One Subordinated Lien Revenue Bonds, Series  1/13 at 100.00  A  1,026,780 
  2003A, 5.000%, 1/01/22 – NPFG Insured       
3,000  Total Utilities      3,077,020 
  Water and Sewer – 31.7% (21.6% of Total Investments)       
  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004:       
500  5.250%, 11/01/15 – FSA Insured  11/14 at 100.00  AAA  551,265 
1,700  5.000%, 11/01/37 – FSA Insured  11/14 at 100.00  AAA  1,702,958 
3,500  Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2002, 5.000%, 10/01/27 – FSA Insured  10/12 at 100.00  AAA  3,582,109 
1,990  Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%,  8/18 at 100.00  AAA  2,030,099 
  8/01/35 – FSA Insured       
  Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2007:       
500  5.000%, 6/01/32  6/18 at 100.00  Aa3  513,515 
500  5.000%, 6/01/37  6/18 at 100.00  Aa3  509,185 
1,000  Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewer Revenue Bonds,  12/15 at 100.00  Aa2  1,029,100 
  Series 2005, 5.000%, 6/01/29 – NPFG Insured       
445  Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewer Revenue Bonds,  6/17 at 100.00  Aa2  450,959 
  Series 2007, 5.000%, 6/01/37 – NPFG Insured       
4,000  Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2002, 5.000%, 4/01/32  4/13 at 100.00  AA+  4,040,319 
375  Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2007, 5.000%,  4/17 at 100.00  AAA  381,135 
  4/01/37 – FSA Insured       
950  Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 1998, 5.000%, 1/01/16 –  1/10 at 100.50  AA–  957,334 
  FGIC Insured       
3,100  Harris County, Georgia, Water System Revenue Bonds, Series 2002, 5.000%, 12/01/22 –  12/12 at 100.00  N/R  3,119,157 
  AMBAC Insured       
685  Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, The Oconee-Hard Creek  2/18 at 100.00  Aa3  696,741 
  Reservoir Project, Series 2008, 5.000%, 2/01/38 – FSA Insured       
19,245  Total Water and Sewer      19,563,876 
$       89,775  Total Investments (cost $91,216,154) – 146.9%      90,738,017 
  Floating Rate Obligations – (2.3)%      (1,395,000)
  Other Assets Less Liabilities – 2.8%      1,715,413 
  Preferred Shares, at Liquidation Value – (47.4)% (5)      (29,300,000)
  Net Assets Applicable to Common Shares – 100%      $ 61,758,430 


Fair Value Measurements 
In determining the value of the Fund’s investments various inputs are used. These inputs are summarized 
in the three broad levels listed below: 
Level 1 – Quoted prices in active markets for identical securities. 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, 
             prepayment speeds, credit risk, etc.). 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair 
             value of investments). 
The inputs or methodology used for valuing securities are not an indication of the risk associated with 
investing in those securities. The following is a summary of the Fund’s fair value measurements as of 
August 31, 2009: 

  Level 1  Level 2  Level 3  Total 
Investments:         
Municipal Bonds  $ —  $90,738,017  $ —  $90,738,017 

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 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 Statement of Financial Accounting 
Standards No. 140 (SFAS No. 140), if any. 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 August 31, 2009, the cost of investments was $89,814,187. 
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2009, 
were as follows: 

Gross unrealized:   
  Appreciation  $ 1,774,390 
  Depreciation  (2,246,173)
Net unrealized appreciation (depreciation) of investments  $  (471,783)

(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. 
(4)  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. Such investments are normally considered to be 
  equivalent to AAA rated securities. 
(5)  Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.3% 
N/R  Not rated. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the 
  provisions of SFAS No. 140. 

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: See 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 Georgia Dividend Advantage Municipal Fund 2         

By (Signature and Title)          /s/ Kevin J. McCarthy                    
                                                  Kevin J. McCarthy
                                                  Vice President and Secretary

Date         October 30, 2009        

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         October 30, 2009        

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

Date        October 30, 2009