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         811-10197         

        Nuveen California 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:            02/28          

Date of reporting period:         11/30/08         

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 California Dividend Advantage Municipal Fund 2 (NVX)             
    November 30, 2008             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Staples – 6.7% (4.2% of Total Investments)             
$            710    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma    6/15 at 100.00    BBB   $   632,326 
     County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21             
4,625    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    Baa3    3,550,289 
     Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33             
4,000    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/17 at 100.00    BBB    2,521,920 
     Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47             
13,480    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/22 at 100.00    BBB    5,348,594 
     Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37             
22,815    Total Consumer Staples            12,053,129 
    Education and Civic Organizations – 8.8% (5.5% of Total Investments)             
2,000    California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2001Q,    6/11 at 101.00    AAA    2,007,600 
     5.250%, 12/01/32             
180    California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series    6/11 at 101.00    A3    146,003 
     2005A, 5.000%, 10/01/35             
    California Educational Facilities Authority, Revenue Bonds, University of the Pacific,             
    Series 2006:             
125     5.000%, 11/01/21    11/15 at 100.00    A2    118,459 
165     5.000%, 11/01/25    11/15 at 100.00    A2    148,414 
6,375    California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program,    3/09 at 101.00    A2    5,793,026 
     Series 2001A, 5.400%, 3/01/21 – MBIA Insured (Alternative Minimum Tax)             
2,945    California State Public Works Board, Lease Revenue Bonds, University of California Regents,    3/18 at 100.00    AA–    2,203,685 
     Trust 1065, 8.923%, 3/01/33 (IF)             
620    California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur    10/13 at 100.00    N/R    499,280 
     University, Series 2003, 6.500%, 10/01/23             
3,000    Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach    11/11 at 101.00    A    2,582,040 
     Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured             
2,680    University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A,    5/13 at 100.00    AA    2,427,544 
     5.000%, 5/15/33 – AMBAC Insured (UB)             
18,090    Total Education and Civic Organizations            15,926,051 
    Health Care – 14.9% (9.3% of Total Investments)             
2,000    California Health Facilities Financing Authority, Revenue Bonds, Casa Colina Inc., Series    4/12 at 100.00    BBB+    1,850,180 
     2001, 6.000%, 4/01/22             
415    California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,    4/16 at 100.00    A+    321,833 
     Series 2006, 5.000%, 4/01/37             
3,515    California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2008,    11/16 at 100.00    AA–    1,892,978 
     Trust 3146, 11.686%, 11/15/46 (IF)             
500    California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance    8/11 at 102.00    A+    430,320 
     LLC, Series 2001A, 5.550%, 8/01/31             
2,520    California Statewide Communities Development Authority, Revenue Bonds, Adventist Health    3/15 at 100.00    A    1,836,223 
     System West, Series 2005A, 5.000%, 3/01/35             
    California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health             
    System, Trust 2554:             
1,325     14.174%, 7/01/47 – FSA Insured (IF)    7/18 at 100.00    AAA    765,559 
998     14.196%, 7/01/47 – FSA Insured (IF)    7/18 at 100.00    AAA    576,336 
    California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health             
    System, Series 2007A:             
1,000     4.800%, 7/15/17    No Opt. Call    N/R    711,950 
2,225     5.125%, 7/15/31    7/17 at 100.00    N/R    1,249,760 
2,185    California Statewide Community Development Authority, Health Facility Revenue Refunding Bonds,    No Opt. Call    A+    2,285,597 
     Memorial Health Services, Series 2003A, 6.000%, 10/01/11             
2,500    California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey    6/13 at 100.00    AAA    2,588,200 
     Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 – FSA Insured             
7,775    California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,    3/16 at 100.00    A+    5,885,286 
     Series 2006, 5.000%, 3/01/41             
425    California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,    8/16 at 100.00    A+    356,873 
     Series 2001C, 5.250%, 8/01/31             
2,000    Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series    12/08 at 100.00    BBB    1,987,880 
     2008A, 8.250%, 12/01/38             
5,785    Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical    7/17 at 100.00    A3    4,265,454 
     Center, Series 2007A, 5.000%, 7/01/38             
35,168    Total Health Care            27,004,429 
    Housing/Multifamily – 5.5% (3.4% of Total Investments)             
5,962    California Statewide Community Development Authority, Multifamily Housing Revenue Refunding    6/11 at 102.00    AAA    5,987,696 
     Bonds, Claremont Village Apartments, Series 2001D, 5.500%, 6/01/31 (Mandatory put 6/01/16)             
     (Alternative Minimum Tax)             
205    Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San    5/16 at 100.00    N/R    135,181 
     Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41             
1,055    Rohnert Park Finance Authority, California, Senior Lien Revenue Bonds, Rancho Feliz Mobile    9/13 at 100.00    A+    827,405 
     Home Park, Series 2003A, 5.750%, 9/15/38             
700    Rohnert Park Finance Authority, California, Subordinate Lien Revenue Bonds, Rancho Feliz    9/13 at 100.00    N/R    567,721 
     Mobile Home Park, Series 2003B, 6.625%, 9/15/38             
3,045    Yucaipa Redevelopment Agency, California, Mobile Home Park Revenue Bonds, Rancho del Sol and    5/11 at 102.00    N/R    2,470,804 
     Grandview, Series 2001A, 6.750%, 5/15/36             
10,967    Total Housing/Multifamily            9,988,807 
    Housing/Single Family – 1.2% (0.8% of Total Investments)             
480    California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,    2/16 at 100.00    Aa2    449,563 
     8/01/30 – FGIC Insured (Alternative Minimum Tax)             
2,885    California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2007M, Trust 1021,    2/16 at 100.00    AA–    1,272,198 
     7.609%, 8/01/31 (Alternative Minimum Tax) (IF)             
440    California Rural Home Mortgage Finance Authority, Mortgage-Backed Securities Program Single    6/11 at 102.00    AAA    439,041 
     Family Mortgage Revenue Bonds, Series 2001A, 5.650%, 12/01/31 (Alternative Minimum Tax)             
3,805    Total Housing/Single Family            2,160,802 
    Industrials – 1.6% (1.0% of Total Investments)             
1,250    California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste    1/16 at 102.00    BBB    908,675 
     Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)             
3,175    California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional    No Opt. Call    BB    2,040,350 
     Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax)             
4,425    Total Industrials            2,949,025 
    Long-Term Care – 2.3% (1.4% of Total Investments)             
1,550    California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern    1/13 at 100.00    A+    1,413,678 
     California Retired Officers Community Corporation – Paradise Valley Estates, Series 2002,             
     5.125%, 1/01/22             
3,750    California Statewide Communities Development Authority, Revenue Bonds, Inland Regional Center    12/17 at 100.00    Baa1    2,719,050 
     Project, Series 2007, 5.375%, 12/01/37             
5,300    Total Long-Term Care            4,132,728 
    Tax Obligation/General – 10.6% (6.6% of Total Investments)             
10,000    California State, General Obligation Bonds, Series 2006CD, 4.600%, 12/01/32 (Alternative    12/15 at 100.00    AA–    7,092,900 
     Minimum Tax)             
3,615    Colton Joint Unified School District, San Bernardino County, California, General Obligation    8/12 at 102.00    AA    3,630,400 
     Bonds, Series 2002A, 5.500%, 8/01/22 – FGIC Insured             
    Contra Costa County Community College District, California, General Obligation Bonds,             
    Series 2002:             
3,005     5.000%, 8/01/21 – FGIC Insured    8/12 at 100.00    AA    3,021,798 
3,300     5.000%, 8/01/22 – FGIC Insured    8/12 at 100.00    AA    3,290,067 
2,000    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 –    No Opt. Call    AA    1,840,300 
     MBIA Insured             
355    Roseville Joint Union High School District, Placer County, California, General Obligation    8/15 at 100.00    AA    336,799 
     Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured             
22,275    Total Tax Obligation/General            19,212,264 
    Tax Obligation/Limited – 22.7% (14.2% of Total Investments)             
    Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:             
650     5.500%, 9/01/24    9/14 at 102.00    N/R    487,097 
385     5.800%, 9/01/35    9/14 at 102.00    N/R    272,915 
1,240    Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special    8/17 at 102.00    N/R    939,226 
     Tax Bonds, Series 2007, 5.750%, 8/01/25             
4,900    California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series    12/13 at 100.00    A    5,130,496 
     2003C, 5.500%, 6/01/16             
2,105    California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15    7/14 at 100.00    AA+    2,237,636 
1,200    Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community    9/13 at 100.00    N/R    901,164 
     Facilities District 90-2 – Talega, Series 2003, 6.000%, 9/01/33             
435    Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community    9/15 at 100.00    AA    349,318 
     Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured             
4,845    Encinitas Public Financing Authority, California, Lease Revenue Bonds, Acquisition Project,    4/09 at 101.00    AA    4,677,848 
     Series 2001A, 5.250%, 4/01/31 – MBIA Insured             
750    Fontana, California, Special Tax Bonds, Sierra Community Facilities District 22, Series 2004,    9/14 at 100.00    N/R    557,295 
     6.000%, 9/01/34             
1,785    Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds,    9/16 at 100.00    A–    1,425,662 
     Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured             
1,800    Hesperia Unified School District, San Bernardino County, California, Certificates of    2/17 at 100.00    AA    1,308,906 
     Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured             
    Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,             
    Series 2006A:             
215     5.000%, 9/01/26    9/16 at 100.00    N/R    152,067 
495     5.125%, 9/01/36    9/16 at 100.00    N/R    316,602 
2,000    Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds,    10/13 at 102.00    N/R    1,704,740 
     Series 2003H, 6.000%, 10/01/20             
415    Lammersville School District, San Joaquin County, California, Community Facilities District    9/16 at 100.00    N/R    266,853 
     2002, Mountain House Special Tax Bonds, Series 2006, 5.125%, 9/01/35             
1,265    Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities    9/13 at 102.00    N/R    1,041,146 
     District 1 of Sycamore Creek, Series 2003, 6.500%, 9/01/24             
800    Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester    9/15 at 100.00    A2    630,400 
     Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured             
2,795    Los Angeles County Metropolitan Transportation Authority, California, Proposition C Second    1/09 at 101.00    AA    2,658,576 
     Senior Lien Sales Tax Revenue Refunding Bonds, Series 1998A, 5.000%, 7/01/23 –             
     AMBAC Insured             
495    North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds,    9/14 at 102.00    N/R    316,166 
     Series 2006D, 5.000%, 9/01/33             
2,000    Orange County, California, Special Tax Bonds, Community Facilities District 02-1 of Ladera    8/11 at 101.00    N/R    1,480,300 
     Ranch, Series 2003A, 5.550%, 8/15/33             
385    Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series    9/15 at 100.00    A–    296,781 
     2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured             
475    Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,    8/13 at 100.00    A    412,447 
     8/01/25 – AMBAC Insured             
700    Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4,    9/14 at 100.00    N/R    525,679 
     Series 2003C, 6.000%, 9/01/33             
1,530    San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 2 and 3,    8/15 at 100.00    A    1,136,790 
     Series 2005C, 5.000%, 8/01/35 – AMBAC Insured             
825    San Mateo Union High School District, San Mateo County, California, Certificates of    12/17 at 100.00    AA    650,661 
     Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 – AMBAC Insured             
1,330    Washington Unified School District, Yolo County, California, Certificates of Participation,    8/17 at 100.00    AA    1,010,587 
     Series 2007, 5.125%, 8/01/37 – AMBAC Insured             
1,930    West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities    9/13 at 103.00    N/R    1,597,249 
     District 01-1, Series 2003B, 6.750%, 9/01/30             
500    West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities    9/13 at 102.00    N/R    358,390 
     District 01-1, Series 2004B, 6.000%, 9/01/39             
850    West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities    9/13 at 103.00    N/R    622,396 
     District 2001-1, Series 2004A, 6.125%, 9/01/39             
10,000    Western Placer Unified School District, Placer County, California, Certificates of    8/18 at 100.00    AAA    7,575,000 
     Participation, Series 2008, 5.000%, 8/01/47 – AGC Insured             
49,100    Total Tax Obligation/Limited            41,040,393 
    Transportation – 11.8% (7.4% of Total Investments)             
1,930    Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series    4/16 at 100.00    AA    1,787,933 
     2006, 5.000%, 4/01/31 (UB)             
1,430    Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series    4/18 at 100.00    AA    1,122,734 
     2008, Trust 3211, 11.894%, 4/01/39 (IF)             
7,000    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding    1/14 at 101.00    BBB–    5,890,850 
     Bonds, Series 1999, 0.000%, 1/15/27             
5,585    Port of Oakland, California, Revenue Bonds, Series 2002N, 5.000%, 11/01/16 – MBIA Insured    11/12 at 100.00    AA    5,176,010 
     (Alternative Minimum Tax)             
    San Francisco Airports Commission, California, Revenue Bonds, San Francisco International             
    Airport, Second Series 2003, Issue 29A:             
2,430     5.250%, 5/01/18 – FGIC Insured (Alternative Minimum Tax)    5/13 at 100.00    AA    2,212,223 
2,555     5.250%, 5/01/19 – FGIC Insured (Alternative Minimum Tax)    5/13 at 100.00    AA    2,273,388 
1,000    San Francisco Airports Commission, California, Revenue Bonds, San Francisco International    5/13 at 100.00    AA    1,007,120 
     Airport, Second Series 2003, Issue 29B, 5.125%, 5/01/17 – FGIC Insured             
2,000    San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco    5/12 at 100.00    AA    1,870,300 
     International Airport, Second Series 2002, Issue 28A, 5.250%, 5/01/17 – MBIA Insured             
     (Alternative Minimum Tax)             
23,930    Total Transportation            21,340,558 
    U.S. Guaranteed – 51.0% (31.8% of Total Investments) (4)             
9,000    Anitoch Area Public Facilities Financing Agency, California, Special Tax Bonds, Community    8/11 at 100.00    AA (4)    9,813,330 
     Facilities District 1989-1, Series 2001, 5.250%, 8/01/25 (Pre-refunded 8/01/11) –             
     MBIA Insured             
6,000    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,    5/12 at 101.00    Aaa    6,658,680 
     5/01/18 (Pre-refunded 5/01/12)             
450    California Statewide Community Development Authority, Revenue Bonds, Thomas Jefferson School    10/15 at 100.00    N/R (4)    473,864 
     of Law, Series 2005A, 4.875%, 10/01/31 (Pre-refunded 10/01/15)             
4,000    Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds,    12/13 at 102.00    N/R (4)    4,712,680 
     Franciscan Mobile Home Park Project, Series 2002A, 5.850%, 12/15/32             
     (Pre-refunded 12/15/13)             
4,900    East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water    6/11 at 100.00    AA+ (4)    5,288,521 
     System Subordinated Revenue Bonds, Series 2001, 5.000%, 6/01/26             
     (Pre-refunded 6/01/11) – MBIA Insured             
2,985    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/13 at 100.00    AAA    3,209,979 
     Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)             
1,170    Lincoln, California, Special Tax Bonds, Lincoln Crossing Community Facilities District 03-1,    9/13 at 102.00    N/R (4)    1,395,658 
     Series 2003A, 6.500%, 9/01/25 (Pre-refunded 9/01/13)             
885    Lincoln, California, Special Tax Bonds, Lincoln Crossing Community Facilities District 03-1,    9/13 at 102.00    N/R (4)    1,035,999 
     Series 2004, 6.000%, 9/01/34 (Pre-refunded 9/01/13)             
7,530    Los Angeles Unified School District, California, General Obligation Bonds, Series 2000D,    7/10 at 100.00    AA– (4)    7,985,264 
     5.375%, 7/01/25 (Pre-refunded 7/01/10) – FGIC Insured             
9,510    Los Angeles Unified School District, California, General Obligation Bonds, Series 2002E,    7/12 at 100.00    AA (4)    10,457,386 
     5.000%, 7/01/19 (Pre-refunded 7/01/12) – MBIA Insured             
3,000    Northern California Tobacco Securitization Authority, Tobacco Settlement Asset-Backed Bonds,    6/11 at 100.00    AAA    3,259,950 
     Series 2001A, 5.375%, 6/01/41 (Pre-refunded 6/01/11)             
2,000    Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E,    No Opt. Call    AAA    2,191,880 
     6.000%, 8/01/26 (ETM)             
6,000    Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project    10/11 at 102.00    A (4)    6,685,740 
     Area, Series 2001, 5.250%, 10/01/35 (Pre-refunded 10/01/11) – AMBAC Insured             
12,090    Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, Series    6/11 at 100.00    AAA    13,048,614 
     2001A, 5.000%, 6/01/25 (Pre-refunded 6/01/11) – MBIA Insured             
4,050    Santa Rosa High School District, Sonoma County, California, General Obligation Bonds, Series    5/11 at 101.00    A+ (4)    4,429,161 
     2001, 5.300%, 5/01/26 (Pre-refunded 5/01/11) – FGIC Insured             
6,200    Southwestern Community College District, San Diego County, California, General Obligation    8/11 at 101.00    AA– (4)    6,839,592 
     Bonds, Series 2001, 5.375%, 8/01/25 (Pre-refunded 8/01/11) – AMBAC Insured             
2,800    Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed    6/12 at 100.00    AAA    3,110,436 
     Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A,             
     5.500%, 6/01/36 (Pre-refunded 6/01/12)             
1,500    Whittier, California, Health Facility Revenue Bonds, Presbyterian Intercommunity Hospital,    6/12 at 101.00    A+ (4)    1,689,570 
     Series 2002, 5.600%, 6/01/22 (Pre-refunded 6/01/12)             
84,070    Total U.S. Guaranteed            92,286,304 
    Utilities – 7.2% (4.5% of Total Investments)             
5,000    Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,    10/14 at 100.00    AA    5,001,350 
     Series 2004, 5.250%, 10/01/21 – MBIA Insured             
2,355    Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series    No Opt. Call    A    1,482,826 
     2007A, 5.000%, 11/15/35             
1,000    Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series    7/13 at 100.00    AA    970,720 
     2003A-2, 5.000%, 7/01/23 – MBIA Insured             
500    Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series    7/15 at 100.00    AAA    458,800 
     2008, 5.000%, 7/01/31 – FSA Insured (UB)             
790    Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,    9/15 at 100.00    BBB–    641,314 
     9/01/31 – SYNCORA GTY Insured             
2,000    Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A, 5.250%, 7/01/20 –    7/13 at 100.00    AA    2,026,740 
     MBIA Insured             
4,000    Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A,    No Opt. Call    AA–    2,449,680 
     5.000%, 11/01/33             
15,645    Total Utilities            13,031,430 
    Water and Sewer – 10.5% (6.5% of Total Investments)             
1,400    Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,    8/16 at 100.00    AA    1,257,088 
     8/01/36 – MBIA Insured             
545    Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,    4/16 at 100.00    AA    460,596 
     5.000%, 4/01/36 – MBIA Insured             
750    Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series    6/16 at 100.00    AA    682,275 
     2006, 5.000%, 12/01/31 – FGIC Insured             
1,700    San Buenaventura, California, Wastewater Revenue Certificates of Participation, Series 2004,    3/14 at 100.00    AA    1,617,907 
     5.000%, 3/01/24 – MBIA Insured             
4,785    San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue    8/12 at 100.00    AA    4,797,394 
     Bonds, Series 2002, 5.000%, 8/01/21 – MBIA Insured             
10,000    San Francisco City and County Public Utilities Commission, California, Clean Water Revenue    4/13 at 100.00    AA    10,126,900 
     Refunding Bonds, Series 2003A, 5.250%, 10/01/20 – MBIA Insured             
19,180    Total Water and Sewer            18,942,160 
$  314,770    Total Long-Term Investments (cost 309,183,288) – 154.8%            280,068,080 
    Short-Term Investments – 5.5% (3.4% of Total Investments)             
$    10,000    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed        A-1    10,000,000 
     Revenue Bonds, Variable Rate Demand Obligations, Series 2005A, Trust 2448, 5.640%, 6/01/45 –             
     FGIC Insured (5)             
    Total Short-Term Investments (cost $10,000,000)            10,000,000 
    Total Investments (cost $319,183,288) – 160.3%            290,068,080 
    Floating Rate Obligations – (1.8)%            (3,305,000)
    Other Assets Less Liabilities – 2.3%            4,144,268 
    Auction Rate Preferred Shares, at Liquidation Value – (60.8)% (6)            (110,000,000)
    Net Assets Applicable to Common Shares – 100%           $   180,907,348 

(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. 
    The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AGC, AMBAC, CIFG, 
    FGIC, FSA, MBIA, RAAI and SYNCORA as of November 30, 2008. Subsequent to November 30, 2008, and 
    during the period this Portfolio of Investments was prepared, there may have been reductions to the 
    ratings of certain bonds resulting from changes to the ratings of the underlying insurers both during the 
    period and after period end. Such reductions would likely reduce the effective rating of many of the bonds 
    insured by that insurer or insurers presented at period end. 
(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)    Investment has a maturity of more than one year, but has variable rate and demand features which qualify 
    it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This 
    rate changes periodically based on market conditions or a specified market index. 
(6)    Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 37.9%. 
N/R    Not rated. 
(ETM)    Escrowed to maturity. 
(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. 

Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about 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 November 30, 2008:

    Level 1    Level 2    Level 3    Total 
Investments    $ —    $290,068,080    $ —    $290,068,080 

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 SFAS No. 140. 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 November 30, 2008, the cost of investments was $315,980,286.

Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2008, were as follows:
Gross unrealized:     
  Appreciation    $   9,485,198 
  Depreciation    (38,702,123)
Net unrealized appreciation (depreciation) of investments    $(29,216,925)

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 California Dividend Advantage Municipal Fund 2         

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

Date         January 29, 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         January 29, 2009        

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

Date        January 29, 2009