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)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—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:            05/31          

Date of reporting period:          08/31/05         

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, 2005

  Principal               
  Amount (000)    Description(1)   Optional Call Provisions*    Ratings**      Market Value 
      Consumer Discretionary - 2.6% (1.8% of Total Investments)              
$   1,750    DeKalb County Development Authority, Georgia, Pollution Control Revenue Refunding Bonds, General   12/12 at 101.00    BB    $   1,737,733 
      Motors Corporation Projects, Series 2002, 6.000%, 3/15/21              
      Consumer Staples - 3.1% (2.1% of Total Investments)              
  2,000    Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series   5/12 at 100.00    BBB      2,083,960 
      2002, 5.500%, 5/15/39              
      Education and Civic Organizations - 19.9% (13.5% of Total Investments)              
  1,225    Athens-Clarke County Unified Government Development Authority, Georgia, Educational Facilities   12/12 at 100.00    AAA      1,333,780 
      Revenue Bonds, UGAREF CCRC Building LLC Project, Series 2002, 5.000%, 12/15/18 - AMBAC Insured              
      Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus Housing              
      LLC Project, Series 2002:              
  3,500    5.000%, 12/01/27 - AMBAC Insured   12/12 at 100.00    Aaa      3,694,495 
  2,500    5.000%, 12/01/33 - AMBAC Insured   12/12 at 100.00    Aaa      2,622,925 
  1,050    Fulton County Development Authority, Georgia, Revenue Bonds, TUFF Morehouse Project, Series 2002A,   2/12 at 100.00    AAA      1,100,096 
      5.000%, 2/01/34 - AMBAC Insured              
  2,000    Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech - Klaus Parking and   11/13 at 100.00    AAA      2,167,480 
      Family Housing, Series 2003, 5.000%, 11/01/23 - MBIA Insured              
  1,250    Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series   10/11 at 102.00    Baa1      1,342,013 
      2001, 5.750%, 10/01/31              
  1,000    Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series   9/15 at 100.00    AA      1,107,400 
      2005A, 5.000%, 9/01/17              
      Healthcare - 26.1% (17.7% of Total Investments)              
  135    Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series   12/08 at 102.00    BB+      127,385 
      1998, 5.375%, 12/01/28              
  1,000    Chatham County Hospital Authority, Savannah, Georgia, Hospital Revenue Bonds, Memorial Health   1/14 at 100.00    A-      1,063,760 
      University Medical Center Inc., Series 2004A, 5.375%, 1/01/26              
  1,000    Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center,   1/14 at 100.00    BBB+      1,061,210 
      Series 2004, 5.250%, 12/01/22              
      Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center              
      Project, Series 2002:              
  1,480    5.000%, 7/01/22 - MBIA Insured   7/12 at 101.00    Aaa      1,578,020 
  1,000    5.200%, 7/01/32 - MBIA Insured   7/12 at 101.00    Aaa      1,067,750 
  1,145    Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center,   7/13 at 101.00    Aaa      1,237,310 
      Series 2003, 5.000%, 7/01/20 - MBIA Insured              
  1,250    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,   5/11 at 100.00    A-      1,307,400 
      Northeast Georgia Health Services Inc., Series 2001, 5.500%, 5/15/31              
      Newnan Hospital Authority, Georgia, Revenue Anticipation Certificates, Newnan Hospital Inc., Series              
      2002:              
  2,260    5.500%, 1/01/19 - MBIA Insured   1/13 at 100.00    Aaa      2,501,481 
  3,020    5.500%, 1/01/20 - MBIA Insured   1/13 at 100.00    Aaa      3,338,610 

2,000    Savannah Hospital Authority, Georgia, Revenue Bonds, St. Joseph's/Candler Health System, Series    1/14 at 100.00    AA        2,134,660 
    2003, 5.250%, 7/01/23 - RAAI Insured               
1,945    Tift County Hospital Authority, Georgia, Revenue Anticipation Bonds, Tift Regional Medical Center,    12/12 at 101.00    Aaa      2,118,864 
    Series 2002, 5.250%, 12/01/19 - AMBAC Insured               
    Housing/Multifamily - 4.5% (3.1% of Total Investments)               
    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      521,930 
980    5.200%, 11/20/27 (Alternative Minimum Tax)    11/12 at 102.00    AAA      1,018,259 
1,465    5.250%, 11/20/32 (Alternative Minimum Tax)    11/12 at 102.00    AAA      1,518,516 
    Housing/Single Family - 4.9% (3.3% of Total Investments)               
1,480    Georgia Housing and Finance Authority, Single Family Mortgage Resolution 1 Bonds, Series 2001B-2,    6/11 at 100.00    AAA      1,531,474 
    5.400%, 12/01/31 (Alternative Minimum Tax)               
1,700    Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2002C-2, 5.100%,    12/12 at 100.00    AAA      1,771,026 
    12/01/22 (Alternative Minimum Tax)               
    Materials - 1.6% (1.1% of Total Investments)               
1,000    Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds,    2/11 at 101.00    BBB      1,074,640 
    International Paper Company, Series 2001A, 6.250%, 2/01/25 (Alternative Minimum Tax)               
    Tax Obligation/General - 9.3% (6.3% of Total Investments)               
1,000    Cherokee County School System, Georgia, General Obligation Bonds, Series 2003, 5.000%, 8/01/16 -    8/13 at 100.00    AAA      1,097,110 
    MBIA Insured               
1,000    Forsyth County, Georgia, General Obligation Bonds, Series 2004, 5.250%, 3/01/19    3/14 at 101.00    AA      1,112,910 
750    Georgia, General Obligation Bonds, Series 1998D, 5.250%, 10/01/15    No Opt. Call    AAA      858,968 
    Oconee County, Georgia, General Obligation Bonds, Recreation Project, Series 2003:               
1,410    5.500%, 1/01/23 - AMBAC Insured    1/13 at 101.00    Aaa      1,591,129 
1,470    5.250%, 1/01/26 - AMBAC Insured    1/13 at 101.00    Aaa      1,603,064 
    Tax Obligation/Limited - 32.4% (22.0% of Total Investments)               
1,405    Clayton County Development Authority, Georgia, Revenue Bonds, TUFF Archives LLC Project, Series    7/12 at 100.00    AAA      1,536,241 
    2001A, 5.250%, 7/01/21 - MBIA 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      4,225,800 
750    Georgia Municipal Association Inc., Certificates of Participation, Atlanta Court Project, Series    6/12 at 101.00    AAA      820,545 
    2002, 5.125%, 12/01/21 - AMBAC Insured               
2,500    Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series    No Opt. Call    AAA      3,045,500 
    1992P, 6.250%, 7/01/20 - AMBAC Insured               
2,000    Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 5.500%,    7/16 at 100.00    AAA      2,289,960 
    7/01/36 - FSA Insured               
500    Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005B, 5.000%,    7/15 at 100.00    BBB+      527,265 
    7/01/41               
5,000    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds,    No Opt. Call    AAA      5,807,650 
    Series 2002F, 5.250%, 7/01/21 - CIFG Insured               
    Puerto Rico Municipal Finance Agency, Series 2002A:               
800    5.250%, 8/01/21 - FSA Insured    8/12 at 100.00    AAA      881,192 
2,500    5.000%, 8/01/27 - FSA Insured    8/12 at 100.00    AAA      2,658,225 
    Transportation - 5.9% (4.0% of Total Investments)               
3,650    Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2000A, 5.500%, 1/01/21 - FGIC    1/10 at 101.00    AAA      3,973,901 
    Insured               

      U.S. Guaranteed *** - 2.1% (1.5% of Total Investments)                 
  1,315    Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series    9/11 at 100.00    AA***        1,446,316  
      2001A, 5.125%, 9/01/33 (Pre-refunded to 9/01/11)                 
      Utilities - 9.7% (6.6% of Total Investments)                 
  1,000    Elberton, Georgia, Combined Utility System Revenue Refunding and Improvement Bonds, Series 2001,    1/12 at 100.00    Aaa        1,071,000  
      5.000%, 1/01/22 - AMBAC Insured                 
  1,300    Fairburn, Georgia, Combined Utility Revenue Bonds, Series 2000, 5.750%, 10/01/20    10/10 at 101.00    BBB        1,391,676  
  1,000    Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power    No Opt. Call    AAA        1,025,550  
      Company - Scherer Plant, Series 2001, 4.200%, 1/01/12 (Mandatory put 12/01/08) - AMBAC Insured                 
  1,000    Municipal Electric Authority of Georgia, Project One Subordinated Lien Revenue Bonds, Series 2003A,    1/13 at 100.00    AAA        1,077,920  
      5.000%, 1/01/22 - MBIA Insured                 
  1,775    Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.375%, 7/01/19 - MBIA    7/12 at 101.00    AAA        1,990,201  
      Insured                 
      Water and Sewer - 25.1% (17.0% 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        560,665  
  1,700    5.000%, 11/01/37 - FSA Insured    11/14 at 100.00    AAA        1,803,156  
      Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2002:                 
  1,000    5.250%, 10/01/22 - FSA Insured    10/12 at 100.00    AAA        1,096,430  
  3,500    5.000%, 10/01/27 - FSA Insured    10/12 at 100.00    AAA        3,701,740  
      DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Series 2000:                 
  2,500    5.125%, 10/01/31    10/10 at 101.00    AA        2,636,500  
  2,500    5.375%, 10/01/35    10/10 at 101.00    AA        2,724,024  
  950    Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 1998, 5.000%, 1/01/16 - FGIC    7/08 at 101.00    AAA        1,005,271  
      Insured                 
  3,100    Harris County, Georgia, Water System Revenue Bonds, Series 2002, 5.000%, 12/01/22 - AMBAC Insured    12/12 at 100.00    Aaa        3,347,907  
$   91,510    Total Long-Term Investments (cost $94,634,095) - 147.2%                99,069,993  
      Other Assets Less Liabilities - 1.8%                1,229,481  
      Preferred Shares, at Liquidation Value - (49.0)%                (33,000,000)  
      Net Assets Applicable to Common Shares - 100%            $   67,299,474  

Forward Swap Contracts outstanding at August 31, 2005:                     
                    Unrealized  
      Notional    Effective     Termination      Appreciation  
      Amount    Date(2)      Date      (Depreciation)  
 
Agreement with JPMorgan dated June 21, 2005, to pay semi-annually the                     
notional amount multiplied by 4.833% (annualized) and receive quarterly                     
the notional amount multiplied by the three-month USD-LIBOR (United                     
States Dollar-London Inter-Bank Offered Rates).    $   1,300,000    2/09/06     2/09/36    $   (23,116 ) 
 
Agreement with JPMorgan dated August 9, 2005, to pay semi-annually the                     
notional amount multiplied by 5.075% (annualized) and receive quarterly                     
the notional amount multiplied by the three-month USD-LIBOR (United                     
States Dollar-London Inter-Bank Offered Rates).      4,000,000    2/22/06     2/22/26      (205,016 ) 
 
                  $   (228,132 ) 

(1)      All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares
 
  unless otherwise noted.
 (2)      Effective date represents the date on which both the Fund and counterparty commence
interest payment accruals on each forward swap contract.
  *      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.
  **      Ratings: Using the higher of Standard & Poor's or Moody's rating.
  ***      Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities which ensures the timely payment of principal and interest. Such securities are
normally considered to be equivalent to AAA rated securities.
 

 

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 income on taxable market
discount securities and timing differences in recognizing certain gains and losses on investment transactions.

At August 31, 2005, the cost of investments was $95,219,398.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2005, were as follows:

Gross unrealized:       
   Appreciation    $   4,489,224  
   Depreciation      (638,629 ) 
 
Net unrealized appreciation of investments    $   3,850,595  

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: 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/ Jessica R. Droeger--Vice President and Secretary        

Date         10/28/05        

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--Chief Administrative Officer (principal executive officer)        

Date         10/28/05        

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

Date         10/28/05        

* Print the name and title of each signing officer under his or her signature.