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:            8/31          

Date of reporting period:         5/31/08         

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)             
    May 31, 2008             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Staples – 7.5% (5.1% of Total Investments)             
$            710    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma    6/15 at 100.00    BBB   $   655,437 
     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    4,232,661 
     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    3,490,960 
     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    8,025,588 
     Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37             
22,815    Total Consumer Staples            16,404,646 
    Education and Civic Organizations – 13.0% (8.6% of Total Investments)             
2,000    California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2001Q,    6/11 at 101.00    AAA    2,057,340 
     5.250%, 12/01/32             
180    California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series    10/15 at 100.00    A3    176,310 
     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    128,679 
165     5.000%, 11/01/25    11/15 at 100.00    A2    167,033 
6,375    California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program,    9/08 at 102.00    Aaa    6,454,751 
     Series 2001A, 5.400%, 3/01/21 – MBIA Insured (Alternative Minimum Tax)             
1,472    California State Public Works Board, Lease Revenue Bonds, University of California Regents,    3/18 at 100.00    Aa2    1,472,294 
     Trust 1065, 14.320%, 3/01/33 (IF)             
10,570    California State Public Works Board, Lease Revenue Bonds, University of California, UCLA    10/12 at 100.00    AAA    11,314,234 
     Replacement Hospital Project, Series 2002A, 5.375%, 10/01/18 – FSA Insured             
620    California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur    10/13 at 100.00    N/R    611,946 
     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    AAA    3,024,540 
     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, 5.000%, 5/15/33 –    5/13 at 100.00    AAA    2,725,801 
     AMBAC Insured             
27,187    Total Education and Civic Organizations            28,132,928 
    Health Care – 16.1% (10.7% of Total Investments)             
2,000    California Health Facilities Financing Authority, Revenue Bonds, Casa Colina Inc., Series    4/12 at 100.00    BBB+    2,052,740 
     2001, 6.000%, 4/01/22             
415    California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,    4/16 at 100.00    A+    399,346 
     Series 2006, 5.000%, 4/01/37             
9,260    California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,    11/16 at 100.00    AA–    9,242,129 
     5.250%, 11/15/46 (UB)             
500    California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance    8/11 at 102.00    A+    508,690 
     LLC, Series 2001A, 5.550%, 8/01/31             
2,520    California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System    3/15 at 100.00    A    2,414,084 
     West, Series 2005A, 5.000%, 3/01/35             
960    California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health    7/17 at 100.00    N/R    818,880 
     System, Series 2007A, 5.125%, 7/15/31             
2,185    California Statewide Community Development Authority, Health Facility Revenue Refunding Bonds,    No Opt. Call    A+    2,354,753 
     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    2,668,800 
     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+    7,419,372 
     Series 2006, 5.000%, 3/01/41             
425    California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,    8/16 at 100.00    A+    426,228 
     Series 2001C, 5.250%, 8/01/31             
998    California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health    7/18 at 100.00    AAA    1,111,594 
     System, Trust 2554, 15.140%, 7/01/47 – FSA Insured (IF)             
5,785    Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical    7/17 at 100.00    A3    5,537,691 
     Center, Series 2007A, 5.000%, 7/01/38             
35,323    Total Health Care            34,954,307 
    Housing/Multifamily – 5.2% (3.5% of Total Investments)             
5,962    California Statewide Community Development Authority, Multifamily Housing Revenue Refunding    6/11 at 102.00    AAA    6,153,142 
     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    193,192 
     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+    1,046,666 
     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    708,918 
     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    3,144,876 
     Grandview, Series 2001A, 6.750%, 5/15/36             
10,967    Total Housing/Multifamily            11,246,794 
    Housing/Single Family – 1.1% (0.7% of Total Investments)             
480    California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,    2/16 at 100.00    Aa2    488,438 
     8/01/30 – FGIC Insured (Alternative Minimum Tax)             
1,925    California Housing Finance Agency, Home Mortgage Revenue Bonds, Trust 1021,    2/16 at 100.00    Aa2    1,375,778 
     10.237%, 8/01/31 (Alternative Minimum Tax) (IF)             
480    California Rural Home Mortgage Finance Authority, Mortgage-Backed Securities Program Single    6/11 at 102.00    AAA    490,718 
     Family Mortgage Revenue Bonds, Series 2001A, 5.650%, 12/01/31 (Alternative Minimum Tax)             
2,885    Total Housing/Single Family            2,354,934 
    Industrials – 1.8% (1.2% of Total Investments)             
1,250    California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste    1/16 at 102.00    BBB    1,140,888 
     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    2,707,100 
     Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax)             
4,425    Total Industrials            3,847,988 
    Long-Term Care – 2.4% (1.6% of Total Investments)             
1,550    California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern    1/13 at 100.00    A+    1,575,544 
     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    3,597,563 
     Project, Series 2007, 5.375%, 12/01/37             
5,300    Total Long-Term Care            5,173,107 
    Tax Obligation/General – 10.1% (6.7% of Total Investments)             
10,000    California State, General Obligation Bonds, Series 2006CD, 4.600%, 12/01/32 (Alternative    12/15 at 100.00    AA–    8,995,200 
     Minimum Tax)             
3,615    Colton Joint Unified School District, San Bernardino County, California, General Obligation    8/12 at 102.00    A    3,904,200 
     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    3,119,430 
3,300     5.000%, 8/01/22 – FGIC Insured    8/12 at 100.00    AA    3,421,539 
2,000    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 –    No Opt. Call    AAA    2,141,400 
     MBIA Insured             
355    Roseville Joint Union High School District, Placer County, California, General Obligation    8/15 at 100.00    AA–    365,973 
     Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured             
22,275    Total Tax Obligation/General            21,947,742 
    Tax Obligation/Limited – 20.7% (13.8% 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    626,613 
385     5.800%, 9/01/35    9/14 at 102.00    N/R    368,969 
1,240    Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special    8/17 at 102.00    N/R    1,172,048 
     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    5,352,074 
     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+    2,283,883 
1,200    Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community    9/13 at 100.00    N/R    1,200,132 
     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    Baa3    438,389 
     Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured             
4,845    Encinitas Public Financing Authority, California, Lease Revenue Bonds, Acquisition Project,    10/08 at 102.00    AAA    4,947,036 
     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    710,640 
     6.000%, 9/01/34             
1,785    Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds,    9/16 at 100.00    A–    1,809,901 
     Series 2006, 5.250%, 9/01/36 – XLCA Insured             
1,800    Hesperia Unified School District, San Bernardino County, California, Certificates of    2/17 at 100.00    AAA    1,770,552 
     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    192,978 
495     5.125%, 9/01/36    9/16 at 100.00    N/R    436,654 
2,000    Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds,    10/13 at 102.00    N/R    2,050,800 
     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    354,941 
     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    1,281,964 
     District 1 of Sycamore Creek, Series 2003, 6.500%, 9/01/24             
800    Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social    9/15 at 100.00    Aaa    798,720 
     Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured             
8,000    Los Angeles County Metropolitan Transportation Authority, California, Proposition C Second    7/08 at 101.00    AAA    8,086,880 
     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    418,815 
     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    1,951,840 
     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–    383,833 
     2005A, 5.000%, 9/01/35 – XLCA Insured             
475    Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,    8/13 at 100.00    AAA    482,097 
     8/01/25 – AMBAC Insured             
700    Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4,    9/14 at 100.00    N/R    691,404 
     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    AAA    1,536,304 
     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    AAA    821,667 
     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    AAA    1,334,735 
     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    2,033,583 
     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    474,860 
     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    824,390 
     District 2001-1, Series 2004A, 6.125%, 9/01/39             
44,305    Total Tax Obligation/Limited            44,836,702 
    Transportation – 10.2% (6.8% 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    1,985,314 
     2006, 5.000%, 4/01/31 (UB)             
7,000    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding    1/14 at 101.00    BBB–    6,530,440 
     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    AAA    5,652,746 
     (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    A1    2,450,193 
2,555     5.250%, 5/01/19 – FGIC Insured (Alternative Minimum Tax)    5/13 at 100.00    A1    2,562,997 
1,000    San Francisco Airports Commission, California, Revenue Bonds, San Francisco International    5/13 at 100.00    A1    1,038,170 
     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    AAA    2,034,860 
     International Airport, Second Series 2002, Issue 28A, 5.250%, 5/01/17 – MBIA Insured             
     (Alternative Minimum Tax)             
22,500    Total Transportation            22,254,720 
    U.S. Guaranteed – 44.4% (29.6% of Total Investments) (4)             
9,000    Anitoch Area Public Facilities Financing Agency, California, Special Tax Bonds, Community    8/11 at 100.00    AAA    9,722,160 
     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    6,555,900 
     5/01/18 (Pre-refunded 5/01/12)             
465    California Statewide Community Development Authority, Revenue Bonds, Thomas Jefferson School    10/15 at 100.00    BBB– (4)    490,440 
     of Law, Series 2005A, 4.875%, 10/01/31 (Pre-refunded 10/01/15)             
3,000    Central California Joint Powers Health Finance Authority, Certificates of Participation,    2/10 at 101.00    AAA    3,212,520 
     Community Hospitals of Central California Obligated Group, Series 2000, 6.000%, 2/01/30             
     (Pre-refunded 2/01/10)             
4,000    Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds,    12/13 at 102.00    N/R (4)    4,618,440 
     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    AAA    5,248,586 
     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    3,286,097 
     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)    1,374,305 
     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)    1,018,308 
     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)    8,007,553 
     5.375%, 7/01/25 (Pre-refunded 7/01/10) – FGIC Insured             
10,840    Los Angeles Unified School District, California, General Obligation Bonds, Series 2002E,    7/12 at 100.00    AAA    11,726,170 
     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    3,235,830 
     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    2,346,220 
     6.000%, 8/01/26 (ETM)             
6,000    Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project    10/11 at 102.00    AAA    6,607,680 
     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    12,935,575 
     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)    4,398,341 
     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    AAA    6,778,088 
     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    3,067,932 
     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)    1,666,110 
     Series 2002, 5.600%, 6/01/22 (Pre-refunded 6/01/12)             
88,415    Total U.S. Guaranteed            96,296,255 
    Utilities – 7.3% (4.8% of Total Investments)             
5,000    Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,    10/14 at 100.00    AAA    5,260,150 
     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+    2,130,545 
     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    AAA    1,036,820 
     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    514,700 
     2005A-1, 5.000%, 7/01/31 – FSA Insured             
790    Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,    9/15 at 100.00    A–    790,885 
     9/01/31 – XLCA Insured             
2,000    Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A, 5.250%, 7/01/20 –    7/13 at 100.00    AAA    2,116,020 
     MBIA Insured             
4,000    Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A,    No Opt. Call    AA–    3,898,720 
     5.000%, 11/01/33             
15,645    Total Utilities            15,747,840 
    Water and Sewer – 9.2% (6.2% of Total Investments)             
1,400    Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,    8/16 at 100.00    AAA    1,422,428 
     8/01/36 – MBIA Insured             
545    Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,    4/16 at 100.00    AAA    550,951 
     5.000%, 4/01/36 – MBIA Insured             
750    Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series    6/16 at 100.00    AA    768,383 
     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    AAA    1,743,418 
     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    AAA    4,952,901 
     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    AAA    10,564,400 
     Refunding Bonds, Series 2003A, 5.250%, 10/01/20 – MBIA Insured             
19,180    Total Water and Sewer            20,002,481 
$      321,222    Total Long-Term Investments (cost $316,586,093) – 149.0%            323,200,444 
    Short-Term Investments – 1.1% (0.7% of Total Investments)             
1,275    Adelanto, California, Public Utility System Revenue Bonds, Variable Rate Demand Obligations, Series        A-1+    1,275,000 
     2007A, 3.500%, 11/01/34 – AMBAC Insured (5)             
1,000    Pasadena, California, Certificates of Participation, Variable Rate Demand Obligations, City        VMIG-1    1,000,000 
     Hall and Park Improvement Projects, Series 2003, 2.750%, 2/01/33 – AMBAC Insured (5)             
$         2,275    Total Short-Term Investments (cost $2,275,000)            2,275,000 
    Total Investments (cost $318,861,093) – 150.1%            325,475,444 
    Floating Rate Obligations – (3.5)%            (7,619,000)
    Other Assets Less Liabilities – 4.1%            9,021,696 
    Preferred Shares, at Liquidation Value – (50.7)% (6)            (110,000,000) 
    Net Assets Applicable to Common Shares – 100%           $  216,878,140 

(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, AMBAC, CIFG, FGIC, 
    MBIA, RAAI and XLCA as of May 31, 2008. Subsequent to May 31, 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)    Preferred Shares, at Liquidation Value as a percentage of total investments is (33.8)%. 
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. 

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 May 31, 2008, the cost of investments was $311,576,472.

Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2008, were as follows:

Gross unrealized:     
  Appreciation    $12,657,609 
  Depreciation    (6,377,709) 
Net unrealized appreciation (depreciation) of investments    $  6,279,900 

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         July 29, 2008        

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         July 29, 2008        

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

Date        July 29, 2008