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:         08/31/06         

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, 2006             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Discretionary – 2.7% (1.8% of Total Investments)             
$          1,750    DeKalb County Development Authority, Georgia, Pollution Control Revenue Refunding Bonds,    12/12 at 101.00    B–   $   1,761,043 
     General 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,    5/12 at 100.00    BBB    2,064,960 
     Series 2002, 5.500%, 5/15/39             
    Education and Civic Organizations – 16.2% (10.9% of Total Investments)             
    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    3,629,885 
2,500     5.000%, 12/01/33 – AMBAC Insured    12/12 at 100.00    Aaa    2,578,950 
1,225    Athens-Clarke County Unified Government Development Authority, Georgia, Educational Facilities    12/12 at 100.00    AAA    1,299,088 
     Revenue Bonds, UGAREF CCRC Building LLC Project, Series 2002, 5.000%, 12/15/18 – AMBAC Insured             
2,000    Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech – Klaus Parking and    11/13 at 100.00    AAA    2,108,780 
     Family Housing, Series 2003, 5.000%, 11/01/23 – MBIA Insured             
1,050    Fulton County Development Authority, Georgia, Revenue Bonds, TUFF Morehouse Project, Series    2/12 at 100.00    AAA    1,082,844 
     2002A, 5.000%, 2/01/34 – AMBAC Insured             
10,275    Total Education and Civic Organizations            10,699,547 
    Health Care – 24.6% (16.6% of Total Investments)             
150    Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center,    12/07 at 102.00    BB+    150,090 
     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    12/08 at 102.00    BB+    38,232 
165     5.375%, 12/01/28    12/08 at 102.00    BB+    156,578 
1,000    Chatham County Hospital Authority, Savannah, Georgia, Hospital Revenue Bonds, Memorial Health    1/14 at 100.00    A–    1,057,910 
     University Medical Center Inc., Series 2004A, 5.375%, 1/01/26             
1,000    Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical    12/14 at 100.00    BBB+    1,041,000 
     Center, 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    1,551,055 
1,000     5.200%, 7/01/32 – MBIA Insured    7/12 at 101.00    Aaa    1,053,050 
1,305    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,    5/11 at 100.00    A–    1,356,613 
     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    2,445,908 
3,020     5.500%, 1/01/20 – MBIA Insured    1/13 at 100.00    Aaa    3,266,674 
2,000    Savannah Hospital Authority, Georgia, Revenue Bonds, St. Joseph’s/Candler Health System,    1/14 at 100.00    AA    2,113,800 
     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    Aaa    2,079,516 
     Center, Series 2002, 5.250%, 12/01/19 – AMBAC Insured             
15,365    Total Health Care            16,310,426 
    Housing/Multifamily – 4.6% (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    514,885 
980     5.200%, 11/20/27 (Alternative Minimum Tax)    11/12 at 102.00    AAA    1,007,293 
1,465     5.250%, 11/20/32 (Alternative Minimum Tax)    11/12 at 102.00    AAA    1,505,727 
2,945    Total Housing/Multifamily            3,027,905 
    Housing/Single Family – 4.3% (2.9% of Total Investments)             
1,700    Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2002C-2, 5.100%,    12/12 at 100.00    AAA    1,748,858 
     12/01/22 (Alternative Minimum Tax)             
1,075    Georgia Housing and Finance Authority, Single Family Mortgage Resolution 1 Bonds, Series    6/11 at 100.00    AAA    1,091,082 
     2001B-2, 5.400%, 12/01/31 (Alternative Minimum Tax)             
2,775    Total Housing/Single Family            2,839,940 
    Industrials – 1.5% (1.1% of Total Investments)             
1,000    Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste    4/16 at 101.00    BBB    1,004,330 
     Management Project, Series 2004A, 5.000%, 4/01/33 (Alternative Minimum Tax)             
    Materials – 2.0% (1.5% of Total Investments)             
1,000    Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds,    2/11 at 101.00    BBB    1,067,830 
     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    267,008 
     Bonds, International Paper Company, Series 2002A, 6.000%, 2/01/25 (Alternative Minimum Tax)             
1,250    Total Materials            1,334,838 
    Tax Obligation/General – 12.5% (8.4% of Total Investments)             
1,000    Cherokee County School System, Georgia, General Obligation Bonds, Series 2003, 5.000%,    8/13 at 100.00    AAA    1,071,920 
     8/01/16 – MBIA Insured             
1,000    Forsyth County, Georgia, General Obligation Bonds, Series 2004, 5.250%, 3/01/19    3/14 at 101.00    AA    1,087,940 
750    Georgia, General Obligation Bonds, Series 1998D, 5.250%, 10/01/15    No Opt. Call    AAA    837,435 
1,000    Georgia, General Obligation Bonds, Series 2005B, 5.000%, 7/01/15    No Opt. Call    AAA    1,095,960 
    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    1,545,656 
1,470     5.250%, 1/01/26 – AMBAC Insured    1/13 at 101.00    Aaa    1,585,836 
1,000    Wayne County Hospital Authority, Georgia, Hospital Revenue Bonds, Series 2006, 5.000%,    3/16 at 100.00    Aaa    1,052,130 
     3/01/23 – XLCA Insured             
7,630    Total Tax Obligation/General            8,276,877 
    Tax Obligation/Limited – 25.8% (17.4% of Total Investments)             
1,405    Clayton County Development Authority, Georgia, Revenue Bonds, TUFF Archives LLC Project,    7/12 at 100.00    Aaa    1,508,717 
     Series 2001A, 5.250%, 7/01/21 – MBIA Insured             
750    Georgia Municipal Association Inc., Certificates of Participation, Atlanta Court Project,    6/12 at 101.00    AAA    797,490 
     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    AAA    2,938,800 
     Series 1992P, 6.250%, 7/01/20 – AMBAC Insured             
500    Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005B,    7/15 at 100.00    BBB+    509,695 
     5.000%, 7/01/41             
    Puerto Rico Municipal Finance Agency, Series 2002A:             
800     5.250%, 8/01/21 – FSA Insured    8/12 at 100.00    AAA    859,168 
2,500     5.000%, 8/01/27 – FSA Insured    8/12 at 100.00    AAA    2,615,725 
5,000    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding    No Opt. Call    AAA    5,631,048 
     Bonds, Series 2002F, 5.250%, 7/01/21 – CIFG Insured             
2,000    Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y,    7/16 at 100.00    AAA    2,237,500 
     5.500%, 7/01/36 – FSA Insured             
15,455    Total Tax Obligation/Limited            17,098,143 
    Transportation – 5.8% (3.9% of Total Investments)             
3,650    Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2000A, 5.500%, 1/01/21 –    1/10 at 101.00    AAA    3,863,963 
     FGIC Insured             
    U.S. Guaranteed – 11.8% (8.0% of Total Investments) (4)             
    DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Series 2000:             
2,500     5.125%, 10/01/31 (Pre-refunded 10/01/10)    10/10 at 101.00    AA (4)    2,667,575 
2,500     5.375%, 10/01/35 (Pre-refunded 10/01/10)    10/10 at 101.00    AA (4)    2,691,125 
1,000    Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series    9/11 at 100.00    AA (4)    1,069,450 
     2001A, 5.125%, 9/01/33 (Pre-refunded 9/01/11)             
1,250    Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series    10/11 at 102.00    Baa2 (4)    1,388,150 
     2001, 5.750%, 10/01/31 (Pre-refunded 10/01/11)             
7,250    Total U.S. Guaranteed            7,816,300 
    Utilities – 8.2% (5.5% of Total Investments)             
1,000    Elberton, Georgia, Combined Utility System Revenue Refunding and Improvement Bonds, Series    1/12 at 100.00    Aaa    1,049,510 
     2001, 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    1,367,054 
1,000    Municipal Electric Authority of Georgia, Project One Subordinated Lien Revenue Bonds, Series    1/13 at 100.00    AAA    1,051,460 
     2003A, 5.000%, 1/01/22 – MBIA Insured             
1,775    Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.375%, 7/01/19 –    7/12 at 101.00    AAA    1,932,727 
     MBIA Insured             
5,075    Total Utilities            5,400,751 
    Water and Sewer – 24.9% (16.8% 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    548,335 
1,700     5.000%, 11/01/37 – FSA Insured    11/14 at 100.00    AAA    1,769,836 
    Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2002:             
1,000     5.250%, 10/01/22 – FSA Insured    10/12 at 100.00    AAA    1,071,330 
3,500     5.000%, 10/01/27 – FSA Insured    10/12 at 100.00    AAA    3,642,135 
1,000    Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewer Revenue Bonds,    12/15 at 100.00    AAA    1,050,170 
     Series 2005, 5.000%, 6/01/29 – MBIA Insured             
4,000    Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2002, 5.000%,    4/13 at 100.00    AA    4,155,440 
     4/01/32             
950    Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 1998, 5.000%, 1/01/16 – FGIC    7/08 at 101.00    AAA    980,533 
     Insured             
3,100    Harris County, Georgia, Water System Revenue Bonds, Series 2002, 5.000%, 12/01/22 – AMBAC    12/12 at 100.00    Aaa    3,273,259 
     Insured             
15,750    Total Water and Sewer            16,491,038 
$        92,170    Total Investments (cost $95,950,491) – 148.0%            97,990,061 
    Other Assets Less Liabilities – 1.8%            1,224,447 
    Preferred Shares, at Liquidation Value – (49.8)%            (33,000,000) 
    Net Assets Applicable to Common Shares – 100%           $   66,214,508 

Forward Swaps outstanding at August 31, 2006:                         
                Fixed Rate    Floating Rate            Unrealized 
    Notional    Rate Paid    Rate Received    Payment    Payment    Effective    Termination    Appreciation 
Counterparty    Amount    by the Fund (5)    by the Fund (5)    Frequency    Frequency    Date (6)    Date    (Depreciation) 
Goldman Sachs    $1,400,000    4.013%    BMA    Quarterly    Quarterly    9/14/06    9/14/26    $12,546 
Merrill Lynch    2,800,000    4.021%    BMA    Quarterly    Quarterly    9/21/06    9/21/26    22,707 
                                $35,253 
BMA – The daily arithmetic average of the weekly BMA (Bond Market Association) Municipal Swap Index.             

(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 or Moody’s rating. Ratings below BBB by Standard & Poor’s 
    Group or Baa by Moody’s Investor Service, Inc. 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)    Represents the annualized rate paid or received by the Fund. 
(6)    Effective date represents the date on which both the Fund and counterparty commence interest payment 
    accruals on each forward swap contract. 

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 the treatment of paydown gains and losses, timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions.

At August 31, 2006, the cost of investments was $95,133,023.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2006, were as follows:

Gross unrealized:     
  Appreciation    $3,160,342 
  Depreciation    (303,304) 
Net unrealized appreciation (depreciation) of investments    $2,857,038 

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                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         October 27, 2006        

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 27, 2006        

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

Date        October 27, 2006        

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