nq2.htm



 
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:            2/28          
 
Date of reporting period:         11/30/13         
 
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, 2013
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 145.8% (100.0% of Total Investments)
      
   
MUNICIPAL BONDS – 145.8% (100.0% of Total Investments)
      
   
Consumer Staples – 7.7% (5.3% of Total Investments)
      
   
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
      
   
Angeles County Securitization Corporation, Series 2006A:
      
$    2,000
  
5.600%, 6/01/36
12/18 at 100.00
BB–
$   1,552,380
1,000
  
5.650%, 6/01/41
12/18 at 100.00
BB–
739,330
330
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
6/15 at 100.00
BB+
309,745
   
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
      
2,775
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
12/13 at 100.00
Baa1
2,665,998
   
Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
      
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
      
   
Bonds, Series 2007A-1:
      
9,540
  
5.750%, 6/01/47
6/17 at 100.00
B
7,270,720
1,270
  
5.125%, 6/01/47
6/17 at 100.00
B
877,951
3,660
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/22 at 100.00
B
2,693,540
   
Bonds, Series 2007A-2, 5.300%, 6/01/37
      
20,575
  
Total Consumer Staples
    
16,109,664
   
Education and Civic Organizations – 7.7% (5.3% of Total Investments)
      
1,775
  
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson
7/22 at 100.00
A1
1,743,547
   
Laboratory, Series 2012, 5.000%, 7/01/37
      
2,745
  
California Educational Facilities Authority, Revenue Bonds, University of Southern California,
10/18 at 100.00
Aa1
3,271,683
   
Tender Option Bond Trust 09-11B, 17.956%, 10/01/38 (IF) (4)
      
   
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
      
125
  
5.000%, 11/01/21
11/15 at 100.00
A2
130,534
165
  
5.000%, 11/01/25
11/15 at 100.00
A2
169,965
1,915
  
California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program,
3/14 at 100.00
Baa1
1,917,011
   
Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)
      
2,500
  
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A,
6/20 at 100.00
BBB+
2,661,750
   
6.250%, 6/01/40
      
850
  
California Statewide Communities Development Authority, School Facility Revenue Bonds,
7/21 at 100.00
BBB–
897,439
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
      
520
  
California Statewide Community Development Authority, Revenue Bonds, Notre Dame de Namur
4/14 at 100.00
N/R
520,218
   
University, Series 2003, 6.500%, 10/01/23
      
4,610
  
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
5/23 at 100.00
Aa1
4,822,106
15,205
  
Total Education and Civic Organizations
    
16,134,253
   
Health Care – 27.7% (19.0% of Total Investments)
      
2,500
  
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West,
7/15 at 100.00
A
2,548,125
   
Series 2008J, 5.625%, 7/01/32
      
895
  
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –
8/21 at 100.00
A+
917,447
   
San Diego, Series 2011, 5.250%, 8/15/41
      
1,500
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
1,503,855
   
5.250%, 11/15/46
      
9,260
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
9,283,798
   
5.250%, 11/15/46 (UB)
      
4,215
  
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
2/17 at 100.00
BBB
4,254,284
   
of Central California, Series 2007, 5.250%, 2/01/27
      
2,520
  
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System
3/15 at 100.00
A
2,521,487
   
West, Series 2005A, 5.000%, 3/01/35
      
3,200
  
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,
4/22 at 100.00
A+
3,173,440
   
Series 2012A, 5.000%, 4/01/42
      
   
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health
      
   
System, Trust 2554:
      
1,325
  
18.294%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
AA–
1,384,612
998
  
18.261%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
AA–
1,050,607
2,225
  
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health
7/17 at 100.00
N/R
1,903,955
   
System, Series 2007A, 5.125%, 7/15/31
      
5,250
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
7/15 at 100.00
BBB–
4,918,200
   
Health System, Series 2005A, 5.250%, 7/01/35
      
425
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
8/16 at 100.00
A+
432,323
   
Series 2001C, 5.250%, 8/01/31
      
1,035
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series
8/18 at 100.00
AA
1,039,223
   
2004D, 5.050%, 8/15/38 – AGM Insured
      
   
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A:
      
2,705
  
5.000%, 11/15/43
11/15 at 100.00
AA–
2,684,172
3,315
  
5.000%, 11/15/43 (UB) (4)
11/15 at 100.00
AA–
3,289,475
2,000
  
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series
12/17 at 100.00
BBB
2,178,480
   
2008A, 8.250%, 12/01/38
      
1,610
  
Madera County, California, Certificates of Participation, Children’s Hospital Central California,
3/20 at 100.00
A+
1,633,023
   
Series 2010, 5.375%, 3/15/36
      
455
  
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A,
11/20 at 100.00
BB+
447,670
   
6.500%, 11/01/29
      
4,800
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
11/20 at 100.00
Baa3
4,617,648
   
6.000%, 11/01/41
      
5,785
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical
7/17 at 100.00
Baa2
5,528,609
   
Center, Series 2007A, 5.000%, 7/01/38
      
2,250
  
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
12/21 at 100.00
BB
2,460,578
   
7.500%, 12/01/41
      
58,268
  
Total Health Care
    
57,771,011
   
Housing/Multifamily – 1.4% (1.0% of Total Investments)
      
1,310
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/20 at 100.00
BBB
1,366,933
   
Series 2010A, 6.400%, 8/15/45
      
410
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/22 at 100.00
BBB
407,458
   
Series 2012A, 5.500%, 8/15/47
      
940
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/22 at 100.00
A1
932,236
   
Series 2012B, 7.250%, 8/15/47
      
205
  
Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San
5/16 at 100.00
N/R
196,888
   
Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41
      
2,865
  
Total Housing/Multifamily
    
2,903,515
   
Housing/Single Family – 3.3% (2.2% of Total Investments)
      
1,490
  
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G,
2/17 at 100.00
BBB
1,427,286
   
5.050%, 2/01/29 (Alternative Minimum Tax)
      
135
  
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 –
2/16 at 100.00
BBB
141,290
   
FGIC Insured (Alternative Minimum Tax)
      
5,775
  
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006M, 4.650%, 8/01/31
2/16 at 100.00
BBB
5,232,728
   
(Alternative Minimum Tax)
      
7,400
  
Total Housing/Single Family
    
6,801,304
   
Industrials – 0.0% (0.0% of Total Investments)
      
3,175
  
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional
No Opt. Call
D
12,605
   
Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)
      
   
Tax Obligation/General – 32.9% (22.6% of Total Investments)
      
1,300
  
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,
8/22 at 100.00
Aa3
1,379,716
   
Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
      
10,000
  
California State, General Obligation Bonds, Series 2006CD, 4.600%, 12/01/32 (Alternative Minimum Tax)
12/15 at 100.00
AA
9,393,800
13,850
  
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38
4/19 at 100.00
A1
15,731,384
   
California State, General Obligation Bonds, Various Purpose Series 2010:
      
2,000
  
6.000%, 3/01/33
3/20 at 100.00
A1
2,326,160
1,000
  
5.250%, 11/01/40
11/20 at 100.00
A1
1,041,730
   
California State, General Obligation Bonds, Various Purpose Series 2011:
      
4,850
  
5.250%, 10/01/28
No Opt. Call
A1
5,344,070
2,300
  
5.000%, 9/01/41
9/21 at 100.00
A1
2,341,262
2,190
  
5.000%, 10/01/41
10/21 at 100.00
A1
2,229,661
32,730
  
Desert Community College District, Riverside County, California, General Obligation Bonds,
No Opt. Call
Aa2
4,713,447
   
Election 2004 Series 2007C, 0.000%, 8/01/46 – AGM Insured
      
1,285
  
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds,
7/19 at 100.00
Aa2
1,429,306
   
Series 2009D, 5.000%, 7/01/27
      
13,530
  
New Haven Unified School District, Alameda County, California, General Obligation Bonds,
No Opt. Call
Aa3
8,017,878
   
Series 2004A, 0.000%, 8/01/24 – NPFG Insured
      
1,265
  
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A,
8/17 at 100.00
A+
1,282,685
   
5.000%, 8/01/32 – NPFG Insured
      
2,000
  
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 –
No Opt. Call
A
1,899,180
   
NPFG Insured
      
1,000
  
Southwestern Community College District, San Diego County, California, General Obligation
8/21 at 100.00
Aa2
1,054,780
   
Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
      
   
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation,
      
   
Election 2004, Series 2010D:
      
6,480
  
0.000%, 8/01/31
No Opt. Call
Aa2
2,588,760
17,510
  
0.000%, 8/01/42
No Opt. Call
Aa2
6,025,191
1,600
  
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series
8/21 at 100.00
Aa2
1,648,336
   
2011C, 5.250%, 8/01/47
      
114,890
  
Total Tax Obligation/General
    
68,447,346
   
Tax Obligation/Limited – 29.4% (20.2% 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
665,522
385
  
5.800%, 9/01/35
9/14 at 102.00
N/R
386,271
1,190
  
Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special
8/17 at 102.00
N/R
315,183
   
Tax Bonds, Series 2007, 5.750%, 8/01/25 (5)
      
7,000
  
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
9/23 at 100.00
A2
7,410,340
   
Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
      
1,245
  
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
7/14 at 100.00
AA
1,280,682
435
  
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community
9/15 at 100.00
A
440,877
   
Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
      
700
  
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba
9/14 at 101.00
A
662,935
   
Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Series 2003, 5.000%,
      
   
9/01/33 – NPFG Insured
      
4,265
  
Escondido Joint Powers Financing Authority, California, Lease Revenue Bonds, Water System
3/22 at 100.00
AA–
4,270,374
   
Financing, Series 2012, 5.000%, 9/01/41
      
960
  
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation
4/14 at 100.00
A–
961,555
   
Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
      
750
  
Fontana, California, Special Tax Bonds, Sierra Community Facilities District 22, Series 2004,
9/14 at 100.00
N/R
752,940
   
6.000%, 9/01/34
      
1,500
  
Gilroy School Facilities Financing Authority, Santa Clara County, California, Revenue Bonds,
8/23 at 100.00
Aa3
1,482,525
   
Series 2013A, 5.000%, 8/01/46
      
2,995
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
AA–
2,898,142
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AGM Insured
      
1,785
  
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds,
9/16 at 100.00
N/R
1,821,057
   
Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured
      
1,800
  
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation,
2/17 at 100.00
A–
1,737,648
   
Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
      
1,500
  
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation,
2/23 at 100.00
AA
1,497,810
   
Series 2013A, 5.000%, 2/01/38 – BAM Insured
      
870
  
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
5/17 at 100.00
BBB+
860,961
   
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured
      
   
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
      
205
  
5.000%, 9/01/26
9/16 at 100.00
N/R
206,320
470
  
5.125%, 9/01/36
9/16 at 100.00
N/R
453,743
415
  
Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community
9/16 at 100.00
N/R
397,387
   
Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35
      
800
  
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social
9/15 at 100.00
A1
811,144
   
Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
      
1,350
  
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
No Opt. Call
AA–
1,356,507
   
Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
      
750
  
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series
9/21 at 100.00
A–
824,888
   
2011A, 7.000%, 9/01/31
      
475
  
National City Community Development Commission, California, Tax Allocation Bonds, National
8/21 at 100.00
A–
561,303
   
City Redevelopment Project, Series 2011, 6.500%, 8/01/24
      
475
  
North Natomas Community Facilities District 4, Sacramento, California, Special Tax Bonds,
9/14 at 102.00
N/R
458,204
   
Series 2006D, 5.000%, 9/01/33
      
175
  
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment
9/21 at 100.00
BBB+
191,179
   
Project, Series 2011, 6.750%, 9/01/40
      
2,000
  
Orange County, California, Special Tax Bonds, Community Facilities District 02-1 of Ladera
2/14 at 100.00
N/R
2,000,680
   
Ranch, Series 2003A, 5.550%, 8/15/33
      
   
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
      
   
2001-1, Senior Series 2013A:
      
1,210
  
5.250%, 9/01/30
9/23 at 100.00
N/R
1,184,832
1,090
  
5.750%, 9/01/39
9/23 at 100.00
N/R
1,086,981
200
  
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
9/23 at 100.00
N/R
197,496
   
2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
      
   
Perris Union High School District Financing Authority, Riverside County, California, Revenue
      
   
Bonds, Series 2011:
      
165
  
6.000%, 9/01/33
3/14 at 100.00
N/R
167,638
360
  
6.125%, 9/01/41
3/14 at 100.00
N/R
362,938
3,085
  
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
9/18 at 100.00
BBB–
3,180,388
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28
      
5,000
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/26 at 100.00
A+
3,707,600
   
2009A, 0.000%, 8/01/32
      
550
  
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
9/21 at 100.00
BBB+
579,816
   
2011A, 5.750%, 9/01/30
      
100
  
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
10/21 at 100.00
A–
110,405
   
Area, Series 2011B, 6.500%, 10/01/25
      
   
San Buenaventura Redevelopment Agency, California, Merged Project Areas Tax Allocation Bonds,
      
   
Series 2008:
      
1,000
  
7.750%, 8/01/28
8/16 at 102.00
A
1,101,880
1,325
  
8.000%, 8/01/38
8/16 at 102.00
A
1,428,363
990
  
San Diego, California, Special Tax Community Facilities District 4 Black Mountain Ranch
3/14 at 100.00
N/R
1,009,949
   
Villages Bonds, Series 2008A, 6.000%, 9/01/37
      
80
  
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
2/21 at 100.00
A–
89,799
   
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
      
   
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
      
   
Mission Bay South Redevelopment Project, Series 2011D:
      
85
  
7.000%, 8/01/33
2/21 at 100.00
BBB
91,937
105
  
7.000%, 8/01/41
2/21 at 100.00
BBB
111,948
   
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
      
   
Project, Series 2006C:
      
1,100
  
5.000%, 8/01/24 – NPFG Insured
8/17 at 100.00
A
1,119,844
765
  
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
A
774,922
995
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
BBB
1,019,387
   
Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
      
1,530
  
San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 2 and 3,
8/15 at 100.00
A–
1,502,093
   
Series 2005C, 5.000%, 8/01/35 – AMBAC Insured
      
140
  
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
4/21 at 100.00
N/R
147,265
   
7.000%, 10/01/26
      
930
  
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
9/14 at 102.00
N/R
760,452
   
District 03-02 Roripaugh, Series 2013, 5.500%, 9/01/36
      
6,500
  
Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A,
11/22 at 100.00
AA+
6,555,640
   
5.000%, 11/01/38
      
240
  
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,
9/21 at 100.00
A–
270,778
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
      
62,690
  
Total Tax Obligation/Limited
    
61,268,528
   
Transportation – 5.5% (3.7% of Total Investments)
      
1,430
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender
4/18 at 100.00
AA
1,709,651
   
Option Bond Trust 3211, 13.558%, 10/01/32 (IF)
      
7,000
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding
1/14 at 101.00
BBB–
7,053,900
   
Bonds, Series 1999, 5.875%, 1/15/27
      
   
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P:
      
1,545
  
5.000%, 5/01/29 (Alternative Minimum Tax)
No Opt. Call
A+
1,588,785
1,000
  
5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
A+
1,012,990
10,975
  
Total Transportation
    
11,365,326
   
U.S. Guaranteed – 7.1% (4.9% of Total Investments) (6)
      
1,930
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/16 at 100.00
AA (6)
2,138,382
   
2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
      
2,945
  
California State Public Works Board, Lease Revenue Bonds, University of California Regents,
3/18 at 100.00
Aaa
3,944,062
   
Tender Option Bond Trust 1065, 9.416%, 3/01/33 (Pre-refunded 3/01/18) (IF)
      
860
  
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
7/14 at 100.00
Aaa
884,622
   
(Pre-refunded 7/01/14)
      
405
  
California Statewide Community Development Authority, Revenue Bonds, Thomas Jefferson School
10/15 at 100.00
N/R (6)
432,329
   
of Law, Series 2005A, 4.875%, 10/01/31 (Pre-refunded 10/01/15)
      
2,000
  
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E,
No Opt. Call
BBB- (6)
2,472,000
   
6.000%, 8/01/26 (ETM)
      
355
  
Roseville Joint Union High School District, Placer County, California, General Obligation
8/15 at 100.00
AA (6)
383,120
   
Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
      
1,700
  
San Buenaventura, California, Wastewater Revenue Certificates of Participation, Series 2004,
3/14 at 100.00
AA- (6)
1,721,131
   
5.000%, 3/01/24 (Pre-refunded 3/01/14) – NPFG Insured
      
825
  
San Mateo Union High School District, San Mateo County, California, Certificates of
12/17 at 100.00
N/R (6)
963,476
   
Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
      
1,315
  
University of California, Limited Project Revenue Bonds, Series 2007D, 5.000%, 5/15/41
5/16 at 101.00
Aa2 (6)
1,322,101
   
(Pre-refunded 5/15/16) – FGIC Insured
      
415
  
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities
9/14 at 105.00
N/R (6)
462,210
   
District 01-1, Refunding Series 2009A, 8.625%, 9/01/39 (Pre-refunded 9/01/14)
      
12,750
  
Total U.S. Guaranteed
    
14,723,433
   
Utilities – 14.6% (10.0% of Total Investments)
      
5,000
  
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,
10/14 at 100.00
AA–
5,190,000
   
Series 2004, 5.250%, 10/01/21 – NPFG Insured
      
2,355
  
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series
No Opt. Call
A
2,295,984
   
2007A, 5.000%, 11/15/35
      
500
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
7/15 at 100.00
AA–
522,380
   
2005A-1, 5.000%, 7/01/31 – AGM Insured (UB)
      
14,000
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
7/22 at 100.00
AA–
14,533,949
   
2012B, 5.000%, 7/01/43
      
   
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005:
      
790
  
5.125%, 9/01/31 – SYNCORA GTY Insured
9/15 at 100.00
N/R
790,656
1,500
  
5.250%, 9/01/36 – SYNCORA GTY Insured
9/15 at 100.00
N/R
1,495,920
1,500
  
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue
1/20 at 100.00
AA–
1,627,260
   
Bonds, Series 2010-1, 5.000%, 7/01/28
      
4,000
  
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A,
No Opt. Call
A
3,871,760
   
5.000%, 11/01/33
      
29,645
  
Total Utilities
    
30,327,909
   
Water and Sewer – 8.5% (5.8% of Total Investments)
      
2,500
  
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost
4/23 at 100.00
AA–
2,744,700
   
Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/28
      
5,240
  
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources
No Opt. Call
Baa3
4,276,836
   
Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
      
1,400
  
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,
8/16 at 100.00
AA–
1,429,652
   
8/01/36 – NPFG Insured
      
545
  
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,
4/16 at 100.00
AA–
556,401
   
5.000%, 4/01/36 – NPFG Insured
      
2,000
  
Metropolitan Water District of Southern California, Water Revenue Bonds, 2006 Authorization
7/17 at 100.00
AAA
2,131,360
   
Series 2007A, 5.000%, 7/01/37
      
1,160
  
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option
7/19 at 100.00
AAA
1,432,322
   
Bond Trust 09-8B, 17.513%, 7/01/35 (IF) (4)
      
1,500
  
Orange County Water District, California, Revenue Certificates of Participation, Tender Option
8/19 at 100.00
AAA
1,795,800
   
Bond Trust 11782-1, 17.846%, 2/15/35 (IF)
      
750
  
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series
6/16 at 100.00
AA
790,793
   
2006, 5.000%, 12/01/31 – FGIC Insured
      
2,400
  
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,
No Opt. Call
AA–
2,499,912
   
Series 2009B, 5.000%, 11/01/39
      
17,495
  
Total Water and Sewer
    
17,657,776
$    355,933
  
Total Long-Term Investments (cost $301,328,003)
    
303,522,670
   
Floating Rate Obligations – (4.5)%
    
(9,380,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.1)% (7)
    
(98,000,000)
   
Other Assets Less Liabilities – 5.8%
    
12,045,955
   
Net Assets Applicable to Common Shares – 100%
    
$ 208,188,625
 
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period:
 
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
        
   Municipal Bonds
$ —
$303,522,670
$ —
$303,522,670
 
 
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 securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of November 30, 2013, the cost of investments was $292,023,584.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of November 30, 2013, were as follows:
 
   
Gross unrealized:
  
  Appreciation
$  13,896,583
  Depreciation
(11,774,636)
Net unrealized appreciation (depreciation) of investments
$   2,121,947
 
 
     
(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 highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investors Service,
   
Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
   
of these national rating agencies.
(4)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(5)
  
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income
   
producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the
   
payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s
   
Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has
   
directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
  
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. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
  
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.3%.
(ETM)
  
Escrowed to maturity.
(IF)
  
Inverse floating rate investment.
(UB)
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
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)).
 
b.  
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, 2014        
 
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, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         January 29, 2014