nuo.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6385

Nuveen Ohio Quality Income Municipal Fund, Inc.
(Exact name of registrant as specified in charter)

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

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: February 28

Date of reporting period: February 28, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.

 
 
 
 
 
 

 
 
 

 
 

 
INVESTMENT ADVISER NAME CHANGE
 
Effective January 1, 2011, Nuveen Asset Management, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.
 
NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS
 
On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp – the parent of FAF Advisors – received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long term investment business of FAF Advisors, including investment-management responsibilities for the non-money market mutual funds of the First American Funds family. 
 
The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.
 
This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $197 billion of assets as of December 31, 2010.
 
 
 
 
 

 
 

 
Table of Contents
   
Chairman’s Letter to Shareholders 
Portfolio Manager’s Comments 
Common Share Dividend and Share Price Information 
14 
Performance Overviews 
16 
Shareholder Meeting Report 
23 
Report of Independent Registered Public Accounting Firm 
26 
Portfolios of Investments 
27 
Statement of Assets and Liabilities 
63 
Statement of Operations 
65 
Statement of Changes in Net Assets 
67 
Statement of Cash Flows 
70 
Financial Highlights 
71 
Notes to Financial Statements 
80 
Board Members & Officers 
94 
Annual Investment Management Agreement Approval Process 
99 
Board Approval of Sub-Advisory Arrangements 
106 
Reinvest Automatically, Easily and Conveniently 
107 
Glossary of Terms Used in this Report 
109 
Other Useful Information 
111 
 
 
 
 
 
 
 

 
 

 
Chairman’s
Letter to Shareholders

Dear Shareholders,
 
In 2010, the global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the downturn still weigh on the prospects for continued improvement. In the U.S., ongoing weakness in housing values has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks is only slowly being translated into increased hiring or more active lending. Globally, deleveraging by private and public borrowers has inhibited economic growth and that process is far from complete.
 
Encouragingly, constructive actions are being taken by governments around the world to deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved some of the pressure on the Federal Reserve to promote economic expansion through quantitative easing and offers the promise of sustained economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.
 
The success of these government actions could determine whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be inflationary pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. Also, these various actions are being taken in a setting of heightened global economic uncertainty, primarily about the supplies of energy and other critical commodities. In this challenging environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.
 
As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments completed a strategic combination with FAF Advisors, Inc., the manager of the First American Funds. The combination adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet those investor needs.
 
As of the end of April, 2011, Nuveen Investments had completed the refinancing of all of the Auction Rate Preferred Securities issued by its taxable closed-end funds and 80% of the Muni Preferred shares issued by its tax-exempt closed-end funds. Please consult the Nuveen Investments web site, www.Nuveen.com, for the current status of this important refi-nancing program.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
April 26, 2011
 
 
 
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Portfolio Manager’s Comments
 
Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM)
Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP)
Nuveen Michigan Dividend Advantage Municipal Fund (NZW)
Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO)
Nuveen Ohio Dividend Advantage Municipal Fund (NXI)
Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ)
Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ)
 
 
Portfolio manager Daniel Close discusses economic and municipal market conditions at both the national and state levels, key investment strategies, and the twelve-month performance of the Nuveen Michigan and Ohio Funds. Dan, who joined Nuveen in 2000, assumed portfolio management responsibility for these seven Funds in 2007.
 
What factors affected the U.S. economic and municipal market environments during the twelve-month reporting period ended February 28, 2011?
 
During this period, the U.S. economy demonstrated some signs of improvement, supported by the efforts of both the Federal Reserve (Fed) and the federal government. For its part, the Fed continued to hold the benchmark fed funds rate in a target range of zero to 0.25% since cutting it to this record low level in December 2008. At its March 2011 meeting (after the end of this reporting period), the central bank renewed its commitment to keeping the fed funds rate at “exceptionally low levels” for an “extended period.” The Fed also left unchanged its second round of quantitative easing, which calls for purchasing $600 billion in U.S. Treasury bonds by June 30, 2011. The goal of this plan is to lower long-term interest rates and thereby stimulate economic activity and create jobs. The federal government continued to focus on implementing the economic stimulus package passed in early 2009 and aimed at providing job creation, tax relief, fiscal assistance to state and local governments and expansion of unemployment benefits and other federal social welfare programs.
 
In the fourth quarter of 2010, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 3.1%, marking the first time the economy put together six consecutive quarters of positive growth since 2006-2007. In February 2011, national unemployment dropped below 9% for the first time in 21 months, standing at 8.9%, down from 9.7% a year earlier. At the same time, inflation posted its largest gain since April 2009, as the Consumer Price Index (CPI) rose 2.1% year-over-year as of February 2011, driven mainly by increased prices for energy. The core CPI (which excludes food and energy) increased 1.1% over this period. The housing market continued to be
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s (S&P), Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
 
 
 
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the weak spot in the economy. For the twelve months ended January 2011 (most recent data available at the time this report was prepared), the average home price in the Standard & Poor’s (S&P)/Case-Shiller index of 20 major metropolitan areas lost 3.1%, with 11 of the 20 metropolitan areas hitting their lowest levels since housing prices peaked in 2006.
 
Municipal bond prices generally rose during the first eight months of this period, as the combination of strong demand and tight supply of new tax-exempt issuance created favorable market conditions. One reason for the decrease in new tax-exempt supply was the heavy issuance of taxable municipal debt under the Build America Bond (BAB) program, which was created as part of the American Recovery and Reinvestment Act of February 2009 and which expired December 31, 2010. Build America Bonds generally offered municipal issuers a federal subsidy equal to 35% of a bond’s interest payments, providing issuers with an alternative to traditional tax-exempt debt that often was lower in cost. For the period March 1, 2010 through December 31, 2010, taxable Build America Bonds issuance totaled $117.3 billion, accounting for 24% of new bonds issued in the municipal market. After rallying strongly over most of the period, the municipal market suffered a reversal in mid-November 2010, due largely to investor concerns about inflation, the federal deficit, and its impact on demand for U.S. Treasuries. Adding to this situation was the popular media’s coverage of the strained finances of many state and local governments, which often failed to differentiate between gaps in operating budgets and those entities’ ability to meet their debt service obligation. As a result, money began to flow out of municipal funds, yields rose and valuations fell. Toward the end of this period, we saw the environment in the municipal market improve, as crossover buyers—including hedge funds and life insurance companies—were attracted by municipal bond prices and tax-exempt yields, resulting in decreased outflows, declining yields and rising valuations.
 
Over the twelve months ended February 28, 2011, municipal bond issuance nationwide—both tax-exempt and taxable—totaled $423.4 billion. Demand for municipal bonds was exceptionally strong during the majority of this period, especially from individual investors. In recent months, crossover buyers have provided support for the market.
 
How were the economic and market environments in Michigan and Ohio during this period?
 
Michigan, which has one of the weakest state economies in the nation, continued to face serious challenges as it struggled to emerge from recession. In 2009 (latest data available at the time this report was prepared), the state saw its economy contract at a rate of -5.2%, compared with the national average of -2.1%. As of February 2011, Michigan’s jobless rate was 10.4%, its best reading since November 2008, down from 13.5% in February 2010, although some of the decrease was attributable to fewer job seekers in the state. The state also continued to experience declining home values. According to the S&P/Case-Shiller home price index of 20 major metropolitan areas, housing prices in Detroit fell 8.1% over the twelve months ended January 2011, hitting a new low. This drop, which ranked as the second largest in the index for this period (after Phoenix), compared with an average decrease of 3.1% nationwide. For fiscal 2011, Michigan
 
 
 
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closed the shortfall in its $46.7 billion state budget through the use of spending cuts, including a 3% reduction for all state agencies, federal stimulus money, debt restructuring, a state employee retirement incentive plan and a tax amnesty program. Because these were largely one-time measures, the state faces a structural gap in fiscal 2012 estimated at $1.4 billion. As of February 2011, Moody’s and Standard & Poor’s (S&P) rated Michigan general obligation (GO) debt at Aa2 and AA-, respectively, with stable outlooks. During the twelve months ended February 2011, municipal issuance (both taxable & tax-exempt) in Michigan totaled $8.3 billion, an increase of 32.5% compared with the twelve months ended February 2010.
 
Ohio’s economy continued to be weak and overly reliant on manufacturing, although that was offset to some degree by the state’s large and diverse tax base and highly educated workforce in major metropolitan areas. For 2009, Ohio posted negative GDP growth of –2.7%, compared with the national average of –2.1%, which ranked Ohio 38th in percent change of economic growth by state. As of February 2011, Ohio’s unemployment rate was 9.2%, the lowest since February 2009, down from 10.6% in February 2010. The state’s housing market, while improving, has yet to make the transition to recovery. According to the S&P/Case-Shiller home price index of 20 major metropolitan areas, housing prices in Cleveland fell 3.8% during the twelve months ended January 2011, compared with an average decline of 3.1% nationally. On the fiscal front, state officials forecast the general fund will end fiscal 2011 with a cash balance of $154 million. After depleting the budget stabilization fund in fiscal 2009 and drawing down general fund reserves in fiscal 2010, Ohio has limited options to deal with future budget pressures. The budget gap for fiscal 2012 is currently estimated at $4 billion. As of February 2011, Moody’s and Standard & Poor’s (S&P) rated Ohio general obligation debt at Aa1 and AA+, respectively, with negative outlooks. For the twelve months ended February 2011, municipal issuance (both taxable & tax-exempt) in Ohio totaled $15.9 billion, an increase of approximately 30% compared with the twelve months ended February 2010.
 
What key strategies were used to manage the Michigan and Ohio Funds during this reporting period?
 
As previously mentioned, the supply of tax-exempt bonds declined nationally during this period, due largely to the issuance of taxable bonds under the BABs program (which expired December 31, 2010). This program also impacted the availability of tax-exempt bonds in Ohio and Michigan, which ranked 5th and 19th, respectively, in terms of dollar amount of BABs issued in 2010. Between March 1, 2010, and the end of the program in December 2010, Build America Bonds accounted for approximately 15% of municipal supply in Michigan and over 36% of Ohio’s supply. Since interest payments from Build America Bonds represent taxable income, we did not view these bonds as good investment opportunities for these Funds.
 
Despite the constrained issuance on tax-exempt municipal bonds, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, the Michigan Funds found value in several areas of the market, including health care, single-family housing
 
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and tobacco bonds. Because of the limitations placed on tax-exempt supply by the Build America Bond program, we also purchased territorial paper when necessary to keep the Funds fully invested, including a lower-rated, investment grade water and sewer bond issued by Puerto Rico for NUM and NZW. All of the bonds purchased for the Michigan Funds during this period offered longer maturities.
 
In the Ohio Funds, our purchases included a number of health care issues with longer maturities and an intermediate-maturity tax-backed credit issued for Cuyahoga County. NUO also bought a couple of additional credits offering intermediate maturities: an electric utility bond and a higher education issue both lower-rated, investment grade. In NXI, we purchased the same higher education credit as NUO as well as the Puerto Rico water and sewer bond. The Ohio Funds also swapped some of their higher dollar priced Buckeye tobacco holdings for tobacco bonds with lower dollar prices. This swap benefited the Funds by enhancing income generation through higher book yields and recognizing losses for tax purposes.
 
Some of this investment activity resulted from opportunities created by the provisions of the Build America Bond program. For example, tax-exempt supply was more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally did not qualify for the Build America Bond program and continued to issue bonds in the tax-exempt municipal market. Bonds with proceeds earmarked for refundings, working capital and private activities also were not covered by the Build America Bond program, and this resulted in attractive opportunities in various other sectors of the market.
 
The impact of the Build America Bond program was also evident in the area of longer-term issuance, as municipal issuers sought to take full advantage of the attractive financing terms offered by these bonds. Approximately 70% of Build America Bonds were issued with maturities of at least 30 years. Although this had a significant impact on the availability of tax-exempt credits with longer maturities, the Funds continued to focus on purchasing bonds at the longer end of the yield curve when appropriate bonds became available.
 
Cash for new purchases during this period was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds fully invested. In the Michigan Funds, holdings of bonds issued for the Detroit Medical Center were called as part of the center’s acquisition by the for-profit Vanguard Health Systems in 2010. This produced a substantial amount of cash for reinvestment. In addition, the Michigan Funds closed out positions in some out-of-state paper from New Mexico and Virginia and reinvested the proceeds in additional Michigan bonds. The Ohio Funds also sold some short-dated pre-refunded bonds to fund purchases during this period.
 
As of February 28, 2011, all seven of these Funds continued to use inverse floating rate securities. We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
 
 
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How did the Funds perform?
 
Individual results for these Nuveen Michigan and Ohio Funds, as well as relevant index and peer group information, are presented in the accompanying table.
                   
Average Annual Total Returns on Common Share Net Asset Value 
                 
For periods ended 2/28/11 
                 
   
1-Year
   
5-Year
   
10-Year
 
Michigan Funds 
                 
NUM 
    1.39 %      3.39 %      5.32 % 
NMP 
    2.55 %      3.53 %      5.26 % 
NZW 
    0.70 %      2.93 %      N/A  
Standard & Poor’s (S&P) Michigan Municipal Bond Index1 
    2.21 %      3.65 %      4.72 % 
Standard & Poor’s (S&P) National Municipal Bond Index2 
    1.63 %      3.74 %      4.75 % 
Lipper Michigan Municipal Debt Funds Average3 
    -0.71 %      2.80 %      4.92 % 
                         
Ohio Funds 
                       
NUO 
    1.09 %      3.92 %      5.39 % 
NXI 
    -0.23 %      3.83 %      N/A  
NBJ 
    1.00 %      3.73 %      N/A  
NVJ 
    -0.66 %      3.88 %      N/A  
Standard & Poor’s (S&P) Ohio Municipal Bond Index1 
    0.02 %      3.09 %      4.36 % 
Standard & Poor’s (S&P) National Municipal Bond Index2 
    1.63 %      3.74 %      4.75 % 
Lipper Other States Municipal Debt Funds Average4 
    0.54 %      3.14 %      5.11 % 
 
For the twelve months ended February 28, 2011, the total return on common share net asset value (NAV) for NMP exceeded the return for the Standard & Poor’s (S&P) Michigan Municipal Bond Index, while NUM and NZW lagged this return. Among the Ohio Funds, NUO and NBJ outperformed the Standard & Poor’s (S&P) Ohio Municipal Bond Index, while NXI and NVJ underperformed this index. For the same period, NMP surpassed the return on the Standard & Poor’s (S&P) National Municipal Bond Index, while the remaining six Funds trailed the national index. All three Michigan Funds outperformed the average return for the Lipper Michigan Municipal Debt Funds Average, while NUO and NBJ exceeded the average return for the Lipper Other States Municipal Debt Funds Average and NXI and NVJ lagged the Other States average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, NUO, NBJ and NMP benefited from strong individual security selection. The use of financial leverage also factored into the Funds’ performance. Leverage is discussed in more detail on page ten.
 
During this period, municipal bonds with intermediate maturities, especially those in the long intermediate segment of the yield curve, generally outperformed other maturity groupings, with credits at both the shortest and longest ends of the curve posting the weakest returns. In general, duration and yield curve positioning was a positive contributor to the performances of NMP, NZW, NUO and NBJ. These Funds tended to have less exposure to the underperforming longest part of the yield curve and more exposure to
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
 
For additional information, see the individual Performance Overview for your Fund in this report.
 
1
The Standard & Poor’s (S&P) Municipal Bond Indexes for Michigan and Ohio are unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in Michigan and Ohio, respectively. These indexes do not reflect any initial or ongoing expenses and are not available for direct investment.
 
2
The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
 
3
The Lipper Michigan Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 1-year, 7 funds; 5-year, 7 funds; and 10-year, 4 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
 
4
The Lipper Other States Municipal Debt Funds Average is calculated using the returns of all leveraged and unleveraged closed-end funds in this category for each period as follows: 1-year, 46 funds; 5-year, 46 funds; and 10-year, 20 funds. The performance of the Lipper Other States category represents the overall average of returns for funds from ten different states with a wide variety of municipal market conditions. Shareholders should note that the performance of the Lipper Other States category represents the overall average of returns for funds from ten different states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account forthe effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
 
 
 
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the intermediate segments of the curve that outperformed. NUM, NXI, and NVJ were not as advantageously positioned, due mainly to their overweightings in the longest part of the curve. This detracted from the performance of these three Funds.
 
Credit exposure also played an important role in performance during these twelve months. During the market reversal of late 2010, as the demand for high-yield bonds decreased, prices on lower quality credits generally fell. For the period, bonds rated BBB typically underperformed those rated AAA or A. In general, these Funds tended to be overweight in bonds rated A, which benefited their performance. NUM also benefited by having the smallest weighting of bonds rated BBB among these Funds.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included general obligation and other tax-supported bonds, industrial development revenue (IDR) bonds, and housing credits. The Funds’ allocations of tax-supported bonds, especially the Ohio Funds’ underexposure to state GOs, generally limited their participation in the outperformance of this sector. An overweight in IDRs helped to boost the returns of the Michigan Funds. In general, all of these Funds had relatively small allocations to housing bonds, which lessened the positive impact of this sector.
 
In contrast, the hospital, education and transportation sectors turned in relatively weak performance, and tobacco bonds were among the poorest performers. While the Ohio Funds’ overweighting in hospitals detracted from their performance, the Michigan Funds were helped by their underweights in transportation. The insured segment also failed to keep pace with the general municipal market return for the twelve months, as did pre-refunded bonds, which are typically backed by U.S. Treasury securities. Among these Funds, NVJ had the heaviest exposure to pre-refunded bonds and NMP the smallest allocation.
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of most of these Funds relative to the comparative indexes was the Funds’ use of structural leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
 
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RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
 
Shortly after their respective inception, each of the Funds issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely non-existent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short-term rates at multigenerational lows, those maximum rates also have been low.
 
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
 
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares as well as Variable MuniFund Term Preferred (VMTP) Shares, which are a floating rate form of preferred stock with a mandatory term redemption. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of three to five years.
 
While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed.
 
During 2010 and 2011, certain Nuveen leveraged closed-end funds (excluding all of the Funds in this report) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent
 
 
 
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counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
 
Subsequently, the funds that received demand letters (excluding all of the Funds in this report) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Fund Advisors, Inc as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contains the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. Nuveen Fund Advisors, Inc. believes that the Complaint is without merit, and is defending vigorously against these charges.
 
As of February 28, 2011, the amount of ARPS redeemed by the Funds is shown in the accompanying table.
     
 
Auction Rate 
% of Original 
 
Preferred Shares 
Auction Rate 
Fund 
Redeemed 
Preferred Shares 
NUM 
$ 6,675,000 
7.1% 
NMP 
$ 2,300,000 
4.1% 
NZW 
$16,000,000 
100.0% 
NUO 
$ 4,000,000 
5.2% 
NXI 
$18,500,000 
59.7% 
NBJ 
$ 2,400,000 
10.0% 
NVJ 
$ 1,000,000 
6.1% 
 
 
 
During the twelve-month reporting period, NZW and NXI successfully completed the issuance of MTP, which trade on the New York Stock Exchange (NYSE) under the ticker symbols as noted in the following table. The net proceeds from these offerings were used to refinance all, or a portion of, each Fund’s remaining outstanding ARPS at par.
         
       
NYSE 
Fund 
MTP Issued 
Series 
Rate 
Ticker 
NZW 
$16,313,000 
2015 
2.30% 
NZW PrC 
NXI 
$19,450,000 
2015 
2.35% 
NXI PrC 
 
 
 
12 Nuveen Investments
 
 
 
 

 
 

 
Subsequent to the reporting period, NXI completed the issuance of $10.6 million of 2.95%, Series 2016 MTP. The newly issued MTP shares trade on the NYSE under the symbol “NXI Pr D.” The net proceeds from this offering were used to refinance the Fund’s remaining outstanding ARPS at par. Immediately following its MTP issuance, NXI noticed for redemption at par its remaining $12.5 million ARPS outstanding using the MTP proceeds.
 
Subsequent to the reporting period, NBJ completed the issuance of $24.2 million of 2.35%, Series 2014 MTP. The newly issued MTP shares trade on the NYSE under the symbol “NBJ Pr A.” The net proceeds from this offering were used to refinance the Fund’s remaining outstanding ARPS at par. Immediately following its MTP issuance, NXI noticed for redemption at par its remaining $21.6 million ARPS outstanding using the MTP proceeds.
 
Subsequent to the reporting period, NVJ completed the issuance of $16.1 million of 2.35%, Series 2014 MTP. The newly issued MTP shares trade on the NYSE under the symbol “NVJ Pr A.” The net proceeds from this offering were used to refinance the Fund’s remaining outstanding ARPS at par. Immediately following its MTP issuance, NVJ noticed for redemption at par its remaining $15.5 million ARPS outstanding using the MTP proceeds.
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares.)
 
At the time this report was prepared, all 84 of the Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen’s municipal closed-end funds’ ARPS redemptions to approximately $8.8 billion of the approximately $11.0 billion originally outstanding.
 
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
 
 
 
Nuveen Investments 13
 
 
 
 
 

 

 
Common Share Dividend and Share Price Information
 
 
 
During the twelve months ended February 28, 2011, each of the seven Funds in this report had one monthly dividend increase.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of February 28, 2011, all of the Funds in this report had positive UNII balances for both tax purposes and financial reporting purposes.
 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
As of February 28, 2011, and the since inception of the Funds’ repurchase program, the following Funds have cumulatively repurchased and retired common shares as shown in the accompanying table.
     
 
Common Shares 
% of Outstanding 
Fund 
Repurchased and Retired 
Common Shares 
NUM 
157,300 
1.4% 
NMP 
145,400 
2.0% 
NZW 
13,900 
0.7% 
NUO 
– 
   – 
NXI 
600 
0.0%* 
NBJ 
– 
– 
NVJ 
1,700 
0.1% 
* Rounds to less than 0.1%.
 
14 Nuveen Investments
 
 
 
 
 

 
 

 
During the twelve-month reporting period, the following Funds repurchased and retired common shares at a weighted average price and a weighted average discount per common share as shown in the accompanying table.
 
 
       
   
Weighted Average 
Weighted Average 
 
Common Shares 
Price Per Share 
Discount Per Share 
 
Repurchased 
Repurchased 
Repurchased 
Fund 
and Retired 
and Retired 
and Retired 
NUM 
3,400 
$12.75 
13.81% 
NMP 
8,300 
$12.63 
12.55% 
NZW 
1,700 
$11.98 
11.21% 
 
 
 
As of February 28, 2011, the Funds’ common share prices were trading at (-)discounts to their common share NAVs as shown in the accompanying table.
     
 
2/28/11 
Twelve-Month Average 
Fund 
(-)Discount 
(-)Discount 
NUM 
(-)10.08% 
(-)8.30% 
NMP 
(-)9.25% 
(-)8.42% 
NZW 
(-)10.15% 
(-)8.32% 
NUO 
(-)3.82% 
(-)2.58% 
NXI 
(-)6.73% 
(-)2.26% 
NBJ 
(-)7.47% 
(-)3.12% 
NVJ 
(-)4.39% 
(-)0.09% 
 
 
 
Nuveen Investments 15
 
 
 
 
 

 
 
 
   
NUM 
Nuveen Michigan 
 
Quality Income 
Performance 
Municipal Fund, Inc. 
OVERVIEW 
 
 
as of February 28, 2011 
 
 

     
Fund Snapshot 
   
Common Share Price 
 
$12.75 
Common Share Net Asset Value (NAV) 
$14.18 
Premium/(Discount) to NAV 
 
-10.08% 
Market Yield 
 
6.59% 
Taxable-Equivalent Yield1 
 
9.56% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$163,876 
     
Average Annual Total Return 
   
(Inception 10/17/91) 
   
 
On Share Price 
On NAV 
1-Year 
4.69% 
1.39% 
5-Year 
1.86% 
3.39% 
10-Year 
4.67% 
5.32% 
Portfolio Composition3 
   
(as a % of total investments) 
   
Tax Obligation/General 
 
35.8% 
U.S. Guaranteed 
 
16.5% 
Tax Obligation/Limited 
 
11.9% 
Utilities 
 
9.9% 
Health Care 
 
9.1% 
Water and Sewer 
 
7.8% 
Other 
 
9.0% 
 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.1%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 
16 Nuveen Investments
 
 
 

 
 

   
NMP 
Nuveen Michigan 
 
Premium Income 
Performance 
Municipal Fund, Inc. 
OVERVIEW 
 
 
as of February 28, 2011 
 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.1%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 

     
Fund Snapshot 
   
Common Share Price 
 
$12.66 
Common Share Net Asset Value (NAV) 
$13.95 
Premium/(Discount) to NAV 
 
-9.25% 
Market Yield 
 
6.59% 
Taxable-Equivalent Yield1 
 
9.56% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$106,083 
     
Average Annual Total Return 
   
(Inception 12/17/92) 
   
 
On Share Price 
On NAV 
1-Year 
7.72% 
2.55% 
5-Year 
1.88% 
3.53% 
10-Year 
5.42% 
5.26% 
     
Portfolio Composition3 
   
(as a % of total investments) 
   
Tax Obligation/General 
 
36.4% 
Tax Obligation/Limited 
 
13.9% 
Water and Sewer 
 
11.9% 
Utilities 
 
10.2% 
Health Care 
 
8.9% 
U.S. Guaranteed 
 
8.6% 
Other 
 
10.1% 
 
 
 
Nuveen Investments 17
 
 
 
 
 

 
 
 
   
NZW 
Nuveen Michigan 
 
Dividend Advantage 
Performance 
Municipal Fund 
OVERVIEW 
 
 
as of February 28, 2011 
 
 
 

     
Fund Snapshot 
   
Common Share Price 
 
$12.13 
Common Share Net Asset Value (NAV) 
$13.50 
Premium/(Discount) to NAV 
 
-10.15% 
Market Yield 
 
6.63% 
Taxable-Equivalent Yield1 
 
9.62% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$27,710 
     
Average Annual Total Return 
   
(Inception 9/25/01) 
   
 
On Share Price 
On NAV 
1-Year 
3.72% 
0.70% 
5-Year 
0.09% 
2.93% 
Since Inception 
3.56% 
5.03% 
     
Portfolio Composition3 
   
(as a % of total investments) 
   
Tax Obligation/General 
 
28.2% 
U.S. Guaranteed 
 
12.9% 
Utilities 
 
12.2% 
Health Care 
 
11.1% 
Tax Obligation/Limited 
 
10.6% 
Water and Sewer 
 
10.4% 
Other 
 
14.6% 
 
 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.1%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 

18     
Nuveen Investments
 
 
 
 
 

 
 

   
NUO 
Nuveen Ohio 
 
Quality Income 
Performance 
Municipal Fund, Inc. 
OVERVIEW 
 
 
as of February 28, 2011 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 

     
Fund Snapshot 
   
Common Share Price 
 
$14.85 
Common Share Net Asset Value (NAV) 
$15.44 
Premium/(Discount) to NAV 
 
-3.82% 
Market Yield 
 
6.06% 
Taxable-Equivalent Yield1 
 
8.90% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$150,555 
     
Average Annual Total Return 
   
(Inception 10/17/91) 
   
 
On Share Price 
On NAV 
1-Year 
0.91% 
1.09% 
5-Year 
2.69% 
3.92% 
10-Year 
4.33% 
5.39% 
     
Portfolio Composition3 
   
(as a % of total investments) 
   
Tax Obligation/General 
 
24.8% 
Health Care 
 
18.0% 
U.S. Guaranteed 
 
15.3% 
Tax Obligation/Limited 
 
11.7% 
Education and Civic Organizations 
 
9.5% 
Utilities 
 
5.0% 
Consumer Staples 
 
4.8% 
Other 
 
10.9% 
 
 
 
Nuveen Investments 19
 
 
 
 
 

 
 
 
   
NXI 
Nuveen Ohio 
 
Dividend Advantage 
Performance 
Municipal Fund 
OVERVIEW 
 
 
as of February 28, 2011 
 
 

     
Fund Snapshot 
   
Common Share Price 
 
$13.30 
Common Share Net Asset Value (NAV) 
$14.26 
Premium/(Discount) to NAV 
 
-6.73% 
Market Yield 
 
6.63% 
Taxable-Equivalent Yield1 
 
9.74% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$60,550 
     
Average Annual Total Return 
   
(Inception 3/27/01) 
   
 
On Share Price 
On NAV 
1-Year 
-2.52% 
-0.23% 
5-Year 
0.80% 
3.83% 
Since Inception 
4.56% 
5.74% 
     
Portfolio Composition3 
   
(as a % of total investments) 
   
U.S. Guaranteed 
 
16.5% 
Health Care 
 
16.5% 
Tax Obligation/General 
 
16.3% 
Tax Obligation/Limited 
 
15.7% 
Education and Civic Organizations 
 
8.5% 
Utilities 
 
6.9% 
Housing/Multifamily 
 
4.8% 
Other 
 
14.8% 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 

20      Nuveen Investments
 
 
 
 
 

 
 

   
NBJ 
Nuveen Ohio 
 
Dividend Advantage 
Performance 
Municipal Fund 2 
OVERVIEW 
 
 
as of February 28, 2011 
 
 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 

     
Fund Snapshot 
   
Common Share Price 
 
$13.01 
Common Share Net Asset Value (NAV) 
$14.06 
Premium/(Discount) to NAV 
 
-7.47% 
Market Yield 
 
6.46% 
Taxable-Equivalent Yield1 
 
9.49% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$43,909 
     
Average Annual Total Return 
   
(Inception 9/25/01) 
   
 
On Share Price 
On NAV 
1-Year 
-0.37% 
1.00% 
5-Year 
1.78% 
3.73% 
Since Inception 
4.19% 
5.42% 
     
Portfolio Composition3 
   
(as a % of total investments) 
   
Tax Obligation/General 
 
23.5% 
U.S. Guaranteed 
 
19.3% 
Health Care 
 
15.6% 
Tax Obligation/Limited 
 
11.0% 
Education and Civic Organizations 
 
8.1% 
Industrials 
 
7.3% 
Utilities 
 
6.7% 
Other 
 
8.5% 
 
 
 
Nuveen Investments 21
 
 
 
 
 

 
 
 
   
NVJ 
Nuveen Ohio 
 
Dividend Advantage 
Performance 
Municipal Fund 3 
OVERVIEW 
 
 
as of February 28, 2011 
 
 

     
Fund Snapshot 
   
Common Share Price 
 
$13.72 
Common Share Net Asset Value (NAV) 
$14.35 
Premium/(Discount) to NAV 
 
-4.39% 
Market Yield 
 
6.60% 
Taxable-Equivalent Yield1 
 
9.69% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$30,968 
     
Average Annual Total Return 
   
(Inception 3/25/02) 
   
 
On Share Price 
On NAV 
1-Year 
-4.13% 
-0.66% 
5-Year 
3.30% 
3.88% 
Since Inception 
4.72% 
5.63% 
     
Portfolio Composition3 
   
(as a % of total investments) 
   
U.S. Guaranteed 
 
23.7% 
Tax Obligation/General 
 
22.6% 
Health Care 
 
19.5% 
Tax Obligation/Limited 
 
7.2% 
Utilities 
 
5.4% 
Industrials 
 
4.8% 
Consumer Staples 
 
4.3% 
Other 
 
12.5% 
 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 
22 Nuveen Investments
 
 
 
 

 
 

   
NUM 
Shareholder Meeting Report  (Unaudited) 
NMP 
 
NZW
The annual meeting of shareholders was held in the offices of Nuveen Investments on 
 
November 16, 2010; at this meeting the shareholders were asked to vote on the election 
 
of Board Members. 
 
 
                   
    NUM   
NMP 
   
NZW 
 
 
Common and 
   
Common and 
   
Common and 
   
 
Preferred 
 
Preferred 
Preferred 
 
Preferred 
Preferred 
 
Preferred 
 
shares voting 
 
shares voting 
shares voting 
 
shares voting 
shares voting 
 
shares voting 
 
together 
 
together 
together 
 
together 
together 
 
together 
 
as a class 
 
as a class 
as a class 
 
as a class 
as a class 
 
as a class 
Approval of the Board Members was reached 
                 
as follows: 
                 
John P. Amboian 
                 
For 
10,382,765 
 
6,562,500 
 
 
Withhold 
432,093 
 
538,740 
 
 
Total 
10,814,858 
 
7,101,240 
 
 
Robert P. Bremner 
                 
For 
10,374,179 
 
6,556,984 
 
 
Withhold 
440,679 
 
544,256 
 
 
Total 
10,814,858 
 
7,101,240 
 
 
Jack B. Evans 
                 
For 
10,381,519 
 
6,564,715 
 
 
Withhold 
433,339 
 
536,525 
 
 
Total 
10,814,858 
 
7,101,240 
 
 
William C. Hunter 
                 
For 
 
2,080 
 
1,399 
 
440 
Withhold 
 
 
14 
 
Total 
 
2,085 
 
1,413 
 
441 
David J. Kundert 
                 
For 
10,379,259 
 
6,604,896 
 
 
Withhold 
435,599 
 
496,344 
 
 
Total 
10,814,858 
 
7,101,240 
 
 
William J. Schneider 
                 
For 
 
2,080 
 
1,399 
 
440 
Withhold 
 
 
14 
 
Total 
 
2,085 
 
1,413 
 
441 
Judith M. Stockdale 
                 
For 
10,355,215 
 
6,549,737 
 
1,923,260 
 
Withhold 
459,643 
 
551,503 
 
94,798 
 
Total 
10,814,858 
 
7,101,240 
 
2,018,058 
 
Carole E. Stone 
                 
For 
10,367,165 
 
6,608,417 
 
1,923,370 
 
Withhold 
447,693 
 
492,823 
 
94,688 
 
Total 
10,814,858 
 
7,101,240 
 
2,018,058 
 
Terence J. Toth 
                 
For 
10,378,257 
 
6,565,715 
 
 
Withhold 
436,601 
 
535,525 
 
 
Total 
10,814,858 
 
7,101,240 
 
 
 
 
 
Nuveen Investments 23
 
 
 
 

 
 

 
NUO Shareholder Meeting Report (continued) (Unaudited)
NXI
NBJ
 
                   
   
NUO 
   
NXI 
   
NBJ 
 
 
Common and 
   
Common and 
   
Common and 
   
 
Preferred 
 
Preferred 
Preferred 
 
Preferred 
Preferred 
 
Preferred 
 
shares voting 
 
shares voting 
shares voting 
 
shares voting 
shares voting 
 
shares voting 
 
together 
 
together 
together 
 
together 
together 
 
together 
 
as a class 
 
as a class 
as a class 
 
as a class 
as a class 
 
as a class 
Approval of the Board Members was reached 
                 
as follows: 
                 
John P. Amboian 
                 
For 
8,917,338 
 
 
 
Withhold 
141,024 
 
 
 
Total 
9,058,362 
 
 
 
Robert P. Bremner 
                 
For 
8,908,751 
 
 
 
Withhold 
149,611 
 
 
 
Total 
9,058,362 
 
 
 
Jack B. Evans 
                 
For 
8,920,878 
 
 
 
Withhold 
137,484 
 
 
 
Total 
9,058,362 
 
 
 
William C. Hunter 
                 
For 
 
1,081 
 
531 
 
423 
Withhold 
 
108 
 
 
Total 
 
1,189 
 
532 
 
430 
David J. Kundert 
                 
For 
8,906,691 
 
 
 
Withhold 
151,671 
 
 
 
Total 
9,058,362 
 
 
 
William J. Schneider 
                 
For 
 
1,081 
 
531 
 
423 
Withhold 
 
108 
 
 
Total 
 
1,189 
 
532 
 
430 
Judith M. Stockdale 
                 
For 
8,914,402 
 
4,006,869 
 
2,879,638 
 
Withhold 
143,960 
 
54,814 
 
91,768 
 
Total 
9,058,362 
 
4,061,683 
 
2,971,406 
 
Carole E. Stone 
                 
For 
8,912,689 
 
4,004,591 
 
2,879,638 
 
Withhold 
145,673 
 
57,092 
 
91,768 
 
Total 
9,058,362 
 
4,061,683 
 
2,971,406 
 
Terence J. Toth 
                 
For 
8,909,599 
 
 
 
Withhold 
148,763 
 
 
 
Total 
9,058,362 
 
 
 
 
 
 
24 Nuveen Investments
 
 
 
 
 

 
 

 
NVJ
 
 
 
       
   
NVJ 
 
 
Common and 
   
 
Preferred 
 
Preferred 
 
shares voting 
 
shares voting 
 
together 
 
together 
 
as a class 
 
as a class 
Approval of the Board Members was reached 
     
as follows: 
     
John P. Amboian 
     
For 
 
Withhold 
 
Total 
 
Robert P. Bremner 
     
For 
 
Withhold 
 
Total 
 
Jack B. Evans 
     
For 
 
Withhold 
 
Total 
 
William C. Hunter 
     
For 
 
374 
Withhold 
 
Total 
 
376 
David J. Kundert 
     
For 
 
Withhold 
 
Total 
 
William J. Schneider 
     
For 
 
374 
Withhold 
 
Total 
 
376 
Judith M. Stockdale 
     
For 
1,984,171 
 
Withhold 
95,890 
 
Total 
2,080,061 
 
Carole E. Stone 
     
For 
2,039,240 
 
Withhold 
40,821 
 
Total 
2,080,061 
 
Terence J. Toth 
     
For 
 
Withhold 
 
Total 
 
 
 
 
Nuveen Investments 25
 
 
 
 
 

 
 

 
Report of Independent
Registered Public Accounting Firm
 
The Board of Directors/Trustees and Shareholders
Nuveen Michigan Quality Income Municipal Fund, Inc.
Nuveen Michigan Premium Income Municipal Fund, Inc.
Nuveen Michigan Dividend Advantage Municipal Fund
Nuveen Ohio Quality Income Municipal Fund, Inc.
Nuveen Ohio Dividend Advantage Municipal Fund
Nuveen Ohio Dividend Advantage Municipal Fund 2
Nuveen Ohio Dividend Advantage Municipal Fund 3
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Michigan Quality Income Municipal Fund, Inc., Nuveen Michigan Premium Income Municipal Fund, Inc., Nuveen Michigan Dividend Advantage Municipal Fund, Nuveen Ohio Quality Income Municipal Fund, Inc., Nuveen Ohio Dividend Advantage Municipal Fund, Nuveen Ohio Dividend Advantage Municipal Fund 2, and Nuveen Ohio Dividend Advantage Municipal Fund 3 (the “Funds”) as of February 28, 2011, and the related statements of operations and cash flows (Nuveen Michigan Dividend Advantage Municipal Fund only) for the year then ended, the statements of changes in net assets for the periods indicated therein, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of February 28, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Michigan Quality Income Municipal Fund, Inc., Nuveen Michigan Premium Income Municipal Fund, Inc., Nuveen Michigan Dividend Advantage Municipal Fund, Nuveen Ohio Quality Income Municipal Fund, Inc., Nuveen Ohio Dividend Advantage Municipal Fund, Nuveen Ohio Dividend Advantage Municipal Fund 2, and Nuveen Ohio Dividend Advantage Municipal Fund 3 at February 28, 2011, and the results of their operations and cash flows (Nuveen Michigan Dividend Advantage Municipal Fund only) for the year then ended, the changes in their net assets for the periods indicated therein, and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
April 27, 2011
 
 
 
26 Nuveen Investments
 
 
 
 

 
 
 
 

           
   
Nuveen Michigan Quality Income Municipal Fund, Inc. 
   
NUM 
 
Portfolio of Investments 
   
     
February 28, 2011 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 4.0% (2.6% of Total Investments) 
     
$ 7,500 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
Baa3 
$ 6,565,575 
   
Series 2008A, 6.875%, 6/01/42, DD1 
     
   
Education and Civic Organizations – 3.5% (2.3% of Total Investments) 
     
1,685 
 
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, 
9/11 at 100.00 
N/R 
1,683,163 
   
Kettering University, Series 2001, 5.500%, 9/01/17 – AMBAC Insured 
     
1,000 
 
Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%, 
9/12 at 100.00 
AA 
1,005,140 
   
9/01/20 – AMBAC Insured (Alternative Minimum Tax) 
     
2,000 
 
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40 
2/20 at 100.00 
Aa1 
1,980,320 
1,115 
 
Michigan Technological University, General Revenue Bonds, Series 2004A, 5.000%, 10/01/22 – 
10/13 at 100.00 
Aa3 
1,134,423 
   
NPFG Insured 
     
5,800 
 
Total Education and Civic Organizations 
   
5,803,046 
   
Health Care – 14.0% (9.1% of Total Investments) 
     
1,080 
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance 
6/20 at 100.00 
AA+ 
982,368 
   
Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured 
     
4,100 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
3,832,762 
   
Refunding Series 2009, 5.750%, 11/15/39 
     
4,075 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, 
4/13 at 100.00 
A 
3,963,223 
   
Series 2002A, 5.750%, 4/01/32 
     
2,500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, 
6/19 at 100.00 
AA+ 
2,516,950 
   
Series 2009A, 5.875%, 6/01/39 – AGC Insured 
     
1,000 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial 
5/11 at 100.50 
BBB 
1,001,180 
   
Healthcare Center Obligated Group, Series 1999, 5.875%, 11/15/21 
     
1,500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health 
12/12 at 100.00 
AA 
1,456,350 
   
Credit Group, Series 2002C, 5.375%, 12/01/30 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, 
     
   
Series 2005A: 
     
1,500 
 
5.000%, 5/15/26 
5/15 at 100.00 
Baa3 
1,302,840 
2,055 
 
5.000%, 5/15/34 
5/15 at 100.00 
Baa3 
1,652,446 
1,150 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,286,896 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
     
5,500 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
11/11 at 100.00 
A1 
4,924,095 
   
Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured 
     
24,460 
 
Total Health Care 
   
22,919,110 
   
Housing/Multifamily – 3.7% (2.4% of Total Investments) 
     
2,675 
 
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue 
12/20 at 101.00 
AAA 
2,687,653 
   
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax) 
     
140 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1999A, 5.300%, 
4/11 at 100.00 
AA 
133,847 
   
10/01/37 – NPFG Insured (Alternative Minimum Tax) 
     
1,300 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 
7/15 at 100.00 
AA+ 
1,259,830 
   
4/01/31 – AGM Insured (Alternative Minimum Tax) 
     
200 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A, 
10/18 at 100.00 
AA 
202,320 
   
5.700%, 10/01/39 
     
1,825 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 
10/20 at 100.00 
AA 
1,712,033 
   
5.000%, 10/01/35 
     
6,140 
 
Total Housing/Multifamily 
   
5,995,683 
   
Housing/Single Family – 1.2% (0.7% of Total Investments) 
     
2,000 
 
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 
6/20 at 100.00 
AA 
1,916,740 
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax) 
     
 
 
Nuveen Investments 27
 
 
 
 

 
 

           
                        Nuveen Michigan Quality Income Municipal Fund, Inc. (continued) 
   
NUM             Portfolio of Investments February 28, 2011 
     
       
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General – 55.3% (35.8% of Total Investments) 
     
$   1,000 
 
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation 
5/12 at 100.00 
Aa2 
$   1,004,820 
   
Refunding Bonds, Series 2002, 5.000%, 5/01/25 
     
   
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, Unlimited Tax General 
     
   
Obligation Refunding Bonds, Series 2001: 
     
2,500 
 
5.000%, 5/01/21 
5/11 at 100.00 
Aa2 
2,513,225 
3,200 
 
5.000%, 5/01/29 
5/11 at 100.00 
Aa2 
3,200,416 
1,000 
 
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement 
5/18 at 100.00 
AA+ 
1,002,620 
   
Series 2008, 5.000%, 5/01/38 
     
1,320 
 
Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation 
5/12 at 100.00 
Aa2 
1,383,413 
   
Bonds, Series 2002, 5.500%, 5/01/16 
     
2,110 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/13 at 100.00 
Aa2 
2,246,074 
   
Bonds, Series 2003, 5.250%, 5/01/20 
     
1,000 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/15 at 100.00 
Aa2 
1,018,850 
   
Bonds, Series 2005, 5.000%, 5/01/25 – NPFG Insured 
     
2,319 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/17 at 100.00 
Aa2 
2,058,576 
   
Bonds, Tender Option Bond Trust 2008-1096, 7.922%, 5/01/32 – NPFG Insured (IF) 
     
2,000 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 
No Opt. Call 
Aa2 
2,278,240 
   
6.000%, 5/01/19 – FGIC Insured 
     
700 
 
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building 
2/11 at 100.00 
A– 
701,064 
   
Authority Stadium Bonds, Series 1997, 5.500%, 2/01/17 – FGIC Insured 
     
285 
 
East Grand Rapids Public Schools, County of Kent, State of Michigan, General Obligation Bonds, 
5/11 at 100.00 
AA 
285,063 
   
Series 2001, Refunding, 5.125%, 5/01/29 
     
   
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General 
     
   
Obligation Bonds, Devos Place Project, Series 2001: 
     
8,900 
 
0.000%, 12/01/25 
No Opt. Call 
AAA 
4,270,487 
3,000 
 
0.000%, 12/01/26 
No Opt. Call 
AAA 
1,338,000 
5,305 
 
0.000%, 12/01/29 
No Opt. Call 
AAA 
1,927,731 
1,700 
 
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%, 
9/17 at 100.00 
AA 
1,742,194 
   
9/01/27 – NPFG Insured 
     
2,000 
 
Hartland Consolidated School District, Livingston County, Michigan, General Obligation 
5/11 at 100.00 
Aa2 
2,001,120 
   
Refunding Bonds, Series 2001, 5.125%, 5/01/29 
     
1,400 
 
Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003, 
11/13 at 100.00 
Aa2 
1,444,576 
   
5.000%, 5/01/21 
     
1,065 
 
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site 
5/14 at 100.00 
AA+ 
1,118,974 
   
Bonds, Series 2004, 5.000%, 5/01/22 – AGM Insured 
     
1,935 
 
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 – 
5/16 at 100.00 
AA+ 
1,975,693 
   
AGM Insured 
     
200 
 
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005, 
5/15 at 100.00 
AA+ 
193,848 
   
5.000%, 5/01/35 – AGM Insured 
     
2,505 
 
Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General 
5/16 at 100.00 
Aa2 
2,554,223 
   
Obligation Bonds, Series 2006, 5.000%, 5/01/25 – NPFG Insured 
     
2,810 
 
Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A, 
5/14 at 100.00 
Aa2 
2,899,864 
   
5.000%, 5/01/21 – NPFG Insured 
     
865 
 
Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series 
5/17 at 100.00 
AA+ 
831,386 
   
2007, 5.000%, 5/01/37 – AGM Insured 
     
1,500 
 
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 
5/17 at 100.00 
AA– 
1,501,080 
   
5.000%, 5/01/30 – SYNCORA GTY Insured 
     
2,100 
 
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District, 
6/15 at 100.00 
AA+ 
2,162,601 
   
Series 2005, 5.000%, 6/01/18 – AGM Insured 
     
100 
 
Michigan, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 
5/19 at 100.00 
Aa2 
105,649 
2,500 
 
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 
No Opt. Call 
Aa3 
2,895,725 
   
5/01/22 – NPFG Insured 
     
1,100 
 
Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2 
7/11 at 100.00 
AA 
1,104,136 
   
Revenue Bonds, Series 2002, 5.000%, 7/01/26 – FGIC Insured 
     
 
 
28 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$    1,000 
 
Oakland County Building Authority, Michigan, General Obligation Bonds, Series 2002, 
9/11 at 100.00 
AAA 
$ 1,009,050 
   
5.125%, 9/01/22 
     
3,950 
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
Aaa 
3,869,381 
   
Series 2007, 5.000%, 5/01/36 – AGM Insured 
     
1,595 
 
Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005, 
5/15 at 100.00 
AA– 
1,676,217 
   
5.000%, 5/01/22 – NPFG Insured 
     
   
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007: 
     
4,330 
 
5.000%, 8/01/26 – NPFG Insured (UB) 
8/17 at 100.00 
Aaa 
4,460,463 
1,120 
 
5.000%, 8/01/30 – NPFG Insured (UB) 
8/17 at 100.00 
Aaa 
1,132,522 
1,245 
 
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option 
No Opt. Call 
AA+ 
967,863 
   
Bond Trust 2836, 11.061%, 5/01/15 – AGM Insured (IF) 
     
4,340 
 
Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General 
5/14 at 100.00 
Aa2 
4,402,626 
   
Obligation Bonds, Series 2004, 5.000%, 5/01/26 – FGIC Insured 
     
1,000 
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
AA+ 
982,180 
   
5/01/33 – AGM Insured 
     
200 
 
South Haven, Van Buren County,Michigan, General Obligation Bonds, Capital Improvement Series 
12/19 at 100.00 
AA+ 
202,874 
   
2009, 5.125%, 12/01/33 – AGC Insured 
     
3,175 
 
South Redford School District, Wayne County, Michigan, General Obligation Bonds, School 
5/15 at 100.00 
Aa2 
3,176,556 
   
Building and Site, Series 2005, 5.000%, 5/01/30 – NPFG Insured 
     
1,655 
 
Southfield Library Building Authority, Michigan, General Obligation Bonds, Series 2005, 
5/15 at 100.00 
AA+ 
1,688,911 
   
5.000%, 5/01/26 – NPFG Insured 
     
2,200 
 
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 
5/17 at 100.00 
Aa2 
2,170,146 
   
2007, 5.000%, 5/01/32 – NPFG Insured 
     
2,000 
 
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
AA+ 
1,950,280 
   
5/01/34 – AGM Insured 
     
2,275 
 
Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 
5/16 at 100.00 
Aa1 
2,432,794 
   
5.000%, 5/01/19 – NPFG Insured 
     
   
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building 
     
   
and Site, Series 2008: 
     
310 
 
5.000%, 5/01/31 – AGM Insured 
5/18 at 100.00 
AA+ 
307,064 
575 
 
5.000%, 5/01/38 – AGM Insured 
5/18 at 100.00 
AA+ 
551,465 
1,200 
 
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 
12/19 at 100.00 
A– 
1,209,684 
   
6.750%, 11/01/39 
     
5,000 
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit 
12/11 at 101.00 
A– 
4,996,750 
   
Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/21 – NPFG Insured 
     
3,350 
 
Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%, 
11/14 at 100.00 
AA+ 
3,642,221 
   
5/01/17 – AGM Insured 
     
1,725 
 
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, 
No Opt. Call 
Aa3 
1,946,231 
   
Series 1996, 5.500%, 5/01/25 – NPFG Insured 
     
98,664 
 
Total Tax Obligation/General 
   
90,534,926 
   
Tax Obligation/Limited – 18.4% (11.9% of Total Investments) 
     
1,000 
 
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, 
No Opt. Call 
AA 
1,112,480 
   
Series 1998, 5.000%, 4/01/16 
     
1,345 
 
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, 
10/11 at 100.00 
AA 
1,366,533 
   
Series 2001, 5.125%, 10/01/26 – NPFG Insured 
     
20 
 
Michigan Municipal Bond Authority, Local Government Loan Program Revenue Sharing Bonds, Series 
5/11 at 100.00 
Aa3 
20,083 
   
1992D, 6.650%, 5/01/12 
     
2,135 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%, 
10/15 at 100.00 
Aa3 
2,005,512 
   
10/15/33 – AMBAC Insured 
     
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA: 
     
7,000 
 
0.000%, 10/15/27 – FGIC Insured 
10/16 at 58.27 
AAA 
2,570,750 
6,200 
 
0.000%, 10/15/28 – FGIC Insured 
10/16 at 55.35 
AAA 
2,105,334 
4,440 
 
5.000%, 10/15/36 – FGIC Insured 
10/16 at 100.00 
Aa3 
4,056,961 
 
 
Nuveen Investments 29
 
 
 
 

 

           
                     Nuveen Michigan Quality Income Municipal Fund, Inc. (continued) 
   
NUM             Portfolio of Investments February 28, 2011 
     
       
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/Limited (continued) 
     
   
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II: 
     
$    5,100 
 
5.000%, 10/15/22 – NPFG Insured 
10/13 at 100.00 
Aa3 
$   5,156,406 
5,000 
 
5.000%, 10/15/23 – NPFG Insured 
10/13 at 100.00 
Aa3 
5,036,800 
3,500 
 
Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 – AGM Insured 
10/12 at 100.00 
AA+ 
3,677,380 
17,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Aa2 
1,812,710 
   
8/01/44 – NPFG Insured 
     
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 
10/19 at 100.00 
BBB 
953,610 
   
5.000%, 10/01/25 
     
420 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan 
10/19 at 100.00 
BBB 
347,542 
   
Notes,Series 2009A-1, 5.000%, 10/01/39 
     
54,160 
 
Total Tax Obligation/Limited 
   
30,222,101 
   
Transportation – 1.5% (1.0% of Total Investments) 
     
1,000 
 
Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, Series 2002, 5.250%, 
7/12 at 100.00 
A3 
1,004,100 
   
7/01/21 – NPFG Insured (Alternative Minimum Tax) 
     
1,750 
 
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
997,605 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
     
500 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, 
No Opt. Call 
A 
521,575 
   
Refunding Series 2007, 5.000%, 12/01/12 – FGIC Insured 
     
3,250 
 
Total Transportation 
   
2,523,280 
   
U.S. Guaranteed – 25.4% (16.5% of Total Investments) (4) 
     
1,200 
 
Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20 
10/12 at 100.50 
AAA 
1,289,748 
   
(Pre-refunded 10/01/12) 
     
935 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AA+ (4) 
1,028,322 
   
7/01/17 (Pre-refunded 7/01/13) – AGM Insured 
     
   
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A: 
     
3,400 
 
5.750%, 7/01/28 (Pre-refunded 7/01/11) – FGIC Insured 
7/11 at 101.00 
A+ (4) 
3,492,174 
770 
 
5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured 
7/11 at 100.00 
A+ (4) 
781,889 
730 
 
5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured 
7/11 at 100.00 
A+ (4) 
742,315 
   
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A: 
     
4,025 
 
5.000%, 7/01/24 (Pre-refunded 7/01/13) – NPFG Insured 
7/13 at 100.00 
A+ (4) 
4,409,951 
1,500 
 
5.000%, 7/01/25 (Pre-refunded 7/01/13) – NPFG Insured 
7/13 at 100.00 
A+ (4) 
1,643,460 
2,000 
 
Lake Fenton Community Schools, Genesee County, Michigan, General Obligation Bonds, Series 
5/12 at 100.00 
Aa2 (4) 
2,106,320 
   
2002, 5.000%, 5/01/24 (Pre-refunded 5/01/12) 
     
1,790 
 
Lansing Building Authority, Michigan, General Obligation Bonds, Series 2003A, 5.000%, 6/01/26 
6/13 at 100.00 
AA (4) 
1,962,646 
   
(Pre-refunded 6/01/13) – NPFG Insured 
     
3,880 
 
Mayville Community Schools, Tuscola County, Michigan, General Obligation Bonds, School 
11/14 at 100.00 
Aa2 (4) 
4,425,140 
   
Building and Site Project, Series 2004, 5.000%, 5/01/34 (Pre-refunded 11/01/14) – FGIC Insured 
     
250 
 
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 6.000%, 
No Opt. Call 
A3 (4) 
252,303 
   
5/01/12 (ETM) 
     
1,500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health 
3/13 at 100.00 
A1 (4) 
1,648,185 
   
System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13) 
     
3,460 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s Health 
5/11 at 100.00 
Aaa 
3,471,729 
   
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, 
     
   
Series 2005: 
     
1,025 
 
5.000%, 5/15/30 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
1,172,518 
500 
 
5.000%, 5/15/37 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
571,960 
1,000 
 
Michigan State Trunk Line, Fund Bonds, Series 2001A, 5.000%, 11/01/25 (Pre-refunded 
11/11 at 100.00 
AA+ (4) 
1,031,170 
   
11/01/11) – AGM Insured 
     
4,000 
 
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A, 5.250%, 
5/13 at 100.00 
Aa2 (4) 
4,393,760 
   
5/01/20 (Pre-refunded 5/01/13) 
     
4,100 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 
7/16 at 100.00 
Aaa 
4,918,934 
   
5.500%, 7/01/36 (Pre-refunded 7/01/16) 
     
 
 
30 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
U.S. Guaranteed (4) (continued) 
     
   
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E: 
     
$ 85 
 
6.000%, 8/01/26 (ETM) 
No Opt. Call 
Baa1 (4) 
$ 105,037 
915 
 
6.000%, 8/01/26 (ETM) 
No Opt. Call 
AAA 
1,130,693 
1,050 
 
Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation 
11/11 at 100.00 
AA+ (4) 
1,085,742 
   
Bonds, Series 2001, 5.375%, 5/01/19 (Pre-refunded 11/01/11) – AGM Insured 
     
38,115 
 
Total U.S. Guaranteed 
   
41,663,996 
   
Utilities – 15.3% (9.9% of Total Investments) 
     
   
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, 
     
   
Series 2008A: 
     
215 
 
5.000%, 7/01/28 
7/18 at 100.00 
AA– 
217,156 
5,000 
 
5.000%, 7/01/32 
7/18 at 100.00 
AA– 
4,931,900 
3,000 
 
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, 
1/12 at 100.00 
A2 
3,009,330 
   
5.250%, 1/01/27 – AMBAC Insured 
     
2,695 
 
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 
No Opt. Call 
A3 
2,778,114 
   
6.000%, 5/01/12 
     
1,000 
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding 
3/11 at 101.00 
A 
993,710 
   
Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 – NPFG Insured (Alternative 
     
   
Minimum Tax) 
     
4,000 
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding 
9/11 at 100.00 
A 
4,002,640 
   
Bonds, Detroit Edison Company, Series 2001C, 5.450%, 9/01/29 
     
2,050 
 
Michigan Strategic Fund, Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit 
No Opt. Call 
BBB+ 
2,073,247 
   
Edison Company, Series 1995CC, 4.850%, 9/01/30 (Mandatory put 9/01/11) – AMBAC Insured 
     
3,630 
 
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, 
No Opt. Call 
A 
4,191,234 
   
Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured 
     
3,000 
 
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, 
12/12 at 100.00 
BBB+ 
2,837,790 
   
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax) 
     
24,590 
 
Total Utilities 
   
25,035,121 
   
Water and Sewer – 12.0% (7.8% of Total Investments) 
     
5,500 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, 
7/16 at 100.00 
AA+ 
4,895,660 
   
5.000%, 7/01/34 – AGM Insured 
     
1,500 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A 
1,454,745 
   
7/01/29 – FGIC Insured 
     
565 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AA+ 
583,611 
   
7/01/17 – AGM Insured 
     
1,500 
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
A+ 
1,468,350 
   
7/01/25 – NPFG Insured 
     
425 
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 
7/18 at 100.00 
AA+ 
420,950 
   
7/01/36 – BHAC Insured 
     
675 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 
1/18 at 100.00 
AA+ 
658,874 
2,030 
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – 
1/19 at 100.00 
AA+ 
2,035,704 
   
AGC Insured 
     
4,210 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 
10/14 at 100.00 
AAA 
4,597,952 
   
5.000%, 10/01/19 
     
1,150 
 
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 
10/14 at 100.00 
AAA 
1,215,033 
   
5.000%, 10/01/23 
     
 
 
Nuveen Investments 31
 
 
 
 

 

           
                 Nuveen Michigan Quality Income Municipal Fund, Inc. (continued) 
   
NUM      Portfolio of Investments February 28, 2011 
     
       
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Water and Sewer (continued) 
     
$ 1,000 
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 
10/17 at 100.00 
AAA 
$ 1,060,500 
   
5.000%, 10/01/24 
     
1,000 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
929,530 
   
6.000%, 7/01/44 
     
300 
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – 
7/18 at 100.00 
A 
305,370 
   
NPFG Insured 
     
19,855 
 
Total Water and Sewer 
   
19,626,279 
$ 284,534 
 
Total Investments (cost $250,966,685) – 154.3% 
   
252,805,857 
   
Floating Rate Obligations – (2.2)% 
   
(3,630,000)
   
Other Assets Less Liabilities – 1.2% 
   
2,024,786 
   
Auction Rate Preferred Shares, at Liquidation Value – (53.3)% (5) 
   
(87,325,000)
   
Net Assets Applicable to Common Shares – 100% 
   
$ 163,875,643 
 
     
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), 
   
Moody’s Investor 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) 
 
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) 
 
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.5%. 
N/R 
 
Not rated. 
DD1 
 
Investment or portion of investment purchased on a delayed delivery basis. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Policies, Inverse Floating Rate Securities for more information. 
 
 
See accompanying notes to financial statements.
 
 
32 Nuveen Investments
 
 
 
 

 
 
           
   
Nuveen Michigan Premium Income Municipal Fund, Inc. 
 
NMP 
 
Portfolio of Investments 
   
     
February 28, 2011 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 3.7% (2.4% of Total Investments) 
     
$    4,420 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
BBB 
$   3,869,312 
   
Series 2008A, 6.875%, 6/01/42, DD1 
     
   
Education and Civic Organizations – 3.3% (2.2% of Total Investments) 
     
2,000 
 
Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%, 
9/12 at 100.00 
AA 
2,010,280 
   
9/01/20 – AMBAC Insured (Alternative Minimum Tax) 
     
1,500 
 
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40 
2/20 at 100.00 
Aa1 
1,485,240 
3,500 
 
Total Education and Civic Organizations 
   
3,495,520 
   
Health Care – 13.5% (8.9% of Total Investments) 
     
630 
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance 
6/20 at 100.00 
AA+ 
573,048 
   
Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured 
     
2,725 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
2,547,385 
   
Refunding Series 2009, 5.750%, 11/15/39 
     
3,050 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, 
4/13 at 100.00 
A 
2,966,339 
   
Series 2002A, 5.750%, 4/01/32 
     
1,350 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, 
6/19 at 100.00 
AA+ 
1,359,153 
   
Series 2009A, 5.875%, 6/01/39 – AGC Insured 
     
1,000 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health 
12/12 at 100.00 
AA 
970,900 
   
Credit Group, Series 2002C, 5.375%, 12/01/30 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, 
     
   
Series 2005A: 
     
2,435 
 
5.000%, 5/15/26 
5/15 at 100.00 
Baa3 
2,114,944 
200 
 
5.000%, 5/15/34 
5/15 at 100.00 
Baa3 
160,822 
3,500 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William 
8/19 at 100.00 
A1 
3,348,380 
   
Beaumont Hospital Obligated Group, Series 2009W, 6.000%, 8/01/39 
     
250 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
279,760 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
     
15,140 
 
Total Health Care 
   
14,320,731 
   
Housing/Multifamily – 6.2% (4.1% of Total Investments) 
     
855 
 
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily 
4/12 at 102.00 
Aaa 
850,614 
   
Housing Revenue Bonds, Burkshire Pointe Apartments, Series 2002A, 5.400%, 10/20/32 
     
   
(Alternative Minimum Tax) 
     
1,260 
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Breton Village Green 
4/11 at 100.00 
AA+ 
1,261,651 
   
Project, Series 1993, 5.625%, 10/15/18 – AGM Insured 
     
1,890 
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Walled Lake Villa 
4/11 at 100.00 
Aaa 
1,893,402 
   
Project, Series 1993, 6.000%, 4/15/18 – AGM Insured 
     
800 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 
7/15 at 100.00 
AA+ 
775,280 
   
4/01/31 – AGM Insured (Alternative Minimum Tax) 
     
25 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A, 
10/18 at 100.00 
AA 
25,290 
   
5.700%, 10/01/39 
     
   
Mt. Clemens Housing Corporation, Michigan, FHA-Insured Section 8 Assisted Multifamily Housing 
     
   
Revenue Refunding Bonds, Clinton Place Project, Series 1992A: 
     
310 
 
6.600%, 6/01/13 
6/11 at 100.00 
AA+ 
311,175 
1,500 
 
6.600%, 6/01/22 
6/11 at 100.00 
AA+ 
1,502,250 
6,640 
 
Total Housing/Multifamily 
   
6,619,662 
   
Housing/Single Family – 0.9% (0.6% of Total Investments) 
     
1,000 
 
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 
6/20 at 100.00 
AA 
958,370 
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax) 
     
 
 
Nuveen Investments 33
 
 
 
 

 

           
                Nuveen Michigan Premium Income Municipal Fund, Inc. (continued) 
   
NMP      Portfolio of Investments February 28, 2011 
     
       
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Materials – 1.0% (0.7% of Total Investments) 
     
$    1,050 
 
Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds, 
11/14 at 100.00 
BBB 
$ 1,054,746 
   
International Paper Company, Series 2004A, 4.800%, 11/01/18 
     
   
Tax Obligation/General – 55.2% (36.4% of Total Investments) 
     
1,475 
 
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation Bonds, 
11/13 at 100.00 
Aa2 
1,534,133 
   
Series 2003, 5.000%, 5/01/21 
     
2,500 
 
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, Unlimited Tax General 
5/11 at 100.00 
Aa2 
2,513,225 
   
Obligation Refunding Bonds, Series 2001, 5.000%, 5/01/21 
     
1,000 
 
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement 
5/18 at 100.00 
AA+ 
1,002,620 
   
Series 2008, 5.000%, 5/01/38 
     
100 
 
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 
5/17 at 100.00 
AA+ 
97,080 
   
5.000%, 5/01/37 – AGM Insured 
     
2,250 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/15 at 100.00 
Aa2 
2,282,400 
   
Bonds, Series 2005, 5.000%, 5/01/26 – NPFG Insured 
     
1,501 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/17 at 100.00 
Aa2 
1,332,438 
   
Bonds, Tender Option Bond Trust 2008-1096, 7.922%, 5/01/32 – NPFG Insured (IF) 
     
   
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A: 
     
1,815 
 
6.000%, 5/01/20 – FGIC Insured 
No Opt. Call 
Aa2 
2,069,663 
750 
 
6.000%, 5/01/21 – FGIC Insured 
No Opt. Call 
Aa2 
852,473 
2,500 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2003B, 
5/13 at 100.00 
Aa2 
2,528,825 
   
5.000%, 5/01/23 – FGIC Insured 
     
   
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building 
     
   
Authority Stadium Bonds, Series 1997: 
     
770 
 
5.500%, 2/01/17 – FGIC Insured 
8/11 at 100.00 
A– 
771,170 
6,990 
 
5.250%, 2/01/27 – FGIC Insured 
8/11 at 100.00 
A– 
6,990,280 
860 
 
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%, 
9/17 at 100.00 
AA 
898,571 
   
9/01/24 – NPFG Insured 
     
1,500 
 
Hartland Consolidated School District, Livingston County, Michigan, General Obligation 
5/11 at 100.00 
Aa2 
1,500,840 
   
Refunding Bonds, Series 2001, 5.125%, 5/01/29 
     
1,650 
 
Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 
5/16 at 100.00 
Aa2 
1,651,370 
   
5.125%, 5/01/32 – NPFG Insured 
     
2,000 
 
Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003, 
11/13 at 100.00 
Aa2 
2,063,640 
   
5.000%, 5/01/22 
     
1,250 
 
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 – 
5/16 at 100.00 
AA+ 
1,276,288 
   
AGM Insured 
     
500 
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004, 
5/14 at 100.00 
Aa2 
525,340 
   
5.000%, 5/01/22 
     
1,000 
 
Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A, 
5/14 at 100.00 
Aa2 
1,031,980 
   
5.000%, 5/01/21 – NPFG Insured 
     
865 
 
Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series 
5/17 at 100.00 
AA+ 
831,386 
   
2007, 5.000%, 5/01/37 – AGM Insured 
     
425 
 
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 
5/17 at 100.00 
AA– 
425,306 
   
5.000%, 5/01/30 – SYNCORA GTY Insured 
     
1,000 
 
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District, 
6/15 at 100.00 
AA+ 
1,029,810 
   
Series 2005, 5.000%, 6/01/18 – AGM Insured 
     
800 
 
Michigan, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 
5/19 at 100.00 
Aa2 
845,192 
2,450 
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
Aaa 
2,399,996 
   
Series 2007, 5.000%, 5/01/36 – AGM Insured 
     
3,500 
 
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 5.000%, 
8/17 at 100.00 
Aaa 
3,539,130 
   
8/01/30 – NPFG Insured (UB) 
     
1,100 
 
Oxford Area Community Schools, Oakland and Lapeer Counties, Michigan, General Obligation 
5/14 at 100.00 
AA+ 
1,114,795 
   
Bonds, Series 2004, 5.000%, 5/01/25 – AGM Insured 
     
 
 
34 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 805 
 
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option 
No Opt. Call 
AA+ 
$ 625,807 
   
Bond Trust 2836, 11.061%, 5/01/15 – AGM Insured (IF) 
     
1,000 
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 
5/15 at 100.00 
AA+ 
982,520 
   
5/01/27 – AGM Insured 
     
1,000 
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
AA+ 
982,180 
   
5/01/33 – AGM Insured 
     
125 
 
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 
12/19 at 100.00 
AA+ 
126,796 
   
2009, 5.125%, 12/01/33 – AGC Insured 
     
1,100 
 
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 
5/17 at 100.00 
Aa2 
1,085,073 
   
2007, 5.000%, 5/01/32 – NPFG Insured 
     
1,500 
 
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
AA+ 
1,462,710 
   
5/01/34 – AGM Insured 
     
   
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building 
     
   
and Site, Series 2008: 
     
800 
 
5.000%, 5/01/31 – AGM Insured 
5/18 at 100.00 
AA+ 
792,424 
1,350 
 
5.000%, 5/01/38 – AGM Insured 
5/18 at 100.00 
AA+ 
1,294,745 
2,830 
 
Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation 
5/13 at 100.00 
AA 
2,918,268 
   
Refunding Bonds, Series 2003, 5.250%, 5/01/20 
     
1,705 
 
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 
12/19 at 100.00 
A– 
1,718,759 
   
6.750%, 11/01/39 
     
   
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit 
     
   
Metropolitan Wayne County Airport, Series 2001A: 
     
1,500 
 
5.500%, 12/01/18 – NPFG Insured 
12/11 at 101.00 
A– 
1,526,265 
4,435 
 
5.000%, 12/01/30 – NPFG Insured 
12/11 at 101.00 
A– 
3,894,994 
58,701 
 
Total Tax Obligation/General 
   
58,518,492 
   
Tax Obligation/Limited – 21.0% (13.9% of Total Investments) 
     
   
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I: 
     
2,420 
 
5.500%, 10/15/19 
10/11 at 100.00 
Aa3 
2,469,199 
6,205 
 
5.000%, 10/15/24 
10/11 at 100.00 
Aa3 
6,213,004 
1,600 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%, 
10/15 at 100.00 
Aa3 
1,547,456 
   
10/15/30 – AMBAC Insured 
     
2,880 
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 5.000%, 10/15/36 – 
10/16 at 100.00 
Aa3 
2,631,542 
   
FGIC Insured 
     
   
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II: 
     
5,000 
 
5.000%, 10/15/22 – NPFG Insured 
10/13 at 100.00 
Aa3 
5,055,300 
2,480 
 
5.000%, 10/15/23 – NPFG Insured 
10/13 at 100.00 
Aa3 
2,498,253 
1,500 
 
Michigan, Comprehensive Transportation Revenue Refunding Bonds, Series 2001A, 5.000%, 
11/11 at 100.00 
AA+ 
1,538,550 
   
11/01/19 – AGM Insured 
     
450 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan 
10/19 at 100.00 
BBB 
372,366 
   
Notes,Series 2009A-1, 5.000%, 10/01/39 
     
22,535 
 
Total Tax Obligation/Limited 
   
22,325,670 
   
Transportation – 0.2% (0.1% of Total Investments) 
     
230 
 
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 
1/17 at 100.00 
AAA 
225,752 
   
2007, 5.000%, 1/01/32 
     
   
U.S. Guaranteed – 13.1% (8.6% of Total Investments) (4) 
     
915 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A (4) 
1,053,064 
   
7/01/30 (Pre-refunded 7/01/15) – NPFG Insured 
     
1,135 
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A, 5.250%, 
7/11 at 100.00 
A+ (4) 
1,152,524 
   
7/01/33 (Pre-refunded 7/01/11) – FGIC Insured 
     
 
 
Nuveen Investments 35
 
 
 
 
 
 

 

           
                Nuveen Michigan Premium Income Municipal Fund, Inc. (continued) 
   
NMP     Portfolio of Investments February 28, 2011 
     
       
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
U.S. Guaranteed (4) (continued) 
     
$     500 
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004, 
5/14 at 100.00 
Aa2 (4) 
$ 562,090 
   
5.000%, 5/01/22 (Pre-refunded 5/01/14) 
     
75 
 
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 6.000%, 
No Opt. Call 
A3 (4) 
75,691 
   
5/01/12 (ETM) 
     
150 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.500%, 
10/11 at 100.00 
A+ (4) 
154,734 
   
10/15/19 (Pre-refunded 10/15/11) 
     
1,500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health 
3/13 at 100.00 
A1 (4) 
1,648,185 
   
System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13) 
     
500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sparrow Obligated 
11/11 at 101.00 
A+ (4) 
523,385 
   
Group, Series 2001, 5.625%, 11/15/31 (Pre-refunded 11/15/11) 
     
1,900 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s 
5/11 at 100.00 
N/R (4) 
2,000,168 
   
Hospital, Series 1992A, 6.000%, 5/15/13 – AMBAC Insured (ETM) 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, 
     
   
Series 2005: 
     
425 
 
5.000%, 5/15/25 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
486,166 
150 
 
5.000%, 5/15/30 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
171,588 
   
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A: 
     
1,000 
 
5.250%, 5/01/20 (Pre-refunded 5/01/13) 
5/13 at 100.00 
Aa2 (4) 
1,098,440 
2,000 
 
5.250%, 5/01/21 (Pre-refunded 5/01/13) 
5/13 at 100.00 
Aa2 (4) 
2,196,880 
1,000 
 
Otsego Public Schools District, Allegan and Kalamazoo Counties, Michigan, General Obligation 
5/14 at 100.00 
AA+ (4) 
1,124,180 
   
Bonds, Series 2004, 5.000%, 5/01/25 (Pre-refunded 5/01/14) – AGM Insured 
     
1,425 
 
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, 
5/14 at 100.00 
AA– (4) 
1,613,057 
   
Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – NPFG Insured 
     
12,675 
 
Total U.S. Guaranteed 
   
13,860,152 
   
Utilities – 15.4% (10.2% of Total Investments) 
     
100 
 
Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of 
6/20 at 100.00 
Baa3 
96,104 
   
New Mexico San Juan Project, Series 2010D, 5.900%, 6/01/40 
     
   
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, 
     
   
Series 2008A: 
     
125 
 
5.000%, 7/01/28 
7/18 at 100.00 
AA– 
126,254 
2,500 
 
5.000%, 7/01/32 
7/18 at 100.00 
AA– 
2,465,950 
1,000 
 
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, 
1/12 at 100.00 
A2 
1,003,110 
   
5.250%, 1/01/27 – AMBAC Insured 
     
775 
 
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 
No Opt. Call 
A3 
798,901 
   
6.000%, 5/01/12 
     
1,000 
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding 
3/11 at 101.00 
A 
993,710 
   
Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 – NPFG Insured (Alternative 
     
   
Minimum Tax) 
     
5,000 
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding 
9/11 at 100.00 
A 
5,003,300 
   
Bonds, Detroit Edison Company, Series 2001C, 5.450%, 9/01/29 
     
3,000 
 
Michigan Strategic Fund, Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit 
No Opt. Call 
BBB+ 
3,034,020 
   
Edison Company, Series 1995CC, 4.850%, 9/01/30 (Mandatory put 9/01/11) – AMBAC Insured 
     
3,000 
 
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, 
12/12 at 100.00 
BBB+ 
2,837,790 
   
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax) 
     
16,500 
 
Total Utilities 
   
16,359,139 
   
Water and Sewer – 18.0% (11.9% of Total Investments) 
     
3,500 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, 
7/16 at 100.00 
AA+ 
3,115,420 
   
5.000%, 7/01/34 – AGM Insured 
     
1,085 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A 
1,008,616 
   
7/01/30 – NPFG Insured 
     
 
 
36 Nuveen Investments
 
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Water and Sewer (continued) 
     
$ 1,500 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A 
$ 1,454,745 
   
7/01/29 – FGIC Insured 
     
1,120 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AA+ 
1,156,893 
   
7/01/17 – AGM Insured 
     
1,330 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2005, 5.000%, 1/01/30 – 
7/15 at 100.00 
AA+ 
1,340,494 
   
NPFG Insured 
     
   
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008: 
     
400 
 
5.000%, 1/01/27 
No Opt. Call 
AA+ 
410,340 
450 
 
5.000%, 1/01/38 
1/18 at 100.00 
AA+ 
439,250 
425 
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – 
1/19 at 100.00 
AA+ 
426,193 
   
AGC Insured 
     
1,000 
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 
10/17 at 100.00 
AAA 
1,060,499 
   
5.000%, 10/01/24 
     
8,245 
 
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31 – 
11/16 at 100.00 
Aa3 
8,292,985 
   
NPFG Insured 
     
350 
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – 
7/18 at 100.00 
A 
356,264 
   
NPFG Insured 
     
19,405 
 
Total Water and Sewer 
   
19,061,699 
$ 161,796 
 
Total Investments (cost $161,200,271) – 151.5% 
   
160,669,245 
   
Floating Rate Obligations – (2.2)% 
   
(2,330,000)
   
Other Assets Less Liabilities – 1.3% 
   
1,443,396 
   
Auction Rate Preferred Shares, at Liquidation Value – (50.6)% (5) 
   
(53,700,000)
   
Net Assets Applicable to Common Shares – 100% 
   
$ 106,082,641 
 
     
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), 
   
Moody’s Investor 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) 
 
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) 
 
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.4%. 
N/R 
 
Not rated. 
DD1 
 
Investment or portion of investment purchased on a delayed delivery basis. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Policies, Inverse Floating Rate Securities for more information. 
     
   
See accompanying notes to financial statements. 
 
 
Nuveen Investments 37
 
 
 
 

 
 

           
   
Nuveen Michigan Dividend Advantage Municipal Fund 
   
NZW 
 
Portfolio of Investments 
   
     
February 28, 2011 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 4.0% (2.5% of Total Investments) 
     
$    1,250 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
BBB 
$   1,094,263 
   
Series 2008A, 6.875%, 6/01/42, DD1 
     
   
Education and Civic Organizations – 6.0% (3.8% of Total Investments) 
     
1,150 
 
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, 
9/11 at 100.00 
N/R 
968,105 
   
Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured 
     
250 
 
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American 
12/17 at 100.00 
N/R 
208,595 
   
Montessori Academy, Series 2007, 6.500%, 12/01/37 
     
500 
 
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40 
2/20 at 100.00 
Aa1 
495,080 
1,900 
 
Total Education and Civic Organizations 
   
1,671,780 
   
Health Care – 17.6% (11.1% of Total Investments) 
     
90 
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance 
6/20 at 100.00 
AA+ 
81,864 
   
Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured 
     
475 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
444,040 
   
Refunding Series 2009, 5.750%, 11/15/39 
     
775 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, 
4/13 at 100.00 
A 
753,742 
   
Series 2002A, 5.750%, 4/01/32 
     
150 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, 
6/19 at 100.00 
AA+ 
151,017 
   
Series 2009A, 5.875%, 6/01/39 – AGC Insured 
     
80 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, McLaren 
No Opt. Call 
Aa3 
74,308 
   
Healthcare Corporation, Series 1998A, 5.000%, 6/01/28 
     
1,000 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health 
12/12 at 100.00 
AA 
970,900 
   
Credit Group, Series 2002C, 5.375%, 12/01/30 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, 
     
   
Series 2005A: 
     
500 
 
5.000%, 5/15/26 
5/15 at 100.00 
Baa3 
434,280 
400 
 
5.000%, 5/15/34 
5/15 at 100.00 
Baa3 
321,644 
100 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
111,904 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
     
1,700 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
11/11 at 100.00 
A1 
1,521,993 
   
Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured 
     
5,270 
 
Total Health Care 
   
4,865,692 
   
Housing/Multifamily – 7.2% (4.5% of Total Investments) 
     
1,700 
 
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily 
8/12 at 102.00 
Aaa 
1,699,966 
   
Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.400%, 2/20/31 (Alternative 
     
   
Minimum Tax) 
     
200 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 
7/15 at 100.00 
AA+ 
193,820 
   
4/01/31 – AGM Insured (Alternative Minimum Tax) 
     
100 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A, 
10/18 at 100.00 
AA 
101,160 
   
5.700%, 10/01/39 
     
2,000 
 
Total Housing/Multifamily 
   
1,994,946 
   
Housing/Single Family – 1.7% (1.1% of Total Investments) 
     
500 
 
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 
6/20 at 100.00 
AA 
479,185 
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax) 
     
   
Industrials – 1.8% (1.1% of Total Investments) 
     
500 
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Republic Services Inc., Series 
No Opt. Call 
BBB+ 
504,165 
   
2001, 4.250%, 8/01/31 (Mandatory put 4/01/14) (Alternative Minimum Tax) 
     
 
 
38 Nuveen Investments
 
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General – 44.8% (28.2% of Total Investments) 
     
$    200 
 
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement 
5/18 at 100.00 
AA+ 
$   200,524 
   
Series 2008, 5.000%, 5/01/38 
     
437 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/17 at 100.00 
Aa2 
387,925 
   
Bonds, Tender Option Bond Trust 2008-1096, 7.922%, 5/01/32 – NPFG Insured (IF) 
     
50 
 
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building 
8/11 at 100.00 
A– 
50,076 
   
Authority Stadium Bonds, Series 1997, 5.500%, 2/01/17 – FGIC Insured 
     
300 
 
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%, 
9/17 at 100.00 
AA 
307,446 
   
9/01/27 – NPFG Insured 
     
940 
 
Huron Valley School District, Oakland and Livingston Counties, Michigan, General Obligation 
11/11 at 100.00 
Aa2 
940,150 
   
Bonds, Series 2001, 5.000%, 5/01/27 
     
500 
 
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site 
5/14 at 100.00 
AA+ 
525,340 
   
Bonds, Series 2004, 5.000%, 5/01/22 – AGM Insured 
     
430 
 
Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series 
5/17 at 100.00 
AA+ 
413,290 
   
2007, 5.000%, 5/01/37 – AGM Insured 
     
400 
 
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District, 
6/15 at 100.00 
AA+ 
411,924 
   
Series 2005, 5.000%, 6/01/18 – AGM Insured 
     
100 
 
Michigan, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 
5/19 at 100.00 
Aa2 
105,649 
1,150 
 
Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2 
7/11 at 100.00 
AA 
1,154,324 
   
Revenue Bonds, Series 2002, 5.000%, 7/01/26 – FGIC Insured 
     
1,410 
 
New Haven Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2006, 
5/16 at 100.00 
AA+ 
1,437,707 
   
5.000%, 5/01/25 – AGM Insured 
     
420 
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
Aaa 
411,428 
   
Series 2007, 5.000%, 5/01/36 – AGM Insured 
     
1,000 
 
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 5.000%, 
8/17 at 100.00 
Aaa 
1,011,180 
   
8/01/30 – NPFG Insured (UB) 
     
235 
 
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option 
No Opt. Call 
AA+ 
182,689 
   
Bond Trust 2836, 11.061%, 5/01/15 – AGM Insured (IF) 
     
750 
 
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School 
5/18 at 100.00 
AA+ 
757,380 
   
Building & Site, Series 2008, 5.000%, 5/01/28 – AGC Insured 
     
100 
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
AA+ 
98,218 
   
5/01/33 – AGM Insured 
     
25 
 
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 
12/19 at 100.00 
AA+ 
25,359 
   
2009, 5.125%, 12/01/33 – AGC Insured 
     
330 
 
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 
5/17 at 100.00 
Aa2 
325,522 
   
2007, 5.000%, 5/01/32 – NPFG Insured 
     
100 
 
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
AA+ 
97,514 
   
5/01/34 – AGM Insured 
     
225 
 
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building 
5/18 at 100.00 
AA+ 
215,791 
   
and Site, Series 2008, 5.000%, 5/01/38 – AGM Insured 
     
25 
 
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 
12/19 at 100.00 
A– 
25,202 
   
6.750%, 11/01/39 
     
1,690 
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit 
12/11 at 101.00 
A– 
1,484,226 
   
Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured 
     
500 
 
Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%, 
11/14 at 100.00 
AA+ 
543,615 
   
5/01/17 – AGM Insured 
     
1,300 
 
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Series 
5/11 at 100.00 
Aa2 
1,306,877 
   
2001, 5.000%, 5/01/21 
     
12,617 
 
Total Tax Obligation/General 
   
12,419,356 
 
 
Nuveen Investments 39
 
 
 
 

 

           
                Nuveen Michigan Dividend Advantage Municipal Fund (continued) 
   
NZW         Portfolio of Investments February 28, 2011 
     
       
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/Limited – 16.9% (10.6% of Total Investments) 
     
$ 1,100 
 
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, 
10/11 at 100.00 
AA 
$ 1,117,611 
   
Series 2001, 5.125%, 10/01/26 – NPFG Insured 
     
630 
 
Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 
No Opt. Call 
N/R 
651,943 
   
5.125%, 5/01/14 
     
1,150 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 
10/11 at 100.00 
Aa3 
1,151,484 
   
5.000%, 10/15/24 
     
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA: 
     
1,520 
 
0.000%, 10/15/28 – FGIC Insured 
10/16 at 55.35 
AAA 
516,146 
720 
 
5.000%, 10/15/36 – FGIC Insured 
10/16 at 100.00 
Aa3 
657,886 
700 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan 
10/19 at 100.00 
BBB 
579,236 
   
Notes, Series 2009A-1, 5.000%, 10/01/39 
     
5,820 
 
Total Tax Obligation/Limited 
   
4,674,306 
   
Transportation – 2.5% (1.6% of Total Investments) 
     
750 
 
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
427,545 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
     
250 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, 
No Opt. Call 
A 
260,788 
   
Refunding Series 2007, 5.000%, 12/01/12 – FGIC Insured 
     
1,000 
 
Total Transportation 
   
688,333 
   
U.S. Guaranteed – 20.5% (12.9% of Total Investments) (4) 
     
1,000 
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site 
5/12 at 100.00 
AA+ (4) 
1,057,790 
   
Improvement Bonds, Series 2001A, 5.500%, 5/01/21 (Pre-refunded 5/01/12) – AGM Insured 
     
720 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AA+ (4) 
791,863 
   
7/01/17 (Pre-refunded 7/01/13) – AGM Insured 
     
1,000 
 
Garden City School District, Wayne County, Michigan, General Obligation Bonds, Refunding 
5/11 at 100.00 
Aa2 (4) 
1,008,220 
   
Series 2001, 5.000%, 5/01/26 (Pre-refunded 5/01/11) 
     
1,000 
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health, Series 2001A, 
7/11 at 101.00 
AA (4) 
1,028,300 
   
5.250%, 1/15/21 (Pre-refunded 7/15/11) 
     
55 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.000%, 
10/11 at 100.00 
A+ (4) 
56,563 
   
10/15/24 (Pre-refunded 10/15/11) 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, 
     
   
Series 2005: 
     
425 
 
5.000%, 5/15/30 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
486,166 
335 
 
5.000%, 5/15/37 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
383,213 
   
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E: 
     
85 
 
6.000%, 8/01/26 (ETM) 
No Opt. Call 
Baa1 (4) 
105,037 
615 
 
6.000%, 8/01/26 (ETM) 
No Opt. Call 
AAA 
759,974 
5,235 
 
Total U.S. Guaranteed 
   
5,677,126 
   
Utilities – 19.4% (12.2% of Total Investments) 
     
1,115 
 
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, 
7/13 at 100.00 
AA+ 
1,136,876 
   
Series 2003A, 5.000%, 7/01/21 – AGM Insured 
     
   
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, 
     
   
Series 2008A: 
     
50 
 
5.000%, 7/01/28 
7/18 at 100.00 
AA– 
50,502 
750 
 
5.000%, 7/01/32 
7/18 at 100.00 
AA– 
739,785 
1,235 
 
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, 
1/12 at 100.00 
A2 
1,242,484 
   
5.250%, 1/01/24 – AMBAC Insured 
     
2,215 
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding 
9/11 at 100.00 
A 
2,215,487 
   
Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 – 
     
   
SYNCORA GTY Insured (Alternative Minimum Tax) 
     
5,365 
 
Total Utilities 
   
5,385,134 
 
 
40 Nuveen Investments
 
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Water and Sewer – 16.5% (10.4% of Total Investments) 
     
$   1,000 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, 
7/16 at 100.00 
AA+ 
$ 890,120 
   
5.000%, 7/01/34 – AGM Insured 
     
1,000 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A 
969,830 
   
7/01/29 – FGIC Insured 
     
280 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AA+ 
289,223 
   
7/01/17 – AGM Insured 
     
125 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 
1/18 at 100.00 
AA+ 
122,014 
150 
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – 
1/19 at 100.00 
AA+ 
150,422 
   
AGC Insured 
     
1,000 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 
10/15 at 100.00 
AAA 
1,101,669 
   
5.000%, 10/01/19 
     
500 
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 
10/17 at 100.00 
AAA 
534,319 
   
5.000%, 10/01/23 
     
500 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
464,764 
   
6.000%, 7/01/44 
     
50 
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – 
7/18 at 100.00 
A 
50,894 
   
NPFG Insured 
     
4,605 
 
Total Water and Sewer 
   
4,573,255 
$ 46,062 
 
Total Investments (cost $44,477,774) – 158.9% 
   
44,027,541 
   
Floating Rate Obligations – (2.4)% 
   
(665,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (58.9)% (5) 
   
(16,313,000) 
   
Other Assets Less Liabilities – 2.4% 
   
660,098 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 27,709,639 
 
     
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), 
   
Moody’s Investor 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) 
 
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) 
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 37.1%. 
N/R 
 
Not rated. 
DD1 
 
Investment or portion of investment purchased on a delayed delivery basis. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Policies, Inverse Floating Rate Securities for more information. 
     
   
See accompanying notes to financial statements. 
 
 
Nuveen Investments 41
 
 
 
 
 

 

           
   
Nuveen Ohio Quality Income Municipal Fund, Inc. 
   
NUO 
 
Portfolio of Investments 
   
     
February 28, 2011 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 7.0% (4.8% of Total Investments) 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
$ 6,230 
 
5.875%, 6/01/30 
6/17 at 100.00 
Baa3 
$ 4,496,627 
1,650 
 
5.750%, 6/01/34 
6/17 at 100.00 
Baa3 
1,133,187 
7,255 
 
5.875%, 6/01/47 
6/17 at 100.00 
Baa3 
4,832,846 
115 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
104,788 
   
Series 2002, 5.375%, 5/15/33 
     
15,250 
 
Total Consumer Staples 
   
10,567,448 
   
Education and Civic Organizations – 13.9% (9.5% of Total Investments) 
     
1,650 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
1,542,618 
   
2006, 5.000%, 7/01/41 
     
1,750 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Oberlin College, Series 
10/13 at 100.00 
AA 
1,846,985 
   
2003, 5.125%, 10/01/24 
     
1,000 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/15 at 100.00 
Baa2 
861,960 
   
2005, 5.000%, 12/01/29 
     
2,420 
 
Ohio Higher Educational Facilities Commission, General Revenue Bonds, University of Dayton, 
12/16 at 100.00 
A 
2,392,872 
   
2006 Project, Series 2006, 5.000%, 12/01/30 – AMBAC Insured 
     
1,415 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University, Series 2004, 
11/14 at 100.00 
AA 
1,473,199 
   
5.000%, 11/01/21 
     
1,320 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Series 
12/14 at 100.00 
A 
1,338,850 
   
2004, 5.000%, 12/01/25 – AMBAC Insured 
     
1,000 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/11 at 100.00 
Baa2 
1,013,200 
   
2001, 5.500%, 12/01/15 
     
1,500 
 
Ohio State Higher Education Facilities, Revenue Bonds, Case Western Reserve University, Series 
12/16 at 100.00 
AA– 
1,430,625 
   
2006, 5.000%, 12/01/44 – NPFG Insured 
     
2,000 
 
Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, 
11/18 at 100.00 
A– 
2,103,580 
   
Xavier University 2008C, 5.750%, 5/01/28 
     
550 
 
Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/22 
6/13 at 100.00 
Aa1 
586,553 
1,510 
 
University of Akron, Ohio, General Receipts Bonds, Series 2003A, 5.000%, 1/01/21 – 
1/13 at 100.00 
A1 
1,539,974 
   
AMBAC Insured 
     
850 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2003C, 5.000%, 6/01/22 – 
6/13 at 100.00 
A+ 
860,880 
   
FGIC Insured 
     
   
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D: 
     
1,200 
 
5.000%, 6/01/19 – AMBAC Insured 
6/14 at 100.00 
A+ 
1,274,460 
2,605 
 
5.000%, 6/01/25 – AMBAC Insured 
6/14 at 100.00 
A+ 
2,628,940 
20,770 
 
Total Education and Civic Organizations 
   
20,894,696 
   
Energy – 0.2% (0.1% of Total Investments) 
     
250 
 
Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds, Hovensa Coker 
1/13 at 100.00 
Baa3 
244,465 
   
Project, Senior Lien Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax) 
     
   
Health Care – 26.4% (18.0% of Total Investments) 
     
2,000 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue 
5/11 at 100.00 
Baa1 
1,920,160 
   
Bonds, Summa Health System, Series 1998A, 5.375%, 11/15/24 
     
3,000 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 
11/20 at 100.00 
BBB+ 
2,528,310 
   
5.500%, 11/01/40 
     
3,405 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
N/R 
3,159,363 
   
Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured 
     
 
 
42 Nuveen Investments
 
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
$   1,000 
 
Cuyahoga County, Ohio, Hospital Revenue Refunding and Improvement Bonds, MetroHealth System, 
8/11 at 100.00 
A2 
$   1,001,390 
   
Series 1997, 5.625%, 2/15/17 – NPFG Insured 
     
2,000 
 
Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland Clinic Health System, Series 2003A, 
7/13 at 100.00 
Aa2 
2,015,360 
   
6.000%, 1/01/32 
     
1,000 
 
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center, 
8/12 at 101.00 
A– 
902,660 
   
Series 2002A, 5.625%, 8/15/32 
     
180 
 
Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross Health System Corporation, Series 
6/11 at 100.00 
AA 
178,344 
   
1998, 5.000%, 6/01/28 – NPFG Insured 
     
   
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
     
   
Improvement Series 2009: 
     
250 
 
5.000%, 11/01/34 
11/19 at 100.00 
Aa2 
231,055 
300 
 
5.250%, 11/01/40 
11/19 at 100.00 
Aa2 
284,451 
1,200 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 
11/18 at 100.00 
Aa2 
1,094,688 
   
2005, 5.000%, 11/01/40 
     
2,455 
 
Hamilton County, Ohio, Revenue Bonds, Children’s Hospital Medical Center, Series 2004J, 
5/14 at 100.00 
BBB 
2,584,231 
   
5.250%, 5/15/16 – FGIC Insured 
     
1,000 
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare 
10/12 at 100.00 
AA– 
969,910 
   
Partners, Refunding Series 2002, 5.375%, 10/01/30 
     
   
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999: 
     
2,075 
 
5.375%, 11/15/29 – AMBAC Insured 
5/11 at 100.50 
AA– 
1,995,528 
140 
 
5.375%, 11/15/39 – AMBAC Insured 
5/11 at 100.50 
AA– 
128,073 
   
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D: 
     
90 
 
5.000%, 11/15/38 
11/18 at 100.00 
AA– 
79,785 
40 
 
5.125%, 11/15/40 
11/18 at 100.00 
AA– 
35,120 
2,665 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
2,681,443 
   
2011A, 6.000%, 11/15/41 
     
785 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A– 
798,895 
   
Inc., Series 2006, 5.250%, 5/15/21 
     
   
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A: 
     
1,500 
 
5.000%, 5/01/30 
5/14 at 100.00 
AA 
1,460,205 
2,500 
 
5.000%, 5/01/32 
No Opt. Call 
AA 
2,401,975 
1,350 
 
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A, 6.250%, 11/15/39 
11/14 at 100.00 
Aa3 
1,387,098 
95 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health 
No Opt. Call 
AA+ 
93,279 
   
System Inc., Series 2007A, 5.250%, 1/15/46 – BHAC Insured 
     
   
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
     
   
Health System Obligated Group, Series 2008A: 
     
1,315 
 
5.000%, 1/01/25 
1/18 at 100.00 
Aa2 
1,334,699 
50 
 
5.250%, 1/01/33 
1/18 at 100.00 
Aa2 
48,604 
1,200 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
5/20 at 100.00 
AA+ 
1,116,192 
   
System Project, Series 2010, 5.250%, 11/15/40 – AGM Insured 
     
1,500 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
A 
1,542,480 
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 
     
1,000 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
Aa2 
1,002,440 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
   
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
     
   
Obligated Group, Tender Option Bond Trust 3551: 
     
375 
 
19.708%, 1/01/17 (IF) 
No Opt. Call 
Aa2 
359,310 
2,700 
 
64.415%, 1/01/33 (IF) 
1/19 at 100.00 
Aa2 
2,726,352 
1,100 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
Aa2 
1,110,736 
   
Obligated Group, Tender Option Bond Trust 3591, 64.573%, 1/01/17 (IF) 
     
830 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/12 at 100.00 
A– 
838,126 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 
     
 
 
Nuveen Investments 43
 
 
 
 
 

 

           
           Nuveen Ohio Quality Income Municipal Fund, Inc. (continued) 
     
NUO    Portfolio of Investments February 28, 2011 
     
       
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
$ 1,200 
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 
11/16 at 100.00 
A– 
$ 1,084,140 
   
5.250%, 11/15/36 
     
600 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
A 
592,140 
   
5.750%, 12/01/35 
     
40,900 
 
Total Health Care 
   
39,686,542 
   
Housing/Multifamily – 5.7% (3.9% of Total Investments) 
     
1,385 
 
Clermont County, Ohio, GNMA Collateralized Mortgage Revenue Bonds, S.E.M. Villa II Project, 
8/11 at 100.00 
Aaa 
1,385,762 
   
Series 1994A, 5.950%, 2/20/30 
     
   
Cuyahoga County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, 
     
   
Longwood Phase One Associates LP, Series 2001A: 
     
2,475 
 
5.350%, 1/20/21 (Alternative Minimum Tax) 
7/11 at 102.00 
Aaa 
2,507,546 
2,250 
 
5.450%, 1/20/31 (Alternative Minimum Tax) 
7/11 at 102.00 
Aaa 
2,222,955 
800 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court 
10/18 at 101.00 
Aa1 
788,136 
   
Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) 
     
755 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AAA 
675,166 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
1,100 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AAA 
987,063 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
8,765 
 
Total Housing/Multifamily 
   
8,566,628 
   
Housing/Single Family – 0.8% (0.5% of Total Investments) 
     
1,220 
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 
9/15 at 100.00 
Aaa 
1,152,705 
   
9/01/31 (Alternative Minimum Tax) 
     
   
Industrials – 1.2% (0.8% of Total Investments) 
     
755 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund 
11/15 at 100.00 
BBB– 
658,768 
   
Program – Columbia National Group Project, Series 2005D, 5.000%, 5/15/20 (Alternative 
     
   
Minimum Tax) 
     
1,175 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Jergens Inc., 
5/11 at 100.00 
BBB– 
1,096,498 
   
Series 1998A, 5.375%, 5/15/18 (Alternative Minimum Tax) 
     
1,930 
 
Total Industrials 
   
1,755,266 
   
Long-Term Care – 1.0% (0.7% of Total Investments) 
     
490 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
472,409 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
     
1,165 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
1,082,413 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
1,655 
 
Total Long-Term Care 
   
1,554,822 
   
Materials – 1.4% (1.0% of Total Investments) 
     
2,000 
 
Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004B, 
No Opt. Call 
A 
2,128,380 
   
4.500%, 12/01/15 
     
   
Tax Obligation/General – 36.4% (24.8% of Total Investments) 
     
   
Butler County, Ohio, General Obligation Bonds, Series 2002: 
     
1,345 
 
5.000%, 12/01/21 – NPFG Insured 
12/12 at 100.00 
Aa1 
1,450,004 
1,200 
 
5.000%, 12/01/22 – NPFG Insured 
12/12 at 101.00 
Aa1 
1,273,236 
1,500 
 
Centerville City School District, Montgomery County, Ohio, General Obligation Bonds, Series 
6/15 at 100.00 
Aa1 
1,523,730 
   
2005, 5.000%, 12/01/30 – AGM Insured 
     
1,000 
 
Central Ohio Solid Waste Authority, General Obligation Bonds, Series 2004A, 5.000%, 12/01/15 – 
6/14 at 100.00 
AAA 
1,093,520 
   
AMBAC Insured 
     
1,000 
 
Cleveland Municipal School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 
6/14 at 100.00 
AA+ 
1,036,890 
   
2004, 5.000%, 12/01/22 – AGM Insured 
     
3,000 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 
No Opt. Call 
AAA 
1,169,460 
   
0.000%, 12/01/28 – AGM Insured 
     
 
 
44 Nuveen Investments
 
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 1,200 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
AA+ 
$ 1,284,732 
1,000 
 
Dayton, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/19 – AMBAC Insured 
6/14 at 100.00 
Aa2 
1,089,100 
1,000 
 
Dublin City School District, Franklin, Delaware and Union Counties, Ohio, General Obligation 
12/13 at 100.00 
AAA 
1,066,750 
   
Bonds, Series 2003, 5.000%, 12/01/22 – AGM Insured 
     
1,195 
 
Fairview Park City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 
6/15 at 100.00 
Aa3 
1,232,929 
   
2005, 5.000%, 12/01/24 – NPFG Insured 
     
1,840 
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/28 
12/17 at 100.00 
AAA 
1,938,440 
1,500 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 
12/15 at 100.00 
AA 
1,535,430 
1,355 
 
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 
No Opt. Call 
Aa1 
1,388,523 
   
5.125%, 12/01/36 
     
7,020 
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 – 
6/17 at 100.00 
AA+ 
6,861,977 
   
AGM Insured 
     
1,850 
 
Hilliard School District, Franklin County, Ohio, General Obligation Bonds, School 
12/15 at 100.00 
Aa1 
1,861,526 
   
Construction, Series 2005, 5.000%, 12/01/26 – NPFG Insured 
     
3,000 
 
Hilliard School District, Franklin County, Ohio, General Obligation Bonds, Series 2006A, 
12/16 at 100.00 
Aa1 
3,122,370 
   
5.000%, 12/01/25 – NPFG Insured 
     
2,580 
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities 
6/17 at 100.00 
Aa3 
2,516,738 
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured 
     
1,160 
 
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2003, 
6/13 at 100.00 
Aa2 
1,224,171 
   
5.000%, 12/01/22 – NPFG Insured 
     
800 
 
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 
12/17 at 100.00 
Aa2 
831,824 
   
5.000%, 12/01/25 – FGIC Insured 
     
1,585 
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 
10/18 at 100.00 
Aa2 
1,557,278 
505 
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 
12/15 at 100.00 
AA+ 
518,413 
   
2006, 5.000%, 12/01/25 – AGM Insured 
     
500 
 
Mason City School District, Counties of Warren and Butler, Ohio, General Obligation Bonds, 
6/17 at 100.00 
Aaa 
511,965 
   
Series 2007, 5.000%, 12/01/31 
     
1,515 
 
Massillon City School District, Ohio, General Obligation Bonds, Series 2003, 5.250%, 
12/12 at 100.00 
Baa1 
1,549,254 
   
12/01/21 – NPFG Insured 
     
1,350 
 
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 
12/18 at 100.00 
Aa3 
1,315,481 
   
5.250%, 12/01/36 
     
640 
 
New Albany Plain Local School District, Franklin County, Ohio, General Obligation Bonds, 
6/12 at 100.00 
Aa1 
669,920 
   
Series 2002, 5.500%, 12/01/17 – FGIC Insured 
     
1,000 
 
Newark City School District, Licking County, Ohio, General Obligation Bonds, Series 2005, 
12/15 at 100.00 
A1 
1,008,340 
   
5.000%, 12/01/28 – FGIC Insured 
     
1,000 
 
Northmor Local School District, Morrow County, Ohio, General Obligation School Facilities 
11/18 at 100.00 
Aa2 
979,390 
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36 
     
3,000 
 
Ohio, General Obligation Bonds, Infrastructure Improvements, Series 2003F, 5.000%, 2/01/23 
2/13 at 100.00 
AA+ 
3,073,470 
500 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/18 at 100.00 
AA+ 
501,925 
   
Bonds, Series 2008, 5.000%, 12/01/36 
     
1,510 
 
Painesville City School District, Ohio, General Obligation Bonds, Series 2004, 5.000%, 
12/14 at 100.00 
A1 
1,601,174 
   
12/01/22 – FGIC Insured 
     
280 
 
Plain Local School District, Franklin and Licking Counties, Ohio, General Obligation Bonds, 
6/11 at 100.00 
Aa1 
283,615 
   
Series 2000, 6.000%, 12/01/20 – FGIC Insured 
     
2,000 
 
Strongsville, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/01/21 – FGIC Insured 
12/11 at 100.00 
Aaa 
2,058,360 
70 
 
Strongsville, Ohio, Limited Tax General Obligation Various Purpose Improvement Bonds, Series 
6/11 at 100.00 
Aaa 
70,301 
   
1996, 5.950%, 12/01/21 
     
100 
 
Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995, 
6/17 at 100.00 
AA+ 
100,547 
   
5.250%, 12/01/36 – AGC Insured 
     
 
 
Nuveen Investments 45
 

 
 

 
           
                Nuveen Ohio Quality Income Municipal Fund, Inc. (continued) 
     
NUO         Portfolio of Investments February 28, 2011 
     
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 650 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
$ 648,070 
   
School Improvment Series 2009, 5.125%, 12/01/37 
     
   
Warren City School District, Trumbull County, Ohio, General Obligation Bonds, Series 2004: 
     
2,515 
 
5.000%, 12/01/20 – FGIC Insured 
6/14 at 100.00 
AA 
2,661,901 
1,170 
 
5.000%, 12/01/22 – FGIC Insured 
6/14 at 100.00 
AA 
1,231,647 
1,000 
 
West Chester Township, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 
12/13 at 100.00 
Aaa 
1,001,710 
   
12/01/28 – NPFG Insured 
     
55,435 
 
Total Tax Obligation/General 
   
54,844,111 
   
Tax Obligation/Limited – 17.1% (11.7% of Total Investments) 
     
1,380 
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 
6/14 at 100.00 
BBB+ 
1,387,507 
   
12/01/25 – AMBAC Insured 
     
4,000 
 
Cuyhoga County, Ohio, Economic Development Revenue Bonds, Federally Taxable Recovery Zone 
12/20 at 100.00 
AA 
4,080,200 
   
Facility Medical Mart- Convention Center Project, Series 2010G, 5.000%, 12/01/27 
     
3,000 
 
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue 
12/15 at 100.00 
Aaa 
3,075,660 
   
Anticipation Bonds, Series 2005, 5.000%, 12/01/27 – AMBAC Insured 
     
1,085 
 
Hamilton County Convention Facilities Authority, Ohio, First Lien Revenue Bonds, Series 2004, 
6/14 at 100.00 
A+ 
1,167,037 
   
5.000%, 12/01/18 – FGIC Insured 
     
4,600 
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 5.000%, 12/01/32 – 
12/16 at 100.00 
A1 
4,434,170 
   
AMBAC Insured 
     
1,000 
 
Hudson City School District, Ohio, Certificates of Participation, Series 2004, 5.000%, 
6/14 at 100.00 
Aa3 
1,003,500 
   
6/01/26 – NPFG Insured 
     
   
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, 
     
   
Series 2001B: 
     
1,000 
 
5.500%, 10/01/15 – AMBAC Insured 
4/12 at 100.00 
A1 
1,023,770 
1,000 
 
5.500%, 10/01/17 – AMBAC Insured 
4/12 at 100.00 
A1 
1,017,220 
800 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/15 at 100.00 
AA+ 
823,736 
   
Series 2005A, 5.000%, 4/01/25 – AGM Insured 
     
1,000 
 
Ohio, State Appropriation Lease Bonds, Mental Health Capital Facilities, Series 2003B-II, 
6/13 at 100.00 
AA 
1,069,900 
   
5.000%, 6/01/16 
     
23,215 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
5,071,781 
   
2009A, 0.000%, 8/01/34 
     
7,875 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2010A, 
No Opt. Call 
A+ 
1,593,349 
   
0.000%, 8/01/35 
     
49,955 
 
Total Tax Obligation/Limited 
   
25,747,830 
   
Transportation – 3.5% (2.4% of Total Investments) 
     
3,050 
 
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2003C, 5.250%, 
12/13 at 100.00 
A– 
2,966,857 
   
12/01/23 – RAAI Insured (Alternative Minimum Tax) 
     
2,000 
 
Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/18 – FGIC Insured 
No Opt. Call 
AA 
2,326,440 
5,050 
 
Total Transportation 
   
5,293,297 
   
U.S. Guaranteed – 22.4% (15.3% of Total Investments) (4) 
     
2,030 
 
Butler County, Ohio, General Obligation Judgment Bonds, Series 2002, 5.250%, 12/01/21 
12/12 at 101.00 
Aa1 (4) 
2,215,339 
   
(Pre-refunded 12/01/12) 
     
2,600 
 
Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2002, 
12/12 at 100.00 
AA+ (4) 
2,811,640 
   
5.250%, 6/01/21 (Pre-refunded 12/01/12) – AGM Insured 
     
1,000 
 
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2005B, 5.000%, 
No Opt. Call 
A– (4) 
1,146,410 
   
12/01/14 – SYNCORA GTY Insured (ETM) 
     
2,000 
 
Garfield Heights City School District, Cuyahoga County, Ohio, General Obligation School 
12/11 at 100.00 
N/R (4) 
2,074,280 
   
Improvement Bonds, Series 2001, 5.000%, 12/15/26 (Pre-refunded 12/15/11) – NPFG Insured 
     
 
 
46 Nuveen Investments
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
U.S. Guaranteed (4) (continued) 
     
$ 2,000 
 
Lakota Local School District, Butler County, Ohio, Unlimited Tax General Obligation School 
6/11 at 100.00 
Aaa 
$ 2,024,880 
   
Improvement and Refunding Bonds, Series 2001, 5.125%, 12/01/26 (Pre-refunded 6/01/11) – 
     
   
FGIC Insured 
     
2,000 
 
Louisville City School District, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/01/29 
12/11 at 100.00 
A1 (4) 
2,070,700 
   
(Pre-refunded 12/01/11) – FGIC Insured 
     
760 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Series 2004, 
12/13 at 100.00 
N/R (4) 
842,095 
   
5.000%, 12/01/25 (Pre-refunded 12/01/13) – FGIC Insured 
     
460 
 
New Albany Plain Local School District, Franklin County, Ohio, General Obligation Bonds, 
6/12 at 100.00 
Aa1 (4) 
488,920 
   
Series 2002, 5.500%, 12/01/17 (Pre-refunded 6/01/12) – FGIC Insured 
     
2,645 
 
Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund 
4/14 at 100.00 
AA (4) 
2,986,364 
   
Project, Series 2004A, 5.250%, 4/01/15 (Pre-refunded 4/01/14) – NPFG Insured 
     
1,200 
 
Ohio State University, General Receipts Bonds, Series 2002A, 5.125%, 12/01/31 
12/12 at 100.00 
Aa1 (4) 
1,295,064 
   
(Pre-refunded 12/01/12) 
     
2,450 
 
Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/22 
6/13 at 100.00 
N/R (4) 
2,683,926 
   
(Pre-refunded 6/01/13) 
     
525 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
609,908 
   
Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured 
     
1,225 
 
Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water 
6/15 at 100.00 
AAA 
1,407,207 
   
Quality Project, Series 2005B, 5.000%, 6/01/25 (Pre-refunded 6/01/15) 
     
   
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
     
   
Bonds, Series 2004A: 
     
1,315 
 
5.250%, 12/01/23 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA+ (4) 
1,491,302 
3,380 
 
5.250%, 12/01/24 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA+ (4) 
3,833,157 
1,000 
 
Princeton City School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 
12/13 at 100.00 
AAA 
1,116,150 
   
5.000%, 12/01/30 (Pre-refunded 12/01/13) – NPFG Insured 
     
2,830 
 
Springfield Township, Hamilton County, Ohio, Various Purpose Limited Tax General Obligation 
12/11 at 100.00 
Aa2 (4) 
2,935,389 
   
Bonds, Series 2002, 5.250%, 12/01/27 (Pre-refunded 12/01/11) 
     
1,705 
 
Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, Union Hospital Project, Series 
10/11 at 101.00 
N/R (4) 
1,771,205 
   
2001, 5.750%, 10/01/21 (Pre-refunded 10/01/11) – RAAI Insured 
     
31,125 
 
Total U.S. Guaranteed 
   
33,803,936 
   
Utilities – 7.4% (5.0% of Total Investments) 
     
2,500 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/18 at 100.00 
A1 
2,399,100 
   
Series 2008A, 5.250%, 2/15/43 
     
4,000 
 
American Municipal Power Ohio Inc., Wadsworth, Electric System Improvement Revenue Bonds, 
2/12 at 100.00 
A2 
4,037,880 
   
Series 2002, 5.000%, 2/15/22 – NPFG Insured 
     
   
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B: 
     
2,105 
 
0.000%, 11/15/32 – NPFG Insured 
No Opt. Call 
A– 
575,065 
2,155 
 
0.000%, 11/15/34 – NPFG Insured 
No Opt. Call 
A– 
515,002 
1,250 
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio Power Company Project, 
5/11 at 100.00 
Baa1 
1,212,150 
   
Series 1999C, 5.150%, 5/01/26 – AMBAC Insured 
     
950 
 
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville 
No Opt. Call 
A1 
333,678 
   
Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured 
     
2,000 
 
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville 
2/14 at 100.00 
A1 
2,083,620 
   
Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/20 – AMBAC Insured 
     
14,960 
 
Total Utilities 
   
11,156,495 
   
Water and Sewer – 2.2% (1.5% of Total Investments) 
     
430 
 
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 – 
12/17 at 100.00 
A1 
415,578 
   
AMBAC Insured 
     
1,000 
 
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 
No Opt. Call 
Aa1 
1,143,750 
   
1993G, 5.500%, 1/01/21 – NPFG Insured 
     
40 
 
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 
7/11 at 100.00 
Aa1 
40,110 
   
1996H, 5.750%, 1/01/26 – NPFG Insured 
     
 
 
Nuveen Investments 47
 

 
 

 
   
 
Nuveen Ohio Quality Income Municipal Fund, Inc. (continued) 
NUO 
Portfolio of Investments February 28, 2011 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Water and Sewer (continued) 
     
$ 1,220 
 
Hamilton, Ohio, Wastewater System Revenue Bonds, Series 2005, 5.250%, 10/01/22 – AGM Insured 
10/15 at 100.00 
Aa3 
$ 1,293,273 
200 
 
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2007, 5.000%, 12/01/37 – 
12/17 at 100.00 
A– 
183,442 
   
SYNCORA GTY Insured 
     
275 
 
Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water 
6/15 at 100.00 
AAA 
289,971 
   
Quality Project, Series 2005B, 5.000%, 6/01/25 
     
3,165 
 
Total Water and Sewer 
   
3,366,124 
$ 252,430 
 
Total Investments (cost $217,987,700) – 146.6% 
   
220,762,745 
   
Other Assets Less Liabilities – 1.9% 
   
2,791,777 
   
Auction Rate Preferred Shares, at Liquidation Value – (48.5)% (5) 
   
(73,000,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 150,554,522 
 
     
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), 
   
Moody’s Investor 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) 
 
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) 
 
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.1%. 
N/R 
 
Not rated. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
 
 
See accompanying notes to financial statements.
 
48      Nuveen Investments

 
 

 
           
   
Nuveen Ohio Dividend Advantage Municipal Fund 
   
NXI 
 
Portfolio of Investments 
   
     
February 28, 2011 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 5.5% (3.7% of Total Investments) 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
$ 2,050 
 
5.875%, 6/01/30 
6/17 at 100.00 
Baa3 
$ 1,479,629 
2,755 
 
5.875%, 6/01/47 
6/17 at 100.00 
Baa3 
1,835,216 
45 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
41,004 
   
Series 2002, 5.375%, 5/15/33 
     
4,850 
 
Total Consumer Staples 
   
3,355,849 
   
Education and Civic Organizations – 12.7% (8.5% of Total Investments) 
     
700 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
654,444 
   
2006, 5.000%, 7/01/41 
     
2,650 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Ohio Northern University, Series 
5/12 at 100.00 
A3 
2,667,463 
   
2002, 5.000%, 5/01/22 
     
500 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/15 at 100.00 
Baa2 
455,360 
   
2005, 5.000%, 12/01/24 
     
1,000 
 
Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, 
11/18 at 100.00 
A– 
1,051,790 
   
Xavier University 2008C, 5.750%, 5/01/28 
     
950 
 
Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 
12/18 at 100.00 
A3 
982,319 
   
2008A, 5.500%, 12/01/28 
     
1,760 
 
Ohio University at Athens, Subordinate Lien General Receipts Bonds, Series 2004, 5.000%, 
6/14 at 100.00 
Aa3 
1,871,461 
   
12/01/20 – NPFG Insured 
     
7,560 
 
Total Education and Civic Organizations 
   
7,682,837 
   
Energy – 1.6% (1.1% of Total Investments) 
     
1,000 
 
Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds, Hovensa Coker 
1/13 at 100.00 
Baa3 
977,860 
   
Project, Senior Lien Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax) 
     
   
Health Care – 24.6% (16.5% of Total Investments) 
     
65 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue 
11/14 at 100.00 
Baa1 
58,341 
   
Bonds, Summa Health System, Series 2004A, 5.500%, 11/15/34 – RAAI Insured 
     
1,000 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 
11/20 at 100.00 
BBB+ 
842,770 
   
5.500%, 11/01/40 
     
1,385 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
N/R 
1,285,086 
   
Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured 
     
1,100 
 
Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland Clinic Health System, Series 2003A, 
7/13 at 100.00 
Aa2 
1,108,448 
   
6.000%, 1/01/32 
     
300 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
11/19 at 100.00 
Aa2 
284,451 
   
Improvement Series 2009, 5.250%, 11/01/40 
     
600 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 
11/18 at 100.00 
Aa2 
547,344 
   
2005, 5.000%, 11/01/40 
     
500 
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare 
10/12 at 100.00 
AA– 
484,955 
   
Partners, Refunding Series 2002, 5.375%, 10/01/30 
     
   
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999: 
     
2,200 
 
5.375%, 11/15/29 – AMBAC Insured 
5/11 at 100.50 
AA– 
2,115,740 
660 
 
5.375%, 11/15/39 – AMBAC Insured 
11/11 at 100.00 
AA– 
617,450 
290 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
291,789 
   
2011A, 6.000%, 11/15/41 
     
330 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A– 
335,841 
   
Inc., Series 2006, 5.250%, 5/15/21 
     
 
 
Nuveen Investments 49
 

 
 

 
           
                Nuveen Ohio Dividend Advantage Municipal Fund (continued) 
     
NXI         Portfolio of Investments February 28, 2011 
     
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
$ 1,000 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
$ 973,470 
   
5.000%, 5/01/30 
     
375 
 
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A, 6.250%, 11/15/39 
11/14 at 100.00 
Aa3 
385,305 
   
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
     
   
Health System Obligated Group, Series 2008A: 
     
1,050 
 
5.000%, 1/01/25 
1/18 at 100.00 
Aa2 
1,065,729 
90 
 
5.250%, 1/01/33 
1/18 at 100.00 
Aa2 
87,487 
   
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
     
   
System Project, Series 2010: 
     
1,100 
 
5.750%, 11/15/40 – AGM Insured 
5/20 at 100.00 
AA+ 
1,046,782 
80 
 
5.250%, 11/15/40 – AGM Insured 
5/20 at 100.00 
AA+ 
74,413 
250 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
A 
257,080 
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 
     
200 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
Aa2 
200,488 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
   
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
     
   
Obligated Group, Tender Option Bond Trust 3551: 
     
250 
 
19.708%, 1/01/17 (IF) 
No Opt. Call 
Aa2 
239,540 
1,350 
 
64.415%, 1/01/33 (IF) 
1/19 at 100.00 
Aa2 
1,363,176 
65 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
Aa2 
65,634 
   
Obligated Group, Tender Option Bond Trust 3591, 64.573%, 1/01/17 (IF) 
     
335 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/12 at 100.00 
A– 
338,280 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 
     
500 
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 
11/16 at 100.00 
A– 
451,725 
   
5.250%, 11/15/36 
     
375 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
A 
370,088 
   
5.750%, 12/01/35 
     
15,450 
 
Total Health Care 
   
14,891,412 
   
Housing/Multifamily – 7.2% (4.8% of Total Investments) 
     
350 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court 
10/18 at 101.00 
Aa1 
344,810 
   
Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) 
     
2,885 
 
Ohio Housing Finance Agency, FHA-Insured Mortgage Revenue Bonds, Asbury Woods Project, Series 
4/11 at 102.00 
Aa2 
2,907,153 
   
2001A, 5.450%, 4/01/26 
     
300 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AAA 
268,278 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
915 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AAA 
821,057 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
4,450 
 
Total Housing/Multifamily 
   
4,341,298 
   
Housing/Single Family – 0.5% (0.3% of Total Investments) 
     
305 
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 
9/15 at 100.00 
Aaa 
288,176 
   
9/01/31 (Alternative Minimum Tax) 
     
   
Industrials – 6.9% (4.6% of Total Investments) 
     
1,500 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland 
5/12 at 102.00 
BBB– 
1,403,130 
   
Christian Home Project, Series 2002C, 5.950%, 5/15/22 
     
320 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund 
11/15 at 100.00 
BBB– 
279,213 
   
Program – Columbia National Group Project, Series 2005D, 5.000%, 5/15/20 (Alternative 
     
   
Minimum Tax) 
     
880 
 
Ohio State Water Development Authority, Solid Waste Revenue Bonds, Allied Waste Industries, 
7/12 at 100.00 
BBB 
900,830 
   
Inc., Series 2007A, 5.150%, 7/15/15 (Alternative Minimum Tax) 
     
1,300 
 
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., 
No Opt. Call 
Baa3 
1,464,944 
   
Series 1992, 6.450%, 12/15/21 
     
700 
 
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., 
7/17 at 102.00 
N/R 
127,750 
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (4), (5) 
     
4,700 
 
Total Industrials 
   
4,175,867 
 
 
50 Nuveen Investments
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Long-Term Care – 1.1% (0.7% of Total Investments) 
     
$ 215 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
$ 207,282 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
     
470 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
436,682 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
685 
 
Total Long-Term Care 
   
643,964 
   
Tax Obligation/General – 24.3% (16.3% of Total Investments) 
     
125 
 
Barberton City School District, Summit County, Ohio, General Obligation Bonds, School 
6/18 at 100.00 
AA 
127,980 
   
Improvement Series 2008, 5.250%, 12/01/31 
     
1,500 
 
Centerville City School District, Montgomery County, Ohio, General Obligation Bonds, Series 
6/15 at 100.00 
Aa1 
1,523,730 
   
2005, 5.000%, 12/01/30 – AGM Insured 
     
   
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006: 
     
400 
 
0.000%, 12/01/27 – AGM Insured 
No Opt. Call 
AAA 
167,564 
1,735 
 
0.000%, 12/01/28 – AGM Insured 
No Opt. Call 
AAA 
676,338 
400 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
AA+ 
428,244 
1,355 
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/27 
12/17 at 100.00 
AAA 
1,435,704 
470 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 
12/15 at 100.00 
AA 
481,101 
2,550 
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 – 
6/17 at 100.00 
AA+ 
2,492,599 
   
AGM Insured 
     
2,000 
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities 
6/17 at 100.00 
Aa3 
1,950,960 
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured 
     
430 
 
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 
12/17 at 100.00 
Aa2 
434,266 
   
5.000%, 12/01/30 – FGIC Insured 
     
400 
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 
10/18 at 100.00 
Aa2 
393,004 
1,005 
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 
12/15 at 100.00 
AA+ 
1,031,693 
   
2006, 5.000%, 12/01/25 – AGM Insured 
     
200 
 
Mason City School District, Counties of Warren and Butler, Ohio, General Obligation Bonds, 
6/17 at 100.00 
Aaa 
204,786 
   
Series 2007, 5.000%, 12/01/31 
     
50 
 
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 
12/18 at 100.00 
Aa3 
48,722 
   
5.250%, 12/01/36 
     
750 
 
Northmor Local School District, Morrow County, Ohio, General Obligation School Facilities 
11/18 at 100.00 
Aa2 
734,543 
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36 
     
50 
 
Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995, 
6/17 at 100.00 
AA+ 
50,274 
   
5.250%, 12/01/36 – AGC Insured 
     
2,415 
 
Troy City School District, Miami County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 
12/14 at 100.00 
Aa2 
2,470,834 
   
12/01/28 – AGM Insured 
     
50 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
49,852 
   
School Improvment Series 2009, 5.125%, 12/01/37 
     
15,885 
 
Total Tax Obligation/General 
   
14,702,194 
   
Tax Obligation/Limited – 23.4% (15.7% of Total Investments) 
     
125 
 
Cincinnati City School District, Ohio, Certificates of Participation, Series 2006, 5.000%, 
12/16 at 100.00 
AA+ 
125,396 
   
12/15/32 – AGM Insured 
     
1,165 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Lease Revenue Bonds, Euclid Avenue Housing 
8/15 at 100.00 
N/R 
1,019,328 
   
Corporation – Fenn Tower Project, Series 2005, 5.000%, 8/01/23 – AMBAC Insured 
     
2,000 
 
Cuyhoga County, Ohio, Economic Development Revenue Bonds, Federally Taxable Recovery Zone 
12/20 at 100.00 
AA 
2,040,100 
   
Facility Medical Mart- Convention Center Project, Series 2010G, 5.000%, 12/01/27 
     
50 
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, 
12/19 at 100.00 
Aa2 
49,042 
   
Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34 
     
2,000 
 
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue 
12/15 at 100.00 
Aaa 
2,050,440 
   
Anticipation Bonds, Series 2005, 5.000%, 12/01/27 – AMBAC Insured 
     
 
 
Nuveen Investments 51
 

 
 

 
           
                Nuveen Ohio Dividend Advantage Municipal Fund (continued) 
     
NXI            Portfolio of Investments February 28, 2011 
     
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/Limited (continued) 
     
$ 1,415 
 
Hamilton County Convention Facilities Authority, Ohio, First Lien Revenue Bonds, Series 2004, 
6/14 at 100.00 
A+ 
$ 1,458,964 
   
5.000%, 12/01/21 – FGIC Insured 
     
2,000 
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 5.000%, 12/01/32 – 
12/16 at 100.00 
A1 
1,927,900 
   
AMBAC Insured 
     
500 
 
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 
4/12 at 100.00 
A1 
511,885 
   
2001B, 5.500%, 10/01/15 – AMBAC Insured 
     
345 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/15 at 100.00 
AA+ 
355,236 
   
Series 2005A, 5.000%, 4/01/25 – AGM Insured 
     
1,000 
 
Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund 
4/15 at 100.00 
AA+ 
1,032,790 
   
Project, Series 2005A, 5.000%, 4/01/23 – AGM Insured 
     
5,220 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
1,140,413 
   
2009A, 0.000%, 8/01/34 
     
5,250 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2010A, 
No Opt. Call 
A+ 
1,062,233 
   
0.000%, 8/01/35 
     
1,400 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 
4/11 at 101.00 
BBB+ 
1,416,366 
   
6.375%, 10/01/19 
     
22,470 
 
Total Tax Obligation/Limited 
   
14,190,093 
   
Transportation – 0.7% (0.5% of Total Investments) 
     
425 
 
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2003C, 5.250%, 
12/13 at 100.00 
A– 
413,415 
   
12/01/23 – RAAI Insured (Alternative Minimum Tax) 
     
   
U.S. Guaranteed – 24.6% (16.5% of Total Investments) (6) 
     
1,000 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AA+ (6) 
1,157,580 
   
5.500%, 12/01/15 (Pre-refunded 12/01/14) – AGM Insured 
     
1,000 
 
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AA+ (6) 
1,155,600 
   
5.250%, 12/01/16 (Pre-refunded 12/01/14) – AGM Insured 
     
2,000 
 
Lakota Local School District, Butler County, Ohio, Unlimited Tax General Obligation School 
6/11 at 100.00 
Aaa 
2,024,880 
   
Improvement and Refunding Bonds, Series 2001, 5.125%, 12/01/26 (Pre-refunded 6/01/11) – 
     
   
FGIC Insured 
     
1,000 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Series 2004, 
12/13 at 100.00 
N/R (6) 
1,108,020 
   
5.000%, 12/01/25 (Pre-refunded 12/01/13) – FGIC Insured 
     
2,000 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University, Series 2001, 
11/11 at 101.00 
AA (6) 
2,084,460 
   
5.200%, 11/01/26 (Pre-refunded 11/01/11) 
     
325 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
377,562 
   
Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured 
     
1,900 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/14 at 100.00 
AA+ (6) 
2,154,733 
   
Bonds, Series 2004A, 5.250%, 12/01/23 (Pre-refunded 6/01/14) – FGIC Insured 
     
2,735 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2002F, 5.375%, 6/01/19 
6/12 at 100.00 
A+ (6) 
2,902,655 
   
(Pre-refunded 6/01/12) 
     
1,485 
 
West Chester Township, Butler County, Ohio, Various Purpose Limited Tax General Obligation 
11/11 at 101.00 
Aaa 
1,551,617 
   
Refunding Bonds, Series 2001, 5.500%, 12/01/17 (Pre-refunded 11/01/11) – AMBAC Insured 
     
400 
 
Westerville City School District, Franklin and Delaware Counties, Ohio, Various Purpose 
6/11 at 100.00 
AA– (6) 
404,824 
   
General Obligation Bonds, Series 2001, 5.000%, 12/01/27 (Pre-refunded 6/01/11) – NPFG Insured 
     
13,845 
 
Total U.S. Guaranteed 
   
14,921,931 
 
 
52 Nuveen Investments
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Utilities – 10.2% (6.9% of Total Investments) 
     
   
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
     
   
Series 2008A: 
     
$ 50 
 
5.000%, 2/15/38 – AGC Insured 
2/18 at 100.00 
AA+ 
$ 48,207 
1,000 
 
5.250%, 2/15/43 
2/18 at 100.00 
A1 
959,640 
1,440 
 
American Municipal Power Ohio Inc., Wadsworth, Electric System Improvement Revenue Bonds, 
2/12 at 100.00 
A2 
1,473,437 
   
Series 2002, 5.250%, 2/15/17 – NPFG Insured 
     
2,130 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2, 0.000%, 11/15/32 – 
No Opt. Call 
A– 
581,895 
   
NPFG Insured 
     
2,150 
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio Power Company Project, 
5/11 at 100.00 
Baa1 
2,084,898 
   
Series 1999C, 5.150%, 5/01/26 – AMBAC Insured 
     
1,000 
 
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville 
2/14 at 100.00 
A1 
1,036,190 
   
Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/21 – AMBAC Insured 
     
7,770 
 
Total Utilities 
   
6,184,267 
   
Water and Sewer – 5.9% (3.9% of Total Investments) 
     
175 
 
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 – 
12/17 at 100.00 
A1 
169,131 
   
AMBAC Insured 
     
2,375 
 
Ohio Water Development Authority, Revenue Bonds, Water Development Community Assistance 
12/13 at 100.00 
Aa1 
2,449,076 
   
Program, Series 2003, 5.000%, 12/01/23 – NPFG Insured 
     
1,000 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
929,530 
   
6.000%, 7/01/44 
     
3,550 
 
Total Water and Sewer 
   
3,547,737 
$ 102,945 
 
Total Investments (cost $90,453,712) – 149.2% 
   
90,316,900 
   
MuniFund Term Preferred Shares, at Liquidation Value – (32.1)% (7) 
   
(19,450,000) 
   
Other Assets Less Liabilities – 3.5% 
   
2,183,062 
   
Auction Rate Preferred Shares, at Liquidation Value – (20.6)% (7) 
   
(12,500,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 60,549,962 
 
     
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), 
   
Moody’s Investor 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) 
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Policies, Investment Valuation for more information. 
(5) 
 
The Fund’s Adviser has concluded this 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. Such investments are normally considered to be equivalent to AAA rated securities. 
(7) 
 
MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 21.5% and 13.8%, 
   
respectively. 
N/R 
 
Not rated. 
(IF) 
 
Inverse floating rate investment. 
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 53
 

 
 

 
           
   
Nuveen Ohio Dividend Advantage Municipal Fund 2 
   
NBJ 
 
Portfolio of Investments 
   
     
February 28, 2011 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 4.0% (2.7% of Total Investments) 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
$ 990 
 
5.875%, 6/01/30 
6/17 at 100.00 
Baa3 
$ 714,552 
1,510 
 
5.875%, 6/01/47 
6/17 at 100.00 
Baa3 
1,005,871 
45 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
41,004 
   
Series 2002, 5.375%, 5/15/33 
     
2,545 
 
Total Consumer Staples 
   
1,761,427 
   
Education and Civic Organizations – 11.9% (8.1% of Total Investments) 
     
1,345 
 
Bowling Green State University, Ohio, General Receipts Bonds, Series 2003, 5.250%, 6/01/18 – 
6/13 at 100.00 
A+ 
1,432,546 
   
AMBAC Insured 
     
450 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
420,714 
   
2006, 5.000%, 7/01/41 
     
1,050 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/11 at 100.00 
Baa2 
1,063,860 
   
2001, 5.500%, 12/01/15 
     
1,000 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2003C, 5.000%, 6/01/22 – 
6/13 at 100.00 
A+ 
1,012,800 
   
FGIC Insured 
     
1,245 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D, 5.000%, 6/01/19 – 
6/14 at 100.00 
A+ 
1,322,252 
   
AMBAC Insured 
     
5,090 
 
Total Education and Civic Organizations 
   
5,252,172 
   
Energy – 1.1% (0.8% of Total Investments) 
     
500 
 
Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds, Hovensa Coker 
1/13 at 100.00 
Baa3 
488,930 
   
Project, Senior Lien Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax) 
     
   
Health Care – 22.9% (15.6% of Total Investments) 
     
750 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 
11/20 at 100.00 
BBB+ 
632,078 
   
5.500%, 11/01/40 
     
1,090 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
N/R 
1,011,367 
   
Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured 
     
300 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
11/19 at 100.00 
Aa2 
284,451 
   
Improvement Series 2009, 5.250%, 11/01/40 
     
250 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 
11/18 at 100.00 
Aa2 
228,060 
   
2005, 5.000%, 11/01/40 
     
200 
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare 
10/12 at 100.00 
AA– 
193,982 
   
Partners, Refunding Series 2002, 5.375%, 10/01/30 
     
1,850 
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare 
10/11 at 101.00 
AA– 
1,890,978 
   
Partners, Series 2001A, 5.400%, 10/01/21 
     
965 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 
5/11 at 100.50 
AA– 
928,041 
   
5.375%, 11/15/29 – AMBAC Insured 
     
460 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
462,838 
   
2011A, 6.000%, 11/15/41 
     
225 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A– 
228,983 
   
Inc., Series 2006, 5.250%, 5/15/21 
     
700 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
681,429 
   
5.000%, 5/01/30 
     
90 
 
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A, 6.250%, 11/15/39 
11/14 at 100.00 
Aa3 
92,473 
35 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
1/18 at 100.00 
Aa2 
35,524 
   
Health System Obligated Group, Series 2008A, 5.000%, 1/01/25 
     
 
 
54 Nuveen Investments
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
   
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
     
   
System Project, Series 2010: 
     
$ 400 
 
5.750%, 11/15/40 – AGM Insured 
5/20 at 100.00 
AA+ 
$ 380,648 
40 
 
5.250%, 11/15/40 – AGM Insured 
5/20 at 100.00 
AA+ 
37,206 
100 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
A 
102,832 
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 
     
200 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
Aa2 
200,488 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
   
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
     
   
Obligated Group, Tender Option Bond Trust 3551: 
     
125 
 
19.708%, 1/01/17 (IF) 
No Opt. Call 
Aa2 
119,770 
1,000 
 
64.415%, 1/01/33 (IF) 
1/19 at 100.00 
Aa2 
1,009,760 
375 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
No Opt. Call 
Aa2 
378,660 
   
Obligated Group, Tender Option Bond Trust 3591, 64.573%, 1/01/17 (IF) 
     
665 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/12 at 100.00 
A– 
671,510 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 
     
350 
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 
11/16 at 100.00 
A– 
316,208 
   
5.250%, 11/15/36 
     
190 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
A 
187,511 
   
5.750%, 12/01/35 
     
10,360 
 
Total Health Care 
   
10,074,797 
   
Housing/Multifamily – 4.8% (3.2% of Total Investments) 
     
1,000 
 
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler 
5/12 at 102.00 
Aaa 
1,025,100 
   
Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax) 
     
250 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court 
10/18 at 101.00 
Aa1 
246,293 
   
Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) 
     
225 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AAA 
201,209 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
690 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AAA 
619,158 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
2,165 
 
Total Housing/Multifamily 
   
2,091,760 
   
Housing/Single Family – 1.3% (0.9% of Total Investments) 
     
610 
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 
9/15 at 100.00 
Aaa 
576,352 
   
9/01/31 (Alternative Minimum Tax) 
     
   
Industrials – 10.8% (7.3% of Total Investments) 
     
3,000 
 
Ohio State Sewage and Solid Waste Disposal Facilities, Revenue Bonds, Anheuser-Busch Project, 
11/11 at 100.00 
BBB+ 
2,852,250 
   
Series 2001, 5.500%, 11/01/35 (Alternative Minimum Tax) 
     
640 
 
Ohio State Water Development Authority, Solid Waste Revenue Bonds, Allied Waste Industries, 
7/12 at 100.00 
BBB 
655,149 
   
Inc., Series 2007A, 5.150%, 7/15/15 (Alternative Minimum Tax) 
     
1,000 
 
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., 
No Opt. Call 
Baa3 
1,126,880 
   
Series 1992, 6.450%, 12/15/21 
     
500 
 
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., 
7/17 at 102.00 
N/R 
91,250 
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (4), (5) 
     
5,140 
 
Total Industrials 
   
4,725,529 
 
 
Nuveen Investments 55
 

 
 

 
           
                Nuveen Ohio Dividend Advantage Municipal Fund 2 (continued) 
     
NBJ       Portfolio of Investments February 28, 2011 
     
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Long-Term Care – 0.9% (0.6% of Total Investments) 
     
$ 95 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
$ 91,590 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
     
340 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
315,897 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
435 
 
Total Long-Term Care 
   
407,487 
   
Tax Obligation/General – 34.5% (23.5% of Total Investments) 
     
1,700 
 
Butler County, Hamilton, Ohio, Limited Tax General Obligation Bonds, One Renaissance Center 
11/11 at 101.00 
Aa3 
1,703,944 
   
Acquisition, Series 2001, 5.000%, 11/01/26 – AMBAC Insured 
     
   
Cleveland Municipal School District, Cuyahoga County, Ohio, General Obligation Bonds, 
     
   
Series 2004: 
     
1,000 
 
5.000%, 12/01/15 – AGM Insured 
6/14 at 100.00 
AA+ 
1,095,510 
1,000 
 
5.000%, 12/01/22 – AGM Insured 
6/14 at 100.00 
AA+ 
1,036,890 
   
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006: 
     
300 
 
0.000%, 12/01/27 – AGM Insured 
No Opt. Call 
AAA 
125,673 
100 
 
0.000%, 12/01/28 – AGM Insured 
No Opt. Call 
AAA 
38,982 
400 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
AA+ 
428,244 
1,000 
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/27 
12/17 at 100.00 
AAA 
1,059,560 
400 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 
12/15 at 100.00 
AA 
409,448 
1,905 
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 – 
6/17 at 100.00 
AA+ 
1,862,118 
   
AGM Insured 
     
1,000 
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities 
6/17 at 100.00 
Aa3 
975,480 
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured 
     
345 
 
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 
12/17 at 100.00 
Aa2 
348,422 
   
5.000%, 12/01/30 – FGIC Insured 
     
400 
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 
10/18 at 100.00 
Aa2 
393,004 
1,005 
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 
12/15 at 100.00 
AA+ 
1,031,693 
   
2006, 5.000%, 12/01/25 – AGM Insured 
     
200 
 
Mason City School District, Counties of Warren and Butler, Ohio, General Obligation Bonds, 
6/17 at 100.00 
Aaa 
204,786 
   
Series 2007, 5.000%, 12/01/31 
     
50 
 
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 
12/18 at 100.00 
Aa3 
48,722 
   
5.250%, 12/01/36 
     
2,665 
 
Newark City School District, Licking County, Ohio, General Obligation Bonds, Series 2005, 
12/15 at 100.00 
A1 
2,687,226 
   
5.000%, 12/01/28 – FGIC Insured 
     
400 
 
Northmor Local School District, Morrow County, Ohio, General Obligation School Facilities 
11/18 at 100.00 
Aa2 
391,756 
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36 
     
1,000 
 
Powell, Ohio, General Obligation Bonds, Series 2002, 5.500%, 12/01/25 – FGIC Insured 
12/12 at 100.00 
AA+ 
1,048,530 
50 
 
Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995, 
6/17 at 100.00 
AA+ 
50,274 
   
5.250%, 12/01/36 – AGC Insured 
     
200 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
199,406 
   
School Improvment Series 2009, 5.125%, 12/01/37 
     
15,120 
 
Total Tax Obligation/General 
   
15,139,668 
 
 
56 Nuveen Investments
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/Limited – 16.1% (11.0% of Total Investments) 
     
$ 500 
 
Cuyhoga County, Ohio, Economic Development Revenue Bonds, Federally Taxable Recovery Zone 
12/20 at 100.00 
AA 
$ 510,025 
   
Facility Medical Mart- Convention Center Project, Series 2010G, 5.000%, 12/01/27 
     
175 
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, 
12/19 at 100.00 
Aa2 
171,647 
   
Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34 
     
1,400 
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 5.000%, 12/01/32 – 
12/16 at 100.00 
A1 
1,349,530 
   
AMBAC Insured 
     
250 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/15 at 100.00 
AA+ 
257,418 
   
Series 2005A, 5.000%, 4/01/25 – AGM Insured 
     
1,000 
 
Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund 
4/15 at 100.00 
AA+ 
1,032,790 
   
Project, Series 2005A, 5.000%, 4/01/23 – AGM Insured 
     
1,095 
 
Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital Facilities, Series 
12/13 at 100.00 
AA 
1,160,985 
   
2004A-II, 5.000%, 12/01/18 
     
4,065 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
888,081 
   
2009A, 0.000%, 8/01/34 
     
3,940 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2010A, 
No Opt. Call 
A+ 
797,180 
   
0.000%, 8/01/35 
     
1,000 
 
Summit County Port Authority, Ohio, Revenue Bonds, Civic Theatre Project, Series 2001, 5.500%, 
12/11 at 100.00 
N/R 
903,100 
   
12/01/26 – AMBAC Insured 
     
13,425 
 
Total Tax Obligation/Limited 
   
7,070,756 
   
U.S. Guaranteed – 28.4% (19.3% of Total Investments) (6) 
     
605 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AA+ (6) 
700,336 
   
5.500%, 12/01/15 (Pre-refunded 12/01/14) – AGM Insured 
     
1,000 
 
Greater Cleveland Regional Transit Authority, Ohio, General Obligation Capital Improvement 
12/11 at 100.00 
Aa2 (6) 
1,036,300 
   
Bonds, Series 2001A, 5.125%, 12/01/21 (Pre-refunded 12/01/11) – NPFG Insured 
     
1,500 
 
Lebanon City School District, Warren County, Ohio, General Obligation Bonds, Series 2001, 
12/11 at 100.00 
AA+ (6) 
1,558,695 
   
5.500%, 12/01/21 (Pre-refunded 12/01/11) – AGM Insured 
     
2,420 
 
Lorain County, Ohio, Limited Tax General Obligation Justice Center Bonds, Series 2002, 5.500%, 
12/12 at 100.00 
Aa2 (6) 
2,625,337 
   
12/01/22 (Pre-refunded 12/01/12) – FGIC Insured 
     
1,000 
 
Marysville Exempted Village School District, Ohio, Certificates of Participation, School 
6/15 at 100.00 
N/R (6) 
1,159,040 
   
Facilities Project, Series 2005, 5.250%, 12/01/21 (Pre-refunded 6/01/15) – NPFG Insured 
     
210 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
243,963 
   
Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured 
     
125 
 
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2001A, 
12/11 at 100.00 
Aaa 
129,419 
   
5.000%, 12/01/21 (Pre-refunded 12/01/11) – AGM Insured 
     
1,050 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/14 at 100.00 
AA+ (6) 
1,199,163 
   
Bonds, Series 2004A, 5.500%, 12/01/15 (Pre-refunded 6/01/14) – FGIC Insured 
     
3,670 
 
Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, Union Hospital Project, Series 
10/11 at 101.00 
N/R (6) 
3,812,504 
   
2001, 5.750%, 10/01/26 (Pre-refunded 10/01/11) – RAAI Insured 
     
11,580 
 
Total U.S. Guaranteed 
   
12,464,757 
   
Utilities – 9.8% (6.7% of Total Investments) 
     
1,000 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/18 at 100.00 
A1 
959,640 
   
Series 2008A, 5.250%, 2/15/43 
     
1,065 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2, 0.000%, 11/15/32 – 
No Opt. Call 
A– 
290,947 
   
NPFG Insured 
     
 
 
Nuveen Investments 57
 

 
 

 
   
 
Nuveen Ohio Dividend Advantage Municipal Fund 2 (continued) 
NBJ 
Portfolio of Investments February 28, 2011 
 
         
Principal 
 
Optional Call 
   
Amount (000) 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
Utilities (continued) 
     
$ 2,500 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio Power Company Project, 
5/11 at 100.00 
Baa1 
$ 2,424,300 
 
Series 1999C, 5.150%, 5/01/26 – AMBAC Insured 
     
595 
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville 
2/14 at 100.00 
A1 
619,877 
 
Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/20 – AMBAC Insured 
     
5,160 
Total Utilities 
   
4,294,764 
 
Water and Sewer – 0.4% (0.3% of Total Investments) 
     
130 
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 – 
12/17 at 100.00 
A1 
125,640 
 
AMBAC Insured 
     
45 
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2001A, 
12/11 at 100.00 
AAA 
46,313 
 
5.000%, 12/01/21 – AGM Insured 
     
175 
Total Water and Sewer 
   
171,953 
$ 72,305 
Total Investments (cost $64,640,052) – 146.9% 
   
64,520,352 
 
Other Assets Less Liabilities – 2.3% 
   
988,856 
 
Auction Rate Preferred Shares, at Liquidation Value – (49.2)% (7) 
   
(21,600,000) 
 
Net Assets Applicable to Common Shares – 100% 
   
$ 43,909,208 
 
     
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), 
   
Moody’s Investor 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) 
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Policies, Investment Valuation for more information. 
(5) 
 
The Fund’s Adviser has concluded this 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. Such investments are normally considered to be equivalent to AAA rated securities. 
(7) 
 
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.5%. 
N/R 
 
Not rated. 
(IF) 
 
Inverse floating rate investment. 
 
 
See accompanying notes to financial statements.
 
58      Nuveen Investments

 
 

 
           
   
Nuveen Ohio Dividend Advantage Municipal Fund 3 
   
NVJ 
 
Portfolio of Investments 
   
     
February 28, 2011 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 6.4% (4.3% of Total Investments) 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
$ 1,280 
 
5.875%, 6/01/30 
6/17 at 100.00 
Baa3 
$ 923,866 
1,565 
 
5.875%, 6/01/47 
6/17 at 100.00 
Baa3 
1,042,509 
20 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
18,224 
   
Series 2002, 5.375%, 5/15/33 
     
2,865 
 
Total Consumer Staples 
   
1,984,599 
   
Education and Civic Organizations – 6.3% (4.3% of Total Investments) 
     
350 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
327,222 
   
2006, 5.000%, 7/01/41 
     
1,125 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Ohio Northern University, Series 
5/12 at 100.00 
A3 
1,159,481 
   
2002, 5.750%, 5/01/16 
     
500 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/15 at 100.00 
Baa2 
455,360 
   
2005, 5.000%, 12/01/24 
     
1,975 
 
Total Education and Civic Organizations 
   
1,942,063 
   
Energy – 0.8% (0.5% of Total Investments) 
     
250 
 
Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds, Hovensa Coker 
1/13 at 100.00 
Baa3 
244,465 
   
Project, Senior Lien Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax) 
     
   
Health Care – 28.9% (19.5% of Total Investments) 
     
750 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 
11/20 at 100.00 
BBB+ 
632,078 
   
5.500%, 11/01/40 
     
695 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
N/R 
644,863 
   
Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured 
     
600 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
11/19 at 100.00 
Aa2 
568,902 
   
Improvement Series 2009, 5.250%, 11/01/40 
     
420 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 
11/18 at 100.00 
Aa2 
383,141 
   
2005, 5.000%, 11/01/40 
     
300 
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare 
10/12 at 100.00 
AA– 
290,973 
   
Partners, Refunding Series 2002, 5.375%, 10/01/30 
     
500 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 
5/11 at 100.50 
AA– 
480,850 
   
5.375%, 11/15/29 – AMBAC Insured 
     
550 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
553,394 
   
2011A, 6.000%, 11/15/41 
     
160 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A– 
162,832 
   
Inc., Series 2006, 5.250%, 5/15/21 
     
500 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
486,735 
   
5.000%, 5/01/30 
     
105 
 
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A, 6.250%, 11/15/39 
11/14 at 100.00 
Aa3 
107,885 
   
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
     
   
Health System Obligated Group, Series 2008A: 
     
600 
 
5.000%, 1/01/25 
1/18 at 100.00 
Aa2 
608,988 
100 
 
5.250%, 1/01/33 
1/18 at 100.00 
Aa2 
97,208 
200 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
5/20 at 100.00 
AA+ 
186,032 
   
System Project, Series 2010, 5.250%, 11/15/40 – AGM Insured 
     
2,000 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
A 
2,056,639 
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 
     
100 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
Aa2 
100,244 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
 
 
Nuveen Investments 59
 

 
 

 
 
           
                Nuveen Ohio Dividend Advantage Municipal Fund 3 (continued) 
     
NVJ          Portfolio of Investments February 28, 2011 
     
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
   
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
     
   
Obligated Group, Tender Option Bond Trust 3551: 
     
$ 125 
 
19.708%, 1/01/17 (IF) 
No Opt. Call 
Aa2 
$ 119,770 
675 
 
64.415%, 1/01/33 (IF) 
1/19 at 100.00 
Aa2 
681,588 
100 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
No Opt. Call 
Aa2 
100,976 
   
Obligated Group, Tender Option Bond Trust 3591, 64.573%, 1/01/17 (IF) 
     
335 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/12 at 100.00 
A– 
338,280 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 
     
250 
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 
11/16 at 100.00 
A– 
225,863 
   
5.250%, 11/15/36 
     
110 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
A 
108,559 
   
5.750%, 12/01/35 
     
9,175 
 
Total Health Care 
   
8,935,800 
   
Housing/Multifamily – 3.1% (2.1% of Total Investments) 
     
200 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court 
10/18 at 101.00 
Aa1 
197,034 
   
Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) 
     
175 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AAA 
156,496 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
685 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AAA 
614,671 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
1,060 
 
Total Housing/Multifamily 
   
968,201 
   
Housing/Single Family – 0.9% (0.6% of Total Investments) 
     
305 
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 
9/15 at 100.00 
Aaa 
288,176 
   
9/01/31 (Alternative Minimum Tax) 
     
   
Industrials – 7.1% (4.8% of Total Investments) 
     
555 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland 
5/12 at 102.00 
BBB– 
519,158 
   
Christian Home Project, Series 2002C, 5.950%, 5/15/22 
     
480 
 
Ohio State Water Development Authority, Solid Waste Revenue Bonds, Allied Waste Industries, 
7/12 at 100.00 
BBB 
491,362 
   
Inc., Series 2007A, 5.150%, 7/15/15 (Alternative Minimum Tax) 
     
1,000 
 
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., 
No Opt. Call 
Baa3 
1,126,880 
   
Series 1992, 6.450%, 12/15/21 
     
400 
 
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., 
7/17 at 102.00 
N/R 
73,000 
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (4), (5) 
     
2,435 
 
Total Industrials 
   
2,210,400 
   
Long-Term Care – 1.0% (0.7% of Total Investments) 
     
95 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
91,590 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
     
245 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
227,632 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
340 
 
Total Long-Term Care 
   
319,222 
   
Tax Obligation/General – 33.5% (22.6% of Total Investments) 
     
   
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006: 
     
1,815 
 
0.000%, 12/01/27 – AGM Insured 
No Opt. Call 
AAA 
760,322 
1,000 
 
0.000%, 12/01/28 – AGM Insured 
No Opt. Call 
AAA 
389,820 
300 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
AA+ 
321,183 
1,000 
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/27 
12/17 at 100.00 
AAA 
1,059,560 
250 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 
12/15 at 100.00 
AA 
255,905 
1,275 
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 – 
6/17 at 100.00 
AA+ 
1,246,300 
   
AGM Insured 
     
1,000 
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities 
6/17 at 100.00 
Aa3 
975,480 
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured 
     
 
 
60 Nuveen Investments
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 1,000 
 
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2003, 
6/13 at 100.00 
Aa2 
$ 1,055,320 
   
5.000%, 12/01/22 – NPFG Insured 
     
210 
 
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 
12/17 at 100.00 
Aa2 
218,354 
   
5.000%, 12/01/25 – FGIC Insured 
     
1,270 
 
Lorain, Ohio, General Obligation Bonds, Series 2002, 5.125%, 12/01/26 – AMBAC Insured 
12/12 at 100.00 
A3 
1,237,742 
235 
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 
10/18 at 100.00 
Aa2 
230,890 
500 
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 
12/15 at 100.00 
AA+ 
513,280 
   
2006, 5.000%, 12/01/25 – AGM Insured 
     
100 
 
Mason City School District, Counties of Warren and Butler, Ohio, General Obligation Bonds, 
6/17 at 100.00 
Aaa 
102,393 
   
Series 2007, 5.000%, 12/01/31 
     
50 
 
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 
12/18 at 100.00 
Aa3 
48,722 
   
5.250%, 12/01/36 
     
150 
 
Northmor Local School District, Morrow County, Ohio, General Obligation School Facilities 
11/18 at 100.00 
Aa2 
146,909 
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36 
     
1,130 
 
Solon, Ohio, General Obligation Refunding and Improvement Bonds, Series 2002, 5.000%, 12/01/18 
12/12 at 100.00 
AAA 
1,198,003 
500 
 
Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995, 
6/17 at 100.00 
AA+ 
502,735 
   
5.250%, 12/01/36 – AGC Insured 
     
100 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
99,703 
   
School Improvment Series 2009, 5.125%, 12/01/37 
     
11,885 
 
Total Tax Obligation/General 
   
10,362,621 
   
Tax Obligation/Limited – 10.6% (7.2% of Total Investments) 
     
250 
 
Cuyhoga County, Ohio, Economic Development Revenue Bonds, Federally Taxable Recovery Zone 
12/20 at 100.00 
AA 
255,013 
   
Facility Medical Mart- Convention Center Project, Series 2010G, 5.000%, 12/01/27 
     
75 
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, 
12/19 at 100.00 
Aa2 
73,563 
   
Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34 
     
1,000 
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 5.000%, 12/01/32 – 
12/16 at 100.00 
A1 
963,950 
   
AMBAC Insured 
     
1,000 
 
Midview Local School District, Lorain County, Ohio, Certificates of Participation, Series 
5/13 at 100.00 
A1 
985,770 
   
2003, 5.000%, 11/01/30 
     
200 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/15 at 100.00 
AA+ 
205,934 
   
Series 2005A, 5.000%, 4/01/25 – AGM Insured 
     
2,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
436,940 
   
2009A, 0.000%, 8/01/34 
     
1,835 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2010A, 
No Opt. Call 
A+ 
371,276 
   
0.000%, 8/01/35 
     
6,360 
 
Total Tax Obligation/Limited 
   
3,292,446 
   
Transportation – 5.8% (3.9% of Total Investments) 
     
1,550 
 
Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/18 – FGIC Insured 
No Opt. Call 
AA 
1,802,990 
   
U.S. Guaranteed – 35.0% (23.7% of Total Investments) (6) 
     
725 
 
Eaton City School District, Preble County, Ohio, General Obligation Bonds, Series 2002, 
12/12 at 101.00 
Aa2 (6) 
798,203 
   
5.750%, 12/01/21 (Pre-refunded 12/01/12) – FGIC Insured 
     
1,300 
 
Granville Exempt Village School District, Ohio, General Obligation Bonds, Series 2001, 5.500%, 
12/11 at 100.00 
Aa1 (6) 
1,350,673 
   
12/01/28 (Pre-refunded 12/01/11) 
     
1,000 
 
Hilliard, Ohio, General Obligation Bonds, Series 2002, 5.375%, 12/01/22 (Pre-refunded 12/01/12) 
12/12 at 100.00 
Aa1 (6) 
1,084,510 
500 
 
Miami East Local School District, Miami County, Ohio, General Obligation Bonds, Series 2002, 
6/12 at 100.00 
AA+ (6) 
529,215 
   
5.125%, 12/01/29 (Pre-refunded 6/01/12) – AGM Insured 
     
1,000 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2001, 5.500%, 
9/11 at 100.00 
Aa2 (6) 
1,025,710 
   
9/01/12 (Pre-refunded 9/01/11) 
     
2,000 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, 
10/12 at 100.00 
N/R (6) 
2,153,838 
   
Series 2002B, 5.500%, 10/01/22 (Pre-refunded 10/01/12) 
     
 
 
Nuveen Investments 61
 

 
 

 
           
                Nuveen Ohio Dividend Advantage Municipal Fund 3 (continued) 
     
NVJ       Portfolio of Investments February 28, 2011 
     
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
U.S. Guaranteed (6) (continued) 
     
$ 1,250 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/12 at 100.00 
AA+ (6) 
$ 1,318,875 
   
Series 2002A, 5.500%, 4/01/18 (Pre-refunded 4/01/12) – AGM Insured 
     
160 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
185,877 
   
Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured 
     
230 
 
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2001A, 
12/11 at 100.00 
Aaa 
238,131 
   
5.000%, 12/01/21 (Pre-refunded 12/01/11) – AGM Insured 
     
1,000 
 
Ohio, Common Schools Capital Facilities, General Obligation Bonds, Series 2001B, 5.000%, 
9/11 at 100.00 
AA+ (6) 
1,025,600 
   
9/15/20 (Pre-refunded 9/15/11) 
     
1,000 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/14 at 100.00 
AA+ (6) 
1,134,070 
   
Bonds, Series 2004A, 5.250%, 12/01/21 (Pre-refunded 6/01/14) – FGIC Insured 
     
10,165 
 
Total U.S. Guaranteed 
   
10,844,702 
   
Utilities – 7.9% (5.4% of Total Investments) 
     
500 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/18 at 100.00 
A1 
479,820 
   
Series 2008A, 5.250%, 2/15/43 
     
1,500 
 
American Municipal Power Ohio Inc., Wadsworth, Electric System Improvement Revenue Bonds, 
2/12 at 100.00 
A2 
1,534,829 
   
Series 2002, 5.250%, 2/15/17 – NPFG Insured 
     
1,595 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2, 0.000%, 11/15/32 – 
No Opt. Call 
A– 
435,738 
   
NPFG Insured 
     
3,595 
 
Total Utilities 
   
2,450,387 
   
Water and Sewer – 0.6% (0.4% of Total Investments) 
     
130 
 
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 – 
12/17 at 100.00 
A1 
125,640 
   
AMBAC Insured 
     
40 
 
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2001A, 
12/11 at 100.00 
AAA 
41,167 
   
5.000%, 12/01/21 – AGM Insured 
     
170 
 
Total Water and Sewer 
   
166,807 
$ 52,130 
 
Total Investments (cost $45,469,019) – 147.9% 
   
45,812,879 
   
Other Assets Less Liabilities – 2.2% 
   
655,096 
   
Auction Rate Preferred Shares, at Liquidation Value – (50.1)% (7) 
   
(15,500,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 30,967,975 
 
     
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), 
   
Moody’s Investor 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) 
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Policies, Investment Valuation for more information. 
(5) 
 
The Fund’s Adviser has concluded this 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. Such investments are normally considered to be equivalent to AAA rated securities. 
(7) 
 
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.8%. 
N/R 
 
Not rated. 
(IF) 
 
Inverse floating rate investment. 
 
 
See accompanying notes to financial statements.
 
 
62   Nuveen Investments
 

 
 

 
 
 
 
 
 

 

                   
Statement of 
                 
Assets & Liabilities 
                 
   
February 28, 2011
       
                   
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(NUM)
   
(NMP)
   
(NZW)
 
Assets 
                 
Investments, at value (cost $250,966,685, $161,200,271 
                 
and $44,477,774, respectively) 
  $ 252,805,857     $ 160,669,245     $ 44,027,541  
Cash 
    1,236,776       244,205       162,977  
Receivables: 
                       
Interest 
    3,823,463       2,597,968       651,358  
Investments sold 
                 
Deferred offering costs 
                541,641  
Other assets 
    58,658       49,077       5,488  
    Total assets 
    257,924,754       163,560,495       45,389,005  
Liabilities 
                       
Floating rate obligations 
    3,630,000       2,330,000       665,000  
Payables: 
                       
Investments purchased 
    2,132,876       839,820       324,375  
Common share dividends 
    2,714       2,814       134,475  
Auction Rate Preferred share dividends 
    731,423       466,891       1,085  
Interest 
                31,267  
Offering costs 
                175,469  
MuniFund Term Preferred (MTP) shares, at liquidation value 
                16,313,000  
Accrued expenses: 
                       
Management fees 
    120,574       77,135       19,664  
Other 
    106,524       61,194       15,031  
Total liabilities 
    6,724,111       3,777,854       17,679,366  
Auction Rate Preferred Shares (ARPS), at liquidation value 
    87,325,000       53,700,000        
Net assets applicable to Common shares 
  $ 163,875,643     $ 106,082,641     $ 27,709,639  
Common shares outstanding 
    11,557,653       7,605,648       2,053,086  
Net asset value per Common share outstanding (net assets 
                       
applicable to Common shares, divided by Common 
                       
shares outstanding) 
  $ 14.18     $ 13.95     $ 13.50  
Net assets applicable to Common shares consist of: 
                       
Common shares, $.01 par value per share 
  $ 115,577     $ 76,056     $ 20,531  
Paid-in surplus 
    162,121,399       106,733,261       29,075,456  
Undistributed (Over-distribution of) net investment income 
    2,994,016       1,865,189       409,933  
Accumulated net realized gain (loss) 
    (3,194,521 )      (2,060,839 )      (1,346,048 ) 
Net unrealized appreciation (depreciation) 
    1,839,172       (531,026 )      (450,233 ) 
Net assets applicable to Common shares 
  $ 163,875,643     $ 106,082,641     $ 27,709,639  
Authorized shares: 
                       
Common 
    200,000,000       200,000,000    
Unlimited
 
ARPS 
    1,000,000       1,000,000    
Unlimited
 
MTP 
             
Unlimited
 
 
 
 
See accompanying notes to financial statements.
 
Nuveen Investments 63
 
 
 
 

 

                         
      Statement of 
                       
Assets & Liabilities (continued) 
                       
         
February 28, 2011
       
                   
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Assets 
                       
Investments, at value (cost $217,987,700, $90,453,712, 
                       
$64,640,052 and $45,469,019, respectively) 
  $ 220,762,745     $ 90,316,900     $ 64,520,352     $ 45,812,879  
Cash 
    568,662       863,753       151,833       120,673  
Receivables: 
                               
Interest 
    2,830,979       1,281,366       978,622       646,554  
Investments sold 
    195,000       50,000       95,000       50,000  
Deferred offering costs 
          521,999              
Other assets 
    26,649       12,228       22,966       35,630  
    Total assets 
    224,384,035       93,046,246       65,768,773       46,665,736  
Liabilities 
                               
Floating rate obligations 
                       
Payables: 
                               
Investments purchased 
                       
Common share dividends 
    641,567       294,788       206,320       158,806  
Auction Rate Preferred share dividends 
    3,405       1,072       288       1,090  
Interest 
          38,090              
Offering costs 
          131,157              
MuniFund Term Preferred (MTP) shares, at liquidation value 
          19,450,000              
Accrued expenses: 
                               
Management fees 
    107,900       41,627       29,507       19,122  
Other 
    76,641       39,550       23,450       18,743  
    Total liabilities 
    829,513       19,996,284       259,565       197,761  
Auction Rate Preferred Shares (ARPS), at liquidation value 
    73,000,000       12,500,000       21,600,000       15,500,000  
Net assets applicable to Common shares 
  $ 150,554,522     $ 60,549,962     $ 43,909,208     $ 30,967,975  
Common shares outstanding 
    9,753,457       4,246,124       3,122,403       2,158,189  
Net asset value per Common share outstanding (net assets 
                               
applicable to Common shares, divided by Common 
                               
shares outstanding) 
  $ 15.44     $ 14.26     $ 14.06     $ 14.35  
Net assets applicable to Common shares consist of: 
                               
Common shares, $.01 par value per share 
  $ 97,535     $ 42,461     $ 31,224     $ 21,582  
Paid-in surplus 
    147,979,087       60,344,997       44,290,130       30,548,164  
Undistributed (Over-distribution of) net investment income 
    2,761,677       1,034,310       766,971       624,640  
Accumulated net realized gain (loss) 
    (3,058,822 )      (734,994 )      (1,059,417 )      (570,271 ) 
Net unrealized appreciation (depreciation) 
    2,775,045       (136,812 )      (119,700 )      343,860  
Net assets applicable to Common shares 
  $ 150,554,522     $ 60,549,962     $ 43,909,208     $ 30,967,975  
Authorized shares: 
                               
Common 
    200,000,000    
Unlimited
   
Unlimited
   
Unlimited
 
ARPS 
    1,000,000    
Unlimited
   
Unlimited
   
Unlimited
 
MTP 
       
Unlimited
             
 
 
 
See accompanying notes to financial statements.
64      Nuveen Investments
 
 
 
 

 

                   
Statement of 
                 
Operations 
                 
   
Year Ended February 28, 2011
 
       
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(NUM)
   
(NMP)
   
(NZW)
 
Investment Income 
  $ 12,898,089     $ 8,334,524     $ 2,223,123  
Expenses 
                       
Management fees 
    1,638,859       1,042,914       282,036  
Auction fees 
    130,988       80,548       12,158  
Dividend disbursing agent fees 
    20,000       20,000       16,712  
Shareholders’ servicing agent fees and expenses 
    15,927       12,357       3,257  
Interest expense and amortization of offering costs 
    36,158       23,209       152,021  
Custodian’s fees and expenses 
    50,320       33,771       14,347  
Directors’/Trustees’ fees and expenses 
    6,705       4,240       1,345  
Professional fees 
    26,027       20,416       10,437  
Shareholders’ reports – printing and mailing expenses 
    57,630       44,156       15,117  
Stock exchange listing fees 
    9,068       9,068       288  
Investor relations expense 
                1,352  
Other expenses 
    28,146       19,030       17,417  
Total expenses before custodian fee credit and expense reimbursement 
    2,019,828       1,309,709       526,487  
Custodian fee credit 
    (1,482 )      (556 )      (711 ) 
Expense reimbursement 
                (35,273 ) 
Net expenses 
    2,018,346       1,309,153       490,503  
Net investment income 
    10,879,743       7,025,371       1,732,620  
Realized and Unrealized Gain (Loss) 
                       
Net realized gain (loss) from investments 
    248,011       92,219       7,965  
Change in net unrealized appreciation (depreciation) of investments 
    (8,256,526 )      (4,081,282 )      (1,457,657 ) 
Net realized and unrealized gain (loss) 
    (8,008,515 )      (3,989,063 )      (1,449,692 ) 
Distributions to Auction Rate Preferred Shareholders 
                       
From net investment income 
    (363,829 )      (224,505 )      (46,443 ) 
Decrease in net assets applicable to Common shares from distributions 
                       
to Auction Rate Preferred shareholders 
    (363,829 )      (224,505 )      (46,443 ) 
Net increase (decrease) in net assets applicable to Common 
                       
shares from operations 
  $ 2,507,399     $ 2,811,803     $ 236,485  
 
 
 
See accompanying notes to financial statements.
 
Nuveen Investments 65
 
 
 
 

 

                         
Statement of 
                       
Operations (continued) 
                       
         
Year Ended February 28, 2011
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Investment Income 
  $ 11,683,075     $ 4,816,262     $ 3,433,128     $ 2,534,448  
Expenses 
                               
Management fees 
    1,465,776       603,186       435,140       310,832  
Auction fees 
    109,500       38,279       32,401       23,251  
Dividend disbursing agent fees 
    30,000       10,000       10,000       10,000  
Shareholders’ servicing agent fees and expenses 
    17,782       6,372       1,018       808  
Interest expense and amortization of offering costs 
          152,785              
Custodian’s fees and expenses 
    46,795       24,055       18,645       15,770  
Directors’/Trustees’ fees and expenses 
    5,968       2,421       1,741       1,247  
Professional fees 
    24,599       13,794       12,240       11,079  
Shareholders’ reports – printing and mailing expenses 
    59,787       25,094       21,307       18,148  
Stock exchange listing fees 
    9,068       591       435       301  
Investor relations expense 
                       
Other expenses 
    19,823       19,376       23,899       17,481  
Total expenses before custodian fee credit and expense reimbursement 
    1,789,098       895,953       556,826       408,917  
Custodian fee credit 
    (2,445 )      (837 )      (271 )      (331 ) 
Expense reimbursement 
          (51,636 )      (54,652 )      (51,152 ) 
Net expenses 
    1,786,653       843,480       501,903       357,434  
Net investment income 
    9,896,422       3,972,782       2,931,225       2,177,014  
Realized and Unrealized Gain (Loss) 
                               
Net realized gain (loss) from investments 
    (1,695,269 )      (759,748 )      (317,234 )      (343,731 ) 
Change in net unrealized appreciation (depreciation) of investments 
    (6,159,347 )      (3,186,614 )      (2,015,524 )      (1,945,414 ) 
Net realized and unrealized gain (loss) 
    (7,854,616 )      (3,946,362 )      (2,332,758 )      (2,289,145 ) 
Distributions to Auction Rate Preferred Shareholders 
                               
From net investment income 
    (304,704 )      (107,603 )      (90,237 )      (65,024 ) 
Decrease in net assets applicable to Common shares from distributions 
                               
to Auction Rate Preferred shareholders 
    (304,704 )      (107,603 )      (90,237 )      (65,024 ) 
Net increase (decrease) in net assets applicable to Common 
                               
shares from operations 
  $ 1,737,102     $ (81,183 )    $ 508,230     $ (177,155 ) 
 
 
 
See accompanying notes to financial statements.
 
66 Nuveen Investments
 
 
 
 

 

                                     
Statement of
                               
Changes in Net Assets
             
   
Michigan
    Michigan     Michigan  
   
Quality Income (NUM)
   
Premium Income (NMP)
   
Dividend Advantage (NZW)
 
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
   
2/28/11
   
2/28/10
   
2/28/11
   
2/28/10
   
2/28/11
   
2/28/10
 
Operations 
                                   
Net investment income 
  $ 10,879,743     $ 10,772,387     $ 7,025,371     $ 6,940,535     $ 1,732,620     $ 1,883,250  
Net realized gain (loss) from 
                                               
investments 
    248,011       (1,126,911 )      92,219       (479,222 )      7,965       (758,274 ) 
Change in net unrealized appreciation 
                                               
(depreciation) of investments 
    (8,256,526 )      13,314,923       (4,081,282 )      7,688,095       (1,457,657 )      3,453,979  
Distributions to Auction Rate 
                                               
Preferred Shareholders 
                                               
from net investment income 
    (363,829 )      (440,076 )      (224,505 )      (271,823 )      (46,443 )      (64,791 ) 
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
                                               
from operations 
    2,507,399       22,520,323       2,811,803       13,877,585       236,485       4,514,164  
Distributions to Common Shareholders 
                                               
From net investment income 
    (9,571,838 )      (8,473,599 )      (6,243,504 )      (5,420,952 )      (1,633,328 )      (1,474,799 ) 
Decrease in net assets applicable to 
                                               
Common shares from distributions 
                                               
to Common shareholders 
    (9,571,838 )      (8,473,599 )      (6,243,504 )      (5,420,952 )      (1,633,328 )      (1,474,799 ) 
Capital Share Transactions 
                                               
Common shares: 
                                               
Net proceeds from shares issued 
                                               
    to shareholders due to 
                                               
    reinvestment of distributions 
                                   
Repurchased and retired 
    (43,408 )      (1,779,734 )      (105,018 )      (1,271,720 )      (20,395 )      (148,424 ) 
Net increase (decrease) in net assets 
                                               
applicable to Common shares from 
                                               
capital share transactions 
    (43,408 )      (1,779,734 )      (105,018 )      (1,271,720 )      (20,395 )      (148,424 ) 
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
    (7,107,847 )      12,266,990       (3,536,719 )      7,184,913       (1,417,238 )      2,890,941  
Net assets applicable to Common 
                                               
shares at the beginning of year 
    170,983,490       158,716,500       109,619,360       102,434,447       29,126,877       26,235,936  
Net assets applicable to Common 
                                               
shares at the end of year 
  $ 163,875,643     $ 170,983,490     $ 106,082,641     $ 109,619,360     $ 27,709,639     $ 29,126,877  
Undistributed (Over-distribution of) 
                                               
net investment income at the end 
                                               
of year 
  $ 2,994,016     $ 2,052,752     $ 1,865,189     $ 1,308,096     $ 409,933     $ 327,171  
 
 
 
See accompanying notes to financial statements.
 
Nuveen Investments 67
 
 
 
 

 

                                     
Statement of 
                                   
Changes in Net Assets (continued)
                         
    Ohio     Ohio     Ohio  
   
Quality Income (NUO)
   
Dividend Advantage (NXI)
   
Dividend Advantage 2 (NBJ)
 
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
   
2/28/11
   
2/28/10
   
2/28/11
   
2/28/10
   
2/28/11
   
2/28/10
 
Operations 
                                   
Net investment income 
  $ 9,896,422     $ 9,796,627     $ 3,972,782     $ 4,102,042     $ 2,931,225     $ 2,919,272  
Net realized gain (loss) from 
                                               
investments 
    (1,695,269 )      363,546       (759,748 )      222,662       (317,234 )      (18,550 ) 
Change in net unrealized appreciation 
                                               
(depreciation) of investments 
    (6,159,347 )      13,563,229       (3,186,614 )      4,711,810       (2,015,524 )      4,761,551  
Distributions to Auction Rate 
                                               
Preferred Shareholders 
                                               
from net investment income 
    (304,704 )      (380,264 )      (107,603 )      (156,209 )      (90,237 )      (115,975 ) 
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
                                               
from operations 
    1,737,102       23,343,138       (81,183 )      8,880,305       508,230       7,546,298  
Distributions to Common Shareholders 
                                               
From net investment income 
    (8,744,701 )      (7,787,080 )      (3,699,495 )      (3,281,918 )      (2,613,100 )      (2,300,529 ) 
Decrease in net assets applicable to 
                                               
Common shares from distributions 
                                               
to Common shareholders 
    (8,744,701 )      (7,787,080 )      (3,699,495 )      (3,281,918 )      (2,613,100 )      (2,300,529 ) 
Capital Share Transactions 
                                               
Common shares: 
                                               
Net proceeds from shares issued 
                                               
    to shareholders due to 
                                               
    reinvestment of distributions 
    123,278             40,145             13,809        
Repurchased and retired 
                                   
Net increase (decrease) in net assets 
                                               
applicable to Common shares from 
                                               
capital share transactions 
    123,278             40,145             13,809        
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
    (6,884,321 )      15,556,058       (3,740,533 )      5,598,387       (2,091,061 )      5,245,769  
Net assets applicable to Common 
                                               
shares at the beginning of year 
    157,438,843       141,882,785       64,290,495       58,692,108       46,000,269       40,754,500  
Net assets applicable to Common 
                                               
shares at the end of year 
  $ 150,554,522     $ 157,438,843     $ 60,549,962     $ 64,290,495     $ 43,909,208     $ 46,000,269  
Undistributed (Over-distribution of) 
                                               
net investment income at the end 
                                               
of year 
  $ 2,761,677     $ 1,981,139     $ 1,034,310     $ 901,121     $ 766,971     $ 566,366  
 
 
 
See accompanying notes to financial statements.
 
68 Nuveen Investments
 
 
 
 

 

             
Statement of 
           
Changes in Net Assets (continued) 
           
    Ohio  
   
Dividend Advantage 3 (NVJ)
 
   
Year Ended
   
Year Ended
 
   
2/28/11
   
2/28/10
 
Operations 
           
Net investment income 
  $ 2,177,014     $ 2,167,213  
Net realized gain (loss) from 
               
investments 
    (343,731 )      (180,875 ) 
Change in net unrealized appreciation 
               
(depreciation) of investments 
    (1,945,414 )      2,739,661  
Distributions to Auction Rate 
               
Preferred Shareholders 
               
from net investment income 
    (65,024 )      (83,432 ) 
Net increase (decrease) in net assets 
               
applicable to Common shares 
               
from operations 
    (177,155 )      4,642,567  
Distributions to Common Shareholders 
               
From net investment income 
    (1,938,643 )      (1,708,152 ) 
Decrease in net assets applicable to 
               
Common shares from distributions 
               
to Common shareholders 
    (1,938,643 )      (1,708,152 ) 
Capital Share Transactions 
               
Common shares: 
               
Net proceeds from shares issued 
               
    to shareholders due to 
               
    reinvestment of distributions 
    22,090        
Repurchased and retired 
           
Net increase (decrease) in net assets 
               
applicable to Common shares from 
               
capital share transactions 
    22,090        
Net increase (decrease) in net assets 
               
applicable to Common shares 
    (2,093,708 )      2,934,415  
Net assets applicable to Common 
               
shares at the beginning of year 
    33,061,683       30,127,268  
Net assets applicable to Common 
               
shares at the end of year 
  $ 30,967,975     $ 33,061,683  
Undistributed (Over-distribution of) 
               
net investment income at the end 
               
of year 
  $ 624,640     $ 459,793  
 
 
 
See accompanying notes to financial statements.
 
Nuveen Investments 69
 
 
 
 

 

       
Statement of 
     
Cash Flows 
     
   
Year Ended February 28, 2011
 
       
   
Michigan
 
   
Dividend
 
   
Advantage
 
   
(NZW)
 
Cash Flows from Operating Activities: 
     
Net Increase (Decrease) In Net Assets Applicable to Common Shares 
  $ 236,485  
from Operations 
       
Adjustments to reconcile the net increase (decrease) in net assets applicable 
       
to Common shares from operations to net cash provided by (used in) 
       
operating activities: 
       
Purchases of investments 
    (4,541,397 ) 
Proceeds from sales and maturities of investments 
    2,602,288  
Amortization (Accretion) of premiums and discounts, net 
    (8,825 ) 
(Increase) Decrease in: 
       
Receivable for interest 
    (15,536 ) 
Other assets 
    6,714  
Increase (Decrease) in: 
       
Payable for investments purchased 
    324,375  
Payable for Auction Rate Preferred share dividends 
    586  
Payable for interest 
    31,267  
Accrued management fees 
    1,528  
Accrued other expenses 
    (14,394 ) 
Net realized (gain) loss from investments 
    (7,965 ) 
Change in net unrealized (appreciation) depreciation of investments 
    1,457,657  
Taxes paid on undistributed capital gains 
    (14 ) 
Net cash provided by (used in) operating activities 
    72,769  
Cash Flows from Financing Activities: 
       
(Increase) Decrease in deferred offering costs 
    (541,641 ) 
Increase (Decrease) in: 
       
MTP shares, at liquidation value 
    16,313,000  
ARPS, at liquidation value 
    (14,275,000 ) 
Payable for offering costs 
    175,469  
Cash distributions paid to Common shareholders 
    (1,626,784 ) 
Cost of Common shares repurchased and retired 
    (20,395 ) 
Net cash provided by (used in) financing activities 
    24,649  
Net Increase (Decrease) in Cash 
    97,418  
Cash at the beginning of year 
    65,559  
Cash at the End of year 
    162,977  
 
 
 
Supplemental Disclosure of Cash Flow Information
 
Cash paid by Michigan Dividend Advantage (NZW) for interest (excluding amortization of offering costs) during the fiscal year ended February 28, 2011, was $113,304.
 
See accompanying notes to financial statements.
 
70 Nuveen Investments
 
 
 
 

 

 
Financial
 
Highlights
 
Nuveen Investments 71
 
 
 
 

 

 
Financial
 
Highlights
 
Selected data for a Common share outstanding throughout each period:
                                                                         
                     
Investment Operations
         
Less Distributions
                         
                     
Distributions
   
Distributions
                           
Discount
             
                     
from Net
   
from
         
Net
   
Capital
         
from
   
Ending
       
   
Beginning
         
Net
   
Investment
   
Capital
         
Investment
   
Gains
         
Common
   
Common
       
   
Common
         
Realized/
   
Income to
   
Gains to
         
Income to
   
to
         
Shares
   
Share
       
   
Share
   
Net
   
Unrealized
   
Preferred
   
Preferred
          Common   
Common
         
Repurchased
   
Net
   
Ending
 
   
Net Asset
   
Investment
    Gain    
Share-
   
Share-
         
Share-
   
Share-
         
and
   
Asset
   
Market
 
   
Value
   
Income
   
 (Loss)
   
holders(a)
     holders(a)      
 Total
   
holders
   
holders
   
Total
   
Retired
   
Value
   
Value
 
Michigan Quality Income (NUM) 
                                                                       
Year Ended 2/28: 
                                                                       
2011 
  $ 14.79     $ .94     $ (.69 )    $ (.03 )    $     $ .22     $ (.83 )    $     $ (.83 )    $ **    $ 14.18     $ 12.75  
2010 
    13.55       .93       1.06       (.04 )            1.95       (.73 )            (.73 )      .02       14.79       12.94  
2009(f) 
    14.13       .54       (.60 )      (.13 )            (.19 )      (.39 )            (.39 )            13.55       10.61  
Year Ended 7/31: 
                                                                                               
2008 
    14.96       .93       (.71 )      (.24 )      (.04 )      (.06 )      (.67 )      (.10 )      (.77 )            14.13       12.32  
2007 
    15.17       .94       (.10 )      (.25 )      (.02 )      .57       (.71 )      (.07 )      (.78 )            14.96       14.16  
2006 
    15.88       .96       (.52 )      (.21 )      (.02 )      .21       (.81 )      (.11 )      (.92 )            15.17       14.41  
Michigan Premium Income (NMP)
                                                                                         
Year Ended 2/28: 
                                                                                               
2011 
    14.40       .92       (.52 )      (.03 )            .37       (.82 )            (.82 )      **      13.95       12.66  
2010 
    13.26       .90       .97       (.04 )            1.83       (.71 )            (.71 )      .02       14.40       12.50  
2009(f) 
    13.87       .52       (.63 )      (.12 )            (.23 )      (.38 )            (.38 )      **      13.26       10.44  
Year Ended 7/31: 
                                                                                               
2008 
    14.65       .89       (.69 )      (.23 )      (.02 )      (.05 )      (.66 )      (.07 )      (.73 )            13.87       12.38  
2007 
    14.92       .90       (.12 )      (.23 )      (.02 )      .53       (.71 )      (.09 )      (.80 )            14.65       13.80  
2006 
    15.55       .91       (.40 )      (.18 )      (.02 )      .31       (.79 )      (.15 )      (.94 )            14.92       14.27  
 
 
                   
   
Auction Rate Preferred Shares
 
         
at End of Period
       
   
Aggregate
             
   
Amount
   
Liquidation
   
Asset
 
   
Outstanding
   
Value
   
Coverage
 
      (000 )   
Per Share
   
Per Share
 
Michigan Quality Income (NUM)
             
Year Ended 2/28: 
                   
2011 
  $ 87,325     $ 25,000     $ 71,915  
2010 
    87,325       25,000       73,950  
2009(f) 
    90,900       25,000       68,651  
Year Ended 7/31: 
                       
2008 
    94,000       25,000       69,023  
2007 
    94,000       25,000       71,607  
2006 
    94,000       25,000       72,270  
Michigan Premium Income (NMP)
                 
Year Ended 2/28: 
                       
2011 
    53,700       25,000       74,387  
2010 
    53,700       25,000       76,033  
2009(f) 
    56,000       25,000       70,730  
Year Ended 7/31: 
                       
2008 
    56,000       25,000       72,986  
2007 
    56,000       25,000       75,695  
2006 
    56,000       25,000       76,612  
 
 
 
72 Nuveen Investments
 
 
 
 

 

                                       
                              Ratios/Supplemental Data        
                       
Ratios to Average Net Assets
 
Total Returns
                     
Applicable to Common Shares(c)(d)
 
     
Based
   
Ending
                         
     
on
   
Net
                         
Based
   
Common
   
Assets
                         
on
   
Share Net
   
Applicable
   
Expenses
   
Expenses
   
Net
   
Portfolio
 
Market
   
Asset
   
to Common
   
Including
   
Excluding
   
Investment
   
Turnover
 
Value(b)
   
Value(b)
   
Shares (000)
   
Interest(e)
   
Interest
   
Income
   
Rate
 
  4.69 %      1.39 %    $ 163,876       1.18 %      1.16 %      6.37 %      6 % 
  29.40       14.83       170,983       1.24       1.22       6.50       9  
  (10.68 )      (1.27 )      158,717       1.33 *      1.33 *      6.93 *      3  
  (7.77 )      (.43 )      165,525       1.29       1.25       6.28       18  
  3.64       3.77       175,244       1.26       1.22       6.12       13  
  (2.28 )      1.41       177,734       1.23       1.23       6.18       18  
  7.72       2.55       106,083       1.20       1.18       6.42       4  
  27.06       14.22       109,619       1.25       1.23       6.51       12  
  (12.57 )      (1.62 )      102,434       1.32 *      1.32 *      6.83 *      3  
  (5.09 )      (.36 )      107,488       1.38       1.23       6.16       20  
  2.16       3.59       113,558       1.38       1.22       5.97       15  
  (3.12 )      2.06       115,611       1.20       1.10       6.02       6  
 
 
(a)     
The amounts shown are based on Common share equivalents.
(b)     
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)     
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares.
(d)     
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)     
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.
(f)     
For the seven months ended February 28, 2009.
*     
Annualized.
**     
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments 73
 
 
 
 

 

 
Financial
 
Highlights (continued)
 
Selected data for a Common share outstanding throughout each period:
 
                                                                       
               
Investment Operations
         
Less Distributions
                         
                   
Distributions
   
Distributions
                           
Discount
             
   
Beginning
             
from Net
   
from
         
Net
               
from
   
Ending
       
   
Common
             
Investment
   
Capital
         
Investment
   
Capital
         
Common
   
Common
       
   
Share
         
Net
 
Income to
   
Gains to
         
Income to
   
Gains to
         
Shares
   
Share
       
    Net    
Net
   
Realized/
 
Preferred
   
Preferred
         
Common
   
Common
         
Repurchased
    Net    
Ending
 
     Asset     Investment    
Gain
 
Share-
   
Share-
         
Share-
   
Share-
         
and
   
Asset
   
Market
 
   
Value
   
Income
   
(Loss)
  holders(a)     holders(a)      Total    
holders
   
holders
     Total    
Retired
   
Value
   
Value
 
Michigan Dividend Advantage (NZW)
                                                           
Year Ended 2/28: 
                                                                     
2011 
  $ 14.18     $ .84     $ (.70 )  $ (.02 )    $    —     $   .12     $ (.80 )    $   —     $ (.80 )    $ **    $ 13.50     $ 12.13  
2010 
    12.69       .91       1.32     (.03 )            2.20       (.72 )            (.72 )      .01       14.18       12.43  
2009(f) 
    13.68       .54       (1.00 )    (.13 )      **      (.59 )      (.39 )      (.01 )      (.40 )            12.69       10.77  
Year Ended 7/31: 
                                                                                             
2008 
    14.73       .94       (.95 )    (.24 )      (.02 )      (.27 )      (.71 )      (.07 )      (.78 )            13.68       13.10  
2007 
    14.94       .95       (.14 )    (.24 )      **      .57       (.77 )      (.01 )      (.78 )            14.73       15.10  
2006 
    15.44       .97       (.40 )    (.20 )            .37       (.87 )            (.87 )            14.94       15.81  
 
   
Auction Rate Preferred Shares
         
MuniFund Term Preferred Shares
   
         
at End of Period
               
at End of Period
   
   
Aggregate
   
Liquidation
   
Asset
   
Aggregate
    Liquidation    
Ending
     
Average
 
Asset
   
   
Amount
   
Value
   
Coverage
    Amount    
Value
   
Market
     
Market
 
Coverage
   
   
Outstanding
   
Per
   
Per
   
Outstanding
   
Per
   
Value
      Value   Per    
    (000 )    Share     Share     (000 )    Share     Per Share      
Per Share
  Share    
Michigan Dividend Advantage (NZW)
                                         
Year Ended 2/28: 
                                                     
2011 
  $      —     $      —     $      —     $ 16,313     $ 10     $ 9.73    $
9.82
^   26.99  
2010 
    14,275       25,000       76,010                                
2009(f) 
    14,925       25,000       68,946                                
Year Ended 7/31: 
                                                                 
2008 
    16,000       25,000       69,195                                
2007 
    16,000       25,000       72,561                                
2006 
    16,000       25,000       73,161                                
 
 
 
74 Nuveen Investments
 
 
 
 

 
 
 
                           
Ratios/Supplemental Data
                   
               
 Ratios to Average Net Assets
   
                        Ratios to Average Net Assets 
       
               
Applicable to Common Shares
   
                     Applicable to Common Shares
       
Total Returns
       
 Before Reimbursement(c)
         After Reimbursement(c)(d)        
     
Based
   
Ending
                                         
     
on
   
Net
                                         
Based
   
Common
   
Assets
                                         
on
   
Share Net
   
Applicable
 
Expenses
   
Expenses
   
Net
   
Expenses
   
Expenses
   
Net
   
Portfolio
 
Market
   
Asset
      to Common  
Including
   
Excluding
   
Investment
   
Including
   
Excluding
   
Investment
   
Turnover
 
Value
(b)  
Value
(b)    
Shares (000)
 
Interest(e)
   
Interest
   
Income
   
Interest(e)
   
Interest
   
Income
   
Rate
 
  3.72     .70   $ 27,710     1.81     1.40     5.85     1.69     1.28     5.97     6
  22.58       17.70       29,127     1.35       1.33       6.48       1.15       1.13       6.68       6  
  (14.48 )        (4.20 )        26,236     1.48 *        1.48 *        7.03 *        1.22 *        1.22 *        7.29 *        4  
                                                                           
  (8.10 )        (1.95 )        28,285     1.39       1.34       6.23       1.07       1.03       6.55       18  
  .46       3.79       30,439     1.38       1.35       5.89       .99       .96       6.28       19  
  (.47 )        2.46       30,823     1.31       1.31       5.92       .86       .86       6.37       8  
 
(a)     
The amounts shown are based on Common share equivalents.
(b)     
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)     
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or MuniFund Term Preferred shares, where applicable.
(d)     
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)     
The expense ratios reflect, among other things, payments to MuniFund Term Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively.
(f)     
For the seven months ended February 28, 2009.
*     
Annualized.
**     
Rounds to less than $.01 per share.
^     
For the period November 15, 2010 (first issuance date of shares) through February 28, 2011.
 
See accompanying notes to financial statements.
 
Nuveen Investments 75
 
 
 
 

 

 
Financial
 

 
Highlights (continued)
 
Selected data for a Common share outstanding throughout each period:
                                                                         
               
Investment Operations
         
Less Distributions
                         
                                                                   
                      Distributions  
Distributions
                           
Discount
             
                     
from Net
   
from
         
Net
               
from
   
Ending
       
   
Beginning
         
Net
   
Investment
   
Capital
         
Investment
   
Capital
         
Common
   
Common
       
   
Common
         
Realized/
   
Income to
   
Gains to
           Income to  
 Gains to
         
Shares
   
Share
       
   
Share
   
Net
   
Unrealized
   
Preferred
   
Preferred
           Common  
Common
         
Repurchased
    Net    
Ending
 
    Net Asset     Investment     Gain    
Share-
   
Share-
         
Share-
   
Share-
         
and
   
 Asset
   
Market
 
   
Value
   
Income
   
 (Loss)
   
holders(a)
    holders(a)    
Total
   
holders
   
holders
   
Total
   
Retired
   
Value
   
Value
 
Ohio Quality Income (NUO)
                                                                   
Year Ended 2/28: 
                                                                       
2011 
  $ 16.15     $ 1.01     $ (.79 )    $ (.03 )    $     $ .19     $ (.90 )    $     $ (.90 )    $     $ 15.44     $ 14.85  
2010 
    14.56       1.01       1.42       (.04 )            2.39       (.80 )            (.80 )            16.15       15.58  
2009(f) 
    15.04       .56       (.52 )      (.13 )            (.09 )      (.39 )            (.39 )            14.56       12.90  
Year Ended 7/31: 
                                                                                               
2008 
    15.81       .95       (.71 )      (.25 )      (.02 )      (.03 )      (.67 )      (.07 )      (.74 )            15.04       13.40  
2007 
    16.01       .96       (.12 )      (.26 )      (.01 )      .57       (.73 )      (.04 )      (.77 )            15.81       14.43  
2006 
    16.58       .98       (.42 )      (.22 )      (.01 )      .33       (.85 )      (.05 )      (.90 )            16.01       15.83  
Ohio Dividend Advantage (NXI)
                                                                                         
Year Ended 2/28: 
                                                                                               
2011 
    15.15       .94       (.93 )      (.03 )            (.02 )      (.87 )            (.87 )            14.26       13.30  
2010 
    13.83       .96       1.17       (.04 )            2.09       (.77 )            (.77 )      **      15.15       14.48  
2009(f) 
    14.25       .54       (.46 )      (.12 )            (.04 )      (.38 )            (.38 )            13.83       12.10  
Year Ended 7/31: 
                                                                                               
2008 
    14.87       .93       (.55 )      (.23 )      (.03 )      .12       (.65 )      (.09 )      (.74 )            14.25       12.77  
2007 
    15.02       .94       (.09 )      (.24 )      (.01 )      .60       (.72 )      (.03 )      (.75 )            14.87       14.39  
2006 
    15.55       .96       (.40 )      (.21 )            .35       (.85 )      (.03 )      (.88 )            15.02       15.05  
 
                                               
Auction Rate Preferred Shares
 
   
Auction Rate Preferred Shares
     
MuniFund Term Preferred Shares
         
and MuniFund Term Preferred
Shares at End
of Period 
 
         
at End of Period
     
at End of Period
                   
                              Ending  
Average
                   
   
Aggregate
   
Liquidation
   
Asset
Aggregate
   
Liquidation
   
Market
 
Market
   
Asset
          Asset Coverage  
   
Amount
   
Value
    Coverage Amount  
Value
   
Value
    Value    
Coverage
         
 Per $1
 
   
Outstanding
    Per      Per  
Outstanding
    Per     Per     Per Per     Liquidation  
      (000 )   
 Share
   
Share
  (000 )   
Share
   
Share
   
Share
     
Share
   
Preference
 
Ohio Quality Income (NUO)
                                                     
Year Ended 2/28: 
                                                           
2011 
  $ 73,000     $ 25,000     $ 76,560 $     $     $     $     $  
2010 
    73,000       25,000       78,917                                                                             —  
2009(f) 
    77,000       25,000       71,066                                          
Year Ended 7/31: 
                                                                         
2008 
    77,000       25,000       72,603                                    
2007 
    77,000       25,000       75,017                                        
2006 
    77,000       25,000       75,658                                        
Ohio Dividend Advantage (NXI)
                                                                   
Year Ended 2/28: 
                                                                         
2011 
    12,500       25,000       72,379   19,450       10       9.78       9.85 ^    
28.95
            2.90  
2010 
    29,000       25,000       80,423                                        
2009(f) 
    31,000       25,000       72,332                                        
Year Ended 7/31: 
                                                                         
2008 
    31,000       25,000       73,770                                        
2007 
    31,000       25,000       75,898                                        
2006 
    31,000       25,000       76,400                                        
 
 
 
76 Nuveen Investments
 
 
 
 

 

                                                         
                             
Ratios/Supplemental Data
                   
                 
Ratios to Average Net Assets
   
Ratios to Average Net Assets
       
                 
Applicable to Common Shares
   
Applicable to Common Shares
       
Total Returns
         
Before Reimbursement(c)
         
After Reimbursement(c)(d)
       
     
Based
   
Ending
                                           
     
on
   
Net
                                           
Based
   
Common
   
Assets
                                           
on
   
Share Net
   
Applicable
   
Expenses
   
Expenses
   
Net
   
Expenses
   
Expenses
   
Net
   
Portfolio
 
Market
   
Asset
   
to Common
   
Including
   
Excluding
   
Investment
   
Including
   
Excluding
   
Investment
   
Turnover
 
Value(b)
       Value(b)  
 Shares (000)
   
Interest(e)
   
Interest
   
Income
   
Interest(e)
   
Interest
   
Income
   
Rate
 
  .91 %      1.09 %    $ 150,555       1.14 %      1.14 %      6.32 %      N/A       N/A       N/A       14 % 
  27.57       16.76       157,439       1.20       1.20       6.51       N/A       N/A       N/A       6  
  (0.71 )      (0.49 )      141,883       1.35 *      1.31 *      6.77 *      N/A       N/A       N/A       10  
  (2.18 )      (.26 )      146,617       1.42       1.26       6.08       N/A       N/A       N/A       14  
  (4.25 )      3.56       154,052       1.29       1.19       5.94       N/A       N/A       N/A       15  
  (1.36 )      2.10       156,026       1.20       1.20       6.05       N/A       N/A       N/A       9  
  (2.52 )      (.23 )      60,550       1.41       1.22       6.18       1.33 %      1.13 %      6.26 %      14  
  26.70       15.46       64,290       1.21       1.21       6.47       1.06       1.06       6.62       7  
  (2.08 )      (0.15 )      58,692       1.35 *      1.31 *      6.64 *      1.12 *      1.09 *      6.87 *      10  
  (6.21 )      .83       60,475       1.39       1.24       6.06       1.12       .97       6.33       17  
  .52       4.02       63,114       1.32       1.22       5.85       .97       .87       6.20       14  
  (6.53 )      2.32       63,735       1.21       1.21       5.85       .79       .79       6.27       6  
 
 
 
(a) The amounts shown are based on Common share equivalents.
 
(b) Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
(c) Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or MuniFund Term Preferred shares, where applicable.
 
(d) After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
 
(e) The expense ratios reflect, among other things, payments to MuniFund Term Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively.
 
(f) For the seven months ended February 28, 2009.
 
* Annualized.
 
** Rounds to less than $.01 per share.
 
^ For the period November 22, 2010 (first issuance date of shares) through February 28, 2011.
 
N/A Fund does not have a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.
 
Nuveen Investments 77
 
 
 
 

 

 
Financial
 
Highlights (continued)
 
Selected data for a Common share outstanding throughout each period:
                                                                         
               
Investment Operations
         
Less Distributions
                         
                     
Distributions
   
Distributions
                           
Discount
             
                     
from Net
   
from
         
Net
               
from
   
Ending
       
   
Beginning
         
Net
   
Investment
   
Capital
         
Investment
   
Capital
         
Common
   
Common
       
   
Common
         
Realized/
   
Income to
   
Gains to
         
Income to
   
Gains to
         
Shares
   
Share
       
   
Share
    Net    
Unrealized
   
Preferred
   
Preferred
          Common    
Common
         
Repurchased
   
Net
   
Ending
 
 
Net Asset
    Investment    
Gain
   
Share-
   
Share-
         
Share-
   
Share-
         
and
   
Asset
   
Market
 
   
Value
    Income    
(Loss)
   
holders(a)
    holders(a)    
Total
   
holders
   
holders
   
Total
   
Retired
   
Value
   
Value
 
Ohio Dividend Advantage 2 (NBJ) 
                                                                       
Year Ended 2/28: 
                                                                       
2011 
  $ 14.74     $ .94     $ (.75 )    $ (.03 )    $     $ .16     $ (.84 )    $     $ (.84 )    $     $ 14.06     $ 13.01  
2010 
    13.06       .93       1.53       (.04 )            2.42       (.74 )            (.74 )            14.74       13.85  
2009(f) 
    13.87       .54       (.84 )      (.13 )            (.43 )      (.38 )            (.38 )            13.06       11.58  
Year Ended 7/31: 
                                                                                               
2008 
    14.64       .93       (.73 )      (.25 )      (.02 )      (.07 )      (.64 )      (.06 )      (.70 )            13.87       12.37  
2007 
    14.81       .92       (.10 )      (.25 )      (.01 )      .56       (.69 )      (.04 )      (.73 )            14.64       13.80  
2006 
    15.37       .93       (.41 )      (.22 )      (.01 )      .29       (.80 )      (.05 )      (.85 )            14.81       14.70  
Ohio Dividend Advantage 3 (NVJ) 
                                                                                               
Year Ended 2/28: 
                                                                                               
2011 
    15.33       1.01       (1.06 )      (.03 )            (.08 )      (.90 )            (.90 )            14.35       13.72  
2010 
    13.97       1.00       1.19       (.04 )            2.15       (.79 )            (.79 )      **      15.33       15.20  
2009(f) 
    14.33       .55       (.39 )      (.12 )            .04       (.40 )            (.40 )            13.97       11.95  
Year Ended 7/31: 
                                                                                               
2008 
    14.92       .95       (.56 )      (.23 )      (.02 )      .14       (.67 )      (.06 )      (.73 )            14.33       12.91  
2007 
    15.06       .96       (.08 )      (.25 )      (.01 )      .62       (.72 )      (.04 )      (.76 )            14.92       14.35  
2006 
    15.57       .95       (.45 )      (.22 )            .28       (.79 )            (.79 )            15.06       14.75  
 
 
Auction Rate Preferred Shares 
                 
   
at End of Period 
                   
 
Aggregate 
                       
 
Amount 
 
 
Asset 
                 
 
Outstanding 
Liquidation 
 
Coverage 
                 
 
(000) 
Per Share 
 
Per Share 
                 
Ohio Dividend Advantage 2 (NBJ) 
                       
Year Ended 2/28: 
                         
2011 
$21,600 
$25,000 
 
$75,821 
                 
2010 
21,600 
25,000   
78,241 
                 
2009(f) 
23,100 
25,000   
69,107 
                 
Year Ended 7/31: 
                         
2008 
24,000 
25,000   
70,090 
                 
2007 
24,000 
25,000   
72,598 
                 
2006 
24,000 
25,000   
73,169 
                 
Ohio Dividend Advantage 3 (NVJ) 
                       
Year Ended 2/28: 
                         
2011 
15,500 
25,000   
74,948 
                 
2010 
15,500 
25,000   
78,325 
                 
2009(f) 
16,500 
25,000   
70,647 
                 
Year Ended 7/31: 
                         
2008 
16,500 
25,000   
71,881 
                 
2007 
16,500 
25,000   
73,778 
                 
2006 
16,500 
25,000   
74,252 
                 
 
 
 
78 Nuveen Investments
 
 
 
 

 

                                                         
                             
Ratios/Supplemental Data
                   
                 
Ratios to Average Net Assets
   
Ratios to Average Net Assets
       
                 
Applicable to Common Shares
   
Applicable to Common Shares
       
Total Returns
         
Before Reimbursement(c)
   
After Reimbursement(c)(d)
       
     
Based
   
Ending
                                           
     
on
   
Net
                                           
Based
   
Common
   
Assets
                                           
on
   
Share Net
   
Applicable
   
Expenses
   
Expenses
   
Net
   
Expenses
   
Expenses
   
Net
   
Portfolio
 
Market
   
Asset
   
to Common
   
Including
   
Excluding
   
Investment
   
Including
   
Excluding
   
Investment
   
Turnover
 
Value(b)
      Value(b)  
 Shares (000)
   
Interest(e)
   
Interest
   
Income
   
Interest(e)
   
Interest
   
Income
   
Rate
 
  (.37 )%      1.00 %    $ 43,909       1.22 %      1.22 %      6.31 %      1.10 %      1.10 %      6.43 %      9 % 
  26.62       18.91       46,000       1.27       1.27       6.49       1.07       1.07       6.69       8  
  (3.09 )      (3.01 )      40,755       1.46 *      1.42 *      6.91 *      1.20 *      1.16 *      7.17 *      5  
  (5.46 )      (.51 )      43,286       1.46       1.30       6.10       1.14       .98       6.41       16  
  (1.26 )      3.80       45,694       1.41       1.31       5.76       1.02       .92       6.15       14  
  .35       1.96       46,242       1.27       1.27       5.71       .81       .81       6.16       8  
  (4.13 )      (.66 )      30,968       1.26       1.26       6.53       1.10       1.10       6.69       12  
  34.62       15.73       33,062       1.30       1.30       6.56       1.07       1.07       6.80       14  
  (4.29 )      .36       30,127       1.46 *      1.42 *      6.63 *      1.15 *      1.12 *      6.93 *      9  
  (5.13 )      .95       30,941       1.47       1.32       6.05       1.12       .97       6.41       19  
  2.32       4.06       32,194       1.41       1.31       5.85       .99       .89       6.27       19  
  (2.33 )      1.87       32,506       1.28       1.28       5.76       .83       .83       6.21       2  
 
 
(a)     
The amounts shown are based on Common share equivalents.
(b)     
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)     
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares.
(d)     
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)     
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.
(f)     
For the seven months ended February 28, 2009.
*     
Annualized.
**     
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments 79
 
 
 
 

 

 
Notes to
 
Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
 
The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM), Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP), Nuveen Michigan Dividend Advantage Municipal Fund (NZW), Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO), Nuveen Ohio Dividend Advantage Municipal Fund (NXI), Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ) and Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ) (collectively, the “Funds”). Common shares of Michigan Quality Income (NUM), Michigan Premium Income (NMP), and Ohio Quality Income (NUO) are traded on the New York Stock Exchange (“NYSE”) while Common shares of Michigan Dividend Advantage (NZW), Ohio Dividend Advantage (NXI), Ohio Dividend Advantage 2 (NBJ) and Ohio Dividend Advantage 3 (NVJ) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies.
 
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
 
Effective January 1, 2011, the Funds’ adviser, Nuveen Asset Management, a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, Inc. (the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management LLC (the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the Funds’ sub-adviser, and the Funds’ portfolio managers became employees of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the Funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the Funds from the Funds’ management fee.
 
Significant Accounting Policies
 
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Valuation
 
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates market value. These securities are generally classified as Level 2.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of an issue of securities would appear to be the amount that the owner might reasonably expect to receive for them in a current sale. A variety of factors may be considered in determining the fair value of these securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant.
 
80 Nuveen Investments
 
 
 
 

 

 
These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Investment Transactions
 
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At February 28, 2011, Michigan Quality Income (NUM), Michigan Premium Income (NMP) and Michigan Dividend Advantage (NZW) had outstanding when-issued/delayed delivery purchase commitments of $2,132,876, $839,820 and $324,375, respectively. There were no such outstanding purchase commitments in any of the other Funds.
 
Investment Income
 
Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.
 
Income Taxes
 
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Common Shareholders
 
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
 
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). The following Funds have issued and outstanding ARPS, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. Each Fund’s ARPS are issued in one or more Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of February 28, 2011, the number of ARPS outstanding for each Fund is as follows:
     
 
Michigan 
Michigan 
 
Quality 
Premium 
 
Income 
Income 
 
(NUM) 
(NMP) 
Number of shares: 
   
Series M 
805 
Series W 
Series TH 
2,972 
1,343 
Series F 
521 
Total 
3,493 
2,148 
 
 
 
Nuveen Investments 81
 
 
 
 

 

 
Notes to
 
Financial Statements (continued)
         
 
Ohio 
Ohio 
Ohio 
Ohio 
 
Quality 
Dividend 
Dividend 
Dividend 
 
Income 
Advantage 
Advantage 2 
Advantage 3 
 
(NUO) 
(NXI) 
(NBJ) 
(NVJ) 
Number of shares: 
       
Series M 
645
Series T 
620
Series W 
500
Series TH 
1,327
Series TH2 
948
Series F 
864
Total 
2,920
500
864
620
 
 
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the “maximum rate’’ applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of February 28, 2011, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:
 
         
   
Michigan 
Michigan 
Michigan 
   
Quality 
Premium 
Dividend 
   
Income 
Income 
Advantage 
   
(NUM) 
(NMP) 
(NZW) 
ARPS redeemed, at liquidation value 
 
$6,675,000 
$2,300,000 
$16,000,000 
 
 
Ohio 
Ohio 
Ohio 
Ohio 
 
Quality 
Dividend 
Dividend 
Dividend 
 
Income 
Advantage 
Advantage 2 
Advantage 3 
 
(NUO) 
(NXI) 
(NBJ) 
(NVJ) 
ARPS redeemed, at liquidation value 
$4,000,000 
$18,500,000 
$2,400,000 
$1,000,000 
 
 
 
MuniFund Term Preferred Shares
 
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all or a portion of each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of February 28, 2011, the number of MTP Shares outstanding, fixed annual rate and NYSE “ticker” symbol for each Fund are as follows:
 
               
 
Michigan Dividend Advantage (NZW) 
 
Ohio Dividend Advantage (NXI) 
 
Shares 
Annual 
NYSE 
 
Shares 
Annual 
NYSE 
 
Outstanding 
Interest Rate 
Ticker 
 
Outstanding 
Interest Rate 
Ticker 
Series 2015 
1,631,300 
2.30% 
NZW Pr C 
 
1,945,000 
2.35% 
NXI Pr C 
 
 
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The
 
82 Nuveen Investments
 
 
 
 

 

 
redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s MTP Shares are as follows:
 
       
 
Michigan 
 
Ohio 
 
Dividend 
 
Dividend 
 
Advantage 
 
Advantage 
 
(NZW) 
 
(NXI) 
 
Series 2015 
 
Series 2015 
Term Redemption Date 
December 1, 2015 
December 1, 2015 
Optional Redemption Date 
December 1, 2011 
December 1, 2011 
Premium Expiration Date 
November 30, 2012 
November 30, 2012 
 
 
The average liquidation value of MTP Shares outstanding for each Fund during the fiscal year ended February 28, 2011, was as follows: 
 
 
 
Michigan 
Ohio 
 
Dividend 
Dividend 
 
Advantage 
Advantage 
 
(NZW)* 
(NXI)** 
Average liquidation value of MTP Shares outstanding 
$16,257,038 
$19,201,010 
 
 
*     
For the period November 15, 2010 (first issuance date of shares) through February 28, 2011.
**     
For the period November 22, 2010 (first issuance date of shares) through February 28, 2011.
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Net amounts earned by Nuveen as underwriter of each Fund’s MTP Share offering were recorded as reductions of offering costs recognized by the Funds. For the fiscal year ended February 28, 2011, there were no amounts earned by Nuveen.
 
Inverse Floating Rate Securities
 
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the fiscal year ended February 28, 2011, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
Nuveen Investments 83
 
 

               
Notes to 
             
Financial Statements (continued) 
         
           
At February 28, 2011, the Funds were not invested in externally-deposited Recourse Trusts. 
       
 
Michigan 
Michigan 
Michigan 
Ohio 
Ohio 
Ohio 
Ohio 
 
Quality 
Premium 
Dividend 
Quality 
Dividend 
Dividend 
Dividend 
 
Income 
Income 
Advantage 
Income 
Advantage 
Advantage 2 
Advantage 3 
 
(NUM) 
(NMP) 
(NZW) 
(NUO) 
(NXI) 
(NBJ) 
(NVJ) 
Maximum exposure to Recourse Trusts 
$ — 
$ — 
$ — 
$ — 
$ — 
$ — 
$ — 
 
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended February 28, 2011, were as follows:
 
       
 
Michigan 
Michigan 
Michigan 
 
Quality 
Premium 
Dividend 
 
Income 
Income 
Advantage 
 
(NUM) 
(NMP) 
(NZW) 
Average floating rate obligations outstanding 
$3,630,000 
$2,330,000 
$665,000 
Average annual interest rate and fees 
1.00% 
1.00% 
1.00% 
 
 
 
Derivative Financial Instruments
 
Each Fund is authorized to invest in futures, options, swaps and other derivative instruments. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the fiscal year ended February 28, 2011.
 
Market and Counterparty Credit Risk
 
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
 
Zero Coupon Securities
 
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Offering Costs
 
Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which will be amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. As of February 28, 2011, each Fund’s offering costs incurred were as follows:
     
 
Michigan 
Ohio 
 
Dividend 
Dividend 
 
Advantage 
Advantage 
 
(NZW) 
(NXI) 
MTP Shares offering costs 
$574,695 
$551,750 
 
 
 
Custodian Fee Credit
 
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
84 Nuveen Investments
 
 
 
 

 

 
Indemnifications
 
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Use of Estimates
 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Fair Value Measurements
 
Fair value is defined as the price that the Funds 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 of 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of February 28, 2011:
                         
Michigan Quality Income (NUM) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                       
Municipal Bonds 
  $     $ 252,805,857     $     $ 252,805,857  
Michigan Premium Income (NMP) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 160,669,245     $     $ 160,669,245  
Michigan Dividend Advantage (NZW) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 44,027,541     $     $ 44,027,541  
Ohio Quality Income (NUO) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 220,762,745     $     $ 220,762,745  
Ohio Dividend Advantage (NXI) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 90,189,150     $ 127,750     $ 90,316,900  
Ohio Dividend Advantage 2 (NBJ) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 64,429,102     $ 91,250     $ 64,520,352  
Ohio Dividend Advantage 3 (NVJ) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 45,739,879     $ 73,000     $ 45,812,879  
 
 
 
Nuveen Investments 85
 
 
 
 

 

 
Notes to
 
Financial Statements (continued)
 
The following is a reconciliation of each Fund’s Level 3 investments held at the beginning and end of the measurement period:
 
                   
   
Ohio Dividend
   
Ohio Dividend
   
Ohio Dividend
 
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NXI)
   
(NBJ)
   
(NVJ)
 
   
Level 3
   
Level 3
   
Level 3
 
    Municipal Bonds     Municipal Bonds     Municipal Bonds  
Balance at the beginning of year 
  $     $     $  
Gains (losses): 
                       
   Net realized gains (losses) 
                 
   Net change in unrealized appreciation (depreciation) 
                 
Purchases at cost 
                 
Sales at proceeds 
                 
Net discounts (premiums) 
                 
Transfers into 
    127,750       91,250       73,000  
Transfers out of 
                 
Balance at the end of year 
  $ 127,750     $ 91,250     $ 73,000  
Net change in unrealized appreciation (depreciation) during the year of Level 3 securities 
                       
held as of February 28, 2011 
  $ (69,376 )    $ (49,554 )    $ (39,643 ) 
 
 
 
During the fiscal year ended February 28, 2011, the Funds recognized no significant transfers to/from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
 
3. Derivative Instruments and Hedging Activities
 
The Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the fiscal year ended February 28, 2011.
 
                                     
4. Fund Shares 
                                   
                                     
Common Shares 
                                   
Transactions in Common shares were as follows: 
                                   
   
Michigan Quality
   
Michigan Premium
   
Michigan Dividend
 
   
Income (NUM)
   
Income (NMP)
   
Advantage (NZW)
 
   
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
2/28/11
   
2/28/10
   
2/28/11
   
2/28/10
   
2/28/11
   
2/28/10
 
Common shares: 
                                   
Issued to shareholders due to 
                                   
reinvestment of distributions 
                                   
Repurchased and retired 
    (3,400 )      (153,900 )      (8,300 )      (110,400 )      (1,700 )      (12,200 ) 
Weighted average Common share: 
                                               
Price per share repurchased and retired 
  $ 12.75     $ 11.54     $ 12.63     $ 11.50     $ 11.98     $ 12.15  
Discount per share repurchased and retired 
    13.81 %      18.15 %      12.55 %      17.11 %      11.21 %      13.24 % 
 
 
 
86 Nuveen Investments
 
 
 
 

 

           
 
Ohio Quality 
 
Ohio Dividend 
 
Income (NUO) 
 
Advantage (NXI) 
 
Year 
Year 
 
Year 
Year 
 
Ended 
Ended 
 
Ended 
Ended 
 
2/28/11 
2/28/10 
 
2/28/11 
2/28/10 
Common shares: 
         
Issued to shareholders due to 
         
reinvestment of distributions 
7,425 
 
2,631 
Repurchased and retired 
 
Weighted average Common share: 
         
Price per share repurchased and retired 
 
Discount per share repurchased and retired 
 
 
 
Ohio Dividend 
 
Ohio Dividend 
 
Advantage 2 (NBJ) 
 
Advantage 3 (NVJ) 
 
Year 
Year 
 
Year 
Year 
 
Ended 
Ended 
 
Ended 
Ended 
 
2/28/11 
2/28/10 
 
2/28/11 
2/28/10 
Common shares: 
         
Issued to shareholders due to 
         
reinvestment of distributions 
926 
 
1,431 
Repurchased and retired 
 
Weighted average Common share: 
         
Price per share repurchased and retired 
 
Discount per share repurchased and retired 
 
 
 
           
Preferred Shares 
         
           
Transactions in ARPS were as follows: 
         
   
Michigan Quality Income (NUM) 
 
 
Year Ended 
 
Year Ended 
 
2/28/11 
 
2/28/10 
 
Shares 
Amount 
 
Shares 
Amount 
ARPS redeemed and/or noticed for redemption: 
         
Series TH 
$ — 
 
122 
$3,050,000 
Series F 
 
21 
525,000 
Total 
$ — 
 
143 
$3,575,000 
 
   
Michigan Premium Income (NMP) 
 
 
Year Ended 
 
Year Ended 
 
2/28/11 
 
2/28/10 
 
Shares 
Amount 
 
Shares 
Amount 
ARPS redeemed and/or noticed for redemption: 
         
Series M 
$ — 
 
35 
$ 875,000 
Series TH 
— 
 
57 
1,425,000 
Total 
$ — 
 
92 
$2,300,000 
 
 
Michigan Dividend Advantage (NZW) 
 
Year Ended 
 
Year Ended 
 
2/28/11 
 
2/28/10 
 
Shares 
Amount 
 
Shares 
Amount 
ARPS redeemed and/or noticed for redemption: 
         
Series W 
571 
$14,275,000 
 
26 
$650,000 
 
 
 
Nuveen Investments 87
 
 
 
 

 

 
Notes to
 
Financial Statements (continued)
           
   
Ohio Quality Income (NUO) 
 
 
Year Ended 
 
Year Ended 
 
2/28/11 
 
2/28/10 
 
Shares 
Amount 
 
Shares 
Amount 
ARPS redeemed and/or noticed for redemption: 
         
Series M 
$ — 
 
35 
$ 875,000 
Series TH 
— 
 
73 
1,825,000 
Series TH2 
— 
 
52 
1,300,000 
Total 
$ — 
 
160 
$4,000,000 
 
   
Ohio Dividend Advantage (NXI) 
 
 
Year Ended 
 
Year Ended 
 
2/28/11 
 
2/28/10 
 
Shares 
Amount 
 
Shares 
Amount 
ARPS redeemed and/or noticed for redemption: 
         
Series W 
660 
16,500,000 
 
80 
$2,000,000 
 
    Ohio Dividend Advantage 2 (NBJ) 
 
Year Ended 
 
Year Ended 
 
2/28/11 
 
2/28/10 
 
Shares 
Amount 
 
Shares 
Amount 
ARPS redeemed and/or noticed for redemption: 
         
Series F 
$ — 
 
60 
$1,500,000 
 
    Ohio Dividend Advantage 3 (NVJ) 
 
Year Ended 
 
Year Ended 
 
2/28/11 
 
2/28/10 
 
Shares 
Amount 
 
Shares 
Amount 
ARPS redeemed and/or noticed for redemption: 
         
Series T 
$ — 
 
40 
$1,000,000 
 
 
                   
Transactions in MTP Shares were as follows: 
                 
                   
   
Michigan Dividend Advantage (NZW) 
     
Ohio Dividend Advantage (NXI) 
 
 
Year Ended 
Year Ended 
 
Year Ended 
Year Ended 
 
2/28/11 
2/28/10 
 
2/28/11 
2/28/10 
 
Shares 
Amount 
Shares 
Amount 
 
Shares 
Amount 
Shares 
Amount 
MTP Shares issued: 
                 
    Series 2015 
1,631,300 
$16,313,000 
$ — 
 
1,945,000 
$19,450,000 
$ — 
 
 
 
5. Investment Transactions
 
Purchases and sales (including maturities but excluding short-term investments) during the fiscal year ended February 28, 2011, were as follows:
 
       
 
Michigan 
Michigan 
Michigan 
 
Quality 
Premium 
Dividend 
 
Income 
Income 
Advantage 
 
(NUM) 
(NMP) 
(NZW) 
Purchases 
$17,614,816 
$8,273,002 
$4,541,397 
Sales and maturities 
15,756,305 
6,366,259 
2,602,288 
 
 
 
88 Nuveen Investments
 
 
 
 

 

         
 
Ohio 
Ohio 
Ohio 
Ohio 
 
Quality 
Dividend 
Dividend 
Dividend 
 
Income 
Advantage 
Advantage 2 
Advantage 3 
 
(NUO) 
(NXI) 
(NBJ) 
(NVJ) 
Purchases 
$32,331,591 
$15,315,115 
$6,185,816 
$5,976,500 
Sales and maturities 
31,496,404 
13,108,880 
5,805,312 
5,785,744 
 
 
 
6. 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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At February 28, 2011, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
 
                   
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(NUM)
   
(NMP)
   
(NZW)
 
Cost of investments 
  $ 247,578,492     $ 159,028,316     $ 43,847,828  
Gross unrealized: 
                       
Appreciation 
  $ 7,973,976     $ 2,885,526     $ 1,001,267  
Depreciation 
    (6,376,609 )      (3,574,626 )      (1,486,538 ) 
Net unrealized appreciation (depreciation) of investments 
  $ 1,597,367     $ (689,100 )    $ (485,271 ) 
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Cost of investments 
  $ 217,779,075     $ 90,378,875     $ 64,620,490     $ 45,418,378  
Gross unrealized: 
                               
Appreciation 
  $ 6,949,255     $ 2,316,077     $ 1,550,399     $ 1,595,489  
Depreciation 
    (3,965,585 )      (2,378,052 )      (1,650,537 )      (1,200,988 ) 
Net unrealized appreciation (depreciation) of investments 
  $ 2,983,670     $ (61,975 )    $ (100,138 )    $ 394,501  
 
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at February 28, 2011, the Funds’ tax year end, as follows:
 
                   
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(NUM)
   
(NMP)
   
(NZW)
 
Paid-in surplus 
  $ 814     $ 150     $ (32,097 ) 
Undistributed (Over-distribution of) net investment income 
    (2,812 )      (269 )      29,913  
Accumulated net realized gain (loss) 
    1,998       119       2,184  
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Paid-in surplus 
  $ 42,945     $ 32,755     $ 20,625     $ 4,673  
Undistributed (Over-distribution of) net investment income 
    (66,479 )      (32,495 )      (27,283 )      (8,500 ) 
Accumulated net realized gain (loss) 
    23,534       (260 )      6,658       3,827  
 
 
 
Nuveen Investments 89
 
 
 
 

 

 
Notes to
 
Financial Statements (continued)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at February 28, 2011, the Funds’ tax year end, were as follows:
                   
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(NUM)
   
(NMP)
   
(NZW)
 
Undistributed net tax-exempt income* 
  $ 3,631,639     $ 2,358,797     $ 557,829  
Undistributed net ordinary income** 
                 
Undistributed net long-term capital gains 
                 
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Undistributed net tax-exempt income* 
  $ 3,285,303     $ 1,310,729     $ 966,266     $ 738,029  
Undistributed net ordinary income** 
    2,660                    
Undistributed net long-term capital gains 
                       
 
 
*     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2011, paid on March 1, 2011.
**     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended February 28, 2011 and February 28, 2010, was designated for purposes of the dividends paid deduction as follows:
 
                         
         
Michigan
   
Michigan
   
Michigan
 
         
Quality
   
Premium
   
Dividend
 
         
Income
   
Income
   
Advantage
 
2011 
       
(NUM)
   
(NMP)
   
(NZW)
 
Distributions from net tax-exempt income*** 
        $ 9,890,005     $ 6,426,137     $ 1,756,176  
Distributions from net ordinary income** 
                       
Distributions from net long-term capital gains 
                       
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
2011 
 
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Distributions from net tax-exempt income*** 
  $ 9,038,269     $ 3,877,989     $ 2,701,429     $ 1,997,821  
Distributions from net ordinary income** 
                       
Distributions from net long-term capital gains 
                       
 
           
Michigan
   
Michigan
   
Michigan
 
           
Quality
   
Premium
   
Dividend
 
           
Income
   
Income
   
Advantage
 
2010 
         
(NUM)
   
(NMP)
   
(NZW)
 
Distributions from net tax-exempt income 
          $ 8,303,611     $ 5,617,873     $ 1,531,890  
Distributions from net ordinary income** 
                         
Distributions from net long-term capital gains 
                         
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
2010 
 
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Distributions from net tax-exempt income 
  $ 7,994,424     $ 3,335,906     $ 2,373,144     $ 1,758,180  
Distributions from net ordinary income** 
          39,995              
Distributions from net long-term capital gains 
                       
 
 
**     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
***     
The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2011, as Exempt Interest Dividends.
 

90      Nuveen Investments
 
 
 
 

 

 
At February 28, 2011, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
 
                                           
   
Michigan
   
Michigan
   
Michigan
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Premium
   
Dividend
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Income
   
Advantage
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUM)
   
(NMP)
   
(NZW)
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Expiration: 
                                         
February 29, 2016 
  $     $     $     $     $     $ 14,045     $  
February 28, 2017 
    87,846       278,817       441,752       1,309,059             522,972       52,532  
February 28, 2018 
    2,690,744       1,586,140       834,359       78,027             211,828       177,836  
February 28, 2019 
                      1,468,286       596,403       310,576       275,067  
Total 
  $ 2,778,590     $ 1,864,957     $ 1,276,111     $ 2,855,372     $ 596,403     $ 1,059,421     $ 505,435  
 
 
 
During the Funds’ tax year ended February 28, 2011, the following Funds utilized capital loss carryforwards as follows:
 
       
 
Michigan 
Michigan 
Michigan 
 
Quality 
Premium 
Dividend 
 
Income 
Income 
Advantage 
 
(NUM) 
(NMP) 
(NZW) 
Utilized capital loss carryforwards 
$250,009 
$92,338 
$15,670 
 
 
 
The following Funds have elected to defer net realized losses from investments incurred from November 1, 2010 through February 28, 2011, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year:
 
         
 
Michigan 
Ohio 
Ohio 
Ohio 
 
Dividend 
Quality 
Dividend 
Dividend 
 
Advantage 
Income 
Advantage 
Advantage 3 
 
(NZW) 
(NUO) 
(NXI) 
(NVJ) 
Post-October capital losses 
$13,969 
$203,449 
$138,592 
$64,837 
 
 
 
7. Management Fees and Other Transactions with Affiliates
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
   
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule: 
 
 
Michigan Quality Income (NUM) 
 
Michigan Premium Income (NMP) 
 
Ohio Quality Income (NUO) 
Average Daily Managed Assets* 
   Fund-Level Fee Rate 
For the first $125 million 
.4500% 
For the next $125 million 
.4375 
For the next $250 million 
.4250 
For the next $500 million 
.4125 
For the next $1 billion 
.4000 
For the next $3 billion 
.3875 
For managed assets over $5 billion 
.3750 
 
 
   Michigan Dividend Advantage (NZW) 
 
Ohio Dividend Advantage (NXI) 
 
Ohio Dividend Advantage 2 (NBJ) 
 
Ohio Dividend Advantage 3 (NVJ) 
Average Daily Managed Assets* 
   Fund-Level Fee Rate 
For the first $125 million 
.4500% 
For the next $125 million 
.4375 
For the next $250 million 
.4250 
For the next $500 million 
.4125 
For the next $1 billion 
.4000 
For managed assets over $2 billion 
.3750 
 
 
 
Nuveen Investments 91
 
 
 
 

 

 
Notes to
 
Financial Statements (continued)
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
   
Complex-Level Managed Asset Breakpoint Level* 
Effective Rate at Breakpoint Level 
$55 billion 
.2000% 
$56 billion 
.1996   
$57 billion 
.1989   
$60 billion 
.1961   
$63 billion 
.1931   
$66 billion 
.1900   
$71 billion 
.1851   
$76 billion 
.1806   
$80 billion 
.1773   
$91 billion 
.1691   
$125 billion 
.1599   
$200 billion 
.1505   
$250 billion 
.1469   
$300 billion 
.1445   
 
*     
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of February 28, 2011, the complex- level fee rate for the Funds was .1799%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into Sub-Advisory Agreements with the Sub-Adviser under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
For the first ten years of Ohio Dividend Advantage’s (NXI) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
       
Year Ending 
 
Year Ending 
 
March 31, 
 
March 31, 
 
2001* 
.30% 
2007 
.25% 
2002 
.30 
2008 
.20 
2003 
.30 
2009 
.15 
2004 
.30 
2010 
.10 
2005 
.30 
2011 
.05 
2006 
.30 
   
 
 
 
* From the commencement of operations.
 
The Adviser has not agreed to reimburse Ohio Dividend Advantage (NXI) for any portion of its fees and expenses beyond March 31, 2011.
 
For the first ten years of Michigan Dividend Advantage’s (NZW) and Ohio Dividend Advantage 2’s (NBJ) operations, the Adviser has agreed to reimburse the Funds, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
       
Year Ending 
 
Year Ending 
 
September 30, 
 
September 30, 
 
2001* 
.30% 
2007 
.25% 
2002 
.30 
2008 
.20 
2003 
.30 
2009 
.15 
2004 
.30 
2010 
.10 
2005 
.30 
2011 
.05 
2006 
.30 
   
 
*     
From the commencement of operations.
 
92 Nuveen Investments
 
 
 
 

 

 
The Adviser has not agreed to reimburse Michigan Dividend Advantage (NZW) and Ohio Dividend Advantage 2 (NBJ) for any portion of their fees and expenses beyond September 30, 2011.
 
For the first ten years of Ohio Dividend Advantage 3’s (NVJ) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
       
Year Ending 
 
Year Ending 
 
March 31, 
 
March 31, 
 
2002* 
.30% 
2008 
.25% 
2003 
.30 
2009 
.20 
2004 
.30 
2010 
.15 
2005 
.30 
2011 
.10 
2006 
.30 
2012 
.05 
2007 
.30 
   
 
* From the commencement of operations.
 
The Adviser has not agreed to reimburse Ohio Dividend Advantage 3 (NVJ) for any portion of its fees and expenses beyond March 31, 2012.
 
9. Subsequent Events
 
Preferred Shares
 
Subsequent to the reporting period, Ohio Dividend Advantage (NXI) successfully completed the issuance of $10,594,000 of 2.95%, Series 2016 MTP shares. The newly issued MTP shares trade on the NYSE under the ticker symbol “NXI Pr D.” Immediately following its MTP shares issuance, Ohio Dividend Advantage (NXI) noticed for redemption at par its remaining $12,500,000 ARPS outstanding using the MTP shares proceeds.
 
Subsequent to the reporting period, Ohio Dividend Advantage 2 (NBJ) successfully completed the issuance of $24,244,000 of 2.35%, Series 2014 MTP shares. The newly issued MTP shares trade on the NYSE under the ticker symbol “NBJ Pr A.” Immediately following the MTP shares issuance, Ohio Dividend Advantage 2 (NBJ) noticed for redemption at par its remaining $21,600,000 ARPS outstanding using the MTP shares proceeds.
 
Subsequent to the reporting period, Ohio Dividend Advantage 3 (NVJ) successfully completed the issuance of $16,061,000 of 2.35%, Series 2014 MTP shares. The newly issued MTP shares trade on the NYSE under the ticker symbol “NVJ Pr A.” Immediately following the MTP shares issuance, Ohio Dividend Advantage 3 (NVJ) noticed for redemption at par its remaining $15,500,000 ARPS outstanding using the MTP shares proceeds.
 
Nuveen Investments 93
 
 
 
 

 

 
Board Members & Officers(Unaudited)
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at ten. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
   with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed
Including other
in Fund Complex
   
and Term(1)
Directorships
Overseen by
     
During Past 5 Years
Board Member
 
Independent Board Members: 
     
       
ROBERT P. BREMNER(2) 
   
Private Investor and Management Consultant; Treasurer and Director, 
 
8/22/40
   Chairman of
 
Humanities Council of Washington, D.C.; Board Member, 
 
333 W. Wacker Drive
   the Board  
1996
Independent Directors Council affiliated with the Investment 
246
Chicago, IL 60606
   and Board Member
 
Company Institute. 
 
 
JACK B. EVANS 
   
President, The Hall-Perrine Foundation, a private philanthropic 
 
10/22/48
   
corporation (since 1996); Director and Chairman, United Fire 
 
333 W. Wacker Drive
   Board Member
1999
Group, a publicly held company; President Pro Tem of the Board of 
246
Chicago, IL 60606
   
Regents for the State of Iowa University System; Director, Source Media 
 
     
Group; Life Trustee of Coe College and the Iowa College Foundation; 
 
     
formerly, Director, Alliant Energy; formerly, Director, Federal 
 
     
Reserve Bank of Chicago; formerly, President and Chief Operating 
 
     
Officer, SCI Financial Group, Inc., a regional financial services firm. 
 
 
WILLIAM C. HUNTER 
   
Dean, Tippie College of Business, University of Iowa (since 
 
3/6/48
   
2006); Director (since 2004) of Xerox Corporation; Director 
 
333 W. Wacker Drive
   Board Member
2004
(since 2005), Beta Gamma Sigma International Honor Society; 
246
Chicago, IL 60606
   
Director of Wellmark, Inc. (since 2009); formerly, Dean and 
 
     
Distinguished Professor of Finance, School of Business at the 
 
     
University of Connecticut (2003-2006); previously, Senior Vice 
 
     
President and Director of Research at the Federal Reserve Bank 
 
     
of Chicago (1995-2003); formerly, Director (1997-2007), Credit 
 
     
Research Center at Georgetown University. 
 
 
DAVID J. KUNDERT(2) 
   
Director, Northwestern Mutual Wealth Management 
 
10/28/42
   
Company; retired (since 2004) as Chairman, JPMorgan 
 
333 W. Wacker Drive
   Board Member
2005
Fleming Asset Management, President and CEO, Banc One 
246
Chicago, IL 60606
   
Investment Advisors Corporation, and President, One Group 
 
     
Mutual Funds; prior thereto, Executive Vice President, Banc One 
 
     
Corporation and Chairman and CEO, Banc One Investment 
 
     
Management Group; Member, Board of Regents, Luther College; 
 
     
member of the Wisconsin Bar Association; member of Board of 
 
     
Directors, Friends of Boerner Botanical Gardens; member of Board 
 
     
of Directors and Chair of Investment Committee, Greater 
 
     
Milwaukee Foundation. 
 
 
WILLIAM J. SCHNEIDER(2) 
   
Chairman of Miller-Valentine Partners Ltd., a real estate investment 
 
9/24/44
   
company; formerly, Senior Partner and Chief Operating Officer 
 
333 W. Wacker Drive
   Board Member
1997
(retired 2004) of Miller-Valentine Group; member, University of 
246
Chicago, IL 60606
   
Dayton Business School Advisory Council;member, Mid-America 
 
     
Health System Board; formerly, member and chair, Dayton Philharmonic 
 
     
Orchestra Association; formerly, member, Business Advisory Council, 
 
     
Cleveland Federal Reserve Bank. 
 
 
 
 
94 Nuveen Investments
 
 
 
 

 

         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
   withthe Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed
Including other
in Fund Complex
   
and Term(1)
Directorships
Overseen by
     
During Past 5 Years
Board Member
 
Independent Board Members: 
     
       
JUDITH M. STOCKDALE 
   
Executive Director, Gaylord and Dorothy Donnelley 
 
12/29/47
   
Foundation (since 1994); prior thereto, Executive Director, 
 
333 W. Wacker Drive
Board Member
1997
Great Lakes Protection Fund (1990-1994). 
246
Chicago, IL 60606
       
 
CAROLE E. STONE(2) 
   
Director, Chicago Board Options Exchange (since 2006); Director, 
 
6/28/47
   
C2 Options Exchange, Incorporated (since 2009); formerly, 
 
333 W. Wacker Drive
   Board Member
2007
Commissioner, New York State Commission on Public Authority 
246
Chicago, IL 60606
   
Reform (2005-2010); formerly, Chair, New York Racing Association 
 
     
Oversight Board (2005-2007). 
 
 
VIRGINIA L. STRINGER 
   
Board Member, Mutual Fund Directors Forum; Member, Governing 
 
8/16/44
   
Board, Investment Company Institute’s Independent Directors 
 
333 W. Wacker Drive
   Board Member
2011
Council; governance consultant and non-profit board member; 
246
Chicago, IL 60606
   
former Owner and President, Strategic Management Resources, Inc. 
 
     
a management consulting firm; previously, held several executive 
 
     
positions in general management, marketing and human resources at 
 
     
IBM and The Pillsbury Company; Independent Director, First American 
 
     
Fund Complex (1987-2010) and Chair (1997-2010). 
 
 
TERENCE J. TOTH(2) 
       
9/29/59
   
Director, Legal & General Investment Management America, Inc. 
 
333 W. Wacker Drive
   Board Member
2008
(since 2008); Managing Partner, Promus Capital (since 2008); 
246
Chicago, IL 60606
   
formerly, CEO and President, Northern Trust Global Investments 
 
     
(2004-2007); Executive Vice President, Quantitative Management 
 
     
& Securities Lending (2000-2004); prior thereto, various positions 
 
     
with Northern Trust Company (since 1994); member: Goodman 
 
     
Theatre Board (since 2004), Chicago Fellowship Board (since 
 
     
2005), and Catalyst Schools of Chicago Board (since 2008); formerly, 
 
     
member: Northern Trust Mutual Funds Board (2005-2007), 
 
     
Northern Trust Global Investments Board (2004-2007), Northern 
 
     
Trust Japan Board (2004-2007), Northern Trust Securities Inc. 
 
     
Board (2003-2007) and Northern Trust Hong Kong Board 
 
     
(1997-2004). 
 
 
Interested Board Member: 
     
       
JOHN P. AMBOIAN(3) 
   
Chief Executive Officer and Chairman (since 2007), and Director (since 
 
6/14/61
   
1999) of Nuveen Investments, Inc., formerly, President (1999-2007); 
 
333 W. Wacker Drive
   Board Member
2008
Chief Executive Officer (since 2007) of Nuveen Investments Advisors, 
246
Chicago, IL 60606
   
Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) 
 
     
of Nuveen Fund Advisors, Inc. 
 
 
 
 
Nuveen Investments 95
 
 
 
 

 

 
Board Members & Officers (Unaudited) (continued)
         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
and Address
 
Appointed(4)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
 
Officers of the Funds: 
       
         
GIFFORD R. ZIMMERMAN 
 
Managing Director (since 2002), Assistant Secretary and Associate 
 
9/9/56
Chief Adminisrative
 
General Counsel of Nuveen Investments LLC; Managing Director 
 
333 W. Wacker Drive
Officer
1988
(since 2004) and Assistant Secretary (since 1994) of Nuveen 
246
Chicago, IL 60606
 
 
Investments, Inc.; Managing Director (since 2002), Assistant 
 
     
Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen 
 
     
Fund Advisors, Inc.; Managing Director, Assistant Secretary and
 
     
Associate General Counsel of Nuveen Asset Management, LLC (since
 
     
2011); Managing Director, Associate General Counsel and Assistant
 
     
Secretary of Symphony Asset Management LLC (since 2003); Vice
 
     
President and Assistant Secretary of NWQ Investment Management
 
     
Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since
 
     
2002), Tradewinds Global Investors LLC, and Santa Barbara Asset
 
     
Management, LLC (since 2006), Nuveen HydePark Group LLC and
 
     
Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital
 
     
Management Inc. (since 2010); Chief Administrative Officer and Chief
 
     
Compliance Officer (since 2010) of Nuveen Commodities Asset
 
     
Management, LLC; Chartered Financial Analyst. 
 
 
WILLIAM ADAMS IV 
   
Senior Executive Vice President, Global Structured Products (since
 
6/9/55
   
2010), formerly, Executive Vice President (1999-2010) of Nuveen
 
333 W. Wacker Drive
  Vice President
2007
Investments, LLC; Co-President of Nuveen Fund Advisors, Inc. (since
132
Chicago, IL 60606
   
2011); Managing Director (since 2010) of Nuveen Commodities Asset
 
      Management, LLC.   
 
CEDRIC H. ANTOSIEWICZ 
 
Managing Director of Nuveen Investments, LLC. 
 
1/11/62
       
333 W. Wacker Drive
Vice President
2007
 
132
Chicago, IL 60606
       
 
MARGO L. COOK 
   
Executive Vice President (since 2008) of Nuveen Investments, Inc. 
 
4/11/64
   
and of Nuveen Fund Advisors, Inc. (since 2011); previously, Head of 
 
333 W. Wacker Drive
  Vice President
2009
Institutional Asset Management (2007-2008) of Bear Stearns Asset 
246
Chicago, IL 60606
   
Management; Head of Institutional Asset Management (1986-2007) of 
 
     
Bank of NY Mellon; Chartered Financial Analyst. 
 
 
LORNA C. FERGUSON 
   
Managing Director (since 2004) of Nuveen Investments, LLC and 
 
10/24/45
   
Managing Director (since 2005) of Nuveen Fund Advisors, Inc. 
 
333 W. Wacker Drive
Vice President
1998
 
246
Chicago, IL 60606
       
 
STEPHEN D. FOY 
   
Senior Vice President (since 2010), formerly, Vice President (1993- 
 
5/31/54
Vice President
 
2010) and Funds Controller (since 1998) of Nuveen Investments, 
 
333 W. Wacker Drive
   andController
1998
LLC; Senior Vice President (since 2010), formerly, Vice President 
246
Chicago, IL 60606
   
(2005-2010) of Nuveen Fund Advisors, Inc.; Certified Fund Advisors, Inc.; 
 
     
Certified Public Accountant. 
 
 
 
96      Nuveen Investments
 
 
 
 

 

         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
and Address
 
Appointed(4)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
 
Officers of the Funds: 
       
         
SCOTT S. GRACE 
   
Managing Director, Corporate Finance & Development, Treasurer 
 
8/20/70
Vice President
 
(since 2009) of Nuveen Investments, LLC; Managing Director and
 
333 W. Wacker Drive
   and Treasurer 
2009
Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment 
246
Chicago, IL 60606
   
Solutions, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments 
 
     
Holdings Inc. and (since (2011) Nuveen Asset Management, LLC; Vice 
 
     
President and Treasurer of NWQ Investment Management Company,
 
     
LLC, Tradewinds Global Investors, LLC, Symphony Asset Management
 
     
LLC and Winslow Capital Management, Inc.; Vice President of Santa
 
     
Barbara Asset Management, LLC; formerly, Treasurer (2006-2009),
 
     
Senior Vice President (2008-2009), previously, Vice President (2006-
 
     
2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan
 
     
Stanley’s Global Financial Services Group (2000-2003); Chartered
 
      Accountant Designation.   
 
WALTER M. KELLY 
   
Senior Vice President (since 2008), Vice President (2006-2008) 
 
2/24/70
Chief Compliance
 
of Nuveen Investments, LLC; Senior Vice President (since 2008) 
 
333 W. Wacker Drive
   Officer and
2003
and Assistant Secretary (since 2008) of Nuveen Fund Advisors, Inc. 
246
Chicago, IL 60606
Vice President
     
 
TINA M. LAZAR 
   
Senior Vice President (since 2009), formerly, Vice President of Nuveen 
 
8/27/61
   
Investments, LLC (1999-2009); Senior Vice President (since 2010), 
 
333 W. Wacker Drive
   Vice President
2002
formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc. 
246
Chicago, IL 60606
       
 
LARRY W. MARTIN 
   
Senior Vice President (since 2010), formerly, Vice President 
 
7/27/51
Vice President and
 
(1993-2010), Assistant Secretary and Assistant General Counsel 
 
333 W. Wacker Drive
   Assistant Secretary
1997
of Nuveen Investments, LLC; Senior Vice President (since 2011) of 
246
Chicago, IL 60606
   
Nuveen Asset Management, LLC: Senior Vice President (since 2010), 
 
     
formerly, Vice President (2005-2010), and Assistant Secretary of 
 
     
Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly 
 
     
Vice President (2005-2010), and Assistant Secretary (since 1997) of 
 
     
Nuveen Fund Advisors, Vice President and Assistant Secretary of Nuveen 
 
     
Investments Advisers Inc. (since 2002), NWQ Investment Management 
 
     
Company, LLC, Symphony Asset Management, LLC (since 2003), 
 
     
Tradewinds Global Investors, LLC, Santa Barbara Asset Management, 
 
     
LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment 
 
     
Solutions, Inc. (since 2007); Vice President and Assistant Secretary of 
 
     
Nuveen Commodities Asset Management LLC (since 2010). 
 
 
KEVIN J. MCCARTHY 
   
Managing Director (since 2008), formerly, Vice President (2007-2008), 
 
3/26/66
Vice President
 
Nuveen Investments, LLC; Managing Director (since 2008), Assistant 
 
333 W. Wacker Drive
   and Secretary
2007
Secretary (since 2007) and Co-General Counsel (since 2011) 
246
Chicago, IL 60606
   
of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary 
 
     
and Associate General Counsel (since 2011) of Nuveen Asset 
 
     
Management, LLC; Managing Director (since 2008), and Assistant 
 
     
Secretary, Nuveen Investment Holdings, Inc.; Vice President 
 
     
(since 2007) and Assistant Secretary, Nuveen Investment Advisers 
 
     
Inc., NWQ Investment Management Company, LLC, Tradewinds 
 
     
Global Investors LLC, NWQ Holdings, LLC, Symphony Asset
 
     
Management LLC, Santa Barbara Asset Management, LLC, Nuveen
 
     
HydePark Group, LLC and Nuveen Investment Solutions, Inc.
 
     
(since 2007) and of Winslow Capital Management, Inc. (since 2010);
 
     
Vice President and Secretary (since 2010) of Nuveen Commodities
 
     
Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP
 
      (1997-2007).   
 
 
 
Nuveen Investments 97
 
 
 
 

 

 
Board Members & Officers (Unaudited) (continued)
         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
and Address
 
Appointed(4)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
 
Officers of the Funds: 
       
         
KATHLEEN L. PRUDHOMME 
 
Managing Director, Assistant Secretary and Co-General Counsel (since
 
3/30/53
Vice President and
 
2011) of Nuveen Fund Advisors; Managing Director, Assistant Secretary
 
800 Nicollet Mall
   Assistant Secretary
2011
and Associate General Counsel (since 2011) of Nuveen Asset
246
Minneapolis, MN 55402
   
Management, LLC; Managing Director and Assistant Secretary (since
 
     
2011) of Nuveen Investments, LLC; formerly, Secretary of FASF
 
     
(2004-2010); Deputy General Counsel, FAF Advisors, Inc. (2004-2010). 
 
 
 
(1)     
For Michigan Dividend Advantage (NZW), Ohio Dividend Advantage (NXI), Ohio Dividend Advantage 2 (NBJ) and Ohio Dividend Advantage 3 (NVJ) Board Members serve three year terms, except for two board members who are elected by the holders of Preferred Shares. The Board of Trustees for NZW, NXI, NBJ and NVJ is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For Michigan Quality Income (NUM), Michigan Premium Income (NMP) and Ohio Quality Income (NUO), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)     
Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser.
(3)     
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)     
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
98 Nuveen Investments
 
 
 
 

 

 
Annual Investment Management Agreement Approval Process(Unaudited)
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Trustees or Directors (as the case may be) (each a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory agreements (each an “Advisory Agreement”) between each Fund and Nuveen Asset Management (the “Adviser”) for an additional one-year period. In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2010 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.
 
In addition, in evaluating the Advisory Agreements, the Independent Board Members reviewed a broad range of information relating to the Funds and the Adviser, including absolute and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the
 
Nuveen Investments 99
 
 
 
 

 

 
Annual Investment Management Agreement
 
Approval Process (Unaudited) (continued)
 
Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreement. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A. Nature, Extent and Quality of Services
 
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Adviser’s organization and business; the types of services that the Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen’s efforts in refinancing preferred shares. In addition to the foregoing, the Independent Board Members also noted the additional services that the Adviser or its affiliates provide to closed-end funds, including, in particular, Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.
 
As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.
 
In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by the Adviser and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members also
 
100 Nuveen Investments
 
 
 
 

 

 
considered the Adviser’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Advisory Agreements were satisfactory.
 
B. The Investment Performance of the Funds and the Adviser
 
The Board considered the performance results of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2009 and for the same periods ending March 31, 2010 (or for the periods available for Funds that did not exist during part of the foregoing time frame). In addition, the Board reviewed each Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2009 and for the same periods ending March 31, 2010 (or for the periods available for Funds that did not exist during part of the foregoing time frame). Moreover, the Board reviewed the peer ranking of the Nuveen municipal funds advised by the Adviser in the aggregate. The Independent Board Members also reviewed historic premium and discount levels, including actions taken for the Nuveen Michigan Quality Income Municipal Fund, Inc., Nuveen Michigan Dividend Advantage Municipal Fund, and Nuveen Michigan Premium Income Municipal Fund, Inc. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.
 
In reviewing peer comparison information, the Independent Board Members recognized that the Performance Peer Group of certain funds may not adequately represent the objectives and strategies of the funds, thereby limiting the usefulness of comparing a fund’s performance with that of its Performance Peer Group. In this regard, the Independent Board Members considered that the Performance Peer Groups of certain funds (including the Nuveen Ohio Quality Income Municipal Fund, Inc., Nuveen Ohio Dividend Advantage Municipal Fund, Nuveen Ohio Dividend Advantage Municipal Fund 2, and Nuveen Ohio Dividend Advantage Municipal Fund 3) were classified as having significant differences from such funds based on considerations such as special fund objectives, potential investable universe and the composition of the peer set (e.g., the number and size of competing funds and number of competing managers).
 
Based on their review, the Independent Board Members determined that each Fund’s investment performance over time had been satisfactory. The Independent Board Members noted that the Nuveen Ohio Quality Income Municipal Fund, Inc. Nuveen Ohio Dividend Advantage Municipal Fund, and Nuveen Ohio Dividend Advantage Municipal Fund 3 outperformed or matched the performance of their benchmarks in the
 
Nuveen Investments 101
 
 
 
 

 

 
Annual Investment Management Agreement
 
Approval Process (Unaudited) (continued)
 
one- and three-year periods whereas the Nuveen Ohio Dividend Advantage Municipal Fund 2 underperformed its benchmark in the three-year period but outperformed the performance of its benchmark in the one-year period.
 
The Independent Board Members noted that the performance of the Nuveen Michigan Premium Income Municipal Fund, Inc. and Nuveen Michigan Dividend Advantage Municipal Fund over time was satisfactory compared to peers, falling within the second or third quartiles over various periods. The Independent Board Members also noted that although the Nuveen Michigan Quality Income Municipal Fund, Inc. lagged its peers somewhat in the short-term one-year period, the Fund demonstrated more favorable performance in the longer three- and five-year periods.
 
C.   Fees, Expenses and Profitability
 
1. Fees and Expenses
 
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and/or Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; the differences in the type and use of leverage; and differences in the states reflected in the Peer Universe or Peer Group may impact the comparative data, thereby limiting the ability to make a meaningful comparison with peers.
 
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). Except as set forth in the following sentence, the Independent Board Members noted that the Funds had net management fees and/or net expense ratios below, at or near (within 5 basis points or less) the peer averages of their Peer Group or Peer Universe. The Nuveen Michigan Quality Income Municipal Fund, Inc., Nuveen Michigan Premium Income Municipal Fund, Inc. and Nuveen Ohio Quality Income
 
102 Nuveen Investments
 
 
 
 

 

 
Municipal Fund, Inc. had net advisory fees above the peer average but net expense ratios below, at or near the peer expense ratio average.
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
 
2. Comparisons with the Fees of Other Clients
 
The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by the Adviser to other clients, including municipal separately managed accounts and passively managed municipal bond exchange traded funds (ETFs) that are sub-advised by the Adviser. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
 
3. Profitability of Nuveen
 
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of
 
Nuveen Investments 103
 
 
 
 

 

 
Annual Investment Management Agreement
 
Approval Process (Unaudited) (continued)
 
assets under management and relatively comparable asset composition prepared by Nuveen.
 
In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to the Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
 
D. Economies of Scale and Whether Fee Levels Reflect These Economies
     of Scale
 
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the
 
104 Nuveen Investments
 
 
 
 

 

 
fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
E. Indirect Benefits
 
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Adviser for serving as agent at Nuveen’s trading desk and as co-manager in initial public offerings of new closed-end funds.
 
In addition to the above, the Independent Board Members considered whether the Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Adviser in managing the assets of the Funds and other clients. The Independent Board Members noted that the Adviser does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” the Adviser intends to comply with the applicable safe harbor provisions.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
F. Other Considerations
 
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Advisory Agreements are fair and reasonable, that the Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
 
Nuveen Investments 105
 
 
 
 

 

 
Board Approval of Sub-Advisory Arrangements (Unaudited)
 
Since the May Meeting, Nuveen has engaged in an internal restructuring (the “Restructuring”) pursuant to which the portfolio management services provided by NAM to the Funds were transferred to Nuveen Asset Management, LLC (“NAM LLC”), a newly-organized wholly-owned subsidiary of the Adviser and the Adviser changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The Adviser, under its new name NFA, continues to serve as investment adviser to the Funds and, in that capacity, will continue to provide various oversight, administrative, compliance and other services. To effectuate the foregoing, NFA entered into sub-advisory agreements with NAM LLC on behalf of the Funds (each a “Sub-Advisory Agreement”). Under each Sub-Advisory Agreement, NAM LLC, subject to the oversight of NFA and the Board, will furnish an investment program, make investment decisions for, and place all orders for the purchase and sale of securities for the portion of the respective Fund’s investment portfolio allocated to it by NFA. There have been no changes to the advisory fees paid by the Funds; rather, NFA will pay a portion of the investment advisory fee it receives to NAM LLC for its sub-advisory services. The Independent Board Members reviewed the allocation of fees between NFA and NAM LLC. NFA and NAM LLC do not anticipate any reduction in the nature or level of services provided to the Funds following the Restructuring. The personnel of NFA who engaged in portfolio management activities prior to the spinoff of NAM LLC are not expected to materially change as a result of the spinoff. In light of the foregoing, at a meeting held on November 16-18, 2010, the Board Members, including a majority of the Independent Board Members, approved the Sub-Advisory Agreements on behalf of the Funds. Given that the Restructuring was not expected to reduce the level or nature of services provided and the advisory fees paid by the Funds were the same, the factors considered and determinations made at the May Meeting in approving the Advisory Agreements were equally applicable to the approval of the Sub-Advisory Agreements.
 
106 Nuveen Investments
 
 
 
 

 

 
Reinvest Automatically, Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.
 
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.
 
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
 
Nuveen Investments 107
 
 
 
 

 

 
Reinvest Automatically,
 
Easily and Conveniently (continued)
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
108 Nuveen Investments
 
 
 
 

 

 
Glossary of Terms
 
Used in this Report
 
·  
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
 
·  
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the invest- ment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
 
·  
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
 
·  
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typi- cally also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
 
·  
Leverage: Using borrowed money to invest in securities or other assets.
 
Nuveen Investments 109
 
 
 
 

 

 
Glossary of Terms
Used in this Report (continued)
 
·  
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
 
·  
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
 
·  
Net Asset Value (NAV): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.
 
·  
Pre-refunding: Pre-refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
 
·  
Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the fund. Both of these are part of a fund’s capital structure. Structural leverage is sometimes referred to as “’40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
 
·  
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
 
·  
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
110 Nuveen Investments
 
 
 
 

 

 
Other Useful Information
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common and Preferred Share Information
 
Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table.
     
 
Common Shares 
Preferred Shares 
Fund 
Repurchased 
Redeemed 
NUM 
3,400 
NMP 
8,300 
NZW 
1,700 
571 
NUO 
NXI 
660 
NBJ 
NVJ 
 
 
 
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.
 
Board of Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
Transfer Agent and Shareholder Services
State Street Bank
& Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Nuveen Investments 111
 
 
 
 

 

 
Nuveen Investments:
 
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
 
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $197 billion of assets as of December 31, 2010.
 
Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 

Nuveen makes things e-simple.
 
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready – no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
 
Free e-Reports right to your e-mail!
 
www.investordelivery.com
 
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
 
OR
 
www.nuveen.com/accountaccess
 
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
 

Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
 
 
EAN-C-0211D

 
 

 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder. (To view the code, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees ("Board") determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is "independent" for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director.  Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Ohio Quality Income Municipal Fund, Inc.

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
 
 
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
February 28, 2011
$ 18,200     $ 0     $ 0     $ 3,400  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
February 28, 2010
$ 14,927     $ 0     $ 0     $ 3,400  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services
 
provided in connection with statutory and regulatory filings or engagements.
                 
                               
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the
 
audit or review of financial statements and are not reported under "Audit Fees".
                 
                               
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.
         
                               
4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.
 
 
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, Inc. (formerly Nuveen Asset Management) (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.

Fiscal Year Ended
Audit-Related Fees
   
Tax Fees Billed to
   
All Other Fees
 
 
Billed to Adviser and
   
Adviser and
   
Billed to Adviser
 
 
Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
 
Service Providers
   
Service Providers
   
Service Providers
 
February 28, 2011
$ 0     $ 0     $ 0  
                       
Percentage approved
  0 %     0 %     0 %
pursuant to
                     
pre-approval
                     
exception
                     
                       
February 28, 2010
$ 0     $ 0     $ 0  
                       
Percentage approved
  0 %     0 %     0 %
pursuant to
                     
pre-approval
                     
exception
                     

NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.
 
Fiscal Year Ended
     
Total Non-Audit Fees
             
       
billed to Adviser and
             
       
Affiliated Fund Service
   
Total Non-Audit Fees
       
       
Providers (engagements
   
billed to Adviser and
       
       
related directly to the
   
Affiliated Fund Service
       
 
Total Non-Audit Fees
   
operations and financial
   
Providers (all other
       
 
Billed to Fund
   
reporting of the Fund)
   
engagements)
   
Total
 
February 28, 2011
$ 3,400     $ 0     $ 0     $ 3,400  
February 28, 2010
$ 3,400     $ 0     $ 0     $ 3,400  
                               
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
                             

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
 
Nuveen Fund Advisors, Inc. (“NFA”) is the registrant’s investment adviser (NFA is also referred to as the “Adviser”). NFA is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“NAM, LLC” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser's policy and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
  
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
 
Nuveen Fund Advisors, Inc. is the registrant's Adviser.  The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:
 
The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
Daniel J. Close
Nuveen Ohio Quality Income Municipal Fund, Inc.

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
 Daniel J. Close
 Registered Investment Company
21
$ 4.77 billion
 
 Other Pooled Investment Vehicles
 0
$0
 
 Other Accounts
 6
$63.5 million
*
Assets are as of February 28, 2011.  None of the assets in these accounts are subject to an advisory fee based on performance.


Compensation. Each portfolio manager’s compensation consists of three basic elements—base salary, cash bonus and long-term incentive compensation. The compensation strategy is to annually compare overall compensation to the market in order to create a compensation structure that is competitive and consistent with similar financial services companies. As discussed below, several factors are considered in determining each portfolio manager’s total compensation. In any year these factors may include, among others, the effectiveness of the investment strategies recommended by the portfolio manager’s investment team, the investment performance of the accounts managed by the portfolio manager, and the overall performance of Nuveen Investments, Inc. (the parent company of NAM, LLC). Although investment performance is a factor in determining the portfolio manager’s compensation, it is not necessarily a decisive factor. The portfolio manager’s performance is evaluated in part by comparing manager’s performance against a specified investment benchmark.  This fund-specific benchmark is a customized subset (limited to bonds in each Fund’s specific state and with certain maturity parameters) of the S&P/Investortools Municipal Bond index, an index comprised of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily and whose fund holdings aggregate at least $2 million.  As of December 31, 2010, the S&P/Investortools Municipal Bond index was comprised of 57,308 securities with an aggregate current market value of $1,226 billion.

Base salary. Each portfolio manager is paid a base salary that is set at a level determined by NAM, LLC in accordance with its overall compensation strategy discussed above. NAM, LLC is not under any current contractual obligation to increase a portfolio manager’s base salary.

Cash bonus. Each portfolio manager is also eligible to receive an annual cash bonus. The level of this bonus is based upon evaluations and determinations made by each portfolio manager’s supervisors, along with reviews submitted by his peers. These reviews and evaluations often take into account a number of factors, including the effectiveness of the investment strategies recommended to the NAM, LLC’s investment team, the performance of the accounts for which he serves as portfolio manager relative to any benchmarks established for those accounts, his effectiveness in communicating investment performance to stockholders and their representatives, and his contribution to the NAM, LLC’s investment process and to the execution of investment strategies. The cash bonus component is also impacted by the overall performance of Nuveen Investments, Inc. in achieving its business objectives.

Long-term incentive compensation.    In connection with the acquisition of Nuveen Investments, Inc., by a group of investors lead by Madison Dearborn Partners in November 2007, certain employees, including portfolio managers, received profit interests in Nuveen’s parent.  These profit interests entitle the holders to participate in the appreciation  in the value of Nuveen beyond the issue date and vest over five to seven years, or earlier in the case of a liquidity event.  In addition, in July 2009, Nuveen Investments created and funded a trust, as part of a newly-established incentive program, which purchased shares of certain Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain employees, including portfolio managers.

Material Conflicts of Interest. Each portfolio manager’s simultaneous management of the registrant and the other accounts noted above may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and the other account. NAM, LLC, however, believes that such potential conflicts are mitigated by the fact that the NAM, LLC has adopted several policies that address potential conflicts of interest, including best execution and trade allocation policies that are designed to ensure (1) that portfolio management is seeking the best price for portfolio securities under the circumstances, (2) fair and equitable allocation of investment opportunities among accounts over time and (3) compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager. In addition, NAM, LLC has adopted a Code of Conduct that sets forth policies regarding conflicts of interest.
 
Beneficial Ownership of Securities. As of February 28, 2011, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by NAM’s municipal investment team.

Name of Portfolio Manager
Fund
 
 
Dollar range of
equity securities
beneficially
owned in Fund
Dollar range of
equity securities
beneficially owned
in the remainder
of Nuveen funds
managed by
NAM’s municipal
investment team
 Daniel J. Close
Nuveen Ohio Quality Income Municipal Fund, Inc.
$0
$0
 
PORTFOLIO MANAGER BIO:

Daniel J. Close, CFA, is a Senior Vice President of Nuveen Investments. He joined Nuveen Investments in 2000 as a member of Nuveen’s product management and development team. He then served as a research analyst for Nuveen’s municipal investing team, covering corporate-backed, energy, transportation and utility credits. He received his BS in Business from Miami University and his MBA from Northwestern University’s Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation.  Mr. Close also serves as a portfolio manager for various Nuveen Build America Bond strategies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this item.

ITEM 11. 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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)

(a)(2)
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)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 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 Ohio Quality Income Municipal Fund, Inc.

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

Date: May 6, 2011

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: May 6, 2011
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: May 6, 2011