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: August 31, 2010

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.
 

 

 
 
 

 
 
NUVEEN INVESTMENTS ANNOUNCES STRATEGIC COMBINATION WITH FAF ADVISORS
 
On July 29, 2010, Nuveen Investments, Inc. announced that U.S. Bancorp will receive a 9.5% stake in Nuveen Investments and cash consideration in exchange for the long-term asset business of U.S. Bancorp’s FAF Advisors (FAF). Nuveen Investments is the parent of Nuveen Asset Management (NAM), the investment adviser for the Funds included in this report.
 
FAF Advisors, which currently manages about $25 billion of long-term assets and serves as the advisor of the First American Funds, will be combined with NAM, which currently manages about $75 billion in municipal fixed income assets. Upon completion of the transaction, Nuveen Investments, which currently manages about $150 billion of assets across several high-quality affiliates, will manage a combined total of about $175 billion in institutional and retail assets.
 
This combination will not affect the investment objectives, strategies or policies 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 NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors, Winslow Capital and Nuveen HydePark.
 
The transaction is expected to close late in 2010, subject to customary conditions.
 
 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholder,
 
Recent months have revealed the fragility and disparity of the global economic recovery. In the U.S., the rate of economic growth has slowed as various stimulus programs have started to wind down, exposing weakness in the underlying economy. In contrast, many emerging market countries are experiencing a return to comparatively high rates of growth. Confidence in global financial markets has been undermined by concerns about high sovereign debt levels in Europe and the U.S. Until these countries can begin credible programs to reduce their budgetary deficits, market unease and hesitation will remain. On a more positive note, even though the countries now enjoying the strongest recovery depend on exports to countries with trade deficits, these importing countries have resisted the temptation to damage world trade by erecting trade barriers.
 
The U.S. economy is subject to unusually high levels of uncertainty as it struggles to recover from a devastating financial crisis. Unemployment remains stubbornly high, due to what appears to be both cyclical and structural forces. Federal Reserve policy makers are considering novel approaches to provide support to the economy, and administration policy makers are debating additional stimulus measures. However, the high levels of debt owed both by U.S. consumers and the U.S. government limit their ability to engineer a stronger economic recovery.
 
The U.S. financial markets reflect the crosscurrents now impacting the U.S. economy. Today’s historically low interest rates reflect the Fed’s easy monetary policy and the demand for U.S. government debt by U.S. and overseas investors looking for a safe haven for investment. Despite a continued corporate earnings recovery, equity markets continue to reflect concern about the possibility of a “double dip” recession. Encouragingly, financial institutions are rebuilding their balance sheets and the financial reform legislation enacted this summer has the potential to address many of the most significant contributors to the financial crisis, although many details still have to be worked out.
 
In this difficult environment, your Nuveen investment team continues to seek sustainable investment opportunities and, at the same time, remains alert for potential risks that may result from a recovery still facing many headwinds. As your representative, the Nuveen Fund Board monitors the activities of each investment team to assure that all maintain their investment disciplines. 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
October 21, 2010
 
Nuveen Investments 1
 
 
 

 
 
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 reviews key investment strategies and the performance of the Nuveen Michigan and Ohio Funds for the six-month period ended August 31, 2010. Dan, who joined Nuveen in 2000, assumed portfolio management responsibility for these seven Funds in 2007.
 
What key strategies were used to manage the Michigan and Ohio Funds during the six-month reporting period ended August 31, 2010?
 
During this period, the combination of strong demand and tighter supply of new tax-exempt municipal issuance continued to create favorable supply/demand conditions that helped to support municipal bond prices. One reason for the decline in new tax-exempt supply was the continued issuance of taxable municipal debt under the Build America Bond program. These bonds, first issued in April 2009, generally offer municipal issuers a federal subsidy equal to 35% of a security’s interest payments, often providing issuers with an attractive alternative to traditional tax-exempt debt. For the six months ended August 31, 2010, taxable Build America Bond issuance totaled $49.4 billion, representing more than 24% of new bonds in the municipal marketplace nationwide. In Michigan and Ohio during this period, Build America Bonds accounted for approximately 22% and 27% of municipal supply, respectively, meaningfully impacting the availability of tax-exempt supply in these two states. Since interest payments from Build America Bonds represent taxable income, we do not view these bonds as good investment opportunities for these Funds.
 
Despite these constrained issuance of tax-exempt municipal bonds, we continued to find attractive value opportunities, taking a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. In the Michigan Funds, we found value in several areas of the market, including lower-rated health care credits and higher education bonds issued for Michigan State University. NUM also added housing bonds during this period. Because of the limitations placed on tax-exempt municipal supply by the Build America Bond program, we
 
 
 
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 refers to the highest rating assigned by a Nationally Recognized Statistical Rating Organization (“NRSRO”) such as Standard & Poor’s, 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.
 
2 Nuveen Investments
 
 
 

 
 
also purchased out-of-state paper when necessary to keep the Michigan Funds fully invested, including bonds issued for an electric utility and a tollroad project.
 
In the Ohio Funds, our purchases included higher-rated health care issues, continuing care retirement community (CCRC) credits and general obligation (GO) bonds issued by Lucas County and the City of Columbus. During the period, the Ohio Funds also swapped some of their longer-dated Buckeye tobacco holdings for tobacco bonds with shorter maturities. This swap benefited the Funds by enhancing income generation through higher book yields, potentially reducing risk by shortening the average life of their tobacco exposure and recognizing losses for tax purposes.
 
Some of our investment activity during this period resulted from opportunities created by the provisions of the Build America Bond program. For example, tax-exempt municipal supply was more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally do not qualify for the Build America Bond program and must continue to issue bonds in the tax-exempt municipal market. Bonds with proceeds earmarked for refundings, working capital and private activities also are 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. Even though this program significantly reduced the availability of tax-exempt credits with longer maturities, we continued to find good opportunities to purchase attractive longer-term bonds for these Funds.
 
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. Most of these Funds also saw a small amount of selling, mainly of pre-refunded bonds, in order to fund additional purchases. In addition, NUO closed out its position in a lower-rated hospital due to our unfavorable outlook on this holding’s long-term prospects. On the whole, however, selling was relatively limited during this period, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of August 31, 2010, all seven of these Funds continued to use inverse floating rate securities.1 We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
 
 
1     
An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report.
 
 
Nuveen Investments 3
 
 
 

 
 
How did the Funds perform?
 
Individual results for the 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 8/31/10 
                       
   
6-Month
   
1-Year
   
5-Year
   
10-Year
 
Michigan Funds
                       
NUM 
    7.76     13.75     4.72     6.60
NMP 
    6.73     12.68     4.47     6.34
NZW 
    7.19     12.47     4.42     N/A  
Standard & Poor’s (S&P) Michigan Municipal Bond Index2
    5.69     11.43     4.54     5.63
Standard & Poor’s (S&P) National Municipal Bond Index3
    5.53     10.19     4.77     5.67
Lipper Michigan Municipal Debt Funds Average4
    7.56     13.78     4.28     6.52
                                 
Ohio Funds
                               
NUO 
    6.47     13.68     5.15     6.47
NXI 
    5.65     11.87     5.19     N/A  
NBJ 
    5.71     14.34     4.80     N/A  
NVJ 
    5.49     11.76     5.23     N/A  
Standard & Poor’s (S&P) Ohio Municipal Bond Index2
    4.01     8.97     4.13     5.28
Standard & Poor’s (S&P) National Municipal Bond Index3
    5.53     10.19     4.77     5.67
Lipper Other States Municipal Debt Funds Average5
    7.06     14.69     4.64     6.41

 
For the six months ended August 31, 2010, the cumulative returns on common share net asset value (NAV) for all of the Michigan and Ohio Funds exceeded the returns for their respective state’s Standard & Poor’s (S&P) Municipal Bond Index. NUM, NMP, NZW, NUO, NXI and NBJ also outperformed the S&P National Municipal Bond Index, while NVJ performed in line with the national index. For the same period, NUM exceeded the average return for the Lipper Michigan Municipal Debt Funds Average, while the other six Funds trailed the averages for their respective Lipper averages. Shareholders of the Ohio Funds 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, which may make direct comparisons less meaningful.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of structural leverage was an important positive factor during this period. The impact of structural leverage is discussed in more detail on page five.
 
During this period, bonds with longer maturities generally outperformed those with shorter maturities, with bonds at the longest end of the municipal yield curve posting the strongest returns. The outperformance of longer term bonds was due in part to the decline in interest rates, particularly at the longer end of the curve. The scarcity of tax-
 
 
 
*  
Six-month returns are cumulative; all other returns are annualized.

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.

2  
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 Michigan and Ohio municipal bond markets, respectively. These indexes do not reflect any initial or ongoing expenses and are not available for direct investment.

3  
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.

4  
The Lipper Michigan 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: 6-months, 5 funds; 1-year, 5 funds; 5-year, 5 funds; and 10-year, 3 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.

5  
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: 6-month, 46 funds; 1- year, 46 funds; 5-year, 46 funds; and 10-year, 20 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 Nuveen Investments
 
 
 

 
 
exempt bonds with longer maturities also drove up the prices of these bonds. Overall, yield curve positioning and duration proved positive for the performance of NUM, NMP, NZW and NUO, with NUM having the longest duration among these four Funds. In general, all four of these Funds were underweighted in the shorter part of the yield curve that produced weaker returns and overweighted in the outperforming longer segment. In the other three Ohio Funds, yield curve positioning and duration was a neutral to slightly negative factor.
 
Credit exposure also played an important role in the performance of these Funds. The demand for municipal bonds increased during this period driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for additional risk. At the same time, the supply of new tax-exempt municipal paper declined, due largely to the Build America Bond program. As investors bid up municipal bond prices, bonds rated single-A, BBB or below and non-rated bonds generally outperformed those rated AAA or AA. All of the Funds in this report except NZW received a positive contribution from their credit quality allocations. In NZW, ratings exposure was a neutral factor.
 
Revenue bonds as a whole performed well, with leasing, special tax and education among the other sectors that outperformed the general municipal market. Zero coupon bonds also were among the strongest performers and general obligation and other tax-supported bonds outpaced the market for the first time in about a year. All of the Michigan and Ohio Funds were underweighted in the outperforming tax-supported sector.
 
Pre-refunded bonds, which are often backed by U.S. Treasury securities, continued to perform poorly during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of August 31, 2010, NXI and NVJ held the heaviest weightings of pre-refunded bonds among these Funds, which detracted from their performance. Among the revenue sectors, resource recovery trailed the overall municipal market by the widest margin and industrial development revenue (IDR), housing, and electric utilities also turned in weaker performances.
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of these Funds relative to the comparative indexes was the Funds’ use of financial 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.
 
 
Nuveen Investments 5
 
 
 

 
 
Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
RECENT DEVELOPMENTS REGARDING THE FUNDS’ LEVERAGED CAPITAL STRUCTURE
 
Shortly after their inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create financial 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 multi-generational 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 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, a floating rate form of preferred stock. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of 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, 33 Nuveen leveraged closed-end funds (excluding those 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 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
 
 
6 Nuveen Investments
 
 
 

 
 
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, twenty of the funds that received demand letters were named as nominal defendants in a putative shareholder derivative action complaint captioned Safier and Smith 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 July 27, 2010. Three additional funds were named as nominal defendants in a similar complaint captioned Curbow v. Nuveen Asset Management, et al. filed in the Cook County Chancery Court on August 12, 2010, and three additional funds were named as nominal defendants in a similar complaint captioned Beidler v. Nuveen Asset Management, et al. filed in the Cook County Chancery Court on September 21, 2010 (collectively, the “Complaints”). The Complaints, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Asset Management as a defendant, together with current and former Officers and interested Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaints contain 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 Asset Management believes that the Complaints are without merit, and intends to defend vigorously against these charges.
 
As of August 31, 2010, the amounts of ARPS redeemed by the Funds are as shown in the accompanying table.
 
   
Auction Rate
   
% of Original
 
    Preferred     Auction  
   
Shares
   
 Rate
 
Fund 
 
Redeemed
   
Preferred Share
 
NUM 
  $ 6,675,000       7.1
NMP 
  $ 2,300,000       4.1
NZW 
  $ 1,725,000       10.8
NUO 
  $ 4,000,000       5.2
NXI 
  $ 2,000,000       6.5
NBJ 
  $ 2,400,000       10.0
NVJ 
  $ 1,000,000       6.1

During the six-month reporting period, NXI and NBJ filed with the Securities and Exchange Commission (SEC) a registration statement seeking to register MTP. These registration statements, declared effective by the SEC, enable the Funds to issue to the public shares of MTP to refinance all or a portion of their ARPS. The issuance of MTP by the Funds is subject to market conditions. There is no assurance that these MTP shares will be issued.
 
As of August 31, 2010, 83 out of the 84 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 $5.5 billion of the approximately $11 billion outstanding.
 
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
 
 
Nuveen Investments 7
 
 
 

 
 
Common Share Dividend
and Share Price Information
 
 
During the six-month reporting period ended August 31, 2010, all seven of the Michigan and Ohio Funds had one monthly dividend increase. NMP also had an additional dividend increase that was declared just prior to the start of this reporting period and took effect in March 2010.
 
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 August 31, 2010, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
As of August 31, 2010, and the since inception of the Funds’ repurchase program, the following Funds have cumulatively repurchased common shares as shown in the accompanying table.
 
             
   
Common Shares
   
% of Outstanding
 
Fund 
 
Repurchased
   
Common Shares
 
NUM 
    153,900       1.3
NMP 
    141,300       1.9
NZW 
    12,200       0.6
NUO 
           
NXI 
    600       0.0 %* 
NBJ 
           
NVJ 
    1,700       0.1
 
* Rounds to less than 0.1%
 
8 Nuveen Investments
 
 
 

 
 
During the six-month reporting period, the following Fund repurchased common shares at a weighted average price and a weighted average discount per common share as shown in the accompanying table.
 
           Weighted      Weighted  
         
 Average
   
Average
 
   
Common
   
Price
   
Discount
 
    Shares     Per Share     Per Share  
Fund 
 
Repurchased
   
Repurchased
   
Repurchased
 
NMP 
    4,200     $ 12.83       11.54
 
As of August 31, 2010, the Funds’ common share prices were trading at (+) premiums or (-) discounts to their common share NAVs as shown in the accompanying table.
 
   
8/31/10
   
Six-Month Average
 
Fund 
 
(+)Premium/(-) Discount
   
(+) Premium/(-) Discount
 
NUM 
    -5.80     -8.65
NMP 
    -6.56     -9.40
NZW 
    -5.41     -8.75
NUO 
    -1.61     -1.98
NXI 
    -1.29     -1.02
NBJ 
    -2.11     -2.00
NVJ 
    +2.99     +1.11

 
Nuveen Investments 9
 
 
 

 

   
NUM
Nuveen Michigan 
 
Quality Income 
Performance 
Municipal Fund, Inc. 
OVERVIEW 
 
 
        as of August 31, 2010 
 
 
 
             
Fund Snapshot
           
Common Share Price 
        $ 14.61  
Common Share Net Asset Value (NAV)
    $ 15.51  
Premium/(Discount) to NAV 
          -5.80
Market Yield 
          5.75
Taxable-Equivalent Yield1
          8.35
Net Assets Applicable to 
             
Common Shares ($000) 
        $ 179,294  
Average Effective 
             
Maturity on Securities (Years) 
          15.27  
Leverage-Adjusted Duration 
          7.52  
               
Average Annual Total Return
             
(Inception 10/17/91) 
             
   
On Share Price
   
On NAV
 
6-Month (Cumulative) 
    16.29     7.76
1-Year 
    22.25     13.75
5-Year 
    4.33     4.72
10-Year 
    6.96     6.60
                 
Portfolio Composition
               
(as a % of total investments) 
               
Tax Obligation/General 
            37.4
U.S. Guaranteed 
            14.4
Tax Obligation/Limited 
            12.4
Utilities 
            10.3
Health Care 
            10.0
Water and Sewer 
            7.5
Other 
            8.0
 
   
 
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. 

 
10 Nuveen Investments
 
 
 

 

   
NMP
 
Performance
Nuveen Michigan Premium Income
OVERVIEW 
Municipal Fund, Inc.
   
 
as of August 31, 2010 
 
 

 
             
Fund Snapshot
           
Common Share Price 
        $ 13.97  
Common Share Net Asset Value (NAV)
    $ 14.95  
Premium/(Discount) to NAV 
          -6.56
Market Yield 
          5.97
Taxable-Equivalent Yield1
          8.66
Net Assets Applicable to 
             
Common Shares ($000) 
        $ 113,759  
Average Effective 
             
Maturity on Securities (Years) 
          16.37  
Leverage-Adjusted Duration 
          6.05  
               
Average Annual Total Return
             
(Inception 12/17/92) 
             
   
On Share Price
   
On NAV
 
6-Month (Cumulative) 
    15.20     6.73
1-Year 
    21.05     12.68
5-Year 
    3.76     4.47
10-Year 
    6.89     6.34
                 
Portfolio Composition
               
(as a % of total investments) 
               
Tax Obligation/General 
            38.8
Tax Obligation/Limited 
            14.1
Water and Sewer 
            12.1
Utilities 
            10.1
Health Care 
            9.5
U.S. Guaranteed 
            6.8
Other 
            8.6
 
   
 
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. 

 
Nuveen Investments 11
 
 
 

 

   
NZW
Nuveen Michigan 
 
Dividend Advantage 
Performance 
Municipal Fund 
OVERVIEW 
 
 
    as of August 31, 2010 
 

 
             
Fund Snapshot
           
Common Share Price 
        $ 13.99  
Common Share Net Asset Value (NAV)
    $ 14.79  
Premium/(Discount) to NAV 
          -5.41
Market Yield 
          5.75
Taxable-Equivalent Yield1
          8.35
Net Assets Applicable to 
             
Common Shares ($000) 
        $ 30,387  
Average Effective 
             
Maturity on Securities (Years) 
          16.00  
Leverage-Adjusted Duration 
          6.92  
               
Average Annual Total Return
             
(Inception 9/25/01) 
             
   
On Share Price
   
On NAV
 
6-Month (Cumulative) 
    15.93     7.19
1-Year 
    21.57     12.47
5-Year 
    3.26     4.42
Since Inception 
    5.06     6.06
                 
Portfolio Composition
               
(as a % of total investments) 
               
Tax Obligation/General 
            29.6
U.S. Guaranteed 
            13.7
Utilities 
            12.7
Tax Obligation/Limited 
            11.3
Health Care 
            10.5
Water and Sewer 
            9.9
Other 
            12.3
 
   
 
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. 

 
12 Nuveen Investments
 
 
 

 

   
NUO
 
Performance
Nuveen Ohio Quality Income
OVERVIEW 
Municipal Fund, Inc.
   
 
as of August 31, 2010 
 
 

             
Fund Snapshot
           
Common Share Price 
        $ 16.46  
Common Share Net Asset Value (NAV)
    $ 16.73  
Premium/(Discount) to NAV 
          -1.61
Market Yield 
          5.47
Taxable-Equivalent Yield1
          8.06
Net Assets Applicable to 
             
Common Shares ($000) 
        $ 163,023  
Average Effective 
             
Maturity on Securities (Years) 
          15.88  
Leverage-Adjusted Duration 
          7.15  
               
Average Annual Total Return
             
(Inception 10/17/91) 
             
   
On Share Price
   
On NAV
 
6-Month (Cumulative) 
    8.63     6.47
1-Year 
    19.52     13.68
5-Year 
    4.98     5.15
10-Year 
    5.93     6.47
                 
Portfolio Composition
               
(as a % of total investments) 
               
Tax Obligation/General 
            28.5
Health Care 
            16.2
U.S. Guaranteed 
            12.0
Tax Obligation/Limited 
            11.4
Education and Civic Organizations 
            10.3
Consumer Staples 
            5.2
Utilities 
            4.6
Other 
            11.8
 
   
 
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 32.1%. 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. 

 
Nuveen Investments 13
 
 
 

 
 
   
NXI
Nuveen Ohio 
 
Dividend Advantage 
Performance 
Municipal Fund 
OVERVIEW 
 
 
    as of August 31, 2010 
 

 
             
Fund Snapshot
           
Common Share Price 
        $ 15.36  
Common Share Net Asset Value (NAV)
    $ 15.56  
Premium/(Discount) to NAV 
          -1.29
Market Yield 
          5.74
Taxable-Equivalent Yield1
          8.45
Net Assets Applicable to 
             
Common Shares ($000) 
        $ 66,049  
Average Effective 
             
Maturity on Securities (Years) 
          14.77  
Leverage-Adjusted Duration 
          6.79  
               
Average Annual Total Return
             
(Inception 3/27/01) 
             
   
On Share Price
   
On NAV
 
6-Month (Cumulative) 
    9.13     5.65
1-Year 
    19.16     11.87
5-Year 
    4.23     5.19
Since Inception 
    6.06     6.70
                 
Portfolio Composition
               
(as a % of total investments) 
               
U.S. Guaranteed 
            21.5
Tax Obligation/General 
            18.5
Tax Obligation/Limited 
            13.8
Health Care 
            13.7
Utilities 
            6.9
Education and Civic Organizations 
            6.3
Housing/Multifamily 
            5.0
Other 
            14.3
 
 
   
 
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 32.1%. 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
The Fund paid shareholders net ordinary income distributions in December 2009 of $0.0094 per share. 
 
14 Nuveen Investments
 
 
 

 

   
NBJ
 
Performance
Nuveen Ohio Dividend Advantage
OVERVIEW 
Municipal Fund 2
 
    as of August 31, 2010 
 

 
             
Fund Snapshot
           
Common Share Price 
        $ 14.83  
Common Share Net Asset Value (NAV)
    $ 15.15  
Premium/(Discount) to NAV 
          -2.11
Market Yield 
          5.66
Taxable-Equivalent Yield1
          8.34
Net Assets Applicable to 
             
Common Shares ($000) 
        $ 47,304  
Average Effective 
             
Maturity on Securities (Years) 
          16.45  
Leverage-Adjusted Duration 
          6.57  
               
Average Annual Total Return
             
(Inception 9/25/01) 
             
   
On Share Price
   
On NAV
 
6-Month (Cumulative) 
    10.18     5.71
1-Year 
    22.43     14.34
5-Year 
    5.06     4.80
Since Inception 
    5.61     6.27
                 
Portfolio Composition
               
(as a % of total investments) 
               
Tax Obligation/General 
            30.5
Health Care 
            18.7
Tax Obligation/Limited 
            10.3
U.S. Guaranteed 
            9.7
Education and Civic Organizations 
            7.9
Industrials 
            7.4
Utilities 
            6.7
Other 
            8.8

 
   
 
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 32.1%. 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. 

 
Nuveen Investments 15
 
 
 

 
NVJ
 
 
Nuveen Ohio 
Performance 
Dividend Advantage 
OVERVIEW 
Municipal Fund 3 
   
 
    as of August 31, 2010 
 
 
 
 
             
Fund Snapshot
           
Common Share Price 
        $ 16.18  
Common Share Net Asset Value (NAV)
    $ 15.71  
Premium/(Discount) to NAV 
          2.99
Market Yield 
          5.60
Taxable-Equivalent Yield1
          8.25
Net Assets Applicable to 
             
Common Shares ($000) 
        $ 33,895  
Average Effective 
             
Maturity on Securities (Years) 
          14.98  
Leverage-Adjusted Duration 
          7.58  
               
Average Annual Total Return
             
(Inception 3/25/02) 
             
   
On Share Price
   
On NAV
 
6-Month (Cumulative) 
    9.56     5.49
1-Year 
    24.93     11.76
5-Year 
    6.12     5.23
Since Inception 
    6.68     6.72
                 
Portfolio Composition
               
(as a % of total investments) 
               
Tax Obligation/General 
            25.0
U.S. Guaranteed 
            21.1
Health Care 
            16.9
Tax Obligation/Limited 
            9.5
Utilities 
            5.3
Industrials 
            4.9
Consumer Staples 
            4.6
Other 
            12.7
 
   
 
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 32.1%. 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. 

 
16 Nuveen Investments
 
 
 
 

 
 

 
Nuveen Michigan Quality Income Municipal Fund, Inc.
NUM Portfolio of Investments
August 31, 2010 (Unaudited)
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value
   
Consumer Staples – 1.9% (1.3% of Total Investments)
     
$      4,000 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
Baa3 
$    3,495,720 
   
Series 2008A, 6.875%, 6/01/42 
     
   
Education and Civic Organizations – 4.2% (2.8% of Total Investments)
     
1,685 
 
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, 
9/11 at 100.00 
N/R 
1,693,779 
   
Kettering University, Series 2001, 5.500%, 9/01/17 – AMBAC Insured 
     
1,500 
 
Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2000 XII-T, 5.300%, 
No Opt. Call 
AA 
1,500,000 
   
9/01/10 – AMBAC Insured (Alternative Minimum Tax) 
     
1,000 
 
Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%, 
9/12 at 100.00 
AA 
1,018,420 
   
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 
2,183,300 
1,115 
 
Michigan Technological University, General Revenue Bonds, Series 2004A, 5.000%, 10/01/22 – 
10/13 at 100.00 
Aa3 
1,206,452 
   
NPFG Insured 
     
7,300 
 
Total Education and Civic Organizations 
   
7,601,951 
   
Health Care – 15.1% (10.0% of Total Investments)
     
2,700 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center 
2/11 at 100.00 
BB– 
2,544,507 
   
Obligated Group, Series 1998A, 5.250%, 8/15/28 
     
4,100 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
4,262,934 
   
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 
4,122,433 
   
Series 2002A, 5.750%, 4/01/32 
     
2,500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Mid-Michigan Obligated 
6/19 at 100.00 
AAA 
2,706,875 
   
Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured 
     
1,000 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial 
11/10 at 100.50 
BBB 
1,010,380 
   
Healthcare Center Obligated Group, Series 1999, 5.875%, 11/15/21 
     
   
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 
1,435,350 
2,055 
 
5.000%, 5/15/34 
5/15 at 100.00 
Baa3 
1,874,016 
1,150 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,399,895 
   
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 
5,507,810 
   
Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured 
     
2,195 
 
University of Michigan, Medical Service Plan Revenue Bonds, Series 1991, 0.000%, 12/01/10 
No Opt. Call 
AA+ 
2,192,344 
26,775 
 
Total Health Care 
   
27,056,544 
   
Housing/Multifamily – 3.6% (2.4% of Total Investments)
     
2,675 
 
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue 
12/20 at 101.00 
AAA 
2,866,878 
   
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%, 
10/10 at 100.50 
AA 
140,368 
   
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 
AAA 
1,337,700 
   
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 
211,796 
   
5.700%, 10/01/39 
     
1,825 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 
10/20 at 100.00 
AA 
1,849,455 
   
5.000%, 10/01/35 
     
6,140 
 
Total Housing/Multifamily 
   
6,406,197 
   
Materials – 0.7% (0.5% of Total Investments)
     
1,250 
 
Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds, 
11/14 at 100.00 
BBB 
1,266,163 
   
International Paper Company, Series 2004A, 4.800%, 11/01/18 
     

 
Nuveen Investments 17
 
 
 
 

 
 
Nuveen Michigan Quality Income Municipal Fund, Inc. (continued)
NUM Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/General – 56.2% (37.4% of Total Investments)
     
$       1,000 
 
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation 
5/12 at 100.00 
Aa2 
$    1,054,610 
   
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 
2,567,725 
3,200 
 
5.000%, 5/01/29 
5/11 at 100.00 
Aa2 
3,221,184 
1,000 
 
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement 
5/18 at 100.00 
AA+ 
1,077,390 
   
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 
1,415,634 
   
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 
2,301,778 
   
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 
1,070,470 
   
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 
AA– 
2,433,999 
   
Bonds, Tender Option Bond Trust 2008-1096, 7.812%, 5/01/32 – NPFG Insured (IF) 
     
2,000 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 
No Opt. Call 
Aa2 
2,374,020 
   
6.000%, 5/01/19 – FGIC Insured 
     
700 
 
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building 
11/10 at 100.00 
701,358 
   
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 
287,514 
   
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 
4,901,497 
3,000 
 
0.000%, 12/01/26 
No Opt. Call 
AAA 
1,556,250 
5,305 
 
0.000%, 12/01/29 
No Opt. Call 
AAA 
2,299,558 
1,700 
 
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%, 
9/17 at 100.00 
AA 
1,863,183 
   
9/01/27 – NPFG Insured 
     
2,000 
 
Hartland Consolidated School District, Livingston County, Michigan, General Obligation 
5/11 at 100.00 
Aa2 
2,014,340 
   
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 
1,523,130 
   
5.000%, 5/01/21 
     
1,065 
 
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site 
5/14 at 100.00 
AAA 
1,176,197 
   
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 
AAA 
2,093,786 
   
AGM Insured 
     
200 
 
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005, 
5/15 at 100.00 
AAA 
207,434 
   
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 
2,706,527 
   
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 
3,013,247 
   
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 
AAA 
899,470 
   
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– 
1,583,790 
   
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 
AAA 
2,342,655 
   
Series 2005, 5.000%, 6/01/18 – AGM Insured 
     
4,000 
 
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A, 
5/13 at 100.00 
Aa2 
4,358,400 
   
5.250%, 5/01/20 
     

 
18 Nuveen Investments
 
 
 

 
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/General (continued) 
     
$            100 
 
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A, 
5/19 at 100.00 
Aa2 
$      114,835 
   
5.500%, 11/01/25 
     
2,500 
 
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 
No Opt. Call 
Aa3 
3,082,950 
   
5/01/22 – NPFG Insured 
     
1,100 
 
Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2 
7/11 at 100.00 
AA 
1,132,021 
   
Revenue Bonds, Series 2002, 5.000%, 7/01/26 – FGIC Insured 
     
1,000 
 
Oakland County Building Authority, Michigan, General Obligation Bonds, Series 2002, 
9/11 at 100.00 
AAA 
1,026,000 
   
5.125%, 9/01/22 
     
3,950 
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
AAA 
4,168,277 
   
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– 
1,790,563 
   
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 
4,771,920 
1,120 
 
5.000%, 8/01/30 – NPFG Insured (UB) 
8/17 at 100.00 
Aaa 
1,206,330 
1,245 
 
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option 
No Opt. Call 
AAA 
1,304,947 
   
Bond Trust 2836, 10.812%, 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 
4,579,568 
   
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 
AAA 
1,054,270 
   
5/01/33 – AGM Insured 
     
200 
 
South Haven, Van Buren County,Michigan, General Obligation Bonds, Capital Improvement Series 
12/19 at 100.00 
AAA 
213,098 
   
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 
3,303,969 
   
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+ 
1,773,101 
   
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 
2,304,544 
   
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 
AAA 
2,103,160 
   
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 
2,578,189 
   
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 
AAA 
330,383 
575 
 
5.000%, 5/01/38 – AGM Insured 
5/18 at 100.00 
AAA 
602,359 
1,215 
 
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 
12/19 at 100.00 
1,319,697 
   
6.750%, 11/01/39 
     
5,000 
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit 
12/11 at 101.00 
5,084,900 
   
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 
AAA 
3,800,743 
   
5/01/17 – AGM Insured 
     
1,725 
 
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, 
No Opt. Call 
Aa3 
2,073,502 
   
Series 1996, 5.500%, 5/01/25 – NPFG Insured 
     
102,679 
 
Total Tax Obligation/General 
   
100,764,472 

 
Nuveen Investments 19
 
 
 

 
 
Nuveen Michigan Quality Income Municipal Fund, Inc. (continued)
NUM Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/Limited – 18.7% (12.4% of Total Investments)
     
$           1,000 
 
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, 
No Opt. Call 
AA 
$      1,163,930 
   
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 
1,399,701 
   
Series 2001, 5.125%, 10/01/26 – NPFG Insured 
     
20 
 
Michigan Municipal Bond Authority, Local Government Loan Program Revenue Sharing Bonds, Series 
11/10 at 100.00 
Aa3 
20,080 
   
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 
2,183,251 
   
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 
3,074,890 
6,200 
 
0.000%, 10/15/28 – FGIC Insured 
10/16 at 55.35 
AAA 
2,572,876 
4,440 
 
5.000%, 10/15/36 – FGIC Insured 
10/16 at 100.00 
Aa3 
4,535,993 
   
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 
5,559,306 
5,000 
 
5.000%, 10/15/23 – NPFG Insured 
10/13 at 100.00 
Aa3 
5,404,800 
3,500 
 
Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 – AGM Insured 
10/12 at 100.00 
AAA 
3,790,745 
17,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Aa2 
2,342,430 
   
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 
1,061,410 
   
5.000%, 10/01/25 
     
420 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan 
10/19 at 100.00 
BBB 
425,800 
   
Notes,Series 2009A-1, 5.000%, 10/01/39 
     
54,160 
 
Total Tax Obligation/Limited 
   
33,535,212 
   
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 
1,020,140 
   
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+ 
1,141,665 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
     
500 
 
Wayne County Airport Authority, Michigan, Revenue Refunding Bonds, Detroit Metropolitan 
No Opt. Call 
533,680 
   
Airport, Series 2007, 5.000%, 12/01/12 – FGIC Insured 
     
3,250 
 
Total Transportation 
   
2,695,485 
   
U.S. Guaranteed – 21.7% (14.4% of Total Investments) (4)
     
1,200 
 
Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20 
10/12 at 100.50 
AAA 
1,319,160 
   
(Pre-refunded 10/01/12) 
     
935 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AAA 
1,054,213 
   
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 
Aa3 (4) 
3,577,820 
770 
 
5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured 
7/11 at 100.00 
Aa3 (4) 
799,414 
730 
 
5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured 
7/11 at 100.00 
Aa3 (4) 
760,521 
   
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) 
4,516,332 
1,500 
 
5.000%, 7/01/25 (Pre-refunded 7/01/13) – NPFG Insured 
7/13 at 100.00 
A+ (4) 
1,683,105 
2,000 
 
Lake Fenton Community Schools, Genesee County, Michigan, General Obligation Bonds, Series 
5/12 at 100.00 
Aa2 (4) 
2,156,440 
   
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) 
2,011,906 
   
(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) 
4,547,166 
   
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) 
258,790 
   
5/01/12 (ETM) 
     

 
20 Nuveen Investments
 
 
 

 
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
U.S. Guaranteed (4) (continued) 
     
$         1,500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health 
3/13 at 100.00 
A1 (4) 
$    1,688,430 
   
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 
11/10 at 100.00 
Aaa 
3,471,453 
   
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 
1,207,553 
500 
 
5.000%, 5/15/37 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
589,050 
1,000 
 
Michigan State Trunk Line, Fund Bonds, Series 2001A, 5.000%, 11/01/25 (Pre-refunded 
11/11 at 100.00 
AAA 
1,055,600 
   
11/01/11) – AGM Insured 
     
700 
 
Muskegon Heights, Muskegon County, Michigan, Water Supply System Revenue Bonds, Series 2000A, 
11/10 at 100.00 
N/R (4) 
706,342 
   
5.625%, 11/01/30 (Pre-refunded 11/01/10) – NPFG Insured 
     
   
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E: 
     
85 
 
6.000%, 8/01/26 (ETM) 
No Opt. Call 
Baa1 (4) 
113,299 
915 
 
6.000%, 8/01/26 (ETM) 
No Opt. Call 
AAA 
1,219,631 
4,100 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 
7/16 at 100.00 
Aaa 
5,068,174 
   
5.500%, 7/01/36 (Pre-refunded 7/01/16) 
     
1,050 
 
Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation 
11/11 at 100.00 
AAA 
1,112,969 
   
Bonds, Series 2001, 5.375%, 5/01/19 (Pre-refunded 11/01/11) – AGM Insured 
     
34,815 
 
Total U.S. Guaranteed 
   
38,917,368 
   
Utilities – 15.5% (10.3% of Total Investments)
     
1,500 
 
Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of 
6/20 at 100.00 
Baa3 
1,561,905 
   
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: 
     
215 
 
5.000%, 7/01/28 
7/18 at 100.00 
Aa2 
233,617 
5,000 
 
5.000%, 7/01/32 
7/18 at 100.00 
Aa2 
5,331,400 
3,000 
 
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, 
1/12 at 100.00 
A2 
3,053,520 
   
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 
2,850,070 
   
6.000%, 5/01/12 
     
1,000 
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding 
9/10 at 101.00 
1,005,640 
   
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 
A2 
4,031,880 
   
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 
Baa1 
2,092,579 
   
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 
A2 
4,597,504 
   
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 
Baa1 
3,005,160 
   
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax) 
     
26,090 
 
Total Utilities 
   
27,763,275 
   
Water and Sewer – 11.3% (7.5% of Total Investments)
     
5,500 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, 
7/16 at 100.00 
AAA 
5,577,381 
   
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 
A1 
1,598,295 
   
7/01/29 – FGIC Insured 
     
565 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AAA 
595,922 
   
7/01/17 – AGM Insured 
     

 
Nuveen Investments 21
 
 
 

 
 
Nuveen Michigan Quality Income Municipal Fund, Inc. (continued)
NUM Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Water and Sewer (continued) 
     
$            1,500 
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
Aa3 
$      1,526,835 
   
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+ 
451,040 
   
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+ 
714,636 
2,030 
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – 
1/19 at 100.00 
AAA 
2,176,850 
   
AGC Insured 
     
4,210 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 
10/14 at 100.00 
AAA 
4,799,190 
   
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 
1,297,143 
   
5.000%, 10/01/23 
     
1,000 
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 
10/17 at 100.00 
AAA 
1,158,040 
   
5.000%, 10/01/24 
     
300 
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – 
7/18 at 100.00 
336,558 
   
NPFG Insured 
     
18,855 
 
Total Water and Sewer 
   
20,231,890 
$       285,314 
 
Total Investments (cost $251,967,158) – 150.4% 
   
269,734,277 
   
Floating Rate Obligations – (2.0)% 
   
(3,630,000) 
   
Other Assets Less Liabilities - 0.3% 
   
514,743 
   
Preferred Shares, at Liquidation Value - (48.7)% (5) 
   
(87,325,000) 
   
Net Assets Applicable to Common Shares - 100% 
   
$ 179,294,020 

     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
   
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) 
 
Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.4%. 
N/R 
 
Not rated. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Polices, Inverse Floating Rate Securities for more information. 
See accompanying notes to financial statements.
 
 
22 Nuveen Investments
 
 
 

 
 
Nuveen Michigan Premium Income Municipal Fund, Inc.
NMP Portfolio of Investments
August 31, 2010 (Unaudited)
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value
   
Consumer Staples – 2.0% (1.4% of Total Investments)
     
$            2,625 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
Baa3 
$         2,294,066 
   
Series 2008A, 6.875%, 6/01/42 
     
   
Education and Civic Organizations – 3.2% (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 
2,036,840 
   
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 
1,637,475 
3,500 
 
Total Education and Civic Organizations 
   
3,674,315 
   
Health Care – 14.1% (9.5% of Total Investments)
     
2,725 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
2,833,292 
   
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 
3,085,502 
   
Series 2002A, 5.750%, 4/01/32 
     
1,350 
 
Michigan State Hospital FInance Authority, Hospital Revenue Bonds, Mid-Michigan Obligated Group, 
6/19 at 100.00 
AAA 
1,461,713 
   
Series 2009A, 5.875%, 6/01/39 – AGC Insured 
     
   
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 
2,330,052 
200 
 
5.000%, 5/15/34 
5/15 at 100.00 
Baa3 
182,386 
   
Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center 
     
   
Obligated Group, Series 1993A: 
     
1,630 
 
6.250%, 8/15/13 
2/11 at 100.00 
BB– 
1,630,701 
500 
 
6.500%, 8/15/18 
2/11 at 100.00 
BB– 
500,015 
3,500 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William 
8/19 at 100.00 
A1 
3,667,055 
   
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 
304,325 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
     
15,640 
 
Total Health Care 
   
15,995,041 
   
Housing/Multifamily – 6.1% (4.1% of Total Investments)
     
865 
 
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily 
4/12 at 102.00 
Aaa 
885,838 
   
Housing Revenue Bonds, Burkshire Pointe Apartments, Series 2002A, 5.400%, 10/20/32 
     
   
(Alternative Minimum Tax) 
     
1,380 
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Breton Village Green 
10/10 at 100.00 
AAA 
1,382,401 
   
Project, Series 1993, 5.625%, 10/15/18 – AGM Insured 
     
1,890 
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Walled Lake Villa 
10/10 at 100.00 
AAA 
1,894,120 
   
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 
AAA 
823,200 
   
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 
26,475 
   
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: 
     
370 
 
6.600%, 6/01/13 
12/10 at 100.00 
AA+ 
371,380 
1,500 
 
6.600%, 6/01/22 
12/10 at 100.00 
AA+ 
1,502,925 
6,830 
 
Total Housing/Multifamily 
   
6,886,339 
   
Materials – 0.9% (0.6% of Total Investments)
     
1,050 
 
Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds, 
11/14 at 100.00 
BBB 
1,063,577 
   
International Paper Company, Series 2004A, 4.800%, 11/01/18 
     

 
Nuveen Investments 23
 
 
 
 

 
 
Nuveen Michigan Premium Income Municipal Fund, Inc. (continued)
NMP Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/General – 57.2% (38.8% of Total Investments)
     
$          1,475 
 
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation Bonds, 
11/13 at 100.00 
Aa2 
$       1,630,465 
   
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 
2,567,725 
   
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+ 
1,077,390 
   
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 
AAA 
103,985 
   
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 
2,396,543 
   
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 
AA– 
1,575,435 
   
Bonds, Tender Option Bond Trust 2008-1096, 7.812%, 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 
2,155,621 
750 
 
6.000%, 5/01/21 – FGIC Insured 
No Opt. Call 
Aa2 
893,693 
2,500 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2003B, 
5/13 at 100.00 
AA 
2,558,825 
   
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 
11/10 at 100.00 
771,494 
6,990 
 
5.250%, 2/01/27 – FGIC Insured 
2/11 at 100.00 
6,995,941 
860 
 
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%, 
9/17 at 100.00 
AA 
961,652 
   
9/01/24 – NPFG Insured 
     
1,500 
 
Hartland Consolidated School District, Livingston County, Michigan, General Obligation 
5/11 at 100.00 
Aa2 
1,510,755 
   
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 
1,729,134 
   
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 
2,186,140 
   
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 
AAA 
1,352,575 
   
AGM Insured 
     
500 
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004, 
5/14 at 100.00 
Aa2 
543,850 
   
5.000%, 5/01/22 
     
1,000 
 
Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A, 
5/14 at 100.00 
Aa2 
1,072,330 
   
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 
AAA 
899,470 
   
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– 
448,741 
   
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 
AAA 
1,115,550 
   
Series 2005, 5.000%, 6/01/18 – AGM Insured 
     
   
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A: 
     
1,000 
 
5.250%, 5/01/20 
5/13 at 100.00 
Aa2 
1,089,600 
2,000 
 
5.250%, 5/01/21 
5/13 at 100.00 
Aa2 
2,179,200 
800 
 
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A, 
5/19 at 100.00 
Aa2 
918,680 
   
5.500%, 11/01/25 
     
2,450 
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
AAA 
2,585,387 
   
Series 2007, 5.000%, 5/01/36 – AGM Insured 
     
3,500 
 
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007 
8/17 at 100.00 
Aaa 
3,769,780 
   
5.000%, 8/01/30 – NPFG Insured (UB) 
     
1,100 
 
Oxford Area Community Schools, Oakland and Lapeer Counties, Michigan, General Obligation 
5/14 at 100.00 
AAA 
1,160,335 
   
Bonds, Series 2004, 5.000%, 5/01/25 – AGM Insured 
     

 
24 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 
AAA 
$          843,761 
   
Bond Trust 2836, 10.812%, 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 
AAA 
1,056,300 
   
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 
AAA 
1,054,270 
   
5/01/33 – AGM Insured 
     
125 
 
South Haven, Van Buren County,Michigan, General Obligation Bonds, Capital Improvement Series 
12/19 at 100.00 
AAA 
133,186 
   
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 
1,152,272 
   
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 
AAA 
1,577,370 
   
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 
AAA 
852,600 
1,350 
 
5.000%, 5/01/38 – AGM Insured 
5/18 at 100.00 
AAA 
1,414,233 
2,830 
 
Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation 
5/13 at 100.00 
AA 
2,993,772 
   
Refunding Bonds, Series 2003, 5.250%, 5/01/20 
     
1,725 
 
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 
12/19 at 100.00 
1,873,643 
   
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 
1,547,580 
4,435 
 
5.000%, 12/01/30 – NPFG Insured 
12/11 at 101.00 
4,359,827 
61,721 
 
Total Tax Obligation/General 
   
65,109,110 
   
Tax Obligation/Limited – 20.8% (14.1% 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 
2,514,574 
6,205 
 
5.000%, 10/15/24 
10/11 at 100.00 
Aa3 
6,317,310 
1,600 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%, 
10/15 at 100.00 
Aa3 
1,655,392 
   
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 
2,942,266 
   
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 
5,450,299 
2,480 
 
5.000%, 10/15/23 – NPFG Insured 
10/13 at 100.00 
Aa3 
2,680,781 
1,500 
 
Michigan, Comprehensive Transportation Revenue Refunding Bonds, Series 2001A, 5.000%, 
11/11 at 100.00 
AAA 
1,573,110 
   
11/01/19 – AGM Insured 
     
450 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan 
10/19 at 100.00 
BBB 
456,215 
   
Notes,Series 2009A-1, 5.000%, 10/01/39 
     
22,535 
 
Total Tax Obligation/Limited 
   
23,589,947 
   
Transportation – 0.5% (0.3% of Total Investments)
     
230 
 
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 
1/17 at 100.00 
AAA 
240,973 
   
2007, 5.000%, 1/01/32 
     
500 
 
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
326,190 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
     
730 
 
Total Transportation 
   
567,163 
   
U.S. Guaranteed – 10.0% (6.8% 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) 
1,085,117 
   
7/01/30 (Pre-refunded 7/01/15) – NPFG Insured 
     
1,385 
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A, 5.250%, 
7/11 at 100.00 
Aa3 (4) 
1,437,907 
   
7/01/33 (Pre-refunded 7/01/11) – FGIC Insured 
     

 
Nuveen Investments 25
 
 

 
 
 
Nuveen Michigan Premium Income Municipal Fund, Inc. (continued)
NMP Portfolio of Investments August 31, 2010 (Unaudited)
 
           
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) 
$         578,835 
   
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) 
77,637 
   
5/01/12 (ETM) 
     
   
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I: 
     
150 
 
5.500%, 10/15/19 (Pre-refunded 10/15/11) 
10/11 at 100.00 
A+ (4) 
158,765 
295 
 
5.000%, 10/15/24 (Pre-refunded 10/15/11) 
10/11 at 100.00 
A+ (4) 
310,585 
1,500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health 
3/13 at 100.00 
A1 (4) 
1,688,430 
   
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) 
536,265 
   
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 
11/10 at 100.00 
N/R (4) 
2,004,576 
   
Hospital, Series 1993A, 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 
500,693 
150 
 
5.000%, 5/15/30 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
176,715 
1,000 
 
Otsego Public Schools District, Allegan and Kalamazoo Counties, Michigan, General Obligation 
5/14 at 100.00 
AAA 
1,157,670 
   
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) 
1,662,562 
   
Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – NPFG Insured 
     
10,220 
 
Total U.S. Guaranteed 
   
11,375,757 
   
Utilities – 14.8% (10.1% of Total Investments)
     
100 
 
Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of 
6/20 at 100.00 
Baa3 
104,127 
   
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 
Aa2 
135,824 
2,500 
 
5.000%, 7/01/32 
7/18 at 100.00 
Aa2 
2,665,700 
1,000 
 
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, 
1/12 at 100.00 
A2 
1,017,840 
   
5.250%, 1/01/27 – AMBAC Insured 
     
775 
 
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 
No Opt. Call 
A3 
819,594 
   
6.000%, 5/01/12 
     
1,000 
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding 
9/10 at 101.00 
1,005,640 
   
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 
A2 
5,039,849 
   
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 
Baa1 
3,062,310 
   
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 
Baa1 
3,005,160 
   
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax) 
     
16,500 
 
Total Utilities 
   
16,856,044 
   
Water and Sewer – 17.9% (12.1% of Total Investments)
     
3,500 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, 
7/16 at 100.00 
AAA 
3,549,245 
   
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 
A1 
1,104,020 
   
7/01/30 – NPFG Insured 
     
1,500 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A1 
1,598,295 
   
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 
AAA 
1,181,298 
   
7/01/17 – AGM Insured 
     

 
26 Nuveen Investments
 
 
 

 
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Water and Sewer (continued) 
     
$          1,330 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2005, 5.000%, 1/01/30 – 
7/15 at 100.00 
AA+ 
$      1,401,301 
   
NPFG Insured 
     
   
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008: 
     
400 
 
5.000%, 1/01/27 
No Opt. Call 
AA+ 
439,988 
450 
 
5.000%, 1/01/38 
1/18 at 100.00 
AA+ 
476,424 
425 
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – 
1/19 at 100.00 
AAA 
455,745 
   
AGC Insured 
     
1,000 
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 
10/17 at 100.00 
AAA 
1,158,040 
   
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 
8,576,856 
   
NPFG Insured 
     
350 
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – 
7/18 at 100.00 
392,651 
   
NPFG Insured 
     
19,405 
 
Total Water and Sewer 
   
20,333,863 
$      160,756 
 
Total Investments (cost $160,341,583) – 147.5% 
   
167,745,222 
   
Floating Rate Obligations – (2.0)% 
   
(2,330,000) 
   
Other Assets Less Liabilities – 1.7% 
   
2,044,002 
   
Preferred Shares, at Liquidation Value – (47.2)% (5) 
   
(53,700,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$  113,759,224 

     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
   
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) 
 
Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.0%. 
N/R 
 
Not rated. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Polices, Inverse Floating Rate Securities for more information. 
See accompanying notes to financial statements.

 
Nuveen Investments 27
 
 
 

 
 
Nuveen Michigan Dividend Advantage Municipal Fund
NZW Portfolio of Investments
August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 1.2% (0.8% of Total Investments)
     
$          425 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
Baa3 
$        371,420 
   
Series 2008A, 6.875%, 6/01/42 
     
   
Education and Civic Organizations – 6.0% (4.1% of Total Investments)
     
1,150 
 
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, 
9/11 at 100.00 
N/R 
1,036,047 
   
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 
236,295 
   
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 
545,825 
1,900 
 
Total Education and Civic Organizations 
   
1,818,167 
   
Health Care – 15.5% (10.5% of Total Investments)
     
475 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
493,877 
   
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 
784,021 
   
Series 2002A, 5.750%, 4/01/32 
     
150 
 
Michigan State Hospital FInance Authority, Hospital Revenue Bonds, Mid-Michigan Obligated 
6/19 at 100.00 
AAA 
162,413 
   
Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured 
     
80 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, McLaren 
No Opt. Call 
Aa3 
80,009 
   
Healthcare Corporation, Series 1998A, 5.000%, 6/01/28 
     
515 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sinai Hospital, 
1/11 at 100.00 
BB 
515,185 
   
Series 1995, 6.625%, 1/01/16 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, 
     
   
Series 2005A: 
     
500 
 
5.000%, 5/15/26 
5/15 at 100.00 
Baa3 
478,450 
400 
 
5.000%, 5/15/34 
5/15 at 100.00 
Baa3 
364,772 
100 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
121,730 
   
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 
1,702,413 
   
Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured 
     
4,695 
 
Total Health Care 
   
4,702,870 
   
Housing/Multifamily – 6.8% (4.6% of Total Investments)
     
1,700 
 
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily 
8/12 at 102.00 
Aaa 
1,745,695 
   
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 
AAA 
205,800 
   
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 
105,898 
   
5.700%, 10/01/39 
     
2,000 
 
Total Housing/Multifamily 
   
2,057,393 
   
Industrials – 1.7% (1.1% of Total Investments)
     
500 
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Republic Services Inc., Series 
No Opt. Call 
BBB 
509,725 
   
2001, 4.250%, 8/01/31 (Mandatory put 4/01/14) (Alternative Minimum Tax) 
     
   
Tax Obligation/General – 43.6% (29.6% of Total Investments)
     
200 
 
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement 
5/18 at 100.00 
AA+ 
215,478 
   
Series 2008, 5.000%, 5/01/38 
     
437 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/17 at 100.00 
AA– 
458,671 
   
Bonds, Tender Option Bond Trust 2008-1096, 7.812%, 5/01/32 – NPFG Insured (IF) 
     

 
28 Nuveen Investments
 
 
 

 
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/General (continued) 
     
$                  50 
 
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building 
11/10 at 100.00 
$          50,097 
   
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 
328,797 
   
9/01/27 – NPFG Insured 
     
940 
 
Huron Valley School District, Oakland and Livingston Counties, Michigan, General Obligation 
11/11 at 100.00 
Aa2 
952,333 
   
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 
AAA 
552,205 
   
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 
AAA 
447,136 
   
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 
AAA 
446,220 
   
Series 2005, 5.000%, 6/01/18 – AGM Insured 
     
100 
 
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A, 
5/19 at 100.00 
Aa2 
114,835 
   
5.500%, 11/01/25 
     
1,150 
 
Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2 
7/11 at 100.00 
AA 
1,183,477 
   
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 
AAA 
1,515,171 
   
5.000%, 5/01/25 – AGM Insured 
     
420 
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
AAA 
443,209 
   
Series 2007, 5.000%, 5/01/36 – AGM Insured 
     
1,000 
 
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 
8/17 at 100.00 
Aaa 
1,077,080 
   
5.000%, 8/01/30 – NPFG Insured (UB) 
     
235 
 
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option 
No Opt. Call 
AAA 
246,315 
   
Bond Trust 2836, 10.812%, 5/01/15 – AGM Insured (IF) 
     
750 
 
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School 
5/18 at 100.00 
AAA 
810,630 
   
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 
AAA 
105,427 
   
5/01/33 – AGM Insured 
     
25 
 
South Haven, Van Buren County,Michigan, General Obligation Bonds, Capital Improvement Series 
12/19 at 100.00 
AAA 
26,637 
   
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 
345,682 
   
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 
AAA 
105,158 
   
5/01/34 – AGM Insured 
     
225 
 
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building 
5/18 at 100.00 
AAA 
235,706 
   
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 
27,154 
   
6.750%, 11/01/39 
     
1,690 
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit 
12/11 at 101.00 
1,661,354 
   
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 
AAA 
567,275 
   
5/01/17 – AGM Insured 
     
1,300 
 
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Series 
5/11 at 100.00 
Aa2 
1,332,565 
   
2001, 5.000%, 5/01/21 
     
12,617 
 
Total Tax Obligation/General 
   
13,248,612 
   
Tax Obligation/Limited – 16.6% (11.3% of Total Investments)
     
1,100 
 
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, 
10/11 at 100.00 
AA 
1,144,737 
   
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 
664,688 
   
5.125%, 5/01/14 
     

 
Nuveen Investments 29
 
 
 

 
 
Nuveen Michigan Dividend Advantage Municipal Fund (continued)
NZW Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/Limited (continued) 
     
$             1,150 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 
10/11 at 100.00 
Aa3 
$         1,170,815 
   
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 
630,770 
720 
 
5.000%, 10/15/36 – FGIC Insured 
10/16 at 100.00 
Aa3 
735,566 
700 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan 
10/19 at 100.00 
BBB 
709,667 
   
Notes,Series 2009A-1, 5.000%, 10/01/39 
     
5,820 
 
Total Tax Obligation/Limited 
   
5,056,243 
   
Transportation – 2.5% (1.7% of Total Investments)
     
750 
 
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
489,285 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
     
250 
 
Wayne County Airport Authority, Michigan, Revenue Refunding Bonds, Detroit Metropolitan 
No Opt. Call 
266,840 
   
Airport, Series 2007, 5.000%, 12/01/12 – FGIC Insured 
     
1,000 
 
Total Transportation 
   
756,125 
   
U.S. Guaranteed – 20.1% (13.7% of Total Investments) (4)
     
1,000 
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site 
5/12 at 100.00 
AAA 
1,084,420 
   
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 
AAA 
811,800 
   
7/01/17 (Pre-refunded 7/01/13) – AGM Insured 
     
1,000 
 
Garden City School District, Wayne County, Michigan, General Obligation Refunding Bonds, 
5/11 at 100.00 
Aa2 (4) 
1,031,990 
   
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) 
1,052,800 
   
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) 
57,906 
   
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 
500,693 
335 
 
5.000%, 5/15/37 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AAA 
394,664 
   
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E: 
     
85 
 
6.000%, 8/01/26 (ETM) 
No Opt. Call 
Baa1 (4) 
113,299 
615 
 
6.000%, 8/01/26 (ETM) 
No Opt. Call 
AAA 
819,752 
250 
 
Warren Building Authority, Michigan, Limited Tax General Obligation Bonds, Series 2001, 
11/10 at 100.00 
AA (4) 
252,068 
   
5.150%, 11/01/22 (Pre-refunded 11/01/10) – FGIC Insured 
     
5,485 
 
Total U.S. Guaranteed 
   
6,119,392 
   
Utilities – 18.8% (12.7% of Total Investments)
     
180 
 
Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of 
6/20 at 100.00 
Baa3 
187,429 
   
New Mexico San Juan Project, Series 2010D, 5.900%, 6/01/40 
     
1,115 
 
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, 
7/13 at 100.00 
AAA 
1,179,770 
   
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 
Aa2 
54,330 
750 
 
5.000%, 7/01/32 
7/18 at 100.00 
Aa2 
799,710 
1,235 
 
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, 
1/12 at 100.00 
A2 
1,262,689 
   
5.250%, 1/01/24 – AMBAC Insured 
     
2,215 
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding 
9/11 at 100.00 
A2 
2,227,912 
   
Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 – SYNCORA 
     
   
GTY Insured (Alternative Minimum Tax) 
     
5,545 
 
Total Utilities 
   
5,711,840 

 
30 Nuveen Investments
 
 
 

 
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Water and Sewer – 14.7% (9.9% of Total Investments)
     
$        1,000 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, 
7/16 at 100.00 
AAA 
$     1,014,070 
   
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 
A1 
1,065,530 
   
7/01/29 – FGIC Insured 
     
280 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AAA 
295,324 
   
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+ 
132,340 
150 
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – 
1/19 at 100.00 
AAA 
160,851 
   
AGC Insured 
     
1,000 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 
10/15 at 100.00 
AAA 
1,151,720 
   
5.000%, 10/01/19 
     
500 
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 
10/17 at 100.00 
AAA 
580,955 
   
5.000%, 10/01/23 
     
50 
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – 
7/18 at 100.00 
56,093 
   
NPFG Insured 
     
4,105 
 
Total Water and Sewer 
   
4,456,883 
$      44,092 
 
Total Investments (cost $42,655,545) – 147.5% 
   
44,808,670 
   
Floating Rate Obligations – (2.2)% 
   
(665,000) 
   
Other Assets Less Liabilities – 1.7% 
   
518,068 
   
Preferred Shares, at Liquidation Value – (47.0)% (5) 
   
(14,275,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$     30,386,738 

     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
   
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) 
 
Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.9%. 
(ETM) 
 
Escrowed to maturity. 
N/R 
 
Not rated. 
(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 Polices, Inverse Floating Rate Securities for more information. 
See accompanying notes to financial statements.
 
 
Nuveen Investments 31
 
 
 

 
 
Nuveen Ohio Quality Income Municipal Fund, Inc.
NUO Portfolio of Investments
August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 7.3% (5.2% of Total Investments)
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
$           11,230 
 
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
$        9,155,591 
1,650 
 
5.750%, 6/01/34 
6/17 at 100.00 
BBB 
1,270,583 
1,955 
 
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
1,427,600 
115 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
114,468 
   
Series 2002, 5.375%, 5/15/33 
     
14,950 
 
Total Consumer Staples 
   
11,968,242 
   
Education and Civic Organizations – 14.5% (10.3% of Total Investments)
     
1,650 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
1,693,098 
   
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 
1,934,573 
   
2003, 5.125%, 10/01/24 
     
1,000 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/15 at 100.00 
Baa2 
963,990 
   
2005, 5.000%, 12/01/29 
     
2,420 
 
Ohio Higher Educational Facilities Commission, General Revenue Bonds, University of Dayton, 
12/16 at 100.00 
2,530,715 
   
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 
1,533,676 
   
5.000%, 11/01/21 
     
1,320 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Series 
12/14 at 100.00 
1,382,080 
   
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 
1,024,810 
   
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– 
1,547,370 
   
2006, 5.000%, 12/01/44 – NPFG Insured 
     
1,200 
 
Ohio State University, General Receipts Bonds, Series 2002A, 5.125%, 12/01/31 
12/12 at 100.00 
Aa1 
1,284,420 
3,000 
 
Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/22 
6/13 at 100.00 
Aa1 
3,311,220 
1,510 
 
University of Akron, Ohio, General Receipts Bonds, Series 2003A, 5.000%, 1/01/21 – 
1/13 at 100.00 
A1 
1,574,039 
   
AMBAC Insured 
     
850 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2003C, 5.000%, 6/01/22 – 
6/13 at 100.00 
A+ 
889,355 
   
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+ 
1,294,464 
2,605 
 
5.000%, 6/01/25 – AMBAC Insured 
6/14 at 100.00 
A+ 
2,735,458 
22,420 
 
Total Education and Civic Organizations 
   
23,699,268 
   
Health Care – 22.9% (16.2% of Total Investments)
     
2,000 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue 
11/10 at 100.00 
Baa1 
2,001,460 
   
Bonds, Summa Health System, Series 1998A, 5.375%, 11/15/24 
     
3,405 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
N/R 
3,467,312 
   
Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured 
     
1,000 
 
Cuyahoga County, Ohio, Hospital Revenue Refunding and Improvement Bonds, MetroHealth System, 
2/11 at 100.00 
1,001,750 
   
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 
2,176,780 
   
6.000%, 1/01/32 
     
1,000 
 
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center, 
8/12 at 101.00 
A– 
1,004,690 
   
Series 2002A, 5.625%, 8/15/32 
     
180 
 
Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross Health System Corporation, Series 
12/10 at 100.00 
AA 
180,140 
   
1998, 5.000%, 6/01/28 – NPFG Insured 
     

 
32 Nuveen Investments
 
 
 

 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Health Care (continued) 
     
   
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 
$           260,818 
300 
 
5.250%, 11/01/40 
11/19 at 100.00 
Aa2 
316,497 
1,200 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 
11/18 at 100.00 
Aa2 
1,239,720 
   
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 
2,649,485 
   
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– 
1,017,970 
   
Partners, Refunding Series 2002, 5.375%, 10/01/30 
     
   
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999: 
     
2,000 
 
5.375%, 11/15/29 – AMBAC Insured 
11/10 at 100.50 
N/R 
2,019,240 
120 
 
5.375%, 11/15/39 – AMBAC Insured 
11/10 at 100.50 
N/R 
120,832 
785 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A– 
832,508 
   
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 
1,556,310 
2,500 
 
5.000%, 5/01/32 
No Opt. Call 
AA 
2,585,200 
1,350 
 
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A, 6.250%, 11/15/39 
11/14 at 100.00 
Aa3 
1,436,832 
1,315 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
1/18 at 100.00 
Aa2 
1,426,486 
   
Health System Obligated Group, Series 2008A, 5.000%, 1/01/25 
     
1,200 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
5/20 at 100.00 
AAA 
1,244,052 
   
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 
1,620,765 
   
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 
1,084,700 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
2,700 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
AA– 
3,614,760 
   
Obligated Group, Tender Option Bond Trust 3551, 19.587%, 1/01/33 (IF) 
     
830 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/10 at 101.00 
A– 
840,574 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 
     
1,200 
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 
11/16 at 100.00 
A– 
1,208,112 
   
5.250%, 11/15/36 
     
600 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
630,480 
   
5.750%, 12/01/35 
     
1,705 
 
Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, Union Hospital Project, Series 
10/11 at 101.00 
N/R 
1,813,029 
   
2001, 5.750%, 10/01/21 – RAAI Insured 
     
35,095 
 
Total Health Care 
   
37,350,502 
   
Housing/Multifamily – 6.2% (4.4% of Total Investments)
     
1,385 
 
Clermont County, Ohio, GNMA Collateralized Mortgage Revenue Bonds, S.E.M. Villa II Project, 
2/11 at 100.00 
Aaa 
1,386,662 
   
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 
2,545,538 
2,250 
 
5.450%, 1/20/31 (Alternative Minimum Tax) 
7/11 at 102.00 
Aaa 
2,288,858 
985 
 
Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek 
1/11 at 100.00 
Aa2 
985,729 
   
Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax) 
     
800 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court 
10/18 at 101.00 
Aaa 
842,184 
   
Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) 
     
775 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AAA 
787,710 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
1,200 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AAA 
1,211,064 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
9,870 
 
Total Housing/Multifamily 
   
10,047,745 

 
Nuveen Investments 33
 
 
 

 
 
Nuveen Ohio Quality Income Municipal Fund, Inc. (continued)
NUO Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Housing/Single Family – 1.0% (0.7% of Total Investments)
     
$           1,570 
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 
9/15 at 100.00 
Aaa 
$         1,587,286 
   
9/01/31 (Alternative Minimum Tax) 
     
   
Industrials – 1.2% (0.8% of Total Investments)
     
785 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund 
11/15 at 100.00 
N/R 
728,896 
   
Program – Columbia National Group Project, Series 2005D, 5.000%, 5/15/20 (Alternative 
     
   
Minimum Tax) 
     
1,240 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Jergens Inc., 
11/10 at 100.00 
N/R 
1,221,859 
   
Series 1998A, 5.375%, 5/15/18 (Alternative Minimum Tax) 
     
2,025 
 
Total Industrials 
   
1,950,755 
   
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 
509,086 
   
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– 
1,198,599 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
1,655 
 
Total Long-Term Care 
   
1,707,685 
   
Materials – 1.3% (1.0% of Total Investments)
     
2,000 
 
Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004B, 
No Opt. Call 
2,177,080 
   
4.500%, 12/01/15 
     
   
Tax Obligation/General – 40.3% (28.5% 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 
1,507,315 
1,200 
 
5.000%, 12/01/22 – NPFG Insured 
12/12 at 101.00 
Aa1 
1,329,804 
1,500 
 
Centerville City School District, Montgomery County, Ohio, General Obligation Bonds, Series 
6/15 at 100.00 
Aa1 
1,606,755 
   
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 
1,132,070 
   
AMBAC Insured 
     
2,600 
 
Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2002, 
12/12 at 100.00 
AAA 
2,880,800 
   
5.250%, 6/01/21 – AGM Insured 
     
1,000 
 
Cleveland Municipal School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 
6/14 at 100.00 
AAA 
1,076,170 
   
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 
1,399,500 
   
0.000%, 12/01/28 – AGM Insured 
     
1,200 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
AA+ 
1,370,148 
1,000 
 
Dayton, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/19 – AMBAC Insured 
6/14 at 100.00 
Aa2 
1,130,750 
1,000 
 
Dublin City School District, Franklin, Delaware and Union Counties, Ohio, General Obligation 
12/13 at 100.00 
AAA 
1,110,190 
   
Bonds, Series 2003, 5.000%, 12/01/22 – AGM Insured 
     
1,000 
 
Dublin, Ohio, Unlimited Tax Various Purpose Improvement Bonds, Series 2000A, 5.000%, 12/01/20 
12/10 at 100.00 
Aaa 
1,012,050 
1,195 
 
Fairview Park City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 
6/15 at 100.00 
Aa3 
1,278,148 
   
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 
2,065,989 
1,500 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 
12/15 at 100.00 
AA 
1,618,395 
1,355 
 
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 
No Opt. Call 
Aa1 
1,466,909 
   
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 
AAA 
7,412,136 
   
AGM Insured 
     
1,850 
 
Hilliard School District, Franklin County, Ohio, General Obligation Bonds, School 
12/15 at 100.00 
Aa1 
2,005,474 
   
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 
3,316,980 
   
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 
2,703,143 
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured 
     

 
34 Nuveen Investments
 
 
 

 

           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/General (continued) 
     
$           1,160 
 
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2003, 
6/13 at 100.00 
Aa2 
$         1,268,263 
   
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 
891,656 
   
5.000%, 12/01/25 – FGIC Insured 
     
2,000 
 
Louisville City School District, Ohio, General Obligation Bonds, Series 2001, 5.000%, 
12/11 at 100.00 
A1 
2,050,480 
   
12/01/29 – 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 
1,680,576 
505 
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 
12/15 at 100.00 
AAA 
546,935 
   
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 
544,875 
   
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 
1,584,720 
   
12/01/21 – NPFG Insured 
     
1,350 
 
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 
12/18 at 100.00 
Aa3 
1,438,682 
   
5.250%, 12/01/36 
     
640 
 
New Albany Plain Local School District, Franklin County, Ohio, General Obligation Bonds, 
6/12 at 100.00 
Aa1 
684,646 
   
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 
1,059,500 
   
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 
1,065,800 
   
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+ 
3,160,530 
500 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/18 at 100.00 
AA+ 
538,705 
   
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 
Aa3 
1,704,171 
   
12/01/22 – FGIC Insured 
     
280 
 
Plain Local School District, Franklin and Licking Counties, Ohio, General Obligation Bonds, 
6/11 at 100.00 
Aa1 
291,413 
   
Series 2000, 6.000%, 12/01/20 – FGIC Insured 
     
1,445 
 
Portage County, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/01/27 – FGIC Insured 
12/11 at 100.00 
AA 
1,509,765 
2,000 
 
Strongsville, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/01/21 – FGIC Insured 
12/11 at 100.00 
Aaa 
2,106,120 
70 
 
Strongsville, Ohio, Limited Tax General Obligation Various Purpose Improvement Bonds, Series 
11/10 at 100.00 
Aaa 
70,322 
   
1996, 5.950%, 12/01/21 
     
100 
 
Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995, 
6/17 at 100.00 
AAA 
106,867 
   
5.250%, 12/01/36 – AGC Insured 
     
650 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
699,771 
   
School Improvement 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 
2,830,834 
1,170 
 
5.000%, 12/01/22 – FGIC Insured 
6/14 at 100.00 
AA 
1,307,849 
1,000 
 
West Chester Township, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 
12/13 at 100.00 
Aaa 
1,086,240 
   
12/01/28 – NPFG Insured 
     
62,480 
 
Total Tax Obligation/General 
   
65,651,446 
   
Tax Obligation/Limited – 16.1% (11.4% of Total Investments)
     
1,380 
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 
6/14 at 100.00 
BBB+ 
1,435,573 
   
12/01/25 – AMBAC Insured 
     
3,000 
 
Franklin County, Ohio, Excise Tax and Lease Revenue Anticipation Bonds, Convention Facilities 
12/15 at 100.00 
Aaa 
3,268,770 
   
Authority, 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+ 
1,207,529 
   
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 
4,807,873 
   
AMBAC Insured 
     
1,000 
 
Hudson City School District, Ohio, Certificates of Participation, Series 2004, 5.000%, 
6/14 at 100.00 
Aa3 
1,038,330 
   
6/01/26 – NPFG Insured 
     

 
Nuveen Investments 35
 
 
 
 

 
 
Nuveen Ohio Quality Income Municipal Fund, Inc. (continued)
NUO Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/Limited (continued) 
     
   
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 
$         1,043,040 
1,000 
 
5.500%, 10/01/17 – AMBAC Insured 
4/12 at 100.00 
A1 
1,033,980 
800 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/15 at 100.00 
AAA 
886,928 
   
Series 2005A, 5.000%, 4/01/25 – AGM Insured 
     
2,645 
 
Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund 
4/14 at 100.00 
AA 
3,008,608 
   
Project, Series 2004A, 5.250%, 4/01/15 – NPFG Insured 
     
1,000 
 
Ohio, State Appropriation Lease Bonds, Mental Health Capital Facilities, Series 2003B-II, 
6/13 at 100.00 
AA 
1,102,160 
   
5.000%, 6/01/16 
     
23,215 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
5,580,653 
   
2009A, 0.000%, 8/01/34 
     
7,875 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
1,770,615 
   
2010A, 0.000%, 8/01/35 
     
48,600 
 
Total Tax Obligation/Limited 
   
26,184,059 
   
Transportation – 3.4% (2.4% of Total Investments)
     
3,000 
 
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2003C, 5.250%, 
12/13 at 100.00 
A– 
3,033,660 
   
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 
2,461,720 
5,000 
 
Total Transportation 
   
5,495,380 
   
U.S. Guaranteed – 17.0% (12.0% 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) 
2,269,337 
   
(Pre-refunded 12/01/12) 
     
1,000 
 
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2005B, 5.000%, 
No Opt. Call 
A– (4) 
1,175,740 
   
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) 
2,122,440 
   
Improvement Bonds, Series 2001, 5.000%, 12/15/26 (Pre-refunded 12/15/11) – NPFG Insured 
     
1,000 
 
Hilliard School District, Ohio, General Obligation School Improvement Bonds, Series 2000, 
12/10 at 101.00 
Aa1 (4) 
1,023,740 
   
5.750%, 12/01/24 (Pre-refunded 12/01/10) – FGIC Insured 
     
2,000 
 
Lakota Local School District, Butler County, Ohio, Unlimited Tax General Obligation School 
6/11 at 100.00 
Aaa 
2,073,380 
   
Improvement and Refunding Bonds, Series 2001, 5.125%, 12/01/26 (Pre-refunded 6/01/11) – 
     
   
FGIC Insured 
     
760 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Series 2004, 
12/13 at 100.00 
N/R (4) 
864,166 
   
5.000%, 12/01/25 (Pre-refunded 12/01/13) – FGIC Insured 
     
1,260 
 
Morgan Local School District, Morgan, Muskingum and Washington Counties, Ohio, Unlimited 
12/10 at 101.00 
AA (4) 
1,290,177 
   
Tax General Obligation School Improvement Bonds, Series 2000, 5.750%, 12/01/22 
     
   
(Pre-refunded 12/01/10) 
     
460 
 
New Albany Plain Local School District, Franklin County, Ohio, General Obligation Bonds, 
6/12 at 100.00 
Aa1 (4) 
501,736 
   
Series 2002, 5.500%, 12/01/17 (Pre-refunded 6/01/12) – FGIC Insured 
     
1,225 
 
Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water 
6/15 at 100.00 
AAA 
1,447,362 
   
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) 
1,537,288 
3,380 
 
5.250%, 12/01/24 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA+ (4) 
3,951,355 
1,000 
 
Princeton City School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 
12/13 at 100.00 
AAA 
1,143,310 
   
5.000%, 12/01/30 (Pre-refunded 12/01/13) – NPFG Insured 
     
1,670 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/10 at 101.00 
A– (4) 
1,706,957 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 (Pre-refunded 11/15/10) 
     
2,830 
 
Springfield Township, Hamilton County, Ohio, Various Purpose Limited Tax General Obligation 
12/11 at 100.00 
Aa2 (4) 
3,007,017 
   
Bonds, Series 2002, 5.250%, 12/01/27 (Pre-refunded 12/01/11) 
     
1,500 
 
Steubenville, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Trinity 
10/10 at 100.00 
N/R (4) 
1,507,650 
   
Health System, Series 2000, 6.375%, 10/01/20 (Pre-refunded 10/01/10) 
     
2,000 
 
Westerville City School District, Franklin and Delaware Counties, Ohio, Various Purpose 
6/11 at 100.00 
AA– (4) 
2,069,980 
   
General Obligation Bonds, Series 2001, 5.000%, 12/01/27 (Pre-refunded 6/01/11) – NPFG Insured 
     
25,430 
 
Total U.S. Guaranteed 
   
27,691,635 

 
36 Nuveen Investments
 
 
 

 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Utilities – 6.4% (4.6% of Total Investments)
     
$           2,500 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/18 at 100.00 
A1 
$       2,620,825 
   
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 
4,104,599 
   
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 
687,114 
2,155 
 
0.000%, 11/15/34 – NPFG Insured 
No Opt. Call 
619,369 
800 
 
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville 
No Opt. Call 
A1 
325,640 
   
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 
2,144,140 
   
Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/20 – AMBAC Insured 
     
13,560 
 
Total Utilities 
   
10,501,687 
   
Water and Sewer – 2.6% (1.8% 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 
447,733 
   
AMBAC Insured 
     
1,000 
 
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 
No Opt. Call 
Aa1 
1,222,670 
   
1993G, 5.500%, 1/01/21 – NPFG Insured 
     
40 
 
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 
1/11 at 100.00 
Aa1 
40,139 
   
1996H, 5.750%, 1/01/26 – NPFG Insured 
     
1,220 
 
Hamilton, Ohio, Wastewater System Revenue Bonds, Series 2005, 5.250%, 10/01/22 – AGM Insured 
10/15 at 100.00 
Aa3 
1,379,320 
200 
 
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2007, 5.000%, 12/01/37 – 
12/17 at 100.00 
A– 
204,870 
   
SYNCORA GTY Insured 
     
525 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
587,664 
   
Series 2008, 5.000%, 6/01/28 – AGM Insured 
     
275 
 
Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water 
6/15 at 100.00 
AAA 
315,018 
   
Quality Project, Series 2005B, 5.000%, 6/01/25 
     
3,690 
 
Total Water and Sewer 
   
4,197,414 
$     248,345 
 
Total Investments (cost $214,557,035) – 141.2% 
   
230,210,184 
   
Other Assets Less Liabilities – 3.6% 
   
5,812,891 
   
Preferred Shares, at Liquidation Value – (44.8)% (5) 
   
(73,000,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$   163,023,075 

     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
   
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) 
 
Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.7%. 
N/R 
 
Not rated. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
See accompanying notes to financial statements.
 
 
Nuveen Investments 37
 
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund
NXI Portfolio of Investments
August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 5.8% (4.1% of Total Investments)
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
$         3,900 
 
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
$      3,179,590 
795 
 
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
580,533 
45 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
44,792 
   
Series 2002, 5.375%, 5/15/33 
     
4,740 
 
Total Consumer Staples 
   
3,804,915 
   
Education and Civic Organizations – 8.9% (6.3% of Total Investments)
     
700 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
718,284 
   
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 
2,703,768 
   
2002, 5.000%, 5/01/22 
     
500 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/15 at 100.00 
Baa2 
496,940 
   
2005, 5.000%, 12/01/24 
     
1,760 
 
Ohio University at Athens, Subordinate Lien General Receipts Bonds, Series 2004, 5.000%, 
6/14 at 100.00 
Aa3 
1,965,533 
   
12/01/20 – NPFG Insured 
     
5,610 
 
Total Education and Civic Organizations 
   
5,884,525 
   
Health Care – 19.5% (13.7% of Total Investments)
     
1,385 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
N/R 
1,410,346 
   
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 
1,197,229 
   
6.000%, 1/01/32 
     
300 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
11/19 at 100.00 
Aa2 
316,497 
   
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 
619,860 
   
2005, 5.000%, 11/01/40 
     
500 
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare 
10/12 at 100.00 
AA– 
508,985 
   
Partners, Refunding Series 2002, 5.375%, 10/01/30 
     
2,200 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 
11/10 at 100.50 
N/R 
2,221,164 
   
5.375%, 11/15/29 – AMBAC Insured 
     
330 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A– 
349,972 
   
Inc., Series 2006, 5.250%, 5/15/21 
     
1,000 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
1,037,540 
   
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 
399,120 
   
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 
1,139,019 
90 
 
5.250%, 1/01/33 
1/18 at 100.00 
Aa2 
95,614 
80 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
5/20 at 100.00 
AAA 
82,937 
   
System Project, Series 2010, 5.250%, 11/15/40 – AGM Insured 
     
250 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
270,128 
   
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 
216,940 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
1,350 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
AA– 
1,807,380 
   
Obligated Group, Tender Option Bond Trust 3551, 19.587%, 1/01/33 (IF) 
     
335 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/10 at 101.00 
A– 
339,268 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 
     

 
38 Nuveen Investments
 
 
 

 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Health Care (continued) 
     
$           500 
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 
11/16 at 100.00 
A– 
$      503,380 
   
5.250%, 11/15/36 
     
375 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
394,050 
   
5.750%, 12/01/35 
     
12,020 
 
Total Health Care 
   
12,909,429 
   
Housing/Multifamily – 7.0% (5.0% of Total Investments)
     
350 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court 
10/18 at 101.00 
Aaa 
368,456 
   
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 
2,962,288 
   
2001A, 5.450%, 4/01/26 
     
310 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AAA 
315,084 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
1,000 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AAA 
1,009,220 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
4,545 
 
Total Housing/Multifamily 
   
4,655,048 
   
Housing/Single Family – 0.6% (0.4% of Total Investments)
     
395 
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 
9/15 at 100.00 
Aaa 
399,349 
   
9/01/31 (Alternative Minimum Tax) 
     
   
Industrials – 6.8% (4.8% of Total Investments)
     
1,500 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland 
5/12 at 102.00 
N/R 
1,503,795 
   
Christian Home Project, Series 2002C, 5.950%, 5/15/22 
     
330 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund 
11/15 at 100.00 
N/R 
306,415 
   
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 
899,395 
   
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 
1,560,715 
   
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 
247,569 
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5) 
     
4,710 
 
Total Industrials 
   
4,517,889 
   
Long-Term Care – 1.1% (0.8% of Total Investments)
     
215 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
223,374 
   
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– 
483,555 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
685 
 
Total Long-Term Care 
   
706,929 
   
Tax Obligation/General – 26.3% (18.5% of Total Investments)
     
125 
 
Barberton City School District, Summit County, Ohio, General Obligation Bonds, School 
6/18 at 100.00 
AA 
137,370 
   
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 
1,606,755 
   
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 
201,184 
1,735 
 
0.000%, 12/01/28 – AGM Insured 
No Opt. Call 
AAA 
809,378 
400 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
AA+ 
456,716 
1,355 
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/27 
12/17 at 100.00 
AAA 
1,530,811 
470 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 
12/15 at 100.00 
AA 
507,097 
2,550 
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 – 
6/17 at 100.00 
AAA 
2,692,442 
   
AGM Insured 
     

 
Nuveen Investments 39
 
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund (continued)
NXI Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/General (continued) 
     
$             2,000 
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities 
6/17 at 100.00 
Aa3 
$       2,095,460 
   
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 
463,961 
   
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 
424,120 
1,005 
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 
12/15 at 100.00 
AAA 
1,088,455 
   
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 
217,950 
   
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 
53,285 
   
5.250%, 12/01/36 
     
750 
 
Northmor Local School District, Morrow County, Ohio, General Obligation School Facilities 
11/18 at 100.00 
Aa2 
799,350 
   
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 
AAA 
53,434 
   
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 
2,581,877 
   
12/01/28 – AGM Insured 
     
50 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
53,829 
   
School Improvment Series 2009, 5.125%, 12/01/37 
     
1,485 
 
West Chester Township, Butler County, Ohio, Various Purpose Limited Tax General Obligation 
11/11 at 101.00 
Aaa 
1,586,559 
   
Refunding Bonds, Series 2001, 5.500%, 12/01/17 – AMBAC Insured 
     
17,370 
 
Total Tax Obligation/General 
   
17,360,033 
   
Tax Obligation/Limited – 19.6% (13.8% of Total Investments)
     
125 
 
Cincinnati City School District, Ohio, Certificates of Participation, Series 2006, 5.000%, 
12/16 at 100.00 
AAA 
132,919 
   
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 
1,099,236 
   
Corporation – Fenn Tower Project, Series 2005, 5.000%, 8/01/23 – AMBAC Insured 
     
50 
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, 
12/19 at 100.00 
Aa2 
51,718 
   
Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34 
     
2,000 
 
Franklin County, Ohio, Excise Tax and Lease Revenue Anticipation Bonds, Convention Facilities 
12/15 at 100.00 
Aaa 
2,179,180 
   
Authority, Series 2005, 5.000%, 12/01/27 – AMBAC Insured 
     
1,415 
 
Hamilton County Convention Facilities Authority, Ohio, First Lien Revenue Bonds, Series 2004, 
6/14 at 100.00 
A+ 
1,568,131 
   
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 
2,090,380 
   
AMBAC Insured 
     
500 
 
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 
4/12 at 100.00 
A1 
521,520 
   
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 
AAA 
382,488 
   
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 
AAA 
1,089,050 
   
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+ 
1,254,836 
   
2009A, 0.000%, 8/01/34 
     
5,250 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
1,180,410 
   
2010A, 0.000%, 8/01/35 
     
1,400 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 
10/10 at 101.00 
BBB+ 
1,417,332 
   
6.375%, 10/01/19 
     
20,470 
 
Total Tax Obligation/Limited 
   
12,967,200 

 
40 Nuveen Investments
 
 
 

 

           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Transportation – 1.3% (0.9% of Total Investments)
     
$            865 
 
Ohio Turnpike Commission, Revenue Bonds, Series 2001A, 5.500%, 2/15/26 
2/11 at 100.00 
AA 
$       873,572 
   
U.S. Guaranteed – 30.6% (21.5% of Total Investments) (4)
     
1,000 
 
Bay Village City School District, Ohio, General Obligation Unlimited Tax School Improvement 
12/10 at 100.00 
Aa1 (4) 
1,012,030 
   
Bonds, Series 2001, 5.000%, 12/01/25 (Pre-refunded 12/01/10) 
     
1,000 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AAA 
1,198,450 
   
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 
AAA 
1,188,010 
   
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 
2,073,380 
   
Improvement and Refunding Bonds, Series 2001, 5.125%, 12/01/26 (Pre-refunded 6/01/11) – 
     
   
FGIC Insured 
     
910 
 
Lebanon, Ohio, Electric System Mortgage Revenue Bonds, Series 2001, 5.500%, 12/01/18 
12/10 at 101.00 
Aa3 (4) 
931,176 
   
(Pre-refunded 12/01/10) – AMBAC Insured 
     
1,000 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Series 2004, 
12/13 at 100.00 
N/R (4) 
1,137,060 
   
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 (4) 
2,135,800 
   
5.200%, 11/01/26 (Pre-refunded 11/01/11) 
     
1,000 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Series 
12/10 at 101.00 
N/R (4) 
1,022,310 
   
2000, 5.500%, 12/01/25 (Pre-refunded 12/01/10) – AMBAC Insured 
     
1,135 
 
Ohio Turnpike Commission, Revenue Bonds, Series 2001A, 5.500%, 2/15/26 (Pre-refunded 2/15/11) 
2/11 at 100.00 
AA (4) 
1,162,399 
2,000 
 
Ohio, General Obligation Higher Education Capital Facilities Bonds, Series 2001A, 5.000%, 
2/11 at 100.00 
AA+ (4) 
2,040,000 
   
2/01/20 (Pre-refunded 2/01/11) 
     
1,900 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/14 at 100.00 
AA+ (4) 
2,221,176 
   
Bonds, Series 2004A, 5.250%, 12/01/23 (Pre-refunded 6/01/14) – FGIC Insured 
     
665 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/10 at 101.00 
A– (4) 
679,716 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 (Pre-refunded 11/15/10) 
     
2,735 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2002F, 5.375%, 6/01/19 
6/12 at 100.00 
A+ (4) 
2,975,652 
   
(Pre-refunded 6/01/12) 
     
400 
 
Westerville City School District, Franklin and Delaware Counties, Ohio, Various Purpose 
6/11 at 100.00 
AA– (4) 
413,996 
   
General Obligation Bonds, Series 2001, 5.000%, 12/01/27 (Pre-refunded 6/01/11) – NPFG Insured 
     
18,745 
 
Total U.S. Guaranteed 
   
20,191,155 
   
Utilities – 9.9% (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 
AAA 
52,570 
1,000 
 
5.250%, 2/15/43 
2/18 at 100.00 
A1 
1,048,330 
1,440 
 
American Municipal Power Ohio Inc., Wadsworth, Electric System Improvement Revenue Bonds, 
2/12 at 100.00 
A2 
1,502,856 
   
Series 2002, 5.250%, 2/15/17 – NPFG Insured 
     
2,130 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B, 0.000%, 11/15/32 – 
No Opt. Call 
695,275 
   
NPFG Insured 
     
2,150 
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio Power Company Project, 
11/10 at 100.50 
Baa1 
2,155,504 
   
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 
1,066,630 
   
Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/21 – AMBAC Insured 
     
7,770 
 
Total Utilities 
   
6,521,165 

 
Nuveen Investments 41
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund (continued)
NXI Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Water and Sewer – 4.8% (3.3% 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 
$      182,217 
   
AMBAC Insured 
     
325 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
363,792 
   
Series 2008, 5.000%, 6/01/28 – AGM Insured 
     
2,375 
 
Ohio Water Development Authority, Revenue Bonds, Water Development Community Assistance 
12/13 at 100.00 
Aa1 
2,591,529 
   
Program, Series 2003, 5.000%, 12/01/23 – NPFG Insured 
     
2,875 
 
Total Water and Sewer 
   
3,137,538 
$    100,800 
 
Total Investments (cost $88,707,429) – 142.2% 
   
93,928,747 
   
Other Assets Less Liabilities – 1.7% 
   
1,120,534 
   
Preferred Shares, at Liquidation Value – (43.9)% (6) 
   
(29,000,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$   66,049,281 

     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
   
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) 
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 - General Information 
   
and Significant Accounting Policies, Valuation for more information. 
(6) 
 
Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.9%. 
N/R 
 
Not rated. 
(IF) 
 
Inverse floating rate investment. 
See accompanying notes to financial statements.
 
 
42 Nuveen Investments
 
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund 2
NBJ Portfolio of Investments
August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 4.2% (2.9% of Total Investments)
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
$        1,865 
 
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
$    1,520,497 
585 
 
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
427,185 
45 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
44,792 
   
Series 2002, 5.375%, 5/15/33 
     
2,495 
 
Total Consumer Staples 
   
1,992,474 
   
Education and Civic Organizations – 11.4% (7.9% 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+ 
1,468,848 
   
AMBAC Insured 
     
450 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
461,754 
   
2006, 5.000%, 7/01/41 
     
1,050 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/11 at 100.00 
Baa2 
1,076,051 
   
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+ 
1,046,300 
   
FGIC Insured 
     
1,245 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D, 5.000%, 6/01/19 – 
6/14 at 100.00 
A+ 
1,343,006 
   
AMBAC Insured 
     
5,090 
 
Total Education and Civic Organizations 
   
5,395,959 
   
Health Care – 26.8% (18.7% of Total Investments)
     
1,090 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
N/R 
1,109,947 
   
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 
316,497 
   
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 
258,275 
   
2005, 5.000%, 11/01/40 
     
200 
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare 
10/12 at 100.00 
AA– 
203,594 
   
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– 
1,905,093 
   
Partners, Series 2001A, 5.400%, 10/01/21 
     
965 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 
11/10 at 100.50 
N/R 
974,283 
   
5.375%, 11/15/29 – AMBAC Insured 
     
225 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A– 
238,617 
   
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 
726,278 
   
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 
95,789 
35 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
1/18 at 100.00 
Aa2 
37,967 
   
Health System Obligated Group, Series 2008A, 5.000%, 1/01/25 
     
40 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
5/20 at 100.00 
AAA 
41,468 
   
System Project, Series 2010, 5.250%, 11/15/40 – AGM Insured 
     
100 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
108,051 
   
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 
216,940 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
1,000 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
AA– 
1,338,800 
   
Obligated Group, Tender Option Bond Trust 3551, 19.587%, 1/01/33 (IF) 
     
665 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/10 at 101.00 
A– 
673,472 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 
     

 
Nuveen Investments 43
 
 
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund 2 (continued)
NBJ Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Health Care (continued) 
     
$       350 
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 
11/16 at 100.00 
A– 
$       352,366 
   
5.250%, 11/15/36 
     
190 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
199,652 
   
5.750%, 12/01/35 
     
3,670 
 
Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, Union Hospital Project, Series 
10/11 at 101.00 
N/R 
3,902,529 
   
2001, 5.750%, 10/01/26 – RAAI Insured 
     
11,920 
 
Total Health Care 
   
12,699,618 
   
Housing/Multifamily – 4.9% (3.4% of Total Investments)
     
1,000 
 
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler 
5/12 at 102.00 
Aaa 
1,040,720 
   
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 
Aaa 
263,183 
   
Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) 
     
230 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AAA 
233,772 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
750 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AAA 
756,915 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
2,230 
 
Total Housing/Multifamily 
   
2,294,590 
   
Housing/Single Family – 1.7% (1.2% of Total Investments)
     
785 
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 
9/15 at 100.00 
Aaa 
793,643 
   
9/01/31 (Alternative Minimum Tax) 
     
   
Industrials – 10.7% (7.4% of Total Investments)
     
3,000 
 
Ohio State Sewage and Solid Waste Disposal Facilities, Revenue Bonds, Anheuser-Busch Project, 
11/11 at 100.00 
BBB+ 
3,018,600 
   
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 
654,106 
   
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 
1,200,550 
   
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 
176,835 
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5) 
     
5,140 
 
Total Industrials 
   
5,050,091 
   
Long-Term Care – 0.9% (0.7% of Total Investments)
     
95 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
98,700 
   
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– 
349,806 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
435 
 
Total Long-Term Care 
   
448,506 
   
Tax Obligation/General – 43.8% (30.5% of Total Investments)
     
1,700 
 
Butler County, Hamilton, Ohio, Limited Tax General Obligation Bonds, One Renaissance Center 
11/11 at 101.00 
Aa3 
1,782,790 
   
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 
AAA 
1,130,890 
1,000 
 
5.000%, 12/01/22 – AGM Insured 
6/14 at 100.00 
AAA 
1,076,170 
   
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006: 
     
300 
 
0.000%, 12/01/27 – AGM Insured 
No Opt. Call 
AAA 
150,888 
100 
 
0.000%, 12/01/28 – AGM Insured 
No Opt. Call 
AAA 
46,650 
400 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
AA+ 
456,716 
1,000 
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/27 
12/17 at 100.00 
AAA 
1,129,750 
400 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 
12/15 at 100.00 
AA 
431,572 
1,905 
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 – 
6/17 at 100.00 
AAA 
2,011,413 
   
AGM Insured 
     

 
44 Nuveen Investments
 
 
 

 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/General (continued) 
     
$       1,000 
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities 
6/17 at 100.00 
Aa3 
$     1,047,730 
   
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 
372,248 
   
5.000%, 12/01/30 – FGIC Insured 
     
2,420 
 
Lorain County, Ohio, Limited Tax General Obligation Justice Center Bonds, Series 2002, 5.500%, 
12/12 at 100.00 
Aa2 
2,649,319 
   
12/01/22 – FGIC Insured 
     
400 
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 
10/18 at 100.00 
Aa2 
424,120 
1,005 
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 
12/15 at 100.00 
AAA 
1,088,455 
   
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 
217,950 
   
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 
53,285 
   
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 
2,823,568 
   
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 
426,320 
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36 
     
1,960 
 
Portage County, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/01/25 – FGIC Insured 
12/11 at 100.00 
AA 
2,058,960 
1,000 
 
Powell, Ohio, General Obligation Bonds, Series 2002, 5.500%, 12/01/25 – FGIC Insured 
12/12 at 100.00 
AA+ 
1,082,490 
50 
 
Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995, 
6/17 at 100.00 
AAA 
53,434 
   
5.250%, 12/01/36 – AGC Insured 
     
200 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
215,314 
   
School Improvment Series 2009, 5.125%, 12/01/37 
     
19,500 
 
Total Tax Obligation/General 
   
20,730,032 
   
Tax Obligation/Limited – 14.9% (10.3% of Total Investments)
     
175 
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, 
12/19 at 100.00 
Aa2 
181,013 
   
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 
1,463,266 
   
AMBAC Insured 
     
250 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/15 at 100.00 
AAA 
277,165 
   
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 
AAA 
1,089,050 
   
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 
1,198,412 
   
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+ 
977,185 
   
2009A, 0.000%, 8/01/34 
     
3,940 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
885,870 
   
2010A, 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 
972,700 
   
12/01/26 – AMBAC Insured 
     
12,925 
 
Total Tax Obligation/Limited 
   
7,044,661 
   
U.S. Guaranteed – 14.0% (9.7% of Total Investments) (4)
     
605 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AAA 
725,062 
   
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 (4) 
1,061,000 
   
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 
AAA 
1,598,505 
   
5.500%, 12/01/21 (Pre-refunded 12/01/11) – AGM Insured 
     
1,000 
 
Marysville Exempted Village School District, Ohio, Certificates of Participation, School 
6/15 at 100.00 
N/R (4) 
1,195,120 
   
Facilities Project, Series 2005, 5.250%, 12/01/21 (Pre-refunded 6/01/15) – NPFG Insured 
     
125 
 
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2001A, 
12/11 at 100.00 
AAA 
132,430 
   
5.000%, 12/01/21 (Pre-refunded 12/01/11) – AGM Insured 
     

 
Nuveen Investments 45
 
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund 2 (continued)
NBJ Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
U.S. Guaranteed (4) (continued) 
     
$       1,050 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/14 at 100.00 
AA+ (4) 
$     1,237,194 
   
Bonds, Series 2004A, 5.500%, 12/01/15 (Pre-refunded 6/01/14) – FGIC Insured 
     
635 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/10 at 101.00 
A– (4) 
649,053 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 (Pre-refunded 11/15/10) 
     
5,915 
 
Total U.S. Guaranteed 
   
6,598,364 
   
Utilities – 9.6% (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 
1,048,330 
   
Series 2008A, 5.250%, 2/15/43 
     
1,065 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B, 0.000%, 11/15/32 – 
No Opt. Call 
347,637 
   
NPFG Insured 
     
2,500 
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio Power Company Project, 
11/10 at 100.50 
Baa1 
2,506,400 
   
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 
637,882 
   
Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/20 – AMBAC Insured 
     
5,160 
 
Total Utilities 
   
4,540,249 
   
Water and Sewer – 0.9% (0.6% 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 
135,361 
   
AMBAC Insured 
     
210 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
235,067 
   
Series 2008, 5.000%, 6/01/28 – AGM Insured 
     
45 
 
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2001A, 
12/11 at 100.00 
AAA 
47,387 
   
5.000%, 12/01/21 – AGM Insured 
     
385 
 
Total Water and Sewer 
   
417,815 
$     71,980 
 
Total Investments (cost $64,616,580) – 143.8% 
   
68,006,002 
   
Other Assets Less Liabilities – 1.9% 
   
898,171 
   
Preferred Shares, at Liquidation Value – (45.7)% (6) 
   
(21,600,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$    47,304,173 

     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
   
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) 
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Policies, Valuation for more information. 
(6) 
 
Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.8%. 
N/R 
 
Not rated. 
(IF) 
 
Inverse floating rate investment. 
See accompanying notes to financial statements.
 
 
46 Nuveen Investments
 
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund 3
NVJ Portfolio of Investments
August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 6.6% (4.6% of Total Investments)
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
$        2,380 
 
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
$      1,940,366 
390 
 
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
284,790 
20 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
19,907 
   
Series 2002, 5.375%, 5/15/33 
     
2,790 
 
Total Consumer Staples 
   
2,245,063 
   
Education and Civic Organizations – 6.0% (4.2% of Total Investments)
     
350 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
359,142 
   
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 
1,181,633 
   
2002, 5.750%, 5/01/16 
     
500 
 
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 
12/15 at 100.00 
Baa2 
496,940 
   
2005, 5.000%, 12/01/24 
     
1,975 
 
Total Education and Civic Organizations 
   
2,037,715 
   
Health Care – 24.3% (16.9% of Total Investments)
     
695 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
N/R 
707,719 
   
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 
632,994 
   
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 
433,902 
   
2005, 5.000%, 11/01/40 
     
300 
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare 
10/12 at 100.00 
AA– 
305,391 
   
Partners, Refunding Series 2002, 5.375%, 10/01/30 
     
500 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 
11/10 at 100.50 
N/R 
504,810 
   
5.375%, 11/15/29 – AMBAC Insured 
     
160 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A– 
169,683 
   
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 
518,770 
   
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 
111,754 
   
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 
650,868 
100 
 
5.250%, 1/01/33 
1/18 at 100.00 
Aa2 
106,238 
200 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
5/20 at 100.00 
AAA 
207,342 
   
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 
2,161,020 
   
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 
108,470 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
675 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
AA– 
903,690 
   
Obligated Group, Tender Option Bond Trust 3551, 19.587%, 1/01/33 (IF) 
     
335 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/10 at 101.00 
A– 
339,268 
   
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– 
251,690 
   
5.250%, 11/15/36 
     
110 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 
12/18 at 100.00 
115,588 
   
5.750%, 12/01/35 
     
7,650 
 
Total Health Care 
   
8,229,197 

 
Nuveen Investments 47
 
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund 3 (continued)
NVJ Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Housing/Multifamily – 3.4% (2.4% of Total Investments)
     
$            200 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury 
10/18 at 101.00 
Aaa 
$       210,546 
   
Court Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) 
     
180 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AAA 
182,952 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
750 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AAA 
756,915 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
1,130 
 
Total Housing/Multifamily 
   
1,150,413 
   
Housing/Single Family – 1.2% (0.8% of Total Investments)
     
395 
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 
9/15 at 100.00 
Aaa 
399,349 
   
9/01/31 (Alternative Minimum Tax) 
     
   
Industrials – 7.1% (4.9% of Total Investments)
     
555 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland 
5/12 at 102.00 
N/R 
556,404 
   
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 
490,579 
   
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 
1,200,550 
   
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 
141,468 
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5) 
     
2,435 
 
Total Industrials 
   
2,389,001 
   
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 
98,700 
   
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– 
252,066 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
340 
 
Total Long-Term Care 
   
350,766 
   
Tax Obligation/General – 35.9% (25.0% 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 
912,872 
1,000 
 
0.000%, 12/01/28 – AGM Insured 
No Opt. Call 
AAA 
466,500 
300 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
AA+ 
342,537 
1,000 
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/27 
12/17 at 100.00 
AAA 
1,129,750 
250 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 
12/15 at 100.00 
AA 
269,733 
1,275 
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 – 
6/17 at 100.00 
AAA 
1,346,222 
   
AGM Insured 
     
1,000 
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities 
6/17 at 100.00 
Aa3 
1,047,730 
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured 
     
1,000 
 
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2003, 
6/13 at 100.00 
Aa2 
1,093,330 
   
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 
234,060 
   
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 
1,289,571 
235 
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 
10/18 at 100.00 
Aa2 
249,171 
500 
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 
12/15 at 100.00 
AAA 
541,520 
   
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 
108,975 
   
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 
53,285 
   
5.250%, 12/01/36 
     

 
48 Nuveen Investments
 
 
 

 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Tax Obligation/General (continued) 
     
$          150 
 
Northmor Local School District, Morrow County, Ohio, General Obligation School Facilities 
11/18 at 100.00 
Aa2 
$       159,870 
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36 
     
1,000 
 
Ohio, Common Schools Capital Facilities, General Obligation Bonds, Series 2001B, 
9/11 at 100.00 
AA+ 
1,049,660 
   
5.000%, 9/15/20 
     
1,130 
 
Solon, Ohio, General Obligation Refunding and Improvement Bonds, Series 2002, 5.000%, 12/01/18 
12/12 at 100.00 
AAA 
1,236,751 
500 
 
Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995, 
6/17 at 100.00 
AAA 
534,335 
   
5.250%, 12/01/36 – AGC Insured 
     
100 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
107,657 
   
School Improvment Series 2009, 5.125%, 12/01/37 
     
12,885 
 
Total Tax Obligation/General 
   
12,173,529 
   
Tax Obligation/Limited – 13.6% (9.5% of Total Investments)
     
75 
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, 
12/19 at 100.00 
Aa2 
77,577 
   
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 
1,045,190 
   
AMBAC Insured 
     
1,000 
 
Midview Local School District, Lorain County, Ohio, Certificates of Participation, Series 
5/13 at 100.00 
A1 
1,022,590 
   
2003, 5.000%, 11/01/30 
     
1,250 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/12 at 100.00 
AAA 
1,352,900 
   
Series 2002A, 5.500%, 4/01/18 – AGM Insured 
     
200 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/15 at 100.00 
AAA 
221,732 
   
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+ 
480,780 
   
2009A, 0.000%, 8/01/34 
     
1,835 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
412,581 
   
2010A, 0.000%, 8/01/35 
     
7,360 
 
Total Tax Obligation/Limited 
   
4,613,350 
   
Transportation – 5.6% (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 
1,907,833 
   
U.S. Guaranteed – 30.4% (21.1% of Total Investments) (4)
     
725 
 
Eaton City School District, Preble County, Ohio, General Obligation Bonds, Series 2002, 
12/12 at 101.00 
Aa2 (4) 
819,112 
   
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 (4) 
1,383,512 
   
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 (4) 
1,111,510 
500 
 
Miami East Local School District, Miami County, Ohio, General Obligation Bonds, Series 2002, 
6/12 at 100.00 
AAA 
542,275 
   
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 (4) 
1,051,900 
   
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 (4) 
2,214,719 
   
Series 2002B, 5.500%, 10/01/22 (Pre-refunded 10/01/12) 
     
230 
 
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2001A, 
12/11 at 100.00 
AAA 
243,671 
   
5.000%, 12/01/21 (Pre-refunded 12/01/11) – AGM Insured 
     
1,000 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/14 at 100.00 
AA+ (4) 
1,169,040 
   
Bonds, Series 2004A, 5.250%, 12/01/21 (Pre-refunded 6/01/14) – FGIC Insured 
     
1,035 
 
Pickerington Local School District, Fairfield and Franklin Counties, Ohio, General Obligation 
12/11 at 100.00 
Aa2 (4) 
1,098,839 
   
Bonds, School Facilities Construction and Improvement, Series 2001, 5.250%, 12/01/20 
     
   
(Pre-refunded 12/01/11) – FGIC Insured 
     
665 
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System 
11/10 at 101.00 
A– (4) 
679,716 
   
Obligated Group, Series 2000B, 6.375%, 11/15/30 (Pre-refunded 11/15/10) 
     
9,455 
 
Total U.S. Guaranteed 
   
10,314,294 

 
Nuveen Investments 49
 
 
 

 
 
Nuveen Ohio Dividend Advantage Municipal Fund 3 (continued)
NVJ Portfolio of Investments August 31, 2010 (Unaudited)
 
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Utilities – 7.7% (5.3% of Total Investments)
     
$          500 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/18 at 100.00 
A1 
$        524,165 
   
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 
1,565,475 
   
Series 2002, 5.250%, 2/15/17 – NPFG Insured 
     
1,595 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B, 0.000%, 11/15/32 – 
No Opt. Call 
520,640 
   
NPFG Insured 
     
3,595 
 
Total Utilities 
   
2,610,280 
   
Water and Sewer – 1.1% (0.7% 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 
135,361 
   
AMBAC Insured 
     
160 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
179,098 
   
Series 2008, 5.000%, 6/01/28 – AGM Insured 
     
40 
 
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2001A, 
12/11 at 100.00 
AAA 
42,122 
   
5.000%, 12/01/21 – AGM Insured 
     
330 
 
Total Water and Sewer 
   
356,581 
$     51,890 
 
Total Investments (cost $45,480,547) – 143.9% 
   
48,777,371 
   
Other Assets Less Liabilities – 1.8% 
   
617,502 
   
Preferred Shares, at Liquidation Value – (45.7)% (6) 
   
(15,500,000) 
   
Net Assets Applicable to Common Shares – 100% 
   
$    33,894,873 

     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
   
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) 
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information 
   
and Significant Accounting Policies, Valuation for more information. 
(6) 
 
Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.8%. 
N/R 
 
Not rated. 
(IF) 
 
Inverse floating rate investment. 
See accompanying notes to financial statements.
 
 
50 Nuveen Investments
 
 
 

 
       
Statement of
     
Assets & Liabilities
     
 
August 31, 2010 (Unaudited) 
 
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(NUM)
   
(NMP)
   
(NZW)
 
Assets
                 
Investments, at value (cost $251,967,158, $160,341,583 
                 
and $42,655,545, respectively) 
  $ 269,734,277     $ 167,745,222     $ 44,808,670  
Cash 
          89,061       64,090  
Receivables: 
                       
Interest 
    3,747,542       2,545,556       621,863  
Investments sold 
                 
Other assets 
    59,196       51,559       13,225  
Total assets 
    273,541,015       170,431,398       45,507,848  
Liabilities
                       
Floating rate obligations 
    3,630,000       2,330,000       665,000  
Cash overdraft 
    2,279,235              
Payables: 
                       
Investments purchased 
                 
Common share dividends 
    728,692       468,085       134,578  
Preferred share dividends 
    4,974       2,353       1,072  
Accrued expenses: 
                       
Management fees 
    142,177       90,094       20,348  
Other 
    136,917       81,642       25,112  
Total liabilities 
    6,921,995       2,972,174       846,110  
Preferred shares, at liquidation value 
    87,325,000       53,700,000       14,275,000  
Net assets applicable to Common shares 
  $ 179,294,020     $ 113,759,224     $ 30,386,738  
Common shares outstanding 
    11,561,053       7,609,748       2,054,786  
Net asset value per Common share outstanding (net assets 
                       
applicable to Common shares, divided by Common 
                       
shares outstanding) 
  $ 15.51     $ 14.95     $ 14.79  
Net assets applicable to Common shares consist of:
                       
Common shares, $.01 par value per share 
  $ 115,611     $ 76,097     $ 20,548  
Paid-in surplus 
    162,163,949       106,784,132       29,127,931  
Undistributed (Over-distribution of) net investment income 
    2,566,321       1,612,216       419,835  
Accumulated net realized gain (loss) 
    (3,318,980     (2,116,860     (1,334,701
Net unrealized appreciation (depreciation) 
    17,767,119       7,403,639       2,153,125  
Net assets applicable to Common shares 
  $ 179,294,020     $ 113,759,224     $ 30,386,738  
Authorized shares: 
                       
Common 
    200,000,000       200,000,000    
Unlimited
 
Preferred 
    1,000,000       1,000,000    
Unlimited
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 51
 
 
 

 

         
Statement of 
       
Assets & Liabilities (continued) 
       
   
August 31, 2010 (Unaudited) 
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Assets
                       
Investments, at value (cost $214,557,035, $88,707,429, 
                       
$64,616,580 and $45,480,547, respectively) 
  $ 230,210,184     $ 93,928,747     $ 68,006,002     $ 48,777,371  
Cash 
          194,910             47,484  
Receivables: 
                               
Interest 
    2,782,968       1,186,747       956,327       634,898  
Investments sold 
    4,600,156       105,000       210,000       105,000  
Other assets 
    44,097       23,283       15,933       38,465  
Total assets 
    237,637,405       95,438,687       69,188,262       49,603,218  
Liabilities
                               
Floating rate obligations 
                       
Cash overdraft 
    555,852             12,515        
Payables: 
                               
Investments purchased 
    182,995                    
Common share dividends 
    637,020       294,225       206,567       157,679  
Preferred share dividends 
    3,874       2,176       594       1,358  
Accrued expenses: 
                               
Management fees 
    126,679       47,684       31,658       22,647  
Other 
    107,910       45,321       32,755       26,661  
Total liabilities 
    1,614,330       389,406       284,089       208,345  
Preferred shares, at liquidation value 
    73,000,000       29,000,000       21,600,000       15,500,000  
Net assets applicable to Common shares 
  $ 163,023,075     $ 66,049,281     $ 47,304,173     $ 33,894,873  
Common shares outstanding 
    9,746,032       4,245,259       3,121,953       2,157,641  
Net asset value per Common share outstanding (net assets 
                               
applicable to Common shares, divided by Common 
                               
shares outstanding) 
  $ 16.73     $ 15.56     $ 15.15     $ 15.71  
Net assets applicable to Common shares consist of:
                               
Common shares, $.01 par value per share 
  $ 97,460     $ 42,453     $ 31,220     $ 21,576  
Paid-in surplus 
    147,810,846       60,296,129       44,262,305       30,534,685  
Undistributed (Over-distribution of) net investment income 
    2,412,203       1,062,173       686,508       547,726  
Accumulated net realized gain (loss) 
    (2,950,583     (572,792     (1,065,282     (505,938
Net unrealized appreciation (depreciation) 
    15,653,149       5,221,318       3,389,422       3,296,824  
Net assets applicable to Common shares 
  $ 163,023,075     $ 66,049,281     $ 47,304,173     $ 33,894,873  
Authorized shares: 
                               
Common 
    200,000,000    
Unlimited
   
Unlimited
   
Unlimited
 
Preferred 
    1,000,000    
Unlimited
   
Unlimited
   
Unlimited
 

 
See accompanying notes to financial statements.
 
 
52 Nuveen Investments
 
 
 

 
       
Statement of
     
Operations
     
 
Six Months Ended August 31, 2010 
 
(Unaudited) 
   
 
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(NUM)
   
(NMP)
   
(NZW)
 
Investment Income
  $ 6,445,523     $ 4,160,795     $ 1,100,090  
Expenses
                       
Management fees 
    833,103       530,333       141,849  
Preferred shares – auction fees 
    66,032       40,605       10,793  
Preferred shares – dividend disbursing agent fees 
    10,082       10,082       5,041  
Shareholders’ servicing agent fees and expenses 
    8,748       6,688       350  
Interest expense on floating rate obligations 
    18,210       11,688       3,336  
Custodian’s fees and expenses 
    23,699       16,178       6,814  
Directors’/Trustees’ fees and expenses 
    3,257       2,064       548  
Professional fees 
    11,236       9,174       5,257  
Shareholders’ reports – printing and mailing expenses 
    29,331       25,009       9,671  
Stock exchange listing fees 
    4,572       4,572       145  
Investor relations expense 
    10,687       7,064       1,938  
Other expenses 
    15,433       10,299       6,466  
Total expenses before custodian fee credit and expense reimbursement 
    1,034,390       673,756       192,208  
Custodian fee credit 
    (1,012     (425     (215
Expense reimbursement 
                (22,323
Net expenses 
    1,033,378       673,331       169,670  
Net investment income 
    5,412,145       3,487,464       930,420  
Realized and Unrealized Gain (Loss)
                       
Net realized gain (loss) from investments 
    125,540       36,317       21,496  
Change in net unrealized appreciation (depreciation) of investments 
    7,671,421       3,853,383       1,145,701  
Net realized and unrealized gain (loss) 
    7,796,961       3,889,700       1,167,197  
Distributions to Preferred Shareholders
                       
From net investment income 
    (181,666     (112,251     (30,225
Decrease in net assets applicable to Common shares from distributions 
                       
to Preferred shareholders 
    (181,666     (112,251     (30,225
Net increase (decrease) in net assets applicable to Common 
                       
shares from operations 
  $ 13,027,440     $ 7,264,913     $ 2,067,392  

 
See accompanying notes to financial statements.
 
 
Nuveen Investments 53
 
 
 

 
 

         
Statement of 
       
Operations (continued) 
       
   
Six Months Ended August 31, 2010 
   
(Unaudited) 
   
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Investment Income
  $ 5,859,311     $ 2,399,930     $ 1,713,566     $ 1,264,091  
Expenses
                               
Management fees 
    745,802       305,486       221,568       158,708  
Preferred shares – auction fees 
    55,200       21,929       16,334       11,721  
Preferred shares – dividend disbursing agent fees 
    15,123       5,041       5,041       5,041  
Shareholders’ servicing agent fees and expenses 
    9,589       554       592       449  
Interest expense on floating rate obligations 
                       
Custodian’s fees and expenses 
    22,592       11,143       8,736       7,423  
Directors’/Trustees’ fees and expenses 
    2,906       1,167       846       609  
Professional fees 
    10,756       6,467       5,300       5,400  
Shareholders’ reports – printing and mailing expenses 
    34,042       14,985       13,081       11,454  
Stock exchange listing fees 
    4,572       298       219       152  
Investor relations expense 
    9,688       3,730       2,848       2,087  
Other expenses 
    10,221       7,986       7,201       6,664  
Total expenses before custodian fee credit and expense reimbursement 
    920,491       378,786       281,766       209,708  
Custodian fee credit 
    (1,004     (249     (181     (263
Expense reimbursement 
          (28,079     (34,868     (27,077
Net expenses 
    919,487       350,458       246,717       182,368  
Net investment income 
    4,939,824       2,049,472       1,466,849       1,081,723  
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from investments 
    (1,565,589     (600,542     (316,849     (275,797
Change in net unrealized appreciation (depreciation) of investments 
    6,718,757       2,171,516       1,493,598       1,007,550  
Net realized and unrealized gain (loss) 
    5,153,168       1,570,974       1,176,749       731,753  
Distributions to Preferred Shareholders
                               
From net investment income 
    (152,283     (61,402     (44,984     (32,767
Decrease in net assets applicable to Common shares from distributions 
                               
to Preferred shareholders 
    (152,283     (61,402     (44,984     (32,767
Net increase (decrease) in net assets applicable to Common 
                               
shares from operations 
  $ 9,940,709     $ 3,559,044     $ 2,598,614     $ 1,780,709  

 
See accompanying notes to financial statements.
 
 
54 Nuveen Investments
 
 
 

 

             
Statement of
         
Changes in Net Assets (Unaudited)
 
 
   
Michigan
    Michigan       Michigan  
   
Quality Income (NUM)
   
Premium Income (NMP)
   
Dividend Advantage (NZW)
 
   
Six Months
         
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
   
8/31/10
   
2/28/10
   
8/31/10
   
2/28/10
 
Operations
                                   
Net investment income 
  $ 5,412,145     $ 10,772,387     $ 3,487,464     $ 6,940,535     $ 930,420     $ 1,883,250  
Net realized gain (loss) from 
                                               
investments 
    125,540       (1,126,911     36,317       (479,222     21,496       (758,274
Change in net unrealized appreciation 
                                               
(depreciation) of investments 
    7,671,421       13,314,923       3,853,383       7,688,095       1,145,701       3,453,979  
Distributions to Preferred Shareholders: 
                                               
From net investment income 
    (181,666     (440,076     (112,251     (271,823     (30,225     (64,791
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
                                               
from operations 
    13,027,440       22,520,323       7,264,913       13,877,585       2,067,392       4,514,164  
Distributions to Common Shareholders
                                               
From net investment income 
    (4,716,910     (8,473,599     (3,071,093     (5,420,952     (807,531     (1,474,799
Decrease in net assets applicable to 
                                               
Common shares from distributions 
                                               
to Common shareholders 
    (4,716,910     (8,473,599     (3,071,093     (5,420,952     (807,531     (1,474,799
Capital Share Transactions
                                               
Common shares: 
                                               
Net proceeds from shares issued 
                                               
      to shareholders due to 
                                               
      reinvestment of distributions 
                                   
Repurchased and retired 
          (1,779,734     (53,956     (1,271,720           (148,424
Net increase (decrease) in net assets 
                                               
applicable to Common shares from 
                                               
capital share transactions 
          (1,779,734     (53,956     (1,271,720           (148,424
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
    8,310,530       12,266,990       4,139,864       7,184,913       1,259,861       2,890,941  
Net assets applicable to Common 
                                               
shares at the beginning of period 
    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 period 
  $ 179,294,020     $ 170,983,490     $ 113,759,224     $ 109,619,360     $ 30,386,738     $ 29,126,877  
Undistributed (Over-distribution of) 
                                               
net investment income at the end 
                                               
of period 
  $ 2,566,321     $ 2,052,752     $ 1,612,216     $ 1,308,096     $ 419,835     $ 327,171  
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 55
 
 
 

 

             
Statement of 
           
Changes in Net Assets (Unaudited) (continued) 
     
 
     Ohio       Ohio       Ohio  
   
Quality Income (NUO)
   
Dividend Advantage (NXI)
   
Dividend Advantage 2 (NBJ)
 
   
Six Months
         
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
   
8/31/10
   
2/28/10
   
8/31/10
   
2/28/10
 
Operations
                                   
Net investment income 
  $ 4,939,824     $ 9,796,627     $ 2,049,472     $ 4,102,042     $ 1,466,849     $ 2,919,272  
Net realized gain (loss) from 
                                               
investments 
    (1,565,589     363,546       (600,542     222,662       (316,849     (18,550
Change in net unrealized appreciation 
                                               
(depreciation) of investments 
    6,718,757       13,563,229       2,171,516       4,711,810       1,493,598       4,761,551  
Distributions to Preferred Shareholders: 
                                               
From net investment income 
    (152,283     (380,264     (61,402     (156,209     (44,984     (115,975
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
                                               
from operations 
    9,940,709       23,343,138       3,559,044       8,880,305       2,598,614       7,546,298  
Distributions to Common Shareholders
                                               
From net investment income 
    (4,356,477     (7,787,080     (1,827,018     (3,281,918     (1,301,723     (2,300,529
Decrease in net assets applicable to 
                                               
Common shares from distributions 
                                               
to Common shareholders 
    (4,356,477     (7,787,080     (1,827,018     (3,281,918     (1,301,723     (2,300,529
Capital Share Transactions
                                               
Common shares: 
                                               
Net proceeds from shares issued 
                                               
      to shareholders due to 
                                               
      reinvestment of distributions 
                26,760             7,013        
Repurchased and retired 
                                   
Net increase (decrease) in net assets 
                                               
applicable to Common shares from 
                                               
capital share transactions 
                26,760             7,013        
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
    5,584,232       15,556,058       1,758,786       5,598,387       1,303,904       5,245,769  
Net assets applicable to Common 
                                               
shares at the beginning of period 
    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 period 
  $ 163,023,075     $ 157,438,843     $ 66,049,281     $ 64,290,495     $ 47,304,173     $ 46,000,269  
Undistributed (Over-distribution of) 
                                               
net investment income at the end 
                                               
of period 
  $ 2,412,203     $ 1,981,139     $ 1,062,173     $ 901,121     $ 686,508     $ 566,366  

 
See accompanying notes to financial statements.
 
 
56 Nuveen Investments
 
 
 

 

             
Statement of 
           
Changes in Net Assets (Unaudited) (continued) 
           
      Ohio  
   
Dividend Advantage 3 (NVJ)
 
   
Six Months
       
   
Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
 
Operations
           
Net investment income 
  $ 1,081,723     $ 2,167,213  
Net realized gain (loss) from 
               
investments 
    (275,797     (180,875
Change in net unrealized appreciation 
               
(depreciation) of investments 
    1,007,550       2,739,661  
Distributions to Preferred Shareholders: 
               
From net investment income 
    (32,767     (83,432
Net increase (decrease) in net assets 
               
applicable to Common shares 
               
from operations 
    1,780,709       4,642,567  
Distributions to Common Shareholders
               
From net investment income 
    (961,023     (1,708,152
Decrease in net assets applicable to 
               
Common shares from distributions 
               
to Common shareholders 
    (961,023     (1,708,152
Capital Share Transactions
               
Common shares: 
               
Net proceeds from shares issued 
               
      to shareholders due to 
               
      reinvestment of distributions 
    13,504        
Repurchased and retired 
           
Net increase (decrease) in net assets 
               
applicable to Common shares from 
               
capital share transactions 
    13,504        
Net increase (decrease) in net assets 
               
applicable to Common shares 
    833,190       2,934,415  
Net assets applicable to Common 
               
shares at the beginning of period 
    33,061,683       30,127,268  
Net assets applicable to Common 
               
shares at the end of period 
  $ 33,894,873     $ 33,061,683  
Undistributed (Over-distribution of) 
               
net investment income at the end 
               
of period 
  $ 547,726     $ 459,793  

 
See accompanying notes to financial statements.
 
 
Nuveen Investments 57
 
 
 

 
 
 
Notes to
Financial Statements (Unaudited)
 
 
1. General Information and Significant Accounting Policies
 
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.
 
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 fixed-income securities and derivative instruments are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2. Fixed-income securities are valued by a pricing service that values portfolio securities at the mean between the quoted bid and ask prices or the yield equivalent when quotations are readily available. Securities for which quotations are not readily available (which is usually the case for municipal securities) are valued at fair value as determined by the pricing service 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. The pricing service may employ electronic data processing techniques and/or a matrix system to determine valuations. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information provided by Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”) in establishing a fair valuation for the security. These securities are generally classified as Level 2.
 
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 1.
 
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) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; fixed-income 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. 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. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are
 
 
58 Nuveen Investments
 
 
 
 

 
 
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 August 31, 2010, there were no such outstanding purchase commitments in any of the Funds.
 
Investment Income
Interest income, which includes the amortization of premiums and 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 tax-exempt 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 tax-exempt 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.
 
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. Each Fund’s Preferred shares 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 August 31, 2010, the number of Preferred shares outstanding, by Series and in total, for each Fund is as follows:
 
                   
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(NUM)
   
(NMP)
   
(NZW)
 
Number of shares: 
                 
Series M 
          805        
Series W 
                571  
Series TH 
    2,972       1,343        
Series F 
    521              
Total 
    3,493       2,148       571  

 
Nuveen Investments 59
 
 
 

 

         
Notes to 
       
Financial Statements (Unaudited) (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 
          1,160              
Series TH 
    1,327                    
Series TH2 
    948                    
Series F 
                864        
Total 
    2,920       1,160       864       620  
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the Preferred shares issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many Preferred shareholders who wanted to sell their shares in these auctions were unable to do so. Preferred 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 Preferred shares. As of August 31, 2010, the aggregate amount of outstanding Preferred shares redeemed by each Fund is as follows:
 
     
Michigan
   
Michigan
   
Michigan
 
     
Quality
   
Premium
   
Dividend
 
     
Income
   
Income
   
Advantage
 
     
(NUM)
   
(NMP)
   
(NZW)
 
Preferred shares redeemed, at liquidation value 
    $ 6,675,000     $ 2,300,000     $ 1,725,000  
                     
 
Ohio
 
Ohio
   
Ohio
   
Ohio
 
 
Quality
 
Dividend
   
Dividend
   
Dividend
 
 
Income
 
Advantage
   
Advantage 2
   
Advantage 3
 
 
(NUO)
 
(NXI)
   
(NBJ)
   
(NVJ)
 
Preferred shares redeemed, at liquidation value 
$4,000,000 
  $ 2,000,000     $ 2,400,000     $ 1,000,000  

 
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 recognizes the related interest paid to the holders of the short-term floating rate certificates as “Interest expense on floating rate obligations” on the Statement of Operations.
 
 
60 Nuveen Investments
 
 
 

 
 
During the six months ended August 31, 2010, 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.
 
               
At August 31, 2010, 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 for the following Funds during the six months ended August 31, 2010, 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 six months ended August 31, 2010.
 
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.
 
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.
 
 
Nuveen Investments 61
 
 
 

 
 
Notes to
Financial Statements (Unaudited) (continued)
 
 
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
In determining the value of each Fund’s investments, various inputs are used. These inputs are 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 August 31, 2010:
 
Michigan Quality Income (NUM)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                       
Municipal Bonds 
  $     $ 269,734,277     $     $ 269,734,277  
Michigan Premium Income (NMP)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 167,745,222     $     $ 167,745,222  
Michigan Dividend Advantage (NZW)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 44,808,670     $     $ 44,808,670  
Ohio Quality Income (NUO)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 230,210,184     $     $ 230,210,184  
Ohio Dividend Advantage (NXI)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 93,681,178     $ 247,569     $ 93,928,747  
Ohio Dividend Advantage 2 (NBJ)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 67,829,167     $ 176,835     $ 68,006,002  
Ohio Dividend Advantage 3 (NVJ)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 48,635,903     $ 141,468     $ 48,777,371  

 
62 Nuveen Investments
 
 
 

 
 
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 period 
  $     $     $  
Gains (losses): 
                       
Net realized gains (losses) 
                 
Net change in unrealized appreciation (depreciation) 
                 
Net purchases at cost (sales at proceeds) 
                 
Net discounts (premiums) 
                 
Net transfers in to (out of) at end of period fair value 
    247,569       176,835       141,468  
Balance at the end of period 
  $ 247,569     $ 176,835     $ 141,468  
 
“Change in net unrealized appreciation (depreciation) of investments” presented on the Statement of Operations includes net unrealized appreciation (depreciation) related to securities classified as Level 3 at period end as follows:
 
   
Ohio
   
Ohio
   
Ohio
 
   
Dividend
   
Dividend
   
Dividend
 
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Level 3 net unrealized appreciation (depreciation) 
  $ 1,435     $ 1,025     $ 820  

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 six months ended August 31, 2010.
 
                                     
4. Fund Shares
                                   
Common Shares
                                   
Transactions in Common shares were as follows: 
                                   
   
Michigan Quality
   
Michigan Premium
   
Michigan Dividend
 
   
Income (NUM)
   
Income (NMP)
   
Advantage (NZW)
 
   
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
8/31/10
   
2/28/10
   
8/31/10
   
2/28/10
   
8/31/10
   
2/28/10
 
Common shares: 
                                   
Issued to shareholders due to 
                                   
reinvestment of distributions 
                                   
Repurchased and retired 
          (153,900     (4,200     (110,400           (12,200
Weighted average Common share: 
                                               
Price per share repurchased and retired 
        $ 11.54     $ 12.83     $ 11.50           $ 12.15  
Discount per share repurchased and retired 
          18.15     11.54     17.11           13.24
 
   
Ohio Quality
   
Ohio Dividend
 
   
Income (NUO)
   
Advantage (NXI)
 
   
Six Months
   
Year
   
Six Months
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
8/31/10
   
2/28/10
   
8/31/10
   
2/28/10
 
Common shares: 
                       
Issued to shareholders due to 
                       
reinvestment of distributions 
                1,766        
Repurchased and retired 
                       
Weighted average Common share: 
                               
Price per share repurchased and retired 
                       
Discount per share repurchased and retired 
                       

 
Nuveen Investments 63
 
 
 

 
Notes to 
       
Financial Statements (Unaudited) (continued) 
       
 
   
Ohio Dividend
   
Ohio Dividend
 
   
Advantage 2 (NBJ)
   
Advantage 3 (NVJ)
 
   
Six Months
   
Year
   
Six Months
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
8/31/10
   
2/28/10
   
8/31/10
   
2/28/10
 
Common shares: 
                       
Issued to shareholders due to 
                       
reinvestment of distributions 
    476             883        
Repurchased and retired 
                       
Weighted average Common share: 
                               
Price per share repurchased and retired 
                       
Discount per share repurchased and retired 
                       

Preferred Shares
                       
Transactions in Preferred shares were as follows: 
                       
         
Michigan Quality Income (NUM)
       
   
Six Months Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
 
   
Shares
   
Amount
   
Shares
   
Amount
 
Preferred shares redeemed: 
                       
Series TH 
        $       122     $ 3,050,000  
Series F 
                21       525,000  
Total 
        $       143     $ 3,575,000  
                       
           
Michigan Premium Income (NMP)
         
   
Six Months Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
 
   
Shares
   
Amount
   
Shares
   
Amount
 
Preferred shares redeemed: 
                               
Series M 
        $       35     $ 875,000  
Series TH 
                57       1,425,000  
Total 
        $       92     $ 2,300,000  
       
   
Michigan Dividend Advantage (NZW)
 
   
Six Months Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
 
   
Shares
   
Amount
   
Shares
   
Amount
 
Preferred shares redeemed: 
                               
Series W 
        $       26     $ 650,000  
                       
           
Ohio Quality Income (NUO)
         
   
Six Months Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
 
   
Shares
   
Amount
   
Shares
   
Amount
 
Preferred shares redeemed: 
                               
Series M 
        $       35     $ 875,000  
Series TH 
                73       1,825,000  
Series TH2 
                52       1,300,000  
Total 
        $       160     $ 4,000,000  

 
64 Nuveen Investments
 
 
 

 
                         
         
Ohio Dividend Advantage (NXI)
       
   
Six Months Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
 
   
Shares
   
Amount
   
Shares
   
Amount
 
Preferred shares redeemed: 
                       
Series T 
        $       80     $ 2,000,000  
               
      Ohio Dividend Advantage 2 (NBJ)  
   
Six Months Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
 
   
Shares
   
Amount
   
Shares
   
Amount
 
Preferred shares redeemed: 
                               
Series F 
        $       60     $ 1,500,000  
               
      Ohio Dividend Advantage 3 (NVJ)  
   
Six Months Ended
   
Year Ended
 
   
8/31/10
   
2/28/10
 
   
Shares
   
Amount
   
Shares
   
Amount
 
Preferred shares redeemed: 
                               
Series T 
        $       40     $ 1,000,000  
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments) during the six months ended August 31, 2010, were as follows:
 
     
Michigan
   
Michigan
   
Michigan
 
     
Quality
   
Premium
   
Dividend
 
     
Income
   
Income
   
Advantage
 
     
(NUM)
   
(NMP)
   
(NZW)
 
Purchases 
    $ 9,080,403     $ 4,131,155     $ 1,781,276  
Sales and maturities 
      5,836,250       3,147,307       1,668,700  
                     
 
Ohio
 
Ohio
   
Ohio
   
Ohio
 
 
Quality
 
Dividend
   
Dividend
   
Dividend
 
 
Income
 
Advantage
   
Advantage 2
   
Advantage 3
 
 
(NUO)
 
(NXI)
   
(NBJ)
   
(NVJ)
 
Purchases 
$13,813,321 
  $ 4,310,835     $ 2,586,232     $ 3,252,835  
Sales and maturities 
16,444,797 
    4,015,599       2,276,628       3,107,039  

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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
 
Nuveen Investments 65
 
 
 

 
 
Notes to
Financial Statements (Unaudited) (continued)
 
 
At August 31, 2010, 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 
  $ 248,615,680     $ 158,179,702     $ 42,030,117  
Gross unrealized: 
                       
Appreciation 
  $ 18,108,848     $ 7,552,106     $ 2,284,596  
Depreciation 
    (619,356     (315,815     (170,658
Net unrealized appreciation (depreciation) of investments 
  $ 17,489,492     $ 7,236,291     $ 2,113,938  
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(NUO)
   
(NXI)
   
(NBJ)
   
(NVJ)
 
Cost of investments 
  $ 214,393,432     $ 88,655,077     $ 64,605,410     $ 45,443,201  
Gross unrealized: 
                               
Appreciation 
  $ 16,250,050     $ 5,988,727     $ 3,857,670     $ 3,668,448  
Depreciation 
    (433,298     (715,057     (457,078     (334,278
Net unrealized appreciation (depreciation) of investments 
  $ 15,816,752     $ 5,273,670     $ 3,400,592     $ 3,334,170  

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at February 28, 2010, the Funds’ last tax year end, were as follows:
 
         
Michigan
   
Michigan
   
Michigan
 
         
Quality
   
Premium
   
Dividend
 
         
Income
   
Income
   
Advantage
 
         
(NUM)
   
(NMP)
   
(NZW)
 
Undistributed net tax-exempt income* 
        $ 2,713,075     $ 1,776,023     $ 444,067  
Undistributed net ordinary income** 
          969       177       90  
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* 
  $ 2,526,500     $ 1,105,725     $ 749,997     $ 584,364  
Undistributed net ordinary income** 
    53,384       58,022       24,745       5,763  
Undistributed net long-term capital gains 
          24,115              

*  Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2010, paid on March 1, 2010. 
** 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’ last tax year ended February 28, 2010, was designated for purposes of the dividends paid deduction as follows:
 
   
Michigan
   
Michigan
   
Michigan
 
   
Quality
   
Premium
   
Dividend
 
   
Income
   
Income
   
Advantage
 
   
(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 
                 
 
66 Nuveen Investments
 
 
 

 
 
   
Ohio
   
Ohio
   
Ohio
   
Ohio
 
   
Quality
   
Dividend
   
Dividend
   
Dividend
 
   
Income
   
Advantage
   
Advantage 2
   
Advantage 3
 
   
(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. 
                               

At February 28, 2010, the Funds’ last 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
 
   
Quality
   
Premium
   
Dividend
   
Quality
   
Dividend
   
Dividend
 
   
Income
   
Income
   
Advantage
   
Income
   
Advantage 2
   
Advantage 3
 
   
(NUM)
   
(NMP)
   
(NZW)
   
(NUO)
   
(NBJ)
   
(NVJ)
 
Expiration: 
                                   
February 29, 2016 
  $     $ 34,858     $     $     $ 14,045     $  
February 28, 2017 
    337,855       336,297       457,422       1,309,059       522,972       52,532  
February 28, 2018 
    2,690,744       1,586,140       834,359       78,027       211,828       177,836  
Total 
  $ 3,028,599     $ 1,957,295     $ 1,291,781     $ 1,387,086     $ 748,845     $ 230,368  

Michigan Dividend Advantage (NZW) elected to defer net realized losses from investments incurred from November 1, 2009 through February 28, 2010, the Fund’s last tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October capital losses of $8,448 are treated as having arisen on the first day of the current fiscal year.
 
7. Management Fees and Other Transactions with Affiliates
 
Each Fund’s management fee is separated into two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective 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 Net 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 net assets over $5 billion 
  .3750  

 
Nuveen Investments 67
 
 
 

 
Notes to 
   
Financial Statements (Unaudited) (continued) 
   
 
Michigan Dividend Advantage (NZW)
 
 
Ohio Dividend Advantage (NXI)
 
 
Ohio Dividend Advantage 2 (NBJ)
 
 
Ohio Dividend Advantage 3 (NVJ)
 
Average Daily Net 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 net assets over $2 billion 
  .3750  
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  

 
* The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management 
agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fees, daily net assets and 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 to limit the amount of such assets for determining managed assets in certain 
circumstances. As of August 31, 2010, the complex-level fee rate was .1831%. 

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. 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 net 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.
 
 
68 Nuveen Investments
 
 
 

 
 
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 net 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.
                       
 
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 net 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.
 
8. New Accounting Standards
 
Fair Value Measurements
On January 21, 2010, the Financial Accounting Standards Board issued changes to the authoritative guidance under U.S. GAAP for fair value measurements. The objective of which is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities disclose Level 3 activity for purchases, sales, issuances and settlements in the Level 3 roll-forward on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.
 
 
Nuveen Investments 69
 
 
 

 
Financial
Highlights(Unaudited)
       
 
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
 
Michigan Quality Income (NUM)
                                                                   
Year Ended 2/28: 
                                                                       
2011(f) 
  $ 14.79     $ .47     $ .68     $ (.02   $     $ 1.13     $ (.41   $     $ (.41   $     $ 15.51     $ 14.61  
2010 
    13.55       .93       1.06       (.04           1.95       (.73           (.73     .02       14.79       12.94  
2009(g) 
    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  
2005 
    15.51       .98       .57       (.13     (.01     1.41       (.93     (.11     (1.04           15.88       15.67  
Michigan Premium Income (NMP)
                                                                                         
Year Ended 2/28: 
                                                                                               
2011(f) 
    14.40       .46       .50       (.01           .95       (.40           (.40     **      14.95       13.97  
2010 
    13.26       .90       .97       (.04           1.83       (.71           (.71     .02       14.40       12.50  
2009(g) 
    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  
2005 
    15.19       .93       .50       (.11           1.32       (.91     (.05     (.96           15.55       15.68  

                   
   
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(f) 
  $ 87,325     $ 25,000     $ 76,330  
2010 
    87,325       25,000       73,950  
2009(g) 
    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  
2005 
    94,000       25,000       74,441  
                   
Michigan Premium Income (NMP)
                 
Year Ended 2/28: 
                       
2011(f) 
    53,700       25,000       77,961  
2010 
    53,700       25,000       76,033  
2009(g) 
    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  
2005 
    56,000       25,000       78,783  

 
70 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
 
  16.29     7.76   $ 179,294       1.19 %*      1.17 %*      6.23 %*      2
  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  
  9.94       9.28       185,900       1.22       1.22       6.13       8  
                                                     
  15.20       6.73       113,759       1.21     1.19     6.27     2  
  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  
  16.03       8.80       120,475       1.19       1.19       5.96       11  

   
(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 Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets 
 
attributable to 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 six months ended August 31, 2010. 
(g) 
For the seven months ended February 28, 2009. 
Annualized. 
** 
Rounds to less than $.01 per share. 
See accompanying notes to financial statements.
 
 
Nuveen Investments 71
 
 
 

 

Financial
Highlights (Unaudited) (continued)
 
 
Selected data for a Common share outstanding throughout each period:
 
                                                                               
           Investment Operations    
Less Distributions
                         
                     
 
                                 
 
   
 
             
                     
Distributions
                                       
Offering
             
                     
from
   
Distributions
                           
Discount
   
Costs
             
                     
 Net
   
from
          Net                 from    
 and
     Ending        
   
Beginning
          Net    
Investment
   
Capital
         
Investment
   
Capital
          Common    
Preferred
   
Common
       
   
Common
         
Realized/
   
Income to
   
Gains to
         
Income to
   
Gains to
         
Shares
   
Share
   
Share
       
   
Share
   
Net
   
Unrealized
   
Preferred
   
Preferred
         
Common
   
Common
         
Repurchased
   
Under-
   
Net
   
Ending
 
   
Net Asset
   
Investment
   
Gain
   
Share-
   
Share-
         
Share-
   
Share-
         
and
    writing     Asset    
Market
 
   
Value
   
Income
   
 (Loss)
   
holders(a)
    holders(a)       Total    
holders
   
holders
     Total     Retired     Discounts    
Value
   
Value
 
Michigan Dividend Advantage (NZW)
                                                                   
Year Ended 2/28: 
                                                                             
2011(f) 
  $ 14.18     $ .45     $ .56     $ (.01   $     $ 1.00     $ (.39   $     $ (.39   $     $     $ 14.79     $ 13.99  
2010 
    12.69       .91       1.32       (.03           2.20       (.72           (.72     .01             14.18       12.43  
2009(g) 
    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  
2005 
    14.82       .98       .63       (.11           1.50       (.89           (.89           .01       15.44       16.79  

                   
   
Preferred Shares at End of Period
 
   
Aggregate
             
   
Amount
   
Liquidation
   
Asset
 
   
Outstanding
   
Value
   
Coverage
 
      (000 )  
Per Share
   
Per Share
 
Michigan Dividend Advantage (NZW)
             
Year Ended 2/28: 
                   
2011(f) 
  $ 14,275     $ 25,000     $ 78,217  
2010 
    14,275       25,000       76,010  
2009(g) 
    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  
2005 
    16,000       25,000       74,720  
 
72 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
 
  15.93     7.19   $ 30,387       1.30 %*      1.28 %*      6.13 %*      1.15 %*      1.13 %*      6.28 %*      4
  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  
  21.34       10.41       31,821       1.27       1.27       5.93       .82       .82       6.38       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 Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets 
 
attributable to 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 six months ended August 31, 2010. 
(g) 
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 (Unaudited) (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(f) 
  $ 16.15     $ .51     $ .54     $ (.02   $     $ 1.03     $ (.45   $     $ (.45   $     $ 16.73     $ 16.46  
2010 
    14.56       1.01       1.42       (.04           2.39       (.80           (.80           16.15       15.58  
2009(g) 
    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  
2005 
    16.21       1.02       .49       (.12           1.39       (.98     (.04     (1.02           16.58       16.96  
                                                                                                 
Ohio Dividend Advantage (NXI)
                                                                                         
Year Ended 2/28: 
                                                                                               
2011(f) 
    15.15       .48       .37       (.01           .84       (.43           (.43           15.56       15.36  
2010 
    13.83       .96       1.17       (.04           2.09       (.77           (.77     **      15.15       14.48  
2009(g) 
    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  
2005 
    15.05       1.00       .57       (.11           1.46       (.96           (.96           15.55       17.00  

                   
   
Preferred Shares at End of Period
 
   
Aggregate
             
   
Amount
   
Liquidation
   
Asset
 
   
Outstanding
   
Value
   
Coverage
 
      (000 )  
Per Share
   
Per Share
 
Ohio Quality Income (NUO)
             
Year Ended 2/28: 
                   
2011(f) 
  $ 73,000     $ 25,000     $ 80,830  
2010 
    73,000       25,000       78,917  
2009(g) 
    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  
2005 
    77,000       25,000       77,267  
                         
Ohio Dividend Advantage (NXI)
                 
Year Ended 2/28: 
                       
2011(f) 
    29,000       25,000       81,939  
2010 
    29,000       25,000       80,423  
2009(g) 
    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  
2005 
    31,000       25,000       78,123  

 
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
 
  8.63     6.47   $ 163,023       1.16 %*      1.16 %*      6.20 %*      N/A       N/A       N/A       6
  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  
  10.25       8.70       160,982       1.19       1.19       6.16       N/A       N/A       N/A       14  
                                                                             
  9.13       5.65       66,049       1.17     1.17     6.23     1.08 %*      1.08 %*      6.31 %*      4  
  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  
  21.79       9.87       65,873       1.21       1.21       6.00       .77       .77       6.45       14  

   
(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 Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets 
 
attributable to 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 six months ended August 31, 2010. 
(g) 
For the seven months ended February 28, 2009. 
Annualized. 
** 
Rounds to less than $.01 per share. 
N/A 
Fund does not have a contractual reimbursement agreement with the Adviser. 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 75
 
 
 
 

 
 
Financial
Highlights (Unaudited) (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
               
Investment
   
Capital
         
Investment
   
Capital
         
Common
   
Common
       
   
Common
         
Net
   
Income to
   
Gains to
         
Income to
   
Gains to
         
Shares
   
Share
       
   
Share
   
Net
   
Realized/
   
Preferred
   
Preferred
          Common    
Common
         
Repurchased
   
Net
   
Ending
 
   
Net Asset
    Investment    
Unrealized
   
Share-
   
Share-
         
Share-
   
Share-
         
and
   
Asset
   
Market
 
   
Value
    Income    
Gain (Loss)
   
holders(a)
    holders(a)    
Total
   
holders
   
holders
   
Total
   
Retired
   
Value
   
Value
 
Ohio Dividend Advantage 2 (NBJ)
                                                                   
Year Ended 2/28: 
                                                                       
2011(f) 
  $ 14.74     $ .47     $ .37     $ (.01   $     $ .83     $ (.42   $     $ (.42   $     $ 15.15     $ 14.83  
2010 
    13.06       .93       1.53       (.04           2.42       (.74           (.74           14.74       13.85  
2009(g) 
    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  
2005 
    14.85       .95       .61       (.12           1.44       (.90     (.02     (.92           15.37       15.48  
                                                                                                 
Ohio Dividend Advantage 3 (NVJ)
                                                                                         
Year Ended 2/28: 
                                                                                               
2011(f) 
    15.33       .50       .35       (.02           .83       (.45           (.45           15.71       16.18  
2010 
    13.97       1.00       1.19       (.04           2.15       (.79           (.79     **      15.33       15.20  
2009(g) 
    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  
2005 
    14.93       .95       .69       (.11           1.53       (.87     (.02     (.89           15.57       15.90  

                   
   
Preferred Shares at End of Period
 
   
Aggregate
             
   
Amount
   
Liquidation
   
Asset
 
   
Outstanding
   
Value
   
Coverage
 
      (000 )  
Per Share
   
Per Share
 
Ohio Dividend Advantage 2 (NBJ)
             
Year Ended 2/28: 
                   
2011(f) 
  $ 21,600     $ 25,000     $ 79,750  
2010 
    21,600       25,000       78,241  
2009(g) 
    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  
2005 
    24,000       25,000       74,935  
                         
Ohio Dividend Advantage 3 (NVJ)
                 
Year Ended 2/28: 
                       
2011(f) 
    15,500       25,000       79,669  
2010 
    15,500       25,000       78,325  
2009(g) 
    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  
2005 
    16,500       25,000       75,918  

 
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
 
  10.18     5.71   $ 47,304       1.21 %*      1.21 %*      6.16 %*      1.06 %*      1.06 %*      6.31 %*      3
  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  
  11.63       9.90       47,937       1.23       1.23       5.71       .78       .78       6.16       14  
                                                                             
  9.56       5.49       33,895       1.26     1.26     6.33     1.10     1.10     6.49     6  
  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  
  17.60       10.40       33,606       1.27       1.27       5.68       .83       .83       6.12       3  

   
(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 Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets 
 
attributable to 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 six months ended August 31, 2010. 
(g) 
For the seven months ended February 28, 2009. 
Annualized. 
** 
Rounds to less than $.01 per share. 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 77
 
 
 

 
 
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
 
 
78 Nuveen Investments
 
 
 

 
 
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
 
 
Nuveen Investments 79
 
 
 

 
 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
 
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
 
 
80 Nuveen Investments
 
 
 

 
 
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
 
 
Nuveen Investments 81
 
 
 

 
 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
 
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
 
 
82 Nuveen Investments
 
 
 

 
 
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
 
Nuveen Investments 83
 
 
 

 
 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
 
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.
 
 
84 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 Dividend Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains 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 tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or 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 dividends and 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. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price
 
 
Nuveen Investments 85
 
 
 
 

 
 
Reinvest Automatically,
Easily and Conveniently (continued)
 
 
per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or 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 dividends and/or 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.
 
 
86 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 investment’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 average of the number of years to maturity of the bonds in a Fund’s portfolio, computed by weighting each bond’s time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio’s residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust.
 
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 typically 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.
 
 
Nuveen Investments 87
 
 
 

 

 
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.
 
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.
 
 
88 Nuveen Investments
 
 
 

 
 
Other Useful Information
 
 
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
Terence J. Toth
 
Fund Manager
Nuveen Asset Management
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
 
 
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 
           
NMP 
    4,200        
NZW 
           
NUO 
           
NXI 
           
NBJ 
           
NVJ 
           
 
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.
 
 
Nuveen Investments 89
 
 
 

 
 
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, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed more than $160 billion of assets on September 30, 2010.
 
Find out how we can help you.
 
To learn more about 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 Investments 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
 
ESA-C-0810D
 
 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

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.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

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 of Directors or Trustees 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.

(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 to this filing.

(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: See 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: See 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: November 3, 2010

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: November 3, 2010

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

Date: November 3, 2010