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 811-06385 --------------------- 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) Jessica R. Droeger 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: July 31 ------------------ Date of reporting period: January 31, 2006 ------------------ 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. ---------------------------------- Semiannual Report January 31, 2006 ---------------------------------- Nuveen Investments Municipal Exchange-Traded Closed-End Funds NUVEEN MICHIGAN QUALITY INCOME MUNICIPAL FUND, INC. NUM NUVEEN MICHIGAN PREMIUM INCOME MUNICIPAL FUND, INC. NMP NUVEEN MICHIGAN DIVIDEND ADVANTAGE MUNICIPAL FUND NZW [GRAPHIC OMITTED] 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 DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) [LOGO] NUVEEN Investments [PHOTO OMITTED] NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. -------------------------------------------------------------------------------- NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. 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. -------------------------------------------------------------------------------- DELIVERY DIRECT TO YOUR E-MAIL INBOX IT'S FAST, EASY & FREE: www.investordelivery.com if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR www.nuveen.com/accountaccess if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) [LOGO] NUVEEN Investments [PHOTO OMITTED] Timothy R. Schwertfeger Chairman of the Board Chairman's Letter to Shareholders Once again, I am pleased to report that over the six-month period covered by this report your Fund continued to provide you with attractive monthly tax-free income. For more details about the management strategy and performance of your Fund, please read the Portfolio Manager's Comments, the Distribution and Share Price Information, and the Performance Overview sections of this report. Municipal bonds can be an important building block in a well balanced investment portfolio. In addition to providing attractive tax-free monthly income, a municipal bond investment like your Fund may help you achieve and benefit from greater portfolio diversification. Portfolio diversification is a recognized way to try to reduce some of the risk that comes with investing. I encourage you to contact your personal financial advisor who can explain the advantages of diversification in more detail. "Portfolio diversification is a recognized way to try to reduce some of the risk that comes with investing." Nuveen Investments is pleased to offer you choices when it comes to receiving your fund reports. Instead of mailed printed copies, you can sign up to receive future Fund reports and other Fund information by e-mail and the Internet. Not only will you be able to receive the information faster, but this also may help lower your Fund's expenses. The inside front cover of this report contains information on how you can sign up. We are grateful that you have chosen us as a partner as you pursue your financial goals, and we look forward to continuing to earn your trust in the months and years ahead. At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board March 15, 2006 Nuveen Municipal Exchange-Traded Closed-End Funds (NUM, NMP, NZW, NUO, NXI, NBJ, NVJ) Portfolio Manager's Comments Portfolio manager Cathryn Steeves reviews key investment strategies and the semiannual performance of these seven Nuveen Funds. Cathryn, who joined Nuveen in 1996, has managed the Ohio Funds since August 2004 and the Michigan Funds since January 2005. What key strategies were used to manage the Michigan and Ohio Funds during the six-month reporting period ended January 31, 2006? During this period, bond valuations generally declined as yields generally rose and the yield curve flattened, with shorter-term rates rising to approach the levels of longer-term rates. In this environment, one of our key strategies continued to be careful duration management. Duration is a measure of a bond's price sensitivity as interest rates change, with longer duration bonds displaying more sensitivity to these changes than bonds with shorter durations. Our purchase activity focused mainly on finding attractively priced bonds maturing in 15 to 25 years. As the yield curve flattened, we believed that bonds in this maturity range generally offered the most attractive opportunities and the best values. We also continued to look for bonds with premium coupons; that is, bonds that at the time of purchase were trading above their par value because their coupons were higher than current interest rate levels. Premium bonds have been in demand recently because historically they have held their value better than current coupon bonds when market interest rates rise. To help us maintain the Funds' durations within our preferred range, we also selectively sold holdings with shorter maturities, including pre-refunded bonds, and reinvested the proceeds in 15- to 25-year maturities as attractive opportunities arose. Proceeds from called bonds also were reinvested into longer maturities. 4 We also kept an opportunistic eye out for all types of issuance that we believed could add value. Due to the overall high credit quality of new issue supply in both states, the majority of our new purchases were highly rated and/or insured. However, we continued to take advantage of opportunities to diversify the credit profiles of our portfolios by adding lower-rated credits whenever attractive securities were available. In NZW, our duration management strategy included the use of forward interest rate swaps, a type of derivative financial instrument. As discussed in our last shareholder report, we began using these swaps in late 2004 in an effort to reduce the interest rate risk of this Fund. This hedging activity was not an attempt to profit from correctly predicting the timing and direction of interest rate movements. Instead, our sole objective was to reduce NZW's duration (and resulting price sensitivity) without having a negative impact on the Fund's income stream or common share dividends over the short term. During this reporting period, the hedge performed as expected and had a positive impact on NZW's performance. As long-term interest rates rose, the value of the hedge increased while the valuation of the Fund's holdings generally declined. In February 2006, after the close of this reporting period, we removed NZW's hedge position. 5 How did the Funds perform? Individual results for these Funds, as well as for relevant indexes and peer groups, are presented in the accompanying table. Total Returns on Net Asset Value* For periods ended 1/31/06 Michigan Funds 6-Month 1-Year 5-Year 10-Year -------------------------------------------------------------------------------- NUM 0.82% 2.17% 7.21% 6.33% -------------------------------------------------------------------------------- NMP 1.00% 2.16% 6.93% 6.42% -------------------------------------------------------------------------------- NZW 1.43% 3.27% NA NA -------------------------------------------------------------------------------- Lehman Brothers Municipal Bond Index(1) 1.33% 2.85% 5.44% 5.67% -------------------------------------------------------------------------------- Lipper Michigan Municipal Debt Funds Average(2) 0.73% 1.63% 4.41% 4.62% -------------------------------------------------------------------------------- Ohio Funds -------------------------------------------------------------------------------- NUO 1.20% 2.54% 6.81% 6.24% -------------------------------------------------------------------------------- NXI 1.37% 2.95% NA NA -------------------------------------------------------------------------------- NBJ 1.20% 2.39% NA NA -------------------------------------------------------------------------------- NVJ 1.22% 2.79% NA NA -------------------------------------------------------------------------------- Lehman Brothers Municipal Bond Index(1) 1.33% 2.85% 5.44% 5.67% -------------------------------------------------------------------------------- Lipper Other States Municipal Debt Funds Average(3) 1.06% 1.90% 4.18% 4.46% -------------------------------------------------------------------------------- * Six-month returns are cumulative; returns for one year, five years, and ten years 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. For the six months ended January 31, 2006, the cumulative return on net asset value (NAV) for NZW outperformed the return on the Lehman Brothers Municipal Bond Index. NUO, NXI, NBJ and NVJ performed relatively in line with the Lehman index, while the returns of NUM and NMP trailed the Lehman index return. All three of the Michigan Funds exceeded the average return for the Lipper Michigan peer group, and all of the Ohio Funds outperformed the Lipper Other States average return. (1) The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds. Results for the Lehman index do not reflect any expenses. (2) The Lipper Michigan Municipal Debt Funds category average is calculated using the returns of all closed-end exchange-traded funds in this category for each period as follows: 6 months, 7 funds; 1 year, 7 funds; 5 years, 5 funds; and 10 years, 4 funds. Fund and Lipper returns assume reinvestment of dividends. (3) The Lipper Other States Municipal Debt Funds category average is calculated using the returns of all closed-end exchange-traded funds in this category for each period as follows: 6 months, 44 funds; 1 year, 44 funds; 5 years, 19 funds; and 10 years, 17 funds. Fund and Lipper returns assume reinvestment of dividends. 6 One of the factors affecting the six-month performance of the Michigan and Ohio Funds relative to that of the unleveraged Lehman Brothers municipal index was the Funds' use of financial leverage. While leveraging provides opportunities for additional income and total returns for common shareholders when interest rates fall or remain consistently low (as they have over the past several years), this benefit is reduced when interest rates rise. With the increase in both short-term and long-term interest rates during this six-month period, the decline in value of the bonds in these Funds' portfolios was exacerbated by the effects of leveraging. In addition, the benefits of leveraging are tied in part to the short-term rates leveraged Funds pay their MuniPreferred(R) shareholders. During periods of low short-term rates, these Funds generally pay lower dividends to their MuniPreferred shareholders, which can leave more earnings to support common share dividends. Conversely, when short-term interest rates rise, as they did during this reporting period, the Funds' borrowing costs also rise, impacting the Funds', income streams, and total returns. However, we remain convinced that, over the long term, leveraging should work to the benefit of the Funds' performance as the older Funds' 5-year and 10-year absolute and relative return performance illustrates. During this reporting period, positive contributors to the Funds' returns included exposure to the intermediate part of the yield curve, allocations to lower-rated credits, and pre-refunding activity in all of the Funds. As mentioned earlier, the hedging strategy we employed in NZW also had a positive impact on this Fund's performance for the period. As the yield curve continued to flatten over the course of this period, bonds with intermediate maturities often outperformed both longer-maturity bonds and those with short maturities. Yield curve positioning or, more specifically, greater exposure to the intermediate part of the curve, helped the performances of all of the Funds. However, NUM had more exposure to the longer end of the curve than the other six Funds in this report, which hampered its performance. 7 All of the Funds also benefited from their allocations of lower-quality credits, as bonds rated BBB or lower and non-rated bonds generally outperformed higher-rated securities. This was largely the result of investor demand for the higher yields typically associated with lower-quality bonds, which drove up the prices of these bonds. Among the holdings making positive contributions to the Funds' returns for this period were those from sectors that tend to have a greater number of lower-quality credits, including healthcare (especially hospitals), housing, and bonds backed by the 1998 master tobacco settlement agreement. We continued to see a substantial number of refinancings, which benefited the Funds through price appreciation and enhanced credit quality. With 8% of its portfolio advance-refunded during this period, NXI in particular was positively impacted by these refinancings. NUO, NBJ and NVJ also had between 2% and 3% of their portfolios pre-refunded during the six-month period. Among the three Michigan Funds, pre-refundings during this period ranged from 3% to 5%. While these pre-refundings generally enhanced performance for this six-month period, the rising interest rate environment during this time meant that the Funds' holdings of older, previously pre-refunded bonds tended to underperform the general municipal market, due primarily to the shorter effective maturities of these bonds. In addition, a bond call affecting one of NUM's higher-yielding multifamily housing holdings also adversely impacted this Fund's performance over the period. 8 How were the Funds positioned in terms of credit quality and bond calls as of January 31, 2006? We continued to believe that maintaining strong credit quality was an important requirement. As of January 31, 2006, all of these Funds continued to offer excellent credit quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 78% in NXI to 80% in NVJ, 81% in NBJ, 83% in NZW, 87% in NUO, 89% in NMP and 90% in NUM. As of January 31, 2006, potential call exposure for the period from February 2006 through the end of 2007 ranged from 3% in NZW and NVJ to 4% in NUM, NXI and NBJ, 11% in NUO and 13% in NMP. The number of actual bond calls in all of these Funds depends largely on future market interest rates. 9 Dividend and Share Price Information All of these Funds use leverage to potentially generate additional income for common shareholders. During periods of rising short-term interest rates, as was the case during this reporting period, the Funds' leveraging costs also rise, reducing the extent of this benefit. This resulted in one monthly dividend reduction in NUM, NMP, NUO, NBJ and NVJ and two reductions in NXI over the six-month period ended January 31, 2006. The dividend of NZW remained stable during this period. In addition, due to normal portfolio activity, common shareholders of the following Funds received capital gains and net ordinary income distributions at the end of December 2005 as follows: Long-Term Capital Gains Ordinary Income (per share) (per share) -------------------------------------------------------------------------------- NUM $0.1125 -- -------------------------------------------------------------------------------- NMP $0.1465 $0.0023 -------------------------------------------------------------------------------- NUO $0.0543 $0.0001 -------------------------------------------------------------------------------- NXI $0.0337 $0.0018 -------------------------------------------------------------------------------- NBJ $0.0480 $0.0001 -------------------------------------------------------------------------------- These distributions, which represented an important part of these Funds' total returns for this period, were generated by bond calls and the sale of appreciated securities. This had a slight negative impact on the Funds' earning power per common share and was a minor factor in the common share dividend reductions noted above. 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 January 31, 2006, all of the Funds in this report had positive UNII balances for financial statement purposes and positive UNII balances, based on our best estimates, for tax purposes. 10 At the end of the reporting period, the Funds' share prices were trading at premiums or discounts to their NAVs as shown in the accompanying chart: 1/31/06 6-Month Average Premium/Discount Premium/Discount -------------------------------------------------------------------------------- NUM -1.36% -1.19% -------------------------------------------------------------------------------- NMP -1.72% -2.15% -------------------------------------------------------------------------------- NZW +2.70% +1.40% -------------------------------------------------------------------------------- NUO +4.61% +1.23% -------------------------------------------------------------------------------- NXI +13.55% +7.64% -------------------------------------------------------------------------------- NBJ +9.01% +1.11% -------------------------------------------------------------------------------- NVJ +3.19% -0.12% -------------------------------------------------------------------------------- 11 Nuveen Michigan Quality Income Municipal Fund, Inc. NUM Performance Overview As of January 31, 2006 Fund Snapshot -------------------------------------------------------------------------------- Common Share Price $15.26 -------------------------------------------------------------------------------- Common Share Net Asset Value $15.47 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -1.36% -------------------------------------------------------------------------------- Market Yield 5.39% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.81% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $181,285 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.55 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.75 -------------------------------------------------------------------------------- Average Annual Total Return (Inception 10/17/91) -------------------------------------------------------------------------------- On Share Price On NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 0.84% 0.82% -------------------------------------------------------------------------------- 1-Year 0.37% 2.17% -------------------------------------------------------------------------------- 5-Year 6.91% 7.21% -------------------------------------------------------------------------------- 10-Year 5.95% 6.33% -------------------------------------------------------------------------------- Industries (as a % of total investments) -------------------------------------------------------------------------------- U.S. Guaranteed 26.9% -------------------------------------------------------------------------------- Tax Obligation/General 25.3% -------------------------------------------------------------------------------- Health Care 10.5% -------------------------------------------------------------------------------- Water and Sewer 9.8% -------------------------------------------------------------------------------- Tax Obligation/Limited 9.8% -------------------------------------------------------------------------------- Utilities 8.2% -------------------------------------------------------------------------------- Education and Civic Organizations 5.9% -------------------------------------------------------------------------------- Other 3.6% -------------------------------------------------------------------------------- Credit Quality (as a % of total investments) ---------------------------------------- AAA/U.S. Guaranteed 82% ---------------------------------------- AA 8% ---------------------------------------- A 5% [PIE CHART] ---------------------------------------- BBB 4% ---------------------------------------- BB or Lower 1% ---------------------------------------- 2005-2006 Monthly Tax-Free Dividends Per Share(2) -------------------------------------------------------------------------------- Feb 0.08 Mar 0.08 Apr 0.08 May 0.08 Jun 0.07 Jul 0.07 [BAR GRAPH] Aug 0.07 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Share Price Performance -------------------------------------------------------------------------------- 2/01/05 16.28 16.42 16.36 16.71 16.70 16.66 16.88 16.62 16.52 [LINE CHART] 16.52 16.55 16.63 16.51 16.51 16.40 16.51 16.60 16.88 17.08 16.71 16.64 16.60 16.78 17.00 16.85 17.00 16.94 16.45 16.48 16.54 16.45 16.44 16.50 16.18 16.00 15.77 15.42 15.24 15.40 15.35 15.52 15.69 15.74 15.81 15.75 15.90 15.76 15.82 15.78 15.67 15.63 15.65 15.64 15.69 15.69 15.68 15.64 15.65 15.70 15.72 15.81 15.95 15.95 15.92 15.93 15.91 15.99 15.85 15.88 16.11 16.07 15.99 16.11 16.08 16.18 16.04 16.05 16.13 16.08 16.16 16.19 15.91 15.96 16.06 16.19 16.23 16.20 16.07 15.93 15.95 15.88 15.73 15.63 15.75 15.83 15.80 15.76 15.78 15.80 15.84 15.89 15.86 15.94 15.93 16.02 16.10 16.10 16.17 16.10 16.15 16.15 16.13 16.00 15.89 16.00 15.95 15.87 15.95 15.79 15.65 15.65 15.56 15.58 15.55 15.61 15.67 15.67 15.72 15.78 15.80 15.89 15.70 15.68 15.53 15.57 15.55 15.61 15.57 15.69 15.76 15.86 15.78 15.80 15.80 15.70 15.70 15.75 15.76 15.80 15.84 15.99 16.07 16.01 16.16 16.21 16.10 16.15 16.14 15.94 15.91 15.84 15.97 16.00 16.07 15.95 15.82 15.71 15.70 15.80 15.88 16.05 15.95 16.00 16.09 15.95 16.08 16.01 16.10 16.07 15.90 15.96 15.83 15.76 15.63 15.66 15.70 15.79 15.71 15.75 15.61 15.65 15.71 15.66 15.64 15.57 15.59 15.71 15.65 15.80 15.56 15.48 15.59 15.52 15.44 15.53 15.25 15.20 15.14 15.06 15.10 15.06 14.90 15.10 15.08 14.99 14.82 14.83 14.82 14.87 14.91 14.82 14.70 14.64 14.65 14.56 14.56 14.51 14.56 14.64 14.70 14.84 14.87 14.77 14.68 14.68 14.80 14.88 14.87 14.92 14.99 14.94 14.92 14.97 15.06 15.09 15.05 15.13 15.07 15.08 15.16 15.21 15.10 15.12 15.21 1/31/06 15.26 Weekly Closing Price Past performance is not predictive of future results. (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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund also paid shareholders a capital gains distribution in December 2005 of $0.1125 per share. 12 Nuveen Michigan Premium Income Municipal Fund, Inc. NMP Performance Overview As of January 31, 2006 Credit Quality (as a % of total investments) ---------------------------------------- AAA/U.S. Guaranteed 73% ---------------------------------------- AA 16% ---------------------------------------- A 8% [PIE CHART] ---------------------------------------- BBB 1% ---------------------------------------- BB or Lower 2% ---------------------------------------- 2005-2006 Monthly Tax-Free Dividends Per Share(2) -------------------------------------------------------------------------------- Feb 0.08 Mar 0.07 Apr 0.07 May 0.07 Jun 0.07 Jul 0.07 [BAR GRAPH] Aug 0.07 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Share Price Performance -------------------------------------------------------------------------------- 2/01/05 15.65 15.67 15.70 15.72 15.87 15.83 15.88 [LINE CHART] 15.87 15.88 15.83 15.60 15.61 15.59 15.60 15.64 15.80 16.01 16.01 16.02 16.09 16.06 16.14 16.16 16.25 16.09 16.03 15.80 15.85 15.90 15.72 15.72 15.64 15.43 14.89 14.89 14.73 14.61 14.55 14.48 14.52 14.66 14.80 14.85 14.80 14.89 14.91 14.98 15.25 15.20 15.20 15.26 15.25 15.24 15.39 15.14 15.00 15.00 14.90 14.85 14.99 15.30 15.12 15.12 15.15 15.28 15.26 15.30 15.05 15.10 15.20 15.28 15.30 15.28 15.29 15.28 15.40 15.41 15.40 15.30 15.48 15.65 15.57 15.49 15.61 15.60 15.66 15.63 15.65 15.60 15.64 15.65 15.70 15.55 15.40 15.38 15.36 15.62 15.50 15.42 15.42 15.42 15.44 15.45 15.31 15.38 15.40 15.55 15.60 15.65 15.70 15.60 15.60 15.72 15.75 15.62 15.80 15.75 15.76 15.75 15.57 15.65 15.42 15.57 15.56 15.66 15.68 15.68 15.67 15.68 15.70 15.70 15.71 15.70 15.75 15.55 15.50 15.80 15.98 15.76 15.60 15.63 15.66 15.56 15.51 15.62 15.60 15.59 15.60 15.59 15.60 15.60 15.59 15.57 15.58 15.59 15.59 15.60 15.60 15.50 15.51 15.35 15.30 15.35 15.49 15.30 15.16 15.06 14.86 14.97 14.89 14.96 14.95 14.92 14.92 15.00 14.92 14.81 14.81 14.65 14.56 14.80 14.80 14.66 14.56 14.59 14.85 14.75 14.73 14.53 14.71 14.81 14.90 14.91 15.01 14.85 14.81 14.90 14.87 14.74 14.54 14.44 14.39 14.38 14.29 14.25 14.24 14.27 14.27 14.31 14.37 14.54 14.54 14.53 14.53 14.52 14.36 14.31 14.30 14.32 14.34 14.31 14.18 14.48 14.35 14.40 14.45 14.50 14.49 14.40 14.52 14.50 14.58 14.74 14.75 14.75 14.81 14.88 15.06 15.33 15.31 15.44 15.44 15.50 15.55 15.34 15.19 15.03 14.90 15.01 14.91 14.90 14.93 15.35 15.00 1/31/06 14.88 Weekly Closing Price Past performance is not predictive of future results. Fund Snapshot -------------------------------------------------------------------------------- Common Share Price $14.88 -------------------------------------------------------------------------------- Common Share Net Asset Value $15.14 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -1.72% -------------------------------------------------------------------------------- Market Yield 5.36% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.77% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $117,323 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.24 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.40 -------------------------------------------------------------------------------- Average Annual Total Return (Inception 12/17/92) -------------------------------------------------------------------------------- On Share Price On NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) -1.50% 1.00% -------------------------------------------------------------------------------- 1-Year 1.64% 2.16% -------------------------------------------------------------------------------- 5-Year 7.98% 6.93% -------------------------------------------------------------------------------- 10-Year 7.68% 6.42% -------------------------------------------------------------------------------- Industries (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/General 32.9% -------------------------------------------------------------------------------- U.S. Guaranteed 15.5% -------------------------------------------------------------------------------- Tax Obligation/Limited 12.1% -------------------------------------------------------------------------------- Health Care 10.8% -------------------------------------------------------------------------------- Utilities 9.4% -------------------------------------------------------------------------------- Water and Sewer 8.5% -------------------------------------------------------------------------------- Education and Civic Organizations 5.1% -------------------------------------------------------------------------------- Other 5.7% -------------------------------------------------------------------------------- (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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund also paid shareholders capital gains and net ordinary income distributions in December 2005 of $0.1488 per share. 13 Nuveen Michigan Dividend Advantage Municipal Fund NZW Performance Overview As of January 31, 2006 Fund Snapshot -------------------------------------------------------------------------------- Common Share Price $15.62 -------------------------------------------------------------------------------- Common Share Net Asset Value $15.21 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 2.70% -------------------------------------------------------------------------------- Market Yield 5.72% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.29% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $31,367 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.90 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.13 -------------------------------------------------------------------------------- Average Annual Total Return (Inception 9/25/01) -------------------------------------------------------------------------------- On Share Price On NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) -4.24% 1.43% -------------------------------------------------------------------------------- 1-Year 2.35% 3.27% -------------------------------------------------------------------------------- Since Inception 6.82% 7.34% -------------------------------------------------------------------------------- Industries (as a % of total investments) -------------------------------------------------------------------------------- U.S. Guaranteed 28.3% -------------------------------------------------------------------------------- Tax Obligation/General 20.0% -------------------------------------------------------------------------------- Health Care 10.8% -------------------------------------------------------------------------------- Utilities 10.4% -------------------------------------------------------------------------------- Water and Sewer 9.0% -------------------------------------------------------------------------------- Tax Obligation/Limited 6.8% -------------------------------------------------------------------------------- Education and Civic Organizations 5.4% -------------------------------------------------------------------------------- Other 9.3% -------------------------------------------------------------------------------- Credit Quality (as a % of total investments) ---------------------------------------- AAA/U.S. Guaranteed 72% ---------------------------------------- AA 11% ---------------------------------------- A 8% ---------------------------------------- [PIE CHART] BBB 6% ---------------------------------------- BB or Lower 1% ---------------------------------------- N/R 2% ---------------------------------------- 2005-2006 Monthly Tax-Free Dividends Per Share -------------------------------------------------------------------------------- Feb 0.07 Mar 0.07 Apr 0.07 May 0.07 Jun 0.07 Jul 0.07 [BAR GRAPH] Aug 0.07 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Share Price Performance -------------------------------------------------------------------------------- 2/01/05 16.16 16.32 16.20 16.26 16.35 16.37 16.50 [LINE CHART] 16.37 16.50 16.35 16.42 16.20 16.04 15.77 15.70 15.79 15.84 15.79 15.80 15.76 15.79 15.95 16.30 16.30 16.00 16.18 16.10 15.76 15.83 15.74 15.68 15.47 15.57 15.46 15.28 15.28 15.15 15.15 14.88 14.89 14.90 14.96 14.96 14.95 14.95 15.04 15.00 14.90 14.99 15.00 15.45 15.50 15.63 15.63 15.48 15.45 15.45 15.27 15.27 15.50 15.46 15.49 15.49 15.48 15.51 15.60 15.65 15.70 15.70 15.74 15.66 15.61 15.61 15.56 15.48 15.51 15.58 15.64 15.73 15.74 15.64 15.55 15.47 15.43 15.55 15.68 15.74 15.73 15.60 15.72 15.69 15.74 15.74 15.55 15.65 15.65 15.58 15.60 15.55 15.61 15.58 15.57 15.63 15.75 15.75 16.25 16.25 16.24 16.45 16.45 16.46 16.50 16.53 16.70 16.60 16.55 16.49 16.50 16.43 16.45 16.57 16.40 16.65 16.60 16.60 16.79 16.79 16.79 16.45 16.45 16.43 16.35 16.08 16.07 16.03 16.00 16.00 15.92 15.94 15.92 15.92 15.92 15.90 15.88 15.92 15.96 15.90 15.88 15.89 15.90 15.87 15.94 15.94 15.94 15.95 15.95 16.04 15.94 15.94 15.84 15.74 15.83 15.83 16.05 15.82 15.78 15.78 15.53 15.56 15.59 15.65 15.75 15.77 15.77 15.78 15.71 15.73 15.77 15.62 15.70 15.70 15.70 15.60 15.60 15.45 15.42 15.39 15.34 15.34 15.34 15.23 15.40 15.42 15.55 15.80 15.90 15.75 15.85 15.62 15.15 15.05 15.07 15.07 14.80 14.84 14.91 14.91 14.79 14.80 14.80 14.71 14.65 14.74 14.79 14.80 14.70 14.74 14.76 14.84 14.57 14.64 14.51 14.67 14.73 14.80 14.99 14.99 15.05 14.95 14.87 14.80 14.92 15.00 15.12 15.12 15.01 15.14 15.13 15.20 15.40 15.41 15.26 15.32 15.32 15.70 15.42 15.32 15.38 15.50 15.75 15.89 15.76 15.80 15.65 1/31/06 15.62 Weekly Closing Price Past performance is not predictive of future results. (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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 14 Nuveen Ohio Quality Income Municipal Fund, Inc. NUO Performance Overview As of January 31, 2006 Credit Quality (as a % of total investments) ---------------------------------------- AAA/U.S. Guaranteed 63% ---------------------------------------- AA 24% ---------------------------------------- A 7% ---------------------------------------- [PIE CHART] BBB 4% ---------------------------------------- BB or Lower 1% ---------------------------------------- N/R 1% ---------------------------------------- 2005-2006 Monthly Tax-Free Dividends Per Share(2) -------------------------------------------------------------------------------- Feb 0.08 Mar 0.08 Apr 0.08 May 0.08 Jun 0.08 Jul 0.08 [BAR CHART] Aug 0.08 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Share Price Performance -------------------------------------------------------------------------------- 2/01/05 18.76 18.90 18.60 18.64 18.68 18.60 18.70 [LINE GRAPH] 18.56 18.43 18.50 18.47 18.44 18.27 18.13 17.95 18.05 17.79 17.65 17.68 17.55 17.36 17.39 17.36 17.38 17.38 17.30 17.34 17.29 17.17 16.89 16.62 16.58 16.72 16.55 16.37 16.21 16.12 16.11 16.18 16.25 16.50 16.84 16.81 16.90 16.94 16.92 16.80 16.71 16.90 16.87 16.87 16.87 16.86 16.90 16.66 16.59 16.50 16.46 16.51 16.53 16.62 16.71 16.71 16.80 16.87 16.86 16.93 16.80 16.64 16.70 16.74 16.76 16.79 16.80 16.80 16.97 16.88 17.01 17.10 17.16 17.00 16.96 17.00 17.16 17.22 17.20 17.28 17.25 17.21 17.22 17.21 17.20 17.25 17.13 17.12 17.00 17.00 16.87 17.07 17.11 17.20 17.14 17.26 17.34 17.22 17.18 17.28 17.22 17.15 17.20 17.22 17.22 17.13 17.14 17.07 17.10 17.06 17.14 17.14 17.12 17.00 16.87 16.94 17.02 16.99 16.96 16.96 16.98 17.02 17.05 17.00 16.96 17.02 16.89 16.82 16.84 16.78 16.73 16.81 16.80 16.85 16.75 16.73 16.70 16.83 16.83 16.99 16.90 16.88 16.83 16.86 16.80 16.80 16.81 16.80 16.79 16.78 16.92 16.90 16.75 16.77 16.88 16.80 16.82 16.80 16.75 16.66 16.62 16.70 16.64 16.74 16.75 16.70 16.74 16.65 16.74 16.74 16.80 16.60 16.53 16.55 16.40 16.40 16.33 16.45 16.44 16.49 16.47 16.47 16.65 16.49 16.66 16.49 16.65 16.60 16.49 16.47 16.47 16.40 16.31 16.23 16.12 16.05 16.01 16.05 16.01 16.07 16.15 16.09 16.16 16.20 16.21 16.21 16.41 16.39 16.30 16.35 16.32 16.43 16.20 16.11 16.01 16.06 16.07 16.01 16.00 16.03 16.02 16.12 16.21 16.31 16.28 16.21 16.25 16.25 16.35 16.40 16.46 16.49 16.50 16.53 16.65 16.79 17.00 16.85 16.99 17.00 16.95 17.18 17.19 17.20 17.05 17.01 16.95 1/31/06 17.03 Weekly Closing Price Past performance is not predictive of future results. Fund Snapshot -------------------------------------------------------------------------------- Common Share Price $17.03 -------------------------------------------------------------------------------- Common Share Net Asset Value $16.28 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 4.61% -------------------------------------------------------------------------------- Market Yield 5.14% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.61% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $158,321 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.15 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.33 -------------------------------------------------------------------------------- Average Annual Total Return (Inception 10/17/91) -------------------------------------------------------------------------------- On Share Price On NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 3.45% 1.20% -------------------------------------------------------------------------------- 1-Year -4.49% 2.54% -------------------------------------------------------------------------------- 5-Year 6.19% 6.81% -------------------------------------------------------------------------------- 10-Year 6.40% 6.24% -------------------------------------------------------------------------------- Industries (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/General 32.7% -------------------------------------------------------------------------------- Health Care 15.8% -------------------------------------------------------------------------------- U.S. Guaranteed 12.1% -------------------------------------------------------------------------------- Tax Obligation/Limited 7.1% -------------------------------------------------------------------------------- Education and Civic Organizations 7.0% -------------------------------------------------------------------------------- Water and Sewer 6.8% -------------------------------------------------------------------------------- Transportation 5.3% -------------------------------------------------------------------------------- Other 13.2% -------------------------------------------------------------------------------- (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 32.5%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund also paid shareholders capital gains and net ordinary income distributions in December 2005 of $0.0544 per share. 15 Nuveen Ohio Dividend Advantage Municipal Fund NXI Performance Overview As of January 31, 2006 Fund Snapshot -------------------------------------------------------------------------------- Common Share Price $17.35 -------------------------------------------------------------------------------- Common Share Net Asset Value $15.28 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 13.55% -------------------------------------------------------------------------------- Market Yield 4.91% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.27% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $64,802 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.01 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.41 -------------------------------------------------------------------------------- Average Annual Total Return (Inception 3/27/01) -------------------------------------------------------------------------------- On Share Price On NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 5.02% 1.37% -------------------------------------------------------------------------------- 1-Year 13.39% 2.95% -------------------------------------------------------------------------------- Since Inception 9.22% 7.64% -------------------------------------------------------------------------------- Industries (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/General 28.6% -------------------------------------------------------------------------------- U.S. Guaranteed 14.6% -------------------------------------------------------------------------------- Education and Civic Organizations 13.1% -------------------------------------------------------------------------------- Health Care 12.0% -------------------------------------------------------------------------------- Utilities 7.0% -------------------------------------------------------------------------------- Tax Obligation/Limited 6.9% -------------------------------------------------------------------------------- Water and Sewer 4.5% -------------------------------------------------------------------------------- Other 13.3% -------------------------------------------------------------------------------- Credit Quality (as a % of total investments) ---------------------------------------- AAA/U.S. Guaranteed 57% ---------------------------------------- AA 21% ---------------------------------------- A 12% [PIE CHART] ---------------------------------------- BBB 9% ---------------------------------------- N/R 1% ---------------------------------------- 2005-2006 Monthly Tax-Free Dividends Per Share(2) -------------------------------------------------------------------------------- Feb 0.08 Mar 0.08 Apr 0.08 May 0.08 Jun 0.08 Jul 0.08 [BAR GRAPH] Aug 0.08 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Share Price Performance -------------------------------------------------------------------------------- 2/01/05 16.36 16.36 16.46 16.58 16.65 16.53 16.53 [LINE CHART] 16.62 16.66 16.95 16.64 16.68 17.00 16.50 16.52 16.38 16.13 16.12 16.09 16.15 16.31 16.42 16.40 16.39 16.20 16.11 16.02 16.14 16.10 16.15 15.93 15.67 15.68 15.63 15.46 15.30 15.08 14.93 14.80 15.01 15.19 15.28 15.24 15.28 15.35 15.12 15.02 15.07 15.27 15.34 15.55 15.70 16.03 16.20 16.15 16.11 16.10 16.05 16.00 16.21 16.30 16.42 16.42 16.29 15.84 15.82 15.70 15.46 15.40 15.38 15.30 15.27 15.37 15.37 15.28 15.35 15.35 15.52 15.58 15.51 15.59 15.66 15.76 15.99 16.09 16.20 16.35 16.27 16.30 16.16 16.10 16.03 15.86 15.90 15.80 15.65 15.76 15.91 15.93 16.10 16.20 16.24 16.25 16.32 16.21 16.18 16.31 16.14 16.10 16.03 16.10 16.43 16.68 16.62 16.70 16.83 16.69 16.66 16.34 16.78 16.73 16.41 16.49 16.74 16.81 17.00 17.00 16.93 16.96 17.30 16.92 16.52 16.45 16.35 16.11 16.12 16.12 16.15 16.18 16.13 16.15 16.20 16.18 16.19 16.28 16.41 16.30 16.66 16.40 16.41 16.32 16.32 16.33 16.27 16.28 16.30 16.28 16.32 16.25 16.25 16.32 16.60 16.58 16.80 16.55 16.72 17.15 16.90 16.96 16.85 16.87 16.80 16.80 17.03 16.99 16.80 16.81 16.99 16.80 16.61 16.71 17.00 16.74 16.60 16.53 16.59 16.25 16.25 16.35 16.35 16.25 16.37 16.41 16.55 16.32 16.15 16.15 16.33 16.15 16.32 16.32 16.30 16.31 16.60 16.42 16.50 16.35 16.34 16.32 16.32 16.27 16.32 16.36 16.50 16.52 16.55 16.77 16.35 16.47 16.47 16.47 16.19 16.10 16.42 16.34 16.33 16.21 16.46 16.85 16.85 16.98 17.05 16.70 16.85 16.85 17.05 17.05 16.98 16.63 16.58 16.28 16.28 16.15 16.08 16.50 16.50 16.25 16.75 16.88 17.20 17.14 17.35 17.50 17.15 1/31/06 17.35 Weekly Closing Price Past performance is not predictive of future results. (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 32.5%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund also paid shareholders capital gains and net ordinary income distributions in December 2005 of $0.0355 per share. 16 Nuveen Ohio Dividend Advantage Municipal Fund 2 NBJ Performance Overview As of January 31, 2006 Credit Quality (as a % of total investments) ---------------------------------------- AAA/U.S. Guaranteed 69% ---------------------------------------- AA 12% ---------------------------------------- A 9% ---------------------------------------- [PIE CHART] BBB 9% ---------------------------------------- N/R 1% ---------------------------------------- 2005-2006 Monthly Tax-Free Dividends Per Share(2) -------------------------------------------------------------------------------- Feb 0.08 Mar 0.07 Apr 0.07 May 0.07 Jun 0.07 Jul 0.07 [BAR GRAPH] Aug 0.07 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Share Price Performance -------------------------------------------------------------------------------- 2/01/05 16.05 16.00 16.19 16.19 16.06 16.05 16.01 16.09 [LINE CHART] 15.95 16.00 16.05 15.95 15.89 15.89 15.88 15.90 15.97 15.97 15.89 15.80 15.72 15.90 15.97 15.89 15.85 15.83 15.78 15.69 15.60 15.61 15.55 15.45 15.45 15.48 15.48 15.35 15.45 15.18 15.20 15.24 15.37 15.45 15.30 15.30 15.20 15.44 15.36 15.20 15.25 15.12 14.96 15.01 15.30 15.45 15.45 15.59 15.59 15.41 15.61 15.50 15.50 15.60 15.60 15.62 15.72 15.51 15.57 15.14 15.26 15.23 15.16 15.05 15.13 15.00 15.04 15.18 15.14 15.15 15.12 15.14 15.16 15.16 15.15 15.29 15.45 15.50 15.61 15.59 15.51 15.52 15.63 15.66 15.70 15.58 15.45 15.44 15.35 15.43 15.70 15.74 15.80 16.06 16.13 15.98 15.70 15.54 15.48 15.46 15.47 15.50 15.49 15.66 15.56 15.65 15.75 15.53 15.51 15.53 15.58 15.55 15.51 15.50 15.50 15.60 15.51 15.48 15.48 15.41 15.39 15.39 15.43 15.12 15.12 14.97 15.02 14.95 14.98 15.14 15.16 14.98 15.13 15.10 15.09 15.15 15.12 15.01 15.17 15.41 15.20 15.25 15.22 15.38 15.44 15.51 15.60 15.67 15.55 15.65 15.62 15.65 15.18 15.37 15.28 15.28 15.25 15.37 15.79 15.74 15.31 15.31 15.25 15.28 15.34 15.34 15.18 15.08 15.03 15.00 14.85 14.79 14.79 15.16 15.05 14.91 14.82 14.85 14.98 14.99 14.99 14.95 14.82 14.94 14.99 15.22 15.23 15.08 14.85 14.79 15.08 14.80 14.80 14.94 14.93 14.93 15.50 15.45 15.45 15.45 15.37 15.37 15.32 15.42 15.42 15.75 15.75 15.57 15.70 15.80 15.81 15.84 15.84 15.75 15.44 15.44 15.75 15.82 15.50 15.28 15.29 15.35 15.65 15.65 15.80 15.68 15.68 15.70 15.53 15.30 15.30 15.50 15.50 15.82 15.90 15.60 15.30 15.40 15.50 15.50 15.60 16.45 16.22 16.25 16.40 16.20 1/31/06 16.45 Weekly Closing Price Past performance is not predictive of future results. Fund Snapshot -------------------------------------------------------------------------------- Common Share Price $16.45 -------------------------------------------------------------------------------- Common Share Net Asset Value $15.09 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 9.01% -------------------------------------------------------------------------------- Market Yield 4.85% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.19% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $47,089 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.22 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.77 -------------------------------------------------------------------------------- Average Annual Total Return (Inception 9/25/01) -------------------------------------------------------------------------------- On Share Price On NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 9.45% 1.20% -------------------------------------------------------------------------------- 1-Year 8.30% 2.39% -------------------------------------------------------------------------------- Since Inception 8.17% 7.26% -------------------------------------------------------------------------------- Industries (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/General 29.9% -------------------------------------------------------------------------------- Health Care 16.8% -------------------------------------------------------------------------------- U.S. Guaranteed 13.4% -------------------------------------------------------------------------------- Tax Obligation/Limited 10.4% -------------------------------------------------------------------------------- Education and Civic Organizations 7.0% -------------------------------------------------------------------------------- Utilities 6.0% -------------------------------------------------------------------------------- Consumer Staples 5.8% -------------------------------------------------------------------------------- Transportation 5.2% -------------------------------------------------------------------------------- Other 5.5% -------------------------------------------------------------------------------- (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 32.5%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund also paid shareholders capital gains and net ordinary income distributions in December 2005 of $0.0481 per share. 17 Nuveen Ohio Dividend Advantage Municipal Fund 3 NVJ Performance Overview As of January 31, 2006 Fund Snapshot -------------------------------------------------------------------------------- Common Share Price $15.84 -------------------------------------------------------------------------------- Common Share Net Asset Value $15.35 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 3.19% -------------------------------------------------------------------------------- Market Yield 4.96% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.35% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $33,130 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.54 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.64 -------------------------------------------------------------------------------- Average Annual Total Return (Inception 3/25/02) -------------------------------------------------------------------------------- On Share Price On NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 2.28% 1.22% -------------------------------------------------------------------------------- 1-Year 5.81% 2.79% -------------------------------------------------------------------------------- Since Inception 7.43% 7.82% -------------------------------------------------------------------------------- Industries (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/General 31.4% -------------------------------------------------------------------------------- Tax Obligation/Limited 14.4% -------------------------------------------------------------------------------- U.S. Guaranteed 13.2% -------------------------------------------------------------------------------- Health Care 12.4% -------------------------------------------------------------------------------- Education and Civic Organizations 8.0% -------------------------------------------------------------------------------- Transportation 6.1% -------------------------------------------------------------------------------- Other 14.5% -------------------------------------------------------------------------------- Credit Quality (as a % of total investments) ---------------------------------------- AAA/U.S. Guaranteed 63% ---------------------------------------- AA 17% ---------------------------------------- [PIE CHART] A 13% ---------------------------------------- BBB 7% ---------------------------------------- 2005-2006 Monthly Tax-Free Dividends Per Share -------------------------------------------------------------------------------- Feb 0.07 Mar 0.07 Apr 0.07 May 0.07 Jun 0.07 Jul 0.07 [BAR GRAPH] Aug 0.07 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Share Price Performance -------------------------------------------------------------------------------- 2/01/05 15.90 15.94 15.80 15.95 16.00 16.05 16.01 [LINE CHART] 16.11 15.95 16.08 16.43 16.39 16.43 16.42 16.38 16.25 16.20 16.20 16.20 16.13 16.16 16.32 16.34 16.34 16.58 16.50 16.60 16.47 16.42 16.40 16.05 16.05 16.07 15.79 15.66 15.74 15.59 15.40 15.31 15.27 15.33 15.58 15.40 15.40 15.44 15.52 15.52 15.16 15.37 15.40 15.40 15.58 15.39 15.44 15.32 15.35 15.31 15.37 15.37 15.38 15.38 15.64 15.64 16.00 15.85 15.95 15.90 15.66 15.66 15.66 15.72 15.55 15.55 15.60 15.65 15.62 15.67 15.67 15.73 15.67 15.66 15.66 15.70 15.75 16.20 16.30 16.25 16.21 16.21 16.23 15.97 15.88 15.74 15.74 15.67 15.71 15.71 15.58 15.70 15.71 15.71 15.71 15.77 15.68 15.77 15.72 15.76 15.70 15.93 16.20 16.10 16.15 16.15 16.18 16.11 16.06 16.09 16.02 15.93 15.93 15.93 16.05 16.05 16.05 16.10 15.90 15.90 15.70 15.84 15.84 16.07 16.07 16.03 16.00 16.00 15.93 15.93 16.08 16.08 16.08 16.08 15.98 15.98 15.69 15.69 15.69 15.72 15.72 15.73 15.74 15.74 15.79 15.79 15.79 15.79 15.78 15.76 15.56 15.56 15.63 15.48 15.43 15.56 15.50 15.44 15.32 15.08 15.18 15.06 15.01 15.10 15.17 15.20 15.20 15.24 15.38 15.38 15.50 15.50 15.23 15.07 15.01 14.94 14.94 15.03 15.10 14.90 14.91 14.90 15.03 15.20 15.30 15.35 15.45 15.45 15.75 15.75 15.61 15.51 15.36 15.70 15.51 15.76 15.75 15.45 15.13 15.19 15.17 15.10 15.10 15.10 15.16 15.26 15.26 15.16 15.05 15.36 15.26 15.26 15.38 15.38 15.45 15.40 15.13 15.12 15.12 15.15 15.00 15.07 14.98 15.01 15.27 15.10 15.10 15.10 15.05 15.03 15.01 15.09 15.12 15.09 15.06 15.13 15.18 15.35 15.50 15.40 15.35 15.44 15.64 15.72 15.62 15.82 15.82 1/31/06 15.84 Weekly Closing Price Past performance is not predictive of future results. (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 32.5%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 18 Special Shareholder Meeting Report The Shareholder Meeting was held at the offices of Nuveen Investments on November 15, 2005. NUM NMP NZW ----------------------------------------------------------------------------------------------------------------------------------- Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares shares shares shares shares shares voting together voting together voting together voting together voting together voting together as a class as a class as a class as a class as a class as a class ----------------------------------------------------------------------------------------------------------------------------------- Approval of the Board Members was reached as follows: Robert P. Bremner For 10,706,460 -- 7,061,193 -- 2,020,827 -- Withhold 165,499 -- 88,967 -- 27,054 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 10,871,959 -- 7,150,160 -- 2,047,881 -- =================================================================================================================================== Lawrence H. Brown For 10,701,808 -- 7,063,871 -- 2,015,227 -- Withhold 170,151 -- 86,289 -- 32,654 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 10,871,959 -- 7,150,160 -- 2,047,881 -- =================================================================================================================================== Jack B. Evans For 10,708,106 -- 7,070,251 -- 2,023,827 -- Withhold 163,853 -- 79,909 -- 24,054 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 10,871,959 -- 7,150,160 -- 2,047,881 -- =================================================================================================================================== William C. Hunter For 10,709,563 -- 7,073,599 -- 2,023,827 -- Withhold 162,396 -- 76,561 -- 24,054 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 10,871,959 -- 7,150,160 -- 2,047,881 -- =================================================================================================================================== David J. Kundert For 10,703,556 -- 7,073,130 -- 2,023,827 -- Withhold 168,403 -- 77,030 -- 24,054 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 10,871,959 -- 7,150,160 -- 2,047,881 -- =================================================================================================================================== William J. Schneider For -- 3,562 -- 2,173 -- 632 Withhold -- 21 -- 7 -- 1 ----------------------------------------------------------------------------------------------------------------------------------- Total -- 3,583 -- 2,180 -- 633 =================================================================================================================================== Timothy R. Schwertfeger For -- 3,562 -- 2,173 -- 632 Withhold -- 21 -- 7 -- 1 ----------------------------------------------------------------------------------------------------------------------------------- Total -- 3,583 -- 2,180 -- 633 =================================================================================================================================== Judith M. Stockdale For 10,706,492 -- 7,064,993 -- 2,023,827 -- Withhold 165,467 -- 85,167 -- 24,054 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 10,871,959 -- 7,150,160 -- 2,047,881 -- =================================================================================================================================== Eugene S. Sunshine For 10,705,735 -- 7,072,240 -- 2,023,827 -- Withhold 166,224 -- 77,920 -- 24,054 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 10,871,959 -- 7,150,160 -- 2,047,881 -- =================================================================================================================================== 19 Special Shareholder Meeting Report (continued) NUO NXI NBJ ----------------------------------------------------------------------------------------------------------------------------------- Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares shares shares shares shares shares voting together voting together voting together voting together voting together voting together as a class as a class as a class as a class as a class as a class ----------------------------------------------------------------------------------------------------------------------------------- Approval of the Board Members was reached as follows: Robert P. Bremner For 8,817,740 -- 4,078,149 -- 3,006,605 -- Withhold 132,986 -- 45,548 -- 56,757 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 8,950,726 -- 4,123,697 -- 3,063,362 -- =================================================================================================================================== Lawrence H. Brown For 8,823,969 -- 4,079,149 -- 3,002,043 -- Withhold 126,757 -- 44,548 -- 61,319 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 8,950,726 -- 4,123,697 -- 3,063,362 -- =================================================================================================================================== Jack B. Evans For 8,817,496 -- 4,081,772 -- 3,003,293 -- Withhold 133,230 -- 41,925 -- 60,069 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 8,950,726 -- 4,123,697 -- 3,063,362 -- =================================================================================================================================== William C. Hunter For 8,815,516 -- 4,081,772 -- 3,009,705 -- Withhold 135,210 -- 41,925 -- 53,657 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 8,950,726 -- 4,123,697 -- 3,063,362 -- =================================================================================================================================== David J. Kundert For 8,816,107 -- 4,078,072 -- 3,002,693 -- Withhold 134,619 -- 45,625 -- 60,669 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 8,950,726 -- 4,123,697 -- 3,063,362 -- =================================================================================================================================== William J. Schneider For -- 2,912 -- 1,210 -- 936 Withhold -- 9 -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Total -- 2,921 -- 1,210 -- 936 =================================================================================================================================== Timothy R. Schwertfeger For -- 2,912 -- 1,210 -- 936 Withhold -- 9 -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Total -- 2,921 -- 1,210 -- 936 =================================================================================================================================== Judith M. Stockdale For 8,817,331 -- 4,081,772 -- 3,003,643 -- Withhold 133,395 -- 41,925 -- 59,719 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 8,950,726 -- 4,123,697 -- 3,063,362 -- =================================================================================================================================== Eugene S. Sunshine For 8,817,452 -- 4,078,172 -- 3,008,705 -- Withhold 133,274 -- 45,525 -- 54,657 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 8,950,726 -- 4,123,697 -- 3,063,362 -- =================================================================================================================================== 20 NVJ ----------------------------------------------------------------------------------------------------------------------------------- Common and MuniPreferred MuniPreferred shares shares voting together voting together as a class as a class ----------------------------------------------------------------------------------------------------------------------------------- Approval of the Board Members was reached as follows: Robert P. Bremner For 2,090,581 -- Withhold 20,342 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 2,110,923 -- =================================================================================================================================== Lawrence H. Brown For 2,087,581 -- Withhold 23,342 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 2,110,923 -- =================================================================================================================================== Jack B. Evans For 2,091,191 -- Withhold 19,732 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 2,110,923 -- =================================================================================================================================== William C. Hunter For 2,090,951 -- Withhold 19,972 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 2,110,923 -- =================================================================================================================================== David J. Kundert For 2,080,191 -- Withhold 30,732 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 2,110,923 -- =================================================================================================================================== William J. Schneider For -- 649 Withhold -- 11 ----------------------------------------------------------------------------------------------------------------------------------- Total -- 660 =================================================================================================================================== Timothy R. Schwertfeger For -- 649 Withhold -- 11 ----------------------------------------------------------------------------------------------------------------------------------- Total -- 660 =================================================================================================================================== Judith M. Stockdale For 2,090,951 -- Withhold 19,972 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 2,110,923 -- =================================================================================================================================== Eugene S. Sunshine For 2,091,191 -- Withhold 19,732 -- ----------------------------------------------------------------------------------------------------------------------------------- Total 2,110,923 -- =================================================================================================================================== 21 Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 8.9% (5.9% of Total Investments) $ 700 Chandler Park Academy, Michigan, Public School Academy Charter School 11/15 at 100.00 BBB- $ 694,659 Revenue Bonds, Series 2005, 5.125%, 11/01/35 1,720 Ferris State College, Michigan, General Revenue Bonds, Series 1998, 4/08 at 100.00 AAA 1,768,229 5.000%, 10/01/23 - AMBAC Insured 1,685 Michigan Higher Education Facilities Authority, Limited Obligation 9/11 at 100.00 Aaa 1,834,460 Revenue Refunding Bonds, Kettering University, Series 2001, 5.500%, 9/01/17 - AMBAC Insured 1,500 Michigan Higher Education Student Loan Authority, Revenue Bonds, Series No Opt. Call AAA 1,576,125 2000 XII-T, 5.300%, 9/01/10 - AMBAC Insured (Alternative Minimum Tax) 1,000 Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 9/12 at 100.00 AAA 1,042,590 2002 XVII-G, 5.200%, 9/01/20 - AMBAC Insured (Alternative Minimum Tax) Michigan Technological University, General Revenue Bonds, Series 2004A: 1,060 5.000%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 1,120,515 1,115 5.000%, 10/01/22 - MBIA Insured 10/13 at 100.00 AAA 1,175,957 1,170 5.000%, 10/01/23 - MBIA Insured 10/13 at 100.00 AAA 1,233,496 Wayne State University, Michigan, General Revenue Bonds, Series 1999: 3,430 5.250%, 11/15/19 - FGIC Insured 11/09 at 101.00 AAA 3,648,868 1,000 5.125%, 11/15/29 - FGIC Insured 11/09 at 101.00 AAA 1,050,760 1,000 Western Michigan University, General Revenue Refunding Bonds, Series 11/13 at 100.00 AAA 1,061,900 2003, 5.000%, 11/15/20 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 15,380 Total Education and Civic Organizations 16,207,559 ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 15.7% (10.5% of Total Investments) 2,900 Dearborn Hospital Finance Authority, Michigan, Hospital Revenue Bonds, 5/06 at 102.00 AAA 2,963,452 Oakwood Obligated Group, Series 1995A, 5.875%, 11/15/25 - FGIC Insured 1,235 Hancock Hospital Finance Authority, Michigan, FHA-Insured Mortgage 8/08 at 100.00 AAA 1,282,263 Hospital Revenue Bonds, Portage Health System Inc., Series 1998, 5.450%, 8/01/47 - MBIA Insured 984 Michigan State Hospital Finance Authority, Collateralized Loan, Detroit No Opt. Call Baa2 988,923 Medical Center, Series 2001, 7.360%, 3/01/07 2,700 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, 8/08 at 101.00 BB- 2,552,715 Detroit Medical Center Obligated Group, Series 1998A, 5.250%, 8/15/28 5,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry 11/09 at 101.00 A1 5,321,100 Ford Health System, Series 1999A, 6.000%, 11/15/24 1,500 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 3/13 at 100.00 A1 1,622,580 Bonds, Henry Ford Health System, Series 2003A, 5.625%, 3/01/17 1,000 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 11/09 at 101.00 BBB+ 1,050,960 Bonds, Memorial Healthcare Center Obligated Group, Series 1999, 5.875%, 11/15/21 Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Mercy Mt. Clemens Corporation Obligated Group, Series 1999A: 3,385 5.750%, 5/15/17 - MBIA Insured 5/09 at 101.00 AAA 3,619,445 500 5.750%, 5/15/29 - MBIA Insured 5/09 at 101.00 AAA 532,745 500 Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea 5/15 at 100.00 BBB 485,715 Community Hospital, Series 2005, 5.000%, 5/15/37 500 Michigan State Hospital Finance Authority, Revenue Bonds, Marquette 5/15 at 100.00 Baa1 501,990 General Hospital, Series 2005A, 5.000%, 5/15/26 5,500 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, 11/11 at 100.00 AAA 5,710,649 William Beaumont Hospital, Series 2001M, 5.250%, 11/15/31 - MBIA Insured 2,195 University of Michigan, Medical Service Plan Revenue Bonds, No Opt. Call AA+ 1,838,291 Series 1991, 0.000%, 12/01/10 ----------------------------------------------------------------------------------------------------------------------------------- 27,899 Total Health Care 28,470,828 ----------------------------------------------------------------------------------------------------------------------------------- 22 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 2.8% (1.8% of Total Investments) $ 2,675 Michigan Housing Development Authority, FNMA Limited Obligation 12/20 at 101.00 AAA $ 2,858,960 Multifamily Housing Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax) 2,110 Michigan Housing Development Authority, Rental Housing Revenue Bonds, 4/09 at 101.00 AAA 2,133,864 Series 1999A, 5.300%, 10/01/37 - MBIA Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 4,785 Total Housing/Multifamily 4,992,824 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 0.5% (0.4% of Total Investments) 1,000 Michigan Housing Development Authority, Single Family Mortgage Revenue 1/11 at 100.00 AAA 1,033,600 Bonds, Series 2001, 5.300%, 12/01/16 - MBIA Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 0.7% (0.4% of Total Investments) 1,000 Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian 5/15 at 100.00 N/R 977,650 Villages of Michigan Obligated Group, Series 2005, 5.250%, 11/15/25 200 Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, 7/08 at 101.00 BBB+ 202,008 Porter Hills Presbyterian Village, Series 1998, 5.375%, 7/01/28 ----------------------------------------------------------------------------------------------------------------------------------- 1,200 Total Long-Term Care 1,179,658 ----------------------------------------------------------------------------------------------------------------------------------- Materials - 1.0% (0.6% of Total Investments) 1,750 Dickinson County Economic Development Corporation, Michigan, Pollution 11/14 at 100.00 BBB 1,725,430 Control Revenue Bonds, International Paper Company, Series 2004A, 4.800%, 11/01/18 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 38.0% (25.3% of Total Investments) 1,000 Anchor Bay School District, Macomb and St. Clair Counties, Michigan, 5/12 at 100.00 AA 1,048,550 General Obligation 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 AA 2,636,200 3,200 5.000%, 5/01/29 5/11 at 100.00 AA 3,291,200 1,000 Belding School District, Ionia, Kent and Montcalm Counties, Michigan, 5/08 at 100.00 AAA 1,022,120 General Obligation Refunding Bonds, Series 1998, 5.000%, 5/01/26 - AMBAC Insured 1,200 Birmingham, Michigan, General Obligation Bonds, Series 2002, 10/12 at 100.50 AAA 1,273,584 5.000%, 10/01/20 1,320 Bridgeport Spaulding Community School District, Saginaw County, 5/12 at 100.00 AA 1,445,638 Michigan, General Obligation Bonds, Series 2002, 5.500%, 5/01/16 2,110 Caledonia Community Schools, Kent, Allegan and Barry Counties, 5/13 at 100.00 AA 2,286,185 Michigan, General Obligation Bonds, Series 2003, 5.250%, 5/01/20 1,285 Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, 5/15 at 100.00 AAA 1,353,465 General Obligation Bonds, Series 2005, 5.000%, 5/01/25 - MBIA Insured 1,850 Chippewa Valley Schools, Macomb County, Michigan, General Obligation 5/15 at 100.00 AAA 1,951,473 Bonds, Series 2005, 5.000%, 5/01/24 - MBIA Insured 2,000 Detroit City School District, Wayne County, Michigan, General Obligation No Opt. Call AAA 2,381,960 Bonds, Series 2002A, 6.000%, 5/01/19 - FGIC Insured 1,195 Detroit, Michigan, General Obligation Bonds, Series 2004A-1, 4/14 at 100.00 AAA 1,274,539 5.250%, 4/01/24 - AMBAC Insured 1,065 Edwardsburg Public School, Cass County, Michigan, General Obligation 5/14 at 100.00 AAA 1,122,680 Bonds, Series 2004, 5.000%, 5/01/22 - FSA Insured Fitzgerald Public School District, Macomb County, Michigan, General Obligation Bonds, Series 2004B: 1,150 5.000%, 5/01/16 - AMBAC Insured 11/14 at 100.00 AAA 1,238,975 2,100 5.000%, 5/01/17 - AMBAC Insured 11/14 at 100.00 AAA 2,254,917 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 3,559,822 3,000 0.000%, 12/01/26 No Opt. Call AAA 1,136,460 1,400 Howell Public Schools, Livingston County, Michigan, General Obligation 11/13 at 100.00 AA 1,478,470 Bonds, Series 2003, 5.000%, 5/01/21 23 Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 1,065 Jackson Public Schools, Jackson County, Michigan, General Obligation 5/14 at 100.00 AAA $ 1,122,680 School Building and Site Bonds, Series 2004, 5.000%, 5/01/22 - FSA Insured 2,000 Lake Fenton Community Schools, Genesee County, Michigan, General 5/12 at 100.00 AA 2,105,220 Obligation Bonds, Series 2002, 5.000%, 5/01/24 1,790 Lansing Building Authority, Michigan, General Obligation Bonds, Series 6/13 at 100.00 AAA 1,863,999 2003A, 5.000%, 6/01/26 - MBIA Insured 1,785 Livonia Public Schools, Wayne County, Michigan, General Obligation 5/14 at 100.00 AAA 1,888,048 Bonds, Series 2004A, 5.000%, 5/01/21 - MBIA Insured 1,315 Lowell Area Schools, Kent and Ionia Counties, Michigan, General 5/15 at 100.00 AAA 1,387,128 Obligation Bonds, Series 2005, 5.000%, 5/01/24 - MBIA Insured 4,000 Michigan, General Obligation Bonds, Environmental Protection Program, 5/13 at 100.00 AA 4,339,240 Series 2003A, 5.250%, 5/01/20 2,500 Montrose School District, Michigan, School Building and Site Bonds, No Opt. Call AAA 3,027,600 Series 1997, 6.000%, 5/01/22 - MBIA Insured 1,100 Muskegon County, Michigan, Limited Tax General Obligation Wastewater 7/11 at 100.00 AAA 1,134,936 Management System 2 Revenue Bonds, Series 2002, 5.000%, 7/01/26 - FGIC Insured 1,000 Oakland County Building Authority, Michigan, General Obligation Bonds, 9/11 at 100.00 AAA 1,063,110 Series 2002, 5.125%, 9/01/22 4,200 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 4,837,560 Series 2001A, 5.500%, 7/01/20 - MBIA Insured 1,510 Rockford Public Schools, Kent County, Michigan, General Obligation 5/15 at 100.00 AAA 1,582,238 Bonds, Series 2005, 5.000%, 5/01/27 - FSA Insured 1,940 South Lyon Community Schools, Oakland, Washtenaw and Livingston 5/15 at 100.00 AAA 2,050,968 Counties, Michigan, General Obligation Bonds, Series 2005-II, 5.000%, 5/01/23 - FGIC Insured 1,655 Southfield Library Building Authority, Michigan, General Obligation 5/15 at 100.00 AAA 1,738,031 Bonds, Series 2005, 5.000%, 5/01/26 - MBIA Insured 1,525 Tecumseh Public Schools, Lenawee County, Michigan, General Obligation 5/15 at 100.00 AAA 1,610,537 Bonds, Series 2005, 5.125%, 5/01/30 - FGIC Insured 1,050 Warren Consolidated School District, Macomb and Oakland Counties, 11/11 at 100.00 AAA 1,137,171 Michigan, General Obligation Bonds, Series 2001, 5.375%, 5/01/19 - FSA Insured 5,000 Wayne County, Michigan, Limited Tax General Obligation Airport Hotel 12/11 at 101.00 AAA 5,224,600 Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/21 - MBIA Insured 1,725 Williamston Community School District, Michigan, Unlimited Tax General No Opt. Call AAA 2,002,691 Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 71,435 Total Tax Obligation/General 68,871,995 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 14.7% (9.8% of Total Investments) 1,000 Grand Rapids Building Authority, Kent County, Michigan, Limited Tax No Opt. Call AA 1,089,620 General Obligation Bonds, Series 1998, 5.000%, 4/01/16 1,345 Grand Rapids Building Authority, Kent County, Michigan, Limited Tax 10/11 at 100.00 AAA 1,398,760 General Obligation Bonds, Series 2001, 5.125%, 10/01/26 - MBIA Insured 65 Michigan Municipal Bond Authority, Local Government Loan Program Revenue 5/06 at 100.00 A 65,170 Sharing Bonds, Series 1992D, 6.650%, 5/01/12 2,135 Michigan State Building Authority, Revenue Bonds, Facilities Program, 10/15 at 100.00 AAA 2,227,446 Series 2005II, 5.000%, 10/15/33 - AMBAC Insured Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II: 5,100 5.000%, 10/15/22 - MBIA Insured 10/13 at 100.00 AAA 5,379,327 5,000 5.000%, 10/15/23 - MBIA Insured 10/13 at 100.00 AAA 5,271,800 3,500 Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 10/12 at 100.00 AAA 3,771,635 5.250%, 10/01/21 - FSA Insured 915 Puerto Rico Public Finance Corporation, Commonwealth Appropriation No Opt. Call BBB- 1,087,249 Bonds, Series 2002E, 6.000%, 8/01/26 24 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 4,100 Puerto Rico, Highway Revenue Bonds, Highway and Transportation 7/16 at 100.00 BBB+ $ 4,421,891 Authority, Series 1996Y, 5.500%, 7/01/36 1,800 Wayne County, Dearborn Heights, Michigan, Tax Increment Financing 10/10 at 100.00 AAA 1,874,052 Authority, Limited Tax General Obligation Bonds, Police and Courthouse Facility, Series 2001A, 5.000%, 10/01/26 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 24,960 Total Tax Obligation/Limited 26,586,950 ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 0.5% (0.4% of Total Investments) 1,000 Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, 7/12 at 100.00 AAA 1,045,610 Series 2002, 5.250%, 7/01/21 - MBIA Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 40.4% (26.9% of Total Investments) (4) Allegan County Public School District, Michigan, General Obligation Bonds, Series 2000: 1,850 5.600%, 5/01/20 (Pre-refunded 5/01/10) - FSA Insured 5/10 at 100.00 AAA 2,002,681 1,435 5.750%, 5/01/30 (Pre-refunded 5/01/10) - FSA Insured 5/10 at 100.00 AAA 1,561,868 2,190 Anchor Bay School District, Macomb and St. Clair Counties, Michigan, 5/09 at 100.00 AAA 2,361,915 General Obligation Bonds, Series 1999I, 6.000%, 5/01/29 (Pre-refunded 5/01/09) - FGIC Insured 1,000 Charlotte Public School District, Easton County, Michigan, General 5/09 at 100.00 AAA 1,055,630 Obligation Bonds, Series 1999, 5.250%, 5/01/25 (Pre-refunded 5/01/09) - FGIC Insured 2,000 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, 1/10 at 101.00 AAA 2,181,920 Series 1999A, 5.750%, 7/01/26 (Pre-refunded 1/01/10) - FGIC 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 AAA 3,789,198 770 5.250%, 7/01/33 (Pre-refunded 7/01/11) - FGIC Insured 7/11 at 100.00 AAA 832,978 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1997A: 950 5.500%, 7/01/20 (Pre-refunded 7/01/07) - MBIA Insured 7/07 at 101.00 AAA 988,076 1,000 5.000%, 7/01/22 (Pre-refunded 7/01/07) - MBIA Insured 7/07 at 101.00 AAA 1,033,210 1,000 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 1/10 at 101.00 AAA 1,095,500 5.875%, 7/01/27 (Pre-refunded 1/01/10) - FGIC Insured 1,000 East China School District, St. Clair County, Michigan, General 11/11 at 100.00 AA (4) 1,098,270 Obligation Bonds, Series 2001, 5.500%, 5/01/20 (Pre-refunded 11/01/11) 2,000 East Grand Rapids Public Schools, Kent County, Michigan, Unlimited Tax 5/09 at 100.00 AAA 2,157,000 General Obligation School Building and Site Bonds, Series 2000, 6.000%, 5/01/29 (Pre-refunded 5/01/09) - FSA Insured 1,085 Freeland Community School District, Saginaw, Midland and Bay Counties, 5/10 at 100.00 AA (4) 1,159,670 Michigan, General Obligation Bonds, Series 2000, 5.250%, 5/01/19 (Pre-refunded 5/01/10) 1,500 Huron Valley School District, Oakland and Livingston Counties, Michigan, 11/11 at 100.00 AA (4) 1,647,405 General Obligation Bonds, Series 2001, 5.500%, 5/01/17 (Pre-refunded 11/01/11) 3,500 Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum 7/11 at 101.00 AA (4) 3,803,800 Health, Series 2001A, 5.250%, 1/15/21 (Pre-refunded 7/15/11) 250 Michigan South Central Power Agency, Power Supply System Revenue Bonds, No Opt. Call A3 (4) 277,727 Series 2000, 6.000%, 5/01/12 (ETM) Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Ascension Health Credit Group, Series 1999A: 1,000 6.125%, 11/15/23 (Pre-refunded 11/15/09) - MBIA Insured 11/09 at 101.00 AAA 1,100,350 500 6.125%, 11/15/26 (Pre-refunded 11/15/09) 11/09 at 101.00 AAA 550,175 3,300 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, 1/07 at 102.00 N/R (4) 3,450,975 Presbyterian Villages of Michigan Obligated Group, Series 1997, 6.375%, 1/01/25 (Pre-refunded 1/01/07) 1,700 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 8/09 at 101.00 AAA 1,840,692 Bonds, Mercy Health Services Obligated Group, Series 1999X, 5.750%, 8/15/19 (Pre-refunded 8/15/09) - MBIA Insured 1,000 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 11/09 at 101.00 A (4) 1,098,100 Bonds, OSF Healthcare System, Series 1999, 6.125%, 11/15/19 (Pre-refunded 11/15/09) 3,460 Michigan State Hospital Finance Authority, Hospital Revenue 5/08 at 101.00 AAA 3,573,280 Refunding Bonds, St. John's Health System, Series 1998A, 5.000%, 5/15/28 (ETM) - AMBAC Insured 25 Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 1,000 Michigan State Trunk Line, Fund Bonds, Series 2001A, 5.000%, 11/01/25 11/11 at 100.00 AAA $ 1,072,510 (Pre-refunded 11/01/11) - FSA Insured 1,100 Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, 7/08 at 101.00 BBB+ (4) 1,157,871 Porter Hills Presbyterian Village, Series 1998, 5.375%, 7/01/28 (Pre-refunded 7/01/08) 1,000 Michigan, Certificates of Participation, New Center Development Inc., 9/11 at 100.00 AAA 1,085,970 Series 2001, 5.375%, 9/01/21 (Pre-refunded 9/01/11) - MBIA Insured Michigan, Certificates of Participation, Series 2000: 2,000 5.500%, 6/01/19 (Pre-refunded 6/01/10) - AMBAC Insured 6/10 at 100.00 AAA 2,154,600 2,000 5.500%, 6/01/27 (Pre-refunded 6/01/10) - AMBAC Insured 6/10 at 100.00 AAA 2,154,600 2,875 Milan Area Schools, Washtenaw and Monroe Counties, Michigan, General 5/10 at 100.00 AAA 3,129,179 Obligation Bonds, Series 2000A, 5.750%, 5/01/24 (Pre-refunded 5/01/10) - FGIC Insured 4,300 Montcalm County Building Authority, Michigan, Correctional Facility 5/10 at 100.00 AAA 4,595,926 Improvement General Obligation Bonds, Series 2000, 5.250%, 5/01/25 (Pre-refunded 5/01/10) - AMBAC Insured 1,255 Morenci Area Schools, Lenawee County, Michigan, General Obligation 5/12 at 100.00 AAA 1,368,063 Bonds, Series 2002, 5.250%, 5/01/19 (Pre-refunded 5/01/12) - MBIA Insured Muskegon Heights, Muskegon County, Michigan, Water Supply System Revenue Bonds, Series 2000A: 1,040 5.625%, 11/01/25 (Pre-refunded 11/01/10) - MBIA Insured 11/10 at 100.00 Aaa 1,133,746 1,160 5.625%, 11/01/30 (Pre-refunded 11/01/10) - MBIA Insured 11/10 at 100.00 Aaa 1,264,562 1,625 Northville Public Schools, Wayne County, Michigan, General Obligation 11/11 at 100.00 AA (4) 1,774,224 Bonds, Series 2001, 5.375%, 5/01/18 (Pre-refunded 11/01/11) 1,125 Puerto Rico Highway and Transportation Authority, Highway Revenue 7/10 at 101.00 BBB+ (4) 1,246,106 Bonds, Series 2000B, 6.000%, 7/01/39 (Pre-refunded 7/01/10) 85 Puerto Rico Public Finance Corporation, Commonwealth Appropriation No Opt. Call BBB- (4) 105,154 Bonds, Series 2002E, 6.000%, 8/01/26 (ETM) 220 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed 7/10 at 100.00 AAA 232,085 Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded 7/01/10) 1,000 Rochester Community School District, Oakland and Macomb Counties, 5/10 at 100.00 AAA 1,088,410 Michigan, General Obligation Bonds, Series 2000I, 5.750%, 5/01/19 (Pre-refunded 5/01/10) - FGIC Insured 2,100 Romulus Community Schools, Wayne County, Michigan, Unlimited Tax 5/09 at 100.00 AAA 2,248,848 General Obligation School Building and Site Bonds, Series 1999, 5.750%, 5/01/25 (Pre-refunded 5/01/09) - FGIC Insured 2,500 Taylor Building Authority, Wayne, Michigan, Limited Tax General 3/10 at 100.00 AAA 2,654,725 Obligation Bonds, Series 2000, 5.125%, 3/01/17 (Pre-refunded 3/01/10) - AMBAC Insured 1,980 Washtenaw County Building Authority, Michigan, Limited Tax General 9/07 at 100.00 AAA 2,044,132 Obligation Bonds, Series 1999, 5.400%, 9/01/17 (Pre-refunded 9/01/07) - FGIC Insured 2,600 West Bloomfield School District, Oakland County, Michigan, Unlimited 5/10 at 100.00 AAA 2,845,128 Tax General Obligation School Building and Site Bonds, Series 2000, 5.900%, 5/01/18 (Pre-refunded 5/01/10) - FGIC Insured 1,125 Whitehall District Schools, Muskegon County, Michigan, General 11/11 at 100.00 AA (4) 1,235,554 Obligation Bonds, Series 2001, 5.500%, 5/01/17 (Pre-refunded 11/01/11) ----------------------------------------------------------------------------------------------------------------------------------- 67,980 Total U.S. Guaranteed 73,251,813 ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 12.3% (8.2% of Total Investments) 3,000 Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 1/12 at 100.00 AAA 3,189,240 Project, Series 2001A, 5.250%, 1/01/27 - AMBAC Insured 3,225 Michigan South Central Power Agency, Power Supply System Revenue Bonds, No Opt. Call A3 3,488,483 Series 2000, 6.000%, 5/01/12 1,000 Michigan Strategic Fund, Collateralized Limited Obligation Pollution 9/09 at 102.00 AAA 1,049,980 Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 - MBIA Insured (Alternative Minimum Tax) 4,000 Michigan Strategic Fund, Collateralized Limited Obligation Pollution 9/11 at 100.00 A3 4,123,680 Control Revenue Refunding Bonds, Detroit Edison Company, Series 2001C, 5.450%, 9/01/29 2,000 Michigan Strategic Fund, Limited Obligation Pollution Control 9/30 at 100.00 Aaa 2,083,440 Revenue Refunding Bonds, Detroit Edison Company, Series 1995CC, 4.850%, 9/01/30 (Mandatory put 9/01/11) - AMBAC Insured 26 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Utilities (continued) $ 3,630 Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, No Opt. Call AAA $ 4,729,600 Detroit Edison Company, Series 1991BB, 7.000%, 5/01/21 - AMBAC Insured 3,000 Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, 12/12 at 100.00 AAA 3,146,100 Detroit Edison Company, Series 2002C, 5.450%, 12/15/32 - XLCA Insured (Alternative Minimum Tax) 400 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 7/10 at 101.00 AAA 426,668 2000HH, 5.250%, 7/01/29 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 20,255 Total Utilities 22,237,191 ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 14.8% (9.8% of Total Investments) 1,500 Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, No Opt. Call AAA 1,745,655 Series 2001B, 5.500%, 7/01/29 - FGIC Insured 2,000 Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, 7/13 at 100.00 AAA 2,135,000 Series 2003A, 5.000%, 7/01/17 - FSA Insured 730 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, 7/11 at 100.00 AAA 771,289 Series 2001A, 5.250%, 7/01/33 - FGIC Insured Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A: 4,025 5.000%, 7/01/24 - MBIA Insured 7/13 at 100.00 AAA 4,239,009 3,000 5.000%, 7/01/25 - MBIA Insured 7/13 at 100.00 AAA 3,164,790 5,330 Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 7/15 at 100.00 AAA 5,580,457 2005, 5.000%, 1/01/30 - MBIA Insured 4,210 Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue 10/14 at 100.00 AAA 4,510,762 Bonds, Series 2004, 5.000%, 10/01/19 2,100 Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue 10/15 at 100.00 AAA 2,245,152 Bonds, Series 2005, 5.000%, 10/01/22 1,100 Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue 10/12 at 100.00 AAA 1,189,397 Refunding Bonds, Series 2002, 5.250%, 10/01/18 1,150 Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue 10/14 at 100.00 AAA 1,220,058 Bonds, Series 2004, 5.000%, 10/01/23 ----------------------------------------------------------------------------------------------------------------------------------- 25,145 Total Water and Sewer 26,801,569 ----------------------------------------------------------------------------------------------------------------------------------- $ 262,789 Total Investments (cost $256,014,375) - 150.3% 272,405,027 ============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.6% 2,880,402 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.9)% (94,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $181,285,429 ===================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (ETM) Security is escrowed to maturity. See accompanying notes to financial statements 27 Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 7.4% (5.1% of Total Investments) $ 440 Chandler Park Academy, Michigan, Public School Academy Charter School 11/15 at 100.00 BBB- $ 436,643 Revenue Bonds, Series 2005, 5.125%, 11/01/35 Eastern Michigan University, General Revenue Bonds, Series 2003: 1,000 5.000%, 6/01/28 - FGIC Insured 6/13 at 100.00 AAA 1,039,420 1,450 5.000%, 6/01/33 - FGIC Insured 6/13 at 100.00 AAA 1,499,808 2,000 Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 9/12 at 100.00 AAA 2,085,180 2002 XVII-G, 5.200%, 9/01/20 - AMBAC Insured (Alternative Minimum Tax) 3,500 Wayne State University, Michigan, General Revenue Bonds, Series 1999, 11/09 at 101.00 AAA 3,677,660 5.125%, 11/15/29 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 8,390 Total Education and Civic Organizations 8,738,711 ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 15.9% (10.8% of Total Investments) 2,050 Dearborn Hospital Finance Authority, Michigan, Hospital Revenue Bonds, 5/06 at 102.00 AAA 2,094,854 Oakwood Obligated Group, Series 1995A, 5.875%, 11/15/25 - FGIC Insured 2,200 Hancock Hospital Finance Authority, Michigan, FHA-Insured Mortgage 8/08 at 100.00 AAA 2,284,194 Hospital Revenue Bonds, Portage Health System Inc., Series 1998, 5.450%, 8/01/47 - MBIA Insured 4,300 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry 11/09 at 101.00 A1 4,576,146 Ford Health System, Series 1999A, 6.000%, 11/15/24 1,500 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 3/13 at 100.00 A1 1,622,580 Bonds, Henry Ford Health System, Series 2003A, 5.625%, 3/01/17 4,000 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 5/09 at 101.00 AAA 4,261,960 Bonds, Mercy Mt. Clemens Corporation Obligated Group, Series 1999A, 5.750%, 5/15/29 - MBIA Insured 500 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 11/11 at 101.00 A+ 524,060 Bonds, Sparrow Obligated Group, Series 2001, 5.625%, 11/15/31 425 Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea 5/15 at 100.00 BBB 424,184 Community Hospital, Series 2005, 5.000%, 5/15/25 325 Michigan State Hospital Finance Authority, Revenue Bonds, Marquette 5/15 at 100.00 Baa1 326,293 General Hospital, Series 2005A, 5.000%, 5/15/26 Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A: 2,000 6.250%, 8/15/13 2/06 at 100.00 BB- 2,000,800 500 6.500%, 8/15/18 2/06 at 100.00 BB- 500,260 ----------------------------------------------------------------------------------------------------------------------------------- 17,800 Total Health Care 18,615,331 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 6.2% (4.2% of Total Investments) 945 Michigan Housing Development Authority, GNMA Collateralized Limited 4/12 at 102.00 Aaa 975,864 Obligation Multifamily Housing Revenue Bonds, Burkshire Pointe Apartments, Series 2002A, 5.400%, 10/20/32 (Alternative Minimum Tax) 1,500 Michigan Housing Development Authority, Limited Obligation Revenue Bonds, 4/06 at 101.00 AAA 1,511,460 Breton Village Green Project, Series 1993, 5.625%, 10/15/18 - FSA Insured 2,400 Michigan Housing Development Authority, Limited Obligation Revenue Bonds, 4/06 at 101.00 AAA 2,438,040 Walled Lake Villa Project, Series 1993, 6.000%, 4/15/18 - FSA Insured Mt. Clemens Housing Corporation, Michigan, FHA-Insured Section 8 Assisted Multifamily Housing Revenue Refunding Bonds, Clinton Place Project, Series 1992A: 805 6.600%, 6/01/13 6/06 at 100.00 AAA 806,143 1,500 6.600%, 6/01/22 6/06 at 100.00 AAA 1,513,080 ----------------------------------------------------------------------------------------------------------------------------------- 7,150 Total Housing/Multifamily 7,244,587 ----------------------------------------------------------------------------------------------------------------------------------- 28 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Long Term Care - 0.5% (0.4% of Total Investments) $ 665 Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian 5/15 at 100.00 N/R $ 650,137 Villages of Michigan Obligated Group, Series 2005, 5.250%, 11/15/25 ----------------------------------------------------------------------------------------------------------------------------------- Materials - 0.9% (0.6% of Total Investments) 1,050 Dickinson County Economic Development Corporation, Michigan, Pollution 11/14 at 100.00 BBB 1,035,258 Control Revenue Bonds, International Paper Company, Series 2004A, 4.800%, 11/01/18 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 48.2% (32.9% of Total Investments) 1,475 Anchor Bay School District, Macomb and St. Clair Counties, Michigan, 11/13 at 100.00 AA 1,557,674 General Obligation Bonds, Series 2003, 5.000%, 5/01/21 2,500 Anchor Bay School District, Macomb and St. Clair Counties, Michigan, 5/11 at 100.00 AA 2,636,200 Unlimited Tax General Obligation Refunding Bonds, Series 2001, 5.000%, 5/01/21 2,250 Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, 5/15 at 100.00 AAA 2,362,883 General Obligation Bonds, Series 2005, 5.000%, 5/01/26 - MBIA Insured 1,375 Chippewa Valley Schools, Macomb County, Michigan, General Obligation 5/11 at 100.00 AA 1,417,433 Bonds, Series 2001, 5.000%, 5/01/26 Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A: 1,815 6.000%, 5/01/20 - FGIC Insured No Opt. Call AAA 2,176,621 750 6.000%, 5/01/21 - FGIC Insured No Opt. Call AAA 904,148 2,500 Detroit City School District, Wayne County, Michigan, General Obligation 5/13 at 100.00 AAA 2,633,475 Bonds, Series 2003B, 5.000%, 5/01/23 - FGIC Insured 2,665 Detroit, Michigan, General Obligation Bonds, Series 2004A-1, 5.250%, 4/14 at 100.00 AAA 2,842,382 4/01/24 - AMBAC Insured 7,000 Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General 2/07 at 102.00 AAA 7,242,408 Obligation Building Authority Stadium Bonds, Series 1997, 5.250%, 2/01/27 - FGIC Insured 1,350 Gull Lake Community Schools, Barry and Calhoun Counties, Kalamazoo, 5/14 at 100.00 AAA 1,420,227 Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/23 - FSA Insured 2,000 Howell Public Schools, Livingston County, Michigan, General Obligation 11/13 at 100.00 AA 2,107,480 Bonds, Series 2003, 5.000%, 5/01/22 1,000 Lansing School District, Ingham County, Michigan, General Obligation 5/14 at 100.00 AA 1,054,160 Bonds, Series 2004, 5.000%, 5/01/22 1,000 Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, 5/14 at 100.00 AAA 1,057,730 Series 2004A, 5.000%, 5/01/21 - MBIA Insured Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A: 1,000 5.250%, 5/01/20 5/13 at 100.00 AA 1,084,810 2,000 5.250%, 5/01/21 5/13 at 100.00 AA 2,155,480 1,000 Otsego Public Schools District, Allegan and Kalamazoo Counties, Michigan, 5/14 at 100.00 AAA 1,048,480 General Obligation Bonds, Series 2004, 5.000%, 5/01/25 - FSA Insured 1,100 Oxford Area Community Schools, Oakland and Lapeer Counties, Michigan, 5/14 at 100.00 AAA 1,153,328 General Obligation Bonds, Series 2004, 5.000%, 5/01/25 - FSA Insured 2,515 Plainwell Community Schools, Allegan County, Michigan, General Obligation 11/12 at 100.00 AA 2,607,326 Bonds, Series 2002, 5.000%, 5/01/28 1,000 Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, 5/15 at 100.00 AAA 1,047,840 Series 2005, 5.000%, 5/01/27 - FSA Insured South Lyon Community Schools, Oakland, Washtenaw and Livingston Counties, Michigan, General Obligation Bonds, Series 2003: 2,350 5.250%, 5/01/19 - FGIC Insured 11/12 at 100.00 AAA 2,543,053 1,575 5.250%, 5/01/22 - FGIC Insured 11/12 at 100.00 AAA 1,698,370 1,425 Walled Lake Consolidated School District, Oakland County, Michigan, 5/14 at 100.00 AAA 1,556,043 General Obligation Bonds, Series 2004, 5.250%, 5/01/20 - MBIA Insured 2,830 Warren Consolidated School District, Macomb and Oakland Counties, 5/13 at 100.00 AA 3,066,305 Michigan, General Obligation Refunding Bonds, Series 2003, 5.250%, 5/01/20 29 Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) 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 - MBIA Insured 12/11 at 101.00 AAA $ 1,640,955 4,270 5.000%, 12/01/30 - MBIA Insured 12/11 at 101.00 AAA 4,423,378 2,950 West Bloomfield School District, Oakland County, Michigan, General 5/14 at 100.00 AAA 3,109,772 Obligation Bonds, Series 2004, 5.000%, 5/01/22 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 53,195 Total Tax Obligation/General 56,547,961 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 17.7% (12.1% of Total Investments) Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I: 2,570 5.500%, 10/15/19 10/11 at 100.00 AA- 2,799,630 6,500 5.000%, 10/15/24 10/11 at 100.00 AA- 6,813,430 1,600 Michigan State Building Authority, Revenue Bonds, Facilities Program, 10/15 at 100.00 AAA 1,676,992 Series 2005II, 5.000%, 10/15/30 - AMBAC Insured Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II: 5,000 5.000%, 10/15/22 - MBIA Insured 10/13 at 100.00 AAA 5,273,850 2,480 5.000%, 10/15/23 - MBIA Insured 10/13 at 100.00 AAA 2,614,813 1,500 Michigan, Comprehensive Transportation Revenue Refunding Bonds, Series 11/11 at 100.00 AAA 1,594,890 2001A, 5.000%, 11/01/19 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 19,650 Total Tax Obligation/Limited 20,773,605 ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 0.7% (0.5% of Total Investments) 1,000 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American 6/06 at 100.00 CCC 802,330 Airlines Inc., Series 1993A, 6.300%, 6/01/23 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 22.7% (15.5% of Total Investments) (4) 1,000 Central Montcalm Public Schools, Montcalm and Ionia Counties, Michigan, 5/09 at 100.00 AAA 1,070,880 General Obligation Unlimited Tax School Building and Site Bonds, Series 1999, 5.750%, 5/01/24 (Pre-refunded 5/01/09) - MBIA Insured 500 Detroit City School District, Wayne County, Michigan, Unlimited Tax 5/12 at 100.00 AAA 551,980 School Building and Site Improvement Bonds, Series 2001A, 5.500%, 5/01/21 (Pre-refunded 5/01/12) - FSA Insured 4,000 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1/10 at 101.00 AAA 4,363,840 1999A, 5.750%, 7/01/26 (Pre-refunded 1/01/10) - FGIC Insured 1,385 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 7/11 at 100.00 AAA 1,498,279 2001A, 5.250%, 7/01/33 (Pre-refunded 7/01/11) - FGIC Insured 2,000 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 1/10 at 101.00 AAA 2,191,000 5.875%, 7/01/27 (Pre-refunded 1/01/10) - FGIC Insured 3,815 East Lansing Building Authority, Ingham and Clinton Counties, Michigan, 4/11 at 100.00 AA (4) 4,138,016 Unlimited Tax General Obligation Building Authority Bonds, Series 2000, 5.375%, 4/01/25 (Pre-refunded 4/01/11) 1,185 Linden Community School District, Genesse County, Michigan, General 11/13 at 100.00 AA (4) 1,283,592 Obligation Bonds, Series 2003, 5.000%, 5/01/21 (Pre-refunded 11/01/13) 75 Michigan South Central Power Agency, Power Supply System Revenue Bonds, No Opt. Call A3 (4) 83,318 Series 2000, 6.000%, 5/01/12 (ETM) 1,500 Michigan State Building Authority, Revenue Bonds, Facilities Program, 10/10 at 100.00 AA- (4) 1,617,930 Series 2000I, 5.375%, 10/15/20 (Pre-refunded 10/15/10) 2,500 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, 11/09 at 101.00 AAA 2,750,875 Ascension Health Credit Group, Series 1999A, 6.125%, 11/15/26 (Pre-refunded 11/15/09) 3,000 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 5/06 at 100.00 AAA 3,191,850 Bonds, St. John's Hospital, Series 1993A, 6.000%, 5/15/13 (ETM) - AMBAC Insured 1,000 Michigan, Certificates of Participation, New Center Development Inc., 9/11 at 100.00 AAA 1,085,970 Series 2001, 5.375%, 9/01/21 (Pre-refunded 9/01/11) - MBIA Insured 1,240 Milan Area Schools, Washtenaw and Monroe Counties, Michigan, General 5/10 at 100.00 AAA 1,343,552 Obligation Bonds, Series 2000A, 5.625%, 5/01/16 (Pre-refunded 5/01/10) - FGIC Insured 30 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 310 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed 7/10 at 100.00 AAA $ 327,028 Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded 7/01/10) 1,000 Rochester Community School District, Oakland and Macomb Counties, 5/10 at 100.00 AAA 1,088,410 Michigan, General Obligation Bonds, Series 2000I, 5.750%, 5/01/19 (Pre-refunded 5/01/10) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 24,510 Total U.S. Guaranteed 26,586,520 ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 13.7% (9.4% of Total Investments) 1,000 Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 1/12 at 100.00 AAA 1,063,080 Project, Series 2001A, 5.250%, 1/01/27 - AMBAC Insured 925 Michigan South Central Power Agency, Power Supply System Revenue Bonds, No Opt. Call A3 1,000,573 Series 2000, 6.000%, 5/01/12 1,000 Michigan Strategic Fund, Collateralized Limited Obligation Pollution 9/09 at 102.00 AAA 1,049,980 Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 - MBIA Insured (Alternative Minimum Tax) 5,000 Michigan Strategic Fund, Collateralized Limited Obligation Pollution 9/11 at 100.00 A3 5,154,600 Control Revenue Refunding Bonds, Detroit Edison Company, Series 2001C, 5.450%, 9/01/29 3,000 Michigan Strategic Fund, Limited Obligation Pollution Control Revenue 9/30 at 100.00 Aaa 3,125,160 Refunding Bonds, Detroit 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, 12/12 at 100.00 AAA 3,146,100 Detroit Edison Company, Series 2002C, 5.450%, 12/15/32 - XLCA Insured (Alternative Minimum Tax) 1,500 Wyandotte, Michigan, Electric Revenue Refunding Bonds, Series 2002, 10/08 at 101.00 AAA 1,582,455 5.375%, 10/01/17 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 15,425 Total Utilities 16,121,948 ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 12.4% (8.5% of Total Investments) 2,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, 7/15 at 100.00 AAA 2,083,020 Series 2005A, 5.000%, 7/01/30 - MBIA Insured 1,500 Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, No Opt. Call AAA 1,745,655 Series 2001B, 5.500%, 7/01/29 - FGIC Insured 4,960 Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, 7/13 at 100.00 AAA 5,294,800 Series 2003A, 5.000%, 7/01/17 - FSA Insured 1,315 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, 7/11 at 100.00 AAA 1,389,376 Series 2001A, 5.250%, 7/01/33 - FGIC Insured 1,000 Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue 10/15 at 100.00 AAA 1,069,120 Bonds, Series 2005, 5.000%, 10/01/22 2,800 Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue 10/14 at 100.00 AAA 2,970,576 Bonds, Series 2004, 5.000%, 10/01/23 ----------------------------------------------------------------------------------------------------------------------------------- 13,575 Total Water and Sewer 14,552,547 ----------------------------------------------------------------------------------------------------------------------------------- $ 162,410 Total Investments (cost $163,304,801) - 146.3% 171,668,935 ============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.4% 1,653,660 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (47.7)% (56,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $117,322,595 ===================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (ETM) Security is escrowed to maturity. See accompanying notes to financial statements. 31 Nuveen Michigan Dividend Advantage Municipal Fund (NZW) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 7.9% (5.4% of Total Investments) $ 230 Chandler Park Academy, Michigan, Public School Academy Charter School 11/15 at 100.00 BBB- $ 228,245 Revenue Bonds, Series 2005, 5.125%, 11/01/35 1,150 Michigan Higher Education Facilities Authority, Limited Obligation 9/11 at 100.00 Aaa 1,187,525 Revenue Refunding Bonds, Kettering University, Series 2001, 5.000%, 9/01/26 - AMBAC Insured 1,010 Michigan Technological University, General Revenue Bonds, Series 2004A, 10/13 at 100.00 AAA 1,072,166 5.000%, 10/01/20 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 2,390 Total Education and Civic Organizations 2,487,936 ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 16.0% (10.8% of Total Investments) 500 Allegan Hospital Finance Authority, Michigan, Revenue Bonds, Allegan 11/09 at 101.00 N/R 530,740 General Hospital, Series 1999, 7.000%, 11/15/21 500 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 5/06 at 102.00 A1 510,050 Bonds, Henry Ford Health System, Series 1995A, 5.250%, 11/15/20 700 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 7/06 at 102.00 Ba3 705,880 Bonds, Sinai Hospital, Series 1995, 6.625%, 1/01/16 750 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 11/11 at 101.00 A+ 786,090 Bonds, Sparrow Obligated Group, Series 2001, 5.625%, 11/15/31 425 Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea 5/15 at 100.00 BBB 415,323 Community Hospital, Series 2005, 5.000%, 5/15/30 200 Michigan State Hospital Finance Authority, Revenue Bonds, Marquette 5/15 at 100.00 Baa1 200,796 General Hospital, Series 2005A, 5.000%, 5/15/26 1,800 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, 11/11 at 100.00 AAA 1,868,940 William Beaumont Hospital, Series 2001M, 5.250%, 11/15/31 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,875 Total Health Care 5,017,819 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 5.6% (3.8% of Total Investments) 1,700 Michigan Housing Development Authority, GNMA Collateralized Limited 8/12 at 102.00 Aaa 1,764,651 Obligation Multifamily Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.400%, 2/20/31 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 4.1% (2.8% of Total Investments) 1,250 Michigan Housing Development Authority, Single Family Mortgage Revenue 1/11 at 100.00 AAA 1,292,000 Bonds, Series 2001, 5.300%, 12/01/16 - MBIA Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- Industrials - 1.6% (1.1% of Total Investments) 500 Michigan Strategic Fund, Limited Obligation Revenue Bonds, Republic 8/31 at 100.00 BBB+ 487,340 Services Inc., Series 2001, 4.250%, 8/01/31 (Mandatory put 4/01/14) (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 1.0% (0.6% of Total Investments) 335 Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian 5/15 at 100.00 N/R 327,513 Villages of Michigan Obligated Group, Series 2005, 5.250%, 11/15/25 ----------------------------------------------------------------------------------------------------------------------------------- Materials - 1.6% (1.0% of Total Investments) 500 Dickinson County Economic Development Corporation, Michigan, Pollution 11/14 at 100.00 BBB 492,980 Control Revenue Bonds, International Paper Company, Series 2004A, 4.800%, 11/01/18 ----------------------------------------------------------------------------------------------------------------------------------- 32 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 29.6% (20.0% of Total Investments) $ 500 Fitzgerald Public School District, Macomb County, Michigan, General 11/14 at 100.00 AAA $ 538,685 Obligation Bonds, Series 2004B, 5.000%, 5/01/16 - AMBAC Insured 1,000 Garden City School District, Wayne County, Michigan, General Obligation 5/11 at 100.00 AA 1,030,860 Refunding Bonds, Series 2001, 5.000%, 5/01/26 1,500 Huron Valley School District, Oakland and Livingston Counties, Michigan, 11/11 at 100.00 AA 1,549,410 General Obligation Bonds, Series 2001, 5.000%, 5/01/27 500 Jackson Public Schools, Jackson County, Michigan, General Obligation 5/14 at 100.00 AAA 527,080 School Building and Site Bonds, Series 2004, 5.000%, 5/01/22 - FSA Insured 1,150 Muskegon County, Michigan, Limited Tax General Obligation Wastewater 7/11 at 100.00 AAA 1,186,524 Management System 2 Revenue Bonds, Series 2002, 5.000%, 7/01/26 - FGIC Insured Washtenaw County, Michigan, Limited Tax General Obligation Bonds, Sylvan Township Water and Wastewater System, Series 2001: 500 5.000%, 5/01/19 - MBIA Insured 5/09 at 100.50 AAA 522,315 800 5.000%, 5/01/20 - MBIA Insured 5/09 at 100.50 AAA 835,704 1,650 Wayne County, Michigan, Limited Tax General Obligation Airport Hotel 12/11 at 101.00 AAA 1,709,268 Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 - MBIA Insured 1,300 Willow Run Community Schools, Washtenaw County, Michigan, General 5/11 at 100.00 AA 1,370,824 Obligation Bonds, Series 2001, 5.000%, 5/01/21 ----------------------------------------------------------------------------------------------------------------------------------- 8,900 Total Tax Obligation/General 9,270,670 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 10.0% (6.8% of Total Investments) 1,100 Grand Rapids Building Authority, Kent County, Michigan, Limited Tax 10/11 at 100.00 AAA 1,143,967 General Obligation Bonds, Series 2001, 5.125%, 10/01/26 - MBIA Insured 1,205 Michigan State Building Authority, Revenue Bonds, Facilities Program, 10/11 at 100.00 AA- 1,263,105 Series 2001I, 5.000%, 10/15/24 615 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, No Opt. Call BBB- 730,774 Series 2002E, 6.000%, 8/01/26 ----------------------------------------------------------------------------------------------------------------------------------- 2,920 Total Tax Obligation/Limited 3,137,846 ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 41.8% (28.3% of Total Investments) (4) 1,000 Detroit City School District, Wayne County, Michigan, General Obligation 5/13 at 100.00 AAA 1,102,790 Bonds, Series 2002A, 5.375%, 5/01/24 (Pre-refunded 5/01/13) - FGIC Insured 1,000 Detroit City School District, Wayne County, Michigan, Unlimited Tax 5/12 at 100.00 AAA 1,103,960 School Building and Site Improvement Bonds, Series 2001A, 5.500%, 5/01/21 (Pre-refunded 5/01/12) - FSA Insured 515 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 7/11 at 100.00 AAA 557,122 2001A, 5.250%, 7/01/33 (Pre-refunded 7/01/11) - FGIC Insured 2,200 Huron School District, Wayne and Monroe Counties, Michigan, General 5/11 at 100.00 AAA 2,388,671 Obligation Bonds, Series 2001, 5.375%, 5/01/26 (Pre-refunded 5/01/11) - FSA Insured 1,000 Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum 7/11 at 101.00 AA (4) 1,086,800 Health, Series 2001A, 5.250%, 1/15/21 (Pre-refunded 7/15/11) 1,000 Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue 10/10 at 101.00 AAA 1,105,110 Bonds, Series 2000, 5.875%, 10/01/17 (Pre-refunded 10/01/10) 2,000 Michigan State Trunk Line, Fund Bonds, Series 2001A, 5.000%, 11/01/25 11/11 at 100.00 AAA 2,145,020 (Pre-refunded 11/01/11) - FSA Insured 1,000 Oxford Area Community Schools, Oakland and Lapeer Counties, Michigan, 11/11 at 100.00 AA (4) 1,098,270 General Obligation Bonds, Series 2001, 5.500%, 5/01/17 (Pre-refunded 11/01/11) 500 Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, 10/10 at 101.00 AAA 539,870 Series 2000A, 5.500%, 10/01/40 (ETM) 85 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, No Opt. Call BBB- (4) 105,154 Series 2002E, 6.000%, 8/01/26 (ETM) 235 Puerto Rico, General Obligation and Public Improvement Bonds, Series 7/11 at 100.00 Aaa 253,748 2001A, 5.125%, 7/01/31 (Pre-refunded 7/01/11) 33 Nuveen Michigan Dividend Advantage Municipal Fund (NZW) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 1,000 Rochester Community School District, Oakland and Macomb Counties, 11/11 at 100.00 AA (4) $ 1,098,270 Michigan, General Obligation Bonds, Series 2001II, 5.500%, 5/01/22 (Pre-refunded 11/01/11) 500 Warren Building Authority, Michigan, Limited Tax General Obligation 11/10 at 100.00 AAA 534,770 Bonds, Series 2001, 5.150%, 11/01/22 (Pre-refunded 11/01/10) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,035 Total U.S. Guaranteed 13,119,555 ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 15.3% (10.4% of Total Investments) 1,115 Lansing Board of Water and Light, Michigan, Steam and Electric Utility 7/13 at 100.00 AAA 1,177,919 System Revenue Bonds, Series 2003A, 5.000%, 7/01/21 - FSA Insured 1,235 Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 1/12 at 100.00 AAA 1,322,290 Project, Series 2001A, 5.250%, 1/01/24 - AMBAC Insured 2,215 Michigan Strategic Fund, Collateralized Limited Obligation Pollution 9/11 at 100.00 A3 2,308,251 Control Revenue Refunding Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 4,565 Total Utilities 4,808,460 ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 13.4% (9.0% of Total Investments) 1,000 Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, No Opt. Call AAA 1,163,770 Series 2001B, 5.500%, 7/01/29 - FGIC Insured 1,000 Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, 7/13 at 100.00 AAA 1,067,500 Series 2003A, 5.000%, 7/01/17 - FSA Insured Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A: 1,000 5.000%, 7/01/30 - FGIC Insured 7/11 at 100.00 AAA 1,025,940 485 5.250%, 7/01/33 - FGIC Insured 7/11 at 100.00 AAA 512,432 400 Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue 10/15 at 100.00 AAA 427,648 Bonds, Series 2005, 5.000%, 10/01/22 ----------------------------------------------------------------------------------------------------------------------------------- 3,885 Total Water and Sewer 4,197,290 ----------------------------------------------------------------------------------------------------------------------------------- $ 43,855 Total Investments (cost $44,070,284) - 147.9% 46,404,060 ============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.1% 962,848 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.0)% (16,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 31,366,908 ===================================================================================================================== Forward Swaps outstanding at January 31, 2006: Fixed Rate Floating Rate Paid Fixed Rate Received Floating Rate Unrealized Notional by the Fund Payment by the Fund Payment Effective Termination Appreciation Counterparty Amount (annualized) Frequency Based On Frequency Date (5) Date (Depreciation) ----------------------------------------------------------------------------------------------------------------------------------- JPMorgan $1,100,000 5.075% Semi-Annually 3 Month USD-LIBOR Quarterly 2/22/06 2/22/26 $ 9,432 JPMorgan 700,000 4.833 Semi-Annually 3 Month USD-LIBOR Quarterly 2/09/06 2/09/36 33,991 ----------------------------------------------------------------------------------------------------------------------------------- $43,423 =================================================================================================================================== USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates) (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. (5) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. N/R Investment is not rated. (ETM) Security is escrowed to maturity. See accompanying notes to financial statements. 34 Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Consumer Staples - 1.7% (1.2% of Total Investments) $ 2,710 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed 5/12 at 100.00 BBB $ 2,760,379 Refunding Bonds, Series 2002, 5.375%, 5/15/33 ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 10.3% (7.0% of Total Investments) 1,750 Ohio Higher Education Facilities Commission, General Revenue Bonds, 10/13 at 100.00 AA 1,840,773 Oberlin College, Series 2003, 5.125%, 10/01/24 1,000 Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg 12/15 at 100.00 Baa1 1,009,610 University, Series 2005, 5.000%, 12/01/29 1,415 Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison 11/14 at 100.00 AA 1,494,962 University, Series 2004, 5.000%, 11/01/21 1,320 Ohio Higher Educational Facilities Commission, Revenue Bonds, University 12/14 at 100.00 AAA 1,384,759 of Dayton, Series 2004, 5.000%, 12/01/25 - AMBAC Insured 1,200 Ohio Higher Educational Facilities Commission, Revenue Bonds, University 9/06 at 101.00 Ba1 1,217,964 of Findlay, Series 1996, 6.125%, 9/01/16 1,000 Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg 12/11 at 100.00 Baa1 1,067,490 University, Series 2001, 5.500%, 12/01/15 1,200 Ohio State University, General Receipts Bonds, Series 2002A, 5.125%, 12/12 at 100.00 AA 1,249,356 12/01/31 3,000 Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/13 at 100.00 AA 3,242,670 6/01/22 1,510 University of Akron, Ohio, General Receipts Bonds, Series 2003A, 5.000%, 1/13 at 100.00 AAA 1,593,216 1/01/21 - AMBAC Insured 850 University of Cincinnati, Ohio, General Receipts Bonds, Series 2003C, 6/13 at 100.00 AAA 895,781 5.000%, 6/01/22 - FGIC Insured 1,200 University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D, 6/14 at 100.00 AAA 1,276,824 5.000%, 6/01/19 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 15,445 Total Education and Civic Organizations 16,273,405 ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 23.1% (15.8% of Total Investments) 2,000 Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital 11/09 at 101.00 Baa1 2,038,240 Facilities Revenue Bonds, Summa Health System, Series 1998A, 5.375%, 11/15/24 1,000 Cuyahoga County, Ohio, Hospital Revenue Refunding and Improvement Bonds, 2/07 at 102.00 AAA 1,040,070 MetroHealth System, Series 1997, 5.625%, 2/15/17 - MBIA Insured 2,000 Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland Clinic Health 7/13 at 100.00 Aa3 2,201,880 System, Series 2003A, 6.000%, 1/01/32 4,500 Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional 8/12 at 101.00 A 4,696,290 Medical Center, Series 2002A, 5.625%, 8/15/32 Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Children's Hospital Project, Series 1996A: 1,000 5.750%, 11/01/20 11/06 at 101.00 Aa2 1,020,310 1,500 5.875%, 11/01/25 11/06 at 101.00 Aa2 1,530,720 2,455 Hamilton County, Ohio, Revenue Bonds, Children's Hospital Medical 5/14 at 100.00 AAA 2,665,934 Center, Series 2004J, 5.250%, 5/15/16 - FGIC Insured 2,405 Miami County, Ohio, Hospital Facilities Revenue Refunding and Improvement 5/06 at 102.00 BBB+ 2,466,111 Bonds, Upper Valley Medical Center, Series 1996A, 6.250%, 5/15/16 1,500 Montgomery County, Ohio, Hospital Facilities Revenue Refunding and 4/06 at 102.00 AAA 1,535,535 Improvement Bonds, Kettering Medical Center, Series 1996, 5.625%, 4/01/16 - MBIA Insured 35 Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Health Care (continued) Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A: $ 2,500 5.000%, 5/01/30 5/14 at 100.00 AA $ 2,562,650 2,500 5.000%, 5/01/32 No Opt. Call AA 2,559,725 6,000 Parma Community General Hospital Association, Ohio, Hospital Revenue 11/08 at 101.00 A- 6,136,977 Refunding and Improvement Bonds, Series 1998, 5.375%, 11/01/29 2,500 Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, 11/10 at 101.00 A- 2,708,125 MedCentral Health System Obligated Group, Series 2000B, 6.375%, 11/15/30 1,500 Steubenville, Ohio, Hospital Facilities Revenue Refunding and Improvement 10/10 at 100.00 A3 1,630,560 Bonds, Trinity Health System, Series 2000, 6.375%, 10/01/20 1,705 Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, Union 10/11 at 101.00 AA 1,849,055 Hospital Project, Series 2001, 5.750%, 10/01/21 - RAAI Insured ----------------------------------------------------------------------------------------------------------------------------------- 35,065 Total Health Care 36,642,182 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 5.9% (4.0% of Total Investments) 1,385 Clermont County, Ohio, GNMA Collateralized Mortgage Revenue Bonds, 2/06 at 101.00 Aaa 1,393,476 S.E.M. Villa II Project, Series 1994A, 5.950%, 2/20/30 1,000 Cuyahoga County, Ohio, GNMA Collateralized Multifamily Housing Mortgage 9/12 at 102.00 Aaa 1,034,950 Revenue Bonds, Livingston Park Apartments Project, Series 2002A, 5.350%, 9/20/27 (Alternative Minimum Tax) 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 2,582,118 2,250 5.450%, 1/20/31 (Alternative Minimum Tax) 7/11 at 102.00 Aaa 2,327,580 975 Cuyahoga County, Ohio, GNMA Collateralized Multifamily Housing Mortgage 9/10 at 102.00 Aaa 995,719 Revenue Bonds, West Tech Apartments Project, Series 2002A, 5.350%, 3/20/33 (Alternative Minimum Tax) 985 Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue 7/06 at 102.00 Aa 996,909 Bonds, Hamilton Creek Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 9,070 Total Housing/Multifamily 9,330,752 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 3.6% (2.5% of Total Investments) 1,295 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 9/07 at 102.00 Aaa 1,317,313 Residential Mortgage Revenue Bonds, Series 1996B-3, 5.750%, 9/01/28 (Alternative Minimum Tax) 2,140 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 9/08 at 102.00 Aaa 2,185,026 Residential Mortgage Revenue Bonds, Series 1997B, 5.400%, 9/01/29 (Alternative Minimum Tax) 2,045 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 3/08 at 101.50 AAA 2,099,254 Residential Mortgage Revenue Bonds, Series 1998A-1, 5.300%, 9/01/19 - FSA Insured (Alternative Minimum Tax) 125 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 3/12 at 100.00 Aaa 128,374 Residential Mortgage Revenue Bonds, Series 2002D, 5.400%, 9/01/34 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 5,605 Total Housing/Single Family 5,729,967 ----------------------------------------------------------------------------------------------------------------------------------- Industrials - 0.4% (0.3% of Total Investments) 530 Cleveland-Cuyahoga County Port Authority, Ohio, Bond Fund Program 11/14 at 100.00 N/R 546,833 Development Revenue Bonds, Myers University, Series 2004E, 5.600%, 5/15/25 ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 0.7% (0.4% of Total Investments) 1,000 Hamilton County, Ohio, Healthcare Facilities Improvement Revenue Bonds, 10/08 at 102.00 BBB 1,039,810 Twin Towers, Series 1999A, 5.800%, 10/01/23 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 48.1% (32.7% of Total Investments) 1,000 Ansonia Local School District, Darke County, Ohio, General Obligation 12/10 at 102.00 Aaa 1,103,760 Bonds, Series 2000, 5.500%, 12/01/22 - MBIA Insured 1,000 Bay Village City School District, Ohio, General Obligation Unlimited Tax 12/10 at 100.00 Aa2 1,042,250 School Improvement Bonds, Series 2001, 5.000%, 12/01/25 270 Berea City School District, Ohio, General Obligation Unlimited Tax School 12/06 at 100.00 AAA 270,915 Improvement Bonds, Series 1993, 7.500%, 12/15/06 - AMBAC Insured 36 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) Butler County, Ohio, General Obligation Bonds, Series 2002: $ 1,345 5.000%, 12/01/21 - MBIA Insured 12/12 at 100.00 Aaa $ 1,422,378 1,200 5.000%, 12/01/22 - MBIA Insured 12/12 at 101.00 Aaa 1,266,072 Butler County, Ohio, General Obligation Judgment Bonds, Series 2002: 2,030 5.250%, 12/01/21 12/12 at 101.00 Aa3 2,200,601 2,140 5.250%, 12/01/22 12/12 at 101.00 Aa3 2,319,846 1,560 Canal Winchester Local School District, Franklin and Fairfield Counties, 12/11 at 100.00 Aaa 1,609,624 Ohio, School Facilities Construction and Improvement Bonds, Series 2001B, 5.000%, 12/01/28 - FGIC Insured 1,500 Centerville City School District, Montgomery County, Ohio, General 6/15 at 100.00 Aaa 1,569,945 Obligation Bonds, Series 2005, 5.000%, 12/01/30 - FSA Insured 1,000 Central Ohio Solid Waste Authority, General Obligation Bonds, Series 6/14 at 100.00 AAA 1,074,480 2004A, 5.000%, 12/01/15 - AMBAC Insured 2,600 Cincinnati City School District, Hamilton County, Ohio, General 12/12 at 100.00 AAA 2,805,712 Obligation Bonds, Series 2002, 5.250%, 6/01/21 - FSA Insured 1,000 Cleveland Municipal School District, Cuyahoga County, Ohio, General 6/14 at 100.00 AAA 1,054,630 Obligation Bonds, Series 2004, 5.000%, 12/01/22 - FSA Insured 1,200 Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 AA+ 1,278,840 12/01/21 1,000 Dayton, Ohio, General Obligation Bonds, Series 2004, 5.250%, 6/14 at 100.00 AAA 1,093,200 12/01/19 - AMBAC Insured 1,000 Dublin City School District, Franklin, Delaware and Union Counties, Ohio, 12/13 at 100.00 AAA 1,055,060 General Obligation Bonds, Series 2003, 5.000%, 12/01/22 - FSA Insured 1,000 Dublin, Ohio, Unlimited Tax Various Purpose Improvement Bonds, Series 12/10 at 100.00 Aaa 1,056,410 2000A, 5.000%, 12/01/20 1,195 Fairview Park City School District, Cuyahoga County, Ohio, General 6/15 at 100.00 Aaa 1,264,812 Obligation Bonds, Series 2005, 5.000%, 12/01/24 - MBIA Insured 1,300 Franklin County, Ohio, Limited Tax General Obligation Refunding Bonds, 12/08 at 102.00 AAA 1,388,894 Series 1993, 5.375%, 12/01/20 2,000 Garfield Heights City School District, Cuyahoga County, Ohio, General 12/11 at 100.00 Aaa 2,072,400 Obligation School Improvement Bonds, Series 2001, 5.000%, 12/15/26 - MBIA Insured 1,160 Kenston Local School District, Geauga County, Ohio, General Obligation 6/13 at 100.00 Aaa 1,223,754 Bonds, Series 2003, 5.000%, 12/01/22 - MBIA Insured 2,000 Louisville City School District, Ohio, General Obligation Bonds, 12/11 at 100.00 Aaa 2,061,540 Series 2001, 5.000%, 12/01/29 - FGIC Insured 1,515 Massillon City School District, Ohio, General Obligation Bonds, 12/12 at 100.00 Aaa 1,634,867 Series 2003, 5.250%, 12/01/21 - MBIA Insured 760 Middletown City School District, Butler County, Ohio, General Obligation 12/13 at 100.00 Aaa 802,317 Bonds, Series 2004, 5.000%, 12/01/25 - FGIC Insured 1,260 Morgan Local School District, Morgan, Muskingum and Washington 12/10 at 101.00 AA 1,389,263 Counties, Ohio, Unlimited Tax General Obligation School Improvement Bonds, Series 2000, 5.750%, 12/01/22 1,000 Newark City School District, Licking County, Ohio, General Obligation 12/15 at 100.00 AAA 1,051,090 Bonds, Series 2005, 5.000%, 12/01/28 - FGIC Insured 3,000 Ohio, General Obligation Bonds, Infrastructure Improvements, Series 2/13 at 100.00 AA+ 3,158,760 2003F, 5.000%, 2/01/23 5,000 Ohio, General Obligation Bonds, Series 2005A, 5.000%, 9/01/20 3/15 at 100.00 AA+ 5,351,950 Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, Series 2004A: 1,315 5.250%, 12/01/23 - FGIC Insured 6/14 at 100.00 AAA 1,433,652 3,380 5.250%, 12/01/24 - FGIC Insured 6/14 at 100.00 AAA 3,677,474 1,510 Painesville City School District, Ohio, General Obligation Bonds, 12/14 at 100.00 AAA 1,601,159 Series 2004, 5.000%, 12/01/22 - FGIC Insured 1,155 Perry Local School District, Allen County, Ohio, General Obligation 12/11 at 101.00 AAA 1,247,631 Bonds, Series 2001, 5.250%, 12/01/25 - AMBAC Insured 2,720 Pickerington Local School District, Fairfield and Franklin Counties, 12/11 at 100.00 AAA 2,806,523 Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Series 2001, 5.000%, 12/01/28 - FGIC Insured 37 Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 280 Plain Local School District, Franklin and Licking Counties, Ohio, 6/11 at 100.00 Aaa $ 311,539 General Obligation Bonds, Series 2000, 6.000%, 12/01/20 - FGIC Insured 1,100 Plain Local School District, Franklin and Licking Counties, Ohio, General 6/12 at 100.00 Aaa 1,203,356 Obligation Bonds, Series 2002, 5.500%, 12/01/17 - FGIC Insured 1,445 Portage County, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/11 at 100.00 AAA 1,492,468 12/01/27 - FGIC Insured 1,000 Princeton City School District, Butler County, Ohio, General Obligation 12/13 at 100.00 AAA 1,040,340 Bonds, Series 2003, 5.000%, 12/01/30 - MBIA Insured 2,830 Springfield Township, Hamilton County, Ohio, Various Purpose Limited 12/11 at 100.00 Aa3 2,982,905 Tax General Obligation Bonds, Series 2002, 5.250%, 12/01/27 2,000 Strongsville, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/11 at 100.00 Aaa 2,114,440 12/01/21 - FGIC Insured 70 Strongsville, Ohio, Limited Tax General Obligation Various Purpose 12/06 at 102.00 Aa2 72,785 Improvement Bonds, Series 1996, 5.950%, 12/01/21 2,000 Sugarcreek Local School District, Athens County, Ohio, General 12/13 at 100.00 Aaa 2,140,480 Obligation Bonds, Series 2003, 5.250%, 12/01/27 - MBIA Insured 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 AAA 2,679,682 1,170 5.000%, 12/01/22 - FGIC Insured 6/14 at 100.00 AAA 1,237,287 1,000 West Chester Township, Butler County, Ohio, General Obligation Bonds, 12/13 at 100.00 Aaa 1,042,360 Series 2003, 5.000%, 12/01/28 - MBIA Insured 2,000 Westerville City School District, Franklin and Delaware Counties, 6/11 at 100.00 AAA 2,060,680 Ohio, Various Purpose General Obligation Bonds, Series 2001, 5.000%, 12/01/27 - MBIA Insured 1,000 Westlake, Ohio, Various Purpose General Obligation Improvement and 12/08 at 101.00 Aaa 1,063,990 Refunding Bonds, Series 1997, 5.550%, 12/01/17 2,155 Youngstown City School District, Mahoning County, Ohio, General 12/14 at 100.00 AAA 2,268,827 Obligation Bonds, Series 2005, 5.000%, 12/01/25 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 71,680 Total Tax Obligation/General 76,100,948 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 10.5% (7.1% of Total Investments) 1,380 Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, 6/14 at 100.00 AAA 1,442,555 Series 2004A, 5.000%, 12/01/25 - AMBAC Insured 3,000 Franklin County, Ohio, Excise Tax and Lease Revenue Anticipation Bonds, 12/15 at 100.00 AAA 3,160,620 Convention Facilities Authority, Series 2005, 5.000%, 12/01/27 - AMBAC Insured 1,085 Hamilton County Convention Facilities Authority, Ohio, First Lien 6/14 at 100.00 AAA 1,155,254 Revenue Bonds, Series 2004, 5.000%, 12/01/18 - FGIC Insured 1,000 Hudson City School District, Ohio, Certificates of Participation, 6/14 at 100.00 Aaa 1,041,780 Series 2004, 5.000%, 6/01/26 - MBIA Insured New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2001B: 1,000 5.500%, 10/01/15 - AMBAC Insured 4/12 at 100.00 AAA 1,096,070 1,000 5.500%, 10/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,091,760 175 Ohio Department of Transportation, Certificates of Participation, 4/06 at 100.00 AA 175,233 Rickenbacker International Airport Improvements, Series 1996, 6.125%, 4/15/15 (Alternative Minimum Tax) 800 Ohio State Building Authority, State Facilities Bonds, Administrative 4/15 at 100.00 AAA 843,560 Building Fund Projects, Series 2005A, 5.000%, 4/01/25 - FSA Insured 2,645 Ohio State Building Authority, State Facilities Bonds, Adult Correctional 4/14 at 100.00 AAA 2,897,386 Building Fund Project, Series 2004A, 5.250%, 4/01/15 - MBIA Insured 2,500 Ohio State Building Authority, State Facilities Bonds, Adult Correctional 4/15 at 100.00 AAA 2,636,125 Building Fund Project, Series 2005A, 5.000%, 4/01/25 - FSA Insured 1,000 Ohio, State Appropriation Lease Bonds, Mental Health Capital 6/13 at 100.00 AA 1,074,400 Facilities, Series 2003B-II, 5.000%, 6/01/16 ----------------------------------------------------------------------------------------------------------------------------------- 15,585 Total Tax Obligation/Limited 16,614,743 ----------------------------------------------------------------------------------------------------------------------------------- 38 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 7.8% (5.3% of Total Investments) $ 1,780 Cleveland, Ohio, Airport System Revenue Bonds, Series 2000A, 5.250%, 1/10 at 101.00 AAA $ 1,893,083 1/01/16 - FSA Insured 3,430 Cleveland, Ohio, Parking Facilities Revenue Refunding Bonds, Series 9/06 at 102.00 AAA 3,538,903 1996, 5.500%, 9/15/22 - MBIA Insured 3,000 Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, 12/13 at 100.00 AA 3,103,920 Series 2003C, 5.250%, 12/01/23 - RAAI Insured (Alternative Minimum Tax) 1,500 Dayton, Ohio, Special Facilities Revenue Refunding Bonds, 2/08 at 102.00 AAA 1,578,135 Emery Air Freight Corporation and Emery Worldwide Airlines Inc. - Guarantors, Series 1998A, 5.625%, 2/01/18 2,000 Ohio Turnpike Commission, Revenue Bonds, Series 1998A, 5.500%, No Opt. Call AAA 2,285,420 2/15/18 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 11,710 Total Transportation 12,399,461 ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 17.8% (12.1% of Total Investments) (4) 1,000 Cincinnati City School District, Hamilton County, Ohio, General 12/11 at 100.00 AAA 1,095,070 Obligation Bonds, Series 2001, 5.375%, 12/01/15 (Pre-refunded 12/01/11) - MBIA Insured 420 Cleveland, Ohio, Waterworks Revenue Refunding and Improvement Bonds, 1/08 at 101.00 AAA 436,888 Series 1998I, 5.000%, 1/01/28 (Pre-refunded 1/01/08) - FSA Insured 1,210 Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 6/09 at 101.00 AAA 1,276,356 1999, 4.875%, 12/01/24 (Pre-refunded 6/01/09) - AMBAC Insured 1,415 Franklin County, Ohio, First Mortgage Revenue, OCLC Inc. Project, 6/06 at 100.00 AAA 1,489,118 Series 1979, 7.500%, 6/01/09 (ETM) 2,110 Hamilton County, Ohio, Sewer System Revenue and Improvement Bonds, 6/10 at 101.00 AAA 2,321,148 Metropolitan Sewer District of Greater Cincinnati, Series 2000A, 5.750%, 12/01/25 (Pre-refunded 6/01/10) - MBIA Insured 1,000 Hilliard School District, Ohio, General Obligation School Improvement 12/10 at 101.00 AAA 1,107,420 Bonds, Series 2000, 5.750%, 12/01/24 (Pre-refunded 12/01/10) - FGIC Insured 2,000 Lakota Local School District, Butler County, Ohio, Unlimited Tax 6/11 at 100.00 Aaa 2,153,540 General Obligation School Improvement and Refunding Bonds, Series 2001, 5.125%, 12/01/26 (Pre-refunded 6/01/11) - FGIC Insured 1,000 London City School District, Ohio, General Obligation School 12/11 at 100.00 Aaa 1,075,470 Facilities Construction and Improvement Bonds, Series 2001, 5.000%, 12/01/29 (Pre-refunded 12/01/11) - FGIC Insured 2,500 Marion County, Ohio, Hospital Revenue Refunding and Improvement Bonds, 5/06 at 102.00 BBB+ (4) 2,570,550 The Community Hospital, Series 1996, 6.375%, 5/15/11 (Pre-refunded 5/15/06) 3,000 Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering 4/10 at 101.00 A (4) 3,393,870 Medical Center, Series 1999, 6.750%, 4/01/18 (Pre-refunded 4/01/10) 4,315 Ohio Capital Corporation for Housing, FHA-Insured Section 8 2/09 at 102.00 N/R (4) 4,691,613 Assisted Mortgage Loan Revenue Refunding Bonds, Series 1999G, 5.950%, 2/01/24 (Pre-refunded 2/01/09) 1,220 Plain Local School District, Franklin and Licking Counties, Ohio, 6/11 at 100.00 Aaa 1,365,131 General Obligation Bonds, Series 2000, 6.000%, 12/01/20 (Pre-refunded 6/01/11) - FGIC Insured 2,025 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 2,136,233 Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded 7/01/10) 1,000 Upper Arlington City School District, Ohio, General Obligation 12/06 at 101.00 AAA 1,026,400 Improvement Bonds, Series 1996, 5.250%, 12/01/22 (Pre-refunded 12/01/06) - MBIA Insured 2,000 Wayne Local School District, Warren County, Ohio, Unlimited Tax 12/06 at 101.00 AAA 2,067,260 General Obligation School Improvement Bonds, Series 1996, 6.100%, 12/01/24 (Pre-refunded 12/01/06) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 26,215 Total U.S. Guaranteed 28,206,067 ----------------------------------------------------------------------------------------------------------------------------------- 39 Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 7.0% (4.8% of Total Investments) $ 4,000 American Municipal Power Ohio Inc., Wadsworth, Electric System 2/12 at 100.00 Aaa $ 4,212,200 Improvement Revenue Bonds, Series 2002, 5.000%, 2/15/22 - MBIA Insured 3,000 Ohio Air Quality Development Authority, Revenue Bonds, JMG Funding 4/07 at 102.00 AAA 3,117,150 Limited Partnership Project, Series 1997, 5.625%, 1/01/23 - AMBAC Insured (Alternative Minimum Tax) 2,000 Ohio Municipal Electric Generation Agency, Beneficial Interest 2/14 at 100.00 AAA 2,114,460 Certificates, Belleville Hydroelectric Project - Joint Venture 5, Series 2004, 5.000%, 2/15/20 - AMBAC Insured 1,700 Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay 9/08 at 102.00 N/R 1,717,000 Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 10,700 Total Utilities 11,160,810 ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 10.0% (6.8% of Total Investments) Cincinnati, Ohio, Water System Revenue Bonds, Series 2001: 1,000 5.500%, 12/01/17 6/11 at 100.00 AA+ 1,084,080 3,510 5.000%, 12/01/18 6/11 at 100.00 AA+ 3,710,561 3,000 5.000%, 12/01/19 6/11 at 100.00 AA+ 3,171,420 1,000 5.000%, 12/01/20 6/11 at 100.00 AA+ 1,059,120 2,000 Cincinnati, Ohio, Water System Revenue Bonds, Series 2003, 6/11 at 100.00 AA+ 2,099,700 5.000%, 12/01/22 1,000 Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and No Opt. Call AAA 1,148,380 Improvement Bonds, Series 1993G, 5.500%, 1/01/21 - MBIA Insured 40 Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and 7/06 at 102.00 AAA 40,869 Improvement Bonds, Series 1996H, 5.750%, 1/01/26 - MBIA Insured 580 Cleveland, Ohio, Waterworks Revenue Refunding and Improvement Bonds, 1/08 at 101.00 AAA 596,391 Series 1998I, 5.000%, 1/01/28 - FSA Insured 1,220 Hamilton, Ohio, Wastewater System Revenue Bonds, Series 2005, 5.250%, 10/15 at 100.00 Aaa 1,330,471 10/01/22 - FSA Insured 1,500 Ohio Water Development Authority, Water Pollution Control Loan Fund 6/15 at 100.00 AAA 1,592,385 Revenue Bonds, Water Quality Project, Series 2005B, 5.000%, 6/01/25 ------------------------------------------------------------------------------------------------------------------------------------ 14,850 Total Water and Sewer 15,833,377 ------------------------------------------------------------------------------------------------------------------------------------ $ 220,165 Total Investments (cost $222,344,877) - 146.9% 232,638,734 ============------------------------------------------------------------------------------------------------------------------------ Other Assets Less Liabilities - 1.7% 2,682,082 ---------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.6)% (77,000,000) ---------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $158,320,816 ====================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (ETM) Security is escrowed to maturity. See accompanying notes to financial statements. 40 Nuveen Ohio Dividend Advantage Municipal Fund (NXI) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Consumer Staples - 1.7% (1.1% of Total Investments) $ 1,080 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed 5/12 at 100.00 BBB $ 1,100,077 Refunding Bonds, Series 2002, 5.375%, 5/15/33 ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 19.2% (13.1% of Total Investments) 1,165 Cleveland-Cuyahoga County Port Authority, Ohio, Lease Revenue Bonds, 8/15 at 100.00 AAA 1,219,720 Euclid Avenue Housing Corporation - Fenn Tower Project, Series 2005, 5.000%, 8/01/23 - AMBAC Insured 2,650 Ohio Higher Education Facilities Commission, Revenue Bonds, Ohio Northern 5/12 at 100.00 A2 2,734,429 University, Series 2002, 5.000%, 5/01/22 500 Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg 12/15 at 100.00 Baa1 511,080 University, Series 2005, 5.000%, 12/01/24 2,000 Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison 11/11 at 101.00 AA 2,111,180 University, Series 2001, 5.200%, 11/01/26 1,000 Ohio Higher Educational Facilities Commission, Revenue Bonds, University 12/10 at 101.00 AAA 1,079,110 of Dayton, Series 2000, 5.500%, 12/01/25 - AMBAC Insured 1,760 Ohio University at Athens, Subordinate Lien General Receipts Bonds, 6/14 at 100.00 AAA 1,870,123 Series 2004, 5.000%, 12/01/20 - MBIA Insured 2,735 University of Cincinnati, Ohio, General Receipts Bonds, Series 2002F, 6/12 at 100.00 A+ 2,931,564 5.375%, 6/01/19 ----------------------------------------------------------------------------------------------------------------------------------- 11,810 Total Education and Civic Organizations 12,457,206 ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 17.6% (12.0% of Total Investments) 1,100 Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland Clinic Health 7/13 at 100.00 Aa3 1,211,034 System, Series 2003A, 6.000%, 1/01/32 1,950 Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare 11/09 at 101.00 AAA 2,064,582 Obligated Group, Series 1999, 5.375%, 11/15/29 - AMBAC Insured 1,600 Miami County, Ohio, Hospital Facilities Revenue Refunding and Improvement 5/06 at 102.00 BBB+ 1,639,472 Bonds, Upper Valley Medical Center, Series 1996A, 6.375%, 5/15/26 1,000 Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, 5/14 at 100.00 AA 1,025,060 Series 2004A, 5.000%, 5/01/30 Parma Community General Hospital Association, Ohio, Hospital Revenue Refunding and Improvement Bonds, Series 1998: 2,250 5.250%, 11/01/13 11/08 at 101.00 A- 2,329,965 2,000 5.375%, 11/01/29 11/08 at 101.00 A- 2,045,660 1,000 Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, 11/10 at 101.00 A- 1,083,250 MedCentral Health System Obligated Group, Series 2000B, 6.375%, 11/15/30 ----------------------------------------------------------------------------------------------------------------------------------- 10,900 Total Health Care 11,399,023 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 4.6% (3.2% of Total Investments) 2,885 Ohio Housing Finance Agency, FHA-Insured Mortgage Revenue Bonds, Asbury 4/11 at 102.00 Aa2 3,005,535 Woods Project, Series 2001A, 5.450%, 4/01/26 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 3.4% (2.3% of Total Investments) 540 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 8/10 at 100.00 Aaa 546,323 Residential Mortgage Revenue Bonds, Series 2000C, 6.050%, 3/01/32 (Alternative Minimum Tax) 1,190 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 8/10 at 100.00 Aaa 1,214,466 Residential Mortgage Revenue Bonds, Series 2000D, 5.450%, 9/01/31 (Alternative Minimum Tax) 355 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 8/10 at 100.00 Aaa 363,112 Residential Mortgage Revenue Bonds, Series 2000F, 5.625%, 9/01/16 41 Nuveen Ohio Dividend Advantage Municipal Fund (NXI) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family (continued) $ 50 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 3/12 at 100.00 Aaa $ 51,350 Residential Mortgage Revenue Bonds, Series 2002D, 5.400%, 9/01/34 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 2,135 Total Housing/Single Family 2,175,251 ----------------------------------------------------------------------------------------------------------------------------------- Industrials - 2.4% (1.6% of Total Investments) 410 Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue 11/15 at 100.00 N/R 410,947 Bonds, Bond Fund Program - Columbia National Group Project, Series 2005D, 5.000%, 5/15/20 (Alternative Minimum Tax) 1,000 Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX No Opt. Call Baa2 1,147,380 Transportation Inc., Series 1992, 6.450%, 12/15/21 ----------------------------------------------------------------------------------------------------------------------------------- 1,410 Total Industrials 1,558,327 ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 4.1% (2.8% of Total Investments) 1,000 Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio 7/11 at 101.00 BBB 1,108,850 Presbyterian Retirement Services, Series 2001A, 7.125%, 7/01/29 1,470 Hamilton County, Ohio, Healthcare Facilities Improvement Revenue Bonds, 10/08 at 102.00 BBB 1,533,592 Twin Towers, Series 1999A, 5.750%, 10/01/19 ----------------------------------------------------------------------------------------------------------------------------------- 2,470 Total Long-Term Care 2,642,442 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 42.0% (28.6% of Total Investments) 1,090 Akron, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/26 - 12/15 at 100.00 AAA 1,151,040 AMBAC Insured 1,000 Bay Village City School District, Ohio, General Obligation Unlimited Tax 12/10 at 100.00 Aa2 1,042,250 School Improvement Bonds, Series 2001, 5.000%, 12/01/25 1,500 Centerville City School District, Montgomery County, Ohio, General 6/15 at 100.00 Aaa 1,569,945 Obligation Bonds, Series 2005, 5.000%, 12/01/30 - FSA Insured 1,000 Centerville, Ohio, General Obligation Limited Tax Bonds, Capital 12/11 at 100.00 Aa3 1,041,060 Facilities Improvement, Series 2001, 5.125%, 12/01/26 1,000 Columbus City School District, Franklin County, Ohio, General Obligation 12/14 at 100.00 AAA 1,122,350 Bonds, Series 2004, 5.500%, 12/01/15 - FSA Insured 500 Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 AA+ 532,850 12/01/21 2,965 Franklin County, Worthington, Ohio, Various Purpose Unlimited Tax General 12/11 at 100.00 AA 3,204,364 Obligation Bonds, Series 2001, 5.375%, 12/01/21 1,000 Lakewood City School District, Cuyahoga County, Ohio, General Obligation 12/14 at 100.00 AAA 1,099,770 Bonds, Series 2004, 5.250%, 12/01/16 - FSA Insured 1,000 Middletown City School District, Butler County, Ohio, General Obligation 12/13 at 100.00 Aaa 1,055,680 Bonds, Series 2004, 5.000%, 12/01/25 - FGIC Insured 1,000 Nordonia Hills City School District, Ohio, School Improvement Bonds, 12/10 at 101.00 AAA 1,076,560 Series 2000, 5.450%, 12/01/25 - AMBAC Insured 1,000 Ohio, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 3/15 at 100.00 AA+ 1,083,820 2,000 Ohio, General Obligation Higher Education Capital Facilities Bonds, 2/11 at 100.00 AA+ 2,111,620 Series 2001A, 5.000%, 2/01/20 1,900 Olentangy Local School District, Delaware and Franklin Counties, Ohio, 6/14 at 100.00 AAA 2,071,437 General Obligation Bonds, Series 2004A, 5.250%, 12/01/23 - FGIC Insured 1,850 Swanton Local School District, Fulton County, Ohio, General Obligation 12/11 at 101.00 AAA 1,978,945 Bonds, Series 2001, 5.250%, 12/01/25 - FGIC Insured 1,275 Sycamore Community School District, Hamilton County, Ohio, Unlimited Tax 12/09 at 101.00 AAA 1,342,409 General Obligation School Improvement Bonds, Series 1999, 5.000%, 12/01/23 - MBIA Insured 2,415 Troy City School District, Miami County, Ohio, General Obligation Bonds, 12/14 at 100.00 Aaa 2,528,070 Series 2005, 5.000%, 12/01/28 - FSA Insured 1,485 West Chester Township, Butler County, Ohio, Various Purpose Limited Tax 11/11 at 101.00 Aaa 1,632,223 General Obligation Refunding Bonds, Series 2001, 5.500%, 12/01/17 - AMBAC Insured 1,500 Westerville City School District, Franklin and Delaware Counties, Ohio, 6/11 at 100.00 AAA 1,545,510 Various Purpose General Obligation Bonds, Series 2001, 5.000%, 12/01/27 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 25,480 Total Tax Obligation/General 27,189,903 ----------------------------------------------------------------------------------------------------------------------------------- 42 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 10.2% (6.9% of Total Investments) $ 2,000 Franklin County, Ohio, Excise Tax and Lease Revenue Anticipation Bonds, 12/15 at 100.00 AAA $ 2,107,080 Convention Facilities Authority, Series 2005, 5.000%, 12/01/27 - AMBAC Insured 1,415 Hamilton County Convention Facilities Authority, Ohio, First Lien Revenue 6/14 at 100.00 AAA 1,494,325 Bonds, Series 2004, 5.000%, 12/01/21 - FGIC Insured 345 Ohio State Building Authority, State Facilities Bonds, Administrative 4/15 at 100.00 AAA 363,785 Building Fund Projects, Series 2005A, 5.000%, 4/01/25 - FSA Insured 1,000 Ohio State Building Authority, State Facilities Bonds, Adult Correctional 4/15 at 100.00 AAA 1,058,340 Building Fund Project, Series 2005A, 5.000%, 4/01/23 - FSA Insured 1,400 Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, 10/10 at 101.00 BBB 1,558,900 Series 1999A, 6.375%, 10/01/19 ----------------------------------------------------------------------------------------------------------------------------------- 6,160 Total Tax Obligation/Limited 6,582,430 ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 3.3% (2.3% of Total Investments) 2,000 Ohio Turnpike Commission, Revenue Bonds, Series 2001A, 5.500%, 2/15/26 2/11 at 100.00 AA 2,141,100 ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 21.4% (14.6% of Total Investments) (4) 2,000 Akron, Ohio, Sanitary Sewer System Revenue Refunding Bonds, Series 1997, 12/06 at 101.00 AAA 2,057,700 5.550%, 12/01/16 (Pre-refunded 12/01/06) - MBIA Insured Jackson City School District, Jackson County, Ohio, Unlimited Tax General Obligation School Improvement Bonds, Series 2001: 880 5.500%, 12/01/22 (Pre-refunded 6/01/11) - MBIA Insured 6/11 at 100.00 Aaa 966,610 935 5.500%, 12/01/23 (Pre-refunded 6/01/11) - MBIA Insured 6/11 at 100.00 Aaa 1,027,023 2,000 Lakota Local School District, Butler County, Ohio, Unlimited Tax General 6/11 at 100.00 Aaa 2,153,540 Obligation School Improvement and Refunding Bonds, Series 2001, 5.125%, 12/01/26 (Pre-refunded 6/01/11) - FGIC Insured 1,000 Medina City School District, Medina County, Ohio, Unlimited Tax General 12/09 at 100.00 AAA 1,065,360 Obligation School Building Construction Bonds, Series 1999, 5.250%, 12/01/28 (Pre-refunded 12/01/09) - FGIC Insured 4,000 Puerto Rico Municipal Finance Agency, Series 1999A, 6.000%, 8/01/16 8/09 at 101.00 AAA 4,382,241 (Pre-refunded 8/01/09) - FSA Insured 2,000 University of Cincinnati, Ohio, General Receipts Bonds, Series 2001A, 6/11 at 101.00 AAA 2,230,400 5.750%, 6/01/17 (Pre-refunded 6/01/11) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,815 Total U.S. Guaranteed 13,882,874 ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 10.3% (7.0% of Total Investments) 1,440 American Municipal Power Ohio Inc., Wadsworth, Electric System 2/12 at 100.00 Aaa 1,547,280 Improvement Revenue Bonds, Series 2002, 5.250%, 2/15/17 - MBIA Insured 910 Lebanon, Ohio, Electric System Mortgage Revenue Bonds, Series 2001, 12/10 at 101.00 AAA 990,599 5.500%, 12/01/18 - AMBAC Insured 2,000 Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio 5/09 at 101.00 AAA 2,095,640 Power Company Project, Series 1999C, 5.150%, 5/01/26 - AMBAC Insured 1,000 Ohio Municipal Electric Generation Agency, Beneficial Interest 2/14 at 100.00 AAA 1,054,430 Certificates, Belleville Hydroelectric Project - Joint Venture 5, Series 2004, 5.000%, 2/15/21 - AMBAC Insured 1,000 Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay 9/08 at 102.00 N/R 1,010,000 Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 6,350 Total Utilities 6,697,949 ----------------------------------------------------------------------------------------------------------------------------------- 43 Nuveen Ohio Dividend Advantage Municipal Fund (NXI) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 6.6% (4.5% of Total Investments) $ 1,700 Cincinnati, Ohio, Water System Revenue Bonds, Series 2001, 5.125%, 6/11 at 100.00 AA+ $ 1,802,085 12/01/21 2,375 Ohio Water Development Authority, Revenue Bonds, Water Development 12/13 at 100.00 Aaa 2,504,628 Community Assistance Program, Series 2003, 5.000%, 12/01/23 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,075 Total Water and Sewer 4,306,713 ----------------------------------------------------------------------------------------------------------------------------------- $ 89,570 Total Investments (cost $90,738,065) - 146.8% 95,138,830 ============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.0% 663,353 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (47.8)% (31,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 64,802,183 ===================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. N/R Investment is not rated. See accompanying notes to financial statements. 44 Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Consumer Staples - 8.6% (5.8% of Total Investments) $ 3,000 Ohio State Sewage and Solid Waste Disposal Facilities, Revenue Bonds, 11/11 at 100.00 A+ $ 3,108,000 Anheuser-Busch Project, Series 2001, 5.500%, 11/01/35 (Alternative Minimum Tax) 940 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed 5/12 at 100.00 BBB 957,475 Refunding Bonds, Series 2002, 5.375%, 5/15/33 ----------------------------------------------------------------------------------------------------------------------------------- 3,940 Total Consumer Staples 4,065,475 ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 10.5% (7.0% of Total Investments) 1,345 Bowling Green State University, Ohio, General Receipts Bonds, Series 2003, 6/13 at 100.00 AAA 1,460,213 5.250%, 6/01/18 - AMBAC Insured 1,050 Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg 12/11 at 100.00 Baa1 1,120,865 University, Series 2001, 5.500%, 12/01/15 1,000 University of Cincinnati, Ohio, General Receipts Bonds, Series 2003C, 6/13 at 100.00 AAA 1,053,860 5.000%, 6/01/22 - FGIC Insured 1,245 University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D, 6/14 at 100.00 AAA 1,324,705 5.000%, 6/01/19 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,640 Total Education and Civic Organizations 4,959,643 ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 25.2% (16.8% of Total Investments) 1,060 Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital No Opt. Call Baa1 1,074,119 Facilities Revenue Bonds, Summa Health System, Series 1998A, 5.000%, 11/15/08 1,000 Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional 8/12 at 101.00 A 1,055,140 Medical Center, Series 2002A, 5.500%, 8/15/22 1,850 Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, 10/11 at 101.00 AA- 1,963,498 Catholic Healthcare Partners, Series 2001A, 5.400%, 10/01/21 900 Miami County, Ohio, Hospital Facilities Revenue Refunding and Improvement 5/06 at 102.00 BBB+ 922,203 Bonds, Upper Valley Medical Center, Series 1996A, 6.375%, 5/15/26 700 Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, 5/14 at 100.00 AA 717,542 Series 2004A, 5.000%, 5/01/30 2,000 Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, 11/10 at 101.00 A- 2,166,500 MedCentral Health System Obligated Group, Series 2000B, 6.375%, 11/15/30 3,670 Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, Union 10/11 at 101.00 AA 3,948,369 Hospital Project, Series 2001, 5.750%, 10/01/26 - RAAI Insured ----------------------------------------------------------------------------------------------------------------------------------- 11,180 Total Health Care 11,847,371 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 2.2% (1.5% of Total Investments) 1,000 Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage 5/12 at 102.00 Aaa 1,059,420 Revenue Bonds, Agler Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 0.4% (0.3% of Total Investments) 120 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 9/10 at 100.00 Aaa 122,746 Residential Mortgage Revenue Bonds, Series 2001A, 5.500%, 9/01/34 (Alternative Minimum Tax) 40 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 3/12 at 100.00 Aaa 41,080 Residential Mortgage Revenue Bonds, Series 2002D, 5.400%, 9/01/34 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 160 Total Housing/Single Family 163,826 ----------------------------------------------------------------------------------------------------------------------------------- 45 Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 2.2% (1.5% of Total Investments) $ 1,000 Hamilton County, Ohio, Healthcare Facilities Improvement Revenue Bonds, 10/08 at 102.00 BBB $ 1,039,810 Twin Towers, Series 1999A, 5.800%, 10/01/23 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 44.9% (29.9% of Total Investments) 1,700 Butler County, Hamilton, Ohio, Limited Tax General Obligation Bonds, One 11/11 at 101.00 Aaa 1,769,479 Renaissance Center 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 - FSA Insured 6/14 at 100.00 AAA 1,076,680 1,000 5.000%, 12/01/22 - FSA Insured 6/14 at 100.00 AAA 1,054,630 2,605 Columbus City School District, Franklin County, Ohio, General Obligation 12/14 at 100.00 AAA 2,923,722 Bonds, Series 2004, 5.500%, 12/01/15 - FSA Insured 400 Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 AA+ 426,280 12/01/21 1,750 Fairfield City School District, Ohio, General Obligation Refunding Bonds, 12/11 at 100.00 AAA 1,897,193 Series 2001, 5.375%, 12/01/19 - FGIC Insured 1,000 Greater Cleveland Regional Transit Authority, Ohio, General Obligation 12/11 at 100.00 Aaa 1,065,080 Capital Improvement Bonds, Series 2001A, 5.125%, 12/01/21 - MBIA Insured 1,065 Lakewood City School District, Cuyahoga County, Ohio, General Obligation 12/14 at 100.00 AAA 1,171,255 Bonds, Series 2004, 5.250%, 12/01/16 - FSA Insured 2,420 Lorain County, Ohio, Limited Tax General Obligation Justice Center Bonds, 12/12 at 100.00 Aaa 2,647,432 Series 2002, 5.500%, 12/01/22 - FGIC Insured 2,665 Newark City School District, Licking County, Ohio, General Obligation 12/15 at 100.00 AAA 2,801,155 Bonds, Series 2005, 5.000%, 12/01/28 - FGIC Insured 1,050 Olentangy Local School District, Delaware and Franklin Counties, Ohio, 6/14 at 100.00 AAA 1,172,294 General Obligation Bonds, Series 2004A, 5.500%, 12/01/15 - FGIC Insured 1,960 Portage County, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/11 at 100.00 AAA 2,054,942 12/01/25 - FGIC Insured 1,000 Powell, Ohio, General Obligation Bonds, Series 2002, 5.500%, 12/01/25 - 12/12 at 100.00 AAA 1,087,730 FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 19,615 Total Tax Obligation/General 21,147,872 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 15.6% (10.4% of Total Investments) 250 Ohio State Building Authority, State Facilities Bonds, Administrative 4/15 at 100.00 AAA 263,612 Building Fund Projects, Series 2005A, 5.000%, 4/01/25 - FSA Insured 1,000 Ohio State Building Authority, State Facilities Bonds, Adult Correctional 4/15 at 100.00 AAA 1,058,340 Building Fund Project, Series 2005A, 5.000%, 4/01/23 - FSA Insured 2,500 Ohio, State Appropriation Lease Bonds, Higher Education Capital No Opt. Call AAA 2,687,825 Facilities, Series 2002A-II, 5.500%, 12/01/09 - MBIA Insured 1,095 Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital 12/13 at 100.00 AA 1,167,577 Facilities, Series 2004A-II, 5.000%, 12/01/18 1,000 Puerto Rico Highway and Transportation Authority, Highway Revenue 7/12 at 100.00 BBB+ 1,090,460 Refunding Bonds, Series 2002E, 5.750%, 7/01/24 1,000 Summit County Port Authority, Ohio, Revenue Bonds, Civic Theatre Project, 12/11 at 100.00 AAA 1,080,640 Series 2001, 5.500%, 12/01/26 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,845 Total Tax Obligation/Limited 7,348,454 ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 7.9% (5.2% of Total Investments) 3,495 Cleveland, Ohio, Airport System Revenue Bonds, Series 2000A, 5.250%, 1/10 at 101.00 AAA 3,705,749 1/01/18 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 46 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 20.1% (13.4% of Total Investments) (4) $ 2,000 Akron, Ohio, Sanitary Sewer System Revenue Refunding Bonds, Series 1997, 12/06 at 101.00 AAA $ 2,057,700 5.550%, 12/01/16 (Pre-refunded 12/01/06) - MBIA Insured 1,000 Cleveland, Ohio, General Obligation Bonds, Series 2003, 5.250%, 8/01/18 8/13 at 100.00 AAA 1,098,300 (Pre-refunded 8/01/13) - FGIC Insured 4,000 Lebanon City School District, Warren County, Ohio, General Obligation 12/11 at 100.00 AAA 4,406,396 Bonds, Series 2001, 5.500%, 12/01/21 (Pre-refunded 12/01/11) - FSA Insured 1,710 Marysville Exempted Village School District, Ohio, Certificates of 6/15 at 100.00 AAA 1,890,046 Participation, School Facilities Project, Series 2005, 5.250%, 12/01/21 (Pre-refunded 6/01/15) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ 8,710 Total U.S. Guaranteed 9,452,442 ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 9.0% (6.0% of Total Investments) 2,500 Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio 5/09 at 101.00 AAA 2,619,550 Power Company Project, Series 1999C, 5.150%, 5/01/26 - AMBAC Insured 595 Ohio Municipal Electric Generation Agency, Beneficial Interest 2/14 at 100.00 AAA 629,052 Certificates, Belleville Hydroelectric Project - Joint Venture 5, Series 2004, 5.000%, 2/15/20 - AMBAC Insured 1,000 Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, 9/08 at 102.00 N/R 1,010,000 Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 4,095 Total Utilities 4,258,602 ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 3.4% (2.2% of Total Investments) 1,500 Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, 12/11 at 100.00 AAA 1,585,830 Series 2001A, 5.000%, 12/01/21 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 66,180 Total Investments (cost $67,955,909) - 150.0% 70,634,494 ============------------------------------------------------------------------------------------------------------------------------ Other Assets Less Liabilities - 1.0% 454,221 ---------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.0)% (24,000,000) ---------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 47,088,715 ====================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. N/R Investment is not rated. See accompanying notes to financial statements. 47 Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Consumer Staples - 6.2% (4.2% of Total Investments) $ 2,025 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed 5/12 at 100.00 BBB $ 2,062,645 Refunding Bonds, Series 2002, 5.375%, 5/15/33 ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 11.8% (8.0% of Total Investments) 2,000 Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western 10/12 at 100.00 AA- 2,181,860 Reserve University, Series 2002B, 5.500%, 10/01/22 1,125 Ohio Higher Education Facilities Commission, Revenue Bonds, Ohio Northern 5/12 at 100.00 A2 1,227,645 University, Series 2002, 5.750%, 5/01/16 500 Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg 12/15 at 100.00 Baa1 511,080 University, Series 2005, 5.000%, 12/01/24 ----------------------------------------------------------------------------------------------------------------------------------- 3,625 Total Education and Civic Organizations 3,920,585 ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 18.4% (12.4% of Total Investments) 530 Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital No Opt. Call Baa1 537,060 Facilities Revenue Bonds, Summa Health System, Series 1998A, 5.000%, 11/15/08 1,750 Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional 8/12 at 101.00 A 1,846,495 Medical Center, Series 2002A, 5.500%, 8/15/22 1,000 Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, 9/11 at 100.00 AA 1,079,030 Series 2001, 5.500%, 9/01/12 500 Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, 5/14 at 100.00 AA 512,530 Series 2004A, 5.000%, 5/01/30 1,000 Parma Community General Hospital Association, Ohio, Hospital Revenue 11/08 at 101.00 A- 1,022,830 Refunding and Improvement Bonds, Series 1998, 5.375%, 11/01/29 1,000 Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, 11/10 at 101.00 A- 1,083,250 MedCentral Health System Obligated Group, Series 2000B, 6.375%, 11/15/30 ----------------------------------------------------------------------------------------------------------------------------------- 5,780 Total Health Care 6,081,195 ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 4.1% (2.8% of Total Investments) 255 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 8/10 at 100.00 Aaa 257,986 Residential Mortgage Revenue Bonds, Series 2000C, 6.050%, 3/01/32 (Alternative Minimum Tax) 725 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 8/10 at 100.00 Aaa 739,906 Residential Mortgage Revenue Bonds, Series 2000D, 5.450%, 9/01/31 (Alternative Minimum Tax) 345 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program 8/10 at 100.00 Aaa 352,883 Residential Mortgage Revenue Bonds, Series 2000F, 5.625%, 9/01/16 ----------------------------------------------------------------------------------------------------------------------------------- 1,325 Total Housing/Single Family 1,350,775 ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 1.5% (1.0% of Total Investments) 500 Hamilton County, Ohio, Healthcare Facilities Improvement Revenue Bonds, 10/08 at 102.00 BBB 521,630 Twin Towers, Series 1999A, 5.750%, 10/01/19 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 45.0% (30.4% of Total Investments) 2,000 Canal Winchester Local School District, Franklin and Fairfield Counties, 12/08 at 102.00 AAA 2,117,940 Ohio, Unlimited Tax General Obligation School Improvement Bonds, Series 1998, 5.300%, 12/01/25 - FGIC Insured 300 Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 AA+ 319,710 12/01/21 1,475 Eaton City School District, Preble County, Ohio, General Obligation Bonds, 12/12 at 101.00 Aaa 1,652,502 Series 2002, 5.750%, 12/01/21 - FGIC Insured 48 Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 2,000 Granville Exempt Village School District, Ohio, General Obligation Bonds, 12/11 at 100.00 Aa2 $ 2,155,880 Series 2001, 5.500%, 12/01/28 1,000 Kenston Local School District, Geauga County, Ohio, General Obligation 6/13 at 100.00 Aaa 1,054,960 Bonds, Series 2003, 5.000%, 12/01/22 - MBIA Insured 1,270 Lorain, Ohio, General Obligation Bonds, Series 2002, 5.125%, 12/01/26 - 12/12 at 100.00 Aaa 1,332,929 AMBAC Insured 1,190 Miami East Local School District, Miami County, Ohio, General Obligation 12/12 at 100.00 AAA 1,264,042 Bonds, Series 2002, 5.125%, 12/01/29 - FSA Insured 1,000 Ohio, Common Schools Capital Facilities, General Obligation Bonds, Series 9/11 at 100.00 AA+ 1,061,020 2001B, 5.000%, 9/15/20 1,000 Olentangy Local School District, Delaware and Franklin Counties, Ohio, 6/14 at 100.00 AAA 1,090,970 General Obligation Bonds, Series 2004A, 5.250%, 12/01/21 - FGIC Insured 1,535 Pickerington Local School District, Fairfield and Franklin Counties, Ohio, 12/11 at 100.00 AAA 1,653,302 General Obligation Bonds, School Facilities Construction and Improvement, Series 2001, 5.250%, 12/01/20 - FGIC Insured 1,130 Solon, Ohio, General Obligation Refunding and Improvement Bonds, Series 12/12 at 100.00 AA+ 1,204,716 2002, 5.000%, 12/01/18 ----------------------------------------------------------------------------------------------------------------------------------- 13,900 Total Tax Obligation/General 14,907,971 ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 21.3% (14.4% of Total Investments) 1,000 Midview Local School District, Lorain County, Ohio, Certificates of 5/13 at 100.00 A 1,022,500 Participation, Series 2003, 5.000%, 11/01/30 1,250 Ohio State Building Authority, State Facilities Bonds, Administrative 4/12 at 100.00 AAA 1,363,263 Building Fund Projects, Series 2002A, 5.500%, 4/01/18 - FSA Insured 200 Ohio State Building Authority, State Facilities Bonds, Administrative 4/15 at 100.00 AAA 210,890 Building Fund Projects, Series 2005A, 5.000%, 4/01/25 - FSA Insured 2,000 Ohio, State Appropriation Lease Bonds, Higher Education Capital No Opt. Call AAA 2,150,260 Facilities, Series 2002A-II, 5.500%, 12/01/09 - MBIA Insured 2,000 Puerto Rico Public Buildings Authority, Guaranteed Government Facilities No Opt. Call AAA 2,303,897 Revenue Bonds, Series 1993L, 5.500%, 7/01/21 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,450 Total Tax Obligation/Limited 7,050,810 ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 9.0% (6.1% of Total Investments) 1,140 Columbus Municipal Airport Authority, Ohio, Airport Improvement Revenue No Opt. Call AAA 1,221,385 Bonds, Port Columbus International Airport Project, Series 1998B, 5.250%, 1/01/11 - AMBAC Insured 1,550 Ohio Turnpike Commission, Revenue Bonds, Series 1998A, 5.500%, 2/15/18 - No Opt. Call AAA 1,771,201 FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 2,690 Total Transportation 2,992,586 ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 19.5% (13.2% of Total Investments) (4) 1,000 Akron, Ohio, Sanitary Sewer System Revenue Refunding Bonds, Series 1997, 12/06 at 101.00 AAA 1,028,850 5.550%, 12/01/16 (Pre-refunded 12/01/06) - MBIA Insured 1,500 Hamilton County, Ohio, Sewer System Revenue Refunding and Improvement 12/11 at 100.00 AAA 1,632,810 Bonds, Metropolitan Sewer District of Greater Cincinnati, Series 2001A, 5.250%, 12/01/18 (Pre-refunded 12/01/11) - MBIA Insured 1,000 Hilliard, Ohio, General Obligation Bonds, Series 2002, 5.375%, 12/01/22 12/12 at 100.00 AA- (4) 1,104,590 (Pre-refunded 12/01/12) 1,425 Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering 4/10 at 101.00 A (4) 1,612,088 Medical Center, Series 1999, 6.750%, 4/01/18 (Pre-refunded 4/01/10) 1,000 Ohio State University, General Receipts Bonds, Series 1999A, 5.800%, 12/09 at 101.00 AA (4) 1,093,740 12/01/29 (Pre-refunded 12/01/09) ----------------------------------------------------------------------------------------------------------------------------------- 5,925 Total U.S. Guaranteed 6,472,078 ----------------------------------------------------------------------------------------------------------------------------------- 49 Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ) (continued) Portfolio of Investments January 31, 2006 (Unaudited) Principal Optional Call Amount (000) Description (1) Provisions (2) Ratings (3) Value ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 4.9% (3.3% of Total Investments) $ 1,500 American Municipal Power Ohio Inc., Wadsworth, Electric System 2/12 at 100.00 Aaa $ 1,611,750 Improvement Revenue Bonds, Series 2002, 5.250%, 2/15/17 - MBIA Insured ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 4.8% (3.2% of Total Investments) 1,500 Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, 12/11 at 100.00 AAA 1,585,830 Series 2001A, 5.000%, 12/01/21 - FSA Insured ----------------------------------------------------------------------------------------------------------------------------------- $ 45,220 Total Long-Term Investments (cost $45,976,775) - 146.5% 48,557,855 ============----------------------------------------------------------------------------------------------------------------------- Short-Term Investments - 1.7% (1.0% of Total Investments) 550 Puerto Rico Government Development Bank, Adjustable Refunding Bonds, No Opt. Call VMIG-1 550,000 Variable Rate Demand Obligations, Series 1985, 2.930%, 12/01/15 - MBIA Insured (5) ----------------------------------------------------------------------------------------------------------------------------------- $ 550 Total Short-Term Investments (cost $550,000) 550,000 ============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $46,526,775) - 148.2% 49,107,855 --------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.6% 522,317 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (49.8)% (16,500,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 33,130,172 ===================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. (5) Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements. 50 Statement of Assets and Liabilities January 31, 2006 (Unaudited) Michigan Michigan Michigan Quality Premium Dividend Income Income Advantage (NUM) (NMP) (NZW) ---------------------------------------------------------------------------------------------------------- Assets Investments, at value (cost $256,014,375, $163,304,801 and $44,070,284, respectively) $272,405,027 $171,668,935 $ 46,404,060 Cash -- -- 385,350 Interest receivable 3,122,410 2,265,680 554,672 Unrealized appreciation on forward swaps -- -- 43,423 Other assets 16,496 7,576 7,947 ---------------------------------------------------------------------------------------------------------- Total assets 275,543,933 173,942,191 47,395,452 ---------------------------------------------------------------------------------------------------------- Liabilities Cash overdraft 14,495 460,256 -- Accrued expenses: Management fees 148,005 93,808 13,685 Other 63,823 49,771 6,971 Preferred share dividends payable 32,181 15,761 7,888 ---------------------------------------------------------------------------------------------------------- Total liabilities 258,504 619,596 28,544 ---------------------------------------------------------------------------------------------------------- Preferred shares, at liquidation value 94,000,000 56,000,000 16,000,000 ---------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $181,285,429 $117,322,595 $ 31,366,908 ========================================================================================================== Common shares outstanding 11,714,953 7,748,342 2,062,472 ========================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.47 $ 15.14 $ 15.21 ========================================================================================================== Net assets applicable to Common shares consist of: ---------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 117,150 $ 77,483 $ 20,625 Paid-in surplus 163,946,943 108,352,273 29,206,502 Undistributed (over-distribution of) net investment income 553,499 425,196 175,322 Accumulated net realized gain (loss) from investments and derivative transactions 277,185 103,509 (412,740) Net unrealized appreciation (depreciation) of investments and derivative transactions 16,390,652 8,364,134 2,377,199 ---------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $181,285,429 $117,322,595 $ 31,366,908 ========================================================================================================== Authorized shares: Common 200,000,000 200,000,000 Unlimited Preferred 1,000,000 1,000,000 Unlimited ========================================================================================================== See accompanying notes to financial statements. 51 Statement of Assets and Liabilities January 31, 2006 (Unaudited) (continued) Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------- Assets Investments, at value (cost $222,344,877, $90,738,065, $67,955,909 and $46,526,775, respectively) $232,638,734 $ 95,138,830 $ 70,634,494 $ 49,107,855 Cash 147,758 -- -- -- Interest receivable 2,754,646 1,180,173 749,048 592,728 Unrealized appreciation on forward swaps -- -- -- -- Other assets 4,286 3,113 8,049 2,962 ------------------------------------------------------------------------------------------------------------------------- Total assets 235,545,424 96,322,116 71,391,591 49,703,545 ------------------------------------------------------------------------------------------------------------------------- Liabilities Cash overdraft -- 460,576 267,043 38,040 Accrued expenses: Management fees 126,889 27,661 20,529 14,317 Other 71,981 16,413 11,558 11,425 Preferred share dividends payable 25,738 15,283 3,746 9,591 ------------------------------------------------------------------------------------------------------------------------- Total liabilities 224,608 519,933 302,876 73,373 ------------------------------------------------------------------------------------------------------------------------- Preferred shares, at liquidation value 77,000,000 31,000,000 24,000,000 16,500,000 ------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $158,320,816 $ 64,802,183 $ 47,088,715 $ 33,130,172 ========================================================================================================================= Common shares outstanding 9,727,482 4,239,643 3,119,982 2,157,883 ========================================================================================================================= Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 16.28 $ 15.28 $ 15.09 $ 15.35 ========================================================================================================================= Net assets applicable to Common shares consist of: ------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 97,275 $ 42,396 $ 31,200 $ 21,579 Paid-in surplus 147,505,013 60,198,592 44,232,309 30,532,224 Undistributed (Over-distribution of) net investment income 405,983 160,407 86,821 209 Accumulated net realized gain (loss) from investments and derivative transactions 18,688 23 59,800 (4,920) Net unrealized appreciation (depreciation) of investments and derivative transactions 10,293,857 4,400,765 2,678,585 2,581,080 ------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $158,320,816 $ 64,802,183 $ 47,088,715 $ 33,130,172 ========================================================================================================================= Authorized shares: Common 200,000,000 Unlimited Unlimited Unlimited Preferred 1,000,000 Unlimited Unlimited Unlimited ========================================================================================================================= See accompanying notes to financial statements. 52 Statement of Operations Six Months Ended January 31, 2006 (Unaudited) Michigan Michigan Michigan Quality Premium Dividend Income Income Advantage (NUM) (NMP) (NZW) ---------------------------------------------------------------------------------------------------------- Investment Income $ 6,724,150 $ 4,255,465 $ 1,130,026 ---------------------------------------------------------------------------------------------------------- Expenses Management fees 882,899 560,503 153,265 Preferred shares - auction fees 120,297 71,650 20,472 Preferred shares - dividend disbursing agent fees 10,932 10,575 5,041 Shareholders' servicing agent fees and expenses 13,651 10,300 418 Custodian's fees and expenses 44,305 22,667 9,464 Directors'/Trustees' fees and expenses 2,795 1,799 507 Professional fees 9,502 7,673 5,233 Shareholders' reports - printing and mailing expenses 19,864 9,705 5,008 Stock exchange listing fees 5,281 5,294 88 Investor relations expense 18,060 11,690 3,143 Other expenses 14,474 8,023 5,897 ---------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 1,142,060 719,879 208,536 Custodian fee credit (16,261) (7,165) (2,779) Expense reimbursement -- -- (71,859) ---------------------------------------------------------------------------------------------------------- Net expenses 1,125,799 712,714 133,898 ---------------------------------------------------------------------------------------------------------- Net investment income 5,598,351 3,542,751 996,128 ---------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized gain (loss) from investments 837,604 314,920 37,454 Net realized gain (loss) from forward swaps -- -- 363 Change in net unrealized appreciation (depreciation) of investments (3,630,717) (1,918,091) (436,231) Change in net unrealized appreciation (depreciation) of forward swaps -- -- 48,645 ---------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) (2,793,113) (1,603,171) (349,769) ---------------------------------------------------------------------------------------------------------- Distributions to Preferred Shareholders From net investment income (1,058,319) (603,700) (193,328) From accumulated net realized gains (204,980) (177,593) -- ---------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (1,263,299) (781,293) (193,328) ---------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $ 1,541,939 $ 1,158,287 $ 453,031 ========================================================================================================== See accompanying notes to financial statements. 53 Statement of Operations Six Months Ended January 31, 2006 (Unaudited) (continued) Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------- Investment Income $ 5,762,778 $ 2,283,023 $ 1,636,043 $ 1,158,348 ------------------------------------------------------------------------------------------------------------------------- Expenses Management fees 754,921 310,093 230,301 160,465 Preferred shares - auction fees 98,521 39,620 30,748 21,110 Preferred shares - dividend disbursing agent fees 15,123 5,041 5,039 5,041 Shareholders' servicing agent fees and expenses 15,014 732 630 510 Custodian's fees and expenses 32,319 15,612 14,299 7,089 Directors'/Trustees' fees and expenses 2,170 1,037 745 545 Professional fees 7,877 6,102 5,711 5,205 Shareholders' reports - printing and mailing expenses 4,374 8,133 6,541 5,091 Stock exchange listing fees 5,322 182 134 92 Investor relations expense 15,646 6,171 4,642 3,373 Other expenses 10,835 7,261 5,832 5,100 ------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 962,122 399,984 304,622 213,621 Custodian fee credit (5,856) (9,576) (8,017) (4,291) Expense reimbursement -- (145,387) (107,977) (75,234) ------------------------------------------------------------------------------------------------------------------------- Net expenses 956,266 245,021 188,628 134,096 ------------------------------------------------------------------------------------------------------------------------- Net investment income 4,806,512 2,038,002 1,447,415 1,024,252 ------------------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized gain (loss) from investments 29,329 24,166 131,179 (137) Net realized gain (loss) from forward swaps -- -- -- -- Change in net unrealized appreciation (depreciation) of investments (2,021,903) (772,515) (694,013) (412,479) Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- ------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) (1,992,574) (748,349) (562,834) (412,616) ------------------------------------------------------------------------------------------------------------------------- Distributions to Preferred Shareholders From net investment income (919,230) (380,806) (286,513) (210,762) From accumulated net realized gains (76,287) (18,831) (22,844) -- ------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (995,517) (399,637) (309,357) (210,762) ------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $ 1,818,421 $ 890,016 $ 575,224 $ 400,874 ========================================================================================================================= See accompanying notes to financial statements. 54 Statement of Changes in Net Assets (Unaudited) Michigan Michigan Quality Income (NUM) Premium Income (NMP) ------------------------------ ------------------------------ Six Months Six Months Ended Year Ended Ended Year Ended 1/31/06 7/31/05 1/31/06 7/31/05 -------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 5,598,351 $ 11,434,474 $ 3,542,751 $ 7,216,850 Net realized gain (loss) from investments 837,604 1,581,756 314,920 1,197,250 Net realized gain (loss) from forward swaps -- -- -- -- Change in net unrealized appreciation (depreciation) of investments (3,630,717) 4,992,452 (1,918,091) 2,658,205 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- Distributions to Preferred Shareholders: From net investment income (1,058,319) (1,477,435) (603,700) (885,902) From accumulated net realized gains (204,980) (81,692) (177,593) (11,575) -------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 1,541,939 16,449,555 1,158,287 10,174,828 -------------------------------------------------------------------------------------------------------------- Distributions to Common Shareholders From net investment income (4,977,269) (10,880,505) (3,217,539) (7,012,719) From accumulated net realized gains (1,317,945) (1,296,599) (1,135,489) (357,099) -------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (6,295,214) (12,177,104) (4,353,028) (7,369,818) -------------------------------------------------------------------------------------------------------------- Capital Share Transactions Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 139,064 513,084 42,597 140,855 Preferred shares offering costs -- -- -- -- -------------------------------------------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from capital share transactions 139,064 513,084 42,597 140,855 -------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (4,614,211) 4,785,535 (3,152,144) 2,945,865 Net assets applicable to Common shares at the beginning of period 185,899,640 181,114,105 120,474,739 117,528,874 -------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 181,285,429 $ 185,899,640 $ 117,322,595 $ 120,474,739 ============================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 553,499 $ 990,736 $ 425,196 $ 703,684 ============================================================================================================== Michigan Dividend Advantage (NZW) ------------------------------ Six Months Ended Year Ended 1/31/06 7/31/05 ---------------------------------------------------------------------------- Operations Net investment income $ 996,128 $ 2,018,904 Net realized gain (loss) from investments 37,454 129,220 Net realized gain (loss) from forward swaps 363 (496,596) Change in net unrealized appreciation (depreciation) of investments (436,231) 1,604,711 Change in net unrealized appreciation (depreciation) of forward swaps 48,645 59,406 Distributions to Preferred Shareholders: From net investment income (193,328) (229,801) From accumulated net realized gains -- -- ---------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 453,031 3,085,844 ---------------------------------------------------------------------------- Distributions to Common Shareholders From net investment income (921,814) (1,842,204) From accumulated net realized gains -- -- ---------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (921,814) (1,842,204) ---------------------------------------------------------------------------- Capital Share Transactions Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 15,029 24,803 Preferred shares offering costs -- 13,775 ---------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from capital share transactions 15,029 38,578 ---------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (453,754) 1,282,218 Net assets applicable to Common shares at the beginning of period 31,820,662 30,538,444 ---------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 31,366,908 $ 31,820,662 ============================================================================ Undistributed (Over-distribution of) net investment income at the end of period $ 175,322 $ 294,336 ============================================================================ See accompanying notes to financial statements. 55 Statement of Changes in Net Assets (Unaudited) (continued) Ohio Ohio Quality Income (NUO) Dividend Advantage (NXI) ------------------------------ ------------------------------ Six Months Six Months Ended Year Ended Ended Year Ended 1/31/06 7/31/05 1/31/06 7/31/05 -------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 4,806,512 $ 9,930,851 $ 2,038,002 $ 4,243,742 Net realized gain (loss) from investments 29,329 795,602 24,166 285,990 Net realized gain (loss) from forward swaps -- -- -- -- Change in net unrealized appreciation (depreciation) of investments (2,021,903) 3,879,996 (772,515) 2,106,549 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- Distributions to Preferred Shareholders: From net investment income (919,230) (1,186,754) (380,806) (473,047) From accumulated net realized gains (76,287) (14,809) (18,831) -- -------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 1,818,421 13,404,886 890,016 6,163,234 -------------------------------------------------------------------------------------------------------------- Distributions to Common Shareholders From net investment income (4,291,485) (9,486,568) (1,886,891) (4,050,053) From accumulated net realized gains (528,190) (345,280) (143,033) -- -------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (4,819,675) (9,831,848) (2,029,924) (4,050,053) -------------------------------------------------------------------------------------------------------------- Capital Share Transactions Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 340,569 774,356 69,503 117,890 Preferred shares offering costs -- -- -- -- -------------------------------------------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from capital share transactions 340,569 774,356 69,503 117,890 -------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (2,660,685) 4,347,394 (1,070,405) 2,231,071 Net assets applicable to Common shares at the beginning of period 160,981,501 156,634,107 65,872,588 63,641,517 -------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 158,320,816 $ 160,981,501 $ 64,802,183 $ 65,872,588 ============================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 405,983 $ 810,186 $ 160,407 $ 390,102 ============================================================================================================== Ohio Dividend Advantage 2 (NBJ) ------------------------------ Six Months Ended Year Ended 1/31/06 7/31/05 ---------------------------------------------------------------------------- Operations Net investment income $ 1,447,415 $ 2,953,831 Net realized gain (loss) from investments 131,179 218,487 Net realized gain (loss) from forward swaps -- -- Change in net unrealized appreciation (depreciation) of investments (694,013) 1,685,657 Change in net unrealized appreciation (depreciation) of forward swaps -- -- Distributions to Preferred Shareholders: From net investment income (286,513) (377,637) From accumulated net realized gains (22,844) (3,841) ---------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 575,224 4,476,497 ---------------------------------------------------------------------------- Distributions to Common Shareholders From net investment income (1,288,638) (2,813,531) From accumulated net realized gains (149,743) (65,438) ---------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (1,438,381) (2,878,969) ---------------------------------------------------------------------------- Capital Share Transactions Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 14,703 56,222 Preferred shares offering costs -- 14,942 ---------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from capital share transactions 14,703 71,164 ---------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (848,454) 1,668,692 Net assets applicable to Common shares at the beginning of period 47,937,169 46,268,477 ---------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 47,088,715 $ 47,937,169 ============================================================================ Undistributed (Over-distribution of) net investment income at the end of period $ 86,821 $ 214,557 ============================================================================ See accompanying notes to financial statements. 56 Ohio Dividend Advantage 3 (NVJ) ------------------------------ Six Months Ended Year Ended 1/31/06 7/31/05 ---------------------------------------------------------------------------- Operations Net investment income $ 1,024,252 $ 2,057,495 Net realized gain (loss) from investments (137) (4,849) Net realized gain (loss) from forward swaps -- -- Change in net unrealized appreciation (depreciation) of investments (412,479) 1,502,016 Change in net unrealized appreciation (depreciation) of forward swaps -- -- Distributions to Preferred Shareholders: From net investment income (210,762) (245,582) From accumulated net realized gains -- (2,521) ---------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 400,874 3,306,559 ---------------------------------------------------------------------------- Distributions to Common Shareholders From net investment income (878,255) (1,872,857) From accumulated net realized gains -- (39,484) ---------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (878,255) (1,912,341) ---------------------------------------------------------------------------- Capital Share Transactions Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 1,605 3,478 Preferred shares offering costs -- -- ---------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from capital share transactions 1,605 3,478 ---------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (475,776) 1,397,696 Net assets applicable to Common shares at the beginning of period 33,605,948 32,208,252 ---------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 33,130,172 $ 33,605,948 ============================================================================ Undistributed (Over-distribution of) net investment income at the end of period $ 209 $ 64,974 ============================================================================ See accompanying notes to financial statements. 57 Notes to Financial Statements (Unaudited) 1. General Information and Significant Accounting Policies The state funds (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). Common shares of Michigan Quality Income (NUM), Michigan Premium Income (NMP), and Ohio Quality Income (NUO) are traded on the New York Stock Exchange 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 American Stock Exchange. 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 applicable state income taxes by investing primarily in a diversified 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. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers, evaluations of anticipated cash flows or collateral and general market conditions. Prices of derivative investments are also provided by an independent pricing service approved by each Fund's Board of Directors/Trustees. If the pricing service is unable to supply a price for a municipal bond or derivative investment, each Fund may use a market price or fair market value quote provided by a major broker/dealer in such investments. If it is determined that the market price or fair market value quote for an investment is unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or its designee, may establish a fair value for the investment. 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. 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 or delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At January 31, 2006, 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 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 which will enable interest from municipal securities, which is exempt from regular federal and applicable 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. 58 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 not less frequently than 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. generally accepted accounting principles. Preferred Shares The Funds have issued and outstanding Preferred shares, $25,000 stated value per share, 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. 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 -- 840 -- Series W -- -- 640 Series TH 3,200 1,400 -- Series F 560 -- -- ------------------------------------------------------------------------------------------------------------------------ Total 3,760 2,240 640 ======================================================================================================================== Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------ Number of shares: Series M 680 -- -- -- Series T -- -- -- 660 Series W -- 1,240 -- -- Series TH 1,400 -- -- -- Series TH2 1,000 -- -- -- Series F -- -- 960 -- ------------------------------------------------------------------------------------------------------------------------ Total 3,080 1,240 960 660 ======================================================================================================================== Forward Swap Transactions The Funds are authorized to invest in certain derivative financial instruments. The Funds' use of forward interest rate swap transactions is intended to mitigate the negative impact that an increase in long-term interest rates could have on Common share net asset value. Forward interest rate swap transactions involve each Fund's agreement with the counterparty to pay, in the future, a fixed rate payment in exchange for the counterparty paying the Fund a variable rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the forward swap contract, and would increase or decrease in value based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap's termination date were to increase or decrease. The Funds may close out a contract prior to the effective date, at which point a realized gain or loss would be recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Each Fund intends, but is not obligated to, terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. To minimize such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when any of the Funds have an unrealized loss on a swap contract, 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 swap valuations fluctuate, either up or down, by at least the pre-determined threshold amount. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. 59 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. generally accepted accounting principles 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. Fund Shares Transactions in Common shares were as follows: Michigan Quality Michigan Premium Michigan Dividend Income (NUM) Income (NMP) Advantage (NZW) ----------------------- ----------------------- ----------------------- Six Months Six Months Six Months Ended Year Ended Ended Year Ended Ended Year Ended 1/31/06 7/31/05 1/31/06 7/31/05 1/31/06 7/31/05 ----------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 8,799 31,281 2,719 8,960 946 1,581 ================================================================================================================= Ohio Quality Ohio Dividend Ohio Dividend Income (NUO) Advantage (NXI) Advantage 2 (NBJ) ----------------------- ----------------------- ----------------------- Six Months Six Months Six Months Ended Year Ended Ended Year Ended Ended Year Ended 1/31/06 7/31/05 1/31/06 7/31/05 1/31/06 7/31/05 ----------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 20,497 44,115 4,175 7,184 941 3,544 ================================================================================================================= Ohio Dividend Advantage 3 (NVJ) ----------------------- Six Months Ended Year Ended 1/31/06 7/31/05 ----------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 102 217 ================================================================================================================= 60 3. Investment Transactions Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended January 31, 2006, were as follows: Michigan Michigan Michigan Quality Premium Dividend Income Income Advantage (NUM) (NMP) (NZW) ------------------------------------------------------------------------------------------------------------------------ Purchases $ 13,901,630 $ 1,880,346 $ 113,943 Sales and maturities 14,519,905 3,244,709 1,001,322 ======================================================================================================================== Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------ Purchases $ 7,910,975 $ 2,657,285 $ 2,779,728 $ -- Sales and maturities 8,235,880 1,915,000 2,594,040 350,000 ======================================================================================================================== 4. Income Tax Information The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions. At January 31, 2006, the cost of investments was as follows: Michigan Michigan Michigan Quality Premium Dividend Income Income Advantage (NUM) (NMP) (NZW) ------------------------------------------------------------------------------------------------------------------------ Cost of investments $256,104,818 $163,270,174 $ 44,482,567 ======================================================================================================================== Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------ Cost of investments $222,282,819 $ 90,665,030 $ 67,943,085 $ 46,516,016 ======================================================================================================================== Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2006, were as follows: Michigan Michigan Michigan Quality Premium Dividend Income Income Advantage (NUM) (NMP) (NZW) ------------------------------------------------------------------------------------------------------------------------ Gross unrealized: Appreciation $ 16,738,304 $ 8,624,152 $ 2,380,770 Depreciation (438,095) (225,391) (459,277) ------------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation (depreciation) of investments $ 16,300,209 $ 8,398,761 $ 1,921,493 ======================================================================================================================== Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------ Gross unrealized: Appreciation $ 10,508,065 $ 4,561,626 $ 2,745,962 $ 2,614,356 Depreciation (152,150) (87,826) (54,553) (22,517) ------------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation (depreciation) of investments $ 10,355,915 $ 4,473,800 $ 2,691,409 $ 2,591,839 ======================================================================================================================== 61 Notes to Financial Statements (Unaudited) (continued) The tax components of undistributed net investment income and net realized gains at July 31, 2005, the Funds' last fiscal year end, were as follows: Michigan Michigan Michigan Quality Premium Dividend Income Income Advantage (NUM) (NMP) (NZW) ------------------------------------------------------------------------------------------------------------------------ Undistributed net tax-exempt income * $ 1,766,789 $ 1,206,094 $ 448,052 Undistributed net ordinary income ** -- 20,208 -- Undistributed net long-term capital gains 1,139,426 1,101,668 -- ======================================================================================================================== Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------ Undistributed net tax-exempt income * $ 1,515,578 $ 655,225 $ 430,138 $ 208,689 Undistributed net ordinary income ** -- 8,426 350 -- Undistributed net long-term capital gains 593,836 137,721 101,207 -- ======================================================================================================================== * Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on July 1, 2005, paid on August 1, 2005. ** 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 fiscal year ended July 31, 2005, the Funds' last fiscal year end, 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 $ 12,353,910 $ 7,901,622 $ 2,070,374 Distributions from net ordinary income ** 68,743 44,066 -- Distributions from net long-term capital gains 1,378,291 363,651 -- ======================================================================================================================== Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------ Distributions from net tax-exempt income $ 10,725,327 $ 4,531,442 $ 3,201,799 $ 2,124,939 Distributions from net ordinary income ** 59,986 -- 4,973 -- Distributions from net long-term capital gains 300,638 -- 69,279 41,879 ======================================================================================================================== ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 62 At July 31, 2005, the Funds' last fiscal 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 Ohio Dividend Dividend Advantage Advantage 3 (NZW) (NVJ) ------------------------------------------------------------------------------------------------------------------------ Expiration Year: 2011 $ 35,129 $ -- 2012 -- -- 2013 -- 1,451 ------------------------------------------------------------------------------------------------------------------------ Total $ 35,129 $ 1,451 ======================================================================================================================== Ohio Dividend Advantage 3 elected to defer net realized losses from investments incurred from November 1, 2004 through July 31, 2005 ("post-October losses") in accordance with Federal income tax regulations. The post-October losses of $3,332 were treated as having arisen on the first day of the current fiscal year. 5. Management Fee and Other Transactions with Affiliates Each Fund's management fee is separated into two components - a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the "Adviser), a wholly owned subsidiary of Nuveen Investments, Inc., and a specific fund-level component, based only on the amount of assets within each individual fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: Michigan Quality Income (NUM) Michigan Premium Income (NMP) Ohio Quality Income (NUO) Average Daily Net Assets (including net assets attributable to Preferred shares) 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 ======================================================================================================================== Michigan Dividend Advantage (NZW) Ohio Dividend Advantage (NXI) Ohio Dividend Advantage 2 (NBJ) Ohio Dividend Advantage 3 (NVJ) Average Daily Net Assets (including net assets attributable to Preferred shares) 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 ======================================================================================================================== 63 Notes to Financial Statements (Unaudited) (continued) The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the table below. As of January 31, 2006, the complex-level fee rate was .1891%. Complex-Level Assets(1) Complex-Level Fee Rate -------------------------------------------------------------------------------- For the first $55 billion .2000% For the next $1 billion .1800 For the next $1 billion .1600 For the next $3 billion .1425 For the next $3 billion .1325 For the next $3 billion .1250 For the next $5 billion .1200 For the next $5 billion .1175 For the next $15 billion .1150 For Managed Assets over $91 billion (2) .1400 ================================================================================ (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds in the U.S. (2) With respect to the complex-wide Managed Assets over $91 billion, the fee rate or rates that will apply to such assets will be determined at a later date. In the unlikely event that complex-wide Managed Assets reach $91 billion prior to a determination of the complex-level fee rate or rates to be applied to Managed Assets in excess of $91 billion, the complex-level fee rate for such complex-wide Managed Assets shall be .1400% until such time as a different rate or rates is determined. 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 their 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 (including net assets attributable to Preferred shares), 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. 64 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 (including net assets attributable to Preferred shares), 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 (including net assets attributable to Preferred shares), 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. 6. Subsequent Events - Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on March 1, 2006, to shareholders of record on February 15, 2006, as follows: Michigan Michigan Michigan Quality Premium Dividend Income Income Advantage (NUM) (NMP) (NZW) ------------------------------------------------------------------------------------------------------------------------ Dividend per share $ .0685 $ .0665 $ .0745 ======================================================================================================================== Ohio Ohio Ohio Ohio Quality Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NUO) (NXI) (NBJ) (NVJ) ------------------------------------------------------------------------------------------------------------------------ Dividend per share $ .0730 $ .0710 $ .0665 $ .0655 ======================================================================================================================== 65 Financial Highlights (Unaudited) Selected data for a Common share outstanding throughout each period: Investment Operations --------------------------------------------------------------------- Distributions Distributions from Net from Beginning Investment Capital Common Net Income to Gains to Share Net Realized/ Preferred Preferred Net Asset Investment Unrealized Share- Share- Value Income Gain (Loss) holders+ holders+ Total =========================================================================================================== Michigan Quality Income (NUM) ----------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) $ 15.88 $ .48 $ (.24) $ (.09) $ (.02) $ .13 2005 15.51 .98 .57 (.13) (.01) 1.41 2004 15.14 1.01 .49 (.06) (.01) 1.43 2003 15.48 1.04 (.27) (.08) (.01) .68 2002 15.32 1.11 .15 (.11) (.02) 1.13 2001 14.54 1.16 .82 (.29) (.01) 1.68 Michigan Premium Income (NMP) ----------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) 15.55 .46 (.20) (.08) (.02) .16 2005 15.19 .93 .50 (.11) -- 1.32 2004 15.24 .97 .38 (.04) (.03) 1.28 2003 15.56 1.03 (.37) (.07) -- .59 2002 15.31 1.05 .16 (.11) -- 1.10 2001 14.24 1.07 1.07 (.25) -- 1.89 Michigan Dividend Advantage (NZW) ----------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) 15.44 .48 (.17) (.09) -- .22 2005 14.82 .98 .63 (.11) -- 1.50 2004 14.30 .99 .47 (.05) -- 1.41 2003 14.42 .99 (.20) (.07) -- .72 2002(b) 14.33 .76 .22 (.07) -- .91 =========================================================================================================== Less Distributions -------------------------------------- Net Offering Investment Capital Costs and Ending Income to Gains to Preferred Common Common Common Share Share Ending Share- Share- Underwriting Net Asset Market holders holders Total Discounts Value Value ========================================================================================================== Michigan Quality Income (NUM) ---------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) $ (.43) $ (.11) $ (.54) $ -- $ 15.47 $ 15.26 2005 (.93) (.11) (1.04) -- 15.88 15.67 2004 (.95) (.11) (1.06) -- 15.51 15.20 2003 (.92) (.10) (1.02) -- 15.14 15.45 2002 (.90) (.07) (.97) -- 15.48 16.10 2001 (.88) (.02) (.90) -- 15.32 15.42 Michigan Premium Income (NMP) ---------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) (.42) (.15) (.57) -- 15.14 14.88 2005 (.91) (.05) (.96) -- 15.55 15.68 2004 (.94) (.39) (1.33) -- 15.19 14.37 2003 (.91) -- (.91) -- 15.24 14.85 2002 (.85) -- (.85) -- 15.56 15.35 2001 (.82) -- (.82) -- 15.31 14.71 Michigan Dividend Advantage (NZW) ---------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) (.45) -- (.45) -- 15.21 15.62 2005 (.89) -- (.89) .01 15.44 16.79 2004 (.89) -- (.89) -- 14.82 14.65 2003 (.86) -- (.86) .02 14.30 15.10 2002(b) (.63) -- (.63) (.19) 14.42 14.65 ========================================================================================================== * Annualized. ** Total Return 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. Total Return 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. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the six months ended January 31, 2006. (b) For the period September 25, 2001 (commencement of operations) through July 31, 2002. 66 Ratios/Supplemental Data ------------------------------------------------------------------------------------- After Credit/ Total Returns Before Credit/Reimbursement Reimbursement*** -------------------- --------------------------- ------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Based Ending Expenses Income to Expenses Income to on Net to Average Average to Average Average Based Common Assets Net Assets Net Assets Net Assets Net Assets on Share Net Applicable Applicable Applicable Applicable Applicable Portfolio Market Asset to Common to Common to Common to Common to Common Turnover Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ==================================================================================================================================== Michigan Quality Income (NUM) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 7/31: 2006(a) .84% .82% $ 181,285 1.24%* 6.04%* 1.22%* 6.06%* 5% 2005 9.94 9.28 185,900 1.22 6.13 1.21 6.14 8 2004 5.17 9.52 181,114 1.22 6.44 1.22 6.45 15 2003 2.40 4.35 176,186 1.24 6.56 1.24 6.57 15 2002 11.18 7.68 179,630 1.28 7.29 1.27 7.29 19 2001 17.11 11.90 176,664 1.30 7.79 1.29 7.80 20 Michigan Premium Income (NMP) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 7/31: 2006(a) (1.50) 1.00 117,323 1.20* 5.91* 1.19* 5.92* 1 2005 16.03 8.80 120,475 1.19 5.97 1.17 5.98 11 2004 5.46 8.56 117,529 1.20 6.28 1.19 6.30 28 2003 2.64 3.71 117,418 1.21 6.49 1.20 6.50 18 2002 10.52 7.40 119,820 1.25 6.82 1.24 6.83 9 2001 17.81 13.61 117,784 1.24 7.24 1.23 7.25 15 Michigan Dividend Advantage (NZW) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 7/31: 2006(a) (4.24) 1.43 31,367 1.31* 5.80* .84* 6.27* -- 2005 21.34 10.41 31,821 1.27 5.93 .81 6.39 8 2004 2.99 10.00 30,538 1.28 6.13 .81 6.60 9 2003 9.19 5.01 29,443 1.29 6.15 .82 6.61 2 2002(b) 2.00 5.21 29,679 1.35* 6.00* .90* 6.45* 21 ==================================================================================================================================== Preferred Shares at End of Period -------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ============================================================= Michigan Quality Income (NUM) ------------------------------------------------------------- Year Ended 7/31: 2006(a) $94,000 $ 25,000 $ 73,214 2005 94,000 25,000 74,441 2004 94,000 25,000 73,169 2003 94,000 25,000 71,858 2002 94,000 25,000 72,774 2001 94,000 25,000 71,985 Michigan Premium Income (NMP) ------------------------------------------------------------- Year Ended 7/31: 2006(a) 56,000 25,000 77,376 2005 56,000 25,000 78,783 2004 56,000 25,000 77,468 2003 56,000 25,000 77,419 2002 56,000 25,000 78,491 2001 56,000 25,000 77,582 Michigan Dividend Advantage (NZW) ------------------------------------------------------------- Year Ended 7/31: 2006(a) 16,000 25,000 74,011 2005 16,000 25,000 74,720 2004 16,000 25,000 72,716 2003 16,000 25,000 71,005 2002(b) 16,000 25,000 71,374 ============================================================= See accompanying notes to financial statements. 67 Financial Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period: Investment Operations --------------------------------------------------------------------- Distributions Distributions from Net from Beginning Investment Capital Common Net Income to Gains to Share Net Realized/ Preferred Preferred Net Asset Investment Unrealized Share- Share- Value Income Gain (Loss) holders+ holders+ Total =========================================================================================================== Ohio Quality Income (NUO) ----------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) $ 16.58 $ .49 $ (.20) $ (.09) $ (.01) $ .19 2005 16.21 1.02 .49 (.12) -- 1.39 2004 16.17 1.07 .25 (.06) (.01) 1.25 2003 16.36 1.10 (.22) (.08) -- .80 2002 16.10 1.14 .18 (.13) -- 1.19 2001 15.52 1.20 .56 (.27) -- 1.49 Ohio Dividend Advantage (NXI) ----------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) 15.55 .48 (.18) (.09) -- .21 2005 15.05 1.00 .57 (.11) -- 1.46 2004 14.66 1.04 .40 (.06) -- 1.38 2003 14.83 1.05 (.23) (.07) -- .75 2002 14.57 1.06 .19 (.12) -- 1.13 2001(b) 14.33 .29 .35 (.04) -- .60 Ohio Dividend Advantage 2 (NBJ) ----------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) 15.37 .46 (.18) (.09) (.01) .18 2005 14.85 .95 .61 (.12) -- 1.44 2004 14.31 .99 .53 (.06) -- 1.46 2003 14.48 1.00 (.23) (.08) -- .69 2002(c) 14.33 .78 .23 (.08) -- .93 Ohio Dividend Advantage 3 (NVJ) ----------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) 15.57 .47 (.18) (.10) -- .19 2005 14.93 .95 .69 (.11) -- 1.53 2004 14.48 .96 .51 (.06) (.01) 1.40 2003 14.83 .97 (.29) (.07) (.01) .60 2002(d) 14.33 .25 .65 (.02) -- .88 =========================================================================================================== Less Distributions -------------------------------------- Net Offering Investment Capital Costs and Ending Income to Gains to Preferred Common Common Common Share Share Ending Share- Share- Underwriting Net Asset Market holders holders Total Discounts Value Value ========================================================================================================== Ohio Quality Income (NUO) ---------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) $ (.44) $(.05) $ (.49) $ -- $ 16.28 $ 17.03 2005 (.98) (.04) (1.02) -- 16.58 16.96 2004 (1.00) (.21) (1.21) -- 16.21 16.30 2003 (.99) -- (.99) -- 16.17 17.04 2002 (.93) -- (.93) -- 16.36 18.62 2001 (.91) -- (.91) -- 16.10 16.80 Ohio Dividend Advantage (NXI) ---------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) (.45) (.03) (.48) -- 15.28 17.35 2005 (.96) -- (.96) -- 15.55 17.00 2004 (.97) (.02) (.99) -- 15.05 14.80 2003 (.92) (.01) (.93) .01 14.66 14.26 2002 (.87) -- (.87) -- 14.83 15.15 2001(b) (.22) -- (.22) (.14) 14.57 15.35 Ohio Dividend Advantage 2 (NBJ) ---------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) (.41) (.05) (.46) -- 15.09 16.45 2005 (.90) (.02) (.92) -- 15.37 15.48 2004 (.92) -- (.92) -- 14.85 14.70 2003 (.87) -- (.87) .01 14.31 14.26 2002(c) (.62) -- (.62) (.16) 14.48 14.65 Ohio Dividend Advantage 3 (NVJ) ---------------------------------------------------------------------------------------------------------- Year Ended 7/31: 2006(a) (.41) -- (.41) -- 15.35 15.84 2005 (.87) (.02) (.89) -- 15.57 15.90 2004 (.88) (.07) (.95) -- 14.93 14.30 2003 (.88) (.06) (.94) (.01) 14.48 14.40 2002(d) (.22) -- (.22) (.16) 14.83 15.30 ========================================================================================================== * Annualized. ** Total Return 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. Total Return 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. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the six months ended January 31, 2006. (b) For the period March 27, 2001 (commencement of operations) through July 31, 2001. (c) For the period September 25, 2001 (commencement of operations) through July 31, 2002. (d) For the period March 25, 2002 (commencement of operations) through July 31, 2002. 68 Ratios/Supplemental Data ------------------------------------------------------------------------------------- After Credit/ Total Returns Before Credit/Reimbursement Reimbursement*** -------------------- --------------------------- ------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Based Ending Expenses Income to Expenses Income to on Net to Average Average to Average Average Based Common Assets Net Assets Net Assets Net Assets Net Assets on Share Net Applicable Applicable Applicable Applicable Applicable Portfolio Market Asset to Common to Common to Common to Common to Common Turnover Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ==================================================================================================================================== Ohio Quality Income (NUO) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 7/31: 2006(a) 3.45% 1.20% $ 158,321 1.20%* 5.98%* 1.19%* 5.99%* 3% 2005 10.25 8.70 160,982 1.19 6.16 1.18 6.17 14 2004 2.59 7.87 156,634 1.20 6.46 1.19 6.47 31 2003 (3.15) 4.84 155,412 1.22 6.59 1.22 6.60 12 2002 17.00 7.63 156,351 1.26 7.10 1.24 7.12 26 2001 6.86 9.85 153,164 1.32 7.58 1.30 7.60 15 Ohio Dividend Advantage (NXI) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 7/31: 2006(a) 5.02 1.37 64,802 1.22* 5.73* .75* 6.21* 2 2005 21.79 9.87 65,873 1.21 6.00 .76 6.46 14 2004 10.70 9.54 63,642 1.20 6.41 .75 6.86 10 2003 (.04) 5.09 61,924 1.23 6.52 .78 6.97 6 2002 4.48 8.02 62,548 1.24 6.79 .78 7.25 18 2001(b) 3.77 3.21 61,424 1.15* 5.58* .71* 6.02* 4 Ohio Dividend Advantage 2 (NBJ) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 7/31: 2006(a) 9.45 1.20 47,089 1.27* 5.57* .79* 6.06* 4 2005 11.63 9.90 47,937 1.23 5.71 .77 6.17 14 2004 9.60 10.33 46,268 1.25 6.13 .79 6.60 15 2003 3.17 4.74 44,578 1.27 6.26 .81 6.72 15 2002(c) 1.91 5.58 45,073 1.25* 6.12* .80* 6.57* 39 Ohio Dividend Advantage 3 (NVJ) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 7/31: 2006(a) 2.28 1.22 33,130 1.27* 5.64* .80* 6.11* -- 2005 17.60 10.40 33,606 1.27 5.68 .81 6.14 3 2004 5.86 9.72 32,208 1.28 5.87 .81 6.34 8 2003 .09 3.81 31,245 1.28 5.89 .82 6.35 16 2002(d) 3.47 5.05 31,995 1.22* 4.72* .80* 5.15* 7 ==================================================================================================================================== Preferred Shares at End of Period -------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ============================================================= Ohio Quality Income (NUO) ------------------------------------------------------------- Year Ended 7/31: 2006(a) $77,000 $ 25,000 $ 76,403 2005 77,000 25,000 77,267 2004 77,000 25,000 75,855 2003 77,000 25,000 75,458 2002 77,000 25,000 75,763 2001 77,000 25,000 74,729 Ohio Dividend Advantage (NXI) ------------------------------------------------------------- Year Ended 7/31: 2006(a) 31,000 25,000 77,260 2005 31,000 25,000 78,123 2004 31,000 25,000 76,324 2003 31,000 25,000 74,938 2002 31,000 25,000 75,442 2001(b) 31,000 25,000 74,535 Ohio Dividend Advantage 2 (NBJ) ------------------------------------------------------------- Year Ended 7/31: 2006(a) 24,000 25,000 74,051 2005 24,000 25,000 74,935 2004 24,000 25,000 73,196 2003 24,000 25,000 71,435 2002(c) 24,000 25,000 71,951 Ohio Dividend Advantage 3 (NVJ) ------------------------------------------------------------- Year Ended 7/31: 2006(a) 16,500 25,000 75,197 2005 16,500 25,000 75,918 2004 16,500 25,000 73,800 2003 16,500 25,000 72,341 2002(d) 16,500 25,000 73,477 ============================================================= See accompanying notes to financial statements. 69 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 Exchange-Traded Funds Dividend Reinvestment Plan Your Nuveen Closed-End Exchange-Traded 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 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. 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 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. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. 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. 70 Other Useful Information Quarterly Portfolio of Investments and Proxy voting information Each Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the 12-month period ended June 30, 2005, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities are available 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 1-202-942-8090 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 450 Fifth Street NW, Washington, D.C. 20549. Glossary of terms used in this report 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 all the maturities of the bonds in a Fund's portfolio, computed by weighting each maturity date (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. 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 common share NAV per share is calculated by subtracting the liabilities of the Fund (including any MuniPreferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. 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. Board of Directors/Trustees Robert P. Bremner Lawrence H. Brown Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Eugene S. Sunshine 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 Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 71 [GRAPHIC OMITTED] Learn more about Nuveen Funds at www.nuveen.com/etf Nuveen Investments: SERVING Investors For GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. We offer many different investing solutions for our clients' different needs. Managing more than $135 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. Find out how we can help you reach your financial goals. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For 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. o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools [LOGO] NUVEEN Investments ESA-B-0106D 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. See Portfolio of Investments in Item 1. 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 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: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Ohio Quality Income Municipal Fund, Inc. ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: April 7, 2006 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: April 7, 2006 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: April 7, 2006 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.