UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-10445
 
Nuveen Ohio Dividend Advantage Municipal Fund 2
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             2/28          
 
Date of reporting period:          11/30/11         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
Item 1. Schedule of Investments
 

           
   
Portfolio of Investments (Unaudited)  
     
   
   Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ)  
     
   
November 30, 2011  
     
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Consumer Staples – 5.3% (3.8% of Total Investments)  
     
$     400  
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  
No Opt. Call  
A3  
$    424,076  
   
Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/16  
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  
     
   
Bonds, Senior Lien, Series 2007A-2:  
     
1,000  
 
5.125%, 6/01/24  
6/17 at 100.00  
BB–  
757,130  
1,750  
 
5.875%, 6/01/47  
6/17 at 100.00  
BB–  
1,225,508  
45  
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,  
5/12 at 100.00  
BBB  
42,118  
   
Series 2002, 5.375%, 5/15/33  
     
3,195  
 
Total Consumer Staples  
   
2,448,832  
   
Education and Civic Organizations – 12.4% (8.7% of Total Investments)  
     
1,345  
 
Bowling Green State University, Ohio, General Receipts Bonds, Series 2003, 5.250%, 6/01/18 –  
6/13 at 100.00  
A+  
1,416,823  
   
AMBAC Insured  
     
365  
 
Miami University of Ohio, General Receipts Bonds, Series 2011, 5.000%, 9/01/36 (WI/DD,  
9/21 at 100.00  
AA  
379,399  
   
Settling 12/21/11)  
     
450  
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series  
7/16 at 100.00  
A+  
455,958  
   
2006, 5.000%, 7/01/41  
     
1,050  
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University, Series  
6/12 at 100.00  
Ba1  
1,050,515  
   
2001, 5.500%, 12/01/15  
     
1,000  
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2003C, 5.000%, 6/01/22 –  
6/13 at 100.00  
A+  
1,045,180  
   
FGIC Insured  
     
1,245  
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D, 5.000%, 6/01/19 –  
6/14 at 100.00  
A+  
1,340,417  
   
AMBAC Insured  
     
5,455  
 
Total Education and Civic Organizations  
   
5,688,292  
   
Energy – 1.0% (0.7% of Total Investments)  
     
500  
 
Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds, Hovensa Coker  
1/13 at 100.00  
Ba2  
478,185  
   
Project, Senior Lien Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax)  
     
   
Health Care – 26.5% (18.7% of Total Investments)  
     
250  
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series  
6/20 at 100.00  
AA–  
254,893  
   
2010A, 5.250%, 6/01/38  
     
1,000  
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.500%, 11/01/40  
11/20 at 100.00  
BBB+  
975,220  
1,090  
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center  
5/16 at 100.00  
N/R  
1,021,025  
   
Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured  
     
300  
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,  
11/19 at 100.00  
Aa2  
306,909  
   
Improvement Series 2009, 5.250%, 11/01/40  
     
250  
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series  
11/18 at 100.00  
Aa2  
251,515  
   
2005, 5.000%, 11/01/40  
     
480  
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond  
11/21 at 100.00  
AA  
487,094  
   
Trust 11-21B, 9.304%, 11/15/41 (IF) (4)  
     
600  
 
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series  
6/21 at 100.00  
A3  
642,354  
   
2011A, 6.250%, 12/01/34  
     
865  
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding  
8/18 at 100.00  
Baa1  
869,403  
   
Series 2008C, 6.000%, 8/15/43  
     
200  
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare  
10/12 at 100.00  
AA–  
200,990  
   
Partners, Refunding Series 2002, 5.375%, 10/01/30  
     
1,850  
 
Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare  
4/12 at 101.00  
AA–  
1,873,440  
   
Partners, Series 2001A, 5.400%, 10/01/21  
     
460  
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series  
11/21 at 100.00  
AA–  
504,234  
   
2011A, 6.000%, 11/15/41  
     
225  
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center  
5/16 at 100.00  
A2  
236,790  
   
Inc., Series 2006, 5.250%, 5/15/21  
     
700  
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A,  
5/14 at 100.00  
AA  
708,155  
   
5.000%, 5/01/30  
     
90  
 
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A, 6.250%, 11/15/39  
11/14 at 100.00  
Aa3  
94,175  
35  
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic  
1/18 at 100.00  
Aa2  
37,174  
   
Health System Obligated Group, Series 2008A, 5.000%, 1/01/25  
     
   
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health  
     
   
System Project, Series 2010:  
     
400  
 
5.750%, 11/15/40 – AGM Insured  
5/20 at 100.00  
AA–  
413,396  
40  
 
5.250%, 11/15/40 – AGM Insured  
5/20 at 100.00  
AA–  
40,232  
100  
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University  
1/15 at 100.00  
A
104,220  
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39  
     
200  
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System  
1/19 at 100.00  
Aa2  
208,622  
   
Obligated Group, Series 2009A, 5.500%, 1/01/39  
     
   
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System  
     
   
Obligated Group, Tender Option Bond Trust 3551:  
     
125  
 
19.675%, 1/01/17 (IF)  
No Opt. Call  
Aa2  
143,395  
1,000  
 
20.215%, 1/01/33 (IF)  
1/19 at 100.00  
Aa2  
1,172,440  
375  
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System  
No Opt. Call  
Aa2  
439,665  
   
Obligated Group, Tender Option Bond Trust 3591, 20.372%, 1/01/17 (IF)  
     
665  
 
Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System  
11/12 at 100.00  
A–  
669,096  
   
Obligated Group, Series 2000B, 6.375%, 11/15/30  
     
350  
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006,  
11/16 at 100.00  
A–  
352,646  
   
5.250%, 11/15/36  
     
190  
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008,  
12/18 at 100.00  
A
194,893  
   
5.750%, 12/01/35  
     
11,840  
 
Total Health Care  
   
12,201,976  
   
Housing/Multifamily – 4.8% (3.4% of Total Investments)  
     
1,000  
 
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler  
5/12 at 102.00  
Aaa  
1,025,520  
   
Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax)  
     
250  
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court  
10/18 at 101.00  
Aa1  
258,053  
   
Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax)  
     
215  
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna  
6/16 at 102.00  
Aaa  
209,604  
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax)  
     
690  
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments  
9/17 at 102.00  
Aaa  
698,936  
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax)  
     
2,155  
 
Total Housing/Multifamily  
   
2,192,113  
   
Housing/Single Family – 1.1% (0.8% of Total Investments)  
     
495  
 
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%,  
9/15 at 100.00  
Aaa  
497,059  
   
9/01/31 (Alternative Minimum Tax)  
     
   
Industrials – 10.7% (7.5% of Total Investments)  
     
3,000  
 
Ohio State Sewage and Solid Waste Disposal Facilities, Revenue Bonds, Anheuser-Busch Project,  
5/12 at 100.00  
A–  
3,000,896  
   
Series 2001, 5.500%, 11/01/35 (Alternative Minimum Tax)  
     
640  
 
Ohio State Water Development Authority, Solid Waste Revenue Bonds, Allied Waste Industries,  
7/12 at 100.00  
BBB  
652,512  
   
Inc., Series 2007A, 5.150%, 7/15/15 (Alternative Minimum Tax)  
     
1,000  
 
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc.,  
No Opt. Call  
Baa3  
1,173,810  
   
Series 1992, 6.450%, 12/15/21  
     
500  
 
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc.,  
7/17 at 102.00  
N/R  
88,950  
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5), (6)  
     
5,140  
 
Total Industrials  
   
4,916,168  
   
Long-Term Care – 0.9% (0.7% of Total Investments)  
     
95  
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement  
7/21 at 100.00  
BBB  
95,960  
   
Services, Improvement Series 2010A, 5.625%, 7/01/26  
     
340  
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard,  
4/20 at 100.00  
BBB–  
341,363  
   
Refunding & improvement Series 2010, 6.625%, 4/01/40  
     
435  
 
Total Long-Term Care  
   
437,323  
   
Tax Obligation/General – 37.9% (26.7% of Total Investments)  
     
   
Cleveland Municipal School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2004:  
     
1,000  
 
5.000%, 12/01/15 – AGM Insured  
6/14 at 100.00  
AA  
1,090,460  
1,000  
 
5.000%, 12/01/22 – AGM Insured  
6/14 at 100.00  
AA  
1,073,260  
1,000  
 
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29  
12/19 at 100.00  
AA  
1,050,080  
   
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006:  
     
2,095  
 
0.000%, 12/01/27 – AGM Insured  
No Opt. Call  
AA  
991,626  
100  
 
0.000%, 12/01/28 – AGM Insured  
No Opt. Call  
AA  
44,450  
400  
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21  
12/14 at 100.00  
AA+  
440,484  
1,000  
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/27  
12/17 at 100.00  
AAA  
1,091,610  
400  
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32  
12/15 at 100.00  
AA  
419,352  
1,905  
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 –  
6/17 at 100.00  
AA–  
1,953,311  
   
AGM Insured  
     
1,000  
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities  
6/17 at 100.00  
Aa3  
1,033,240  
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured  
     
345  
 
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007,  
12/17 at 100.00  
Aa2  
361,653  
   
5.000%, 12/01/30 – FGIC Insured  
     
400  
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40  
10/18 at 100.00  
Aa2  
411,988  
1,005  
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series  
12/15 at 100.00  
AA–  
1,056,175  
   
2006, 5.000%, 12/01/25 – AGM Insured  
     
200  
 
Mason City School District, Counties of Warren and Butler, Ohio, General Obligation Bonds,  
6/17 at 100.00  
Aaa  
211,766  
   
Series 2007, 5.000%, 12/01/31  
     
1,500  
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding  
No Opt. Call  
Aa3  
1,686,645  
   
Series 2007, 5.250%, 12/01/31 – AGM Insured  
     
50  
 
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008,  
12/18 at 100.00  
Aa3  
51,942  
   
5.250%, 12/01/36  
     
2,665  
 
Newark City School District, Licking County, Ohio, General Obligation Bonds, Series 2005,  
12/15 at 100.00  
A+  
2,766,163  
   
5.000%, 12/01/28 – FGIC Insured  
     
400  
 
Northmor Local School District, Morrow County, Ohio, General Obligation School Facilities  
11/18 at 100.00  
Aa2  
413,084  
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36  
     
1,000  
 
Powell, Ohio, General Obligation Bonds, Series 2002, 5.500%, 12/01/25 – FGIC Insured  
12/12 at 100.00  
AA+  
1,037,810  
50  
 
Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995,  
6/17 at 100.00  
Aa2  
51,823  
   
5.250%, 12/01/36 – AGC Insured  
     
200  
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds,  
No Opt. Call  
AA  
209,376  
   
School Improvment Series 2009, 5.125%, 12/01/37  
     
17,715  
 
Total Tax Obligation/General  
   
17,446,298  
   
Tax Obligation/Limited – 18.2% (12.8% of Total Investments)  
     
500  
 
Cuyhoga County, Ohio, Economic Development Revenue Bonds, Federally Taxable Recovery Zone  
12/20 at 100.00  
AA  
542,410  
   
Facility Medical Mart- Convention Center Project, Series 2010G, 5.000%, 12/01/27  
     
175  
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio,  
12/19 at 100.00  
Aa2  
185,469  
   
Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34  
     
395  
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 (WI/DD,  
1/22 at 100.00  
A
401,834  
   
Settling 12/01/11)  
     
1,000  
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 5.000%, 12/01/32 –  
12/16 at 100.00  
A1  
1,021,500  
   
AMBAC Insured  
     
2,000  
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 –  
No Opt. Call  
AA–  
857,260  
   
AGM Insured  
     
250  
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects,  
4/15 at 100.00  
AA  
270,720  
   
Series 2005A, 5.000%, 4/01/25 – AGM Insured  
     
1,000  
 
Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund  
4/15 at 100.00  
AA  
1,097,170  
   
Project, Series 2005A, 5.000%, 4/01/23 – AGM Insured  
     
1,095  
 
Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital Facilities, Series  
12/13 at 100.00  
AA  
1,173,084  
   
2004A-II, 5.000%, 12/01/18  
     
4,065  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  
No Opt. Call  
A+  
1,003,974  
   
2009A, 0.000%, 8/01/34  
     
3,940  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2010A,  
No Opt. Call  
A+  
906,515  
   
0.000%, 8/01/35  
     
1,000  
 
Summit County Port Authority, Ohio, Revenue Bonds, Civic Theatre Project, Series 2001, 5.500%,  
6/12 at 100.00  
N/R  
903,570  
   
12/01/26 – AMBAC Insured  
     
15,420  
 
Total Tax Obligation/Limited  
   
8,363,506  
   
Transportation – 0.2% (0.1% of Total Investments)  
     
70  
 
Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – AGM Insured  
1/12 at 100.00  
AA–  
70,004  
   
U.S. Guaranteed – 12.7% (8.9% of Total Investments) (7)  
     
605  
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004,  
12/14 at 100.00  
AA (7)  
690,462  
   
5.500%, 12/01/15 (Pre-refunded 12/01/14) – AGM Insured  
     
2,420  
 
Lorain County, Ohio, Limited Tax General Obligation Justice Center Bonds, Series 2002, 5.500%,  
12/12 at 100.00  
Aa2 (7)  
2,546,784  
   
12/01/22 (Pre-refunded 12/01/12) – FGIC Insured  
     
1,000  
 
Marysville Exempted Village School District, Ohio, Certificates of Participation, School  
6/15 at 100.00  
N/R (7)  
1,152,470  
   
Facilities Project, Series 2005, 5.250%, 12/01/21 (Pre-refunded 6/01/15) – NPFG Insured  
     
210  
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match,  
6/18 at 100.00  
AAA  
254,783  
   
Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured  
     
1,050  
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation  
6/14 at 100.00  
AA+ (7)  
1,177,953  
   
Bonds, Series 2004A, 5.500%, 12/01/15 (Pre-refunded 6/01/14) – FGIC Insured  
     
5,285  
 
Total U.S. Guaranteed  
   
5,822,452  
   
Utilities – 9.8% (6.9% of Total Investments)  
     
1,000  
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project  
2/18 at 100.00  
A1  
1,040,440  
   
Series 2008A, 5.250%, 2/15/43  
     
1,065  
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B, 0.000%, 11/15/32 –  
No Opt. Call  
A2  
353,931  
   
NPFG Insured  
     
2,500  
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio Power Company Project,  
5/12 at 100.00  
Baa1  
2,500,975  
   
Series 1999C, 5.150%, 5/01/26 – AMBAC Insured  
     
595  
 
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville  
2/14 at 100.00  
A1  
625,089  
   
Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/20 – AMBAC Insured  
     
5,160  
 
Total Utilities  
   
4,520,435  
   
Water and Sewer – 0.4% (0.3% of Total Investments)  
     
130  
 
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 –  
12/17 at 100.00  
A1  
133,903  
   
AMBAC Insured  
     
50  
 
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 –  
12/20 at 100.00  
Aa3  
52,318  
   
AGM Insured  
     
180  
 
Total Water and Sewer  
   
186,221  
$ 73,045  
 
Total Investments (cost $63,146,060) – 141.9%  
   
65,268,864  
   
MuniFund Term Preferred Shares, at Liquidation Value – (52.7)% (8)  
   
(24,244,000)
   
Other Assets Less Liabilities – 10.8%  
   
4,960,897  
   
Net Assets Applicable to Common Shares – 100%  
   
$ 45,985,761  
 
 

 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of November 30, 2011:
         
 
Level 1  
Level 2  
Level 3  
Total  
Investments:  
       
Municipal Bonds  
$ —  
$65,179,914  
$88,950  
$65,268,864  
 
 
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
   
 
Level 3  
 
Municipal Bonds  
Balance at the beginning of period  
$91,250  
Gains (losses):  
 
Net realized gains (losses)  
Net change in unrealized appreciation (depreciation)  
(2,300)
Purchases at cost  
Sales at proceeds  
Net discounts (premiums)  
Transfers in to  
Transfers out of  
Balance at the end of period  
$88,950  
 
During the period ended November 30, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At November 30, 2011, the cost of investments was $63,124,582.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2011, were as follows:
   
Gross unrealized:  
 
Appreciation  
$2,766,962  
Depreciation  
(622,680)
Net unrealized appreciation (depreciation) of investments  
$2,144,282  
 
 
     
(1)  
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common  
   
shares unless otherwise noted.  
(2)  
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.  
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities  
   
may be subject to periodic principal paydowns.  
(3)  
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,  
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s  
   
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by  
   
any of these national rating agencies.  
(4)  
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for  
   
investments in inverse floating rate transactions.  
(5)  
 
For fair value measurement disclosure purposes, investment categorized as Level 3.  
(6)  
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income  
   
producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment  
   
of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser  
   
has concluded that the issue is not likely to meet its future interest payment obligations and has directed  
   
the Fund’s custodian to cease accruing additional income on the Fund’s records.  
(7)  
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,  
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or  
   
agency securities are regarded as having an implied rating equal to the rating of such securities.  
(8)  
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 37.1%.  
N/R  
 
Not rated.  
WI/DD  
 
Purchased on a when-issued or delayed delivery basis.  
(IF)  
 
Inverse floating rate investment.  
 
 
 
 
 

 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Ohio Dividend Advantage Municipal Fund 2 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          January 27, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date          January 27, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date          January 27, 2012        
 

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