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:          11/30/12         
 
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, 2012
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 5.8% (4.0% of Total Investments)
     
$       400
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
No Opt. Call
A1
$     447,728
   
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
B
902,590
1,750
 
5.875%, 6/01/47
6/17 at 100.00
BB
1,560,948
45
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
5/13 at 100.00
BBB+
45,051
   
Series 2002, 5.375%, 5/15/33
     
3,195
 
Total Consumer Staples
   
2,956,317
   
Education and Civic Organizations – 6.9% (4.7% of Total Investments)
     
1,345
 
Bowling Green State University, Ohio, General Receipts Bonds, Series 2003, 5.250%,
6/13 at 100.00
A+
1,373,756
   
6/01/18 – AMBAC Insured
     
490
 
Miami University of Ohio, General Receipts Bonds, Series 2011, 5.000%, 9/01/36
9/21 at 100.00
AA
580,038
250
 
Miami University of Ohio, General Receipts Bonds, Series 2012, 4.000%, 9/01/33
9/22 at 100.00
AA
276,678
450
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series
7/16 at 100.00
A+
475,740
   
2006, 5.000%, 7/01/41
     
805
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University, Series
6/13 at 100.00
Ba2
805,829
   
2001, 5.500%, 12/01/15
     
3,340
 
Total Education and Civic Organizations
   
3,512,041
   
Health Care – 22.4% (15.4% of Total Investments)
     
250
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series
6/20 at 100.00
AA–
283,498
   
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+
1,137,630
1,090
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center
5/16 at 100.00
N/R
1,141,535
   
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
339,783
   
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
272,748
   
2005, 5.000%, 11/01/40
     
480
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond
11/21 at 100.00
AA+
607,661
   
Trust 11-21B, 9.316%, 11/15/41 (IF) (4)
     
600
 
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series
6/21 at 100.00
A2
726,090
   
2011A, 6.250%, 12/01/34
     
865
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding
8/18 at 100.00
A3
975,244
   
Series 2008C, 6.000%, 8/15/43
     
460
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
11/21 at 100.00
AA–
571,992
   
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
247,311
   
Inc., Series 2006, 5.250%, 5/15/21
     
120
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center
8/21 at 100.00
A2
135,055
   
Project, Refunding Series 2011, 5.250%, 8/01/41
     
700
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A,
5/14 at 100.00
AA–
730,100
   
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
98,015
35
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic
1/18 at 100.00
Aa2
39,646
   
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–
461,972
40
 
5.250%, 11/15/40 – AGM Insured
5/20 at 100.00
AA–
45,108
200
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System
1/19 at 100.00
Aa2
229,838
   
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
 
19.555%, 1/01/17 (IF)
No Opt. Call
Aa2
184,170
1,000
 
20.062%, 1/01/33 (IF)
1/19 at 100.00
Aa2
1,596,760
375
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System
No Opt. Call
Aa2
598,785
   
Obligated Group, Tender Option Bond Trust 3591, 20.220%, 1/01/17 (IF)
     
350
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006,
11/16 at 100.00
A–
373,051
   
5.250%, 11/15/36
     
190
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008,
12/18 at 100.00
A2
216,883
   
5.750%, 12/01/35
     
375
 
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County
12/22 at 100.00
Baa2
403,264
   
Hospital Project, Series 2012, 5.000%, 12/01/37 (WI/DD, Settling 12/06/12)
     
9,520
 
Total Health Care
   
11,416,139
   
Housing/Multifamily – 4.4% (3.0% of Total Investments)
     
1,000
 
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler
5/13 at 101.00
Aaa
1,022,060
   
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
274,733
   
Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax)
     
205
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna
6/16 at 102.00
Aaa
216,220
   
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
AA+
744,538
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax)
     
2,145
 
Total Housing/Multifamily
   
2,257,551
   
Housing/Single Family – 0.4% (0.3% of Total Investments)
     
180
 
Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities
9/15 at 100.00
Aaa
186,563
   
Program, Series 2006H, 5.000%, 9/01/31 (Alternative Minimum Tax)
     
   
Industrials – 2.7% (1.8% of Total Investments)
     
1,000
 
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc.,
No Opt. Call
Baa2
1,299,990
   
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
70,135
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5)
     
1,500
 
Total Industrials
   
1,370,125
   
Long-Term Care – 1.0% (0.7% of Total Investments)
     
95
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement
7/21 at 100.00
BBB
108,481
   
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-
390,065
   
Refunding & improvement Series 2010, 6.625%, 4/01/40
     
435
 
Total Long-Term Care
   
498,546
   
Tax Obligation/General – 47.3% (32.6% of Total Investments)
     
1,000
 
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, Series
6/22 at 100.00
AAA
1,238,440
   
2012, 5.000%, 12/01/29 – AGM Insured
     
   
Cleveland Municipal School District, Cuyahoga County, Ohio, General Obligation Bonds,
     
   
Series 2004:
     
1,000
 
5.000%, 12/01/15 – AGM Insured
6/14 at 100.00
AA
1,064,530
1,000
 
5.000%, 12/01/22 – AGM Insured
6/14 at 100.00
AA
1,066,130
1,000
 
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29
12/19 at 100.00
AA
1,146,200
1,140
 
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School
11/21 at 100.00
Aa3
1,341,142
   
Facilities Improvement Series 2011, 5.000%, 11/01/39 – AGM Insured
     
   
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+
1,302,126
100
 
0.000%, 12/01/28 – AGM Insured
No Opt. Call
AA+
59,368
400
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21
12/14 at 100.00
AA+
434,912
1,000
 
Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/27
12/17 at 100.00
AAA
1,178,380
400
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32
12/15 at 100.00
AA+
442,640
1,905
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%,
6/17 at 100.00
AA–
2,133,427
   
12/01/34 – AGM Insured
     
1,000
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities
6/17 at 100.00
Aa3
1,128,750
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured
     
500
 
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011,
No Opt. Call
Aa1
414,755
   
0.000%, 12/01/21
     
345
 
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007,
12/17 at 100.00
Aa2
394,728
   
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
452,076
1,005
 
Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series
12/15 at 100.00
AA–
1,119,791
   
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
229,278
   
Series 2007, 5.000%, 12/01/31
     
1,500
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding
No Opt. Call
Aa3
2,000,413
   
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
57,389
   
5.250%, 12/01/36
     
600
 
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2006,
No Opt. Call
A2
762,912
   
5.500%, 12/01/24 – AMBAC Insured
     
150
 
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities
6/22 at 100.00
Aa3
174,578
   
Construction & Improvement Series 2012, 5.000%, 12/01/36
     
2,665
 
Newark City School District, Licking County, Ohio, General Obligation Bonds, Series 2005,
12/15 at 100.00
Aa3
2,939,120
   
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
452,488
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36
     
1,000
 
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment,
6/22 at 100.00
Aa2
1,168,360
   
Series 2012, 5.000%, 6/01/42
     
1,000
 
South-Western City School District, Franklin and Pickaway Counties, Ohio, General Obligation
6/22 at 100.00
 
1,193,030
   
Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36
     
50
 
Sylvania City School District, Lucas County, Ohio, General Obligation Bonds, School
6/17 at 100.00
Aa2
57,136
   
Improvement Series 1995, 5.250%, 12/01/36 – AGC Insured
     
200
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds,
6/19 at 100.00
AA
226,910
   
School Improvment Series 2009, 5.125%, 12/01/37
     
22,105
 
Total Tax Obligation/General
   
24,179,009
   
Tax Obligation/Limited – 26.1% (18.0% of Total Investments)
     
500
 
Cuyhoga County, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, Medical
12/20 at 100.00
AA
589,160
   
Mart- Convention Center Project, Series 2010F, 5.000%, 12/01/27
     
175
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio,
12/19 at 100.00
Aa2
201,793
   
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
1/22 at 100.00
A
451,683
160
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
1/22 at 100.00
A
181,400
760
 
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement
12/21 at 100.00
AAA
937,551
   
Bonds, Refunding Series 2012, 5.250%, 12/01/30
     
1,000
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 5.000%,
12/16 at 100.00
A+
1,114,730
   
12/01/32 – AMBAC Insured
     
2,500
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%,
No Opt. Call
AA–
1,371,975
   
12/01/28 – AGM Insured
     
1,000
 
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31
12/21 at 100.00
A+
1,158,050
1,750
 
Hudson City School District, Ohio, Certificates of Participation, Series 2012, 4.000%,
6/22 at 100.00
Aa3
1,854,946
   
6/01/34 – NPFG Insured
     
140
 
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds,
10/22 at 100.00
A1
169,330
   
Series 2012C, 5.000%, 10/01/24
     
250
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects,
4/15 at 100.00
AA
275,190
   
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
1,101,740
   
Project, Series 2005A, 5.000%, 4/01/23 – AGM Insured
     
4,065
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
No Opt. Call
A+
1,294,215
   
2009A, 0.000%, 8/01/34
     
3,940
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
No Opt. Call
A+
1,165,964
   
2010A, 0.000%, 8/01/35
     
400
 
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Refunding Series 2012A,
12/22 at 100.00
AA+
493,520
   
5.000%, 12/01/24
     
805
 
Vermilion Local School District, East and Lorain Counties, Ohio, Certificates of
12/20 at 100.00
Aa3
948,958
   
Participation, Series 2012, 5.000%, 12/01/25 (WI/DD, Settling 12/12/12)
     
18,840
 
Total Tax Obligation/Limited
   
13,310,205
   
Transportation – 1.1% (0.8% of Total Investments)
     
500
 
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A, 5.000%, 1/01/31 – AGM Insured
1/22 at 100.00
AA–
584,420
   
U.S. Guaranteed – 13.3% (9.2% of Total Investments) (6)
     
605
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004,
12/14 at 100.00
AA+ (6)
666,898
   
5.500%, 12/01/15 (Pre-refunded 12/01/14) – AGM Insured
     
1,000
 
Marysville Exempted Village School District, Ohio, Certificates of Participation, School
6/15 at 100.00
N/R (6)
1,121,140
   
Facilities Project, Series 2005, 5.250%, 12/01/21 (Pre-refunded 6/01/15) – NPFG Insured
     
100
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University
1/15 at 100.00
A (6)
113,315
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 (Pre-refunded 1/15/15)
     
210
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match,
6/18 at 100.00
AAA
257,542
   
Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured
     
1,095
 
Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital Facilities, Series
12/13 at 100.00
AA (6)
1,147,078
   
2004A-II, 5.000%, 12/01/18 (Pre-refunded 12/01/13)
     
1,050
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation
6/14 at 100.00
AA+ (6)
1,131,260
   
Bonds, Series 2004A, 5.500%, 12/01/15 (Pre-refunded 6/01/14) – FGIC Insured
     
1,000
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2003C, 5.000%, 6/01/22
6/13 at 100.00
AA– (6)
1,024,120
   
(Pre-refunded 6/01/13) – FGIC Insured
     
1,245
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D, 5.000%, 6/01/19
6/14 at 100.00
AA- (6)
1,332,026
   
(Pre-refunded 6/01/14) – AMBAC Insured
     
6,305
 
Total U.S. Guaranteed
   
6,793,379
   
Utilities – 9.2% (6.4% of Total Investments)
     
1,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project
2/18 at 100.00
A1
1,135,260
   
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
460,527
   
NPFG Insured
     
2,500
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, Ohio Power Company Project,
5/13 at 100.00
Baa1
2,504,123
   
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
626,440
   
Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/20 – AMBAC Insured
     
5,160
 
Total Utilities
   
4,726,350
   
Water and Sewer – 4.5% (3.1% of Total Investments)
     
1,100
 
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37
12/21 at 100.00
AAA
1,317,030
130
 
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 –
12/17 at 100.00
A1
148,738
   
AMBAC Insured
     
625
 
Cleveland, Ohio, Water Revenue Bonds, Second Lien Series 2012A, 5.000%, 1/01/25
1/22 at 100.00
Aa2
776,838
50
 
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 –
12/20 at 100.00
Aa3
58,164
   
AGM Insured
     
1,905
 
Total Water and Sewer
   
2,300,770
$ 75,130
 
Total Investments (cost $66,291,748) – 145.1%
   
74,091,415
   
MuniFund Term Preferred Shares, at Liquidation Value – (47.5)% (7)
   
(24,244,000)
   
Other Assets Less Liabilities – 2.4%
   
1,216,080
   
Net Assets Applicable to Common Shares – 100%
   
$ 51,063,495
 
 
 
 
 

 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
 
Level 1
Level 2
Level 3
Total
Long-Term Investments*:
       
Municipal Bonds
$ —
$74,091,415
$ —
$74,091,415
* Refer to the Fund’s Portfolio of Investments for industry classifications.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/ Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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, 2012, the cost of investments was $66,244,075.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2012, were as follows:
   
Gross unrealized:
 
Appreciation
$8,219,507
Depreciation
(372,167)
Net unrealized appreciation (depreciation) of investments
$7,847,340
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares
   
unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There
   
may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject
   
to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc.
   
(“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB
   
by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these
   
national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income
   
producing 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.
(6)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.7%.
N/R
 
Not rated.
WI/DD
 
Investment, or portion of investment, 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 29, 2013        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:          January 29, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          January 29, 2013        
 

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