NVY Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 Common Shares of Beneficial Interest

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the reorganization of certain Nuveen Pennsylvania closed-end funds was completed prior to the opening of the New York Stock Exchange on February 10, 2014. As part of a previously announced reorganization, the funds have been merged as outlined in the table below.

              Acquired Funds   Symbol   Acquiring Fund   Symbol

-- Nuveen Pennsylvania Premium Income Municipal Fund 2

 

NPY

 

Nuveen Pennsylvania Investment Quality Municipal Fund

 

NQP

-- Nuveen Pennsylvania Dividend Advantage Municipal Fund

NXM

-- Nuveen Pennsylvania Dividend Advantage Municipal Fund 2

 

NVY

     

In the merger, NQP acquired substantially all of the assets and liabilities of the acquired funds in tax-free transactions in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds’ closing net asset values on February 7, 2014. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of the acquiring fund are listed below:

      Fund   Exchange Ratio Nuveen Pennsylvania Premium Income Municipal Fund 2   0.95999345 Nuveen Pennsylvania Dividend Advantage Municipal Fund   0.98405061 Nuveen Pennsylvania Dividend Advantage Municipal Fund 2   0.97234620  

Additionally, MuniFund Term Preferred (MTP) shareholders of each acquired fund received an equivalent number of newly issued MTP shares from the acquiring fund, with the same terms as their previous MTP shares.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC., a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed nearly $215 billion as of September 30, 2013. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen InvestmentsMedia Contact:Kristyna Munoz, 312-917-8343kristyna.munoz@nuveen.com