Nuveen Investments announced the reorganization of Nuveen Pennsylvania Premium Income Municipal Fund 2, Nuveen Pennsylvania Dividend Advantage Municipal Fund, Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 and Nuveen Pennsylvania Investment Quality Municipal Fund into a single, larger fund with lower operating expenses and higher share trading volume will take place after the close of business on February 7, 2014 and be effective as of February 10, 2014, with Nuveen Pennsylvania Investment Quality Municipal Fund acquiring almost all of the assets of Nuveen Pennsylvania Premium Income Municipal Fund 2, Pennsylvania Dividend Advantage Municipal Fund and Nuveen Pennsylvania Dividend Advantage Municipal Fund 2. The acquired fund MTP (Muni-Term Preferred) shares will be replaced one for one with newly issued shares of MTP from Nuveen Pennsylvania Investment Quality Municipal Fund, with relatively similar terms. The acquired fund MTP series being replaced are declaring final distributions for the period February 1, 2014 to February 9, 2014. The final distributions will be paid 3 March 2014 and the new MTP series of the acquiring fund will declare a distribution on the effective date of the merger for the period 10 February 2014 to 28 February 2014. When combined with the distributions below, the distribution will be equal to the shareholders original pre-merger monthly distribution.

The new MTP series of the acquiring fund were Nuveen Pennsylvania Dividend Advantage Municipal Fund MTP and Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 MTP.