Nuveen Pennsylvania municipal funds to merge, form single state fund

By Toni Weeks

San Luis Obispo, Calif., Dec. 17 - Nuveen Investments announced that shareholders of several of Nuveen's Pennsylvania state municipal bond closed-end funds approved a merger between the funds.

According to a press release, the Nuveen Pennsylvania Premium Income Municipal Fund 2, the Nuveen Pennsylvania Dividend Advantage Municipal Fund and the Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 will be acquired by and merge into the Nuveen Pennsylvania Investment Quality Municipal Fund (Symbol: NQP).

The merger is intended to create a single Pennsylvania state fund with lower operating expenses and increased trading volume on the exchange for common shares, the release noted.

Nuveen Fund Advisors is the investment adviser to the funds.

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