|Series||Cusip #||Total Shares Redeemed||Total Amount Redeemed||Redemption Date|
|M||67071W201||920||$23,000,000||November 19, 2010|
Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (AMEX: NVY) and Nuveen Texas Quality Income Municipal Fund (NYSE: NTX) have successfully completed the public offering of $23.7 million and $66.42 million respectively, of MuniFund Term Preferred Shares (MTP). The net proceeds from these offerings of MTP shares will be used to refinance all of the funds’ outstanding auction-rate preferred securities (ARPS). MTP shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbols NVY PrC and NTX PrC respectively . Additionally, NVY has called for redemption at par all of its outstanding auction-rate preferred securities. This redemption will be funded by the above-mentioned proceeds received from the issuance of MTP. NVY is redeeming all of its $23.0 million of currently outstanding ARPS.
Also, the MTP shares of two closed-end funds, Nuveen New Jersey Dividend Advantage Municipal Fund 2 (AMEX: NUJ) and Nuveen Pennsylvania Dividend Advantage Municipal Fund (AMEX: NXM) began trading on the New York Stock Exchange (NYSE) on Thursday, October 28, 2010. MTP is a fixed rate form of preferred stock with a mandatory redemption period, in the case of these two offerings, of five years. By issuing MTP, the funds seeks to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP. Issuing MTP helps the funds mitigate the risk of a significant increase in the cost of leverage should short-term interest rates rise.