Nuveen Pennsylvania Premium Income Municipal Fund 2 (the Fund) is a closed-end management investment company. The primary objective of the Fund is current income exempt from regular federal income taxes and Pennsylvania personal income taxes. The secondary objective is the enhancement of portfolio value. The fund invests in municipal securities that are exempt from federal, Pennsylvania state, and local income taxes. The fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade (Baa/BBB or better by S&P, Moody's, or Fitch) or, if they are unrated, are judged by the manager to be of comparable quality. The fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The fund uses leverage. The Fund's investment adviser is Nuveen Asset Management.