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Nuveen Dividend Advantage Municipal Fund 3 Issues At-Par Redemption Notice For Auction-Rate Preferred Securities

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Nuveen Dividend Advantage Municipal Fund 3 (AMEX: NZF) has called for redemption at par a portion of its outstanding auction-rate preferred securities. This redemption will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP).

NZF is redeeming $4.925 million of its $173.325 million of currently outstanding ARPS.
Series   Cusip #  

Total Shares Redeemed
 

Total Amount Redeemed
  Redemption Date
W   67070X200   65   $1,625.000   January 18, 2011
TH   67070X309   66   $1,650,000   January 19, 2011
F   67070X408   66   $1,650,000   January 20, 2011
       

MTP is a fixed rate form of preferred stock with a mandatory redemption period, in the case of this offering, of five years. By issuing MTP, the fund 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 fund mitigate the risk of a significant increase in its cost of leverage should short-term interest rates rise.

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