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Nuveen Arizona 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 Nuveen Arizona Dividend Advantage Municipal Fund 3 (AMEX: NXE) called for redemption at par all of its outstanding auction-rate preferred securities (ARPS). The fund’s Board of Trustees has approved this redemption, which totals $18.4 million and will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP)

NXE is redeeming all of its $18.4 million of currently outstanding ARPS.

Series     Cusip #    

Total Shares Redeemed

   

Total Amount Redeemed

    Redemption Date
M     67072E200     736     $18,400,000     March 25, 2011

For more information about Nuveen closed-end funds, visit www.nuveen.com/cef. ARPS information and updates are posted on Nuveen’s auction-rate preferred resource center at www.nuveen.com/arps.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high-net-worth and affluent investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed $197 billion as of December 31, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.



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