Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced that the Nuveen California Dividend Advantage Municipal Fund 3 (AMEX: NZH) called for redemption a portion of its outstanding auction-rate preferred securities (ARPS). The fund’s Board of Trustees has approved this redemption, which totals $26.325 million and will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP).

NZH is redeeming $26.325 million of its $69.5 million of currently outstanding ARPS.
                         
Series     Cusip #    

Total Shares Redeemed
   

Total Amount Redeemed
    Redemption Date
M     67070Y307     526     $13,150,000     May 6, 2011
TH     67070Y208     527     $13,175,000     May 4, 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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