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) has successfully completed the public offering of $44 million of MuniFund Term Preferred Shares (MTP). The net proceeds from this offering of MTP shares will be used to refinance all of the fund’s 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 symbol NZH PrB. Additionally, the fund 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 MuniFund Term Preferred Shares (MTP). NZH is redeeming all of its $43.175 million of currently outstanding ARPS.
|Series||Cusip #||Total SharesRedeemed||Total AmountRedeemed||RedemptionDate|
|M||67070Y307||863||$21,575,000||June 30, 2011|
|TH||67070Y208||864||$21,600,000||June 29, 2011|
Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in MTP shares of the fund, please contact your securities representative or Nuveen Securities, LLC, 333 W. Wacker Drive, Chicago, IL 60606 or www.nuveen.com/cef . Investors should read the prospectus carefully before they invest or send money.This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted. 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 had $212 billion of assets under management as of April 30, 2011. For more information, please visit the Nuveen Investments website at www.nuveen.com.