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Nuveen Funds Board Approves Leverage Refinancing Plan for Two CEFs

  Nuveen Funds Board Approves Leverage Refinancing Plan for Two CEFs

Funds Intend to Redeem MuniFund Term Preferred and Variable MuniFund Term
Preferred Shares

Business Wire

CHICAGO -- August 12, 2013

Nuveen Investments, a leading global provider of investment services to
institutions as well as individual investors, today announced the Board of
Trustees of two Nuveen municipal bond closed-end funds has approved a new
leverage refinancing plan to redeem all of their respective outstanding
preferred shares. MuniFund Term Preferred (MTP) shares will be redeemed at its
$10.00 liquidation value per share plus an additional amount representing any
dividend amounts owed. Variable MuniFund Term Preferred (VMTP) shares will be
redeemed at its $100,000.00 liquidation value per share plus an additional
amount representing any dividend amounts owed. The redemption of both MTP and
VMTP will be made with the proceeds of newly issued Variable Rate Demand
Preferred (VRDP) shares, subject to completion of all aspects of VRDP share
placement, which may not occur as planned.

The funds intending to redeem MTP and/or VMTP shares and the specific series
participating are as follows:

                                                            
Fund                                  Preferred Share         Common Share
                                        Description               Symbols
Nuveen California Dividend            MTP:                    NYSE: NZH
Advantage Municipal Fund 3
                                     NZH PrA, NZH PrB, NZH   
                                        PrC
Nuveen Ohio Quality Income              MTP:                      NYSE: NUO
Municipal Fund
                                        NUO PrA, NUO PrC, NUO
                                        PrD
                                                                  
                                        VMTP:
                                     Series 2014             
                                                                  

The funds intend to offer VRDP shares to qualified institutional buyers in a
private offering pursuant to Rule 144A of the Securities Act of 1933, and to
complete the refinancing before November 1, 2013. Details regarding specific
terms and timing of the redemptions will be communicated at a later date
through filings with the Securities and Exchange Commission, and accompanied
by a public press release at that time.

No VRDP shares have been registered under the Securities Act of 1933 (the
Securities Act) or any state securities laws. Unless so registered, no VRDP
shares may be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities Act and
applicable state securities laws. This press release is neither an offer to
sell nor a solicitation of an offer to buy any of these securities.

Nuveen Investments provides high-quality investment services designed to help
secure the long-term goals of institutional and individual 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—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ
Investment Management Company, LLC, Santa Barbara Asset Management, LLC,
Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham
Investment Management LLC, all of which are registered investment advisers and
subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen
Securities, LLC., a subsidiary of Nuveen Investments, Inc. In total, Nuveen
Investments managed approximately $216 billion as of June 30, 2013. For more
information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual
future results or occurrences may differ significantly from those anticipated
in any forward-looking statements due to numerous factors. These include, but
are not limited to:

  *the acceptance by qualified institutional buyers of, and demand for, VRDP
    in amounts sufficient for each fund to refinance its MTP shares;
  *the need to obtain the agreement of all parties to the final terms of the
    offerings of VRDP, including the liquidity providers;
  *other legal and regulatory developments; and
  *other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake
no responsibility to update publicly or revise any forward-looking statement.

Contact:

Media Contact:
Nuveen Investments
Kristyna Munoz, (312) 917-8343
kristyna.munoz@nuveen.com
 
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