Nuveen Funds Board Approves Leverage Refinancing Plan for Four CEFs

  Nuveen Funds Board Approves Leverage Refinancing Plan for Four CEFs

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

Business Wire

CHICAGO -- January 24, 2014

Nuveen Investments, a leading global provider of investment services to
institutions as well as individual investors, today announced that the Board
of Trustees of four Nuveen municipal bond closed-end funds has approved a
refinancing plan to redeem all of their respective MuniFund Term Preferred
(MTP) shares and Variable Rate MuniFund Term Preferred (VMTP) shares. MTP
shares will be redeemed at their $10.00 liquidation value per share plus an
additional amount representing any dividend amounts owed. VMTP shares will be
redeemed at their $100,000 liquidation value per share plus an additional
amount representing any dividend amounts owed. The redemption of both MTP
shares and VMTP shares will be made with the proceeds of newly issued
preferred shares, subject to completion of all aspects of their placement,
which may not occur as planned.

The funds intending to redeem MTP and VMTP shares and a description of their
outstanding preferred shares are as follows:

                                                              
Fund                              Preferred Share Description   Common Share
                                                                  Symbol
Nuveen New York AMT-Free          MTP: NRK PrC                  NRK
Municipal Income Fund
                                 VMTP: Series 2014             
Nuveen Dividend Advantage          MTP: NZF PrC                   NZF
Municipal Fund 3
                                 VMTP: Series 2014             
Nuveen North Carolina Premium     MTP: NNC PrC, NNC PrD, NNC    NNC
Income Municipal Fund              PrE, NNC PrF, NNC PrG
Nuveen Connecticut Premium        MTP: NTC PrC, NTC PrD, NTC    NTC
Income Municipal Fund              PrE, NTC PrF, NTC PrG
                                                                  

The funds intend to offer newly issued preferred shares to qualified
institutional buyers in private offerings pursuant to Rule 144A of the
Securities Act of 1933. 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 preferred shares to be offered have been registered under the Securities
Act of 1933 (the Securities Act) or any state securities laws. Unless so
registered, no preferred 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 nearly $215 billion as of September 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,
    preferred shares in amounts sufficient for each fund to refinance its MTP
    and VMTP shares;
  *the need to obtain the agreement of all parties to the final terms of the
    offerings of preferred shares
  *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:

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