NZH Nuveen California Dividend Advantage Municipal Fund 3 of Beneficial Interest

Acquiring Fund to be Renamed upon Merger Completion to Better Reflect Investment Strategy

Nuveen, an operating division of TIAA Global Asset Management, today announced that shareholders of three California municipal closed-end funds have approved plans to merge the funds. The name of the acquiring fund will be changed upon merger effectiveness as shown in the table below. Please note that the new fund name is different from what was listed in the N-14 registration statements. The name change was approved by the Board of Trustees on July 13, 2016.

As previously announced, the funds will be merged as follows:

              Acquired Fund   Symbol   Acquiring Fund   Symbol      

Nuveen California Dividend

NVX

Advantage Municipal Fund 2

Nuveen California Dividend

 

Advantage Municipal Fund

Nuveen California Dividend

NZH To be renamed Nuveen

NAC

Advantage Municipal Fund 3

California Quality Municipal Income Fund              

Subject to the satisfaction of certain customary closing conditions, the reorganization is expected to close prior to the opening of the New York Stock Exchange on November 7, 2016.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the advisors who serve them. Through the investment expertise of leading asset managers across traditional and alternative asset classes, Nuveen is committed to delivering consultative guidance that aligns with client needs. Funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen website at www.nuveen.com.

Information contained on the Nuveen website is not a part of this press release.

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:

  •   market developments; • 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.

19146-INV-O-09/17

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NuveenMedia Contact:Kristyna Munoz(312) 917-8343KRISTYNA.MUNOZ@NUVEEN.COM