(NRK) Board Approves Leverage Refinancing Plan for Four CEFs

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 Municipal Income Fund		MTP: NRK PrC		NRK
		VMTP: Series 2014
Nuveen Dividend Advantage Municipal Fund 3		MTP: NZF PrC		NZF
		VMTP: Series 2014
Nuveen North Carolina Premium Income Municipal Fund		MTP: NNC PrC, NNC PrD, NNC PrE, NNC PrF, NNC PrG		NNC
Nuveen Connecticut Premium Income Municipal Fund		MTP: NTC PrC, NTC PrD, NTC PrE, NTC PrF, NTC PrG		NTC

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.