Investment Company Act file number 811-21153
Nuveen Maryland Dividend Advantage Municipal Fund 3
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Jessica R. DroegerVice President and Secretary
333 West Wacker Drive, Chicago, Illinois 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: 312-917-7700
Date of fiscal year end: 5/31
Date of reporting period: 2/28/07
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
Portfolio of Investments (Unaudited) | ||||||||
Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI) | ||||||||
Ferbruary 28, 2007 | ||||||||
Principal | Optional Call | |||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||
| ||||||||
Consumer Discretionary 3.1% (2.0% of Total Investments) | ||||||||
$ 220 | Baltimore, Maryland, Pollution Control Revenue Bonds, General Motors Corporation, Series 1993, | No Opt. Call | B | $ | 219,866 | |||
5.350%, 4/01/08 | ||||||||
1,000 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, | 9/16 at 100.00 | AAA | 1,096,810 | ||||
9/01/39 XLCA Insured | ||||||||
380 | Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, | 9/16 at 100.00 | Ba1 | 406,076 | ||||
5.875%, 9/01/39 | ||||||||
700 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference | 12/16 at 100.00 | N/R | 709,940 | ||||
Center, Series 2006A, 5.000%, 12/01/31 | ||||||||
| ||||||||
2,300 | Total Consumer Discretionary | 2,432,692 | ||||||
| ||||||||
Consumer Staples 3.5% (2.3% of Total Investments) | ||||||||
2,680 | Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, | 5/12 at 100.00 | BBB | 2,799,608 | ||||
Series 2002, 5.375%, 5/15/33 | ||||||||
| ||||||||
Education and Civic Organizations 15.6% (10.3% of Total Investments) | ||||||||
225 | Anne Arundel County, Maryland, Economic Development Revenue Bonds, Community College Project, | 9/12 at 102.00 | A3 | 239,400 | ||||
Series 2002, 5.125%, 9/01/22 | ||||||||
625 | Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Marys College, | 9/16 at 100.00 | BBB | 673,888 | ||||
Series 2006, 5.625%, 9/01/38 | ||||||||
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount St. Marys College, | ||||||||
Series 2001A: | ||||||||
100 | 5.750%, 9/01/25 | 3/10 at 101.00 | BBB | 104,757 | ||||
100 | 5.800%, 9/01/30 | 3/10 at 101.00 | BBB | 104,810 | ||||
690 | Hartford County, Maryland, Economic Development Revenue Bonds, Battelle Memorial Institute, | 4/14 at 100.00 | A+ | 738,376 | ||||
Series 2004, 5.250%, 4/01/34 | ||||||||
625 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, | 7/14 at 100.00 | A | 660,356 | ||||
Series 2004, 5.125%, 7/01/34 | ||||||||
1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins | 7/12 at 100.00 | AA | 1,047,130 | ||||
University, Series 2002A, 5.000%, 7/01/32 | ||||||||
625 | Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel | 5/15 at 100.00 | N/R | 674,075 | ||||
High School, Series 2005A, 6.000%, 5/01/35 | ||||||||
710 | Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts | 5/15 at 100.00 | A1 | 766,353 | ||||
Center Project, Series 2005A, 5.000%, 5/01/18 | ||||||||
1,000 | Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and | 7/13 at 100.00 | AAA | 1,059,780 | ||||
Auxiliary Facilities, Series 2003A, 5.000%, 7/01/32 FGIC Insured | ||||||||
985 | University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2001B, | 4/11 at 100.00 | AA | 1,010,797 | ||||
4.625%, 4/01/21 | ||||||||
2,000 | University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2002A, | 4/12 at 100.00 | AA | 2,111,140 | ||||
5.125%, 4/01/22 | ||||||||
1,000 | University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2003A, | 4/13 at 100.00 | AA | 1,066,080 | ||||
5.000%, 4/01/19 | ||||||||
800 | University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, | 10/16 at 100.00 | AA | 874,856 | ||||
5.000%, 10/01/22 | ||||||||
1,150 | Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006, | 11/16 at 100.00 | BBB+ | 1,217,770 | ||||
5.000%, 11/01/31 | ||||||||
| ||||||||
11,635 | Total Education and Civic Organizations | 12,349,568 | ||||||
| ||||||||
Health Care 22.7% (15.1% of Total Investments) | ||||||||
700 | Maryland Health and Higher Education Facilities Authority, Revenue Bonds, University of | 7/16 at 100.00 | A | 742,868 | ||||
Maryland Medical System, Series 2006, 5.000%, 7/01/31 | ||||||||
1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel | 7/08 at 101.00 | AAA | 1,025,170 | ||||
Medical Center, Series 1998, 5.125%, 7/01/33 FSA Insured | ||||||||
775 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Memorial | 7/14 at 100.00 | A2 | 839,565 | ||||
Hospital, Series 2004, 5.500%, 7/01/36 | ||||||||
1,250 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll County | 7/12 at 100.00 | Baa1 | 1,342,438 | ||||
General Hospital, Series 2002, 5.800%, 7/01/32 | ||||||||
870 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical | 7/14 at 100.00 | AA | 909,898 | ||||
Center, Series 2005, 5.000%, 7/01/37 RAAI Insured | ||||||||
885 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community | 7/17 at 100.00 | Baa1 | 927,188 | ||||
Hospital, Series 2007A, 5.000%, 7/01/29 | ||||||||
700 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial | 7/12 at 100.00 | Baa1 | 728,280 | ||||
Hospital, Series 2002, 5.125%, 7/01/35 | ||||||||
800 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Greater Baltimore | 7/11 at 100.00 | A+ | 824,792 | ||||
Medical Center, Series 2001, 5.000%, 7/01/34 | ||||||||
1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins | 5/11 at 100.00 | AA | 1,039,740 | ||||
Hospital, Series 2001, 5.000%, 5/15/21 | ||||||||
1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kennedy Krieger | 7/13 at 100.00 | Baa3 | 1,054,290 | ||||
Institute, Series 2003, 5.500%, 7/01/33 | ||||||||
725 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health | 7/14 at 100.00 | A | 766,485 | ||||
System, Series 2004A, 5.125%, 7/01/34 | ||||||||
900 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, | 8/14 at 100.00 | A3 | 967,437 | ||||
Series 2004, 5.375%, 8/15/24 | ||||||||
650 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical | 7/11 at 100.00 | A | 684,132 | ||||
Center, Series 2001, 5.625%, 7/01/31 | ||||||||
1,845 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of | 7/12 at 100.00 | A3 | 1,977,729 | ||||
Cecil County, Series 2002, 5.625%, 7/01/32 | ||||||||
2,100 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland | 7/16 at 100.00 | AAA | 2,246,202 | ||||
Health, Series 2006A, 5.000%, 7/01/34 MBIA Insured (UB) | ||||||||
775 | Maryland Health and Higher Educational Facilities Authority, Revenue Refunding Bonds, | 1/13 at 101.00 | Baa2 | 834,133 | ||||
Adventist Healthcare, Series 2003A, 5.750%, 1/01/25 | ||||||||
Prince Georges County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994: | ||||||||
350 | 5.375%, 7/01/14 | 7/07 at 100.00 | B3 | 324,758 | ||||
900 | 5.300%, 7/01/24 | 7/07 at 100.00 | B3 | 777,627 | ||||
| ||||||||
17,225 | Total Health Care | 18,012,732 | ||||||
| ||||||||
Housing/Multifamily 14.6% (9.7% of Total Investments) | ||||||||
980 | Maryland Community Development Administration, Housing Revenue Bonds, Series 2002B, 4.950%, | 7/12 at 100.00 | Aa2 | 998,483 | ||||
7/01/32 (Alternative Minimum Tax) | ||||||||
1,250 | Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, | 10/13 at 100.00 | B1 | 1,259,500 | ||||
University of Maryland - Baltimore, Series 2003A, 5.625%, 10/01/23 | ||||||||
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt | ||||||||
University Village, Series 2001: | ||||||||
20 | 5.875%, 7/01/21 ACA Insured | 7/11 at 101.00 | A | 21,574 | ||||
150 | 6.000%, 7/01/33 ACA Insured | 7/11 at 101.00 | A | 162,230 | ||||
475 | Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University | 6/16 at 100.00 | AAA | 508,573 | ||||
of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 CIFG Insured | ||||||||
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development | ||||||||
Bonds, Series 2002B: | ||||||||
515 | 5.100%, 7/01/33 (Alternative Minimum Tax) | 7/12 at 100.00 | Aaa | 529,621 | ||||
3,000 | 5.200%, 7/01/44 (Alternative Minimum Tax) | 7/12 at 100.00 | Aaa | 3,093,960 | ||||
4,860 | Prince Georges County Housing Authority, Maryland, GNMA Collateralized Mortgage Revenue | 11/12 at 100.00 | AAA | 5,003,466 | ||||
Bonds, Fairview and Hillside Projects, Series 2002A, 4.700%, 11/20/22 | ||||||||
| ||||||||
11,250 | Total Housing/Multifamily | 11,577,407 | ||||||
| ||||||||
Housing/Single Family 3.4% (2.3% of Total Investments) | ||||||||
595 | Maryland Community Development Administration, Department of Housing and Community | 9/15 at 100.00 | Aa2 | 614,855 | ||||
Development, Residential Revenue Bonds, Series 2006F, 4.900%, 9/01/26 (Alternative Minimum Tax) | ||||||||
1,200 | Maryland Community Development Administration, Department of Housing and Community | 3/16 at 100.00 | Aa2 | 1,239,756 | ||||
Development, Residential Revenue Bonds, Series 2006I, 4.875%, 9/01/26 (Mandatory put 9/13/24) | ||||||||
(Alternative Minimum Tax) | ||||||||
815 | Maryland Community Development Administration, Department of Housing and Community | 9/16 at 100.00 | Aa2 | 840,689 | ||||
Development, Residential Revenue Bonds, Series 2006L, 4.900%, 9/01/31 (Alternative Minimum Tax) | ||||||||
| ||||||||
2,610 | Total Housing/Single Family | 2,695,300 | ||||||
| ||||||||
Industrials 1.3% (0.8% of Total Investments) | ||||||||
1,000 | Northeast Maryland Waste Disposal Authority, Baltimore, Resource Recovery Revenue Bonds, RESCO | 1/09 at 101.00 | BBB | 1,013,730 | ||||
Retrofit Project, Series 1998, 4.750%, 1/01/12 (Alternative Minimum Tax) | ||||||||
| ||||||||
Long-Term Care 1.6% (1.0% of Total Investments) | ||||||||
400 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series | 7/16 at 100.00 | N/R | 421,536 | ||||
2006A, 5.400%, 1/01/31 | ||||||||
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm | ||||||||
Presbyterian Community, Series 2007A: | ||||||||
280 | 5.000%, 1/01/17 | No Opt. Call | N/R | 284,992 | ||||
520 | 5.250%, 1/01/27 | 1/17 at 100.00 | N/R | 532,002 | ||||
| ||||||||
1,200 | Total Long-Term Care | 1,238,530 | ||||||
| ||||||||
Tax Obligation/General 23.2% (15.4% of Total Investments) | ||||||||
1,000 | Annapolis, Maryland, General Obligation Public Improvement Refunding Bonds, Series 2002, | 4/12 at 101.00 | AA | 1,037,580 | ||||
4.375%, 4/01/17 | ||||||||
Anne Arundel County, Maryland, General Obligation Bonds, Series 2006: | ||||||||
845 | 5.000%, 3/01/21 | 3/16 at 100.00 | AA+ | 924,100 | ||||
650 | 5.000%, 3/01/21 | 3/16 at 100.00 | AA+ | 710,847 | ||||
1,000 | Calvert County, Maryland, General Obligation Public Improvement Bonds, Series 2002, | 1/12 at 101.00 | AA | 1,044,170 | ||||
4.500%, 1/01/16 | ||||||||
380 | Carroll County, Maryland, Consolidated Public Improvement Bonds, Series 2005A, 5.000%, 12/01/16 | 12/15 at 100.00 | AA | 418,049 | ||||
1,260 | Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series | 1/12 at 101.00 | AA | 1,310,917 | ||||
2002, 4.400%, 1/15/16 | ||||||||
500 | Frederick County, Maryland, General Obligation Public Facilities Bonds, Series 2006, | No Opt. Call | AA | 563,220 | ||||
5.000%, 11/01/20 | ||||||||
245 | Frederick County, Maryland, Special Obligation Bonds, Villages of Lake Linganore Community | 7/10 at 102.00 | AA | 262,344 | ||||
Development Authority, Series 2001A, 5.600%, 7/01/20 RAAI Insured | ||||||||
Frederick, Maryland, General Obligation Bonds, Series 2005: | ||||||||
710 | 5.000%, 8/01/16 MBIA Insured | 8/15 at 100.00 | AAA | 776,428 | ||||
535 | 5.000%, 8/01/17 MBIA Insured | 8/15 at 100.00 | AAA | 584,086 | ||||
1,000 | Maryland National Capital Park Planning Commission, Prince Georges County, General Obligation | 1/14 at 100.00 | AA | 1,077,920 | ||||
Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17 | ||||||||
1,500 | Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/17 | 8/15 at 100.00 | AAA | 1,643,295 | ||||
1,440 | Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series | No Opt. Call | AAA | 1,581,365 | ||||
2005A, 5.000%, 7/01/15 | ||||||||
1,000 | Prince Georges County, Maryland, General Obligation Consolidated Public Improvement Bonds, | 10/13 at 100.00 | AA+ | 1,066,950 | ||||
Series 2003A, 5.000%, 10/01/17 | ||||||||
1,000 | Prince Georges County, Maryland, General Obligation Consolidated Public Improvement Bonds, | No Opt. Call | AA+ | 1,060,440 | ||||
Series 2004C, 5.000%, 12/01/11 | ||||||||
1,000 | St. Marys County, Maryland, General Obligation Hospital Bonds, Series 2002, 5.000%, 10/01/12 | No Opt. Call | AA | 1,069,520 | ||||
1,000 | Washington Suburban Sanitary District, Montgomery and Prince Georges Counties, Maryland, | No Opt. Call | AAA | 1,078,060 | ||||
Sewerage Disposal Bonds, Series 2004, 5.000%, 6/01/13 | ||||||||
1,000 | Washington Suburban Sanitary District, Montgomery and Prince Georges Counties, Maryland, | 6/15 at 100.00 | AAA | 1,095,970 | ||||
Sewerage Disposal Bonds, Series 2005, 5.000%, 6/01/16 | ||||||||
1,000 | Washington Suburban Sanitary District, Montgomery and Prince Georges Counties, Maryland, | 6/15 at 100.00 | AAA | 1,095,970 | ||||
Water Supply Bonds, Series 2005, 5.000%, 6/01/16 | ||||||||
| ||||||||
17,065 | Total Tax Obligation/General | 18,401,231 | ||||||
| ||||||||
Tax Obligation/Limited 33.2% (22.1% of Total Investments) | ||||||||
750 | Annapolis, Maryland, Special Obligation Bonds, Park Place Project, Series 2005A, | 1/15 at 101.00 | N/R | 776,925 | ||||
5.350%, 7/01/34 | ||||||||
1,000 | Baltimore Board of School Commissioners, Maryland, Revenue Bonds, City Public School System, | 5/13 at 100.00 | AA+ | 1,070,560 | ||||
Series 2003A, 5.000%, 5/01/15 | ||||||||
600 | Baltimore, Maryland, Project Revenue Bonds, Series 2006, 5.000%, 7/01/31 AMBAC Insured | 7/16 at 100.00 | AAA | 646,116 | ||||
450 | Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004, | 7/14 at 102.00 | N/R | 479,579 | ||||
5.750%, 7/01/34 | ||||||||
5,000 | Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, | No Opt. Call | AA | 5,679,846 | ||||
5.500%, 2/01/16 | ||||||||
2,200 | Maryland Economic Development Corporation, Lease Revenue Bonds, Department of Transportation | 6/12 at 100.50 | AA+ | 2,286,878 | ||||
Headquarters Building, Series 2002, 4.750%, 6/01/22 | ||||||||
450 | Maryland Economic Development Corporation, Lease Revenue Bonds, Montgomery County Town Square | 9/12 at 100.00 | AA+ | 480,366 | ||||
Parking Garage, Series 2002A, 5.000%, 9/15/13 | ||||||||
2,935 | Maryland Economic Development Corporation, Lease Revenue Bonds, Montgomery County Wayne Avenue | 9/12 at 100.00 | AA+ | 3,149,019 | ||||
Parking Project, Series 2002A, 5.250%, 9/15/16 | ||||||||
Maryland Stadium Authority, Lease Revenue Bonds, Montgomery County Conference Center | ||||||||
Facilities, Series 2003: | ||||||||
1,465 | 5.000%, 6/15/21 | 6/13 at 100.00 | AA+ | 1,564,664 | ||||
1,620 | 5.000%, 6/15/23 | 6/13 at 100.00 | AA+ | 1,713,928 | ||||
460 | Prince Georges County, Maryland, Special Obligation Bonds, National Harbor Project, Series | 7/15 at 100.00 | N/R | 472,655 | ||||
2005, 5.200%, 7/01/34 | ||||||||
575 | Prince Georges County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series | 7/13 at 100.00 | N/R | 587,230 | ||||
2005, 5.250%, 7/01/35 | ||||||||
1,200 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, | No Opt. Call | AAA | 1,422,540 | ||||
7/01/31 (WI/DD, Settling 3/06/07) AMBAC Insured | ||||||||
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, | ||||||||
Series 2002G: | ||||||||
1,000 | 5.250%, 7/01/17 | 7/12 at 100.00 | BBB | 1,060,760 | ||||
1,205 | 5.250%, 7/01/20 | 7/12 at 100.00 | BBB | 1,280,602 | ||||
1,275 | 5.250%, 7/01/21 | 7/12 at 100.00 | BBB | 1,354,369 | ||||
1,000 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, | No Opt. Call | AAA | 1,135,840 | ||||
5.125%, 6/01/24 AMBAC Insured | ||||||||
235 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, | 2/12 at 100.00 | BBB | 248,886 | ||||
5.500%, 8/01/29 | ||||||||
700 | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, | No Opt. Call | AAA | 815,955 | ||||
5.500%, 7/01/19 MBIA Insured | ||||||||
| ||||||||
24,120 | Total Tax Obligation/Limited | 26,226,718 | ||||||
| ||||||||
U.S. Guaranteed 17.0% (11.3% of Total Investments) (4) | ||||||||
10 | Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvements, | 5/09 at 101.00 | AA+ (4) | 10,395 | ||||
Series 1999, 5.000%, 5/15/19 (Pre-refunded 5/15/09) | ||||||||
100 | Frederick County, Maryland, General Obligation Public Facilities Bonds, Series 1999, 5.250%, | 7/09 at 101.00 | AAA | 104,669 | ||||
7/01/17 (Pre-refunded 7/01/09) | ||||||||
Frederick County, Maryland, General Obligation Public Facilities Bonds, Series 2002: | ||||||||
2,035 | 5.000%, 11/01/21 (Pre-refunded 11/01/12) | 11/12 at 101.00 | AA (4) | 2,193,852 | ||||
2,500 | 5.000%, 11/01/22 (Pre-refunded 11/01/12) | 11/12 at 101.00 | AA (4) | 2,695,150 | ||||
1,210 | Howard County, Maryland, Consolidated Public Improvement Bonds, Series 2001A, 4.750%, 2/15/19 | 2/09 at 101.00 | AAA | 1,248,708 | ||||
(Pre-refunded 2/15/09) | ||||||||
280 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Collington | 4/11 at 101.00 | N/R (4) | 311,447 | ||||
Episcopal Life Care Community Inc., Series 2001A, 6.750%, 4/01/23 (Pre-refunded 4/01/11) | ||||||||
285 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, | No Opt. Call | AAA | 306,703 | ||||
Series 1997, 5.000%, 7/01/17 AMBAC Insured (ETM) | ||||||||
1,010 | Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities | No Opt. Call | AAA | 1,152,784 | ||||
Projects, First Series 1978, 6.800%, 7/01/16 (ETM) | ||||||||
3,500 | Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A, | 10/10 at 101.00 | AAA | 3,751,019 | ||||
5.500%, 10/01/40 | ||||||||
700 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, | 2/12 at 100.00 | Aaa | 758,366 | ||||
5.500%, 8/01/29 (Pre-refunded 2/01/12) | ||||||||
880 | Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001, 5.125%, 7/01/30 | 7/11 at 100.00 | AAA | 933,997 | ||||
(Pre-refunded 7/01/11) FSA Insured | ||||||||
25 | Washington Suburban Sanitary District, Montgomery and Prince Georges Counties, Maryland, | 6/11 at 101.00 | AAA | 26,579 | ||||
General Obligation Construction Bonds, Second Series 2001, 5.000%, 6/01/17 | ||||||||
(Pre-refunded 6/01/11) | ||||||||
| ||||||||
12,535 | Total U.S. Guaranteed | 13,493,669 | ||||||
| ||||||||
Utilities 6.9% (4.6% of Total Investments) | ||||||||
1,250 | Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, | 9/07 at 100.00 | N/R | 1,256,763 | ||||
7.400%, 9/01/19 (Alternative Minimum Tax) | ||||||||
4,025 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2000HH, 5.250%, 7/01/29 | 7/10 at 101.00 | AAA | 4,239,210 | ||||
FSA Insured | ||||||||
| ||||||||
5,275 | Total Utilities | 5,495,973 | ||||||
| ||||||||
Water and Sewer 4.0% (2.7% of Total Investments) | ||||||||
2,570 | Baltimore, Maryland, Revenue Refunding Bonds, Wastewater Projects, Series 2002A, 5.125%, | 7/12 at 100.00 | AAA | 2,707,675 | ||||
7/01/42 FGIC Insured | ||||||||
430 | Maryland Water Quality Financing Administration, Revolving Loan Fund Revenue Bonds, Series | No Opt. Call | AAA | 472,527 | ||||
2005A, 5.000%, 9/01/15 | ||||||||
| ||||||||
3,000 | Total Water and Sewer | 3,180,202 | ||||||
| ||||||||
$ 111,895 | Total Long-Term Investments (cost $115,138,950) 150.1% | 118,917,360 | ||||||
|
| |||||||
Short-Term Investments 0.6% (0.4% of Total Investments) | ||||||||
500 | Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand | A-1+ | 500,000 | |||||
Obligations, Series 1985, 3.340%, 12/01/15 MBIA Insured (5) | ||||||||
| ||||||||
$ 500 | Total Short-Term Investments (cost $500,000) | 500,000 | ||||||
|
| |||||||
Total Investments (cost $115,638,950) 150.7% | 119,417,360 | |||||||
| ||||||||
Floating Rate Obligations (1.8)% | (1,400,000) | |||||||
| ||||||||
Other Assets Less Liabilities 0.3% | 225,028 | |||||||
| ||||||||
Preferred Shares, at Liquidation Value (49.2)% | (39,000,000) | |||||||
| ||||||||
Net Assets Applicable to Common Shares 100% | $ | 79,242,388 | ||||||
|
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common | |
shares unless otherwise noted. | ||
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. | |
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities | ||
may be subject to periodic principal paydowns. | ||
(3) | Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard & | |
Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency | |
securities which ensure the timely payment of principal and interest. Such investments are normally | ||
considered to be equivalent to AAA rated securities. | ||
(5) | Investment has a maturity of more than one year, but has variable rate and demand features which | |
qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting | ||
period. This rate changes periodically based on market conditions or a specified market index. | ||
N/R | Not rated. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. | |
(ETM) | Escrowed to maturity. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the | |
provisions of SFAS No. 140. |
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No.140.
At February 28, 2007, the cost of investments was $114,323,998.
Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2007, were as follows:
| ||
Gross unrealized: | ||
Appreciation | $3,953,015 | |
Depreciation | (259,660) | |
| ||
Net unrealized appreciation (depreciation) of investments | $3,693,355 | |
|
Item 2. Controls and Procedures.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Maryland Dividend Advantage Municipal Fund 3
By (Signature and Title)* /s/ Jessica R. Droeger
Jessica R. Droeger
Vice President and Secretary
Date April 27, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer (principal executive officer)
Date April 27, 2007
By (Signature and Title)* /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller (principal financial
officer)
Date April 27, 2007
* Print the name and title of each signing officer under his or her signature.