UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
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)
 

Kevin J. McCarthy
Vice 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:          8/31/11         
 
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)  
     
   
   August 31, 2011  
     
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Consumer Discretionary – 3.8% (2.5% of Total Investments)  
     
$     2,450  
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,  
9/16 at 100.00  
Baa3  
$    2,157,225  
   
9/01/39 – SYNCORA GTY Insured  
     
380  
 
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B,  
9/16 at 100.00  
Ba1  
346,381  
   
5.875%, 9/01/39  
     
700  
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference  
12/16 at 100.00  
N/R  
431,865  
   
Center, Series 2006A, 5.000%, 12/01/31  
     
3,530  
 
Total Consumer Discretionary  
   
2,935,471  
   
Consumer Staples – 4.8% (3.1% of Total Investments)  
     
575  
 
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series  
6/17 at 100.00  
N/R  
528,621  
   
2007A, 5.250%, 6/01/32  
     
20,000  
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A,  
5/15 at 11.19  
BBB–  
650,400  
   
0.000%, 5/15/50  
     
   
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,  
     
   
Series 2002:  
     
2,260  
 
5.375%, 5/15/33  
5/12 at 100.00  
BBB  
2,107,766  
500  
 
5.500%, 5/15/39  
5/12 at 100.00  
BBB  
418,265  
23,335  
 
Total Consumer Staples  
   
3,705,052  
   
Education and Civic Organizations – 11.8% (7.8% of Total Investments)  
     
225  
 
Anne Arundel County, Maryland, Economic Development Revenue Bonds, Community College Project,  
9/12 at 102.00  
A2  
232,549  
   
Series 2002, 5.125%, 9/01/22  
     
625  
 
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s College,  
9/16 at 100.00  
BB+  
572,844  
   
Series 2006, 5.625%, 9/01/38  
     
690  
 
Hartford County, Maryland, Economic Development Revenue Bonds, Battelle Memorial Institute,  
4/14 at 100.00  
A+  
695,762  
   
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–  
630,444  
   
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  
1,008,100  
   
University, Series 2002A, 5.000%, 7/01/32  
     
735  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins  
No Opt. Call  
AA+  
804,399  
   
University, Series 2004, Trust 1003, 13.587%, 1/01/13 (IF)  
     
925  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute  
6/16 at 100.00  
Baa1  
904,021  
   
College of Art, Series 2006, 5.000%, 6/01/30  
     
165  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park  
7/20 at 100.00  
BBB–  
156,554  
   
Public Charter School Issue, Series 2010, 6.000%, 7/01/40  
     
625  
 
Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel  
5/15 at 100.00  
N/R  
626,769  
   
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  
Aa3  
779,616  
   
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  
Aa3  
1,012,070  
   
Auxiliary Facilities, Series 2003A, 5.000%, 7/01/32 – FGIC Insured  
     
800  
 
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A,  
10/16 at 100.00  
AA+  
894,288  
   
5.000%, 10/01/22  
     
890  
 
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006,  
11/16 at 100.00  
BBB+  
863,531  
   
5.000%, 11/01/31  
     
9,015  
 
Total Education and Civic Organizations  
   
9,180,947  
   
Health Care – 31.5% (20.7% of Total Investments)  
     
700  
 
Maryland Health and Higher Education Facilities Authority, Revenue Bonds, University of  
7/16 at 100.00  
A  
705,929  
   
Maryland Medical System Issue, Series 2006A, 5.000%, 7/01/31  
     
445  
 
Maryland Health and Higher Education Facilities Authority, Revenue Bonds, University of  
7/19 at 100.00  
A  
451,706  
   
Maryland Medical System Issue, Series 2010, 5.125%, 7/01/39  
     
300  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community  
No Opt. Call  
Baa3  
265,704  
   
Hospital, Refunding Series 2010, 5.750%, 7/01/38  
     
375  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist  
1/22 at 100.00  
Baa2  
370,988  
   
Healthcare, Series 2011A, 6.125%, 1/01/36 (WI/DD, Settling 9/01/11)  
     
335  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel  
7/19 at 100.00  
A–  
334,977  
   
Health System, Series 2010, 5.000%, 7/01/40  
     
1,000  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel  
1/12 at 100.00  
AA+  
1,000,230  
   
Medical Center, Series 1998, 5.125%, 7/01/33 – AGM Insured  
     
775  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Memorial  
7/14 at 100.00  
A3  
780,386  
   
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  
A3  
1,257,663  
   
General Hospital, Series 2002, 5.800%, 7/01/32  
     
1,750  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital  
7/16 at 100.00  
A3  
1,653,015  
   
Center, Series 2006, 5.000%, 7/01/40  
     
1,070  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical  
7/14 at 100.00  
N/R  
864,603  
   
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  
Baa3  
758,480  
   
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  
647,829  
   
Hospital, Series 2002, 5.125%, 7/01/35  
     
640  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Greater Baltimore  
1/12 at 100.00  
A  
629,683  
   
Medical Center, Series 2001, 5.000%, 7/01/34  
     
1,000  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins  
11/11 at 100.00  
AA–  
1,001,610  
   
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  
980,000  
   
Institute, Series 2003, 5.500%, 7/01/33  
     
595  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health  
7/17 at 100.00  
AA+  
613,618  
   
System, Series 2008, 5.000%, 7/01/28 – AGC Insured  
     
400  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health  
7/21 at 100.00  
A  
423,728  
   
System, Series 2011, 6.000%, 7/01/41  
     
900  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,  
8/14 at 100.00  
A2  
920,673  
   
Series 2004, 5.375%, 8/15/24  
     
1,690  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,  
5/16 at 100.00  
AA+  
1,726,842  
   
Series 2007, 5.250%, 5/15/46 – BHAC Insured  
     
650  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical  
1/12 at 100.00  
BBB  
645,723  
   
Center Issue, Series 2001, 5.625%, 7/01/31  
     
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical  
     
   
Center Issue, Series 2007A:  
     
525  
 
5.000%, 7/01/37  
7/17 at 100.00  
BBB  
453,994  
1,185  
 
5.500%, 7/01/42  
7/17 at 100.00  
BBB  
1,085,081  
850  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional  
7/16 at 100.00  
A  
842,775  
   
Medical Center, Series 2006, 5.000%, 7/01/36  
     
1,000  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins  
5/20 at 100.00  
AA–  
1,024,030  
   
Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40  
     
1,845  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of  
7/12 at 100.00  
A3  
1,851,458  
   
Cecil County, Series 2002, 5.625%, 7/01/32  
     
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County  
     
   
Hospital, Series 2008:  
     
1,220  
 
5.750%, 1/01/38  
1/18 at 100.00  
BBB–  
1,187,633  
500  
 
6.000%, 1/01/43  
1/18 at 100.00  
BBB–  
500,210  
95  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland  
7/16 at 100.00  
Baa1  
95,642  
   
Health, Series 2006A, 5.000%, 7/01/34 – NPFG Insured  
     
775  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Refunding Bonds,  
1/13 at 101.00  
Baa2  
783,851  
   
Adventist Healthcare, Series 2003A, 5.750%, 1/01/25  
     
900  
 
Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994,  
1/12 at 100.00  
B3  
594,882  
   
5.300%, 7/01/24  
     
25,355  
 
Total Health Care  
   
24,452,943  
   
Housing/Multifamily – 7.8% (5.1% of Total Investments)  
     
980  
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 2002B, 4.950%,  
7/12 at 100.00  
Aa2  
980,294  
   
7/01/32 (Alternative Minimum Tax)  
     
1,250  
 
Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds,  
10/13 at 100.00  
B3  
926,500  
   
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  
7/12 at 100.50  
N/R  
19,017  
150  
 
6.000%, 7/01/33 – ACA Insured  
7/12 at 100.50  
N/R  
131,210  
475  
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University  
6/16 at 100.00  
AA+  
455,511  
   
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  
515,608  
3,000  
 
5.200%, 7/01/44 (Alternative Minimum Tax)  
7/12 at 100.00  
Aaa  
2,997,420  
6,390  
 
Total Housing/Multifamily  
   
6,025,560  
   
Housing/Single Family – 8.7% (5.8% of Total Investments)  
     
1,470  
 
Maryland Community Development Administration Department of Housing and Community Development,  
9/18 at 100.00  
Aa2  
1,520,642  
   
Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39  
     
505  
 
Maryland Community Development Administration Department of Housing and Community Development,  
3/20 at 100.00  
Aa2  
527,518  
   
Residential Revenue Bonds, Series 2010B, 5.250%, 9/01/35  
     
   
Maryland Community Development Administration, Department of Housing and Community  
     
   
Development, Residential Revenue Bonds, Series 2006:  
     
1,200  
 
4.875%, 9/01/26 (Alternative Minimum Tax) (UB)  
3/16 at 100.00  
Aa2  
1,209,636  
595  
 
4.900%, 9/01/26 (Alternative Minimum Tax) (UB)  
9/15 at 100.00  
Aa2  
599,468  
815  
 
4.900%, 9/01/31 (Alternative Minimum Tax) (UB)  
9/16 at 100.00  
Aa2  
818,407  
   
Maryland Community Development Administration, Department of Housing and Community  
     
   
Development, Residential Revenue Bonds, Series 2007:  
     
350  
 
5.000%, 9/01/27 (Alternative Minimum Tax) (UB)  
3/17 at 100.00  
Aa2  
353,770  
620  
 
4.850%, 9/01/37 (Alternative Minimum Tax) (UB)  
3/17 at 100.00  
Aa2  
605,232  
1,160  
 
Maryland Community Development Administration, Department of Housing and Community  
9/14 at 100.00  
Aa2  
1,147,136  
   
Development, Residential Revenue Bonds, Series 2005, 4.900%, 9/01/36 (Alternative  
     
   
Minimum Tax) (UB)  
     
6,715  
 
Total Housing/Single Family  
   
6,781,809  
   
Industrials – 4.0% (2.6% of Total Investments)  
     
1,590  
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation  
6/20 at 100.00  
Baa3  
1,571,572  
   
Facilities Project, Series 2010A, 5.750%, 6/01/35  
     
510  
 
Maryland Economic Development Corporation, Solid Waste Disposal Revenue Bonds, Waste  
4/12 at 101.00  
BBB  
522,286  
   
Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)  
     
1,000  
 
Northeast Maryland Waste Disposal Authority, Baltimore, Resource Recovery Revenue Bonds, RESCO  
No Opt. Call  
BBB  
1,010,120  
   
Retrofit Project, Series 1998, 4.750%, 1/01/12 (Alternative Minimum Tax)  
     
3,100  
 
Total Industrials  
   
3,103,978  
   
Long-Term Care – 5.8% (3.8% of Total Investments)  
     
1,050  
 
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2007A, 5.000%, 1/01/37  
1/17 at 100.00  
BBB+  
970,526  
380  
 
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc.,  
1/20 at 100.00  
N/R  
397,180  
   
Series 2009B, 6.000%, 1/01/23  
     
1,500  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown  
1/21 at 100.00  
N/R  
1,546,890  
   
Community Issue, Series 2010, 6.250%, 1/01/45  
     
400  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series  
7/16 at 100.00  
N/R  
357,580  
   
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  
277,273  
520  
 
5.250%, 1/01/27  
1/17 at 100.00  
N/R  
428,823  
540  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge  
7/17 at 100.00  
A–  
493,555  
   
Retirement Community, Series 2007, 4.750%, 7/01/34  
     
4,670  
 
Total Long-Term Care  
   
4,471,827  
   
Tax Obligation/General – 10.7% (7.0% of Total Investments)  
     
380  
 
Carroll County, Maryland, Consolidated Public Improvement Bonds, Series 2005A, 5.000%, 12/01/16  
12/15 at 100.00  
AA+  
446,485  
710  
 
Frederick, Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/16 – NPFG Insured  
8/15 at 100.00  
AA  
823,650  
1,000  
 
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation  
1/14 at 100.00  
AAA  
1,097,620  
   
Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17  
     
1,850  
 
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series  
No Opt. Call  
AAA  
2,166,073  
   
2005A, 5.000%, 7/01/15  
     
1,440  
 
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series  
No Opt. Call  
AAA  
1,717,056  
   
2006A, 5.000%, 5/01/16  
     
1,000  
 
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds,  
No Opt. Call  
AAA  
1,012,180  
   
Series 2004C, 5.000%, 12/01/11  
     
1,000  
 
St. Mary’s County, Maryland, General Obligation Hospital Bonds, Series 2002, 5.000%, 10/01/12  
No Opt. Call  
AA  
1,052,420  
7,380  
 
Total Tax Obligation/General  
   
8,315,484  
   
Tax Obligation/Limited – 30.6% (20.1% of Total Investments)  
     
185  
 
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North  
7/18 at 102.00  
N/R  
179,611  
   
Project, Series 2010, 6.100%, 7/01/40  
     
130  
 
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation  
7/12 at 100.00  
N/R  
130,514  
   
Bonds, Series 2001A, 5.600%, 7/01/20 – RAAI Insured  
     
   
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority,  
     
   
Series 2010A:  
     
1,150  
 
5.000%, 7/01/30  
7/20 at 100.00  
A–  
1,185,121  
250  
 
5.000%, 7/01/40  
7/20 at 100.00  
A–  
252,205  
450  
 
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004,  
7/14 at 102.00  
N/R  
410,580  
   
5.750%, 7/01/34  
     
5,000  
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002,  
No Opt. Call  
AAA  
6,008,850  
   
5.500%, 2/01/16  
     
450  
 
Maryland Economic Development Corporation, Lease Revenue Bonds, Montgomery County Town  
9/12 at 100.00  
AA+  
471,893  
   
Square Parking Garage, Series 2002A, 5.000%, 9/15/13  
     
2,935  
 
Maryland Economic Development Corporation, Lease Revenue Bonds, Montgomery County Wayne  
9/12 at 100.00  
AA+  
3,073,356  
   
Avenue 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+  
1,565,777  
1,620  
 
5.000%, 6/15/23  
6/13 at 100.00  
AA+  
1,721,315  
1,410  
 
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series  
7/15 at 100.00  
N/R  
1,265,785  
   
2005, 5.200%, 7/01/34  
     
542  
 
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series  
7/13 at 100.00  
N/R  
471,014  
   
2005, 5.250%, 7/01/35  
     
1,200  
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%,  
No Opt. Call  
Baa1  
1,150,680  
   
7/01/31 – 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  
Baa1  
1,013,910  
1,205  
 
5.250%, 7/01/20  
7/12 at 100.00  
Baa1  
1,215,182  
1,275  
 
5.250%, 7/01/21  
7/12 at 100.00  
Baa1  
1,281,936  
1,500  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  
8/19 at 100.00  
A+  
1,554,390  
   
2009A, 5.750%, 8/01/37  
     
700  
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA,  
No Opt. Call  
A3  
785,477  
   
5.500%, 7/01/19 – NPFG Insured  
     
22,467  
 
Total Tax Obligation/Limited  
   
23,737,596  
   
Transportation – 3.0% (2.0% of Total Investments)  
     
2,210  
 
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series  
7/17 at 100.00  
AA+  
2,367,175  
   
2007, 5.000%, 7/01/30 – AGM Insured (UB)  
     
   
U.S. Guaranteed – 22.6% (14.9% of Total Investments) (4)  
     
1,000  
 
Annapolis, Maryland, General Obligation Public Improvement Refunding Bonds, Series 2002,  
4/12 at 101.00  
AA (4)  
1,034,710  
   
4.375%, 4/01/17 (Pre-refunded 4/01/12)  
     
1,000  
 
Baltimore Board of School Commissioners, Maryland, Revenue Bonds, City Public School System,  
5/13 at 100.00  
AA+ (4)  
1,078,690  
   
Series 2003A, 5.000%, 5/01/15 (Pre-refunded 5/01/13)  
     
255  
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31  
7/16 at 100.00  
AA (4)  
305,072  
   
(Pre-refunded 7/01/16) – AMBAC Insured  
     
1,260  
 
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series  
1/12 at 101.00  
Aa1 (4)  
1,292,684  
   
2002, 4.400%, 1/15/16 (Pre-refunded 1/15/12)  
     
2,200  
 
Maryland Economic Development Corporation, Lease Revenue Bonds, Department of Transportation  
6/12 at 100.50  
Aaa  
2,284,260  
   
Headquarters Building, Series 2002, 4.750%, 6/01/22 (Pre-refunded 6/01/12)  
     
285  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health,  
No Opt. Call  
N/R (4)  
322,731  
   
Series 1997, 5.000%, 7/01/17 – AMBAC Insured (ETM)  
     
725  
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health  
7/14 at 100.00  
A2 (4)  
813,639  
   
System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14)  
     
585  
 
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities  
No Opt. Call  
AAA  
678,840  
   
Projects, First Series 1978, 6.800%, 7/01/16 (ETM)  
     
4,860  
 
Prince George’s County Housing Authority, Maryland, GNMA Collateralized Mortgage Revenue  
11/12 at 100.00  
N/R (4)  
5,103,825  
   
Bonds, Fairview and Hillside Projects, Series 2002A, 4.700%, 11/20/22 (Pre-refunded 11/20/12)  
     
1,000  
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A,  
No Opt. Call  
Aaa  
1,174,269  
   
5.125%, 6/01/24 – AMBAC Insured (ETM)  
     
235  
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E,  
2/12 at 100.00  
Aaa  
240,169  
   
5.500%, 8/01/29 (Pre-refunded 2/01/12)  
     
2,000  
 
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2002A, 5.125%,  
4/12 at 100.00  
AA+ (4)  
2,058,419  
   
4/01/22 (Pre-refunded 4/01/12)  
     
1,000  
 
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,  
6/15 at 100.00  
AAA  
1,164,199  
   
Sewerage Disposal Bonds, Series 2005, 5.000%, 6/01/16 (Pre-refunded 6/01/15)  
     
16,405  
 
Total U.S. Guaranteed  
   
17,551,507  
   
Utilities – 1.6% (1.1% of Total Investments)  
     
1,250  
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,  
11/11 at 100.00  
N/R  
1,252,713  
   
7.400%, 9/01/19 (Alternative Minimum Tax)  
     
   
Water and Sewer – 5.4% (3.5% of Total Investments)  
     
2,590  
 
Baltimore, Maryland, Revenue Refunding Bonds, Wastewater Projects, Series 2002A, 5.125%,  
7/12 at 100.00  
AA  
2,610,072  
   
7/01/42 – NPFG Insured  
     
345  
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 –  
7/16 at 100.00  
AA  
361,166  
   
AMBAC Insured  
     
660  
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/32 –  
7/17 at 100.00  
AA  
695,929  
   
AMBAC Insured  
     
430  
 
Maryland Water Quality Financing Administration, Revolving Loan Fund Revenue Bonds, Series  
No Opt. Call  
AAA  
506,066  
   
2005A, 5.000%, 9/01/15  
     
4,025  
 
Total Water and Sewer  
   
4,173,233  
$ 135,847  
 
Total Investments (cost $115,918,241) – 152.1%  
   
118,055,295  
   
Floating Rate Obligations – (5.5)%  
   
(4,255,000)  
   
MuniFund Term Preferred Shares, at Liquidation Value – (48.7)% (5)  
   
(37,766,000)  
   
Other Assets Less Liabilities – 2.1%  
   
1,563,143  
   
Net Assets Applicable to Common Shares – 100%  
   
$ 77,597,438  
 
 
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of August 31, 2011:
 
         
 
Level 1  
Level 2  
Level 3  
Total  
Investments:  
       
Municipal Bonds  
$ —  
$118,055,295  
$ —  
$118,055,295  
 
 
The following is a reconciliation of the Fund's Level 3 investments held at the beginning and end of the measurement period:
 
   
 
Level 3  
 
Municipal  
 
Bonds  
Balance at the beginning of period  
$ 606,465  
Gains (losses):  
 
Net realized gains (losses)  
—  
Net change in unrealized appreciation (depreciation)  
(11,911)
Purchases at cost  
—  
Sales at proceeds  
—  
Net discounts (premiums)  
328  
Transfers in to  
—  
Transfers out of  
(594,882)
Balance at the end of period  
$         —  
 
 
During the period ended August 31, 2011, the Fund recognized no significant transfers to or from Level 1 or Level 2. Transfers in/or out of Level 3 are shown using end of period values.
 
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 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 securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At August 31, 2011, the cost of investments was $111,958,248.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2011, were as follows:
 
   
Gross unrealized:  
 
Appreciation  
$ 4,612,099  
Depreciation  
(2,770,029)
Net unrealized appreciation (depreciation) of investments  
$ 1,842,070  
 
 
     
(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 highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investor Service, Inc.  
   
("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB  
   
by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of  
   
these national rating agencies.  
(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. Bonds backed by U.S. Government or agency
    securities are given an implied rating equal to the rating of such securities.
(5)  
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.0%.  
N/R  
 
Not rated.  
WI/DD  
 
Purchased on a when-issued or delayed delivery basis.  
(ETM)  
 
Escrowed to maturity.  
(IF)  
 
Inverse floating rate investment.  
(UB)  
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
 

 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
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: See EX-99 CERT attached hereto.

 
 
 
 
SIGNATURES

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/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          October 28, 2011        
 
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          October 28, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date          October 28, 2011        
 

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