Unassociated Document



 
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 811-10345
 
Nuveen 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:            10/31          
 
Date of reporting period:         1/31/12         
 
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 Dividend Advantage Municipal Fund 3 (NZF) 
      
   
January 31, 2012 
      
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Municipal Bonds – 135.2% (95.3% of Total Investments) 
      
   
Alabama – 0.6% (0.4% of Total Investments) 
      
$    3,500 
  
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
AA+ 
$    3,676,645 
   
2006C-2, 5.000%, 11/15/36 (UB) 
      
   
Alaska – 0.1% (0.1% of Total Investments) 
      
1,000 
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
6/14 at 100.00 
B2 
738,580 
   
Series 2006A, 5.000%, 6/01/46 
      
   
Arizona – 1.1% (0.8% of Total Investments) 
      
3,390 
  
Arizona State Transportation Board, Highway Revenue Bonds, Series 2006, Trust 3151, 
No Opt. Call 
AAA 
4,546,193 
   
13.684%, 7/01/16 (IF) 
      
2,200 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A– 
2,187,372 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
      
5,590 
  
Total Arizona 
    
6,733,565 
   
California – 15.5% (10.9% of Total Investments) 
      
   
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist 
      
   
Health System/West, Series 2003A: 
      
2,220 
  
5.000%, 3/01/28 
3/13 at 100.00 
A 
2,244,531 
140 
  
5.000%, 3/01/33 
3/13 at 100.00 
A 
141,043 
1,670 
  
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital 
No Opt. Call 
Aa3 
1,849,742 
   
and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40 
      
3,400 
  
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA 
3,763,256 
   
Series 2009B, 5.500%, 10/01/39 
      
2,900 
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 
11/16 at 100.00 
AA– 
2,984,941 
   
5.000%, 11/15/42 (UB) 
      
5,355 
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
5/18 at 100.00 
AA– 
7,195,835 
   
Option Bond Trust 3175, 13.832%, 5/15/14 (IF) 
      
20 
  
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG 
6/12 at 100.00 
AA 
20,034 
   
Insured (Alternative Minimum Tax) 
      
   
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, 
      
   
Series 2002B: 
      
2,180 
  
0.000%, 8/01/31 – FGIC Insured 
8/12 at 32.87 
A+ 
696,248 
3,300 
  
0.000%, 8/01/32 – FGIC Insured 
8/12 at 30.97 
A+ 
992,706 
11,865 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
B– 
8,082,557 
   
Bonds, Series 2007A-1, 5.125%, 6/01/47 
      
7,150 
  
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 
7/21 at 100.00 
Aa2 
8,516,365 
10,000 
  
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 
1/21 at 100.00 
AA 
11,144,200 
   
5.000%, 7/01/41 
      
   
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding 
      
   
Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2001: 
      
8,640 
  
5.750%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax) 
7/12 at 100.00 
A– 
8,662,291 
5,000 
  
5.375%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax) 
7/12 at 100.00 
A– 
5,007,150 
1,500 
  
5.250%, 1/01/23 – AMBAC Insured (Alternative Minimum Tax) 
7/12 at 100.00 
A– 
1,501,620 
10,000 
  
5.500%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax) 
7/12 at 100.00 
A– 
10,005,700 
12,000 
  
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital 
8/30 at 100.00 
A+ 
8,724,360 
   
Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 
      
3,850 
  
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of 
10/21 at 100.00 
AA– 
3,359,626 
   
Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured 
      
3,550 
  
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 
12/21 at 100.00 
BB 
3,963,185 
   
7.500%, 12/01/41 
      
3,000 
  
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond 
8/21 at 100.00 
AA+ 
4,125,720 
   
Trust 1005, 13.506%, 8/01/41 (IF) 
      
10,000 
  
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
BBB 
1,877,800 
   
Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured 
      
3,000 
  
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
Aaa 
1,327,710 
   
2006C, 0.000%, 9/01/30 – NPFG Insured 
      
110,740 
  
Total California 
    
96,186,620 
   
Colorado – 5.4% (3.8% of Total Investments) 
      
2,250 
  
Canterberry Crossing Metropolitan District II, Parker, Colorado, Limited Tax General 
12/12 at 100.00 
N/R (4) 
2,363,985 
   
Obligation Bonds, Series 2002, 7.375%, 12/01/32 (Pre-refunded 12/01/12) 
      
1,535 
  
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle 
3/13 at 100.00 
N/R (4) 
1,646,948 
   
Creek Education Center, Series 2002A, 7.625%, 3/15/32 (Pre-refunded 3/15/13) 
      
3,090 
  
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks 
5/16 at 102.00 
N/R 
2,758,412 
   
Academy, Series 2006A, 5.400%, 5/01/26 
      
3,380 
  
Colorado Housing Finance Authority, Multifamily Project Bonds, Class I, Series 2001A-1, 
4/12 at 100.00 
AAA 
3,382,535 
   
5.500%, 4/01/31 (Alternative Minimum Tax) 
      
5,000 
  
Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/17 at 100.00 
N/R 
4,371,400 
   
Series 2007A, 5.600%, 12/01/34 – RAAI Insured 
      
   
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006: 
      
5,365 
  
5.000%, 11/15/23 – FGIC Insured 
11/16 at 100.00 
A+ 
5,990,505 
3,300 
  
5.000%, 11/15/24 – FGIC Insured 
11/16 at 100.00 
A+ 
3,668,478 
4,335 
  
5.000%, 11/15/25 – FGIC Insured 
11/16 at 100.00 
A+ 
4,801,706 
   
Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, 
      
   
Series 2007: 
      
950 
  
5.125%, 12/01/27 – RAAI Insured 
12/17 at 100.00 
N/R 
850,051 
2,000 
  
5.250%, 12/01/36 – RAAI Insured 
12/17 at 100.00 
N/R 
1,685,120 
1,000 
  
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 
6/14 at 101.00 
N/R 
1,034,340 
   
8.000%, 12/01/25 
      
630 
  
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 
6/20 at 100.00 
Aa3 
710,583 
   
5.375%, 6/01/31 
      
32,835 
  
Total Colorado 
    
33,264,063 
   
Connecticut – 0.3% (0.2% of Total Investments) 
      
1,500 
  
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, 
7/21 at 100.00 
A 
1,606,350 
   
Series 2011A, 5.000%, 7/01/41 
      
   
District of Columbia – 1.9% (1.4% of Total Investments) 
      
10,000 
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior 
10/16 at 100.00 
AA+ 
10,454,000 
   
Lien Refunding Series 2007A, 4.500%, 10/01/30 (WI/DD, Settling 2/09/12) – AMBAC Insured 
      
1,335 
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
AA+ 
1,522,568 
   
Tender Option Bond Trust 1606, 11.636%, 10/01/30 – AMBAC Insured (IF) 
      
11,335 
  
Total District of Columbia 
    
11,976,568 
   
Florida – 3.2% (2.3% of Total Investments) 
      
4,980 
  
Broward County, Florida, Airport System Revenue Refunding Bonds, Series 2009O, 5.375%, 10/01/29 
10/19 at 100.00 
A+ 
5,636,862 
   
Orange County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Oak Glen 
      
   
Apartments, Series 2001G: 
      
1,105 
  
5.400%, 12/01/32 – AGM Insured 
6/12 at 100.00 
AA– 
1,105,751 
2,195 
  
5.450%, 12/01/41 – AGM Insured 
6/12 at 100.00 
AA– 
2,196,119 
5,000 
  
Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2003B, 
7/13 at 100.00 
A 
5,112,050 
   
5.000%, 7/01/30 – AMBAC Insured 
      
5,455 
  
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA 
5,686,347 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
      
1,000 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 
5/18 at 100.00 
N/R 
425,330 
   
6.650%, 5/01/40 (5) 
      
19,735 
  
Total Florida 
    
20,162,459 
   
Georgia – 4.4% (3.1% of Total Investments) 
      
15,000 
  
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010C, 5.250%, 1/01/30 
1/21 at 100.00 
A1 
16,866,900 
3,000 
  
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional 
12/20 at 100.00 
N/R 
3,163,170 
   
Medical Center Project, Series 2010, 8.125%, 12/01/45 
      
2,000 
  
Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, 
7/17 at 100.00 
N/R 
1,448,160 
   
Lenbrook Square Project, Series 2006A, 5.125%, 7/01/42 
      
5,000 
  
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 1/01/35 – 
1/14 at 100.00 
AA– 
5,299,550 
   
FGIC Insured 
      
480 
  
Gainesville Redevelopment Authority, Georgia, Educational Facilities Revenue Bonds, Riverside 
3/17 at 100.00 
N/R 
365,098 
   
Military Academy Project, Series 2007, 5.125%, 3/01/37 
      
25,480 
  
Total Georgia 
    
27,142,878 
   
Illinois – 13.5% (9.5% of Total Investments) 
      
3,200 
  
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
AA 
3,576,192 
   
5.250%, 12/01/40 
      
8,375 
  
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.500%, 1/01/19 – AGM Insured 
7/12 at 100.00 
AA– 
8,392,923 
   
(Alternative Minimum Tax) 
      
2,630 
  
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 
1/22 at 100.00 
AAA 
2,917,328 
4,950 
  
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International 
7/12 at 100.00 
A2 
4,956,336 
   
Airport, Series 2001A, 5.375%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax) 
      
2,220 
  
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 
No Opt. Call 
Aa3 
2,519,789 
   
1/01/16 – NPFG Insured 
      
1,165 
  
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/16 at 100.00 
A1 
1,206,171 
   
Series 2005A, 5.000%, 1/01/33 – FGIC Insured 
      
8,875 
  
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA 
9,713,776 
2,415 
  
Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program – 
12/14 at 100.00 
A2 
2,526,935 
   
Kankakee County, Series 2005B, 5.000%, 12/01/24 – AMBAC Insured 
      
3,465 
  
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 
8/17 at 100.00 
BBB 
3,518,292 
   
5.500%, 8/01/37 
      
2,625 
  
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 
10/21 at 100.00 
Aa1 
2,917,005 
   
10/01/51 (WI/DD, Settling 2/02/12) 
      
9,000 
  
Illinois Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., 
6/12 at 101.00 
BBB– 
9,097,020 
   
Series 2001, 5.875%, 12/01/31 
      
5,000 
  
Lake County School District 38, Big Hallow, Illinois, General Obligation Bonds, Series 2005, 
No Opt. Call 
N/R 
3,059,400 
   
0.000%, 2/01/22 – AMBAC Insured 
      
7,000 
  
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel 
1/16 at 100.00 
N/R 
4,546,850 
   
Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 
      
12,000 
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/20 at 100.00 
AAA 
12,972,120 
   
Refunding Bonds, Series 2010A, 5.500%, 6/15/50 
      
45,000 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AAA 
8,291,250 
   
Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured 
      
2,790 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
No Opt. Call 
AAA 
3,321,160 
   
Expansion Project, Series 1998A, 5.500%, 6/15/29 – FGIC Insured 
      
120,710 
  
Total Illinois 
    
83,532,547 
   
Indiana – 4.9% (3.4% of Total Investments) 
      
6,885 
  
Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 
8/12 at 100.00 
BBB 
6,905,104 
   
5.500%, 2/01/26 – NPFG Insured 
      
4,230 
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Tudor Park Foundation, Series 
6/15 at 100.00 
Aa3 
4,528,765 
   
2005B, 5.000%, 6/01/24 
      
6,700 
  
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/21 at 100.00 
AA– 
7,190,708 
   
2011B, 5.000%, 10/01/41 
      
2,600 
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, 
5/15 at 100.00 
A 
2,640,690 
   
Series 2005A, 5.000%, 5/01/35 – AMBAC Insured 
      
3,500 
  
University of Southern Indiana, Student Fee Revenue Bonds, Series 2001H, 5.000%, 10/01/21 – 
4/12 at 100.00 
A1 
3,507,805 
   
AMBAC Insured 
      
   
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007: 
      
2,500 
  
5.750%, 9/01/42 
9/17 at 100.00 
N/R 
2,258,250 
2,500 
  
5.800%, 9/01/47 
9/17 at 100.00 
N/R 
2,265,250 
1,090 
  
Wayne County Jail Holding Corporation, Indiana, First Mortgage Bonds, Series 2001, 5.500%, 
1/13 at 101.00 
A1 (4) 
1,156,021 
   
7/15/22 (Pre-refunded 1/15/13) – AMBAC Insured 
      
30,005 
  
Total Indiana 
    
30,452,593 
   
Iowa – 0.8% (0.6% of Total Investments) 
      
2,000 
  
Iowa Finance Authority, Healthcare Revenue Bonds, Great River Medical Center, Series 2001, 
5/12 at 100.00 
Aa3 
2,001,580 
   
5.250%, 5/15/31 – AGM Insured 
      
1,000 
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
B+ 
752,900 
   
5.625%, 6/01/46 
      
2,375 
  
Polk County, Iowa, General Obligation Bonds, Series 2002C, 5.000%, 6/01/13 (Pre-refunded 
6/12 at 100.00 
AAA 
2,413,380 
   
6/01/12) – AGM Insured 
      
5,375 
  
Total Iowa 
    
5,167,860 
   
Kansas – 0.3% (0.2% of Total Investments) 
      
   
Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, 
      
   
Series 2007B: 
      
1,000 
  
5.125%, 5/15/37 
5/14 at 103.00 
N/R 
895,970 
1,000 
  
5.125%, 5/15/42 
5/14 at 103.00 
N/R 
886,900 
2,000 
  
Total Kansas 
    
1,782,870 
   
Kentucky – 1.2% (0.8% of Total Investments) 
      
1,000 
  
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AA– 
1,095,920 
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/42 – AGC Insured 
      
5,400 
  
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease 
6/21 at 100.00 
Aa3 
6,199,956 
   
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 
      
6,400 
  
Total Kentucky 
    
7,295,876 
   
Louisiana – 7.4% (5.2% of Total Investments) 
      
2,000 
  
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East 
7/21 at 100.00 
Baa2 
2,177,000 
   
Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 
      
3,000 
  
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 
11/17 at 100.00 
BBB– 
3,245,250 
   
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
      
10,000 
  
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding 
10/21 at 100.00 
A+ 
10,823,900 
   
Series 2011, 5.000%, 10/01/41 
      
3,700 
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
3,785,100 
   
Series 2007A, 5.500%, 5/15/47 
      
4,425 
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
Baa1 
5,099,237 
   
Series 2011, 6.750%, 5/15/41 
      
20,890 
  
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
5/12 at 100.00 
A– 
21,082,188 
   
Series 2001B, 5.875%, 5/15/39 
      
44,015 
  
Total Louisiana 
    
46,212,675 
   
Maine – 0.2% (0.1% of Total Investments) 
      
1,075 
  
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2001B, 5.500%, 
5/12 at 100.00 
AA+ 
1,075,796 
   
11/15/32 (Alternative Minimum Tax) 
      
   
Maryland – 2.3% (1.6% of Total Investments) 
      
1,000 
  
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Series 2007B, 
4/17 at 100.00 
N/R 
756,480 
   
5.250%, 4/01/37 
      
1,135 
  
Maryland Community Development Administration, Insured Multifamily Housing Mortgage Loan 
7/12 at 100.00 
Aa2 (4) 
1,135,000 
   
Revenue Bonds, Series 2001B, 5.250%, 7/01/21 (Pre-refunded 7/01/12) (Alternative Minimum Tax) 
      
2,000 
  
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference 
12/16 at 100.00 
N/R 
1,296,700 
   
Center, Series 2006A, 5.000%, 12/01/31 
      
10,600 
  
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 
3/12 at 100.00 
N/R 
10,660,420 
   
7.400%, 9/01/19 (Alternative Minimum Tax) 
      
555 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
7/17 at 100.00 
A– 
558,796 
   
Retirement Community, Series 2007, 4.750%, 7/01/34 
      
15,290 
  
Total Maryland 
    
14,407,396 
   
Massachusetts – 6.5% (4.6% of Total Investments) 
      
1,375 
  
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 
10/12 at 102.00 
N/R 
1,229,484 
   
5.250%, 10/01/26 
      
1,000 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital 
7/15 at 100.00 
BB– 
888,450 
   
Project, Series 2005D, 5.250%, 7/01/30 
      
1,600 
  
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
1,680,096 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
      
1,505 
  
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 
6/18 at 100.00 
AA 
1,693,501 
   
3145, 15.518%, 6/01/16 (IF) 
      
400 
  
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 
7/21 at 100.00 
A 
436,156 
   
5.125%, 7/01/41 
      
5,000 
  
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 
7/12 at 100.00 
N/R 
4,726,850 
   
2001A, 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax) 
      
3,465 
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 
2/17 at 100.00 
AA+ 
3,590,953 
   
8/01/46 – AGM Insured (UB) (6) 
      
5,000 
  
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.250%, 11/01/30 
11/12 at 100.00 
AA+ (4) 
5,188,950 
   
(Pre-refunded 11/01/12) 
      
   
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E: 
      
2,255 
  
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured 
1/13 at 100.00 
AA+ (4) 
2,358,482 
7,495 
  
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured 
1/13 at 100.00 
AA+ (4) 
7,838,946 
7,165 
  
Metropolitan Boston Massachusetts, Transit Parking Corporation, Systemwide Parking Revenue 
7/21 at 100.00 
A+ 
7,713,624 
   
Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
      
3,210 
  
Worcester, Massachusetts, General Obligation Bonds, Series 2011, 3.000%, 8/15/12 – AGM Insured 
No Opt. Call 
AA– 
3,256,352 
39,470 
  
Total Massachusetts 
    
40,601,844 
   
Michigan – 5.9% (4.2% of Total Investments) 
      
15,000 
  
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site 
No Opt. Call 
Aa2 
17,736,150 
   
Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) 
      
2,000 
  
Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital 
8/17 at 100.00 
N/R 
1,538,240 
   
Obligated Group, Series 2007A, 5.000%, 8/15/38 
      
2,750 
  
Lansing Board of Water and Light, Michigan, Utility System Rvenue Bonds Series 2011A, 
7/21 at 100.00 
AA– 
3,198,690 
   
5.500%, 7/01/41 
      
5,000 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
No Opt. Call 
AA 
5,313,000 
   
5.000%, 12/01/39 
      
2,250 
  
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 
No Opt. Call 
Aa3 
2,537,213 
   
2011-I-A, 5.375%, 10/15/41 
      
2,395 
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sisters of Mercy 
No Opt. Call 
BBB (4) 
2,544,735 
   
Health Corporation, Series 1993P, 5.375%, 8/15/14 – NPFG Insured (ETM) 
      
2,865 
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
12/16 at 100.00 
AA 
3,012,118 
   
2006A, 5.000%, 12/01/31 (UB) 
      
635 
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
12/16 at 100.00 
N/R (4) 
762,864 
   
2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB) 
      
32,895 
  
Total Michigan 
    
36,643,010 
   
Minnesota – 1.2% (0.8% of Total Investments) 
      
2,185 
  
Dakota County Community Development Agency, Minnesota, GNMA Collateralized Multifamily 
4/12 at 105.00 
Aaa 
2,295,845 
   
Housing Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 
      
   
(Alternative Minimum Tax) 
      
3,000 
  
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 
No Opt. Call 
AA+ 
3,749,520 
   
5.000%, 8/01/18 
      
1,375 
  
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
8/16 at 100.00 
N/R 
1,364,440 
   
Project, Series 2007-1, 5.000%, 8/01/36 
      
6,560 
  
Total Minnesota 
    
7,409,805 
   
Mississippi – 0.9% (0.6% of Total Investments) 
      
2,155 
  
Mississippi Business Finance Corporation, GNMA Collateralized Retirement Facility Mortgage 
5/12 at 100.00 
AA+ 
2,164,029 
   
Revenue Refunding Bonds, Aldersgate Retirement Community Inc. Project, Series 1999A, 
      
   
5.450%, 5/20/34 
      
3,000 
  
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/14 at 100.00 
AA 
3,165,240 
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) 
      
5,155 
  
Total Mississippi 
    
5,329,269 
   
Missouri – 1.1% (0.8% of Total Investments) 
      
1,495 
  
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue 
6/17 at 100.00 
N/R 
1,458,926 
   
Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36 
      
1,000 
  
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional 
12/17 at 100.00 
N/R 
862,710 
   
Medical Center, Series 2007, 5.000%, 12/01/32 
      
1,825 
  
Fenton, Missouri, Tax Increment Refunding and Improvement Revenue Bonds, Gravois Bluffs 
10/12 at 100.00 
N/R (4) 
1,897,307 
   
Redevelopment Project, Series 2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12) 
      
2,500 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, 
11/21 at 100.00 
AAA 
2,931,725 
   
Series 2011B, 5.000%, 11/15/37 
      
6,820 
  
Total Missouri 
    
7,150,668 
   
Montana – 0.8% (0.6% of Total Investments) 
      
5,000 
  
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 
7/12 at 100.00 
B+ 
5,039,850 
   
2000, 8.000%, 7/01/20 (Alternative Minimum Tax) 
      
   
Nebraska – 1.0% (0.7% of Total Investments) 
      
4,045 
  
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2010A, 
9/20 at 100.00 
AA+ 
4,305,741 
   
6.050%, 9/01/41 
      
1,005 
  
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska 
2/17 at 100.00 
AA+ 
1,715,716 
   
City 2, Series 2006A, 20.018%, 8/01/40 – AMBAC Insured (IF) 
      
5,050 
  
Total Nebraska 
    
6,021,457 
   
Nevada – 5.5% (3.9% of Total Investments) 
      
10,000 
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
11,238,400 
6,000 
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
6,460,140 
   
International Airport, Series 2010A, 5.250%, 7/01/42 
      
4,000 
  
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas 
7/12 at 100.00 
N/R 
4,800 
   
Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (5) 
      
5,000 
  
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 – FGIC Insured 
12/14 at 100.00 
AA 
5,195,600 
10,000 
  
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water & 
6/21 at 100.00 
AA+ 
11,005,200 
   
Refunding Series 2011C, 5.000%, 6/01/38 
      
35,000 
  
Total Nevada 
    
33,904,140 
   
New Hampshire – 0.3% (0.2% of Total Investments) 
      
2,000 
  
New Hampshire Health and Education Authority, Hospital Revenue Bonds, Concord Hospital, Series 
10/12 at 100.50 
Aa3 
2,024,680 
   
2001, 5.500%, 10/01/21 – AGM Insured 
      
   
New Jersey – 5.3% (3.7% of Total Investments) 
      
1,000 
  
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water 
7/12 at 100.00 
A 
1,002,990 
   
Company, Series 1998A, 5.250%, 7/01/38 – FGIC Insured (Alternative Minimum Tax) 
      
10,000 
  
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water 
11/12 at 101.00 
A2 
10,206,900 
   
Company, Series 2002A, 5.250%, 11/01/32 – AMBAC Insured (Alternative Minimum Tax) 
      
620 
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, 
7/13 at 100.00 
Ba2 
519,343 
   
Series 2003, 5.500%, 7/01/33 
      
4,125 
  
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration 
No Opt. Call 
Aa3 
4,397,993 
   
Grants, Series 2002A, 5.500%, 9/15/13 – AMBAC Insured 
      
12,970 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A+ 
4,399,165 
   
Appreciation Series 2010A, 0.000%, 12/15/33 
      
20,000 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 
No Opt. Call 
AA– 
7,031,200 
   
0.000%, 12/15/33 – AGM Insured 
      
7,260 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
B2 
5,444,274 
   
Series 2007-1A, 4.750%, 6/01/34 
      
55,975 
  
Total New Jersey 
    
33,001,865 
   
New York – 6.8% (4.8% of Total Investments) 
      
900 
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
4/17 at 100.00 
N/R 
811,026 
   
Schools, Series 2007A, 5.000%, 4/01/32 
      
   
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
      
   
Bonds, Barclays Center Project, Series 2009: 
      
1,275 
  
6.000%, 7/15/30 
1/20 at 100.00 
BBB– 
1,355,746 
3,400 
  
0.000%, 7/15/44 
No Opt. Call 
BBB– 
524,110 
4,675 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 
3/21 at 100.00 
AAA 
5,259,235 
   
Purpose Series 2011C, 5.000%, 3/15/41 
      
1,780 
  
East Rochester Housing Authority, New York, GNMA Secured Revenue Bonds, Gates Senior Housing 
4/12 at 101.00 
N/R 
1,796,963 
   
Inc., Series 2001, 5.300%, 4/20/31 
      
2,100 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
No Opt. Call 
A 
2,377,284 
   
2011A, 5.750%, 2/15/47 
      
5,010 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A 
4,970,571 
   
2/15/47 – NPFG Insured 
      
2,800 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 
5/21 at 100.00 
AA– 
3,079,328 
   
5/01/36 – AGM Insured 
      
750 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 
11/21 at 100.00 
A 
820,710 
   
5.000%, 11/15/41 
      
4,155 
  
Monroe County Airport Authority, New York, Revenue Refunding Bonds, Greater Rochester 
No Opt. Call 
BBB 
4,287,087 
   
International Airport, Series 1999, 5.750%, 1/01/13 – NPFG Insured (Alternative Minimum Tax) 
      
8,000 
  
New York City Industrial Development Agency, New York, American Airlines-JFK International 
8/16 at 101.00 
N/R 
7,234,480 
   
Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 
      
3,125 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
12/20 at 100.00 
AA+ 
3,580,000 
   
Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 
      
885 
  
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – 
8/12 at 100.00 
AA 
907,479 
   
NPFG Insured 
      
1,615 
  
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 
8/12 at 100.00 
AA (4) 
1,659,073 
   
(Pre-refunded 8/01/12) – NPFG Insured 
      
3,000 
  
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38 
11/21 at 100.00 
Aa2 
3,406,050 
43,470 
  
Total New York 
    
42,069,142 
   
North Carolina – 1.1% (0.8% of Total Investments) 
      
1,710 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
1,940,576 
   
Bonds, Series 2008, Trust 1149, 15.087%, 7/15/32 (IF) (6) 
      
1,200 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, 
1/17 at 100.00 
AA– 
1,276,452 
   
Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 
      
1,750 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA 
1/15 at 100.00 
AA+ (4) 
1,975,995 
   
Carolinas Healthcare System, Series 2005A, 4.875%, 1/15/32 (Pre-refunded 1/15/15) 
      
520 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 
No Opt. Call 
N/R (4) 
545,303 
   
1/01/13 (ETM) 
      
1,085 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 
No Opt. Call 
A 
1,134,194 
   
5.500%, 1/01/13 
      
6,265 
  
Total North Carolina 
    
6,872,520 
   
Ohio – 2.0% (1.4% of Total Investments) 
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
      
   
Bonds, Senior Lien, Series 2007A-2: 
      
4,735 
  
5.125%, 6/01/24 
6/17 at 100.00 
B– 
3,734,637 
710 
  
5.875%, 6/01/30 
6/17 at 100.00 
B– 
552,217 
685 
  
5.750%, 6/01/34 
6/17 at 100.00 
B– 
510,072 
1,570 
  
5.875%, 6/01/47 
6/17 at 100.00 
B– 
1,166,730 
5,800 
  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 
AA 
6,209,828 
   
5.000%, 11/15/41 
      
13,500 
  
Total Ohio 
    
12,173,484 
   
Oklahoma – 2.0% (1.4% of Total Investments) 
      
   
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: 
      
4,370 
  
5.000%, 2/15/37 
2/17 at 100.00 
A 
4,562,499 
955 
  
5.000%, 2/15/42 
2/17 at 100.00 
A 
992,656 
6,305 
  
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA+ 
6,599,822 
   
System, Series 2006, 5.000%, 12/15/36 (UB) 
      
88 
  
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA+ 
95,481 
   
System, Series 2008, Trust 3500, 8.464%, 6/15/30 (IF) 
      
11,718 
  
Total Oklahoma 
    
12,250,458 
   
Oregon – 0.8% (0.5% of Total Investments) 
      
4,700 
  
Oregon Health, Housing, Educational and Cultural Facilities Authority, Revenue Bonds, 
5/12 at 101.00 
A+ 
4,757,669 
   
PeaceHealth Project, Series 2001, 5.250%, 11/15/21 – AMBAC Insured 
      
   
Pennsylvania – 3.4% (2.4% of Total Investments) 
      
500 
  
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, 
3/17 at 100.00 
BBB 
444,985 
   
School Lane Charter School, Series 2007A, 5.000%, 3/15/37 
      
3,500 
  
Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue 
7/12 at 100.00 
D 
2,118,410 
   
Bonds, Northampton Generating Project, Series 1994A, 6.600%, 1/01/19 (Alternative Minimum Tax) 
      
1,400 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, St. Joseph’s University, 
11/20 at 100.00 
A– 
1,496,558 
   
Series 2010A, 5.000%, 11/01/40 
      
5,705 
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B, 5.625%, 
8/12 at 100.00 
Aa2 (4) 
5,860,689 
   
8/01/16 (Pre-refunded 8/01/12) – FGIC Insured 
      
10,590 
  
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School 
6/13 at 100.00 
AA+ (4) 
11,262,359 
   
District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured 
      
21,695 
  
Total Pennsylvania 
    
21,183,001 
   
Puerto Rico – 0.4% (0.3% of Total Investments) 
      
2,500 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 
8/17 at 100.00 
Aa2 
2,650,250 
   
5.250%, 8/01/57 
      
   
Tennessee – 0.2% (0.2% of Total Investments) 
      
3,680 
  
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
1/17 at 30.07 
A 
820,456 
   
Refunding Bonds, Covenant Health, Series 2006A, 0.000%, 1/01/41 
      
275 
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
280,877 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
      
   
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
      
   
Bonds, Sumner Regional Health System Inc., Series 2007: 
      
800 
  
5.500%, 11/01/37 (5) (7) 
11/17 at 100.00 
N/R 
59,128 
2,800 
  
5.500%, 11/01/46 (5) (7) 
11/17 at 100.00 
N/R 
206,948 
7,555 
  
Total Tennessee 
    
1,367,409 
   
Texas – 17.9% (12.6% of Total Investments) 
      
5,445 
  
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 
2/17 at 100.00 
AAA 
5,679,407 
   
4.250%, 8/15/36 (UB) 
      
2,700 
  
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 
1/21 at 100.00 
BBB– 
2,898,099 
   
6.250%,1/01/46 
      
4,500 
  
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 
1/21 at 100.00 
AA– 
4,956,885 
   
5.000%, 1/01/36 
      
3,135 
  
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, 
5/12 at 100.00 
A+ 
3,137,508 
   
Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax) 
      
5,000 
  
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A, 
9/14 at 100.00 
N/R 
5,066,450 
   
7.000%, 9/01/25 
      
10,000 
  
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 
11/21 at 100.00 
AA 
11,202,800 
   
5.000%, 11/15/40 
      
4,965 
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
5,416,567 
   
Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27 
      
6,000 
  
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2001B, 
No Opt. Call 
AA+ (4) 
8,464,920 
   
5.500%, 12/01/29 – NPFG Insured (ETM) 
      
   
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2001A: 
      
2,525 
  
5.500%, 7/01/13 – FGIC Insured (Alternative Minimum Tax) 
7/12 at 100.00 
A 
2,534,848 
2,905 
  
5.500%, 7/01/14 – FGIC Insured (Alternative Minimum Tax) 
7/12 at 100.00 
A 
2,916,330 
14,200 
  
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 
8/16 at 100.00 
AAA 
14,966,368 
   
2007A, 4.750%, 8/01/43 (UB) 
      
8,000 
  
Lower Colorado River Authority, Texas, Transmission Contract Refunding Revenue Bonds, LCRA 
5/20 at 100.00 
A 
8,556,320 
   
Transmission Services Corporation Project, Refunding & Improvement Series 2010, 
      
   
5.000%, 5/15/40 
      
1,750 
  
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 
4/21 at 100.00 
N/R 
1,919,138 
   
2011A, 7.250%, 4/01/36 
      
2,500 
  
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston 
No Opt. Call 
A– 
2,760,075 
   
Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative 
      
   
Minimum Tax) 
      
3,150 
  
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 
1/18 at 100.00 
A3 
3,407,607 
   
5.750%, 1/01/38 
      
   
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C: 
      
4,370 
  
0.000%, 9/01/43 
9/31 at 100.00 
AA 
2,877,033 
9,130 
  
0.000%, 9/01/45 
9/31 at 100.00 
AA 
6,637,419 
3,500 
  
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, 
No Opt. Call 
AA– 
3,915,765 
   
Series 2010, 5.000%, 10/01/41 
      
7,700 
  
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
8,021,398 
   
Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 
      
   
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, 
      
   
Series 2006: 
      
9,110 
  
0.000%, 8/15/37 
8/15 at 31.98 
AAA 
2,535,313 
9,110 
  
0.000%, 8/15/40 
8/15 at 27.11 
AAA 
2,130,829 
7,110 
  
0.000%, 8/15/44 
8/15 at 21.88 
AAA 
1,337,889 
126,805 
  
Total Texas 
    
111,338,968 
   
Utah – 0.3% (0.2% of Total Investments) 
      
   
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001E: 
      
590 
  
5.200%, 1/01/18 (Alternative Minimum Tax) 
7/12 at 100.00 
AA– 
592,124 
240 
  
5.500%, 1/01/23 (Alternative Minimum Tax) 
7/12 at 100.00 
Aaa 
250,025 
   
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001F-1: 
      
905 
  
4.950%, 7/01/18 (Alternative Minimum Tax) 
7/12 at 100.00 
AA– 
919,272 
355 
  
5.300%, 7/01/23 (Alternative Minimum Tax) 
7/12 at 100.00 
Aaa 
368,199 
2,090 
  
Total Utah 
    
2,129,620 
   
Virginia – 0.4% (0.3% of Total Investments) 
      
1,000 
  
Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr 
12/15 at 100.00 
N/R 
927,260 
   
Village, Series 2005, 5.375%, 12/01/28 
      
1,500 
  
Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 2011, 
7/21 at 100.00 
AA– 
1,601,460 
   
4.750%, 7/01/41 
      
2,500 
  
Total Virginia 
    
2,528,720 
   
Washington – 7.6% (5.4% of Total Investments) 
      
2,500 
  
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 
1/19 at 100.00 
AA+ 
2,791,825 
   
Port of Seattle, Washington, Revenue Bonds, Series 2001B: 
      
2,535 
  
5.625%, 4/01/18 – FGIC Insured (Alternative Minimum Tax) 
4/12 at 100.00 
Aa2 
2,544,227 
16,000 
  
5.100%, 4/01/24 – FGIC Insured (Alternative Minimum Tax) (UB) 
4/12 at 100.00 
Aa2 
16,028,480 
5,205 
  
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured 
3/15 at 100.00 
Aa3 
5,647,946 
10,000 
  
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 
2/21 at 100.00 
AA 
10,706,700 
   
5.000%, 2/01/41 
      
3,410 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
1/21 at 100.00 
A 
3,659,271 
   
Research Center, Series 2011A, 5.625%, 1/01/35 
      
   
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of 
      
   
Puget Sound, Series 2001: 
      
3,005 
  
5.375%, 12/01/17 – AMBAC Insured 
6/12 at 101.00 
BBB– 
3,039,618 
2,915 
  
5.375%, 12/01/18 – AMBAC Insured 
6/12 at 101.00 
BBB– 
2,948,231 
45,570 
  
Total Washington 
    
47,366,298 
   
Wisconsin – 0.7% (0.5% of Total Investments) 
      
1,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/17 at 100.00 
BBB+ 
1,006,000 
   
Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 
      
350 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community 
10/12 at 100.00 
AA– 
354,011 
   
Health Obligated Group, Series 2001, 5.375%, 10/01/30 
      
2,500 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/12 at 100.00 
BBB+ 
2,503,800 
   
Series 2001B, 6.000%, 2/15/25 
      
330 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/13 at 100.00 
BBB+ 
328,287 
   
Services Inc., Series 2003A, 5.125%, 8/15/33 
      
4,180 
  
Total Wisconsin 
    
4,192,098 
$   923,058 
  
Total Long-Term Investments (cost $797,959,352) 
    
839,421,566 
           
           
Shares 
  
Description (1) 
    
Value 
   
Investment Companies – 0.6% (0.4% of Total Investments) 
      
6,266 
  
BlackRock MuniHoldings Fund Inc. 
    
$    112,475 
26,880 
  
Dreyfus Strategic Municipals Inc. 
    
248,102 
131,278 
  
DWS Municipal Income Trust 
    
1,865,460 
43,020 
  
Invesco Van Kampen Investment Grade Municipal Trust 
    
664,229 
30,000 
  
Invesco Van Kampen Municipal Opportunity Trust 
    
468,300 
43,420 
  
PIMCO Municipal Income Fund II 
    
558,815 
   
Total Investment Companies (cost $3,325,133) 
    
3,917,381 
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Short-Term Investments – 6.2% (4.3% of Total Investments) 
      
   
Florida – 1.7% (1.2% of Total Investments) 
      
$ 5,000 
  
Florida Housing Finance Corporation, Housing Revenue Bonds, Waverly Apartments, Series 2000-C1, 
No Opt. Call 
AAA 
$ 5,000,000 
   
0.080%, 11/01/19 (8) 
      
5,675 
  
Miami-Dade County School Board, Florida, Certificates of Participation, Tender Option Bond 
No Opt. Call 
AA– 
5,675,000 
   
Trust 4009Z, 0.180%, 11/01/16 – AGC Insured (8) 
      
10,675 
  
Total Florida 
    
10,675,000 
   
Illinois – 1.4% (1.0% of Total Investments) 
      
9,000 
  
Chicago, Illinois, General Obligation Bonds, Tender Option Bonds Trust 3190,Variable Rate Demand 
No Opt. Call 
N/R 
9,000,000 
   
Series, 0.140%, 1/01/17 (8) 
      
   
Iowa – 1.4% (1.0% of Total Investments) 
      
8,500 
  
Iowa State, Special Obligation Bonds, I-Jobs Program, Tender Option Bond Trust 13B-B REG D, 
No Opt. Call 
AA 
8,500,000 
   
0.100%, 6/01/26 (8) 
      
   
South Carolina – 0.8% (0.5% of Total Investments) 
      
4,730 
  
South Carolina Educational Facilities Authority, Charleston Southern University Education Facilities 
2/12 at 100.00 
N/R 
4,730,000 
   
Revenue Bond, Variable Rate Demand Series 2003, 0.080%, 4/01/28 (8) 
      
   
Washington – 0.9% (0.6% of Total Investments) 
      
5,480 
  
Bellingham, Washington, Water and Sewer Revenue Bonds, Tender Option Bond Trust 11981X, 
No Opt. Call 
Aa2 
5,480,000 
   
0.090%, 8/01/19 (8) 
      
$    38,385 
  
Total Short-Term Investments (cost $38,385,000) 
    
38,385,000 
   
Total Investments (cost $839,669,485) – 142.0% 
    
881,723,947 
   
Floating Rate Obligations – (9.0)% 
    
(55,612,000) 
   
MuniFund Rate Term Preferred Shares, at Liquidation Value – (11.3)% (9) 
    
(70,000,000) 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value - (27.2)% (9) 
    
(169,200,000) 
   
Other Assets Less Liabilities – 5.5% 
    
33,871,552 
   
Net Assets Applicable to Common Shares – 100% 
    
$    620,783,499 
 
 
 
 
 
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 January 31, 2012:
 
                         
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments: 
                        
Municipal Bonds 
   $ —     $ 839,155,490     $ 266,076     $ 839,421,566  
Investment Companies 
     3,917,381       —       —       3,917,381  
Short-Term Investments 
     —       38,385,000       —       38,385,000  
Total 
   $ 3,917,381     $ 877,540,490     $ 266,076     $ 881,723,947  
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
 
       
   
Level 3
  
   
Investments
  
Balance at the beginning of period 
   $ 226,760  
Gains (losses): 
        
Net realized gains (losses) 
     —  
Net change in unrealized appreciation (depreciation) 
     (684 ) 
Purchases at cost 
     —  
Sales at proceeds 
     —  
Net discounts (premiums) 
     —  
Transfers in to 
     —  
Transfers out of 
     —  
Balance at the end of period 
   $ 266,076  
 
During the period ended January 31, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
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 January 31, 2012, the cost of investments was $786,748,079.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2012, were as follows:
 
       
Gross unrealized: 
      
Appreciation 
   $ 60,987,527  
Depreciation 
     (21,562,623 ) 
Net unrealized appreciation (depreciation) of investments 
   $ 39,424,904  
 

(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 Investors 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. Certain bonds backed by U.S. Government or 
   
agency securities are regarded as having an implied rating equal to the rating of such securities. 
(5) 
  
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income 
   
producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the 
   
payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the 
   
Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations 
   
and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. 
(6) 
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of 
   
investments in inverse floating rate transactions. 
(7) 
  
For fair value measurement disclosure purposes, investment categorized as Level 3. 
(8) 
  
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. 
(9) 
  
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value 
   
as a percentage of Total Investments are 7.9% and 19.2%, respectively. 
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 Dividend Advantage Municipal Fund 3 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         March 30, 2012        
 
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         March 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         March 30, 2012