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 811-21158
 
Nuveen North Carolina 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:          2/28/10         
 
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 North Carolina Dividend Advantage Municipal Fund 3 (NII)        
  February 28, 2010        
Principal     Optional Call      
Amount (000)   Description (1)   Provisions (2)   Ratings (3)   Value  
  Consumer Staples – 3.0% (1.9% of Total Investments)        
$     2,000  Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,  5/12 at 100.00  BBB  $   1,725,620 
  Series 2002, 5.500%, 5/15/39       
  Education and Civic Organizations – 3.9% (2.4% of Total Investments)        
  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University,       
  Series 2001A:       
330  5.125%, 10/01/26  10/11 at 100.00  AA+  337,970 
95  5.125%, 10/01/41  10/11 at 100.00  AA+  96,087 
1,290  University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.000%,  10/12 at 100.00  A+  1,308,434 
  4/01/27 – AMBAC Insured       
500  University of North Carolina Wilmington, Certificates of Participation, Student Housing  6/16 at 100.00  A  534,460 
  Project Revenue Bonds, Series 2006, 5.000%, 6/01/21 – FGIC Insured       
2,215  Total Education and Civic Organizations      2,276,951 
  Health Care – 12.4% (7.8% of Total Investments)        
695  Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series  10/17 at 100.00  N/R  628,280 
  2007, 5.250%, 10/01/27       
580  Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,  1/11 at 101.00  AA–  582,970 
  Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31       
500  Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston  4/18 at 100.00  AAA  510,550 
  Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured       
180  New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical  10/19 at 100.00  AAA  184,588 
  Center, Series 2006B, 5.125%, 10/01/31 – AGM Insured       
545  North Carolina Medical Care Commission Health Care Facilities Revenue Bonds (WakeMed), Series  10/14 at 100.00  AAA  561,061 
  2009A, 5.625%, 10/01/38 – AGC Insured       
2,000  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health  11/13 at 100.00  A+  2,100,540 
  Obligated Group, Series 2003A, 5.000%, 11/01/18       
1,000  North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series  11/17 at 100.00  A–  970,230 
  2007, 5.000%, 11/01/27       
300  North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series  1/15 at 100.00  A+  296,757 
  2005, 5.000%, 1/01/33 – FGIC Insured       
150  Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue  4/18 at 100.00  BBB  151,697 
  Bonds, Series 2008, 6.250%, 10/01/38       
1,200  The Charlotte-Mecklenberg Hospital Authority, North Carolina, Doing Business as Carolinas  1/18 at 100.00  AA–  1,205,364 
  HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47       
7,150  Total Health Care      7,192,037 
  Housing/Multifamily – 1.8% (1.1% of Total Investments)        
1,000  Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock  7/13 at 105.00  AAA  1,048,300 
  Apartments, Series 2003, 5.150%, 1/01/22 (Alternative Minimum Tax)       
  Housing/Single Family – 2.7% (1.7% of Total Investments)        
615  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,  7/10 at 100.00  AA  615,277 
  Series 5A, 5.625%, 7/01/30 (Alternative Minimum Tax)       
500  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,  1/17 at 100.00  AA  482,940 
  7/01/33 (Alternative Minimum Tax)       
505  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,  7/16 at 100.00  AA  487,992 
  7/01/37 (Alternative Minimum Tax)       
1,620  Total Housing/Single Family      1,586,209 
  Long-Term Care – 1.7% (1.0% of Total Investments)        
  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian       
  Homes, Series 2006:       
250  5.400%, 10/01/27  10/16 at 100.00  N/R  237,463 
600  5.500%, 10/01/31  10/16 at 100.00  N/R  550,338 
190  North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,  1/16 at 100.00  N/R  173,787 
  5.000%, 1/01/36       
1,040  Total Long-Term Care      961,588 
  Materials – 0.3% (0.2% of Total Investments)        
200  Columbus County Industrial Facilities and Pollution Control Financing Authority, North  3/17 at 100.00  BBB  167,356 
  Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project,       
  Series 2007A, 4.625%, 3/01/27       
  Tax Obligation/General – 15.1% (9.4% of Total Investments)        
3,900  Cary, North Carolina, General Obligation Water and Sewer Bonds, Series 2001, 5.000%, 3/01/20  3/11 at 102.00  AAA  4,165,629 
  Lincoln County, North Carolina, General Obligation Bonds, Series 2002A:       
850  5.000%, 6/01/19 – FGIC Insured  6/12 at 101.00  AA–  903,618 
900  5.000%, 6/01/20 – FGIC Insured  6/12 at 101.00  AA–  951,615 
1,050  5.000%, 6/01/21 – FGIC Insured  6/12 at 101.00  AA–  1,120,875 
500  North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22  3/14 at 100.00  AAA  547,055 
400  Raleigh, North Carolina, General Obligation Bonds, Series 2002, 5.000%, 6/01/21  6/12 at 100.00  AAA  438,636 
550  Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37  1/20 at 100.00  AA+  577,231 
8,150  Total Tax Obligation/General      8,704,659 
  Tax Obligation/Limited – 34.9% (21.7% of Total Investments)        
1,800  Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/22 –  6/14 at 100.00  Aa3  1,898,550 
  NPFG Insured       
2,750  Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,  6/13 at 100.00  AA+  2,815,863 
  Series 2003G, 5.000%, 6/01/33       
600  Charlotte, North Carolina, Certificates of Participation, Nascar Hall of Fame, Series 2009C,  6/19 at 100.00  AA+  620,184 
  5.000%, 6/01/39       
575  Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series  6/18 at 100.00  AA+  594,217 
  2008A, 5.000%, 6/01/33       
800  Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 –  6/17 at 100.00  AA–  833,552 
  NPFG Insured       
3,000  Dare County, North Carolina, Certificates of Participation, Series 2002, 5.000%, 6/01/23 –  12/12 at 100.00  AA–  3,036,030 
  AMBAC Insured       
200  Harnett County, North Carolina, Certificates of Participation, Series 2009, 5.000%, 6/01/28 –  6/19 at 100.00  AAA  211,062 
  AGC Insured       
500  Lee County, North Carolina, Certificates of Participation, Public Schools and Community  4/14 at 100.00  AAA  535,835 
  College, Series 2004, 5.250%, 4/01/20 – AGM Insured       
200  Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A,  No Opt. Call  AA+  215,512 
  5.000%, 2/01/27       
1,000  North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B,  6/14 at 100.00  AA+  1,069,890 
  5.000%, 6/01/20       
2,625  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  No Opt. Call  A+  501,008 
  2010A, 0.000%, 8/01/35       
565  Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27  2/17 at 100.00  AA+  600,296 
2,000  Rutherford County, North Carolina, Certificates of Participation, Series 2002, 5.000%,  9/12 at 101.00  A–  2,094,200 
  9/01/21 – AMBAC Insured       
1,000  Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,  12/17 at 100.00  AAA  1,058,590 
  12/01/27 – AGM Insured       
1,200  Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 –  6/17 at 100.00  AAA  1,223,328 
  AGM Insured (UB)       
1,785  Union County, North Carolina, Certificates of Participation, Series 2003, 5.000%, 6/01/20 –  6/13 at 101.00  AA–  1,901,614 
  AMBAC Insured       
500  Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29  6/18 at 100.00  AA  528,370 
400  Wilson County, North Carolina, Certificates of Participation, School Facilities Project,  4/17 at 100.00  A2  415,468 
  Series 2007, 5.000%, 4/01/25 – AMBAC Insured       
21,500  Total Tax Obligation/Limited      20,153,569 
  Transportation – 12.6% (7.9% of Total Investments)        
500  Charlotte, North Carolina, Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/39  7/20 at 100.00  A+  503,180 
660  North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,  2/20 at 100.00  A3  663,986 
  5.250%, 2/01/40 (WI/DD, Settling 3/11/10)       
  North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,       
  Series 2009A:       
50  5.500%, 1/01/29 – AGC Insured  1/19 at 100.00  AAA  53,689 
400  5.750%, 1/01/39 – AGC Insured  1/19 at 100.00  AAA  426,212 
  North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,       
  Series 2009B:       
2,195  0.000%, 1/01/35 – AGC Insured  No Opt. Call  AAA  528,951 
100  0.000%, 1/01/37 – AGC Insured  No Opt. Call  AAA  21,156 
300  0.000%, 1/01/38 – AGC Insured  No Opt. Call  AAA  59,577 
  Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A:       
1,780  5.250%, 11/01/15 – FGIC Insured  5/11 at 101.00  Aa3  1,856,433 
3,100  5.000%, 11/01/20 – FGIC Insured  5/11 at 101.00  Aa3  3,173,749 
9,085  Total Transportation      7,286,933 
  U.S. Guaranteed – 17.2% (10.7% of Total Investments) (4)        
500  Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2000, 5.375%,  6/10 at 101.00  Baa1 (4)  511,745 
  6/01/26 (Pre-refunded 6/01/10) – MBIA Insured       
170  Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,  1/11 at 101.00  Aa3 (4)  178,821 
  Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31 (Pre-refunded 1/15/11)       
200  Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA  1/15 at 100.00  AAA  233,516 
  Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)       
  Forsyth County, North Carolina, Certificates of Participation, Public Facilities and Equipment       
  Project, Series 2002:       
1,325  5.125%, 1/01/16 (Pre-refunded 1/01/13)  1/13 at 101.00  AA+ (4)  1,490,705 
770  5.250%, 1/01/19 (Pre-refunded 1/01/13)  1/13 at 101.00  AA+ (4)  868,991 
  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University,       
  Series 2001A:       
920  5.125%, 10/01/26 (Pre-refunded 10/01/11)  10/11 at 100.00  AAA  988,135 
405  5.125%, 10/01/41 (Pre-refunded 10/01/11)  10/11 at 100.00  AAA  434,994 
1,600  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series  10/12 at 100.00  AAA  1,779,920 
  2002A, 5.125%, 7/01/42 (Pre-refunded 10/01/12)       
500  North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s  10/11 at 101.00  AA (4)  542,735 
  Health System, Series 2001, 5.250%, 10/01/31 (Pre-refunded 10/01/11)       
500  North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,  11/14 at 100.00  Aa3 (4)  583,440 
  5.000%, 11/01/24 (Pre-refunded 11/01/14)       
610  University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.000%,  10/12 at 100.00  N/R (4)  676,636 
  4/01/27 (Pre-refunded 10/01/12) – AMBAC Insured       
1,500  Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.000%,  6/12 at 100.00  AAA  1,643,460 
  6/01/19 (Pre-refunded 6/01/12)       
9,000  Total U.S. Guaranteed      9,933,098 
  Utilities – 19.4% (12.1% of Total Investments)        
150  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F,  1/13 at 100.00  A–  161,859 
  5.500%, 1/01/16       
500  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,  1/16 at 100.00  A–  532,005 
  5.250%, 1/01/20 – AMBAC Insured       
1,400  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B,  1/19 at 100.00  A–  1,452,612 
  5.000%, 1/01/26       
4,060  North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series  7/10 at 100.00  Baa1  4,066,699 
  1993B, 5.500%, 1/01/17 – FGIC Insured       
275  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series  1/19 at 100.00  A  281,699 
  2009A, 5.000%, 1/01/30       
2,665  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,  1/13 at 100.00  A  2,936,990 
  1/01/15 – AMBAC Insured       
250  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A,  1/18 at 100.00  A  277,068 
  5.250%, 1/01/20       
1,400  Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,  2/12 at 101.00  A1  1,493,954 
  Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17       
10,700  Total Utilities      11,202,886 
  Water and Sewer – 35.4% (22.1% of Total Investments)        
2,000  Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%,  4/18 at 100.00  AAA  2,074,020 
  4/01/31 – AGM Insured       
425  Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series  8/18 at 100.00  AA  460,369 
  2008, 5.000%, 8/01/28       
  Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001:       
750  5.125%, 6/01/26  6/11 at 101.00  AAA  780,150 
1,780  5.125%, 6/01/26 – FGIC Insured  6/11 at 101.00  Aa1  1,831,122 
300  Durham County, North Carolina, Enterprise System Revenue Bonds, Series 2002, 5.000%, 6/01/18 –  6/13 at 100.00  AA  323,835 
  NPFG Insured       
2,500  Kannapolis, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001B, 5.250%,  2/12 at 101.00  AAA  2,522,175 
  2/01/26 – AGM Insured (Alternative Minimum Tax)       
50  Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 –  6/19 at 100.00  AAA  54,206 
  AGC Insured       
500  Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,  6/14 at 100.00  A  521,104 
  6/01/23 – SYNCORA GTY Insured       
1,000  Orange Water and Sewerage Authority, North Carolina, Water and Sewerage System Revenue Bonds,  7/11 at 101.00  AA+  1,027,530 
  Series 2001, 5.000%, 7/01/26       
  Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A:       
4,950  5.000%, 3/01/31 (UB)  3/16 at 100.00  AAA  5,240,713 
3,000  5.000%, 3/01/36 (UB)  3/16 at 100.00  AAA  3,136,920 
5  Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals  3/16 at 100.00  AAA  5,684 
  Series II-R-645-2, 13.979%, 3/01/36 (IF)       
2,375  Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%,  6/17 at 100.00  AAA  2,482,895 
  6/01/37 (UB)       
19,635  Total Water and Sewer      20,460,723 
$       93,295  Total Investments (cost $90,149,086) – 160.4%      92,699,929 
  Floating Rate Obligations – (12.9)%      (7,480,000)
  MuniFund Term Preferred Shares, at Liquidation Value – (49.7)% (5)      (28,725,000)
  Other Assets Less Liabilities – 50.7%      29,290,194 
  Auction Rate Preferred Shares, at Liquidation Value – (48.5)% (5)      (28,000,000)
  Net Assets Applicable to Common Shares – 100%      $ 57,785,123 

 
 
 

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are 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 methodology 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 February 28, 2010:

  Level 1   Level 2   Level 3   Total  
Investments:         
Municipal Bonds  $ —  $92,699,929  $ —  $92,699,929 

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 February 28, 2010, the cost of investments was $82,666,833.

Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2010, were as follows:

Gross unrealized:   
  Appreciation  $3,055,877 
  Depreciation  (502,282)
Net unrealized appreciation (depreciation) of investments  $2,553,595 

(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 Group (“Standard & Poor’s”) or Moody’s Investor Service, 
  Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s 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)  MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage 
  of Total Investments are 31.0% and 30.2%, respectively. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
(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 North Carolina Dividend Advantage Municipal Fund 3 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          April 29, 2010        
 
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 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         April 29, 2010        
 
 

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