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   811-21242    

Nuveen Quality Preferred Income Fund 3

(Exact name of registrant as specified in charter)

     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:        12/31     

Date of reporting period:    9/30/2007   

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.

TABLE OF CONTENTS

	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
Certification

Item 1. Schedule of Investments

Portfolio of Investments (Unaudited)

Nuveen Quality Preferred Income Fund 3 (JHP)
September 30, 2007

Shares		Description (1)	Coupon		Ratings (2)	Value
		$25 Par (or similar) Preferred Securities – 97.1% (62.6% of Total Investments)
		Capital Markets – 12.2%
	21,206	Bear Stearns Capital Trust III	7.800%		A2	$	533,967
	7,325	BNY Capital Trust V, Series F	5.950%		Aa3		167,230
	60,300	Compass Capital Trust III	7.350%		A2		1,491,822
	38,400	CSFB USA, Series 2002-10 (SATURNS)	7.000%		Aa1		946,176
	560,800	Deutsche Bank Capital Funding Trust II	6.550%		Aa3		13,375,079
	5,500	Goldman Sachs Group Inc. (SATURNS)	5.750%		AA-		117,095
	11,600	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)	6.000%		A1		251,488
	11,500	Goldman Sachs Group Inc., Series GSC-4 Class A (PPLUS)	6.000%		A1		251,620
	357,800	Lehman Brothers Holdings Capital Trust III, Series K	6.375%		A2		8,046,922
	70,800	Merrill Lynch Preferred Capital Trust III	7.000%		A1		1,748,760
	21,200	Merrill Lynch Preferred Capital Trust IV	7.120%		A1		528,516
	88,000	Merrill Lynch Preferred Capital Trust V	7.280%		A1		2,191,200
	176,623	Morgan Stanley Capital Trust III	6.250%		A1		4,048,199
	1,400	Morgan Stanley Capital Trust IV	6.250%		A1		31,808
	20,700	Morgan Stanley Capital Trust V	5.750%		A1		441,945
	75,700	Morgan Stanley Capital Trust VI	6.600%		A1		1,778,950
	29,718	Morgan Stanley Capital Trust VII	6.600%		A2		681,137
		Total Capital Markets					36,631,914
		Commercial Banks – 13.5%
	38,300	ASBC Capital I	7.625%		A3		953,670
	2,000	BAC Capital Trust IV	5.875%		Aa2		45,000
	10,200	BAC Capital Trust VIII	6.000%		Aa2		230,112
	3,800	BAC Capital Trust X	6.250%		Aa2		88,388
	9,422	Banco Santander	6.410%		Aa3		209,074
	17,612	Banco Santander, 144A	6.500%		A		407,829
	199,484	Banco Santander Series 144A	6.800%		Aa3		4,631,779
	4,800	BancorpSouth Capital Trust I	8.150%		Baa1		120,672
	246,100	Banesto Holdings, Series A, 144A	10.500%		A1		7,421,465
	33,200	Bank One Capital Trust VI	7.200%		Aa3		832,656
	29,400	Capital One Capital II Corporation	7.500%		Baa1		724,416
	40,500	Citizens Funding Trust I	7.500%		Baa2		951,345
	44,500	Cobank ABC, 144A, (3)	7.000%		A		2,186,419
	35,816	Fleet Capital Trust VIII	7.200%		Aa2		898,265
	141,900	HSBC Finance Corporation	6.875%		AA-		3,519,120
	167,655	KeyCorp Capital Trust IX	6.750%		A3		3,944,922
	245,800	National City Capital Trust II	6.625%		A3		5,198,670
	10,000	National City Capital Trust IV	8.000%		A2		251,050
	13,600	PNC Capital Trust	6.125%		A2		308,448
	104,465	Royal Bank of Scotland Group PLC, Series N	6.350%		Aa3		2,345,239
	16,100	USB Capital Trust XI	6.600%		Aa3		378,028
	17,730	VNB Capital Trust I	7.750%		A3		444,846
	4,000	Wells Fargo Capital Trust IX	5.625%		Aa2		87,640
	51,000	Wells Fargo Capital Trust V	7.000%		Aa2		1,270,410
	49,444	Wells Fargo Capital Trust VII	5.850%		Aa2		1,122,379
	80,800	Zions Capital Trust B	8.000%		BBB-		2,033,736
		Total Commercial Banks					40,605,578
		Computers & Peripherals – 0.0%
	2,804	IBM Inc., Trust Certificates, Series 2001-2	7.100%		A+		70,002
		Diversified Financial Services – 10.3%
	59,100	Allied Capital Corporation	6.875%		BBB+		1,337,433
	377,415	BAC Capital Trust XII	6.875%		Aa3		9,510,857
	10,100	Citigroup Capital XIV	6.875%		Aa2		251,490
	55,729	Citigroup Capital XV	6.500%		Aa3		1,310,746
	108,000	General Electric Capital Corporation	6.050%		AAA		2,617,920
	504,300	ING Group N.V.	7.200%		A1		12,279,704
	142,900	ING Group N.V.	7.050%		A		3,455,322
	3,400	Royal Bank of Scotland Public Limited Company, Series 2006Q	6.750%		Aa3		82,042
		Total Diversified Financial Services					30,845,514
		Diversified Telecommunication Services – 1.7%
	179,200	AT&T Inc.	6.375%		A		4,268,544
	3,300	BellSouth Capital Funding (CORTS)	7.120%		A		70,950
	4,600	BellSouth Corporation (CORTS)	7.000%		A		108,388
	26,600	Verizon Communications (CORTS)	7.625%		A		671,650
		Total Diversified Telecommunication Services					5,119,532
		Electric Utilities – 3.4%
	55,200	Entergy Louisiana LLC	7.600%		A-		1,381,104
	203,447	Entergy Mississippi Inc.	7.250%		A-		5,112,623
	47,900	FPL Group Capital Inc.	7.450%		A3		1,226,240
	23,800	FPL Group Capital Inc.	6.600%		A3		574,532
	3,500	National Rural Utilities Cooperative Finance Corporation	6.100%		A3		79,275
	33,018	National Rural Utilities Cooperative Finance Corporation	5.950%		A3		758,754
	34,400	PPL Energy Supply LLC	7.000%		BBB		847,960
	8,900	Virginia Power Capital Trust	7.375%		Baa2		223,301
		Total Electric Utilities					10,203,789
		Food Products – 0.4%
	11,000	Dairy Farmers of America Inc., 144A, (3)	7.875%		BBB-		1,150,532
		Insurance – 22.7%
	194,400	Ace Ltd., Series C	7.800%		BBB		4,968,864
	15,686	Aegon N.V.	6.875%		A-		374,425
	409,638	Aegon N.V., (3)	6.375%		A-		9,114,445
	9,400	AMBAC Financial Group Inc.	5.950%		AA		209,150
	195,649	Arch Capital Group Limited	8.000%		BBB-		4,998,832
	7,000	Berkley WR Corporation, Capital Trust II	6.750%		BBB-		163,730
	139,400	Delphi Financial Group, Inc.	8.000%		BBB+		3,558,882
	92,100	Delphi Financial Group, Inc.	7.376%		BBB-		2,145,930
	45,867	EverestRe Capital Trust II	6.200%		Baa1		996,690
	294,716	EverestRe Group Limited	7.850%		Baa1		7,412,107
	146,200	Financial Security Assurance Holdings	6.250%		AA		3,324,588
	174,900	PartnerRe Limited, Series C	6.750%		BBB+		4,040,190
	3,000	PartnerRe Limited, Series D	6.500%		BBB+		66,390
	57,100	PLC Capital Trust III	7.500%		BBB+		1,417,222
	46,400	PLC Capital Trust IV	7.250%		BBB+		1,144,688
	4,900	PLC Capital Trust V	6.125%		BBB+		107,310
	6,000,000	Progressive Corporation	6.700%		A2		5,831,304
	332,400	Protective Life Corporation	7.250%		BBB		8,210,280
	53,244	Prudential PLC	6.750%		A		1,277,856
	3,000	RenaissanceRe Holdings Ltd	6.600%		BBB		63,510
	60,401	RenaissanceRe Holdings Limited, Series B	7.300%		BBB		1,436,940
	294,200	XL Capital Ltd, Series B	7.625%		Baa1		7,304,986
		Total Insurance					68,168,319
		Media – 5.4%
	75,000	CBS Corporation	6.750%		BBB		1,722,000
	261,300	Comcast Corporation	7.000%		BBB+		6,584,760
	25,400	Comcast Corporation	7.000%		BBB+		633,730
	40,900	Comcast Corporation	6.625%		BBB+		959,514
	259,800	Viacom Inc.	6.850%		BBB		6,193,632
		Total Media					16,093,636
		Oil, Gas & Consumable Fuels – 1.6%
	195,200	Nexen Inc.	7.350%		Baa3		4,880,000
		Pharmaceuticals – 0.2%
	8,600	Bristol-Myers Squibb Company (CORTS)	6.250%		A+		204,508
	4,300	Bristol-Myers Squibb Company Trust (CORTS)	6.800%		A+		105,393
		Total Pharmaceuticals					309,901
		Real Estate/Mortgage – 21.1%
	10,700	AvalonBay Communities, Inc., Series H	8.700%		BBB		278,735
	29,400	BRE Properties, Series C	6.750%		BBB-		660,618
	8,029	BRE Properties, Series D	6.750%		BBB-		178,164
	171,200	Developers Diversified Realty Corporation, Series G	8.000%		BBB-		4,334,784
	32,000	Developers Diversified Realty Corporation, Series H	7.375%		BBB-		769,600
	112,900	Duke Realty Corporation, Series L	6.600%		BBB		2,569,604
	136,700	Duke Realty Corporation, Series N	7.250%		BBB		3,342,315
	149,000	Duke-Weeks Realty Corporation	6.950%		BBB		3,479,150
	144,300	First Industrial Realty Trust, Inc., Series J	7.250%		BBB-		3,444,441
	249,307	HRPT Properties Trust, Series B	8.750%		BBB-		6,312,453
	129,611	HRPT Properties Trust, Series C	7.125%		BBB-		3,191,023
	17,500	Prologis Trust, Series G	6.750%		BBB		404,950
	155,600	PS Business Parks, Inc.	7.000%		BBB-		3,501,000
	115,800	PS Business Parks, Inc., Series L	7.600%		BBB-		2,779,200
	3,000	Public Storage, Inc.	7.125%		BBB+		73,350
	115,500	Public Storage, Inc.	6.750%		BBB+		2,621,850
	16,500	Public Storage, Inc., Series F	6.450%		BBB+		361,185
	194,262	Public Storage, Inc., Series K	7.250%		BBB+		4,739,993
	32,500	Public Storage, Inc., Series M	6.625%		BBB+		719,875
	17,000	Public Storage, Inc., Series V	7.500%		BBB+		426,190
	77,300	Public Storage, Inc., Series Y	6.850%		BBB+		1,937,331
	5,900	Realty Income Corporation	7.375%		BBB-		147,146
	53,800	Realty Income Corporation, Series E	6.750%		BBB-		1,264,300
	30,972	Regency Centers Corporation	7.450%		BBB-		757,265
	76,000	Regency Centers Corporation	7.250%		BBB-		1,852,120
	9,000	Regency Centers Corporation	6.700%		BBB-		200,250
	68,400	Simon Property Group, Inc., Series G	7.890%		BBB		3,410,424
	61,800	Vornado Realty Trust, Series G	6.625%		BBB-		1,383,084
	7,500	Vornado Realty Trust, Series I	6.625%		BBB-		166,500
	262,800	Wachovia Preferred Funding Corporation	7.250%		A2		6,843,312
	39,900	Weingarten Realty Trust, Series E	6.950%		BBB+		976,553
		Total Real Estate/Mortgage					63,126,765
		Thrifts & Mortgage Finance – 3.3%
	223,569	Countrywide Capital Trust IV	6.750%		BBB		4,303,703
	289,365	Countrywide Capital Trust V	7.000%		BBB		5,570,276
	3,300	Harris Preferred Capital Corporation, Series A	7.375%		A1		82,203
		Total Thrifts & Mortgage Finance					9,956,182
		Wireless Telecommunication Services – 1.3%
	157,500	United States Cellular Corporation	8.750%		Baa3		3,980,025
		Total $25 Par (or similar) Preferred Securities (cost $305,925,693)					291,141,689
Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (2)	Value
		Corporate Bonds – 0.6% (0.4% of Total Investments)
		Commercial Banks – 0.6%
$	2,000	Credit Agricole SA	6.637%	5/29/49	Aa3	$	1,882,318
$	2,000	Total Corporate Bonds (cost $1,943,968)					1,882,318
Principal
Amount (000)/
Shares		Description (1)	Coupon	Maturity	Ratings (2)	Value
		Capital Preferred Securities – 48.7% (31.4% of Total Investments)
		Capital Markets – 8.4%
	1,000	Bank of New York Capital I, Series B	7.970%	12/31/26	Aa3	$	1,039,850
	250	C.A. Preferred Fund Trust II	7.000%	10/30/49	A1		246,909
	3,750	C.A. Preferred Funding Trust	7.000%	1/30/49	A1		3,694,451
	4,300	Dresdner Funding Trust I, 144A	8.151%	6/30/31	A1		4,676,723
	2,000	First Hawaiian Capital Trust I, Series B	8.343%	7/01/27	A-		2,083,430
	8,485	First Union Capital Trust II, Series A	7.950%	11/15/29	A1		9,525,727
	3,000	Mizuho JGB Investment	9.870%	6/30/48	A1		3,079,500
	700	MUFG Capital Finance 2	4.850%	7/25/56	BBB+		883,995
		Total Capital Markets					25,230,585
		Commercial Banks – 23.1%
	1,500	AB Svensk Exportkredit, 144A	6.375%	10/27/49	AA-		1,487,034
	1,900	Abbey National Capital Trust I	8.963%	6/30/50	A+		2,325,275
	1,900	AgFirst Farm Credit Bank	7.300%	12/15/53	A-		1,873,318
	500	BanPonce Trust I, Series A	8.327%	2/01/27	A3		520,815
	6,200	Barclays Bank PLC, 144A	8.550%	6/15/49	Aa3		6,709,231
	500	Barclays Bank PLC	7.434%	12/15/57	Aa3		532,296
	1,900	BBVA International Perferred SA, Unipersonal	5.919%	10/18/49	Aa3		1,703,227
	5,000	Capital One Capital IV Corporation	6.745%	2/17/37	Baa1		4,471,255
	3,000	CBG Florida REIT Corporation	7.114%	11/15/49	Baa3		2,899,698
	900	DBS Capital Funding Corporation, 144A	7.657%	3/15/49	Aa3		966,458
	4,400	Den Norske Bank, 144A	7.729%	6/29/49	Aa3		4,657,748
	1,000	First Empire Capital Trust I	8.234%	2/01/27	A3		1,042,983
	500	First Midwest Bancorp Inc.	6.950%	12/01/33	Baa1		518,230
	1,600	HBOS Capital Funding LP, Notes	6.850%	3/23/49	A1		1,528,141
	4,600	HBOS PLC, Series 144A	6.413%	4/01/49	A1		4,084,441
	1,430	HSBC USA Capital Trust II, 144A	8.380%	5/15/27	A		1,493,049
	1,000	HT1 Funding, GmbH	6.352%	6/30/57	A-		1,393,757
	2,500	KBC Bank Fund Trust III, 144A	9.860%	5/02/50	A1		2,741,123
	2,000	Lloyds TSB Bank PLC, Subordinated Note	6.900%	11/22/49	Aa2		1,995,072
	2,000	Mizuho Financial Group	8.375%	4/27/49	Aa3		2,083,772
	2,000	Northgroup Preferred Capital Corporation, 144A	6.378%	10/15/57	A1		1,863,204
	1,000	Popular North American Capital Trust I	6.564%	9/15/34	A3		855,410
	1,500	Royal Bank of Scotland Group PLC, Series U WI/DD	7.640%	3/31/49	Aa3		1,567,500
	3,300	Shinsei Finance II Cayman Limited, Perpetual Maturity, 144A	7.160%	7/25/49	Baa2		2,939,063
	1,500	Standard Chartered PLC, 144A	7.014%	1/30/58	BBB+		1,428,249
	2,660	Swedbank ForeningsSparbanken AB, 144A	9.000%	9/17/50	Aa3		2,873,436
	–(4)	Union Planters Preferred Fund, 144A	7.750%	7/15/53	A2		7,662,813
	5,600	Washington Mutual Preferred Funding Cayman, Series A-1, 144A	7.250%	3/15/49	Baa1		4,983,160
		Total Commercial Banks					69,199,758
		Diversified Financial Services – 4.0%
	1,300	Fulton Capital Trust I	6.290%	2/01/36	A3		1,225,857
	6,000	JPMorgan Chase Capital Trust XVIII	6.950%	8/17/36	Aa3		5,916,258
	2,757	MM Community Funding Trust I Limited	8.030%	6/15/31	Aaa		3,004,585
	1,800	Old Mutual Capital Funding, Notes	8.000%	6/22/53	Baa2		1,831,320
		Total Diversified Financial Services					11,978,020
		Diversified Telecommunication Services – 2.0%
	5	Centaur Funding Corporation, Series B, 144A	9.080%	4/21/20	BBB		5,855,038
		Insurance – 8.8%
	3,450	Ace Capital Trust II	9.700%	4/01/30	Baa1		4,491,403
	2,000	American International Group, Inc.	6.250%	3/15/37	Aa3		1,889,022
	3,500	AXA SA, 144A	6.463%	12/14/49	BBB+		3,239,285
	2,600	Great West Life and Annuity Insurance Company	7.153%	5/16/46	A-		2,676,752
	1,000	Liberty Mutual Group	7.800%	3/15/37	Baa3		975,957
	600	MetLife Inc.	6.400%	12/15/66	BBB+		572,336
	400	Nationwide Financial Services Capital Trust	7.899%	3/01/37	Baa1		443,840
	600	Nationwide Financial Services Inc.	6.750%	5/15/67	Baa1		580,358
	2,400	Oil Insurance Limited, 144A	7.558%	12/30/49	Baa1		2,453,287
	500	Prudential PLC	6.500%	6/29/49	A		471,656
	6,000	QBE Capital Funding Trust II, 144A	6.797%	6/01/49	BBB		5,893,668
	3,000	XL Capital, Limited	6.500%	10/15/57	BBB		2,806,923
		Total Insurance					26,494,487
		Oil, Gas & Consumable Fuels – 0.9%
	3,000	KN Capital Trust III	7.630%	4/15/28	B1		2,700,141
		Road & Rail – 0.8%
	2,785	Burlington Northern Santa Fe Funding Trust I	6.613%	12/15/55	BBB		2,518,871
		Thrifts & Mortgage Finance – 0.7%
	2,400	Washington Mutual Preferred Funding Trust II	6.665%	3/15/57	Baa1		2,071,750
		Total Capital Preferred Securities (cost $151,558,237)					146,048,650
Shares		Description (1)				Value
		Investment Companies – 6.5% (4.2% of Total Investments)
	97,685	Blackrock Preferred and Corporate Income Strategies Fund				$	1,760,284
	202,666	Blackrock Preferred Income Strategies Fund					3,577,055
	45,645	Blackrock Preferred Opportunity Trust					943,482
	241,169	Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					4,394,099
	213,385	Flaherty and Crumrine/Claymore Total Return Fund Inc.					3,968,961
	188,671	John Hancock Preferred Income Fund III					3,803,607
	24,126	John Hancock Preferred Income Fund II					531,496
	19,342	John Hancock Preferred Income Fund					428,038
		Total Investment Companies (cost $21,551,921)					19,407,022
Principal
Amount (000)		Description (1)	Coupon	Maturity		Value
		Short-Term Investments – 2.1% (1.4% of Total Investments)
$	6,354	Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/28/07, repurchase price $6,355,672, collateralized by $5,140,000 U.S. Treasury Bonds, 7.250%, due 8/15/22, value $6,482,825	3.750%	10/01/07		$	6,353,686
		Total Short-Term Investments (cost $6,353,686)					6,353,686
		Total Investments (cost $487,333,505) – 155.0%					464,833,365
		Other Assets Less Liabilities – 0.4%					1,017,914
		Preferred Shares, at Liquidation Value – (55.4)%					(166,000,000	)
		Net Assets Applicable to Common Shares – 100%				$	299,851,279

Interest Rate Swaps outstanding at September 30, 2007:

Fund

Fixed Rate

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Termination

Appreciation

Counterparty

Amount

Floating Rate

Index

(Annualized)

Frequency

Date

(Depreciation)

Citigroup Inc.

$

42,000,000

Receive

1-Month USD-LIBOR

3.255

%

Monthly

2/06/08

$

406,161

Citigroup Inc.

42,000,000

Receive

1-Month USD-LIBOR

3.815

Monthly

2/06/10

787,586

$

1,193,747

USD-LIBOR	(United States Dollar-London Inter-Bank Offered Rate)
(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)	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.
(3)	Investment is eligible for the Dividends Received Deduction.
(4)	Principal Amount rounds to less than $1,000.
WI/DD	Purchased on a when-issued or delayed delivery basis.
144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
CORTS	Corporate Backed Trust Securities.
PPLUS	PreferredPlus Trust.
SATURNS	Structured Asset Trust Unit Repackaging.

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 recognition of premium amortization, timing differences in the recognition of income and timing differences in recognizing certain gains and losses on investment transactions.

At September 30, 2007, the cost of investments was $487,748,000.

Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2007, were as follows:

Gross unrealized:
Appreciation	$	2,678,147
Depreciation		(25,592,782	)
Net unrealized appreciation (depreciation) of investments	$	(22,914,635	)

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: 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 Quality Preferred Income Fund 3      

By (Signature and Title)*	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

Date November 29, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer (principal executive officer)

Date November 29, 2007

By (Signature and Title)*	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller (principal financial officer)

Date November 29, 2007

* Print the name and title of each signing officer under his or her signature.