-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HAtydETohz+bMlG7/cxb4Snjw8536hfJkII/PLgYvIfcxoxmIPIbNhpjiLleRstf RSZ1L54SThdJNswZ2d4goQ== 0001048703-10-000132.txt : 20100805 0001048703-10-000132.hdr.sgml : 20100805 20100805112002 ACCESSION NUMBER: 0001048703-10-000132 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20100805 DATE AS OF CHANGE: 20100805 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INSURED QUALITY MUNICIPAL FUND INC CENTRAL INDEX KEY: 0000869405 IRS NUMBER: 363734233 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-84375 FILM NUMBER: 10993223 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 W WACKER CITY: CHICAGO STATE: IL ZIP: 60606 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Karpus Management, Inc. CENTRAL INDEX KEY: 0001048703 IRS NUMBER: 161290550 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 183 SULLY'S TRAIL CITY: PITTSFORD STATE: NY ZIP: 14534 BUSINESS PHONE: 5855864680 MAIL ADDRESS: STREET 1: 183 SULLY'S TRAIL CITY: PITTSFORD STATE: NY ZIP: 14534 FORMER COMPANY: FORMER CONFORMED NAME: KARPUS MANAGEMENT INC DATE OF NAME CHANGE: 19971029 SC 13D 1 nqi13darps.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 SCHEDULE 13D
Under the Securities Exchange Act of 1934

Nuveen Insured Quality Municipal Fund, Inc. (NQI)
(Name of Issuer)

Municipal Auction Rate Cumulative Preferred Shares
(Title of Class of Securities)

67062N202
67062N301
67062N400
67062N509
67062N608
(CUSIP Number)

George W. Karpus, President
Karpus Management, Inc.,
d/b/a Karpus Investment Management
183 Sully's Trail
Pittsford, New York 14534
(585) 586-4680
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

August 4, 2010
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D,
and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. 

CUSIP No.: 67062N202; 67062N301; 67062N400; 67062N509; 67062N608

1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).

Karpus Management, Inc., d/b/a Karpus Investment Management
I.D. #16-1290558
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) 
(b) X
3. SEC Use Only
4. Source of Funds (See Instructions)

AF
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

N/A
6. Citizenship or Place of Organization

New York
Number of Shares Beneficially Owned by Each reporting Person With:

    7. Sole Voting Power

    138

    8. Shared Voting Power

    N/A

    9. Sole Dispositive Power

    138

    10. Shared Dispositive Power

    N/A

11. Aggregate Amount Beneficially Owned by Each Reporting Person

138
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

N/A
13. Percent of Class Represented by Amount in Row (11)

1.44%*
14. Type of Reporting Person (See Instructions)

IA
*Item 13, above, is calculated based on the aggregate amount of 9,568 outstanding Municipal Auction Rate Cumulative Preferred Shares indicated by the Issuer's form N-CSR filed with the U.S. Securities and Exchange Commission on June 8, 2010 dated as of April 30, 2010.

Item 1. Security and Issuer.

Nuveen Insured Quality Municipal Fund, Inc.
Nuveen Funds
333 West Wacker Drive
Chicago, IL 60606

Item 2. Identity and Background.

(a) Karpus Management, Inc., d/b/a Karpus Investment Management (“KIM”), George W. Karpus, President, Director and controlling stockholder, Jo Ann Van Degriff, Partner Emeritus.

(b) The address of KIM’s principal place of business and principal office is: 183 Sully’s Trail, Pittsford, New York 14534.

(c) Principal business and occupation - Investment management for individuals, pension plans, profit sharing plans, corporations, endowments, trusts and others.

(d) None of the Principals, George W. Karpus, Jo Ann Van Degriff (the “Principals”) or KIM has been convicted in the past 5 years of any criminal proceeding (excluding traffic violations).

(e) During the last 5 years none of the Principals or KIM has been a party to a civil proceeding as a result of which any of them is subject to a judgment, decree, or final order enjoining future violations of or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f) Each of the Principals is a United States citizen. KIM is a New York corporation.

Item 3. Source and Amount of Funds or Other Considerations.

KIM, an independent investment advisor, has accumulated 138 shares of NQI Municipal Auction Rate Cumulative Preferred Shares on behalf of accounts that are managed by KIM (the “Accounts”) under limited powers of attorney, which represents 1.44% of the outstanding shares. All funds that have been utilized in making such purchases are from such Accounts.

Item 4. Purpose of Transaction.

KIM has purchased Shares for the Accounts for investment purposes. However, KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management. Being an independent registered investment advisor, with a specialty focus in closed end funds, the profile of the NQI Municipal Auction Rate Cumulative Preferred Shares fits the investment guidelines for various Accounts. Shares have been acquired since July 31, 2008.

Item 5. Interest in Securities of the Issuer.

(a) As of the date of this Report, KIM represents beneficial ownership of 387 shares or 4.08% of the outstanding shares. Karpus Investment Management Defined Benefit Plan presently owns 1 share. The Benefit Plan purchased 1 share on April 9, 2009 at $21,062. None of the other principals of KIM presently own shares of NQI Municipal Auction Rate Cumulative Preferred Shares.

(b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney.

(c) Open market purchases for the last 60 days for the Accounts. There have been no dispositions and no acquisitions, other than by such open market purchases: 


	Date	Shares	Price Per Share
	6/29/2010	4	 $21,500
The Accounts have the right to receive all dividends from, and any proceeds from the sale of the Shares. None of the Accounts has an interest in Shares constituting more than 5% of the Shares outstanding.

Item 6. Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer.

Except as described above, there are no contracts, arrangements, understandings or relationships of any kind among the Principals and KIM and between any of them and any other person with respect to any of the NQI Municipal Auction Rate Cumulative Preferred Shares.

Item 7. Materials to be Filed as Exhibits.

Attached is an open letter drafted and sent to the defendants in Martin Safier, Derivatively on Behalf of Nominal Defendant Nuveen Diversified Dividend and Income Fund, et al. v. Nuveen Asset Management, et al., Docket Number 2010-CH-32166, filed in the Circuit Court of Cook County, County Department, Chancery Division.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.
Karpus Management, Inc.


By:  	/s/
Name:  	Cody B. Bartlett Jr., CFA
Title:  	Managing Director of Investments
Date:  	August 5, 2010

EXHIBIT 1
Transmitted August 4, 2010

RE: Open letter drafted and sent to the defendants in Martin Safier, Derivatively on Behalf of Nominal Defendant Nuveen Diversified Dividend and Income Fund, et al. v. Nuveen Asset Management, et al., Docket Number 2010-CH-32166, filed in the Circuit Court of Cook County, County Department, Chancery Division

Karpus Investment Management ("KIM") is an investment adviser, registered under Section 203 of the Investment Advisers Act of 1940. KIM manages approximately $1.9 billion for clients, principally consisting of common and preferred stocks of closed-end funds, and including significant holdings of ARPS issued by Nuveen Asset Management ("NAM")

As holders of preferred shares issued by NAM, we would like to: 1) point to inaccuracies and omissions in the Shareholder Derivative Complaint filed July 27, 2010 in the Circuit Court of Cook County; and 2) state our position regarding preferred shareholder rights as experienced and respected shareholder advocates in the closed-end fund industry.

First, your complaint distorted and omitted many important facts which I will list by referencing the document's section and paragraph number.

I) Nature of Action: