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 811-06240
 
Nuveen Select Quality Municipal Fund, Inc.
(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:          1/31/13         
 
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 Select Quality Municipal Fund, Inc. (NQS)  
     
   
January 31, 2013  
     
 
 
 
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Municipal Bonds – 142.7% (99.4% of Total Investments)  
     
   
Alaska – 1.9% (1.3% of Total Investments)  
     
$          500  
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,  
12/14 at 100.00  
AA+  
$      532,855  
   
12/01/26 – FGIC Insured (UB)  
     
6,000  
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%,  
6/15 at 100.00  
AA+  
6,260,400  
   
12/01/30 – NPFG Insured  
     
2,000  
 
Kenai Peninsula Borough, Alaska, General Obligation Bonds, Central Kenai Peninsula Hospital  
8/13 at 100.00  
A1  
2,043,000  
   
Service Area, Series 2003, 5.000%, 8/01/23 – FGIC Insured  
     
1,840  
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,  
6/14 at 100.00  
Ba1  
1,847,562  
   
Series 2006A, 4.625%, 6/01/23  
     
10,340  
 
Total Alaska  
   
10,683,817  
   
Arizona – 3.7% (2.6% of Total Investments)  
     
3,500  
 
Arizona School Facilities Board, Certificates of Participation, Series 2003A, 5.000%, 9/01/13 –  
No Opt. Call  
A+  
3,597,965  
   
NPFG Insured  
     
2,300  
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series  
7/18 at 100.00  
AA–  
2,573,838  
   
2008A, 5.000%, 7/01/33  
     
1,000  
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power  
10/20 at 100.00  
BBB  
1,094,910  
   
Company, Series 2010A, 5.250%, 10/01/40  
     
3,750  
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System  
12/13 at 100.00  
Aa2  
3,886,388  
   
Revenue Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured  
     
8,000  
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc  
No Opt. Call  
A–  
9,194,880  
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37  
     
750  
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale  
9/13 at 100.00  
A2  
756,645  
   
Healthcare, Series 2008A, 5.250%, 9/01/30  
     
19,300  
 
Total Arizona  
   
21,104,626  
   
Arkansas – 0.5% (0.3% of Total Investments)  
     
2,480  
 
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Refunding Bonds, Series 1993,  
No Opt. Call  
A2  
2,634,702  
   
7.375%, 8/01/15  
     
   
California – 13.4% (9.4% of Total Investments)  
     
   
Calexico Unified School District, Imperial County, California, General Obligation Bonds,  
     
   
Series 2005B:  
     
3,685  
 
0.000%, 8/01/31 – FGIC Insured  
No Opt. Call  
A  
1,315,287  
4,505  
 
0.000%, 8/01/33 – FGIC Insured  
No Opt. Call  
A  
1,386,414  
2,020  
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  
6/15 at 100.00  
B–  
1,975,661  
   
County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26  
     
1,500  
 
California State, General Obligation Bonds, Various Purpose Series 2006, 4.500%, 10/01/29  
10/16 at 100.00  
A1  
1,626,090  
5,000  
 
California State, General Obligation Bonds, Various Purpose Series 2012, 2.000%, 2/01/13  
No Opt. Call  
A1  
5,000,000  
1,550  
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,  
7/18 at 100.00  
AA–  
1,749,284  
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured  
     
1,000  
 
Coachella Valley Unified School District, Riverside County, California, General Obligation  
No Opt. Call  
A1  
441,640  
   
Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured  
     
   
Colton Joint Unified School District, San Bernardino County, California, General Obligation  
     
   
Bonds, Series 2006C:  
     
3,200  
 
0.000%, 2/01/30 – FGIC Insured  
2/15 at 45.69  
Aa3  
1,339,648  
6,800  
 
0.000%, 2/01/35 – FGIC Insured  
2/15 at 34.85  
Aa3  
2,157,912  
   
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds,  
     
   
Series 2003B:  
     
8,100  
 
0.000%, 8/01/24 – FGIC Insured  
8/13 at 58.68  
Aa1  
4,728,132  
11,430  
 
0.000%, 8/01/27 – FGIC Insured  
8/13 at 49.98  
Aa1  
5,674,995  
7,000  
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  
6/15 at 100.00  
A2  
7,868,980  
   
Revenue Bonds, Tender Option Bonds Trust 2040, 10.655%, 6/01/45 – FGIC Insured (IF)  
     
4,500  
 
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series  
8/16 at 102.00  
AA–  
5,041,035  
   
2008B, 5.125%, 8/01/37 – AGC Insured  
     
1,045  
 
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds,  
No Opt. Call  
Aa3  
446,873  
   
Series 2001B, 0.000%, 8/01/31 – NPFG Insured  
     
2,000  
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax  
9/16 at 100.00  
AA–  
2,270,120  
   
Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured  
     
3,600  
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds,  
No Opt. Call  
Aa3  
1,668,960  
   
Series 2004A, 0.000%, 8/01/28 – NPFG Insured  
     
2,500  
 
Palm Springs Unified School District, Riverside County, California, General Obligation Bonds,  
8/14 at 102.00  
AA–  
2,697,225  
   
Series 2006A, 5.000%, 8/01/31 – AGM Insured  
     
2,350  
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,  
11/19 at 100.00  
Baa3  
2,664,148  
   
6.750%, 11/01/39  
     
1,365  
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A,  
No Opt. Call  
A+  
1,070,024  
   
0.000%, 8/01/21 – NPFG Insured  
     
2,000  
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33  
2/18 at 100.00  
AA+  
2,203,480  
6,195  
 
Peralta Community College District, Alameda County, California, General Obligation Bonds,  
8/17 at 100.00  
AA–  
6,716,991  
   
Election of 2006, Series 2007B, 5.000%, 8/01/37 – AGM Insured  
     
6,000  
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of  
No Opt. Call  
A+  
2,068,920  
   
Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured  
     
5,000  
 
Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside  
No Opt. Call  
A+  
2,718,600  
   
County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured  
     
3,205  
 
San Diego Community College District, California, General Obligation Bonds, Series 2005,  
5/15 at 100.00  
AA+ (4)  
3,536,782  
   
5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured  
     
5,000  
 
Santa Monica Community College District, Los Angeles County, California, General Obligation  
8/15 at 58.09  
Aa1  
2,756,800  
   
Bonds, Series 2005C, 0.000%, 8/01/26 – NPFG Insured  
     
2,460  
 
Santee School District, County, California, General Obligation Bonds, Capital Appreciation,  
No Opt. Call  
AA–  
916,473  
   
Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured  
     
3,000  
 
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured  
5/13 at 101.00  
Aa1  
3,060,210  
3,000  
 
Yuma Community College District, California, General Obligation Bonds, Series 2007B, 0.000%,  
8/17 at 45.45  
Aa2  
1,097,730  
   
8/01/33 – AMBAC Insured  
     
109,010  
 
Total California  
   
76,198,414  
   
Colorado – 6.3% (4.4% of Total Investments)  
     
3,435  
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,  
7/19 at 100.00  
AA–  
3,938,159  
   
Series 2009A, 5.500%, 7/01/34  
     
1,150  
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System,  
9/18 at 102.00  
AA–  
1,293,566  
   
Series 2005C, 5.250%, 3/01/40 – AGM Insured  
     
5,000  
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of  
1/20 at 100.00  
AA  
5,474,750  
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40  
     
1,500  
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital  
5/17 at 100.00  
BBB+  
1,550,130  
   
Association, Series 2007, 5.250%, 5/15/42  
     
1,500  
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,  
11/16 at 100.00  
BBB–  
1,561,695  
   
Senior Lien Series 2006, 4.625%, 12/01/30 – SYNCORA GTY Insured  
     
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:  
     
1,420  
 
0.000%, 9/01/23 – NPFG Insured  
No Opt. Call  
BBB  
953,885  
9,615  
 
0.000%, 9/01/25 – NPFG Insured  
No Opt. Call  
BBB  
5,780,442  
13,000  
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/34 –  
9/20 at 45.40  
BBB  
4,066,270  
   
NPFG Insured  
     
5,000  
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007,  
12/17 at 100.00  
N/R  
4,724,250  
   
5.350%, 12/01/37 – RAAI Insured  
     
   
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private  
     
   
Activity Bonds, Series 2010:  
     
2,500  
 
6.500%, 1/15/30  
7/20 at 100.00  
Baa3  
3,036,850  
3,115  
 
6.000%, 1/15/34  
7/20 at 100.00  
Baa3  
3,612,123  
47,235  
 
Total Colorado  
   
35,992,120  
   
District of Columbia – 2.6% (1.8% of Total Investments)  
     
   
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,  
     
   
Series 2001:  
     
1,960  
 
6.250%, 5/15/24  
5/13 at 100.00  
A1  
2,013,880  
5,580  
 
6.500%, 5/15/33  
No Opt. Call  
Baa1  
6,575,528  
5,000  
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/19 – NPFG Insured  
No Opt. Call  
Aa2  
6,367,950  
12,540  
 
Total District of Columbia  
   
14,957,358  
   
Florida – 5.6% (3.9% of Total Investments)  
     
2,000  
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds,  
No Opt. Call  
AAA  
2,032,160  
   
Series 2003D, 5.000%, 6/01/13  
     
2,500  
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2003D, 5.000%,  
8/13 at 100.00  
A1 (4)  
2,558,300  
   
8/01/19 (Pre-refunded 8/01/13) – FGIC Insured  
     
4,000  
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,  
10/20 at 100.00  
A  
4,572,080  
   
5.000%, 10/01/28  
     
4,260  
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%,  
11/15 at 100.00  
Aa2  
4,502,224  
   
11/01/30 – NPFG Insured  
     
1,820  
 
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2004B,  
No Opt. Call  
Aa3  
1,833,832  
   
5.000%, 4/01/13 – NPFG Insured  
     
9,250  
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,  
7/17 at 100.00  
BBB  
9,613,155  
   
Series 2007, 5.000%, 7/01/40 – NPFG Insured  
     
2,685  
 
South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health  
5/16 at 100.00  
AA–  
2,984,565  
   
System, Series 2006, 5.000%, 5/01/21 – NPFG Insured  
     
2,500  
 
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of  
No Opt. Call  
AA  
3,392,700  
   
South Florida, Tender Option Bond Trust 11151, 17.984%, 2/15/15 (IF)  
     
29,015  
 
Total Florida  
   
31,489,016  
   
Georgia – 0.6% (0.4% of Total Investments)  
     
3,000  
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus  
8/18 at 100.00  
AA–  
3,486,630  
   
Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured  
     
   
Illinois – 18.1% (12.6% of Total Investments)  
     
1,470  
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated  
12/21 at 100.00  
A+  
1,604,123  
   
Revenues Series 2011A, 5.000%, 12/01/41  
     
   
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax  
     
   
Revenues, Series 1998B-1:  
     
4,495  
 
0.000%, 12/01/25 – FGIC Insured  
No Opt. Call  
A+  
2,771,797  
3,025  
 
0.000%, 12/01/31 – FGIC Insured  
No Opt. Call  
A+  
1,366,302  
1,500  
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax  
No Opt. Call  
A+  
1,865,205  
   
Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured  
     
29,145  
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/38 –  
No Opt. Call  
Aa3  
8,865,326  
   
FGIC Insured  
     
1,250  
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured  
7/13 at 100.00  
AA+  
1,258,850  
1,825  
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,  
1/16 at 100.00  
A2  
2,007,737  
   
Series 2005A, 5.250%, 1/01/26 – NPFG Insured  
     
5,000  
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding  
7/13 at 100.00  
Aa1 (4)  
5,100,000  
   
Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)  
     
1,500  
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39  
11/19 at 100.00  
AA  
1,705,440  
2,000  
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%,  
8/18 at 100.00  
AA–  
2,153,620  
   
8/15/47 – AGC Insured (UB)  
     
1,000  
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A,  
2/18 at 100.00  
A+  
1,079,350  
   
5.500%, 2/01/40 – AMBAC Insured  
     
2,875  
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A,  
1/18 at 100.00  
Baa2  
3,205,683  
   
5.625%, 1/01/37  
     
1,750  
 
Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007,  
No Opt. Call  
AA–  
1,955,310  
   
5.000%, 3/15/26  
     
1,925  
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37  
11/17 at 100.00  
A  
2,128,184  
10,000  
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C,  
5/20 at 100.00  
AA–  
11,204,200  
   
5.125%, 5/15/35  
     
3,975  
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37  
8/17 at 100.00  
BBB  
4,363,199  
2,500  
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series  
2/21 at 100.00  
AA–  
2,846,750  
   
2011C, 5.500%, 8/15/41  
     
5,000  
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical  
8/18 at 100.00  
BBB+  
5,389,800  
   
Centers, Series 2008A, 5.500%, 8/15/30  
     
2,000  
 
Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001,  
2/13 at 100.00  
Aa1  
2,004,160  
   
5.950%, 2/20/36  
     
4,605  
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,  
4/13 at 100.00  
BBB  
4,615,684  
   
5.250%, 8/01/17 – AMBAC Insured  
     
8,945  
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General  
1/15 at 74.44  
A1  
6,290,035  
   
Obligation Bonds, Series 2005B, 0.000%, 1/01/21 – AGM Insured  
     
9,000  
 
McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation  
No Opt. Call  
Aa2  
6,524,010  
   
Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured  
     
2,335  
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  
6/20 at 100.00  
AAA  
2,555,214  
   
Project, Refunding Series 2010B-2, 5.000%, 6/15/50  
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  
     
   
Project, Series 2002A:  
     
6,700  
 
0.000%, 12/15/23 – NPFG Insured  
No Opt. Call  
AAA  
4,728,592  
1,100  
 
0.000%, 12/15/35 – NPFG Insured  
No Opt. Call  
AAA  
391,776  
3,805  
 
0.000%, 6/15/41 – NPFG Insured  
No Opt. Call  
AAA  
994,703  
8,910  
 
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2006, 5.000%,  
4/16 at 100.00  
Aa2  
9,822,117  
   
4/01/27 – NPFG Insured  
     
4,005  
 
Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General  
No Opt. Call  
A+  
3,870,392  
   
Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/15 – FGIC Insured  
     
131,640  
 
Total Illinois  
   
102,667,559  
   
Indiana – 2.8% (2.0% of Total Investments)  
     
2,000  
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System,  
8/16 at 100.00  
Baa2  
2,112,000  
   
Series 2006, 5.250%, 8/01/36  
     
1,290  
 
Fairfield School Building Corporation, Elkhart County, Indiana, First Mortgage Bonds, Series  
1/14 at 100.00  
AA+ (4)  
1,348,360  
   
2003, 5.000%, 7/15/20 (Pre-refunded 1/15/14) – FGIC Insured  
     
2,750  
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series  
10/21 at 100.00  
AA–  
3,052,693  
   
2011B, 5.000%, 10/01/41  
     
2,805  
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,  
3/14 at 100.00  
A+  
2,923,399  
   
Series 2004A, 5.375%, 3/01/34 – AMBAC Insured  
     
2,000  
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest  
3/17 at 100.00  
A–  
2,188,740  
   
Indiana, Series 2007, 5.500%, 3/01/37  
     
2,225  
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –  
1/17 at 100.00  
A+  
2,406,026  
   
NPFG Insured  
     
1,895  
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series  
7/15 at 100.00  
AA+  
2,048,609  
   
2005, 5.000%, 7/15/26 – AGM Insured  
     
14,965  
 
Total Indiana  
   
16,079,827  
   
Iowa – 0.5% (0.4% of Total Investments)  
     
3,100  
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,  
6/15 at 100.00  
B+  
3,011,216  
   
5.625%, 6/01/46  
     
   
Kansas – 1.7% (1.2% of Total Investments)  
     
2,015  
 
Johnson County Unified School District 233, Kansas, General Obligation Bonds, Refunding Series  
No Opt. Call  
AA  
2,047,583  
   
2009C, 3.000%, 9/01/13  
     
3,790  
 
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/23  
3/14 at 100.00  
AAA  
3,984,541  
   
(Pre-refunded 3/01/14)  
     
3,525  
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park  
1/17 at 100.00  
BB+  
3,655,672  
   
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured  
     
9,330  
 
Total Kansas  
   
9,687,796  
   
Kentucky – 1.2% (0.8% of Total Investments)  
     
5,000  
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare  
8/21 at 100.00  
AA–  
5,627,200  
   
System Obligated Group, Series 2011, 5.250%, 8/15/46  
     
1,000  
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,  
6/18 at 100.00  
AA–  
1,114,180  
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured  
     
6,000  
 
Total Kentucky  
   
6,741,380  
   
Louisiana – 1.1% (0.8% of Total Investments)  
     
5,000  
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,  
5/17 at 100.00  
Baa1  
5,299,500  
   
Series 2007A, 5.375%, 5/15/43  
     
985  
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,  
5/13 at 100.00  
A1  
1,004,690  
   
Series 2001B, 5.500%, 5/15/30  
     
5,985  
 
Total Louisiana  
   
6,304,190  
   
Maine – 0.3% (0.2% of Total Investments)  
     
   
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical  
     
   
Center, Series 2011:  
     
1,000  
 
6.750%, 7/01/36  
7/21 at 100.00  
Baa3  
1,228,160  
210  
 
6.750%, 7/01/41  
7/21 at 100.00  
Baa3  
255,528  
1,210  
 
Total Maine  
   
1,483,688  
   
Massachusetts – 2.8% (1.9% of Total Investments)  
     
4,410  
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior  
1/20 at 100.00  
A+  
4,999,838  
   
Lien Series 2010B, 5.000%, 1/01/32  
     
2,000  
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street  
4/13 at 100.00  
Baa2  
2,002,160  
   
Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured  
     
500  
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,  
7/18 at 100.00  
A–  
556,605  
   
Series 2008E-1 &2, 5.125%, 7/01/38  
     
2,300  
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk  
7/19 at 100.00  
BBB  
2,567,743  
   
University Issue, Series 2009A, 5.750%, 7/01/39  
     
200  
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,  
8/15 at 100.00  
AA+  
219,682  
   
5.000%, 8/15/30  
     
   
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:  
     
645  
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured  
8/15 at 100.00  
Aa1 (4)  
720,968  
4,155  
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)  
8/15 at 100.00  
Aa1 (4)  
4,644,376  
14,210  
 
Total Massachusetts  
   
15,711,372  
   
Michigan – 5.8% (4.0% of Total Investments)  
     
1,975  
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,  
7/22 at 100.00  
A+  
2,142,362  
   
Refunding Senior Lien Series 2012A, 5.000%, 7/01/32  
     
3,500  
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,  
7/15 at 100.00  
A  
3,564,785  
   
7/01/35 – NPFG Insured  
     
7,745  
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Remarketed Series  
7/17 at 100.00  
A+  
8,577,200  
   
1998A, 5.250%, 7/01/21 – NPFG Insured  
     
500  
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Refunding Series 2005C,  
7/15 at 100.00  
A+  
535,455  
   
5.000%, 7/01/18 – FGIC Insured  
     
2,435  
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,  
7/18 at 100.00  
AA+  
2,731,364  
   
7/01/36 – BHAC Insured  
     
1,700  
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41  
7/21 at 100.00  
A+  
1,841,066  
8,125  
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%,  
10/15 at 100.00  
Aa3  
8,824,969  
   
10/15/29 – AMBAC Insured  
     
2,000  
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/21 –  
10/16 at 100.00  
Aa3  
1,448,460  
   
FGIC Insured  
     
3,000  
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,  
10/13 at 100.00  
Aa3  
3,082,650  
   
5.000%, 10/15/29 – NPFG Insured  
     
30,980  
 
Total Michigan  
   
32,748,311  
   
Minnesota – 0.9% (0.6% of Total Investments)  
     
2,275  
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,  
1/15 at 100.00  
A  
2,411,295  
   
Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/31 – FGIC Insured  
     
2,765  
 
Saint Francis Independent School District 15, Minnesota, General Obligation Bonds, Refunding  
No Opt. Call  
Aa2  
2,765,000  
   
Series 2005B, 5.000%, 2/01/13 – AGM Insured  
     
5,040  
 
Total Minnesota  
   
5,176,295  
   
Mississippi – 0.5% (0.3% of Total Investments)  
     
2,475  
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial  
9/14 at 100.00  
AA  
2,620,481  
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)  
     
   
Missouri – 2.4% (1.7% of Total Investments)  
     
1,585  
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales  
10/13 at 100.00  
AA–  
1,624,815  
   
Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%,  
     
   
10/01/32 – AGM Insured  
     
5,000  
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series  
No Opt. Call  
AA–  
2,760,500  
   
2004B-1, 0.000%, 4/15/28 – AMBAC Insured  
     
8,975  
 
Missouri State Board of Public Building, Special Obligation Bonds, Series 2003A, 4.500%,  
10/13 at 100.00  
Aa1 (4)  
9,247,750  
   
10/15/21 (Pre-refunded 10/15/13)  
     
15,560  
 
Total Missouri  
   
13,633,065  
   
Nebraska – 1.2% (0.8% of Total Investments)  
     
6,100  
 
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007,  
2/17 at 100.00  
Aa3  
6,519,863  
   
5.000%, 2/01/35 – AMBAC Insured  
     
   
Nevada – 2.0% (1.4% of Total Investments)  
     
5,000  
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured  
5/16 at 100.00  
A  
5,139,150  
2,280  
 
North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006,  
10/16 at 100.00  
A  
2,400,794  
   
5.000%, 10/01/25 – NPFG Insured  
     
2,500  
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust  
7/17 at 100.00  
AA+  
3,776,800  
   
2634, 18.968%, 7/01/31 – BHAC Insured (IF) (5)  
     
9,780  
 
Total Nevada  
   
11,316,744  
   
New Hampshire – 1.0% (0.7% of Total Investments)  
     
5,000  
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group  
10/19 at 100.00  
Baa1  
5,642,550  
   
Issue, Series 2009A, 6.125%, 10/01/39  
     
   
New Jersey – 3.8% (2.7% of Total Investments)  
     
16,840  
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health  
1/17 at 39.39  
BBB+  
5,600,984  
   
Care System, Refunding Series 2006B, 0.000%, 7/01/35  
     
1,905  
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series  
5/13 at 100.00  
A+  
1,908,467  
   
1997A, 5.550%, 5/01/27 – AMBAC Insured (Alternative Minimum Tax)  
     
20,000  
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C,  
No Opt. Call  
AA–  
8,171,000  
   
0.000%, 12/15/33 – AGM Insured  
     
6,500  
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  
6/17 at 100.00  
B2  
5,905,965  
   
Series 2007-1A, 5.000%, 6/01/41  
     
45,245  
 
Total New Jersey  
   
21,586,416  
   
New York – 5.3% (3.7% of Total Investments)  
     
5,005  
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar  
7/17 at 100.00  
Aa2  
5,634,379  
   
College, Series 2007, 5.000%, 7/01/46  
     
2,000  
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series  
2/21 at 100.00  
A  
2,266,140  
   
2011A, 5.250%, 2/15/47  
     
2,925  
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A,  
4/19 at 100.00  
A  
3,489,496  
   
5.500%, 4/01/24  
     
2,500  
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding  
11/22 at 100.00  
A  
3,002,575  
   
Series 2012F, 5.000%, 11/15/26  
     
1,250  
 
New York City Industrial Development Agency, New York, American Airlines-JFK International  
No Opt. Call  
N/R  
1,301,534  
   
Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)  
     
4,000  
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water  
No Opt. Call  
AAA  
4,028,080  
   
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects,  
     
   
Second Resolution Series 2012A, 2.000%, 6/15/13  
     
115  
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 79, 5.300%, 4/01/29  
3/13 at 100.00  
Aa1  
115,143  
   
(Alternative Minimum Tax)  
     
10,000  
 
New York State Thruway Authority, Second General Highway and Bridge Trust Fund Bonds, Series  
No Opt. Call  
AA  
10,039,800  
   
2012A, 2.500%, 4/01/13  
     
27,795  
 
Total New York  
   
29,877,147  
   
North Carolina – 2.4% (1.7% of Total Investments)  
     
3,000  
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA  
1/18 at 100.00  
AA–  
3,193,500  
   
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47  
     
5,000  
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,  
10/22 at 100.00  
AA–  
5,854,150  
   
WakeMed, Series 2012A, 5.000%, 10/01/27  
     
2,375  
 
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health  
11/16 at 100.00  
AA+  
2,599,841  
   
Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured  
     
1,900  
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A,  
1/19 at 100.00  
AA–  
2,186,292  
   
5.750%, 1/01/39 – AGC Insured  
     
12,275  
 
Total North Carolina  
   
13,833,783  
   
North Dakota – 0.4% (0.3% of Total Investments)  
     
1,875  
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated  
12/21 at 100.00  
A–  
2,040,206  
   
Group, Series 2012, 5.000%, 12/01/32  
     
   
Ohio – 7.1% (4.9% of Total Investments)  
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  
     
   
Bonds, Senior Lien, Series 2007A-2:  
     
3,335  
 
5.375%, 6/01/24  
6/17 at 100.00  
B–  
3,154,577  
1,180  
 
5.125%, 6/01/24  
6/17 at 100.00  
B–  
1,094,037  
2,700  
 
5.875%, 6/01/30  
6/17 at 100.00  
B  
2,475,927  
2,755  
 
5.750%, 6/01/34  
6/17 at 100.00  
B  
2,462,695  
7,995  
 
5.875%, 6/01/47  
6/17 at 100.00  
B  
7,230,358  
18,300  
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  
6/22 at 100.00  
B  
17,400,189  
   
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37  
     
1,730  
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series  
11/21 at 100.00  
AA–  
2,111,067  
   
2011A, 6.000%, 11/15/41  
     
3,750  
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health  
1/17 at 100.00  
A  
4,154,850  
   
System Inc., Series 2007A, Trust 2812, 12.964%, 1/15/46 – AMBAC Insured (IF)  
     
41,745  
 
Total Ohio  
   
40,083,700  
   
Oklahoma – 0.9% (0.6% of Total Investments)  
     
1,000  
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue  
8/21 at 100.00  
N/R  
1,107,570  
   
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26  
     
1,675  
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical  
8/18 at 100.00  
AA–  
1,894,375  
   
Center, Series 2008B, 5.250%, 8/15/38  
     
2,235  
 
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,  
2/14 at 100.00  
A  
2,283,097  
   
5.000%, 2/15/24  
     
4,910  
 
Total Oklahoma  
   
5,285,042  
   
Oregon – 0.9% (0.7% of Total Investments)  
     
5,000  
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2010A,  
No Opt. Call  
AA  
5,296,350  
   
5.000%, 5/01/14  
     
   
Pennsylvania – 3.9% (2.8% of Total Investments)  
     
1,000  
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc.,  
12/15 at 100.00  
BBB+  
1,037,890  
   
Refunding Series 2005A, 5.000%, 12/01/21 – RAAI Insured  
     
1,250  
 
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 –  
12/18 at 100.00  
AA–  
1,375,300  
   
AGM Insured  
     
3,250  
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A,  
10/16 at 100.00  
AA+  
3,347,045  
   
4.650%, 10/01/31 (Alternative Minimum Tax) (UB)  
     
8,550  
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E,  
12/27 at 100.00  
A–  
8,576,676  
   
0.000%, 12/01/38  
     
2,620  
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2001T, 5.500%, 12/01/13 –  
No Opt. Call  
Aa3  
2,734,389  
   
FGIC Insured  
     
5,000  
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%,  
6/26 at 100.00  
AA  
5,313,200  
   
6/01/33 – AGM Insured  
     
21,670  
 
Total Pennsylvania  
   
22,384,500  
   
Puerto Rico – 4.8% (3.3% of Total Investments)  
     
3,600  
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW, 5.000%, 7/01/28  
7/18 at 100.00  
BBB+  
3,644,964  
2,025  
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series  
No Opt. Call  
AA–  
2,058,210  
   
2002E, 5.500%, 7/01/13 – AGM Insured  
     
2,135  
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding  
No Opt. Call  
BBB  
2,323,392  
   
Bonds, Series 2002C, 5.750%, 7/01/22  
     
800  
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding  
7/17 at 100.00  
BBB  
810,752  
   
Bonds, Series 2002D, 5.450%, 7/01/31 – AMBAC Insured  
     
2,200  
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding  
7/17 at 100.00  
Baa3 (4)  
2,628,252  
   
Bonds, Series 2002D, 5.450%, 7/01/31 (Pre-refunded 7/01/17) – AMBAC Insured  
     
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate  
     
   
Series 2009A:  
     
12,000  
 
0.000%, 8/01/32  
8/26 at 100.00  
A+  
12,352,680  
1,000  
 
6.000%, 8/01/42  
8/19 at 100.00  
A+  
1,101,760  
23,890  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,  
No Opt. Call  
AA–  
2,105,665  
   
8/01/54 – AMBAC Insured  
     
47,650  
 
Total Puerto Rico  
   
27,025,675  
   
Rhode Island – 1.5% (1.0% of Total Investments)  
     
   
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond  
     
   
Program, Series 2008, Trust 1177:  
     
1,500  
 
9.744%, 4/01/23 (Alternative Minimum Tax) (IF)  
4/17 at 100.00  
AA+  
1,673,730  
1,000  
 
9.844%, 4/01/23 (Alternative Minimum Tax) (IF)  
4/17 at 100.00  
AA+  
1,099,160  
5,440  
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,  
4/13 at 100.00  
BBB+  
5,494,346  
   
Series 2002A, 6.125%, 6/01/32  
     
7,940  
 
Total Rhode Island  
   
8,267,236  
   
South Carolina – 4.1% (2.8% of Total Investments)  
     
2,500  
 
Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2011A,  
2/21 at 100.00  
Aa1  
2,873,400  
   
5.000%, 2/01/41  
     
2,500  
 
Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and  
11/13 at 100.00  
AA– (4)  
2,604,150  
   
Improvement Bonds, Series 2003, 5.750%, 11/01/28 (Pre-refunded 11/01/13)  
     
2,950  
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,  
8/14 at 100.00  
BBB (4)  
3,169,038  
   
Series 2004A, 5.250%, 2/15/22 (Pre-refunded 8/15/14) – NPFG Insured  
     
21,565  
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,  
No Opt. Call  
A–  
11,154,712  
   
0.000%, 1/01/30 – AMBAC Insured  
     
3,285  
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric  
7/13 at 100.00  
AA–  
3,344,229  
   
System, Series 2003A, 5.000%, 1/01/27 – AMBAC Insured  
     
32,800  
 
Total South Carolina  
   
23,145,529  
   
South Dakota – 0.9% (0.6% of Total Investments)  
     
2,830  
 
Sioux Falls, South Dakota, Industrial Revenue Refunding Bonds, Great Plains Hotel Corporation,  
10/14 at 100.00  
AA+ (4)  
3,128,905  
   
Series 1989, 8.500%, 11/01/16 (Pre-refunded 10/15/14) (Alternative Minimum Tax)  
     
1,750  
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley  
11/14 at 100.00  
A+  
1,822,293  
   
Hospitals, Series 2004A, 5.500%, 11/01/31  
     
4,580  
 
Total South Dakota  
   
4,951,198  
   
Tennessee – 1.2% (0.8% of Total Investments)  
     
3,125  
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds,  
7/20 at 100.00  
BBB+  
3,672,594  
   
Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38  
     
3,210  
 
Shelby County, Tennessee, General Obligation Bonds, Series 2005A, 5.000%, 4/01/13 –  
No Opt. Call  
AA+  
3,236,097  
   
AMBAC Insured  
     
6,335  
 
Total Tennessee  
   
6,908,691  
   
Texas – 20.1% (14.0% of Total Investments)  
     
5,110  
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric  
4/13 at 101.00  
Ca  
844,836  
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)  
     
1,000  
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The  
4/20 at 100.00  
Baa2  
1,136,880  
   
Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45  
     
1,000  
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41  
1/21 at 100.00  
BBB–  
1,169,270  
4,080  
 
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue  
1/15 at 100.00  
BBB  
4,153,685  
   
Bonds, Series 2005, 5.000%, 1/01/35 – FGIC Insured  
     
3,000  
 
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds,  
2/15 at 100.00  
AAA  
3,283,020  
   
Schoolhouse Series 2005C, 5.000%, 2/15/30 (Pre-refunded 2/15/15)  
     
2,720  
 
Edinburg Consolidated Independent School District, Hidalgo County, Texas, General Obligation  
2/15 at 100.00  
AAA  
2,927,781  
   
Bonds, Refunding Series 2005, 5.000%, 2/15/30  
     
2,000  
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006,  
8/16 at 54.64  
Aaa  
1,015,500  
   
0.000%, 8/15/28  
     
3,070  
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 –  
2/17 at 100.00  
AA+  
3,428,822  
   
NPFG Insured  
     
1,000  
 
Harris County, Texas, Toll Road Senior Lien Revenue Refunding Bonds, Series 2004A, 5.000%,  
8/14 at 100.00  
AA– (4)  
1,072,070  
   
8/15/27 (Pre-refunded 8/15/14) – FGIC Insured  
     
7,570  
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,  
No Opt. Call  
BBB  
2,681,748  
   
0.000%, 11/15/31 – NPFG Insured  
     
5,000  
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2005, 5.000%,  
11/15 at 100.00  
AA  
5,498,650  
   
11/15/35 – AGM Insured  
     
   
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment  
     
   
Project, Series 2001B:  
     
3,250  
 
0.000%, 9/01/25 – AMBAC Insured  
No Opt. Call  
AA  
1,982,988  
4,130  
 
0.000%, 9/01/26 – AMBAC Insured  
No Opt. Call  
AA–  
2,442,358  
6,785  
 
Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series 2012B, 2.000%, 5/15/13  
No Opt. Call  
A1  
6,818,993  
9,000  
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston  
No Opt. Call  
A  
10,868,388  
   
Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative  
     
   
Minimum Tax)  
     
5,000  
 
Midland Independent School District, Midland County, Texas, General Obligation Bonds, School  
2/17 at 100.00  
AAA  
5,673,000  
   
Building Series 2007, 5.000%, 2/15/32  
     
7,000  
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation  
1/25 at 100.00  
A2  
7,843,710  
   
Series 2008I, 0.000%, 1/01/43  
     
2,000  
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A,  
9/21 at 100.00  
AA  
2,385,020  
   
5.500%, 9/01/41  
     
340  
 
Panhandle Regional Housing Finance Corporation, Texas, GNMA Mortgage-Backed Securities Program  
5/13 at 100.00  
N/R  
343,509  
   
Single Family Mortgage Revenue Bonds, Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax)  
     
6,310  
 
Pasadena Independent School District, Harris County, Texas, General Obligation Bonds, Series  
2/16 at 100.00  
Aaa  
7,041,266  
   
2006, 5.000%, 2/15/26  
     
2,140  
 
Pflugerville Independent School District, Travis County, Texas, General Obligation Bonds,  
2/15 at 100.00  
AAA  
2,341,888  
   
Series 2005A, 5.000%, 2/15/30 (Pre-refunded 2/15/15)  
     
2,210  
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,  
12/13 at 100.00  
A+  
2,277,781  
   
Series 2004, 6.000%, 12/01/19  
     
4,375  
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,  
11/17 at 100.00  
AA–  
5,160,050  
   
Texas Health Resources Tender Option Bond Trust 1197, 9.345%, 5/15/39 (IF) (5)  
     
2,890  
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue  
8/20 at 100.00  
AA–  
3,273,127  
   
Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45  
     
5,910  
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series  
No Opt. Call  
A3  
6,689,174  
   
2012, 5.000%, 12/15/23  
     
2,500  
 
Texas Public Finance Authority, Unemployment Compensation Obligation Assessment Revenue Bonds,  
7/14 at 100.00  
AAA  
2,663,950  
   
Series 2010B, 5.000%, 1/01/19  
     
3,335  
 
Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust  
No Opt. Call  
Aaa  
4,993,896  
   
3479, 13.394%, 2/01/17 (IF)  
     
3,715  
 
Texas Tech University, Revenue Bonds, Series 2006, 5.000%, 2/15/13 – AMBAC Insured  
No Opt. Call  
AA+  
3,721,984  
1,430  
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier  
No Opt. Call  
A–  
1,581,280  
   
Refunding Series 2012A, 5.000%, 8/15/41  
     
   
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds,  
     
   
Series 2006:  
     
9,110  
 
0.000%, 8/15/36  
8/15 at 33.75  
AAA  
2,920,666  
9,110  
 
0.000%, 8/15/41  
8/15 at 25.73  
AAA  
2,223,296  
7,110  
 
0.000%, 8/15/45  
8/15 at 20.76  
AAA  
1,330,281  
1,220  
 
Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities  
4/13 at 100.00  
B–  
1,223,367  
   
Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative  
     
   
Minimum Tax)  
     
2,000  
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series  
8/15 at 57.10  
AAA  
1,099,200  
   
2005, 0.000%, 8/15/26  
     
136,420  
 
Total Texas  
   
114,111,434  
   
Utah – 0.6% (0.4% of Total Investments)  
     
3,565  
 
Utah Associated Municipal Power Systems, Revenue Bonds, Payson Power Project, Series 2003A,  
4/13 at 100.00  
AA– (4)  
3,593,520  
   
5.000%, 4/01/24 (Pre-refunded 4/01/13) – AGM Insured  
     
   
Virginia – 2.7% (1.9% of Total Investments)  
     
1,500  
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage  
10/17 at 100.00  
BBB  
1,556,865  
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42  
     
3,425  
 
Fairfax County, Virginia, Public Improvement Bonds, Series 2003B, 4.750%, 6/01/23  
6/13 at 100.00  
AAA  
3,477,368  
   
(Pre-refunded 6/01/13)  
     
900  
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health  
No Opt. Call  
A–  
1,011,843  
   
System Obligated Group, Series 2013, 5.000%, 11/01/30  
     
5,000  
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series  
10/26 at 100.00  
AA–  
4,985,400  
   
2009C, 0.000%, 10/01/41 – AGC Insured  
     
   
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River  
     
   
Crossing, Opco LLC Project, Series 2012:  
     
2,470  
 
6.000%, 1/01/37 (Alternative Minimum Tax)  
7/22 at 100.00  
BBB–  
2,848,058  
1,260  
 
5.500%, 1/01/42 (Alternative Minimum Tax)  
7/22 at 100.00  
BBB–  
1,380,103  
14,555  
 
Total Virginia  
   
15,259,637  
   
Washington – 2.2% (1.6% of Total Investments)  
     
3,750  
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information  
6/19 at 100.00  
AA  
4,237,313  
   
Services Project, Series 2009, 5.500%, 6/01/39  
     
3,475  
 
Port of Seattle, Washington, General Obligation Bonds, Series 2004B, 5.000%, 11/01/19 – AGM  
11/13 at 100.00  
AAA  
3,594,957  
   
Insured (Alternative Minimum Tax)  
     
2,000  
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer  
7/19 at 100.00  
A  
2,257,500  
   
Research Center, Series 2009A, 6.000%, 1/01/33  
     
2,500  
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and  
12/17 at 100.00  
N/R  
2,577,900  
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32  
     
11,725  
 
Total Washington  
   
12,667,670  
   
West Virginia – 1.3% (0.9% of Total Investments)  
     
6,725  
 
West Virginia University, University Revenue Improvement Bonds, West Virginia University  
10/14 at 100.00  
Aa3  
7,143,968  
   
Projects, Series 2004C, 5.000%, 10/01/34 – FGIC Insured  
     
   
Wisconsin – 1.7% (1.2% of Total Investments)  
     
2,890  
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc.,  
5/14 at 100.00  
BBB+  
3,049,817  
   
Series 2004, 6.100%, 5/01/34  
     
2,140  
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan  
8/13 at 100.00  
A–  
2,174,925  
   
Services Inc., Series 2003A, 5.125%, 8/15/33  
     
4,500  
 
Wisconsin State, Petroleum Inspection Revenue Bonds, Refunding Series 2009-1, 5.000%, 7/01/13  
No Opt. Call  
AA  
4,590,765  
9,530  
 
Total Wisconsin  
   
9,815,507  
$ 936,635  
 
Total Municipal Bonds (cost $737,848,927)  
   
809,168,229  
 
Principal  
           
Amount (000)  
 
Description (1)  
Coupon  
Maturity  
Ratings (3)  
Value  
   
Corporate Bonds – 0.0% (0.0% of Total Investments)  
       
   
Transportation – 0.0% (0.0% of Total Investments)  
       
$ 39  
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (9)  
5.500%  
7/15/19  
N/R  
$ 28,155  
  12   
Las Vegas Monorail Company, Senior Interest Bonds (6), (9)  
1.000%  
6/30/55  
N/R  
4,860  
$ 51  
 
Total Corporate Bonds (cost $ —)  
     
33,015  
 
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
 
Provision (2)  
Rating (3)  
Value  
   
Short-Term Investments – 0.9% (0.6% of Total Investments)  
       
   
Texas – 0.9% (0.6% of Total Investments)  
       
$ 5,000  
 
Harris County, Texas, Tax Anticipation Notes, Series 2012, 1.500%, 2/28/13 (7)  
 
No Opt. Call  
SP-1+  
$ 5,005,600  
   
Total Short-Term Investments (cost $5,004,976)  
     
5,005,600  
   
Total Investments (cost $742,853,903) – 143.6%  
     
814,206,844  
   
Floating Rate Obligations – (0.8)%  
     
(4,650,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.5)% (8)  
     
(252,500,000)
   
Other Assets Less Liabilities – 1.7%  
     
9,792,089  
   
Net Assets Applicable to Common Shares – 100%  
     
$ 566,848,933  
 
 
 
 
 
 

 
 
 
 
 
 
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 following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using 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 risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
         
 
Level 1  
Level 2  
Level 3  
Total  
Long-Term Investments:  
       
Municipal Bonds  
$ —  
$809,168,229  
$       —  
$809,168,229  
Corporate Bonds  
 
 
33,015  
33,015  
Short-Term Investments  
       
Municipal Bonds  
 
5,005,600  
 
5,005,600  
Total  
$ —  
$814,173,829  
$33,015  
$814,206,844  
 
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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.
 
As of January 31, 2013, the cost of investments was $737,292,623.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2013, were as follows:
 
   
Gross unrealized:  
 
Appreciation  
$78,004,313  
Depreciation  
(5,740,051)
Net unrealized appreciation (depreciation) of investments  
$72,264,262  
 
 
     
(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)  
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for  
   
investments in inverse floating rate transactions.  
(6)  
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the  
   
Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3.  
(7)  
 
Investment has a maturity of more than a 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.  
(8)  
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.0%.  
(9)  
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy  
   
protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance  
   
of a reorganization plan assigned by the federal bankruptcy court. Under the reorganization plan, the Fund  
   
surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two  
   
senior interest corporate bonds: the first with an interest rate of 5.500% maturing on July 15, 2019 and the  
   
second with an interest rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055.  
N/R  
 
Not rated.  
(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 Select Quality Municipal Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:          April 1, 2013        
 
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 1, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          April 1, 2013        
 

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