Edgar Filing: Small Cap Premium & Dividend Income Fund, Inc.

Small Cap Premium & Dividend Income Fund Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21746

Name of Fund: Small Cap Premium & Dividend Income Fund Inc. (RCC)

Fund Address: 4 World Financial Center, 6th Floor, New York, New York 10080.

Name and address of agent for service: Justin C. Ferri, Chief Executive Officer, Small Cap Premium & Dividend Income Fund Inc., 4 World Financial Center, 6^th Floor, New York, New York 10080.

Registrant’s telephone number, including area code: (877) 449-4742

Date of fiscal year end: 12/31/2009

Date of reporting period: 09/30/2009

Item 1 – Schedule of Investments


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Advertising Agencies - 0.5%	AMREP Corp. (a)	200	$	2,640
	Arbitron, Inc.	3,800		78,888
	Constant Contact, Inc. (a)	3,600		69,300
	DG FastChannel, Inc. (a)	2,900		60,726
	Harte-Hanks, Inc.	5,700		78,831
	Marchex, Inc. Class B	2,900		14,239
	National CineMedia, Inc.	6,600		112,002
	Travelzoo, Inc. (a)	1,100		15,543
	Valassis Communications, Inc. (a)	7,200		128,736
	ValueClick, Inc. (a)	13,030		171,866

				732,771
Aerospace - 1.3%	AAR Corp. (a)	5,800		127,252
	AeroVironment, Inc. (a)(b)	2,000		56,180
	Argon ST, Inc. (a)	2,100		40,005
	Astronics Corp. (a)	1,500		14,100
	Ceradyne, Inc. (a)	3,900		71,487
	Cubic Corp.	2,300		90,781
	Curtiss-Wright Corp.	6,800		232,084
	Ducommun, Inc.	1,600		30,256
	Esterline Technologies Corp. (a)	4,400		172,524
	GenCorp, Inc. (a)	7,500		40,200
	Heico Corp.	3,400		147,424
	Herley Industries, Inc. (a)	2,000		26,100
	Kaman Corp. Class A	4,000		87,920
	LMI Aerospace, Inc. (a)	1,300		13,039
	Ladish Co., Inc. (a)	2,400		36,312
	Moog, Inc. Class A (a)	6,400		188,800
	Orbital Sciences Corp. (a)	8,400		125,748
	Teledyne Technologies, Inc. (a)	5,400		194,346
	Triumph Group, Inc.	2,500		119,975

				1,814,533
Agriculture, Fishing & Ranching - 0.4%	AgFeed Industries, Inc. (a)	4,100		21,894
	Alico, Inc.	500		14,695
	The Andersons, Inc.	2,700		95,040
	Cadiz, Inc. (a)	1,800		21,060
	Cal-Maine Foods, Inc.	1,900		50,863
	Calavo Growers, Inc.	1,600		30,368
	China Green Agriculture, Inc. (a)	1,200		14,064
	Fresh Del Monte Produce, Inc. (a)	6,100		137,921
	HQ Sustainable Maritime Industries, Inc. (a)	1,300		11,440
	Sanderson Farms, Inc.	3,000		112,920
	Seaboard Corp.	50		65,001

				575,266
Air Transport - 1.0%	Air Transport Services Group, Inc. (a)	8,100		28,026
	AirTran Holdings, Inc. (a)	17,900		111,875
	Alaska Air Group, Inc. (a)(b)	5,400		144,666
	Allegiant Travel Co. (a)	2,200		83,798
	Atlas Air Worldwide Holdings, Inc. (a)	2,600		83,122
	Bristow Group, Inc. (a)	4,400		130,636
	Hawaiian Holdings, Inc. (a)	7,700		63,602


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	JetBlue Airways Corp. (a)	37,900	$	226,642
	PHI, Inc. (a)	2,200		44,616
	Republic Airways Holdings, Inc. (a)	4,900		45,717
	SkyWest, Inc.	8,300		137,614
	UAL Corp. (a)	21,500		198,230
	US Airways Group, Inc. (a)	23,100		108,570

				1,407,114
Alternative Energy - 0.2%	Clean Energy Fuels Corp. (a)	5,100		73,491
	Comverge, Inc. (a)	2,800		34,188
	EnerNOC, Inc. (a)	2,045		67,813
	Evergreen Energy, Inc. (a)	18,300		11,346
	Green Plains Renewable Energy (a)	1,200		8,520
	Syntroleum Corp. (a)	9,400		25,380
	TGC Industries Inc. (a)	2,400		11,640
	USEC, Inc. (a)	16,800		78,792
	US Geothermal, Inc. (a)	9,700		15,132

				326,302
Aluminum - 0.1%	Century Aluminum Co. (a)	6,840		63,954
	Kaiser Aluminum Corp.	2,300		83,628

				147,582
Asset Management & Custodian - 0.9%	Allied Capital Corp.	28,088		86,230
	American Capital Ltd.	41,900		135,337
	Ampal-American Israel Corp. Class A (a)	2,200		4,466
	Apollo Investment Corp.	24,376		232,790
	Ares Capital Corp.	14,578		160,650
	Calamos Asset Management, Inc. Class A	2,900		37,874
	Capital Southwest Corp.	400		30,700
	Cohen & Steers, Inc.	2,700		64,800
	Diamond Hill Investments Group	300		17,391
	Epoch Holding Corp.	1,700		14,773
	Fifth Street Finance Corp.	3,900		42,627
	GAMCO Investors, Inc. Class A	1,100		50,270
	Harris & Harris Group, Inc. (a)	4,000		25,000
	JMP Group, Inc.	2,400		23,184
	Kohlberg Capital Corp.	2,700		16,281
	MCG Capital Corp. (a)	10,800		45,252
	MVC Capital, Inc.	3,200		28,096
	NGP Capital Resources Co.	3,200		23,232
	National Financial Partners Corp.	6,200		54,064
	Oppenheimer Holdings, Inc.	1,600		38,960
	Pzena Investment Management, Inc. Class A	700		5,719
	Resource America, Inc. Class A	1,900		9,139
	TICC Capital Corp.	4,000		20,160
	Teton Advisors, Inc. (a)	20		32
	U.S. Global Investors, Inc.	1,900		23,427
	Virtus Investment Partners, Inc. (a)	955		14,908
	Westwood Holdings Group, Inc.	800		27,760

				1,233,122
Auto Parts - 0.5%	ATC Technology Corp. (a)	3,000		59,280
Auto Parts - 0.5%	American Axle & Manufacturing Holdings, Inc.	6,000		42,480


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Amerigon, Inc. (a)		3,100	$	22,754
	ArvinMeritor, Inc.		11,100		86,802
	China Automotive Systems. Inc. (a)		1,000		9,270
	Dana Holding Corp. (a)		14,900		101,469
	Dorman Products, Inc. (a)		1,600		24,032
	Exide Technologies (a)		7,300		58,181
	Fuel Systems Solutions, Inc. (a)		2,000		71,980
	Standard Motor Products, Inc.		2,300		34,960
	Stoneridge, Inc. (a)		2,200		15,576
	Superior Industries International, Inc.		3,500		49,700
	Tenneco, Inc. (a)		7,100		92,584
	U.S. Auto Parts Network, Inc. (a)		2,100		11,445
	Wonder Auto Technology, Inc. (a)		2,200		26,400

					706,913
Auto Services - 0.1%	Cooper Tire & Rubber Co.		8,800		154,704
	Titan International, Inc.		4,950		44,055

					198,759
Banks: Diversified - 5.7%	1st Source Corp.		2,300		37,490
	Alliance Financial Corp.		600		16,230
	American National Bankshares, Inc.		900		19,638
	Ameris Bancorp		2,116		15,130
	Ames National Corp.		1,000		23,760
	Arrow Financial Corp.		1,442		39,352
	Auburn National Bancorporation		500		12,200
	Bancfirst Corp.		900		33,237
	Banco Latinoamericana De Comercio Exterior SA		4,100		58,302
	The Bancorp, Inc. (a)		2,400		13,728
	Bancorp Rhode Island, Inc.		500		12,490
	Bank of Kentucky Financial Corp.		600		12,696
	Bank of Marin Bancorp		800		25,008
	Bank of the Ozarks, Inc.		1,900		50,407
	Banner Corp.		2,400		6,552
	Bar Harbor Bankshares		400		13,600
	Boston Private Financial Holdings, Inc.		10,100		65,751
	Bridge Bancorp, Inc.		1,100		26,763
	Bryn Mawr Bank Corp.		1,000		17,470
	CNB Financial Corporation		1,500		25,755
	CVB Financial Corp.		12,542		95,194
	California First National Bancorp		200		2,214
	Camden National Corp.		1,200		39,648
	Cape Bancorp, Inc. (a)		1,700		13,056
	Capital City Bank Group, Inc.		1,800		25,560
	Cardinal Financial Corp.		4,200		34,566
	Cathay General Bancorp		7,400		59,866
	Center Bancorp, Inc.		1,794		13,509
	Centerstate Banks, Inc.		2,300		18,147
	Central Pacific Financial Corp.		4,300		10,836
	Century Bancorp, Inc. Class A		500		10,850
	Chemical Financial Corp.		3,200		69,728
	Chicopee Bancorp, Inc. (a)		900		11,889


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Citizens & Northern Corp.		1,300	$	19,240
	Citizens Banking Corp. (a)		18,800		14,288
	Citizens Holding Co.		600		15,876
	City Holding Co.		2,400		71,544
	CoBiz Financial, Inc.		3,700		18,426
	Columbia Banking System, Inc.		4,000		66,200
	Community Bank System, Inc.		4,900		89,523
	Community Trust Bancorp, Inc.		2,400		62,808
	Danvers Bancorp, Inc.		2,200		29,898
	Eagle Bancorp, Inc. (a)		1,700		16,371
	East-West Bancorp, Inc.		13,700		113,710
	Enterprise Bancorp, Inc.		700		8,960
	Enterprise Financial Services Corp.		1,700		15,725
	F.N.B. Corp.		17,046		121,197
	Farmers Capital Bank Corp.		1,000		17,880
	Financial Institutions, Inc.		1,700		16,949
	First BanCorp, Puerto Rico		13,000		39,650
	First Bancorp, Inc.		1,300		24,180
	First Bancorp, North Carolina		2,100		37,905
	First Busey Corp.		3,900		18,330
	First Commonwealth Financial Corp.		12,700		72,136
	First Community Bancshares, Inc.		1,900		23,978
	First Financial Bancorp		7,200		86,760
	First Financial Bankshares, Inc.		3,100		153,326
	First Financial Corp.		1,900		58,216
	First Merchants Corp.		3,200		22,304
	First Midwest Bancorp, Inc.		7,300		82,271
	First South Bancorp, Inc.		1,250		14,375
	The First of Long Island Corp.		800		21,040
	FirstMerit Corp.		12,388		235,744
	German American Bancorp, Inc.		1,900		29,469
	Glacier Bancorp, Inc.		9,250		138,195
	Guaranty Bancorp (a)		8,200		12,136
	Hampton Roads Bankshares, Inc.		3,100		8,928
	Hancock Holding Co.		3,600		135,252
	Harleysville National Corp.		6,703		35,727
	Heartland Financial USA, Inc.		2,100		30,975
	Home Bancshares, Inc.		2,326		50,986
	IBERIABANK Corp.		3,100		141,236
	Independent Bank Corp./MA		3,200		70,816
	International Bancshares Corp.		7,826		127,642
	Investors Bancorp, Inc. (a)		7,400		78,514
	Lakeland Bancorp, Inc.		2,966		22,245
	Lakeland Financial Corp.		1,900		39,235
	MB Financial, Inc.		7,277		152,599
	MainSource Financial Group, Inc.		2,980		20,264
	Merchants Bancshares, Inc.		900		19,224
	Meridian Interstate Bancorp, Inc. (a)		1,500		12,750
	Metro Bancorp, Inc. (a)		700		8,519
	Midsouth Bancorp, Inc.		800		10,560


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	NASB Financial, Inc.		500	$	12,980
	NBT Bancorp, Inc.		5,300		119,462
	Nara Bancorp, Inc.		3,500		24,325
	National Bankshares, Inc.		1,000		25,500
	National Penn Bancshares, Inc.		17,935		109,583
	Northesast Community Bancorp		800		5,904
	Northrim Bancorp Inc		1,100		16,775
	Norwood Financial Corp.		300		9,330
	Ohio Valley Banc Corp.		600		15,900
	Old National Bancorp		12,400		138,880
	Old Point Finl Corp		300		4,725
	Old Second Bancorp, Inc.		2,053		11,764
	Oriental Financial Group		3,600		45,720
	Orrstown Financial Service, Inc.		900		34,227
	PacWest Bancorp		3,629		69,132
	Pacific Capital Bancorp		5,700		8,208
	Pacific Continental Corp.		1,800		18,954
	Park National Corp.		1,700		99,178
	Peapack-Gladstone Financial Corp.		1,365		21,922
	Penns Woods Bancorp, Inc.		600		19,206
	Peoples Bancorp, Inc.		1,600		20,880
	Peoples Financial Corp.		500		9,440
	Pinnacle Financial Partners, Inc. (a)		4,800		61,008
	Porter Bancorp, Inc.		600		9,780
	Premierwest Bancorp		3,390		9,289
	PrivateBancorp, Inc.		5,200		127,192
	Prosperity Bancshares, Inc.		6,900		240,051
	Provident Financial Services, Inc.		9,000		92,610
	Renasant Corp.		3,250		48,263
	Republic Bancorp, Inc. Class A		1,411		28,164
	Republic First Bancorp, Inc. (a)		1,000		4,540
	Rockville Financial, Inc.		1,300		13,975
	Roma Financial Corp.		1,300		16,159
	S&T Bancorp, Inc.		3,700		47,952
	SCBT Financial Corp.		1,860		52,266
	SVB Financial Group (a)		4,900		212,023
	SY Bancorp, Inc.		1,685		38,907
	Sandy Spring Bancorp, Inc.		2,600		42,328
	Santander BanCorp (a)		613		5,977
	Shore Bancshares, Inc.		1,300		21,749
	Sierra Bancorp		1,100		13,211
	Signature Bank (a)		6,000		174,000
	Simmons First National Corp. Class A		2,100		60,501
	Smithtown Bancorp, Inc.		2,200		25,388
	The South Financial Group, Inc.		23,800		34,986
	Southside Bancshares, Inc.		1,964		44,229
	Southwest Bancorp, Inc.		2,200		30,888
	State Bancorp, Inc.		2,200		18,590
	StellarOne Corp.		3,600		53,100
	Sterling Bancorp		2,660		19,205


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Sterling Bancshares, Inc.	12,300	$	89,913
	Sterling Financial Corp.	7,760		15,520
	Suffolk Bancorp	1,500		44,415
	Sun Bancorp, Inc. (a)	2,134		11,268
	Susquehanna Bancshares, Inc.	12,874		75,828
	Texas Capital Bancshares, Inc. (a)	5,300		89,252
	Tompkins Trustco, Inc.	1,390		60,743
	Tower Bancorp, Inc.	600		15,762
	Towne Bank	3,300		42,075
	Trico Bancshares	2,100		34,440
	TrustCo Bank Corp. NY	11,400		71,250
	Trustmark Corp.	8,600		163,830
	UCBH Holdings, Inc.	17,900		14,320
	UMB Financial Corp.	4,800		194,112
	Umpqua Holdings Corp.	12,688		134,493
	Union Bankshares Corp.	2,250		28,013
	United Bankshares, Inc.	5,700		111,663
	United Community Banks, Inc. (a)	6,743		33,717
	United Security Bancshares	1,100		24,398
	Univest Corp. of Pennsylvania	2,200		47,674
	Washington Banking Co.	1,800		16,668
	Washington Trust Bancorp, Inc.	2,200		38,544
	Webster Financial Corp.	10,193		127,107
	WesBanco, Inc.	3,400		52,564
	West Bancorp., Inc.	2,600		12,896
	Westamerica Bancorp.	4,400		228,800
	Western Alliance Bancorp (a)	7,500		47,325
	Wilber Corp.	800		6,720
	Wilshire Bancorp, Inc.	2,900		21,286
	Wintrust Financial Corp.	3,500		97,860
	Yardkin Valley Financial Corp.	2,500		11,675

				8,017,161
Banks: Savings, Thrift & Mortgage Lending - 1.0%	Abington Bancorp, Inc.	3,300		25,542
	Astoria Financial Corp.	12,780		141,091
	Bank Mutual Corp.	7,000		61,880
	BankFinancial Corp.	3,100		29,698
	Beneficial Mutual Bancorp, Inc. (a)	5,000		45,650
	Berkshire Hills Bancorp, Inc.	2,100		46,074
	Brookline Bancorp, Inc.	8,800		85,536
	Brooklyn Federal Bancorp, Inc.	700		8,540
	Clifton Savings Bancorp, Inc.	1,300		12,740
	Dime Community Bancshares, Inc.	3,900		44,577
	Doral Financial Corp. (a)	800		2,960
	ESB Financial Corp.	1,400		18,746
	ESSA Bancorp, Inc.	2,300		30,383
	First Defiance Financial Corp.	1,200		17,892
	First Financial Holdings, Inc.	1,800		28,746
	First Financial Northwest, Inc.	2,700		15,714
	First Financial Service Corp.	600		8,082
	Flagstar Bancorp, Inc. (a)	10,500		10,815


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Flushing Financial Corp.		3,900	$	44,460
	Fox Chase Bancorp, Inc. (a)		800		8,016
	Great Southern Bancorp, Inc.		1,500		35,565
	Heritage Financial Corp.		1,100		14,465
	Heritage Financial Group		600		4,968
	Home Bancorp, Inc. (a)		1,600		19,472
	Home Federal Bancorp, Inc.		2,900		33,118
	K Fed Bancorp		900		8,118
	Kearny Financial Corp.		2,800		29,176
	Kentucky First Federal Banco		500		6,245
	Legacy Bancorp, Inc./MA		1,000		10,500
	NewAlliance Bancshares, Inc.		16,000		171,200
	Northfield Bancorp, Inc.		2,800		35,840
	Northwest Bancorp, Inc.		2,600		59,384
	OceanFirst Financial Corp.		1,600		18,560
	Ocwen Financial Corp. (a)		8,300		93,956
	Oritani Financial Corp.		1,400		19,096
	Provident New York Bancorp		5,000		47,750
	Prudential Bancorp, Inc. of Pennsylvania		500		5,020
	Territorial BanCorp., Inc. (a)		1,700		26,647
	United Financial Bancorp, Inc.		2,500		28,950
	ViewPoint Financial Group		1,600		22,464
	WSFS Financial Corp.		900		23,976
	Waterstone Financial, Inc. (a)		1,000		5,060
	Westfield Financial, Inc.		4,900		41,503

					1,448,175
Beverage: Brewers & Distillers - 0.0%	Boston Beer Co., Inc. Class A (a)		1,200		44,496
Beverage: Soft Drinks - 0.1%	Coca-Cola Bottling Co. Consolidated		600		29,058
	Diedrich Coffee Inc. (a)		400		9,620
	Farmer Bros. Co.		900		18,630
	Heckmann Corp. (a)		13,000		59,540
	National Beverage Corp. (a)		1,680		19,337
	Peet's Coffee & Tea, Inc. (a)		1,600		45,168

					181,353
Biotechnology - 3.9%	AMAG Pharmaceuticals, Inc. (a)		2,590		113,131
	ARYx Therapeutics, Inc. (a)		3,000		9,390
	AVI BioPharma, Inc. (a)		13,300		22,876
	Accelrys, Inc. (a)		4,100		23,780
	Acorda Therapeutics, Inc. (a)		5,800		135,024
	Affymax, Inc. (a)		2,000		47,780
	Albany Molecular Research, Inc. (a)		3,700		32,042
	Allos Therapeutics, Inc. (a)		9,300		67,425
	Alnylam Pharmaceuticals, Inc. (a)		5,600		127,008
	Amicus Therapeutics, Inc. (a)		2,200		19,250
	Arena Pharmaceuticals, Inc. (a)		13,600		60,792
	Ariad Pharmaceuticals, Inc. (a)		14,800		32,856
	Arqule, Inc. (a)		6,000		27,240
	Array Biopharma, Inc. (a)		7,400		17,612
	BioDelivery Sciences International Inc (a)		1,500		7,170
	BioMimetic Therapeutics, Inc. (a)		1,923		23,480


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Biodel, Inc. (a)		2,700	$	14,499
	Cardium Therapeutics, Inc. (a)		7,100		11,502
	Celera Corp. (a)		12,200		76,006
	Cell Therapeutics, Inc. (a)		79,900		97,478
	Celldex Therapeutics, Inc. (a)		1,400		7,686
	Cepheid, Inc. (a)		8,700		115,014
	Chelsea Therapeutics International, Inc. (a)		4,100		10,168
	Clinical Data, Inc. (a)		1,800		30,006
	Cornerstone Therapeutics, Inc. (a)		900		5,877
	Cubist Pharmaceuticals, Inc. (a)(b)		8,600		173,720
	Curis, Inc. (a)		9,400		21,996
	Cypress Bioscience, Inc. (a)		5,700		46,398
	Cytokinetics, Inc. (a)		5,700		30,153
	Cytori Therapeutics, Inc. (a)		4,000		15,800
	Discovery Laboratories, Inc. (a)		17,700		24,072
	Dyax Corp. (a)		9,500		34,105
	Emergent Biosolutions, Inc. (a)		2,400		42,384
	Enzo Biochem, Inc. (a)		4,900		34,692
	Enzon Pharmaceuticals, Inc. (a)		6,800		56,100
	Exelixis, Inc. (a)		15,900		101,442
	Facet Biotech Corp. (a)		3,680		63,627
	GTx, Inc. (a)		2,800		35,840
	Genomic Health, Inc. (a)		2,100		45,906
	Geron Corp. (a)		13,300		87,248
	Halozyme Therapeutics, Inc. (a)		10,000		71,100
	Harvard Bioscience, Inc. (a)		3,500		13,265
	Hemispherx Biopharma, Inc. (a)		17,500		35,000
	Human Genome Sciences, Inc. (a)		24,300		457,326
	Idenix Pharmaceuticals, Inc. (a)		3,900		12,051
	Idera Pharmaceuticals, Inc. (a)		3,400		25,194
	ImmunoGen, Inc. (a)		8,000		64,880
	Immunomedics, Inc. (a)		9,800		54,096
	Incyte Corp. (a)		11,100		74,925
	Insmed, Inc. (a)		18,600		15,085
	InterMune, Inc. (a)		5,700		90,801
	Kensey Nash Corp. (a)		1,200		34,740
	Lexicon Genetics, Inc. (a)		12,600		26,838
	Life Sciences Research, Inc. (a)		1,300		10,348
	Ligand Pharmaceuticals, Inc. Class B (a)		16,900		39,039
	MannKind Corp. (a)		8,400		82,740
	Martek Biosciences Corp. (a)		5,000		112,950
	Maxygen, Inc. (a)		3,700		24,753
	Medivation, Inc. (a)		4,400		119,416
	Metabolix, Inc. (a)		2,900		29,812
	Micromet, Inc. (a)		8,200		54,612
	Molecular Insight Pharmaceuticals, Inc. (a)		2,700		14,931
	Momenta Pharmaceuticals, Inc. (a)		5,300		56,233
	Myriad Pharmaceuticals, Inc. (a)		3,525		20,657
	NPS Pharmaceuticals, Inc. (a)		7,400		29,748
	Nabi Biopharmaceuticals (a)		8,000		28,720


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Nanosphere, Inc. (a)	1,600	$	11,456
	Nektar Therapeutics (a)	13,800		134,412
	Neurocrine Biosciences, Inc. (a)	5,800		17,690
	Neurogesx, Inc. (a)	1,700		13,600
	Novavax, Inc. (a)	8,900		35,244
	OncoGenex Pharmaceutical, Inc. (a)	600		21,600
	Onyx Pharmaceuticals, Inc. (a)	9,220		276,323
	Opko Health, Inc. (a)	6,800		15,504
	Orexigen Therapeutics, Inc. (a)	3,600		35,460
	Osiris Therapeutics, Inc. (a)	2,500		16,650
	OxiGene, Inc. (a)	3,700		5,254
	PDL BioPharma, Inc.	17,700		139,476
	Pharmasset, Inc. (a)	3,100		65,534
	Poniard Pharmaceuticals, Inc. (a)	4,000		29,920
	Progenics Pharmaceuticals, Inc. (a)	4,200		22,008
	Protalix BioTherapeutics, Inc. (a)	5,660		46,752
	RTI Biologics, Inc. (a)	8,200		35,670
	Regeneron Pharmaceuticals, Inc. (a)	9,400		181,420
	Repligen Corp. (a)	4,600		23,046
	Repros Therapeutics, Inc. (a)	1,300		1,170
	Rigel Pharmaceuticals, Inc. (a)	6,800		55,760
	Sangamo Biosciences, Inc. (a)	6,100		50,081
	Savient Pharmaceuticals, Inc. (a)	9,104		138,381
	Seattle Genetics, Inc. (a)	12,400		173,972
	Sequenom, Inc. (a)	8,600		27,778
	StemCells, Inc. (a)	15,400		25,102
	Sucampo Pharmaceuticals, Inc. Class A (a)	1,700		9,911
	Synta Pharmaceuticals Corp. (a)	2,400		7,440
	Theravance, Inc. (a)	8,300		121,512
	Vanda Pharmaceuticals, Inc. (a)	4,000		46,560
	ViroPharma, Inc. (a)	11,600		111,592
	ZymoGenetics, Inc. (a)	5,600		33,824

				5,477,937
Building Materials - 0.9%	Acuity Brands, Inc.	6,400		206,144
	Ameron International Corp.	1,400		97,972
	BlueLinx Holdings, Inc. (a)	2,400		9,624
	Builders FirstSource, Inc. (a)	2,300		10,028
	Gibraltar Industries, Inc.	4,200		55,734
	Griffon Corp. (a)	6,574		66,200
	Headwaters, Inc. (a)	6,700		25,929
	LSI Industries, Inc.	2,900		19,285
	Louisiana-Pacific Corp. (a)	15,500		103,385
	NCI Building Systems, Inc. (a)	2,900		9,280
	Orion Energy Systems, Inc. (a)	3,300		10,329
	Quanex Building Products Corp.	5,600		80,416
	Simpson Manufacturing Co., Inc.	5,708		144,184
	Texas Industries, Inc.	3,490		146,545
	Trex Co., Inc. (a)	2,300		41,860
	Watsco, Inc.	4,000		215,640

				1,242,555


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
Building: Climate Control - 0.1%	Aaon, Inc.		1,600	$	32,128
	Comfort Systems USA, Inc.		5,800		67,222
	Interline Brands, Inc. (a)		5,000		84,250

					183,600
Building: Roofing, Wallboard & Plumbing - 0.1%	Beacon Roofing Supply, Inc. (a)		6,700		107,066
Cable Television Services - 0.1%	Knology, Inc. (a)		4,300		41,925
	Mediacom Communications Corp. Class A (a)		5,900		33,984

					75,909
Casinos & Gambling - 0.5%	Ameristar Casinos, Inc.		3,800		59,964
	Bally Technologies, Inc. (a)		8,100		310,797
	Dover Downs Gaming & Entertainment, Inc.		2,150		12,255
	Isle of Capri Casinos, Inc. (a)		2,300		27,117
	Lakes Entertainment, Inc. (a)		3,500		11,760
	Monarch Casino & Resort, Inc. (a)		1,400		15,064
	Multimedia Games, Inc. (a)		4,000		20,480
	Pinnacle Entertainment, Inc. (a)		8,940		91,099
	Shuffle Master, Inc. (a)		8,000		75,360
	Youbet.com, Inc. (a)		4,300		9,030

					632,926
Cement - 0.0%	U.S. Concrete, Inc. (a)		5,200		8,996
Chemicals: Diversified - 1.7%	Aceto Corp.		3,700		24,420
	American Vanguard Corp.		2,900		24,099
	Arch Chemicals, Inc.		3,700		110,963
	Balchem Corp.		2,900		76,270
	Calgon Carbon Corp. (a)		8,100		120,123
	Hawkins, Inc.		1,100		25,696
	ICO, Inc. (a)		4,100		19,147
	Innophos Holdings, Inc.		2,600		48,100
	Innospec, Inc.		3,700		54,575
	LSB Industries, Inc. (a)		2,600		40,482
	Landec Corp. (a)		3,900		24,960
	NewMarket Corp.		1,500		139,560
	OM Group, Inc. (a)		4,600		139,794
	Olin Corp.		11,700		204,048
	Omnova Solutions, Inc. (a)		6,200		40,176
	PolyOne Corp. (a)		13,800		92,046
	Polypore International, Inc. (a)		3,400		43,894
	Quaker Chemical Corp.		1,600		35,088
	Rockwood Holdings, Inc. (a)		7,400		152,218
	Schulman A, Inc.		3,500		69,755
	Sensient Technologies Corp.		7,300		202,721
	ShengdaTech, Inc. (a)		4,400		27,984
	Solutia, Inc. (a)		17,400		201,492
	Stepan Co.		1,100		66,088
	W.R. Grace & Co. (a)(b)		10,800		234,792
	Westlake Chemical Corp.		3,000		77,100
	Zep, Inc.		3,350		54,438

					2,350,029


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Coal - 0.2%	International Coal Group, Inc. (a)	13,600	$	54,808
	James River Coal Co. (a)	4,100		78,351
	Patriot Coal Corp. (a)	10,900		128,184
	Westmoreland Coal Co. (a)	1,600		13,008

				274,351
Commercial Finance & Mortgage Companies - 0.1%	Financial Federal Corp.	4,000		98,720
	Medallion Financial Corp.	2,300		19,228
	NewStar Financial, Inc. (a)	3,400		11,186

				129,134
Commercial Services - 3.0%	ABM Industries, Inc.	7,100		149,384
	AMN Healthcare Services, Inc. (a)	4,900		46,599
	APAC Customer Services, Inc. (a)	3,800		22,458
	Administaff, Inc.	3,200		84,064
	The Advisory Board Co. (a)	2,300		57,822
	Barrett Business Services, Inc.	1,100		11,638
	CBIZ, Inc. (a)	6,900		51,474
	CDI Corp.	1,800		25,290
	COMSYS IT Partners, Inc. (a)	2,300		14,720
	CRA International, Inc. (a)	1,500		40,935
	CoStar Group, Inc. (a)	3,000		123,660
	Compass Diversified Holdings	3,600		37,692
	Cornell Cos., Inc. (a)	1,700		38,148
	Corporate Executive Board Co.	5,000		124,500
	Cross Country Healthcare, Inc. (a)	4,600		42,826
	Diamond Management & Technology
	Consultants, Inc.	3,400		23,290
	Dice Holdings, Inc. (a)	2,300		15,088
	DynCorp. International, Inc. (a)	3,700		66,600
	ExlService Holdings, Inc. (a)	2,200		32,692
	Exponent, Inc. (a)	2,000		56,340
	First Advantage Corp. Class A (a)	1,600		29,680
	Forrester Research, Inc. (a)	2,300		61,272
	G&K Services, Inc. Class A	2,800		62,048
	GP Strategies Corp. (a)	2,300		17,227
	The Geo Group, Inc. (a)	7,600		153,292
	Global Sources Ltd. (a)	2,477		17,017
	Health Grades, Inc. (a)	3,600		17,820
	Healthcare Services Group, Inc.	6,500		119,340
	Heidrick & Struggles International, Inc.	2,500		58,150
	Huron Consulting Group, Inc. (a)	3,100		80,073
	ICF International, Inc. (a)	1,320		40,022
	ICT Group, Inc. (a)	1,300		13,650
	Innodata Corp. (a)	3,100		24,645
	inVentiv Health, Inc. (a)	5,200		86,996
	Kelly Services, Inc. Class A	4,100		50,430
	Kforce, Inc. (a)	4,600		55,292
	Korn/Ferry International (a)	6,700		97,753
	Liquidity Services, Inc. (a)	2,300		23,736
	LoopNet, Inc. (a)	2,900		26,216
	MAXIMUS, Inc.	2,600		121,160


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	MPS Group, Inc. (a)		13,800	$	145,176
	Mac-Gray Corp. (a)		1,700		18,326
	Navigant Consulting, Inc. (a)		7,500		101,250
	On Assignment, Inc. (a)		5,300		31,005
	PHH Corp. (a)		8,100		160,704
	Primoris Services Corp.		1,100		7,931
	Resources Connection, Inc. (a)		6,700		114,302
	Rollins, Inc.		6,900		130,065
	SYKES Enterprises, Inc. (a)		5,200		108,264
	Schawk, Inc.		2,300		26,841
	Spherion Corp. (a)		7,700		47,817
	Standard Parking Corp. (a)		1,100		19,239
	Startek, Inc. (a)		1,800		15,624
	TeleTech Holdings, Inc. (a)		4,900		83,594
	Tetra Tech, Inc. (a)		9,000		238,770
	TrueBlue, Inc. (a)		6,600		92,862
	Unifirst Corp.		2,100		93,345
	Viad Corp.		3,100		61,721
	Volt Information Sciences, Inc. (a)		1,850		22,607
	Watson Wyatt Worldwide, Inc.		6,400		278,784
	World Fuel Services Corp.		4,400		211,508

					4,230,774
Commercial Services: Rental & Leasing - 0.4%	Aircastle Ltd.		7,300		70,591
	CAI International, Inc. (a)		1,400		10,318
	Electro Rent Corp.		2,800		32,256
	H&E Equipment Services, Inc. (a)		4,500		50,985
	McGrath RentCorp		3,700		78,699
	Mobile Mini, Inc. (a)		5,300		92,008
	RSC Holdings, Inc. (a)		7,300		53,071
	TAL International Group, Inc.		2,200		31,284
	United Rentals, Inc. (a)		9,000		92,700
	Willis Lease Finance Corp. (a)		600		8,202

					520,114
Commercial Vehicles & Parts - 0.1%	Force Protection, Inc. (a)		10,500		57,120
	Miller Industries, Inc. (a)		1,500		16,500
	Modine Manufacturing Co.		5,100		47,277
	Spartan Motors, Inc.		4,900		25,186

					146,083
Communications Technology - 3.0%	3Com Corp. (a)		58,000		303,340
	AboveNet, Inc. (a)		1,800		87,768
	Acme Packet, Inc. (a)		6,000		60,060
	Adtran, Inc.		8,200		201,310
	Airvana, Inc. (a)		3,700		25,049
	Anaren, Inc. (a)		1,900		32,300
	Anixter International, Inc. (a)(b)		4,500		180,495
	Aruba Networks, Inc. (a)		9,100		80,444
	Avocent Corp. (a)		6,580		133,377
	Bel Fuse, Inc.		1,500		28,545
	BigBand Networks, Inc. (a)		5,100		20,451
	Black Box Corp.		2,600		65,234


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Comtech Telecommunications Corp. (a)	4,200	$	139,524
	Digi International, Inc. (a)	3,700		31,524
	DigitalGlobe, Inc. (a)	2,200		49,214
	EMS Technologies, Inc. (a)	2,300		47,886
	Echelon Corp. (a)	4,900		63,063
	Emulex Corp. (a)	12,400		127,596
	Extreme Networks, Inc. (a)	13,900		38,920
	GSI Technology, Inc. (a)	2,500		9,975
	GeoEye, Inc. (a)	2,800		75,040
	Globecomm Systems, Inc. (a)	3,100		22,537
	Harmonic, Inc. (a)	14,300		95,524
	Harris Stratex Networks, Inc. Class A (a)	8,600		60,200
	Hughes Communications, Inc. (a)	1,300		39,442
	Infinera Corp. (a)	12,600		100,170
	InterDigital, Inc. (a)	6,500		150,540
	Ixia (a)	4,500		30,870
	KVH Industries, Inc. (a)	2,000		19,980
	Loral Space & Communications Ltd. (a)	1,700		46,716
	NETGEAR, Inc. (a)	5,100		93,585
	Network Equipment Technologies, Inc. (a)	4,300		31,089
	Novatel Wireless, Inc. (a)	4,600		52,256
	Oplink Communications, Inc. (a)	3,028		43,967
	PC-Tel, Inc. (a)	2,800		17,500
	Plantronics, Inc.	7,300		195,713
	Polycom, Inc. (a)	12,500		334,375
	Power-One, Inc. (a)	11,400		22,230
	Riverbed Technology, Inc. (a)	8,200		180,072
	SeaChange International, Inc. (a)	4,700		35,250
	Shoretel, Inc. (a)	6,600		51,546
	Sonus Networks, Inc. (a)	32,300		68,476
	Starent Networks Corp. (a)	5,900		149,978
	Switch and Data Facilities Co., Inc. (a)	3,100		42,191
	Sycamore Networks, Inc. (a)	30,900		93,318
	Syniverse Holdings, Inc. (a)	10,200		178,500
	Tekelec (a)	10,000		164,300
	Viasat, Inc. (a)	3,900		103,662

				4,225,102
Computer Services Software & Systems - 6.9%	3PAR, Inc. (a)	4,100		45,223
	ACI Worldwide, Inc. (a)	5,200		78,676
	AMICAS, Inc. (a)	5,300		19,080
	ActivIdentity Corp. (a)	6,600		18,282
	Actuate Corp. (a)	6,800		39,304
	Acxiom Corp.	10,200		96,492
	American Reprographics Co. (a)	5,700		54,264
	American Software Class A	3,300		21,549
	ArcSight, Inc. (a)	2,800		67,396
	Ariba, Inc. (a)	13,100		151,960
	Art Technology Group, Inc. (a)	18,900		72,954
	AsiaInfo Holdings, Inc. (a)	4,400		87,868
	Avid Technology, Inc. (a)	4,600		64,814


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Blackbaud, Inc.		6,600	$	153,120
	Blackboard, Inc. (a)		4,700		177,566
	Blue Coat Systems, Inc. (a)		5,900		133,281
	Bottomline Technologies, Inc. (a)		3,800		49,020
	CACI International, Inc. Class A (a)		4,500		212,715
	CSG Systems International, Inc. (a)		5,300		84,853
	Callidus Software, Inc. (a)		4,500		13,545
	China Information Security Technology, Inc. (a)		4,000		22,160
	China Transinfo Technology (a)		1,800		17,028
	Chordiant Software, Inc. (a)		4,560		17,738
	Ciber, Inc. (a)		10,280		41,120
	ComScore, Inc. (a)		3,200		57,632
	CommVault Systems, Inc. (a)		6,200		128,650
	Compellent Technologies, Inc. (a)		2,500		45,125
	Computer Task Group, Inc. (a)		2,200		17,842
	Concur Technologies, Inc. (a)		6,000		238,560
	DealerTrack Holdings, Inc. (a)		5,600		105,896
	Delrek, Inc. (a)		2,233		17,172
	DemandTec, Inc. (a)		3,300		29,139
	Digital River, Inc. (a)		5,700		229,824
	DivX, Inc. (a)		5,400		29,484
	Double-Take Software, Inc. (a)		2,600		26,494
	eLoyalty Corp. (a)		1,300		10,413
	ePlus, Inc. (a)		500		7,775
	EPIQ Systems, Inc. (a)		4,800		69,600
	EarthLink, Inc.		15,600		131,196
	Ebix, Inc. (a)		1,000		55,360
	Epicor Software Corp. (a)		7,000		44,590
	FalconStor Software, Inc. (a)		5,400		26,838
	GSE Systems, Inc. (a)		2,800		17,416
	GSI Commerce, Inc. (a)		4,000		77,240
	Gartner, Inc. Class A (a)		9,200		168,084
	The Hackett Group, Inc. (a)		5,800		16,820
	i2 Technologies, Inc. (a)		2,300		36,892
	iGate Corp.		3,300		28,314
	infoGROUP, Inc.		5,000		35,050
	Imergent, Inc.		1,500		11,820
	Informatica Corp. (a)		13,000		293,540
	Infospace, Inc. (a)		5,200		40,248
	Integral Systems, Inc. (a)		1,942		13,400
	Interactive Intelligence, Inc. (a)		1,900		36,309
	Internap Network Services Corp. (a)		7,910		25,391
	Internet Brands, Inc. Class A (a)		4,100		32,718
	Internet Capital Group, Inc. (a)		5,500		45,980
	JDA Software Group, Inc. (a)		4,000		87,760
	Kenexa Corp. (a)		3,500		47,180
	Keynote Systems, Inc. (a)		1,800		16,974
	Lawson Software, Inc. (a)		21,300		132,912
	Limelight Networks, Inc. (a)		4,317		17,527
	Lionbridge Technologies, Inc. (a)		10,100		26,260


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	LivePerson, Inc. (a)		7,000	$	35,280
	LogMeIn, Inc. (a)		1,000		18,305
	MSC.Software Corp. (a)		6,300		52,983
	Manhattan Associates, Inc. (a)		3,400		68,680
	Mantech International Corp. Class A (a)		3,300		155,628
	Mentor Graphics Corp. (a)		14,100		131,271
	Mercury Computer Systems, Inc. (a)		3,500		34,510
	MicroStrategy, Inc. Class A (a)		1,300		93,002
	Moduslink Global Solutions, Inc. (a)		6,800		55,012
	Monotype Imaging Holdings, Inc. (a)		3,700		31,117
	NCI, Inc. Class A (a)		1,000		28,660
	NIC, Inc.		7,500		66,675
	Ness Technologies, Inc. (a)		5,800		45,762
	NetScout Systems, Inc. (a)		3,600		48,636
	NetSuite, Inc. (a)		2,800		42,840
	Omniture, Inc. (a)		10,313		221,111
	OpenTV Corp. (a)		12,300		16,974
	OpenTable, Inc. (a)		400		11,024
	Openwave Systems, Inc. (a)		13,800		35,880
	Opnet Technologies, Inc.		2,000		21,860
	PAR Technology Corp. (a)		1,600		10,208
	PROS Holdings, Inc. (a)		3,200		26,944
	Parametric Technology Corp. (a)		17,320		239,362
	Pegasystems, Inc.		2,200		75,966
	Perficient, Inc. (a)		4,500		37,215
	Perot Systems Corp. Class A (a)		13,300		395,010
	Pervasive Software Inc. (a)		2,200		10,890
	Phoenix Technologies Ltd. (a)		4,400		16,060
	Progress Software Corp. (a)		6,000		135,900
	QAD, Inc.		1,800		8,190
	Quest Software, Inc. (a)		9,000		151,650
	Rackspace Hosting, Inc. (a)		9,900		168,894
	Radiant Systems, Inc. (a)		4,200		45,108
	RealNetworks, Inc. (a)		12,400		46,128
	RightNow Technologies, Inc. (a)		3,300		47,652
	SAVVIS, Inc. (a)		5,650		89,157
	SPSS, Inc. (a)		2,700		134,865
	SRA International, Inc. Class A (a)		6,200		133,858
	SYNNEX Corp. (a)		2,900		88,392
	Saba Software, Inc. (a)		3,700		15,577
	Sapient Corp. (a)		12,600		101,304
	Smith Micro Software, Inc. (a)		4,200		51,912
	SolarWinds, Inc. (a)		1,800		39,654
	Solera Holdings, Inc.		10,400		323,544
	SonicWALL, Inc. (a)		8,000		67,200
	Sourcefire, Inc. (a)		3,300		70,851
	Stanley, Inc. (a)		1,700		43,724
	SuccessFactors, Inc. (a)		5,900		83,013
	Support.com Inc. (a)		6,800		16,320
	Synchronoss Technologies, Inc. (a)		3,100		38,657


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Syntel, Inc.		1,900	$	90,687
	TIBCO Software, Inc. (a)		26,300		249,587
	TNS, Inc. (a)		3,800		104,120
	Taleo Corp. Class A (a)		4,700		106,408
	TechTarget, Inc. (a)		1,800		10,260
	TeleCommunication Systems, Inc. Class A (a)		5,700		47,652
	Terremark Worldwide, Inc. (a)		8,400		52,248
	Tier Technologies, Inc. Class B (a)		2,600		22,048
	Tyler Technologies, Inc. (a)		4,700		80,323
	Ultimate Software Group, Inc. (a)		3,600		103,392
	Unica Corp. (a)		1,800		13,716
	Unisys Corp. (a)		55,400		147,918
	United Online, Inc.		12,544		100,854
	VASCO Data Security International, Inc. (a)		4,200		31,122
	VeriFone Holdings, Inc. (a)		10,800		171,612
	Virtusa Corp. (a)		1,900		18,031
	Web.Com Group, Inc. (a)		3,900		27,651
	Websense, Inc. (a)		6,600		110,880
	Zix Corp. (a)		9,100		20,020

					9,656,377
Computer Technology - 0.9%	Adaptec, Inc. (a)		18,200		60,788
	Cray, Inc. (a)		5,000		41,650
	Dynamics Research Corp. (a)		1,200		15,624
	Imation Corp.		4,400		40,788
	Immersion Corp. (a)		4,100		17,548
	Intermec, Inc. (a)		9,300		131,130
	Isilon Systems, Inc. (a)		4,000		24,400
	Netezza Corp. (a)		7,100		79,804
	Palm, Inc. (a)		24,500		427,035
	Quantum Corp. (a)		31,900		40,194
	Radisys Corp. (a)		3,700		32,153
	Rimage Corp. (a)		1,400		23,926
	STEC, Inc. (a)		3,700		108,743
	Safeguard Scientifics, Inc. (a)		3,050		33,459
	Silicon Graphics International Corp. (a)		4,500		30,195
	Stratasys, Inc. (a)		3,000		51,480
	Super Micro Computer, Inc. (a)		3,600		30,456
	Synaptics, Inc. (a)		5,150		129,780

					1,319,153
Construction - 0.6%	EMCOR Group, Inc. (a)		9,800		248,136
	Granite Construction, Inc.		5,100		157,794
	Great Lakes Dredge & Dock Corp.		6,000		41,880
	Insituform Technologies, Inc. Class A (a)		5,800		111,012
	Orion Marine Group, Inc. (a)		3,900		80,106
	Sterling Construction Co., Inc. (a)		2,000		35,820
	Tutor Perini Corp. (a)		3,900		83,070

					757,818
Consumer Electronics - 0.2%	Audiovox Corp. Class A (a)		2,700		18,495
	Ipass, Inc.		9,000		12,420
	TiVo, Inc. (a)		15,631		161,937


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Universal Electronics, Inc. (a)		2,000	$	40,840

					233,692
Consumer Lending - 0.5%	Advance America, Cash Advance Centers, Inc.		6,600		36,960
	Asset Acceptance Capital Corp. (a)		2,200		15,950
	Cash America International, Inc.		4,400		132,704
	Credit Acceptance Corp. (a)		878		28,263
	Dollar Financial Corp. (a)		3,600		57,672
	Encore Capital Group, Inc. (a)		2,100		28,245
	First Cash Financial Services, Inc. (a)		3,433		58,807
	The First Marblehead Corp. (a)		9,700		21,340
	MGIC Investment Corp.		18,700		138,567
	MoneyGram International, Inc. (a)		12,900		40,506
	Nelnet, Inc. Class A (a)		2,900		36,076
	Portfolio Recovery Associates, Inc. (a)		2,300		104,259
	QC Holdings, Inc.		300		2,025
	Tree.com, Inc. (a)		900		6,795
	World Acceptance Corp. (a)		2,400		60,504

					768,673
Consumer Services: Miscellaneous - 0.6%	Coinstar, Inc. (a)		4,525		149,235
	Core-Mark Holdings Co., Inc. (a)		1,500		42,900
	Jackson Hewitt Tax Service, Inc.		4,300		21,930
	The Knot, Inc. (a)		4,600		50,232
	Mercadolibre, Inc. (a)		3,900		149,994
	Move, Inc. (a)		24,500		66,150
	Nutri/System, Inc.		4,600		70,196
	Pre-Paid Legal Services, Inc. (a)		1,100		55,880
	Sotheby’s Holdings, Inc. Class A		10,000		172,300
	Steiner Leisure Ltd. (a)		2,200		78,672

					857,489
Containers & Packaging - 0.5%	AEP Industries, Inc. (a)		800		31,920
	Bway Holding Co. (a)		1,200		22,212
	Graphic Packaging Holding Co. (a)		16,600		38,346
	Myers Industries, Inc.		5,200		56,004
	Rock-Tenn Co. Class A		5,700		268,527
	Silgan Holdings, Inc.		4,000		210,920

					627,929
Cosmetics - 0.1%	Bare Escentuals, Inc. (a)		9,895		117,652
	Elizabeth Arden, Inc. (a)		3,600		42,372
	Inter Parfums, Inc.		2,050		25,031
	Revlon, Inc., Class A (a)		2,800		13,608

					198,663
Diversified Financial Services - 0.5%	American Physicians Service Group, Inc.		900		20,727
	Broadpoint Gleacher Securities, Inc. (a)		7,451		62,141
	Cheviot Financial Corp.		300		2,481
	Duff & Phelps Corp.		2,400		45,984
	Evercore Partners, Inc. Class A		1,600		46,752
	FBR Capital Markets Corp. (a)		2,300		13,639
	FCStone Group, Inc. (a)		4,750		22,895
	First California Financial Group (a)		1,100		5,280
	Main Street Capital Corp.		1,100		15,653


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Piper Jaffray Cos. (a)		2,900	$	138,388
	Rewards Network, Inc. (a)		900		12,303
	Sanders Morris Harris Group, Inc.		3,000		17,730
	Stifel Financial Corp. (a)		4,352		238,925
	Thomas Weisel Partners Group, Inc. (a)		3,121		16,666
	Triangle Capital Corp.		1,000		12,340

					671,904
Diversified Manufacturing Operations - 0.2%	A.M. Castle & Co.		2,500		24,850
	Barnes Group, Inc.		7,000		119,630
	Federal Signal Corp.		7,600		54,644
	Raven Industries, Inc.		2,500		66,825
	Standex International Corp.		1,900		37,677
	Trimas Corp. (a)		2,000		10,200

					313,826
Diversified Materials & Processing - 1.0%	Belden, Inc.		7,000		161,700
	Brady Corp.		7,200		206,784
	Cabot Microelectronics Corp. (a)		3,500		122,010
	Clarcor, Inc.		7,600		238,336
	Encore Wire Corp.		2,700		60,318
	Fushi Copperweld, Inc. (a)		2,300		19,458
	GenTek, Inc. (a)		1,400		53,256
	Hexcel Corp. (a)		14,400		164,736
	Insteel Industries, Inc.		2,700		32,265
	Koppers Holdings, Inc.		3,100		91,915
	NL Industries, Inc.		1,200		8,040
	Rogers Corp. (a)		2,300		68,931
	Symyx Technologies, Inc. (a)		5,300		35,086
	Tredegar Corp.		4,400		63,800
	Uranium Energy Corp. (a)		7,900		23,305
	Zapata Corp. (a)		1,200		8,352

					1,358,292
Diversified Media - 0.1%	Belo Corp. Class A		13,400		72,494
	EW Scripps Co.		4,800		36,000
	Playboy Enterprises, Inc. Class B (a)		3,200		9,664

					118,158
Diversified Retail - 4.0%	1-800-FLOWERS.COM, Inc. Class A (a)		4,100		14,145
	99 Cents Only Stores (a)		7,000		94,150
	America’s Car Mart, Inc. (a)		1,400		33,530
	AnnTaylor Stores Corp. (a)		8,752		139,069
	Asbury Automotive Group, Inc.		4,800		60,864
	bebe Stores, Inc.		3,400		25,024
	Big 5 Sporting Goods Corp.		3,400		51,340
	Blue Nile, Inc. (a)		1,900		118,028
	Books-A-Million, Inc.		900		10,836
	Borders Group, Inc. (a)		7,100		22,081
	Brown Shoe Co., Inc.		6,225		49,925
	The Buckle, Inc.		3,700		126,318
	Build-A-Bear Workshop, Inc. (a)		2,500		12,175
	Cabela’s, Inc. Class A (a)		6,000		80,040
	The Cato Corp. Class A		4,100		83,189


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Central Garden & Pet Co. Class A (a)		9,769	$	106,775
	Charming Shoppes, Inc. (a)		17,300		84,943
	The Children’s Place Retail Stores, Inc. (a)		3,300		98,868
	Christopher & Banks Corp.		5,400		36,558
	Citi Trends, Inc. (a)		2,200		62,634
	Coldwater Creek, Inc. (a)		8,500		69,700
	Collective Brands, Inc. (a)		9,600		166,368
	Conn’s, Inc. (a)		1,500		16,935
	DSW, Inc. Class A (a)		1,800		28,746
	Destination Maternity Corp. (a)		900		16,317
	Dillard’s, Inc. Class A		7,700		108,570
	Dress Barn, Inc. (a)		7,000		125,510
	drugstore.com, Inc. (a)		13,400		32,562
	Ezcorp, Inc. (a)		6,800		92,888
	The Finish Line, Inc. Class A		6,355		64,567
	Fred’s, Inc.		6,000		76,380
	Gaiam, Inc. (a)		2,500		17,450
	Gander Mountain Co. (a)		1,100		5,654
	Genesco, Inc. (a)		3,200		77,024
	Group 1 Automotive, Inc.		3,500		93,975
	Gymboree Corp. (a)		4,400		212,872
	HSN, Inc. (a)		6,200		100,936
	Haverty Furniture Cos., Inc.		2,600		30,706
	hhgregg, Inc. (a)		1,800		30,492
	Hibbett Sports, Inc. (a)		4,050		73,832
	Hot Topic, Inc. (a)		6,100		45,689
	Insight Enterprises, Inc. (a)		7,200		87,912
	Jo-Ann Stores, Inc. (a)		4,000		107,320
	Jos. A. Bank Clothiers, Inc. (a)		2,725		121,998
	Lawson Products, Inc.		679		11,821
	Lithia Motors, Inc. Class A		2,500		38,975
	Lumber Liquidators, Inc. (a)		2,000		43,380
	Men’s Wearhouse, Inc.		7,800		192,660
	Midas, Inc. (a)		2,100		19,740
	Monro Muffler, Inc.		2,300		73,117
	New York & Co. (a)		3,500		17,920
	Nu Skin Enterprises, Inc. Class A		7,400		137,122
	OfficeMax, Inc.		11,368		143,009
	Overstock.com, Inc. (a)		2,400		35,208
	PC Connection, Inc. (a)		1,400		7,616
	PC Mall, Inc. (a)		1,800		12,348
	Pacific Sunwear of California, Inc. (a)		9,800		50,470
	The Pep Boys - Manny, Moe & Jack		7,300		71,321
	PetMed Express, Inc.		3,500		65,975
	Pier 1 Imports, Inc. (a)		13,400		51,858
	PriceSmart, Inc.		2,400		45,000
	Regis Corp.		8,500		131,750
	Retail Ventures, Inc. (a)		3,700		19,499
	Rex Stores Corp. (a)		1,100		11,990
	Rush Enterprises, Inc. Class A (a)		5,100		65,892


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Saks, Inc. (a)		17,700	$	120,714
	Sally Beauty Co., Inc. (a)		14,100		100,251
	School Specialty, Inc. (a)		2,800		66,416
	Shoe Carnival, Inc. (a)		1,400		21,588
	Shutterfly, Inc. (a)		3,100		51,553
	Sonic Automotive, Inc.		4,200		44,100
	Sport Supply Group, Inc.		1,700		17,323
	Stage Stores, Inc.		5,950		77,112
	Stamps.com, Inc. (a)		1,600		14,800
	Stein Mart, Inc. (a)		3,800		48,298
	Syms Corp. (a)		1,000		8,090
	Systemax, Inc. (a)		1,600		19,408
	The Talbots, Inc.		3,600		33,228
	Ticketmaster Entertainment (a)		6,000		70,140
	Titan Machinery, Inc. (a)		1,900		23,788
	Tractor Supply Co. (a)		5,400		261,468
	Tuesday Morning Corp. (a)		4,700		19,552
	Tween Brands, Inc. (a)		3,900		32,721
	Ulta Salon Cosmetics & Fragrance, Inc. (a)		4,100		67,691
	The Wet Seal, Inc. Class A (a)		14,500		54,810
	Zale Corp. (a)		3,200		22,880
	Zumiez, Inc. (a)		3,000		49,230

					5,586,727
Drug & Grocery Store Chains - 0.6%	Arden Group, Inc. Class A		200		23,900
	Casey’s General Stores, Inc.		7,600		238,488
	The Great Atlantic & Pacific Tea Co., Inc. (a)		5,007		44,612
	Ingles Markets, Inc. Class A		1,900		30,077
	Nash Finch Co.		1,900		51,946
	The Pantry, Inc. (a)		3,100		48,608
	Ruddick Corp.		6,400		170,368
	Spartan Stores, Inc.		3,300		46,629
	Susser Holdings Corp. (a)		1,100		13,827
	Village Super Market, Inc. Class A		900		26,523
	Weis Markets, Inc.		1,600		51,120
	Winn-Dixie Stores, Inc. (a)		8,200		107,584

					853,682
Education Services - 0.6%	Ambassadors Group, Inc.		2,900		45,385
	American Public Education, Inc. (a)		2,600		90,324
	Bridgepoint Education, Inc. (a)		2,100		32,046
	Capella Education Co. (a)		2,100		141,414
	Chinacast Education Corp. (a)		4,400		31,988
	Corinthian Colleges, Inc. (a)(b)		12,000		222,720
	Franklin Covey Co. (a)		1,800		10,530
	Grand Canyon Education, Inc. (a)		2,400		42,792
	K12, Inc. (a)		3,500		57,680
	Learning Tree International, Inc. (a)		1,200		13,668
	Lincoln Educational Services Corp. (a)		1,400		32,032
	Nobel Learning Communities, Inc. (a)		500		4,690
	The Princeton Review, Inc. (a)		2,300		9,660
	Renaissance Learning, Inc.		800		7,952


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Rosetta Stone, Inc. (a)		900	$	20,664
	Universal Technical Institute, Inc. (a)		3,100		61,070

					824,615
Electronic Components - 0.6%	3D Systems Corp. (a)		2,600		23,998
	Acacia Research - Acacia Technologies (a)		4,800		41,808
	Checkpoint Systems, Inc. (a)		5,800		95,352
	Cogent, Inc. (a)		6,400		64,640
	Methode Electronics, Inc.		5,900		51,153
	Microvision, Inc. (a)		10,800		59,508
	Multi-Fineline Electronix, Inc. (a)		1,500		43,065
	NVE Corp. (a)		600		31,836
	Park Electrochemical Corp.		3,100		76,415
	ScanSource, Inc. (a)		4,000		113,280
	Smart Modular Technologies WWH, Inc. (a)		5,500		26,180
	TTM Technologies, Inc. (a)		6,500		74,555
	Technitrol, Inc.		6,200		57,102
	Universal Display Corp. (a)		4,400		52,536

					811,428
Electronic Entertainment - 0.2%	DTS, Inc. (a)		2,600		71,188
	Memsic, Inc. (a)		3,000		11,250
	THQ, Inc. (a)		10,100		69,084
	Take-Two Interactive Software, Inc. (a)		11,900		133,399

					284,921
Electronics - 0.4%	Agilysys, Inc.		2,000		13,180
	American Science & Engineering, Inc.		1,300		88,452
	CPI International, Inc. (a)		1,100		12,309
	Coherent, Inc. (a)		3,200		74,624
	Daktronics, Inc.		5,200		44,564
	II-VI, Inc. (a)		3,900		99,216
	IPG Photonics Corp. (a)		3,800		57,760
	iRobot Corp. (a)		3,200		39,392
	Newport Corp. (a)		5,700		49,932
	Rofin-Sinar Technologies, Inc. (a)		4,300		98,728
	SRS Labs Inc. (a)		1,600		11,696
	Spectrum Control, Inc. (a)		1,900		16,131

					605,984
Energy Equipment - 0.2%	Ascent Solar Technologies, Inc. (a)		2,300		17,342
	Energy Conversion Devices, Inc. (a)		6,800		78,744
	Evergreen Solar, Inc. (a)		28,000		53,760
	FuelCell Energy, Inc. (a)		10,300		43,981
	GT Solar International, Inc. (a)		4,500		26,145
	PowerSecure International, Inc. (a)		2,600		17,628
	Raser Technologies, Inc. (a)		7,800		11,934

					249,534
Engineering & Contracting Services - 0.3%	Argan, Inc. (a)		1,300		17,472
	Dycom Industries, Inc. (a)		5,900		72,570
	ENGlobal Corp. (a)		2,600		10,712
	Furmamite Corp. (a)		5,600		24,136
	Hill International, Inc. (a)		3,900		27,690
	Integrated Electrical Services, Inc. (a)		1,300		10,465


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Layne Christensen Co. (a)		2,900	$	92,945
	MYR Group, Inc. (a)		2,600		54,834
	Michael Baker Corp. (a)		1,200		43,608
	VSE Corp.		600		23,406

					377,838
Entertainment - 0.3%	Ascent Media Corp. Class A (a)		2,245		57,472
	CKX, Inc. (a)		9,100		61,061
	Carmike Cinemas, Inc.		1,600		16,176
	Cinemark Holdings, Inc.		4,900		50,764
	Live Nation, Inc. (a)		12,900		105,651
	LodgeNet Interactive Corp. (a)		3,600		27,180
	Reading International, Inc. Class A (a)		3,200		13,152
	Rentrak Corp. (a)		1,400		25,004
	World Wrestling Entertainment, Inc.		3,200		44,832

					401,292
Financial Data & Systems - 1.1%	Advent Software, Inc. (a)(b)		2,300		92,575
	Cardtronics, Inc. (a)		1,700		13,294
	Cass Information Systems, Inc.		1,225		36,579
	CompuCredit Hldgs Corp. (a)		2,500		11,775
	CyberSource Corp. (a)		10,341		172,384
	Euronet Worldwide, Inc. (a)		7,300		175,419
	Fair Isaac Corp.		7,300		156,877
	Global Cash Access, Inc. (a)		6,100		44,591
	Heartland Payment Systems, Inc.		5,600		81,256
	Information Services Group, Inc. (a)		4,300		17,157
	Jack Henry & Associates, Inc.		12,495		293,258
	Net 1 UEPS Technologies, Inc. (a)		4,600		96,416
	Online Resources Corp. (a)		3,800		23,446
	RiskMetrics Group, Inc. (a)		3,300		48,246
	S1 Corp. (a)		7,900		48,822
	Value Line, Inc.		100		3,087
	Wright Express Corp. (a)		5,700		168,207

					1,483,389
Foods - 1.1%	American Dairy, Inc. (a)		1,300		36,829
	American Italian Pasta Co. Class A (a)		3,100		84,258
	B&G Foods, Inc. Class A		3,800		31,122
	China Biotics, Inc. (a)		1,300		20,800
	Chiquita Brands International, Inc. (a)		6,700		108,272
	Diamond Foods, Inc.		2,500		79,300
	Hain Celestial Group, Inc. (a)		6,100		116,937
	J&J Snack Foods Corp.		2,200		95,018
	Lancaster Colony Corp.		2,800		143,556
	Lance, Inc.		4,200		108,444
	Lifeway Foods, Inc. (a)		600		6,594
	Medifast, Inc. (a)		1,800		39,096
	Nutraceutical International Corp. (a)		1,600		18,032
	Omega Protein Corp. (a)		2,800		13,580
	Overhill Farms, Inc. (a)		2,600		15,730
	Schiff Nutrition International, Inc.		1,700		8,857
	Seneca Foods Corp. (a)		1,300		35,620


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Smart Balance, Inc. (a)		9,800	$	60,172
	Synutra International, Inc. (a)		2,700		37,017
	Tootsie Roll Industries, Inc.		3,741		88,961
	TreeHouse Foods, Inc. (a)		4,700		167,649
	United Natural Foods, Inc. (a)		6,400		153,088
	Zhongpin, Inc. (a)		3,000		44,160

					1,513,092
Forest Products - 0.1%	Deltic Timber Corp.		1,700		77,809
	Universal Forest Products, Inc.		2,900		114,434

					192,243
Forms & Bulk Printing Services - 0.3%	Bowne & Co., Inc.		5,275		40,618
Forms & Bulk Printing Services - 0.3%	Consolidated Graphics, Inc. (a)		1,500		37,425
	Deluxe Corp.		7,600		129,960
	Ennis, Inc.		3,900		62,907
	Innerworkings, Inc. (a)		3,600		17,784
	M&F Worldwide Corp. (a)		1,800		36,432
	Multi-Color Corp.		1,550		23,917
	The Standard Register Co.		2,600		15,288

					364,331
Funeral Parlors & Cemeteries - 0.2%	Matthews International Corp. Class A		4,600		162,748
Funeral Parlors & Cemeteries - 0.2%	Stewart Enterprises, Inc. Class A		12,600		65,898

					228,646
Gas Pipeline - 0.0%	Crosstex Energy, Inc.		6,100		32,208
Glass - 0.0%	Apogee Enterprises, Inc.		4,200		63,084
Gold - 0.2%	Allied Nevada Gold Corp. (a)		7,800		76,362
	Coeur d’Alene Mines Corp. (a)		11,300		231,650
	US Gold Corp. (a)		11,900		34,391

					342,403
Health Care Facilities - 0.6%	Amsurg Corp. (a)		4,600		97,658
	Assisted Living Concepts, Inc. (a)		1,520		31,495
	Capital Senior Living Corp. (a)		3,400		20,740
	Emeritus Corp. (a)		3,000		65,850
	The Ensign Group, Inc.		1,600		22,448
	Hanger Orthopedic Group, Inc. (a)		3,800		52,706
	Kindred Healthcare, Inc. (a)		5,880		95,432
	LCA-Vision, Inc. (a)		2,300		16,123
	MedCath Corp. (a)		2,200		19,294
	National Healthcare Corp.		1,200		44,748
	Psychiatric Solutions, Inc. (a)		8,400		224,784
	Skilled Healthcare Group, Inc. Class A (a)		2,800		22,484
	Sun Healthcare Group, Inc. (a)		6,500		56,160
	Sunrise Senior Living, Inc. (a)		6,800		20,604
	US Physical Therapy, Inc. (a)		1,700		25,619

					816,145
Health Care Management Services - 0.8%	AMERIGROUP Corp. (a)		7,900		175,143
Health Care Management Services - 0.8%	American Caresource Holdings, Inc. (a)		1,300		5,681
	American Dental Partners, Inc. (a)		2,000		28,000
	Bioscript, Inc. (a)		5,800		39,208
	Catalyst Health Solutions, Inc. (a)		5,500		160,325
	Centene Corp. (a)		6,400		121,216


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Computer Programs & Systems, Inc.		1,300	$	53,833
	Contiucare Corp. (a)		4,100		12,382
	HealthSpring, Inc. (a)		7,700		94,325
	Magellan Health Services, Inc. (a)		5,200		161,512
	MedQuist Inc.		1,800		11,448
	Metropolitan Health Networks, Inc. (a)		5,900		12,862
	Molina Healthcare, Inc. (a)		2,000		41,380
	National Research Corp.		200		4,826
	Transcend Services, Inc. (a)		900		15,714
	Triple-S Management Corp. (a)		3,100		51,987
	Universal American Financial Corp. (a)		4,000		37,680
	WellCare Health Plans, Inc. (a)		6,298		155,246

					1,182,768
Health Care Services - 1.6%	Air Methods Corp. (a)		1,500		48,855
	Alliance Healthcare Services, Inc. (a)		3,900		22,074
	Allied Healthcare International, Inc. (a)		6,400		17,920
	Almost Family, Inc. (a)		1,000		29,750
	Amedisys, Inc. (a)(b)		4,133		180,323
	athenahealth, Inc. (a)		5,000		191,850
	CardioNet, Inc. (a)		3,100		20,832
	Chemed Corp.		3,400		149,226
	Corvel Corp. (a)		1,350		38,340
	Eclipsys Corp. (a)		8,400		162,120
	Emergency Medical Services Corp. (a)		1,400		65,100
	Gentiva Health Services, Inc. (a)		4,300		107,543
	HMS Holdings Corp. (a)		3,800		145,274
	HealthSouth Corp. (a)		13,200		206,448
	Healthways, Inc. (a)		5,000		76,600
	IPC The Hospitalist Co., Inc. (a)		2,400		75,480
	LHC Group, Inc. (a)		2,100		62,853
	Medidata Solutions, Inc. (a)		1,000		15,145
	Novamed Eyecare, Inc. (a)		2,800		12,684
	Odyssey HealthCare, Inc. (a)		4,900		61,250
	Omnicell, Inc. (a)		4,700		52,358
	PharMerica Corp. (a)		4,586		85,162
	Phase Forward, Inc. (a)		6,500		91,260
	Quality Systems, Inc.		3,500		215,495
	RehabCare Group, Inc. (a)		2,800		60,732
	Res-Care, Inc. (a)		3,900		55,419
	Virtual Radiologic Corp. (a)		800		10,424

					2,260,517
Health Care: Miscellaneous - 0.1%	MedAssets, Inc. (a)		5,900		133,163
	The Providence Service Corp. (a)		1,600		18,656

					151,819
Home Building - 0.3%	Beazer Homes USA, Inc. (a)		5,000		27,950
	Brookfield Homes Corp.		1,763		11,777
	Hovnanian Enterprises, Inc. Class A (a)		7,300		28,032
	M/I Homes, Inc. (a)		2,700		36,693
	Meritage Homes Corp. (a)		4,700		95,410


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Ryland Group, Inc.	6,400	$	134,848
	Standard-Pacific Corp. (a)	15,100		55,719

				390,429
Hotel/Motel - 0.2%	Gaylord Entertainment Co. (a)	5,200		104,520
	Marcus Corp.	3,100		39,649
	Morgans Hotel Group Co. (a)	3,600		19,512
	Orient Express Hotels Ltd. Class A	11,500		132,365
	Red Lion Hotels Corp. (a)	2,500		14,375

				310,421
Household Appliances - 0.0%	National Presto Industries, Inc.	700		60,557
Household Equipment & Products - 0.4%	American Greetings Corp. Class A	5,900		131,570
Household Equipment & Products - 0.4%	Blyth, Inc.	850		32,921
	CSS Industries, Inc.	1,200		23,724
	Nivs Intellimedia Technology (a)	1,100		2,948
	Tupperware Corp.	9,400		375,248

				566,411
Household Furnishings - 0.3%	American Woodmark Corp.	1,500		29,010
Household Furnishings - 0.3%	Ethan Allen Interiors, Inc.	3,700		61,050
	Furniture Brands International, Inc.	6,500		35,945
	Hooker Furniture Corp.	1,600		21,600
	Kirkland’s, Inc. (a)	1,600		22,800
	La-Z-Boy, Inc.	7,700		66,605
	Sealy Corp. (a)	6,600		21,120
	Stanley Furniture Co., Inc.	1,500		15,555
	Tempur-Pedic International, Inc.	11,214		212,393

				486,078
Insurance: Life - 0.4%	American Equity Investment Life Holding Co.	8,400		58,968
	Citizens, Inc. (a)	4,900		31,066
	Conseco, Inc. (a)	27,657		145,476
	Delphi Financial Group, Inc. Class A	6,850		155,016
	FBL Financial Group, Inc. Class A	1,900		36,917
	Independence Holding Co.	500		2,940
	Kansas City Life Insurance Co.	700		21,798
	Life Partners Holdings, Inc.	1,050		18,795
	National Western Life Insurance Co. Class A	342		60,185
	The Phoenix Cos., Inc. (a)	18,100		58,825
	Presidential Life Corp.	3,300		34,188

				624,174
Insurance: Multi-Line - 0.9%	AMBAC Financial Group, Inc.	41,800		70,224
	Assured Guaranty Ltd.	15,600		302,952
	Crawford & Co. Class B (a)	3,700		16,317
	Eastern Insurance Holdings, Inc.	1,400		13,342
	eHealth, Inc. (a)	3,700		53,724
	Flagstone Reinsurance Holdings Ltd.	5,900		66,552
	Horace Mann Educators Corp.	5,900		82,423
	Maiden Holdings Ltd.	7,800		56,706
	Max Capital Group Ltd.	6,900		147,453
	Pico Holdings, Inc. (a)	3,300		110,055
	Platinum Underwriters Holdings Ltd.	7,700		275,968


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Primus Guaranty Ltd. (a)	3,700	$	15,799

				1,211,515
Insurance: Property-Casualty - 2.0%	AmTrust Financial Services, Inc.	3,400		38,794
Insurance: Property-Casualty - 2.0%	American Physicians Capital, Inc.	1,400		40,334
	American Safety Insurance Holdings Ltd. (a)	1,300		20,540
	Amerisafe, Inc. (a)(b)	2,800		48,300
	Argo Group International Holdings Ltd. (a)	4,566		153,783
	Baldwin & Lyons, Inc. Class B	1,300		30,485
	CNA Surety Corp. (a)	2,500		40,500
	Donegal Group, Inc. Class A	1,700		26,248
	EMC Insurance Group, Inc.	700		14,791
	Employers Holdings, Inc.	7,010		108,515
	Enstar Group Ltd. (a)	1,100		68,497
	FPIC Insurance Group, Inc. (a)	1,100		36,905
	First Acceptance Corp. (a)	2,600		7,020
	First Mercury Financial Corp.	2,100		27,972
	Greenlight Capital Re Ltd. (a)	4,200		78,960
	Hallmark Financial Services, Inc. (a)	1,300		10,465
	Harleysville Group, Inc.	2,100		66,465
	Hilltop Holdings, Inc. (a)	5,752		70,520
	Infinity Property & Casualty Corp.	2,100		89,208
	Meadowbrook Insurance Group, Inc.	9,017		66,726
	Mercer Insurance Group, Inc.	800		14,456
	Montpelier Re Holdings Ltd.	12,900		210,528
	NYMAGIC, Inc.	700		12,082
	National Interstate Corp.	1,000		17,500
	Navigators Group, Inc. (a)	1,900		104,500
	PMA Capital Corp. Class A (a)	4,800		27,312
	The PMI Group, Inc.	10,000		42,500
	ProAssurance Corp. (a)	4,900		255,731
	RLI Corp.	2,800		147,784
	Radian Group, Inc.	12,200		129,076
	Safety Insurance Group, Inc.	2,000		65,840
	SeaBright Insurance Holdings, Inc. (a)	3,200		36,544
	Selective Insurance Group, Inc.	8,300		130,559
	State Auto Financial Corp.	2,100		37,653
	Stewart Information Services Corp.	2,600		32,162
	Tower Group, Inc.	6,020		146,828
	United America Indemnity, Ltd. (a)	5,464		40,379
	United Fire & Casualty Co.	3,500		62,650
	Universal Insurance Holdings, Inc.	2,000		10,060
	Zenith National Insurance Corp.	5,550		171,495

				2,740,667
Leisure Time - 0.6%	Bluegreen Corp. (a)	2,200		6,710
	Callaway Golf Co.	9,600		73,056
	Churchill Downs, Inc.	1,500		57,750
	Great Wolf Resorts, Inc. (a)	4,300		15,351
	Interval Leisure Group, Inc. (a)	6,065		75,691
	Life Time Fitness, Inc. (a)	6,000		168,300
	Orbitz Worldwide, Inc. (a)	5,300		32,754


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Pool Corp.	7,200	$	159,984
	Smith & Wesson Holding Corp. (a)	8,600		44,978
	Speedway Motorsports, Inc.	2,000		28,780
	Steinway Musical Instruments, Inc. (a)	1,100		13,057
	Sturm Ruger & Co., Inc.	2,600		33,644
	Town Sports International Holdings, Inc. (a)	2,600		6,526
	Universal Travel Group (a)	1,500		19,350
	Vail Resorts, Inc. (a)	4,400		147,576
	West Marine, Inc. (a)	2,000		15,720

				899,227
Luxury Items - 0.2%	Fossil, Inc. (a)	7,000		199,150
	Fuqi International, Inc. (a)	1,700		49,776
	Movado Group, Inc.	2,400		34,872

				283,798
Machinery & Engineering - 0.1%	Applied Industrial Technologies, Inc.	6,350		134,366
Machinery: Agricultural - 0.1%	Alamo Group, Inc.	1,000		15,800
	Lindsay Manufacturing Co.	1,800		70,884

				86,684
Machinery: Construction & Handling - 0.1%	Astec Industries, Inc. (a)	2,700		68,769
Machinery: Construction & Handling - 0.1%	NACCO Industries, Inc. Class A	800		48,056

				116,825
Machinery: Engines - 0.1%	Briggs & Stratton Corp.	7,500		145,575
	Harbin Electric, Inc. (a)	2,000		33,760

				179,335
Machinery: Industrial - 1.0%	Actuant Corp. Class A (b)	10,100		162,206
	Altra Holdings, Inc. (a)	3,900		43,641
	Chart Industries, Inc. (a)	4,300		92,837
	Colfax Corp. (a)	3,700		39,331
	Columbus McKinnon Corp. (a)	2,800		42,420
	DXP Enterprises, Inc. (a)	1,200		13,380
	EnPro Industries, Inc. (a)	3,000		68,580
	Flow International Corp. (a)	5,600		14,504
	Graham Corp.	1,500		23,325
	John Bean Technologies Corp.	4,341		78,876
	Kadant, Inc. (a)	1,800		21,834
	MTS Systems Corp.	2,500		73,025
	Middleby Corp. (a)	2,474		136,095
	Nordson Corp.	5,000		280,450
	Sauer-Danfoss, Inc.	1,600		12,272
	Tecumseh Products Co. Class A (a)	2,800		31,724
	Tennant Co.	2,800		81,368
	Twin Disc, Inc.	1,300		16,211
	Woodward Governor Co.	9,000		218,340

				1,450,419
Machinery: Specialty - 0.1%	Albany International Corp. Class A	4,000		77,600
	Cascade Corp.	1,400		37,436
	Hurco Companies, Inc. (a)	1,000		17,080
	K-Tron International, Inc. (a)	400		38,084

				170,200


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Manufactured Housing - 0.0%	Cavco Industries, Inc. (a)	1,000	$	35,500
	Skyline Corp.	1,000		22,560

				58,060
Medical & Dental Instruments & Supplies - 2.7%	ATS Medical, Inc. (a)	8,100		21,708
Medical & Dental Instruments & Supplies - 2.7%	Abiomed, Inc. (a)	4,600		44,666
	Align Technology, Inc. (a)	9,000		127,980
	Alphatec Holdings, Inc. (a)	4,100		18,860
	American Medical Systems Holdings, Inc. (a)	11,000		186,120
	AngioDynamics, Inc. (a)	3,700		50,986
	Atrion Corp.	200		28,880
	Bovie Medical Corp. (a)	2,500		19,625
	CONMED Corp. (a)	4,300		82,431
	Cantel Medical Corp. (a)	1,900		28,614
	Cardiovascular Systems, Inc. (a)	1,700		12,359
	Conceptus, Inc. (a)	4,600		85,284
	CryoLife, Inc. (a)	3,800		30,286
	Cutera, Inc. (a)	2,000		17,300
	Delcath Systems Inc. (a)	3,400		16,660
	Endologix, Inc. (a)	6,500		40,235
	ev3, Inc. (a)	11,046		135,976
	Exactech, Inc. (a)	1,200		18,888
	Hansen Medical, Inc. (a)	3,500		12,250
	Heartware International, Inc. (a)	800		23,992
	Home Diagnostics, Inc. (a)	1,600		10,816
	I-Flow Corp. (a)	3,300		37,587
	ICU Medical, Inc. (a)	1,800		66,348
	Immucor, Inc. (a)	10,550		186,735
	Insulet Corp. (a)	3,900		43,797
	Integra LifeSciences Holdings Corp. (a)	2,800		95,620
	Invacare Corp.	4,300		95,804
	Landauer, Inc.	1,400		76,972
	MAKO Surgical Corp. (a)	2,300		20,148
	Matrixx Initiatives, Inc. (a)	600		3,408
	Medical Action Industries, Inc. (a)	2,100		25,347
	Meridian Bioscience, Inc.	5,975		149,435
	Merit Medical Systems, Inc. (a)	4,200		72,786
	Micrus Endovascular Corp. (a)	2,400		31,080
	Neogen Corp. (a)	2,000		64,580
	NuVasive, Inc. (a)	5,500		229,680
	OraSure Technologies, Inc. (a)	6,900		20,010
	Orthofix International NV (a)	2,600		76,414
	Orthovita, Inc. (a)	9,900		43,461
	Owens & Minor, Inc.	6,200		280,550
	PSS World Medical, Inc. (a)	8,900		194,287
	Quidel Corp. (a)	3,900		63,297
	Rochester Medical Corp. (a)	1,500		18,060
	Rockwell Medical Technologies, Inc. (a)	2,200		17,006
	Steris Corp.	8,700		264,915
	SurModics, Inc. (a)	2,300		56,580
	Symmetry Medical, Inc. (a)	5,400		55,998


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Synovis Life Technologies, Inc. (a)	1,700	$	23,460
	Trans1, Inc. (a)	2,100		10,101
	Utah Medical Products, Inc.	500		14,660
	Vascular Solutions, Inc. (a)	2,400		19,848
	Volcano Corp. (a)	7,200		121,104
	West Pharmaceutical Services, Inc.	4,900		198,989
	Wright Medical Group, Inc. (a)	5,600		100,016
	Young Innovations, Inc.	800		21,048

				3,813,047
Medical Equipment - 1.7%	Abaxis, Inc. (a)	3,200		85,600
	Accuray, Inc. (a)	6,000		39,000
	Affymetrix, Inc. (a)(b)	10,600		93,068
	Analogic Corp.	2,000		74,040
	Aspect Medical Systems, Inc. (a)	3,000		35,940
	Bruker BioSciences Corp. (a)	7,700		82,159
	Cardiac Science Corp. (a)	2,900		11,600
	Clarient, Inc. (a)	4,500		18,945
	Cyberonics, Inc. (a)	4,100		65,354
	Cynosure, Inc. Class A (a)	1,500		17,475
	DexCom, Inc. (a)	7,400		58,682
	Dionex Corp. (a)	2,600		168,922
	Electro-Optical Sciences, Inc. (a)	3,000		28,680
	Enteromedics, Inc. (a)	2,300		11,017
	Greatbatch, Inc. (a)	3,500		78,645
	Haemonetics Corp. (a)	3,800		213,256
	IRIS International, Inc. (a)	2,700		30,510
	Luminex Corp. (a)	6,200		105,400
	Masimo Corp. (a)	7,600		199,120
	Merge Healthcare, Inc. (a)	4,500		18,495
	Natus Medical, Inc. (a)	4,200		64,806
	NxStage Medical, Inc. (a)	3,400		22,746
	OSI Systems, Inc. (a)	2,300		42,067
	Palomar Medical Technologies, Inc. (a)	2,700		43,767
	Sirona Dental Systems, Inc. (a)	2,700		80,325
	Somanetics Corp. (a)	1,800		29,016
	SonoSite, Inc. (a)	2,600		68,796
	Spectranetic Corp. (a)	5,000		32,050
	Stereotaxis, Inc. (a)	4,100		18,286
	Thoratec Corp. (a)	8,400		254,268
	Tomotherapy, Inc. (a)	6,100		26,413
	Varian, Inc. (a)	4,300		219,558
	Vital Images, Inc. (a)	2,200		27,544
	Zoll Medical Corp. (a)	3,200		68,864

				2,434,414
Medical Services - 0.3%	America Service Group, Inc.	1,200		19,848
	Bio-Reference Labs, Inc. (a)	1,800		61,920
	eResearch Technology, Inc. (a)	6,400		44,800
	Genoptix, Inc. (a)	2,500		86,950
	Kendle International, Inc. (a)	2,000		33,440
	Nighthawk Radiology Holdings, Inc. (a)	3,200		23,136


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Parexel International Corp. (a)	8,600	$	116,874
	RadNet, Inc. (a)	4,300		11,137

				398,105
Metal Fabricating - 0.7%	Ampco-Pittsburgh Corp.	1,300		34,567
	Dynamic Materials Corp.	1,900		37,924
	The Eastern Co.	900		14,310
	Hawk Corp. Class A (a)	800		10,976
	Haynes International, Inc. (a)	1,800		57,276
	Kaydon Corp.	5,000		162,100
	L.B. Foster Co. Class A (a)	1,500		45,870
	Mueller Industries, Inc.	5,600		133,672
	Mueller Water Products, Inc. Series A	22,080		120,998
	Northwest Pipe Co. (a)	1,400		46,942
	Omega Flex, Inc.	400		6,708
	RBC Bearings, Inc. (a)	3,400		79,322
	RTI International Metals, Inc. (a)	4,300		107,113
	Worthington Industries, Inc.	9,000		125,100

				982,878
Metals & Minerals: Diversified - 0.4%	AMCOL International Corp.	3,600		82,403
Metals & Minerals: Diversified - 0.4%	Brush Engineered Materials, Inc. (a)	3,000		73,380
	General Moly, Inc. (a)	9,800		30,870
	Hecla Mining Co. (a)	32,600		143,114
	Minerals Technologies, Inc.	2,800		133,168
	Oil-Dri Corp. of America	700		10,150
	Paramount Gold and Silver Corp. (a)	9,100		12,467
	United States Lime & Minerals Inc. (a)	300		10,776
	Uranerz Energy Corp. (a)	8,300		19,007

				515,335
Office Supplies & Equipment - 0.5%	ACCO Brands Corp. (a)	8,364		60,388
Office Supplies & Equipment - 0.5%	Electronics for Imaging, Inc. (a)	7,700		86,779
	HNI Corp.	7,000		165,200
	Herman Miller, Inc.	8,000		135,280
	Kimball International, Inc. Class B	4,800		36,624
	Knoll, Inc.	7,400		77,182
	Steelcase, Inc. Class A	10,943		67,956

				629,409
Offshore Drilling & Other Services - 0.1%	Hercules Offshore, Inc. (a)	14,339		70,404
Offshore Drilling & Other Services - 0.1%	Vantage Drilling Co. (a)	7,800		14,274

				84,678
Oil Well Equipment & Services - 1.5%	Allis-Chalmers Energy, Inc. (a)	7,800		34,008
Oil Well Equipment & Services - 1.5%	Basic Energy Services, Inc. (a)	3,300		28,017
	Bolt Technology Corp. (a)	1,300		16,341
	Boots & Coots, Inc. (a)	11,600		18,676
	Bronco Drilling Co., Inc. (a)	3,500		22,925
	CARBO Ceramics, Inc.	2,850		146,918
	Cal Dive International, Inc. (a)	6,712		66,382
	Complete Production Services, Inc. (a)	8,700		98,310
	Dawson Geophysical Co. (a)	1,200		32,856
	Dril-Quip, Inc. (a)	4,300		213,452
	Geokinetics, Inc. (a)	700		14,840


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Global Industries Ltd. (a)	14,900	$	141,550
	Gulf Island Fabrication, Inc.	1,800		33,732
	Hornbeck Offshore Services, Inc. (a)	3,400		93,704
	ION Geophysical Corp. (a)	14,700		51,744
	Key Energy Services, Inc. (a)	18,500		160,950
	Lufkin Industries, Inc.	2,200		116,996
	Matrix Service Co. (a)	3,900		42,393
	NATCO Group, Inc. Class A (a)	3,100		137,268
	Natural Gas Services Group (a)	1,800		31,716
	Newpark Resources, Inc. (a)	13,300		42,693
	OYO Geospace Corp. (a)	600		15,498
	Parker Drilling Co. (a)	17,400		95,004
	Pioneer Drilling Co. (a)	6,400		46,976
	RPC, Inc.	4,425		46,374
	Sulphco, Inc. (a)	7,600		10,412
	Superior Well Services, Inc. (a)	2,100		20,328
	T-3 Energy Services, Inc. (a)	1,900		37,430
	Tetra Technologies, Inc. (a)	11,270		109,206
	Union Drilling, Inc. (a)	1,600		12,224
	Willbros Group, Inc. (a)	5,900		89,857

				2,028,780
Oil: Crude Producers - 2.0%	ATP Oil & Gas Corp. (a)	5,100		91,239
	Apco Oil and Gas International, Inc.	1,500		34,200
	Approach Resources, Inc. (a)	1,800		16,344
	Arena Resources, Inc. (a)	5,700		202,350
	Atlas Energy, Inc.	5,300		143,471
	BPZ Resources, Inc. (a)	13,900		104,528
	Berry Petroleum Co. Class A	6,400		171,392
	Bill Barrett Corp. (a)	5,700		186,903
	Brigham Exploration Co. (a)	12,400		112,592
	CREDO Petroleum Corp. (a)	1,000		10,120
	Carrizo Oil & Gas, Inc. (a)	4,200		102,858
	Cheniere Energy, Inc. (a)	8,300		24,319
	Clayton Williams Energy, Inc. (a)	900		27,108
	Contango Oil & Gas Co. (a)	1,800		91,908
	Cubic Energy, Inc. (a)	3,300		3,102
	Delta Petroleum Corp. (a)	26,500		46,375
	Endeavour International Corp. (a)	17,800		21,538
	FX Energy, Inc. (a)	6,300		20,349
	GMX Resources Inc. (a)	3,700		58,127
	GeoResources, Inc. (a)	1,100		12,155
	Goodrich Petroleum Corp. (a)	3,700		95,497
	Gran Tierra Energy, Inc. (a)	31,300		130,208
	Gulfport Energy Corp. (a)	3,900		34,086
	Harvest Natural Resources, Inc. (a)	4,900		25,137
	Isramco Inc. (a)	200		25,004
	McMoRan Exploration Co. (a)	11,200		84,560
	Northern Oil And Gas, Inc. (a)	4,200		35,280
	Oilsands Quest, Inc. (a)	29,400		33,222
	Panhandle Oil & Gas, Inc.	1,100		23,496


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Parallel Petroleum Corp. (a)		6,200	$	19,654
	Penn Virginia Corp.		6,800		155,788
	Petroleum Development Corp. (a)		2,600		48,516
	Petroquest Energy, Inc. (a)		6,900		44,781
	PrimeEnergy Corp. (a)		100		2,862
	Rex Energy Corp. (a)		4,000		33,400
	Rosetta Resources, Inc. (a)		8,200		120,458
	Stone Energy Corp. (a)		6,128		99,948
	Swift Energy Co. (a)		5,500		130,240
	Toreador Resources Corp.		3,200		31,968
	Vaalco Energy, Inc. (a)		8,700		40,020
	Venoco, Inc. (a)		2,800		32,228
	W&T Offshore, Inc.		5,070		59,370
	Warren Resources, Inc. (a)		8,800		26,048
	Zion Oil & Gas, Inc. (a)		1,700		16,592

					2,829,341
Oil: Integrated - 0.1%	Alon USA Energy, Inc.		1,100		10,923
	CVR Energy, Inc. (a)		3,500		43,540
	Delek US Holdings, Inc.		1,900		16,283
	Western Refining, Inc. (a)		5,600		36,120

					106,866
Paints & Coatings - 0.2%	Chase Corp.		800		9,360
	Ferro Corp.		6,500		57,850
	H.B. Fuller Co.		7,300		152,570
	North American Galvanizing & Coatings (a)		1,800		10,926

					230,706
Paper - 0.5%	Boise, Inc. (a)		4,600		24,288
	Buckeye Technologies, Inc. (a)		5,800		62,234
	Clearwater Paper Corp. (a)		1,696		70,096
	Domtar Corp. (a)		6,204		218,505
	Kapstone Paper and Packaging Corp. (a)		3,100		25,234
	Neenah Paper, Inc.		2,300		27,071
	P.H. Glatfelter Co.		6,800		78,064
	Schweitzer-Mauduit International, Inc.		2,200		119,592
	Wausau Paper Corp.		6,500		65,000

					690,084
Personal Care - 0.3%	Chattem, Inc. (a)		2,900		192,589
	Female Health Co. (a)		2,200		11,110
	Helen of Troy Ltd. (a)		4,500		87,435
	Mannatech, Inc.		2,400		9,192
	Orchids Paper Products Co. (a)		700		14,000
	USANA Health Sciences, Inc. (a)		1,000		34,110
	WD-40 Co.		2,500		71,000

					419,436
Pharmaceuticals - 1.7%	Acura Pharmaceuticals, Inc. (a)		1,300		6,604
	Adolor Corp. (a)		6,800		10,812
	Akorn, Inc. (a)		8,400		11,508
	Alkermes, Inc. (a)		14,100		129,579
	Allion Healthcare, Inc. (a)		3,500		20,475
	American Oriental Bioengineering, Inc. (a)		9,200		44,712


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Ardea Biosciences, Inc. (a)		2,100	$	38,472
	Auxilium Pharmaceuticals, Inc. (a)(b)		6,400		218,944
	Avanir Pharmaceuticals, Inc. (a)		9,000		18,720
	BMP Sunstone Corp. (a)		4,800		19,536
	BioCryst Pharmaceuticals, Inc. (a)		3,600		29,664
	Biospecifics Technologies (a)		500		16,005
	Cadence Pharmaceuticals, Inc. (a)		3,800		42,028
	Cambrex Corp. (a)		4,165		26,240
	Caraco Pharmaceutical Laboratories Ltd. (a)		1,600		8,144
	China Sky One Medical, Inc. (a)		1,600		21,104
	Cumberland Pharmaceuticals, Inc. (a)		1,100		17,803
	Depomed, Inc. (a)		7,700		33,649
	Durect Corp. (a)		12,600		33,642
	Hi-Tech Pharmacal Co., Inc. (a)		1,000		22,440
	Impax Laboratories, Inc. (a)		9,100		79,534
	Infinity Pharmaceuticals, Inc. (a)		3,200		19,936
	Inspire Pharmaceuticals, Inc. (a)		8,800		45,936
	Isis Pharmaceuticals, Inc. (a)		13,900		202,523
	Ista Pharmaceuticals, Inc. (a)		5,000		22,300
	Javelin Pharmaceuticals, Inc. (a)		7,400		14,430
	K-V Pharmaceutical Co. Class A (a)		4,700		14,429
	Lannett Co., Inc. (a)		1,900		14,212
	MAP Pharmaceuticals, Inc. (a)		1,000		10,460
	Medicines Co. (a)		7,900		86,979
	Medicis Pharmaceutical Corp. Class A		8,800		187,880
	MiddleBrook Pharmaceuticals, Inc. (a)		6,000		6,900
	Obagi Medical Products, Inc. (a)		2,600		30,160
	Optimer Pharmaceuticals, Inc. (a)		4,500		60,885
	Pain Therapeutics, Inc. (a)		5,400		27,324
	Par Pharmaceutical Cos., Inc. (a)		5,100		109,701
	Pozen, Inc. (a)		4,000		29,440
	Prestige Brands Holdings, Inc. (a)		5,100		35,904
	Questcor Pharmaceuticals, Inc. (a)		8,600		47,472
	SIGA Technologies, Inc. (a)		3,900		30,771
	Salix Pharmaceuticals Ltd. (a)		7,200		153,072
	Santarus, Inc. (a)		8,700		28,623
	Sciclone Pharmaceuticals, Inc. (a)		5,300		22,578
	Spectrum Pharmaceuticals, Inc. (a)		5,700		38,361
	SuperGen, Inc. (a)		8,600		22,962
	Vical, Inc. (a)		5,500		23,430
	Vivus, Inc. (a)		11,600		121,220
	Xenoport, Inc. (a)		4,400		93,412

					2,350,915
Photography - 0.1%	CPI Corp.		700		8,729
	Eastman Kodak Co.		40,100		191,678

					200,407
Plastics - 0.0%	Spartech Corp.		4,600		49,542
Power Transmission Equipment - 0.3%	Advanced Energy Industries, Inc. (a)		4,900		69,776
	Maxwell Technologies, Inc. (a)		3,400		62,662
	Powell Industries, Inc. (a)		1,200		46,068


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Regal-Beloit Corp.		5,400	$	246,834
	Vicor Corp.		3,100		23,932

					449,272
Precious Metals & Minerals - 0.1%	Horsehead Holding Corp. (a)		6,100		71,492
	Stillwater Mining Co. (a)		6,300		42,336

					113,828
Printing & Copying Services - 0.0%	Cenveo, Inc. (a)		7,600		52,592
Producer Durables: Miscellaneous - 0.1%	Blount International, Inc. (a)		6,000		56,820
Producer Durables: Miscellaneous - 0.1%	China Fire & Security Group, Inc. (a)		2,100		40,320

					97,140
Production Technology Equipment - 1.1%	ATMI, Inc. (a)		4,700		85,305
	Brooks Automation, Inc. (a)		10,083		77,942
	Cognex Corp.		6,200		101,556
	Cohu, Inc.		3,700		50,172
	Cymer, Inc. (a)		4,400		170,984
	Electro Scientific Industries, Inc. (a)		4,300		57,577
	Entegris, Inc. (a)		18,495		91,550
	FEI Co. (a)		5,600		138,040
	Intevac, Inc. (a)		3,300		44,352
	Kulicke & Soffa Industries, Inc. (a)		9,700		58,491
	MKS Instruments, Inc. (a)		7,400		142,746
	Photronics, Inc. (a)		7,000		33,180
	Rudolph Technologies, Inc. (a)		4,713		34,876
	Semitool, Inc. (a)		3,400		28,730
	Tessera Technologies, Inc. (a)		7,300		203,597
	Ultratech, Inc. (a)		3,500		46,305
	Veeco Instruments, Inc. (a)		4,800		111,936

					1,477,339
Publishing - 0.2%	Courier Corp.		1,500		22,725
	Dolan Media Co. (a)		4,700		56,353
	Journal Communications, Inc. Class A		6,400		23,552
	Martha Stewart Living Omnimedia, Inc. Class A (a)		4,000		25,040
	Primedia, Inc.		4,050		10,206
	Scholastic Corp.		3,400		82,756

					220,632
Radio & TV Broadcasters - 0.1%	Crown Media Holdings, Inc. Class A (a)		2,200		3,432
	Fisher Communications, Inc. (a)		900		16,362
	Lin TV Corp. Class A (a)		4,500		21,285
	Outdoor Channel Holdings, Inc. (a)		2,300		15,042
	Sinclair Broadcast Group, Inc. Class A		6,400		22,912

					79,033
Railroad Equipment - 0.1%	American Railcar Industries, Inc.		1,400		14,854
	Freightcar America, Inc.		1,800		43,740
	Greenbrier Cos., Inc.		2,600		30,446
	Portec Rail Products, Inc.		1,000		9,490

					98,530
Railroads - 0.1%	Genesee & Wyoming, Inc. Class A (a)		5,550		168,276
Real Estate - 0.2%	American Realty Investors, Inc. (a)		600		6,942
	Avatar Holdings, Inc. (a)		900		17,100


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	China Housing & Land Development (a)		3,800	$	14,516
	Consolidated-Tomoka Land Co.		800		30,640
	Forestar Group, Inc. (a)		5,366		92,188
	Griffin Land & Nurseries, Inc.		500		16,000
	Tejon Ranch Co. (a)		1,700		43,656
	United Capital Corp. (a)		200		4,624

					225,666
Real Estate Investment Trusts (REITs) - 5.8%	Acadia Realty Trust		5,919		89,199
	Agree Realty Corp.		1,100		25,223
	Alexander’s, Inc.		300		88,764
	American Campus Communities, Inc.		7,758		208,302
	American Capital Agency Corp.		1,700		48,365
	Anthracite Capital, Inc. (d)		11,500		12,075
	Anworth Mortgage Asset Corp.		16,100		126,868
	Ashford Hospitality Trust, Inc.		9,850		34,081
	Associated Estates Realty Corp.		2,200		21,164
	BioMed Realty Trust, Inc.		14,700		202,860
	CBL & Associates Properties, Inc.		20,800		201,760
	CapLease, Inc.		7,000		28,210
	Capstead Mortgage Corp.		9,500		132,145
	Care Investment Trust, Inc.		1,900		14,573
	Cedar Shopping Centers, Inc.		6,100		39,345
	Cogdell Spencer, Inc.		4,100		19,680
	Colonial Properties Trust		7,300		71,029
	Cousins Properties, Inc.		10,300		85,284
	Cypress Sharpridge Investments, Inc.		2,400		34,080
	DCT Industrial Trust, Inc.		30,150		154,067
	Developers Diversified Realty Corp.		21,366		197,422
	DiamondRock Hospitality Co.		16,640		134,784
	Dupont Fabros Technology, Inc.		4,300		57,319
	Dynex Capital Corp.		1,600		13,488
	Eastgroup Properties, Inc.		3,800		145,236
	Education Realty Trust, Inc.		7,800		46,254
	Entertainment Properties Trust		5,200		177,528
	Equity Lifestyle Properties, Inc.		3,800		162,602
	Equity One, Inc.		4,900		76,783
	Extra Space Storage, Inc.		12,900		136,095
	FelCor Lodging Trust, Inc.		10,000		45,300
	First Industrial Realty Trust, Inc.		5,900		30,975
	First Potomac Realty Trust		4,100		47,396
	Franklin Street Properties Corp.		9,500		124,450
	Getty Realty Corp.		2,600		63,804
	Gladstone Commercial Corp.		1,300		17,784
	Glimcher Realty Trust		7,600		27,892
	Government Properties Income Trust (a)		1,700		40,817
	Gramercy Capital Corp.		6,361		15,457
	Hatteras Financial Corp.		5,400		161,892
	Healthcare Realty Trust, Inc.		8,900		188,057
	Hersha Hospitality Trust		6,700		20,770
	Highwoods Properties, Inc.		10,600		333,370


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Home Properties, Inc.		4,900	$	211,141
	Inland Real Estate Corp.		10,500		91,980
	InvesCo. Mortgage Capital, Inc. (a)		1,300		28,405
	Investors Real Estate Trust		9,600		86,784
	iStar Financial, Inc.		16,200		49,248
	Kilroy Realty Corp.		6,404		177,647
	Kite Realty Group Trust		6,000		25,020
	LTC Properties, Inc.		3,500		84,140
	LaSalle Hotel Properties		9,500		186,770
	Lexington Corporate Properties Trust		13,718		69,962
	MFA Financial, Inc.		41,900		333,524
	Medical Properties Trust, Inc.		12,500		97,625
	Mid-America Apartment Communities, Inc.		4,200		189,546
	Mission West Properties, Inc.		2,400		16,152
	Monmouth Real Estate Investment Corp. Class A		3,100		21,576
	National Health Investors, Inc.		4,000		126,600
	National Retail Properties, Inc.		12,000		257,640
	NorthStar Realty Finance Corp.		9,046		31,751
	Omega Healthcare Investors, Inc.		12,300		197,046
	PS Business Parks, Inc.		2,600		133,432
	Parkway Properties, Inc.		3,400		66,980
	Pennsylvania Real Estate Investment Trust		5,600		42,616
	Pennymac Mortgage Investment Trust (a)		2,100		41,811
	Post Properties, Inc.		6,600		118,800
	Potlatch Corp.		5,939		168,965
	RAIT Investment Trust		10,140		29,812
	Ramco-Gershenson Properties Trust		3,300		29,436
	Redwood Trust, Inc.		11,600		179,800
	Resource Capital Corp.		3,100		16,864
	Saul Centers, Inc.		900		28,890
	Sovran Self Storage, Inc.		3,400		103,462
	Starwood Property Trust, Inc.		6,000		121,500
	Strategic Hotel Capital, Inc.		11,200		29,008
	Sun Communities, Inc.		2,500		53,800
	Sunstone Hotel Investors, Inc.		11,675		82,893
	Tanger Factory Outlet Centers, Inc.		6,000		224,040
	Transcontinental Realty Investors, Inc. (a)		400		4,680
	U-Store-It Trust		11,600		72,500
	UMH Properties, Inc.		1,700		13,855
	Universal Health Realty Income Trust		1,800		58,590
	Urstadt Biddle Properties, Inc. Class A		3,200		46,688
	Walter Investment Management Corp.		2,705		43,334
	Washington Real Estate Investment Trust		8,700		250,560
	Winthrop Realty Trust		1,560		15,194

					8,162,616
Recreational Vehicles & Boats - 0.3%	Brunswick Corp.		13,200		158,136
	Drew Industries, Inc. (a)		2,900		62,901
	Marine Products Corp.		1,500		8,295


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)		(Percentages shown are based on Net Assets)
Industry	Common Stocks		Shares Held	Value
	Polaris Industries, Inc.		4,600	$	187,588
	Winnebago Industries, Inc.		4,400		64,724

					481,644
Rental & Leasing Services: Consumer - 0.4%	Amerco, Inc. (a)		1,400		64,204
	Avis Budget Group, Inc. (a)		15,200		203,072
	Dollar Thrifty Automotive Group, Inc. (a)		3,100		76,229
	Rent-A-Center, Inc. (a)(b)		9,900		186,912

					530,417
Restaurants - 1.3%	AFC Enterprises, Inc. (a)		3,700		31,154
	BJ’s Restaurants, Inc. (a)		2,900		43,471
	Benihana, Inc. Class A (a)		2,400		13,752
	Bob Evans Farms, Inc.		4,600		133,676
	Buffalo Wild Wings, Inc. (a)		2,600		108,186
	CEC Entertainment, Inc. (a)		3,400		87,924
	CKE Restaurants, Inc.		7,300		76,577
	California Pizza Kitchen, Inc. (a)		2,850		44,517
	Caribou Coffee Co., Inc. (a)		900		6,498
	Carrols Restaurant Group, Inc. (a)		2,000		15,120
	The Cheesecake Factory, Inc. (a)		9,000		166,680
	Cracker Barrel Old Country Store, Inc.		3,258		112,075
	Denny’s Corp. (a)		14,400		38,160
	DineEquity, Inc.		2,600		64,350
	Domino’s Pizza, Inc. (a)		6,000		53,040
	Einstein Noah Restaurant Group, Inc. (a)		700		8,428
	Frisch’s Restaurants, Inc.		300		7,764
	Jack in the Box, Inc. (a)		8,500		174,165
	Krispy Kreme Doughnuts, Inc. (a)		8,700		31,059
	Landry’s Restaurants, Inc. (a)		1,000		10,500
	Luby’s, Inc. (a)		3,200		13,440
	McCormick & Schmick’s Seafood Restaurants, Inc. (a)		2,100		15,624
	O’Charleys, Inc.		2,600		24,362
	P.F. Chang’s China Bistro, Inc. (a)		3,400		115,498
	Papa John’s International, Inc. (a)		3,300		81,081
	Red Robin Gourmet Burgers, Inc. (a)		2,200		44,924
	Ruby Tuesday, Inc. (a)		9,600		80,832
	Ruth’s Hospitality Group, Inc. (a)		3,000		12,660
	Sonic Corp. (a)		9,070		100,314
	The Steak n Shake Co. (a)		3,600		42,372
	Texas Roadhouse, Inc. Class A (a)		7,500		79,650

					1,837,853
Scientific Instruments: Control & Filter - 0.6%	CIRCOR International, Inc.		2,500		70,650
	China Security & Surveillance Technology, Inc. (a)		5,000		35,700
	ESCO Technologies, Inc. (a)		3,900		153,660
	Energy Recovery, Inc. (a)		5,000		29,100
	Flanders Corp. (a)		2,400		12,384
	The Gorman-Rupp Co.		2,218		55,250
	ICx Technologies, Inc. (a)		1,800		10,656
	L-1 Identity Solutions, Inc. (a)		11,798		82,468


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Mine Safety Appliances Co.	4,000	$	110,040
	PMFG, Inc. (a)	2,000		25,720
	RAE Systems, Inc. (a)	5,500		6,050
	Robbins & Myers, Inc.	4,000		93,920
	Sun Hydraulics, Inc.	1,800		37,908
	Watts Water Technologies, Inc. Class A	4,400		133,100
	X-Rite, Inc. (a)	5,100		10,251

				866,857
Scientific Instruments: Electrical - 1.0%	A.O. Smith Corp.	3,200		121,920
Scientific Instruments: Electrical - 1.0%	AZZ, Inc. (a)	1,800		72,306
	Advanced Battery Technologies, Inc. (a)	7,300		31,536
	American Superconductor Corp. (a)	6,500		218,010
	Baldor Electric Co.	6,970		190,560
	Broadwind Energy, Inc. (a)	5,100		40,239
	China BAK Battery, Inc. (a)	5,900		29,205
	DDi Corp. (a)	2,700		11,475
	Ener1, Inc. (a)	7,300		50,516
	EnerSys (a)	6,000		132,720
	Franklin Electric Co., Inc.	3,600		103,212
	GrafTech International Ltd. (a)	18,000		264,600
	Littelfuse, Inc. (a)	3,200		83,968
	Preformed Line Products Co.	300		12,015
	SatCon Technology Corp. (a)	9,100		15,561
	Taser International, Inc. (a)	9,300		43,710
	Ultralife Batteries, Inc. (a)	1,800		10,908
	Valence Technology, Inc. (a)	8,000		14,400

				1,446,861
Scientific Instruments: Gauges & Meters - 0.1%	Badger Meter, Inc.	2,200		85,118
Scientific Instruments: Gauges & Meters - 0.1%	Faro Technologies, Inc. (a)	2,500		42,950
	Measurement Specialties, Inc. (a)	2,200		22,462
	Smartheat, Inc. (a)	1,300		15,431
	Zygo Corp. (a)	2,200		14,916

				180,877
Scientific Instruments: Pollution Control - 0.4%	American Ecology Corp.	2,700		50,490
Scientific Instruments: Pollution Control - 0.4%	Clean Harbors, Inc. (a)	3,200		180,032
	Darling International, Inc. (a)	12,300		90,405
	EnergySolutions, Inc.	11,800		108,796
	Fuel Tech, Inc. (a)	2,600		29,120
	Heritage Crystal Clean, Inc. (a)	600		7,650
	Met-Pro Corp.	2,200		21,318
	Metalico, Inc. (a)	4,200		17,514
	Perma-Fix Environmental Services (a)	8,100		18,792
	Team, Inc. (a)	2,800		47,460
	Waste Services, Inc. (a)	2,333		10,778

				582,355
Securities Brokerage & Services - 1.0%	BGC Partners, Inc.	6,900		29,532
Securities Brokerage & Services - 1.0%	E*Trade Financial Corp. (a)	216,604		379,057
	GFI Group, Inc.	10,000		72,300
	Gladstone Investment Corp.	3,300		16,005
	International Assets Holding Corp., Inc. (a)	700		11,557


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	KBW, Inc. (a)	5,400	$	173,988
	Knight Capital Group, Inc. Class A (a)	13,900		302,325
	LaBranche & Co., Inc. (a)	8,300		28,220
	MF Global Ltd. (a)	14,500		105,415
	MarketAxess Holdings, Inc. (a)	5,000		60,250
	optionsXpress Holdings, Inc.	6,300		108,864
	Penson Worldwide, Inc. (a)	3,200		31,168
	SWS Group, Inc.	3,600		51,840
	TradeStation Group, Inc. (a)	5,000		40,750

				1,411,271
Semiconductors & Components - 2.6%	Actel Corp. (a)	4,100		49,897
Semiconductors & Components - 2.6%	Advanced Analogic Technologies, Inc. (a)	6,400		25,408
	Amkor Technology, Inc. (a)	16,300		112,144
	Anadigics, Inc. (a)	9,400		44,274
	Applied Micro Circuits Corp. (a)	9,875		98,652
	Atheros Communications, Inc. (a)	9,100		241,423
	Cavium Networks, Inc. (a)	5,400		115,938
	Ceva, Inc. (a)	2,900		31,175
	Cirrus Logic, Inc. (a)	9,800		54,488
	DSP Group, Inc. (a)	3,400		27,676
	Diodes, Inc. (a)	4,800		86,832
	Emcore Corp. (a)	11,200		14,560
	Entropic Communications, Inc. (a)	9,000		24,660
	Exar Corp. (a)	5,700		41,895
	Formfactor, Inc. (a)	7,400		177,008
	Hittite Microwave Corp. (a)	3,200		117,696
	IXYS Corp.	3,500		29,785
	Intellon Corp. (a)	3,200		22,688
	Kopin Corp. (a)	10,100		48,480
	Lattice Semiconductor Corp. (a)	17,100		38,475
	MIPS Technologies, Inc. (a)	6,600		24,882
	Micrel, Inc.	6,800		55,420
	Microsemi Corp. (a)	12,100		191,059
	Microtune, Inc. (a)	7,700		14,014
	Monolithic Power Systems, Inc. (a)	5,100		119,595
	Netlogic Microsystems, Inc. (a)	2,600		117,000
	Omnivision Technologies, Inc. (a)	7,300		118,844
	PLX Technology, Inc. (a)	4,500		15,165
	ParkerVision, Inc. (a)	4,500		18,405
	Pericom Semiconductor Corp. (a)	3,740		36,689
	Power Integrations, Inc.	3,500		116,655
	RF Micro Devices, Inc. (a)	39,737		215,772
	Rubicon Technology, Inc. (a)	1,900		28,196
	Semtech Corp. (a)	9,100		154,791
	Sigma Designs, Inc. (a)	4,000		58,120
	Silicon Image, Inc. (a)	11,300		27,459
	Silicon Storage Technology, Inc. (a)	11,800		28,556
	Skyworks Solutions, Inc. (a)	25,052		331,688
	Standard Microsystems Corp. (a)	3,300		76,593
	Supertex, Inc. (a)	1,400		42,000


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Techwell, Inc. (a)	2,300	$	25,254
	TriQuint Semiconductor, Inc. (a)	22,000		169,840
	Trident Microsystems, Inc. (a)	9,300		24,087
	Virage Logic Corp. (a)	3,000		15,630
	Volterra Semiconductor Corp. (a)	3,400		62,458
	White Electronic Designs Corp. (a)	3,300		15,246
	Zoran Corp. (a)	7,700		88,704

				3,595,276
Shipping - 0.6%	American Commerical Lines, Inc. (a)	1,350		39,312
	DHT Maritime, Inc.	7,000		26,320
	Eagle Bulk Shipping, Inc.	8,700		44,631
	Genco Shipping & Trading Ltd.	3,900		81,042
	General Maritime Corp. (a)	7,330		56,734
	Golar LNG Ltd.	5,300		58,618
	Gulfmark Offshore, Inc. (a)	3,400		111,316
	Horizon Lines, Inc. Class A	4,500		28,575
	International Shipholding Corp.	800		24,648
	Knightsbridge Tankers Ltd.	2,600		33,904
	Nordic American Tanker Shipping Ltd.	6,300		186,354
	Ship Finance International Ltd.	6,700		82,343
	TBS International Ltd. (a)	2,000		17,400
	Teekay Tankers Ltd. Class A	1,400		11,690
	Ultrapetrol Bahamas Ltd. (a)	3,200		15,744

				818,631
Steel - 0.1%	China Precision Steel, Inc. (a)	4,600		12,420
	General Steel Holdings, Inc. (a)	2,100		8,169
	Olympic Steel, Inc.	1,200		34,428
	Sutor Technology Group Ltd. (a)	1,500		4,740
	Universal Stainless & Alloy Products, Inc. (a)	1,000		18,250

				78,007
Sugar - 0.0%	Imperial Sugar Co. New Shares	1,700		21,556
Synthetic Fibers & Chemicals - 0.0%	Zoltek Cos., Inc. (a)	4,200		44,100
Technology: Miscellaneous - 0.3%	Benchmark Electronics, Inc. (a)	9,800		176,400
Technology: Miscellaneous - 0.3%	CTS Corp.	5,000		46,500
	LaBarge, Inc. (a)	1,900		21,375
	Plexus Corp. (a)	5,900		155,406
	Vocus, Inc. (a)	2,500		52,225

				451,906
Telecommunications Equipment - 0.5%	ADC Telecommunications, Inc. (a)	14,416		120,229
Telecommunications Equipment - 0.5%	Applied Signal Technology, Inc.	1,700		39,558
	Arris Group, Inc. (a)	18,546		241,283
	Cogo Group, Inc. (a)	3,400		20,808
	Communications System, Inc.	800		9,344
	Mastec, Inc. (a)	7,800		94,770
	OpNext, Inc. (a)	2,900		8,497
	Powerwave Technologies, Inc. (a)	19,600		31,360
	Symmetricom, Inc. (a)	6,800		35,224
	UTStarcom, Inc. (a)	16,900		35,321

				636,394


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Textile Products - 0.1%	Interface, Inc. Class A	7,300	$	60,590
	Unifi, Inc. (a)	6,700		21,440

				82,030
Textiles Apparel & Shoes - 2.0%	American Apparel, Inc. (a)	5,500		19,305
Textiles Apparel & Shoes - 2.0%	Carter’s, Inc. (a)	8,500		226,950
	Cherokee, Inc.	1,100		26,367
	Columbia Sportswear Co.	1,700		69,972
	Crocs, Inc. (a)	12,500		83,125
	Deckers Outdoor Corp. (a)	2,000		169,700
	FGX International Holdings Ltd. (a)	2,100		29,295
	G-III Apparel Group, Ltd. (a)	1,900		26,885
	Iconix Brand Group, Inc. (a)	10,700		133,429
	J. Crew Group, Inc. (a)	7,570		271,157
	Jones Apparel Group, Inc.	12,800		229,504
	K-Swiss, Inc. Class A	4,100		36,039
	Kenneth Cole Productions, Inc. Class A	1,100		11,033
	Liz Claiborne, Inc.	14,200		70,006
	lululemon athletica, inc. (a)	6,100		138,775
	Maidenform Brands, Inc. (a)	2,800		44,967
	Oxford Industries, Inc.	1,900		37,430
	Perry Ellis International, Inc. (a)	1,350		21,653
	Quiksilver, Inc. (a)	19,200		52,800
	Skechers U.S.A., Inc. Class A (a)	5,000		85,700
	Steven Madden Ltd. (a)	2,300		84,662
	Timberland Co. Class A (a)	6,500		90,480
	True Religion Apparel, Inc. (a)	3,800		98,533
	Under Armour, Inc. Class A (a)	5,000		139,150
	Volcom, Inc. (a)	2,800		46,143
	The Warnaco Group, Inc. (a)	6,800		298,247
	Weyco Group, Inc.	1,100		25,190
	Wolverine World Wide, Inc.	7,400		183,816

				2,750,313
Tobacco - 0.2%	Alliance One International, Inc. (a)	12,400		55,552
	Star Scientific, Inc. (a)	11,173		10,391
	Universal Corp.	3,700		154,734
	Vector Group Ltd.	5,789		90,188

				310,865
Toys - 0.1%	Jakks Pacific, Inc. (a)	4,200		60,144
	Leapfrog Enterprises, Inc. (a)	5,000		20,550
	RC2 Corp. (a)	3,000		42,750

				123,444
Transportation Miscellaneous - 0.2%	Dynamex, Inc. (a)	1,400		22,862
Transportation Miscellaneous - 0.2%	HUB Group, Inc. Class A (a)	5,600		127,960
	Odyssey Marine Exploration, Inc. (a)	7,900		14,694
	Pacer International, Inc.	4,300		16,598
	Textainer Group Holdings Ltd.	1,400		22,414
	Todd Shipyards Corp.	800		13,152

				217,680
Truckers - 0.6%	Arkansas Best Corp.	3,700		110,778
	Celadon Group, Inc. (a)	3,300		37,323


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Forward Air Corp.	4,300	$	99,545
	Heartland Express, Inc.	7,500		108,000
	Knight Transportation, Inc.	8,550		143,469
	Marten Transport Ltd. (a)	2,300		39,238
	Old Dominion Freight Line, Inc. (a)	4,050		123,242
	Patriot Transportation Holding, Inc. (a)	200		15,100
	Saia, Inc. (a)	2,000		32,160
	USA Truck, Inc. (a)	1,100		13,970
	Universal Truckload Services, Inc.	900		14,859
	Werner Enterprises, Inc.	6,200		115,506
	YRC Worldwide, Inc. (a)	7,840		34,888

				888,078
Utilities: Electrical - 1.7%	Allete, Inc.	4,300		144,351
	Avista Corp.	8,200		165,804
	Black Hills Corp.	5,800		145,986
	CH Energy Group, Inc.	2,400		106,344
	Central Vermont Public Service Corp.	1,700		32,810
	Cleco Corp.	9,000		225,720
	El Paso Electric Co. (a)	6,700		118,389
	The Empire District Electric Co.	5,100		92,259
	IDACORP, Inc.	7,100		204,409
	MGE Energy, Inc.	3,500		127,680
	NorthWestern Corp.	5,400		131,922
	Otter Tail Corp.	5,600		134,008
	PNM Resources, Inc.	13,000		151,840
	Pike Electric Corp. (a)	2,500		29,950
	Portland General Electric Co.	11,200		220,864
	UIL Holdings Corp.	4,433		116,987
	Unisource Energy Corp.	5,300		162,975
	Unitil Corp.	1,600		35,920

				2,348,218
Utilities: Gas Distributors - 1.2%	Chesapeake Utilities Corp.	1,000		30,990
Utilities: Gas Distributors - 1.2%	Florida Public Utilities Co.	1,200		14,580
	The Laclede Group, Inc.	3,200		102,912
	New Jersey Resources Corp.	6,300		228,753
	Nicor, Inc.	6,800		248,812
	Northwest Natural Gas Co.	4,000		166,640
	Piedmont Natural Gas Co.	11,000		263,340
	South Jersey Industries, Inc.	4,500		158,850
	Southwest Gas Corp.	6,700		171,386
	WGL Holdings, Inc.	7,500		248,550

				1,634,813
Utilities: Telecommunications - 1.1%	Alaska Communications Systems Group, Inc.	6,600		61,050
Utilities: Telecommunications - 1.1%	Atlantic Tele-Network, Inc.	1,300		69,446
	Cbeyond Communications, Inc. (a)	3,500		56,455
	Centennial Communications Corp. (a)	13,200		105,336
	Cincinnati Bell, Inc. (a)	32,100		112,350
	Cogent Communications Group, Inc. (a)(b)	6,600		74,580
	Consolidated Communications Holdings, Inc.	3,519		56,339
	D&E Communications, Inc.	2,400		27,576


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	FairPoint Communications, Inc.	14,050	$	5,761
	General Communication, Inc. Class A (a)	6,900		47,334
	Global Crossing Ltd. (a)	4,500		64,350
	HickoryTech Corp.	1,900		16,245
	Ibasis, Inc. (a)	4,100		8,691
	Incontact, Inc. (a)	5,000		14,850
	Iowa Telecommunications Services, Inc.	4,500		56,700
	iPCS, Inc. (a)	2,500		43,500
	j2 Global Communications, Inc. (a)	6,700		154,166
	NTELOS Holdings Corp.	4,500		79,470
	Neutral Tandem, Inc. (a)	4,800		109,247
	PAETEC Holding Corp. (a)	19,105		73,935
	Premiere Global Services, Inc. (a)	9,100		75,620
	RCN Corp. (a)	5,500		51,150
	Shenandoah Telecom Co.	3,700		66,414
	SureWest Communications (a)	2,500		31,050
	USA Mobility, Inc.	3,400		43,792
	Virgin Mobile USA, Inc. (a)	5,300		26,500

				1,531,907
Utilities: Water - 0.3%	American States Water Co. (b)	2,800		101,304
	Artesian Resources Corp. Class A	900		15,138
	California Water Service Group	2,900		112,926
	Connecticut Water Service, Inc.	1,300		29,107
	Consolidated Water Co., Inc.	2,100		34,293
	Middlesex Water Co.	2,100		31,668
	Pennichuck Corp.	600		13,056
	SJW Corp.	2,000		45,700
	Southwest Water Co.	3,665		18,032
	York Water Co.	1,700		23,562

				424,786
Wholesale & International Trade - 0.3%	Brightpoint, Inc. (a)	7,530		65,888
Wholesale & International Trade - 0.3%	Chindex International, Inc. (a)	2,000		25,160
	Houston Wire & Cable Co.	2,600		28,730
	MWI Veterinary Supply, Inc. (a)	1,700		67,915
	United Stationers, Inc. (a)	3,500		166,635

				354,328
	Total Common Stocks (Cost - $163,339,755) - 96.0%			134,275,263
	Investment Companies
	BlackRock Kelso Capital Corp. (c)	1,800		13,356
	Gladstone Capital Corp.	3,200		28,576
	Hercules Technology Growth Capital, Inc.	5,313		52,174
	Kayne Anderson Energy Development Co.	1,500		19,845
	Pennantpark Investment Corp.	3,200		25,952
	Prospect Capital Corp.	7,100		76,041
	Total Investment Companies (Cost - $332,341) - 0.2%			215,944
	Warrants (d)
Alternative Energy - 0.0%	GreenHunter Energy, Inc. (expires 8/27/11)	60		-
	Total Warrants (Cost - $0) - 0.0%			-


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2009 (Unaudited)				(Percentages shown are based on Net Assets)


	Short-Term Securities	Maturity Date	Yield		Face Amount		Value
Time Deposits - 2.3%	State Street Bank & Trust Co.	10/01/2009	0.01	%	$	3,256,143	$	3,256,143
	Total Short-Term Securities (Cost - $3,256,143) - 2.3%							3,256,143
	Total Investments Before Options Written *(Cost - $166,928,239) - 98.5%**							137,747,350
	Options Written				Number of Contracts
Call Options Written	Russell 2000 Index, expiring October 2009 at USD 630					5,000		(21,750)
	Russell 2000 Index, expiring October 2009 at USD 600					5,000		(83,000)
	Russell 2000 Index, expiring October 2009 at USD 620					105,500		(759,600)
	Total Options Written (Premiums Received - $1,734,590) - (0.6%)							(864,350)
	Total Investments, Net of Options Written (Cost - $165,193,649) - 97.9%							136,883,000
	Other Assets Less Liabilities - 2.1%							2,978,445

	Net Assets - 100.0%						$	139,861,445

The cost and unrealized appreciation (depreciation) of investments as of September 30, 2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	79,546,011

Gross unrealized appreciation	$	58,201,339
Gross unrealized depreciation		-

Net unrealized appreciation	$	58,201,339

(a)

Non-income producing security.

(b)

All or a portion of security held as collateral in connection with open financial futures contracts.

(c)

Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


Affiliate	Purchase Cost		Sales Cost		Realized Loss			Dividend Income
Anthracite
Capital, Inc.	$	2,697	$	10,821	($	10,002	)		-
BlackRock Kelso
Capital Corp.		-		-		-		$	864

(d)

Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date.

•

Financial futures contracts purchased as of September 30,2009 were as follows:

Number of

Contracts

Issue

Expiration

Date

Face

Value

Appreciation

E-Mini Russell 2000

December 2009

5,070,743

54,757

•

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2009 (Unaudited)

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

•

Level 1 - price quotations in active markets/exchanges for identical securities

•

Level 2 - other observable inputs (including, but not limited to: quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

•

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund’s own assumption used in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of September 30, 2009 in determining the fair valuation of the Fund’s investments:



Valuation Inputs	Investments in Securities		Other Financial Instruments+

	Assets		Liabilities
Level 1	$	134,491,187	$	(809,593)
Level 2		3,256,175		-
Level 3		-		-

Total	$	137,747,362	$	(809,593)

+Other financial instruments are futures and options.

Item 2 – Controls and Procedures

2(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”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(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) 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

Certifications – Attached hereto

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.

Small Cap Premium & Dividend Income Fund Inc.


By:		/s/ Justin C. Ferri
		Justin C. Ferri
		Chief Executive Officer (principal executive officer) of Small Cap Premium & Dividend Income Fund Inc.

Date: November 13, 2009

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:		/s/ Justin C. Ferri
		Justin C. Ferri
		Chief Executive Officer (principal executive officer) of Small Cap Premium & Dividend Income Fund Inc.

Date: November 13, 2009


By:		/s/ James E. Hillman
		James E. Hillman
		Chief Financial Officer (principal financial officer) of Small Cap Premium & Dividend Income Fund Inc.

Date: November 13, 2009