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, 6^th 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: 12/31/2010

Date of reporting period: 03/31/2010

Item 1 – Schedule of Investments


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Advertising Agencies - 0.6%	AMREP Corp. (a)	200	$	2,906
	Arbitron, Inc.	3,200		85,312
	Constant Contact, Inc. (a)	2,900		67,338
	DG FastChannel, Inc. (a)	2,600		83,070
	Harte-Hanks, Inc.	5,400		69,444
	Marchex, Inc., Class B	1,800		9,198
	National CineMedia, Inc.	5,800		100,108
	Travelzoo, Inc. (a)	1,100		16,511
	Valassis Communications, Inc. (a)	6,200		172,546
	ValueClick, Inc. (a)(b)	11,030		111,844
	Viad Corp. (b)	3,000		61,650

				779,927
Aerospace - 1.3%	AAR Corp. (a)	5,000		124,100
	AeroVironment, Inc. (a)(b)	1,700		44,387
	Argon ST, Inc. (a)	1,500		39,915
	Astronics Corp. (a)	1,500		14,715
	Ceradyne, Inc. (a)	3,100		70,339
	Cubic Corp. (b)	1,900		68,400
	Curtiss-Wright Corp.	6,100		212,280
	Ducommun, Inc.	1,400		29,414
	Esterline Technologies Corp. (a)	3,900		192,777
	GenCorp, Inc. (a)	6,300		36,288
	Global Defense Technology & Systems, Inc. (a)	300		4,020
	Heico Corp.	2,900		149,524
	Herley Industries, Inc. (a)	2,000		29,320
	Kaman Corp., Class A	3,600		90,036
	LMI Aerospace, Inc. (a)	800		14,864
	Ladish Co., Inc. (a)	2,400		48,384
	Moog, Inc., Class A (a)(b)	6,100		216,062
	Orbital Sciences Corp. (a)	7,000		133,070
	Teledyne Technologies, Inc. (a)	4,900		202,223
	Triumph Group, Inc.	2,100		147,189

				1,867,307
Agriculture, Fishing & Ranching - 0.4%	AgFeed Industries, Inc. (a)	4,100		17,999
	Alico, Inc.	500		12,625
	The Andersons, Inc. (b)	2,200		73,656
	Cadiz, Inc. (a)	1,300		16,601
	Cal-Maine Foods, Inc.	1,900		64,391
	Calavo Growers, Inc.	1,300		23,712
	China Green Agriculture, Inc. (a)	1,200		16,800
	Fresh Del Monte Produce, Inc. (a)	5,600		113,400
	HQ Sustainable Maritime Industries, Inc. (a)	700		4,200
	Sanderson Farms, Inc.	2,500		134,025
	Seaboard Corp.	48		62,357

				539,766


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Air Transport - 1.2%	Air Transport Services Group, Inc. (a)	8,100	$	27,297
	AirTran Holdings, Inc. (a)(b)	16,400		83,312
	Alaska Air Group, Inc. (a)(b)	4,600		189,658
	Allegiant Travel Co. (a)(b)	1,900		109,934
	Atlas Air Worldwide Holdings, Inc. (a)	2,600		137,930
	Bristow Group, Inc. (a)(b)	4,600		173,558
	Hawaiian Holdings, Inc. (a)	7,300		53,801
	JetBlue Airways Corp. (a)	31,800		177,444
	PHI, Inc. (a)	2,000		42,360
	Republic Airways Holdings, Inc. (a)	3,700		21,904
	SkyWest, Inc.	7,700		109,956
	UAL Corp. (a)	22,000		430,100
	US Airways Group, Inc. (a)	20,600		151,410

				1,708,664
Alternative Energy - 0.2%	Clean Energy Fuels Corp. (a)	4,400		100,232
	Comverge, Inc. (a)	2,400		27,144
	EnerNOC, Inc. (a)	1,745		51,792
	Evergreen Energy, Inc. (a)	18,300		3,294
	Green Plains Renewable Energy (a)	1,200		17,124
	Rex Stores Corp. (a)	900		14,580
	Syntroleum Corp. (a)	9,400		19,928
	TGC Industries Inc. (a)	2,400		9,696
	USEC, Inc. (a)	13,700		79,049
	US Geothermal, Inc. (a)	9,700		8,827

				331,666
Aluminum - 0.1%	Century Aluminum Co. (a)	7,240		99,622
	Kaiser Aluminum Corp.	1,900		73,283

				172,905
Asset Management & Custodian - 1.2%	Allied Capital Corp. (a)	23,588		117,232
	American Capital Ltd. (a)	37,200		188,976
	Ampal-American Israel Corp., Class A (a)	2,200		6,116
	Apollo Investment Corp. (b)	22,676		288,665
	Ares Capital Corp. (b)	16,778		248,985
	Artio Global Investors, Inc. (a)	3,400		84,116
	Calamos Asset Management, Inc., Class A	2,300		32,982
	Capital Southwest Corp.	400		36,352
	Cohen & Steers, Inc.	2,500		62,400
	Cowen Group, Inc., Class A (a)	2,500		14,150
	Diamond Hill Investments Group	200		13,720
	Epoch Holding Corp.	1,700		19,193
	Fifth Street Finance Corp.	4,500		52,245
	GAMCO Investors, Inc., Class A	1,100		50,050
	Harris & Harris Group, Inc. (a)	3,100		14,291
	JMP Group, Inc.	2,400		20,400


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Kohlberg Capital Corp.	1,400	$	7,924
	MCG Capital Corp. (a)	9,300		48,453
	MVC Capital, Inc.	3,200		43,424
	NGP Capital Resources Co.	3,200		27,264
	National Financial Partners Corp. (a)	5,700		80,370
	Oppenheimer Holdings, Inc.	1,400		35,714
	Pzena Investment Management, Inc., Class A (a)	500		3,815
	Resource America, Inc., Class A	1,900		9,120
	TICC Capital Corp.	2,400		15,816
	Teton Advisors, Inc.	20		240
	U.S. Global Investors, Inc.	1,900		18,772
	Virtus Investment Partners, Inc. (a)	955		19,902
	Westwood Holdings Group, Inc.	800		29,440

				1,590,127
Auto Parts - 0.7%	ATC Technology Corp. (a)(b)	2,900		49,764
	American Axle & Manufacturing Holdings, Inc. (a)	6,900		68,862
	Amerigon, Inc. (a)	2,900		29,261
	ArvinMeritor, Inc. (a)	11,900		158,865
	China Automotive Systems. Inc. (a)	800		18,472
	Dana Holding Corp. (a)(b)	17,900		212,652
	Dorman Products, Inc. (a)	1,600		30,384
	Exide Technologies (a)	7,100		40,825
	Fuel Systems Solutions, Inc. (a)	1,900		60,724
	Standard Motor Products, Inc.	2,300		22,816
	Stoneridge, Inc. (a)	2,200		21,758
	Superior Industries International, Inc.	2,700		43,416
	Tenneco, Inc. (a)	7,600		179,740
	U.S. Auto Parts Network, Inc. (a)	1,900		14,288
	Wonder Auto Technology, Inc. (a)	2,000		21,160

				972,987
Auto Services - 0.1%	Cooper Tire & Rubber Co.	7,900		150,258
Banks: Diversified - 6.1%	1st Source Corp.	2,300		40,365
	Alliance Financial Corp.	600		17,688
	American National Bankshares, Inc.	500		10,075
	Ameris Bancorp	1,844		16,652
	Ames National Corp.	1,000		19,760
	Arrow Financial Corp.	1,442		38,775
	Auburn National Bancorporation	500		10,325
	Bancfirst Corp.	900		37,719
	Banco Latinoamericana De Comercio Exterior SA	3,400		48,824
	Bancorp Rhode Island, Inc.	500		13,675
	The Bancorp, Inc. (a)	2,000		17,800
	Bank of Kentucky Financial Corp.	600		11,964
	Bank of Marin Bancorp	800		26,280
	Bank of the Ozarks, Inc.	1,500		52,785


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Banner Corp.	1,300	$	4,992
	Bar Harbor Bankshares	400		12,200
	Boston Private Financial Holdings, Inc.	8,300		61,171
	Bridge Bancorp, Inc.	1,100		25,740
	Bryn Mawr Bank Corp.	1,000		18,150
	CNB Financial Corporation	1,500		23,160
	CVB Financial Corp.	10,542		104,682
	California First National Bancorp	200		2,670
	Camden National Corp.	1,200		38,532
	Cape Bancorp, Inc. (a)	1,700		13,719
	Capital City Bank Group, Inc.	1,800		25,650
	Cardinal Financial Corp.	4,200		44,856
	Cathay General Bancorp	9,800		114,170
	Center Bancorp, Inc.	1,794		14,908
	Centerstate Banks, Inc.	2,000		24,500
	Central Pacific Financial Corp. (a)	1,300		2,184
	Century Bancorp, Inc., Class A	200		3,840
	Chemical Financial Corp.	3,100		73,222
	Chicopee Bancorp, Inc. (a)	900		11,430
	Citizens & Northern Corp.	1,300		16,094
	Citizens Banking Corp. (a)	47,200		54,752
	Citizens Holding Co.	600		14,808
	City Holding Co.	1,900		65,151
	CoBiz Financial, Inc.	3,100		19,313
	Columbia Banking System, Inc. (b)	3,400		69,054
	Community Bank System, Inc. (b)	4,000		91,120
	Community Trust Bancorp, Inc. (b)	2,200		59,598
	Danvers Bancorp, Inc.	2,700		37,341
	Eagle Bancorp, Inc. (a)	1,400		16,520
	East-West Bancorp, Inc. (b)	14,300		249,106
	Enterprise Bancorp, Inc.	700		8,547
	Enterprise Financial Services Corp.	1,700		18,802
	F.N.B. Corp.	15,746		127,700
	Farmers Capital Bank Corp.	1,000		8,570
	Financial Institutions, Inc.	1,700		24,854
	First Bancorp, Inc.	1,300		20,722
	First Bancorp, North Carolina	2,100		28,392
	First BanCorp, Puerto Rico	8,500		20,485
	First Busey Corp.	5,200		22,984
	First Commonwealth Financial Corp.	11,900		79,849
	First Community Bancshares, Inc.	1,400		17,318
	First Financial Bancorp	7,300		129,867
	First Financial Bankshares, Inc.	2,600		134,030
	First Financial Corp.	1,800		52,128
	First Merchants Corp.	3,200		22,272


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	First Midwest Bancorp, Inc.	9,300	$	126,015
	First South Bancorp, Inc.	1,250		15,625
	The First of Long Island Corp.	800		19,096
	FirstMerit Corp. (b)	10,988		237,011
	German American Bancorp, Inc.	1,800		27,234
	Glacier Bancorp, Inc. (b)	8,850		134,786
	Guaranty Bancorp (a)	8,200		13,038
	Hampton Roads Bankshares, Inc.	3,100		4,836
	Hancock Holding Co. (b)	3,900		163,059
	Harleysville National Corp.	4,903		32,850
	Heartland Financial USA, Inc.	2,100		33,537
	Home Bancshares, Inc. (b)	2,326		61,499
	IBERIABANK Corp. (b)	3,400		204,034
	Independent Bank Corp./MA	3,000		73,980
	International Bancshares Corp.	7,126		163,827
	Investors Bancorp, Inc. (a)	6,700		88,440
	Lakeland Bancorp, Inc.	2,966		26,249
	Lakeland Financial Corp.	1,700		32,385
	MB Financial, Inc.	6,777		152,686
	MainSource Financial Group, Inc.	1,880		12,652
	Merchants Bancshares, Inc.	900		19,539
	Meridian Interstate Bancorp, Inc. (a)	1,500		15,600
	Metro Bancorp, Inc. (a)	900		12,393
	Midsouth Bancorp, Inc.	800		13,200
	NASB Financial, Inc.	500		11,415
	NBT Bancorp, Inc.	4,800		109,680
	Nara Bancorp, Inc. (a)	4,000		35,040
	National Bankshares, Inc.	1,000		27,260
	National Penn Bancshares, Inc.	15,635		107,882
	Northesast Community Bancorp	800		5,752
	Northrim Bancorp Inc	1,100		18,788
	Ohio Valley Banc Corp.	600		12,924
	Old National Bancorp	10,900		130,255
	Old Point Finl Corp	300		4,425
	Old Second Bancorp, Inc.	2,053		13,529
	Oriental Financial Group (b)	3,900		52,650
	Orrstown Financial Service, Inc.	900		22,833
	PacWest Bancorp	3,229		73,686
	Pacific Capital Bancorp	3,600		6,516
	Pacific Continental Corp.	2,100		22,050
	Park National Corp.	1,600		99,696
	Peapack-Gladstone Financial Corp.	1,365		21,444
	Penns Woods Bancorp, Inc.	600		20,130
	Peoples Bancorp, Inc.	1,600		26,368
	Peoples Financial Corp.	100		1,494
	Pinnacle Financial Partners, Inc. (a)	4,000		60,440


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Porter Bancorp, Inc.	630	$	8,253
	Premierwest Bancorp	11,187		5,090
	PrivateBancorp, Inc.	6,700		91,790
	Prosperity Bancshares, Inc. (b)	5,800		237,800
	Provident Financial Services, Inc.	7,200		85,680
	Renasant Corp.	3,150		50,967
	Republic Bancorp, Inc., Class A	1,411		26,583
	Rockville Financial, Inc.	1,300		15,847
	Roma Financial Corp.	1,300		16,302
	S&T Bancorp, Inc. (b)	3,400		71,060
	SCBT Financial Corp.	1,860		68,894
	SVB Financial Group (a)(b)	5,200		242,632
	SY Bancorp, Inc.	1,685		38,334
	Sandy Spring Bancorp, Inc.	2,800		42,000
	Santander BanCorp (a)	613		7,522
	Shore Bancshares, Inc.	1,300		18,525
	Sierra Bancorp	1,100		14,179
	Signature Bank (a)	5,100		188,955
	Simmons First National Corp., Class A	1,900		52,383
	Smithtown Bancorp, Inc.	1,000		4,130
	The South Financial Group, Inc.	21,900		15,139
	Southside Bancshares, Inc.	1,964		42,363
	Southwest Bancorp, Inc.	1,300		10,751
	State Bancorp, Inc.	2,200		17,314
	StellarOne Corp.	3,400		45,458
	Sterling Bancorp	2,760		27,738
	Sterling Bancshares, Inc.	12,200		68,076
	Sterling Financial Corp. (a)	360		205
	Suffolk Bancorp	1,500		46,065
	Sun Bancorp, Inc. (a)	2,134		8,408
	Susquehanna Bancshares, Inc.	16,274		159,648
	Texas Capital Bancshares, Inc. (a)	5,000		94,950
	Tompkins Trustco, Inc.	1,419		51,765
	Tower Bancorp, Inc.	400		10,708
	Towne Bank	3,200		44,672
	Trico Bancshares	2,100		41,790
	TrustCo Bank Corp. NY	11,000		67,870
	Trustmark Corp.	8,100		197,883
	UMB Financial Corp. (b)	4,100		166,460
	Umpqua Holdings Corp. (b)	11,988		158,961
	Union First Market Bankshares Corp.	2,950		44,545
	United Bankshares, Inc.	4,800		125,856
	United Community Banks, Inc. (a)	11,543		50,905
	United Security Bancshares	500		7,410
	Univest Corp. of Pennsylvania	1,900		35,511
	Washington Banking Co.	1,500		18,885


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Washington Trust Bancorp, Inc.	2,200	$	41,008
	Webster Financial Corp.	8,693		152,041
	WesBanco, Inc.	3,400		55,284
	West Bancorp., Inc.	2,600		17,108
	Westamerica Bancorp.	3,700		213,305
	Western Alliance Bancorp (a)	6,700		38,123
	Wilber Corp.	800		5,240
	Wilshire Bancorp, Inc.	2,000		22,060
	Wintrust Financial Corp.	3,800		141,398
	Yardkin Valley Financial Corp.	2,500		10,750

				8,502,247
Banks: Savings, Thrift & Mortgage Lending - 1.0%	Abington Bancorp, Inc.	3,300		26,070
	Astoria Financial Corp. (b)	10,680		154,860
	Bank Mutual Corp.	7,000		45,500
	BankFinancial Corp.	3,100		28,427
	Beneficial Mutual Bancorp, Inc. (a)	5,000		47,400
	Berkshire Hills Bancorp, Inc.	2,100		38,493
	Brookline Bancorp, Inc. (b)	7,100		75,544
	Brooklyn Federal Bancorp, Inc.	700		5,880
	Clifton Savings Bancorp, Inc.	1,300		12,051
	Dime Community Bancshares, Inc.	3,900		49,257
	Doral Financial Corp. (a)	800		3,448
	ESB Financial Corp.	1,400		18,046
	ESSA Bancorp, Inc.	2,300		28,842
	First Defiance Financial Corp.	1,200		12,144
	First Financial Holdings, Inc.	1,800		27,108
	First Financial Northwest, Inc.	2,700		18,441
	First Financial Service Corp.	600		5,250
	Flagstar Bancorp, Inc. (a)	14,975		8,985
	Flushing Financial Corp.	4,000		50,640
	Fox Chase Bancorp, Inc. (a)	800		8,648
	Great Southern Bancorp, Inc.	1,500		33,660
	Heritage Financial Corp.	1,100		16,599
	Heritage Financial Group	600		7,248
	Home Bancorp, Inc. (a)	1,200		16,800
	Home Federal Bancorp, Inc.	2,700		39,177
	K Fed Bancorp	900		8,028
	Kearny Financial Corp.	2,800		29,204
	Kentucky First Federal Banco	500		5,245
	Legacy Bancorp, Inc./MA	1,000		9,490
	NewAlliance Bancshares, Inc.	13,500		170,370
	Northfield Bancorp, Inc.	2,800		40,544
	Northwest Bancshares, Inc.	4,500		52,830
	OceanFirst Financial Corp.	1,100		12,496
	Ocwen Financial Corp. (a)	7,500		83,175


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Oritani Financial Corp.	1,400	$	22,498
	Provident New York Bancorp	5,000		47,400
	Prudential Bancorp, Inc. of Pennsylvania	500		4,220
	Territorial BanCorp., Inc.	1,700		32,351
	United Financial Bancorp, Inc.	1,700		23,766
	ViewPoint Financial Group	1,600		25,936
	WSFS Financial Corp.	900		35,100
	Waterstone Financial, Inc. (a)	1,000		3,620
	Westfield Financial, Inc.	3,300		30,327

				1,415,118
Beverage: Brewers & Distillers - 0.0%**	Boston Beer Co., Inc., Class A (a)	1,000		52,260
Beverage: Soft Drinks - 0.1%	Coca-Cola Bottling Co. Consolidated	400		23,464
	Diedrich Coffee Inc. (a)	400		13,920
	Farmer Bros. Co.	900		16,866
	Heckmann Corp. (a)	12,600		73,080
	National Beverage Corp.	1,680		18,682
	Peet’s Coffee & Tea, Inc. (a)	1,300		51,545

				197,557
Biotechnology - 3.9%	AMAG Pharmaceuticals, Inc. (a)(b)	2,690		93,908
	ARYx Therapeutics, Inc. (a)	3,000		2,610
	AVI BioPharma, Inc. (a)	10,100		12,019
	Accelrys, Inc. (a)	2,600		16,016
	Acorda Therapeutics, Inc. (a)	5,100		174,420
	Affymax, Inc. (a)(b)	2,100		49,203
	Albany Molecular Research, Inc. (a)	3,700		30,895
	Allos Therapeutics, Inc. (a)	8,800		65,384
	Alnylam Pharmaceuticals, Inc. (a)	5,000		85,100
	Amicus Therapeutics, Inc. (a)	2,200		7,018
	Arena Pharmaceuticals, Inc. (a)	11,700		36,270
	Ariad Pharmaceuticals, Inc. (a)	12,800		43,520
	Arqule, Inc. (a)	6,000		34,560
	Array Biopharma, Inc. (a)	7,400		20,276
	BioDelivery Sciences International Inc (a)	1,500		5,655
	BioMimetic Therapeutics, Inc. (a)	1,523		20,027
	Biodel, Inc. (a)	2,700		11,529
	Cardium Therapeutics, Inc. (a)	7,100		3,128
	Celera Corp. (a)	11,400		80,940
	Cell Therapeutics, Inc. (a)	71,900		39,027
	Celldex Therapeutics, Inc. (a)	2,500		15,350
	Cepheid, Inc. (a)	7,800		136,344
	Chelsea Therapeutics International, Inc. (a)	4,100		14,555
	Clinical Data, Inc. (a)	1,800		34,920
	Cornerstone Therapeutics, Inc. (a)	900		5,697
	Cubist Pharmaceuticals, Inc. (a)(b)	7,400		166,796
	Curis, Inc. (a)	8,100		24,867


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Cypress Bioscience, Inc. (a)	4,300	$	20,898
	Cytokinetics, Inc. (a)	5,700		18,240
	Cytori Therapeutics, Inc. (a)	3,300		15,048
	Discovery Laboratories, Inc. (a)	11,800		6,136
	Dyax Corp. (a)	8,400		28,644
	Emergent Biosolutions, Inc. (a)	2,400		40,296
	Enzo Biochem, Inc. (a)	4,900		29,498
	Enzon Pharmaceuticals, Inc. (a)	7,200		73,296
	Exelixis, Inc. (a)(b)	13,600		82,552
	Facet Biotech Corp. (a)	3,380		91,226
	GTx, Inc. (a)	2,800		9,352
	Genomic Health, Inc. (a)	2,100		36,939
	Geron Corp. (a)	11,700		66,456
	Halozyme Therapeutics, Inc. (a)	9,400		75,106
	Harvard Bioscience, Inc. (a)	3,500		13,545
	Hemispherx Biopharma, Inc. (a)	17,500		12,950
	Human Genome Sciences, Inc. (a)(b)	23,900		721,780
	Idenix Pharmaceuticals, Inc. (a)	3,900		10,998
	Idera Pharmaceuticals, Inc. (a)	3,400		21,114
	ImmunoGen, Inc. (a)	6,900		55,821
	Immunomedics, Inc. (a)	9,600		31,872
	Incyte Corp. (a)	11,100		154,956
	Insmed, Inc. (a)	18,600		21,576
	InterMune, Inc. (a)	5,800		258,506
	Kensey Nash Corp. (a)	800		18,872
	Lexicon Genetics, Inc. (a)	18,100		26,788
	Ligand Pharmaceuticals, Inc., Class B (a)	16,900		29,575
	MannKind Corp. (a)	8,000		52,480
	Martek Biosciences Corp. (a)	4,100		92,291
	Maxygen, Inc. (a)	2,500		16,425
	Medivation, Inc. (a)	3,600		37,764
	Metabolix, Inc. (a)	2,600		31,668
	Micromet, Inc. (a)	8,200		66,256
	Molecular Insight Pharmaceuticals, Inc. (a)	2,700		3,537
	Momenta Pharmaceuticals, Inc. (a)	5,400		80,838
	Myriad Pharmaceuticals, Inc. (a)	2,325		10,509
	NPS Pharmaceuticals, Inc. (a)	7,000		35,280
	Nabi Biopharmaceuticals (a)	6,100		33,367
	Nanosphere, Inc. (a)	1,600		7,664
	Nektar Therapeutics (a)	11,700		177,957
	Neurocrine Biosciences, Inc. (a)	5,500		14,025
	Neurogesx, Inc. (a)	1,700		15,980
	Novavax, Inc. (a)	8,900		20,559
	Omeros Corp. (a)	400		2,816
	OncoGenex Pharmaceutical, Inc. (a)	400		8,212
	Onyx Pharmaceuticals, Inc. (a)(b)	7,920		239,818


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Opko Health, Inc. (a)	6,800	$	13,464
	Orexigen Therapeutics, Inc. (a)	3,000		17,670
	Osiris Therapeutics, Inc. (a)	2,500		18,500
	OxiGene, Inc. (a)	3,700		4,551
	PDL BioPharma, Inc.	14,900		92,529
	Pharmasset, Inc. (a)	2,800		75,040
	Poniard Pharmaceuticals, Inc. (a)	1,400		1,596
	Progenics Pharmaceuticals, Inc. (a)	4,200		22,386
	Protalix BioTherapeutics, Inc. (a)	5,160		33,850
	RTI Biologics, Inc. (a)	8,000		34,640
	Regeneron Pharmaceuticals, Inc. (a)(b)	8,400		222,516
	Repligen Corp. (a)	4,600		18,676
	Rigel Pharmaceuticals, Inc. (a)	6,100		48,617
	Sangamo Biosciences, Inc. (a)	6,100		33,062
	Savient Pharmaceuticals, Inc. (a)	8,404		121,438
	Seattle Genetics, Inc. (a)	11,300		134,922
	Sequenom, Inc. (a)	7,600		47,956
	StemCells, Inc. (a)	12,300		14,268
	Sucampo Pharmaceuticals, Inc., Class A (a)	1,700		6,069
	Synta Pharmaceuticals Corp. (a)	2,400		10,344
	Theravance, Inc. (a)	8,700		115,884
	Vanda Pharmaceuticals, Inc. (a)	3,500		40,390
	ViroPharma, Inc. (a)	10,300		140,389
	ZymoGenetics, Inc. (a)	5,600		32,088

				5,450,365
Building Materials - 0.9%	Acuity Brands, Inc. (b)	5,500		232,155
	Ameron International Corp. (b)	1,100		69,179
	BlueLinx Holdings, Inc. (a)	2,400		9,144
	Builders FirstSource, Inc. (a)	6,005		18,916
	Gibraltar Industries, Inc. (a)	3,800		47,918
	Griffon Corp. (a)	6,174		76,928
	Headwaters, Inc. (a)	7,200		33,048
	LSI Industries, Inc.	2,900		19,778
	Louisiana-Pacific Corp. (a)	16,800		152,040
	NCI Building Systems, Inc. (a)	2,000		22,080
	Orion Energy Systems, Inc. (a)	3,100		15,190
	Quanex Building Products Corp.	5,200		85,956
	Simpson Manufacturing Co., Inc.	5,208		144,574
	Texas Industries, Inc.	3,190		109,002
	Trex Co., Inc. (a)	1,800		38,322
	Watsco, Inc.	3,400		193,392

				1,267,622
Building Products - 0.0%**	Kraton Performance Polymers, Inc.	1,400		25,004
Building: Climate Control - 0.1%	Aaon, Inc.	1,300		29,406
	Comfort Systems USA, Inc.	5,600		69,944
	Interline Brands, Inc. (a)	4,600		88,044

				187,394


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Building: Roofing, Wallboard & Plumbing - 0.1%	Beacon Roofing Supply, Inc. (a)(b)	5,600	$	107,128
Cable Television Services - 0.1%	Knology, Inc. (a)	3,600		48,384
	Mediacom Communications Corp., Class A (a)	4,900		29,155

				77,539
Capital Markets - 0.0%**	LaBranche & Co., Inc. (a)	5,200		27,352
Casinos & Gambling - 0.4%	Ameristar Casinos, Inc. (b)a	3,700		67,414
	Bally Technologies, Inc. (a)(b)	6,900		279,726
	Dover Downs Gaming & Entertainment, Inc.	2,150		8,514
	Isle of Capri Casinos, Inc. (a)	2,300		17,894
	Lakes Entertainment, Inc. (a)	3,500		8,050
	Monarch Casino & Resort, Inc. (a)	1,400		11,956
	Multimedia Games, Inc. (a)	4,000		15,600
	Pinnacle Entertainment, Inc. (a)(b)	7,640		74,414
	Shuffle Master, Inc. (a)	7,600		62,244
	Youbet.com, Inc. (a)	2,600		7,644

				553,456
Cement - 0.0%**	U.S. Concrete, Inc. (a)	4,300		1,634
Chemicals: Diversified - 1.3%	Aceto Corp. (b)	2,200		13,288
	American Vanguard Corp.	2,900		23,635
	Arch Chemicals, Inc.	3,500		120,365
	Hawkins, Inc.	900		21,780
	Innophos Holdings, Inc.	2,100		58,590
	LSB Industries, Inc. (a)	1,900		28,956
	Landec Corp. (a)	2,600		17,238
	OM Group, Inc. (a)	4,000		135,520
	Olin Corp. (b)	9,900		194,238
	Omnova Solutions, Inc. (a)	5,300		41,605
	PolyOne Corp. (a)	12,500		128,000
	Rockwood Holdings, Inc. (a)	6,600		175,692
	Schulman A, Inc.	2,800		68,516
	Sensient Technologies Corp.	6,600		191,796
	ShengdaTech, Inc. (a)	4,400		32,956
	Solutia, Inc. (a)(b)	15,800		254,538
	W.R. Grace & Co. (a)(b)	9,600		266,496
	Westlake Chemical Corp. (b)	2,800		72,212

				1,845,421
Chemicals: Specialty - 0.4%	Balchem Corp.	3,800		93,670
	Calgon Carbon Corp. (a)	6,900		118,128
	ICO, Inc.	3,100		25,048
	Innospec, Inc.	3,500		39,760
	NewMarket Corp.	1,300		133,887
	Polypore International, Inc. (a)	3,000		52,380


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Quaker Chemical Corp.	1,200	$	32,532
	Stepan Co.	900		50,301
	Zep, Inc.	3,050		66,734

				612,440
Coal - 0.3%	Cloud Peak Energy, Inc. (a)	3,700		61,568
	International Coal Group, Inc. (a)	14,400		65,808
	James River Coal Co. (a)	3,400		54,060
	Patriot Coal Corp. (a)	9,500		194,370
	Westmoreland Coal Co. (a)	1,600		20,192

				395,998
Commercial Finance & Mortgage Companies - 0.0%**	Medallion Financial Corp.	2,300		18,308
	NewStar Financial, Inc. (a)	3,400		21,692

				40,000
Commercial Services - 2.2%	ABM Industries, Inc.	6,300		133,560
	APAC Customer Services, Inc. (a)	3,700		21,275
	Administaff, Inc.	2,500		53,350
	The Advisory Board Co. (a)	1,800		56,700
	Barrett Business Services, Inc.	600		8,136
	CBIZ, Inc. (a)	6,400		42,048
	CDI Corp.	1,200		17,592
	CRA International, Inc. (a)	1,500		34,380
	CoStar Group, Inc. (a)(b)	2,500		103,800
	Compass Diversified Holdings	3,500		53,410
	Cornell Cos., Inc. (a)	1,200		21,972
	Corporate Executive Board Co. (b)	4,200		111,678
	Diamond Management & Technology Consultants, Inc.	2,600		20,410
	Dice Holdings, Inc. (a)	2,300		17,480
	DynCorp. International, Inc. (a)(b)	3,600		41,364
	ExlService Holdings, Inc. (a)	2,200		36,696
	Forrester Research, Inc. (a)	1,800		54,126
	G&K Services, Inc., Class A	2,700		69,876
	GP Strategies Corp. (a)	1,400		11,704
	The Geo Group, Inc. (a)	7,000		138,740
	Global Sources Ltd. (a)	2,477		16,125
	The Hackett Group, Inc. (a)	5,800		16,124
	Healthcare Services Group, Inc.	5,600		125,384
	Heidrick & Struggles International, Inc.	2,000		56,060
	Huron Consulting Group, Inc. (a)(b)	2,700		54,810
	ICF International, Inc. (a)	1,220		30,305
	Innodata Corp. (a)	2,200		8,910
	Kelly Services, Inc., Class A	3,700		61,642
	Kforce, Inc. (a)	4,100		62,361
	Korn/Ferry International (a)	5,600		98,840
	Liquidity Services, Inc. (a)	2,300		26,542
	LoopNet, Inc. (a)	2,200		24,728
	MAXIMUS, Inc.	2,300		140,139


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Mac-Gray Corp. (a)	1,700	$	19,193
	Navigant Consulting, Inc. (a)	6,200		75,206
	On Assignment, Inc. (a)	5,300		37,789
	Resources Connection, Inc. (a)(b)	5,500		105,435
	Rollins, Inc.	6,000		130,080
	SFN Group, Inc.	6,200		49,662
	SYKES Enterprises, Inc. (a)	4,608		105,247
	Standard Parking Corp. (a)	600		9,852
	Startek, Inc. (a)	1,000		6,950
	TeleTech Holdings, Inc. (a)	4,600		78,568
	Towers Watson & Co. (b)	5,500		261,250
	TrueBlue, Inc. (a)	5,400		83,700
	Unifirst Corp. (b)	1,900		97,850
	Volt Information Sciences, Inc. (a)	1,850		18,889
	World Fuel Services Corp.	7,700		205,128

				3,055,066
Commercial Services: Rental & Leasing - 0.5%	Aircastle Ltd.	6,600		62,502
	CAI International, Inc. (a)	1,400		17,248
	Electro Rent Corp.	2,800		36,764
	H&E Equipment Services, Inc. (a)	4,000		43,120
	McGrath RentCorp	3,400		82,382
	Mobile Mini, Inc. (a)	5,000		77,450
	PHH Corp. (a)	6,800		160,276
	RSC Holdings, Inc. (a)	7,100		56,516
	TAL International Group, Inc.	2,200		43,956
	United Rentals, Inc. (a)	7,600		71,288
	Willis Lease Finance Corp. (a)	600		9,468

				660,970
Commercial Vehicles & Parts - 0.2%	Force Protection, Inc. (a)	8,600		51,772
	Miller Industries, Inc.	1,500		18,645
	Modine Manufacturing Co. (a)	6,500		73,060
	Rush Enterprises, Inc., Class A (a)	4,600		60,766
	Spartan Motors, Inc.	4,900		27,440

				231,683
Communications Technology - 2.8%	3Com Corp. (a)	51,200		393,728
	AboveNet, Inc. (a)	1,600		81,168
	Acme Packet, Inc. (a)(b)	5,300		102,184
	Adtran, Inc.	6,900		181,815
	Airvana, Inc. (a)	3,700		28,342
	Anaren, Inc. (a)(b)	1,500		21,360
	Anixter International, Inc. (a)(b)	3,800		178,030
	Aruba Networks, Inc. (a)	7,400		101,084
	Aviat Networks, Inc. (a)	7,200		47,736
	Bel Fuse, Inc.	1,500		30,225
	BigBand Networks, Inc. (a)	5,100		18,003


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Black Box Corp.	2,100	$	64,596
	Comtech Telecommunications Corp. (a)	3,500		111,965
	Digi International, Inc. (a)	2,700		28,728
	DigitalGlobe, Inc. (a)	2,200		61,490
	EMS Technologies, Inc. (a)	1,700		28,220
	Echelon Corp. (a)(b)	4,600		41,262
	Emulex Corp. (a)	10,400		138,112
	Extreme Networks, Inc. (a)	10,000		30,700
	GSI Technology, Inc. (a)	1,600		7,456
	GeoEye, Inc. (a)	2,600		76,700
	Globecomm Systems, Inc. (a)	3,100		23,839
	Harmonic, Inc. (a)	11,700		73,827
	Hughes Communications, Inc. (a)	1,300		36,205
	Infinera Corp. (a)	11,700		99,684
	InterDigital, Inc. (a)(b)	5,600		156,016
	Ixia (a)	4,500		41,715
	KVH Industries, Inc. (a)	1,500		19,785
	Loral Space & Communications Ltd. (a)	1,500		52,680
	NETGEAR, Inc. (a)	4,300		112,230
	Network Equipment Technologies, Inc. (a)	4,300		23,693
	Novatel Wireless, Inc. (a)	3,300		22,209
	Oplink Communications, Inc. (a)	2,328		43,161
	PC-Tel, Inc. (a)	2,800		17,304
	Plantronics, Inc. (b)	6,300		197,064
	Polycom, Inc. (a)	10,700		327,206
	Power-One, Inc. (a)	10,200		43,044
	Riverbed Technology, Inc. (a)(b)	7,000		198,800
	SeaChange International, Inc. (a)	3,500		25,130
	Shoretel, Inc. (a)	6,400		42,304
	Sonus Networks, Inc. (a)	25,400		66,294
	Switch and Data Facilities Co., Inc. (a)	2,500		44,400
	Sycamore Networks, Inc.	2,790		56,107
	Syniverse Holdings, Inc. (a)	9,300		181,071
	Tekelec (a)	8,300		150,728
	Viasat, Inc. (a)	3,800		131,518

				3,958,918
Computer Services Software & Systems - 6.2%	3PAR, Inc. (a)	4,000		40,000
	ACI Worldwide, Inc. (a)	4,900		100,989
	AMICAS, Inc. (a)	5,300		31,906
	ActivIdentity Corp. (a)	6,600		18,744
	Actuate Corp. (a)	6,600		36,894
	Acxiom Corp. (a)	9,200		165,048
	American Reprographics Co. (a)	5,300		47,541
	American Software, Class A	3,300		19,173
	ArcSight, Inc. (a)	2,200		61,930
	Ariba, Inc. (a)	11,000		141,350


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Art Technology Group, Inc. (a)	19,400	$	85,554
	AsiaInfo Holdings, Inc. (a)	3,900		103,272
	Avid Technology, Inc. (a)	4,100		56,498
	Blackbaud, Inc.	6,000		151,140
	Blackboard, Inc. (a)	4,200		174,972
	Blue Coat Systems, Inc. (a)	5,200		161,408
	Bottomline Technologies, Inc. (a)	3,200		53,856
	CACI International, Inc., Class A (a)	3,900		190,515
	COMSYS IT Partners, Inc. (a)	2,200		38,456
	CSG Systems International, Inc. (a)	4,300		90,128
	Callidus Software, Inc. (a)	4,500		16,335
	China Information Security Technology, Inc. (a)	2,900		14,645
	China Transinfo Technology (a)	1,700		11,458
	Chordiant Software, Inc. (a)	2,960		15,007
	Ciber, Inc. (a)	10,180		38,073
	ComScore, Inc. (a)	3,100		51,739
	CommVault Systems, Inc. (a)	5,200		111,020
	Compellent Technologies, Inc. (a)	2,000		35,100
	Computer Task Group, Inc. (a)	2,200		15,950
	Concur Technologies, Inc. (a)(b)	5,200		213,252
	DealerTrack Holdings, Inc. (a)	5,200		88,816
	Delrek, Inc. (a)	2,233		17,060
	DemandTec, Inc. (a)	3,300		22,935
	Digital River, Inc. (a)	4,900		148,470
	DivX, Inc. (a)	5,100		36,516
	Double-Take Software, Inc. (a)	1,800		16,038
	EPIQ Systems, Inc. (a)	3,800		47,234
	EarthLink, Inc.	12,900		110,166
	Ebix, Inc. (a)	2,600		41,522
	eLoyalty Corp. (a)	1,300		7,319
	Epicor Software Corp. (a)	6,700		64,052
	ePlus, Inc. (a)	500		8,775
	FalconStor Software, Inc. (a)	5,400		18,792
	Fortinet, Inc. (a)	1,300		22,854
	GSE Systems, Inc. (a)	2,600		14,066
	Gartner, Inc., Class A (a)	8,600		191,264
	iGate Corp.	3,300		32,109
	Imergent, Inc.	1,500		10,095
	infoGROUP, Inc. (a)	5,000		39,000
	Informatica Corp. (a)	11,400		306,204
	Infospace, Inc. (a)	4,600		50,830
	Integral Systems, Inc. (a)	1,742		16,775
	Interactive Intelligence, Inc. (a)	1,400		26,166
	Internap Network Services Corp. (a)	5,710		31,976
	Internet Brands, Inc., Class A (a)	4,000		36,880


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Internet Capital Group, Inc. (a)	5,400	$	45,630
	JDA Software Group, Inc. (a)	4,389		122,102
	Kenexa Corp. (a)	2,600		35,750
	Keynote Systems, Inc.	1,200		13,668
	Lawson Software, Inc. (a)	18,800		124,268
	Limelight Networks, Inc. (a)	4,317		15,800
	Lionbridge Technologies, Inc. (a)	8,600		31,218
	LivePerson, Inc. (a)	6,000		45,960
	LogMeIn, Inc. (a)	800		16,552
	Manhattan Associates, Inc. (a)	3,100		78,988
	Mantech International Corp., Class A (a)	2,900		141,607
	Mentor Graphics Corp. (a)	13,000		104,260
	Mercury Computer Systems, Inc. (a)	3,300		45,276
	MicroStrategy, Inc., Class A (a)	1,100		93,577
	Moduslink Global Solutions, Inc. (a)	6,400		53,952
	Monotype Imaging Holdings, Inc. (a)	3,300		32,109
	NCI, Inc., Class A (a)	600		18,138
	NIC, Inc.	6,700		52,729
	Ness Technologies, Inc. (a)	5,600		35,336
	NetScout Systems, Inc. (a)	3,600		53,244
	NetSuite, Inc. (a)	2,500		36,350
	OpenTable, Inc. (a)	300		11,439
	Openwave Systems, Inc. (a)	12,700		29,210
	Opnet Technologies, Inc.	2,000		32,240
	PAR Technology Corp. (a)	1,600		9,680
	PROS Holdings, Inc. (a)	3,000		29,640
	Parametric Technology Corp. (a)(b)	15,120		272,916
	Pegasystems, Inc.	2,100		77,700
	Perficient, Inc. (a)	3,900		43,953
	Pervasive Software Inc. (a)	2,200		11,132
	Phoenix Technologies Ltd. (a)	3,400		10,948
	Progress Software Corp. (a)(b)	5,100		160,293
	QAD, Inc.	1,800		9,450
	Quest Software, Inc. (a)(b)	7,700		136,983
	Rackspace Hosting, Inc. (a)(b)	8,400		157,332
	Radiant Systems, Inc. (a)	3,200		45,664
	RealNetworks, Inc. (a)	11,700		56,511
	RightNow Technologies, Inc. (a)	3,100		55,366
	SAVVIS, Inc. (a)	4,950		81,725
	SRA International, Inc., Class A (a)	5,800		120,582
	SYNNEX Corp. (a)	2,300		67,988
	Saba Software, Inc. (a)	3,700		18,315
	Sapient Corp.	10,600		96,884
	Smith Micro Software, Inc. (a)	3,300		29,172
	SolarWinds, Inc. (a)	1,300		28,158
	Solera Holdings, Inc.	9,200		355,580
	SonicWALL, Inc. (a)	7,600		66,044


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Sourcefire, Inc. (a)	2,800	$	64,260
	Stanley, Inc. (a)	1,500		42,435
	SuccessFactors, Inc. (a)	6,300		119,952
	Support.com Inc. (a)	4,300		14,061
	Synchronoss Technologies, Inc. (a)	2,800		54,236
	Syntel, Inc.	1,800		69,246
	TIBCO Software, Inc. (a)(b)	21,000		226,590
	TNS, Inc. (a)	3,200		71,360
	Taleo Corp., Class A (a)	4,900		126,959
	TechTarget, Inc. (a)	1,800		9,414
	TeleCommunication Systems, Inc., Class A (a)	4,900		35,917
	Terremark Worldwide, Inc. (a)	8,100		56,781
	Tier Technologies, Inc., Class B (a)	2,600		20,696
	Tyler Technologies, Inc. (a)	4,100		76,834
	Ultimate Software Group, Inc. (a)	3,400		112,030
	Unica Corp. (a)	1,800		16,002
	Unisys Corp. (a)(b)	5,640		196,780
	United Online, Inc.	10,444		78,121
	VASCO Data Security International, Inc. (a)	4,000		32,960
	VeriFone Holdings, Inc. (a)(b)	9,300		187,953
	Virtusa Corp. (a)	1,900		19,589
	Web.Com Group, Inc. (a)	2,800		15,260
	Websense, Inc. (a)(b)	5,500		125,235
	Zix Corp. (a)	9,100		21,021

				8,702,978
Computer Technology - 0.7%	Adaptec, Inc. (a)	14,300		46,761
	Cray, Inc. (a)	4,000		23,800
	Dynamics Research Corp. (a)	1,100		12,397
	Imation Corp.	3,300		36,333
	Immersion Corp. (a)	4,100		20,500
	Insight Enterprises, Inc. (a)	6,300		90,468
	Intermec, Inc. (a)	8,600		121,948
	Isilon Systems, Inc. (a)	3,900		33,579
	Netezza Corp. (a)	6,500		83,135
	PC Connection, Inc. (a)	1,400		8,680
	PC Mall, Inc. (a)	1,800		9,108
	Palm, Inc. (a)	21,500		80,840
	Quantum Corp. (a)	26,600		69,958
	Radisys Corp. (a)(b)	3,600		32,256
	Rimage Corp. (a)	1,400		20,244
	STEC, Inc. (a)(b)	2,900		34,742
	Safeguard Scientifics, Inc. (a)	3,050		39,650
	Silicon Graphics International Corp. (a)	4,100		43,829
	Stratasys, Inc. (a)	2,800		68,264
	Super Micro Computer, Inc. (a)	2,700		46,656
	Synaptics, Inc. (a)	4,250		117,343

				1,040,491


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Construction - 0.5%	EMCOR Group, Inc. (a)(b)	8,400	$	206,892
	Granite Construction, Inc.	4,300		129,946
	Great Lakes Dredge & Dock Corp.	6,000		31,500
	Insituform Technologies, Inc., Class A (a)	5,300		141,033
	Orion Marine Group, Inc. (a)	3,300		59,565
	Primoris Services Corp.	1,100		8,514
	Sterling Construction Co., Inc. (a)	1,800		28,296
	Tutor Perini Corp. (a)	3,600		78,300

				684,046
Consumer Electronics - 0.2%	Audiovox Corp., Class A (a)	2,300		17,894
	Ipass, Inc.	2,100		2,415
	TiVo, Inc. (a)(b)	13,931		238,499
	Universal Electronics, Inc. (a)	1,500		33,510

				292,318
Consumer Lending - 0.7%	Advance America, Cash Advance Centers, Inc.	6,600		38,412
	Asset Acceptance Capital Corp. (a)	2,200		13,882
	Cash America International, Inc.	3,800		150,024
	Credit Acceptance Corp. (a)	878		36,209
	Dollar Financial Corp. (a)	3,300		79,398
	Encore Capital Group, Inc. (a)	2,000		32,900
	Ezcorp, Inc. (a)	5,600		115,360
	First Cash Financial Services, Inc. (a)	2,733		58,951
	The First Marblehead Corp. (a)	9,400		26,696
	MGIC Investment Corp. (a)	15,900		174,423
	MoneyGram International, Inc. (a)	11,900		45,339
	Nelnet, Inc., Class A	2,700		50,112
	Portfolio Recovery Associates, Inc. (a)	2,100		115,227
	QC Holdings, Inc.	300		1,551
	Tree.com, Inc. (a)	400		3,660
	World Acceptance Corp. (a)	2,000		72,160

				1,014,304
Consumer Services: Miscellaneous - 0.6%	Ancestry.com, Inc. (a)	700		11,865
	Coinstar, Inc. (a)	3,725		121,063
	Core-Mark Holdings Co., Inc. (a)	1,400		42,854
	Jackson Hewitt Tax Service, Inc. (a)	2,000		4,000
	The Knot, Inc. (a)	4,500		35,190
	Mercadolibre, Inc. (a)	3,300		159,093
	Move, Inc. (a)	22,100		46,189
	Nutri/System, Inc.	3,700		65,897
	Pre-Paid Legal Services, Inc. (a)(b)	800		30,280
	Sotheby’s Holdings, Inc., Class A (b)	8,700		270,483
	Steiner Leisure Ltd. (a)	2,100		93,072

				879,986


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Containers & Packaging - 0.4%	AEP Industries, Inc. (a)	500	$	13,010
	Bway Holding Co. (a)	800		16,080
	Graham Packaging Co., Inc. (a)	2,100		26,355
	Graphic Packaging Holding Co. (a)	15,800		57,038
	Myers Industries, Inc. (b)	4,600		48,208
	Rock-Tenn Co., Class A (b)	4,900		223,293
	Silgan Holdings, Inc.	3,400		204,782

				588,766
Cosmetics - 0.1%	Elizabeth Arden, Inc. (a)(b)	3,400		61,200
	Inter Parfums, Inc.	2,050		30,381
	Revlon, Inc., Class A (a)	2,800		41,580

				133,161
Diversified Financial Services - 0.4%	American Physicians Service Group, Inc.	600		15,000
	Broadpoint Gleacher Securities, Inc. (a)	7,451		29,804
	Cheviot Financial Corp.	300		2,691
	Duff & Phelps Corp.	2,400		40,176
	Evercore Partners, Inc., Class A	1,800		54,000
	FBR Capital Markets Corp. (a)	2,300		10,465
	First California Financial Group (a)	1,100		2,904
	Main Street Capital Corp.	1,100		17,171
	OmniAmerican Bancorp, Inc.	1,400		16,142
	Piper Jaffray Cos. (a)	2,500		100,750
	Rewards Network, Inc.	900		12,060
	Sanders Morris Harris Group, Inc.	3,000		18,570
	Solar Capital Ltd.	700		14,798
	Spectrum Group International, Inc.	399		738
	Stifel Financial Corp. (a)	3,852		207,045
	Thomas Weisel Partners Group, Inc. (a)	3,121		12,234
	Triangle Capital Corp.	900		12,636

				567,184
Diversified Manufacturing Operations - 0.3%	A.M. Castle & Co.	2,500		32,700
	Barnes Group, Inc. (b)	5,800		112,810
	Federal Signal Corp.	5,700		51,357
	OSI Systems, Inc. (a)(b)	1,900		53,295
	Raven Industries, Inc.	2,300		67,827
	Standex International Corp.	1,800		46,386
	Trimas Corp. (a)	2,000		12,980

				377,355
Diversified Materials & Processing - 0.8%	Belden, Inc. (b)	6,300		172,998
	Cabot Microelectronics Corp. (a)	3,000		113,490
	Clarcor, Inc. (b)	6,800		234,532
	Encore Wire Corp.	2,100		43,680
	Fushi Copperweld, Inc. (a)	2,300		25,806
	Harbinger Group, Inc. (a)	1,200		8,124
	Hexcel Corp. (a)	13,000		187,720


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Insteel Industries, Inc.	2,600	$	27,794
	Koppers Holdings, Inc.	2,900		82,128
	NL Industries, Inc.	1,200		10,296
	Rogers Corp. (a)	2,200		63,822
	Symyx Technologies, Inc. (a)	5,400		24,246
	Tredegar Corp. (b)	4,300		73,444
	Uranium Energy Corp. (a)	7,900		25,438

				1,093,518
Diversified Media - 0.1%	Belo Corp., Class A	11,300		77,066
	EW Scripps Co. (a)	4,300		36,335
	Playboy Enterprises, Inc., Class B (a)	1,800		6,588

				119,989
Diversified Retail - 0.6%	99 Cents Only Stores (a)	6,500		105,950
	Dillard’s, Inc., Class A	6,400		151,040
	Fred’s, Inc.	4,700		56,306
	GSI Commerce, Inc. (a)	3,700		102,379
	Gaiam, Inc.	2,500		20,750
	HSN, Inc. (a)	5,300		156,032
	Overstock.com, Inc. (a)	2,400		39,000
	PriceSmart, Inc.	2,400		55,800
	Saks, Inc. (a)	15,800		135,880
	Tuesday Morning Corp. (a)	4,500		29,655

				852,792
Drug & Grocery Store Chains - 0.6%	Arden Group, Inc., Class A	200		21,256
	Casey’s General Stores, Inc. (b)	6,400		200,960
	drugstore.com, Inc. (a)	12,700		45,339
	The Great Atlantic & Pacific Tea Co., Inc. (a)	4,107		31,501
	Ingles Markets, Inc., Class A (b)	1,500		22,545
	Nash Finch Co.	1,500		50,475
	The Pantry, Inc. (a)(b)	2,500		31,225
	PetMed Express, Inc.	2,700		59,859
	Ruddick Corp.	5,400		170,856
	Spartan Stores, Inc.	3,300		47,586
	Susser Holdings Corp. (a)	1,100		9,295
	Village Super Market, Inc., Class A	800		22,424
	Weis Markets, Inc. (b)	1,600		58,176
	Winn-Dixie Stores, Inc. (a)	6,700		83,683

				855,180
Education Services - 0.6%	Ambassadors Group, Inc. (b)	2,900		32,045
	American Public Education, Inc. (a)(b)	2,200		102,520
	Archipelago Learning, Inc. (a)	700		10,206
	Bridgepoint Education, Inc. (a)	1,600		39,328
	Capella Education Co. (a)	1,800		167,112
	Chinacast Education Corp. (a)	4,300		31,433
	Corinthian Colleges, Inc. (a)(b)	10,100		177,659
	Franklin Covey Co. (a)	1,800		14,292


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Grand Canyon Education, Inc. (a)	2,100	$	54,894
	K12, Inc. (a)	3,300		73,293
	Learning Tree International, Inc. (a)	1,200		16,884
	Lincoln Educational Services Corp. (a)	1,000		25,300
	Nobel Learning Communities, Inc. (a)	500		3,920
	The Princeton Review, Inc. (a)	2,300		8,027
	Renaissance Learning, Inc.	800		12,984
	Rosetta Stone, Inc. (a)	900		21,402
	School Specialty, Inc. (a)	2,800		63,588
	Universal Technical Institute, Inc. (a)	2,400		54,768

				909,655
Electronic Components - 0.5%	3D Systems Corp. (a)	2,600		35,490
	Acacia Research - Acacia Technologies (a)	3,800		41,154
	Checkpoint Systems, Inc. (a)	5,300		117,236
	Cogent, Inc. (a)	5,000		51,000
	DDi Corp. (a)	2,700		15,309
	Methode Electronics, Inc.	5,300		52,470
	Microvision, Inc. (a)	10,800		30,456
	Multi-Fineline Electronix, Inc. (a)	1,500		38,640
	NVE Corp. (a)	500		22,630
	Park Electrochemical Corp.	2,900		83,346
	ScanSource, Inc. (a)(b)	3,300		94,974
	Smart Modular Technologies WWH, Inc. (a)	5,300		40,863
	TTM Technologies, Inc. (a)	5,200		46,176
	Technitrol, Inc.	6,100		32,208
	Universal Display Corp. (a)	3,500		41,195

				743,147
Electronic Entertainment - 0.2%	DTS, Inc. (a)	2,100		71,484
	Memsic, Inc. (a)	3,000		9,570
	THQ, Inc. (a)	8,200		57,482
	Take-Two Interactive Software, Inc. (a)	10,500		103,425

				241,961
Electronics - 0.5%	Agilysys, Inc.	1,600		17,872
	American Science & Engineering, Inc.	1,100		82,412
	CPI International, Inc. (a)	1,100		14,586
	Coherent, Inc. (a)	2,600		83,096
	Daktronics, Inc.	5,000		38,100
	II-VI, Inc. (a)	3,500		118,440
	IPG Photonics Corp. (a)	3,400		50,320
	iRobot Corp. (a)	2,200		33,352
	Newport Corp. (a)	5,100		63,750
	Rofin-Sinar Technologies, Inc. (a)	4,100		92,742
	SRS Labs Inc. (a)	1,600		15,904
	Spectrum Control, Inc. (a)	1,900		22,211

				632,785


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Energy Equipment - 0.1%	Ascent Solar Technologies, Inc. (a)	1,700	$	6,545
	Energy Conversion Devices, Inc. (a)	6,000		46,980
	Evergreen Solar, Inc. (a)	27,500		31,075
	FuelCell Energy, Inc. (a)	8,400		23,688
	GT Solar International, Inc. (a)	4,500		23,535
	PowerSecure International, Inc. (a)	2,200		17,336
	Raser Technologies, Inc. (a)	7,800		7,800
	STR Holdings, Inc. (a)	1,400		32,900

				189,859
Engineering & Contracting Services - 0.4%	Argan, Inc. (a)	1,300		16,900
	Dycom Industries, Inc. (a)	4,700		41,219
	ENGlobal Corp. (a)	2,600		7,202
	Exponent, Inc. (a)	2,000		57,040
	Furmamite Corp. (a)	5,600		29,064
	Hill International, Inc. (a)	3,900		22,737
	Integrated Electrical Services, Inc. (a)	1,300		7,345
	Layne Christensen Co. (a)	2,700		72,117
	MYR Group, Inc. (a)	2,000		32,620
	Michael Baker Corp. (a)	900		31,032
	Mistras Group, Inc. (a)	1,000		9,990
	Tetra Tech, Inc. (a)(b)	8,100		186,624
	VSE Corp.	400		16,464

				530,354
Entertainment - 0.4%	Ascent Media Corp., Class A (a)(b)	1,845		50,276
	CKX, Inc. (a)	8,300		50,879
	Carmike Cinemas, Inc. (a)	1,100		15,257
	Cinemark Holdings, Inc.	3,800		69,692
	Live Nation, Inc. (a)(b)	18,414		267,003
	LodgeNet Interactive Corp. (a)	2,200		15,334
	Reading International, Inc., Class A (a)	3,200		13,600
	Rentrak Corp. (a)	1,300		28,015
	World Wrestling Entertainment, Inc.	2,400		41,520

				551,576
Financial Data & Systems - 1.0%	Advent Software, Inc. (a)(b)	2,200		98,450
	Cardtronics, Inc. (a)	1,700		21,369
	Cass Information Systems, Inc.	1,225		38,159
	CompuCredit Hldgs Corp.	2,500		12,900
	CyberSource Corp. (a)	8,941		157,719
	Euronet Worldwide, Inc. (a)	6,600		121,638
	Fair Isaac Corp.	6,200		157,108
	Global Cash Access, Inc. (a)	5,500		44,935
	Heartland Payment Systems, Inc.	5,200		96,720
	Information Services Group, Inc. (a)	4,300		14,663
	Jack Henry & Associates, Inc. (b)	10,595		254,916


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Net 1 UEPS Technologies, Inc. (a)	3,800	$	69,882
	Online Resources Corp. (a)	3,800		15,314
	RiskMetrics Group, Inc. (a)	3,200		72,352
	S1 Corp. (a)	6,000		35,400
	Value Line, Inc.	100		2,309
	Wright Express Corp. (a)	5,200		156,624

				1,370,458
Foods - 1.1%	American Dairy, Inc. (a)	1,300		24,895
	American Italian Pasta Co., Class A (a)(b)	2,600		101,062
	B&G Foods, Inc., Class A	5,600		58,688
	China Biotics, Inc. (a)	1,300		23,283
	Chiquita Brands International, Inc. (a)(b)	5,900		92,807
	Diamond Foods, Inc.	2,700		113,508
	Dole Food Co.,Inc. (a)	4,200		49,770
	Hain Celestial Group, Inc. (a)	5,000		86,750
	J&J Snack Foods Corp. (b)	2,000		86,940
	Lancaster Colony Corp.	2,400		141,504
	Lance, Inc.	3,900		90,207
	Lifeway Foods, Inc. (a)	600		7,122
	Medifast, Inc. (a)	1,600		40,208
	Nutraceutical International Corp. (a)	1,600		23,904
	Omega Protein Corp. (a)	2,800		16,100
	Overhill Farms, Inc. (a)	2,600		15,158
	Schiff Nutrition International, Inc.	900		7,362
	Seneca Foods Corp. (a)	1,000		29,120
	Smart Balance, Inc. (a)	7,500		48,600
	Synutra International, Inc. (a)	2,500		56,525
	Tootsie Roll Industries, Inc.	3,544		95,801
	TreeHouse Foods, Inc. (a)	4,400		193,028
	United Natural Foods, Inc. (a)	5,500		154,715
	Zhongpin, Inc. (a)	2,900		36,830

				1,593,887
Forest Products - 0.1%	Deltic Timber Corp.	1,500		66,075
	Universal Forest Products, Inc.	2,400		92,448

				158,523
Forms & Bulk Printing Services - 0.3%	Bowne & Co., Inc.	4,675		52,173
	Consolidated Graphics, Inc. (a)	1,200		49,692
	Deluxe Corp.	6,400		124,288
	Ennis, Inc.	3,800		61,826
	Innerworkings, Inc. (a)	3,600		18,720
	M&F Worldwide Corp. (a)	1,500		45,900
	Multi-Color Corp.	1,550		18,569
	Schawk, Inc.	2,300		41,699
	The Standard Register Co.	2,100		11,235

				424,102


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Funeral Parlors & Cemeteries - 0.2%	Matthews International Corp., Class A	3,900	$	138,450
	Stewart Enterprises, Inc., Class A	11,400		71,250

				209,700
Gas Pipeline - 0.0%**	Crosstex Energy, Inc.	4,800		41,712
Glass - 0.0%**	Apogee Enterprises, Inc.	3,300		52,173
Gold - 0.2%	Allied Nevada Gold Corp. (a)	7,500		124,275
	Coeur d’Alene Mines Corp. (a)(b)	10,200		152,796
	US Gold Corp. (a)	8,800		23,760

				300,831
Health Care Facilities - 0.6%	Amsurg Corp. (a)	4,300		92,837
	Assisted Living Concepts, Inc. (a)	1,520		49,916
	Capital Senior Living Corp. (a)	3,400		17,884
	Emeritus Corp. (a)	2,800		56,980
	The Ensign Group, Inc.	1,600		27,728
	Hanger Orthopedic Group, Inc. (a)	3,300		59,994
	Kindred Healthcare, Inc. (a)	4,780		86,279
	LCA-Vision, Inc. (a)	1,600		13,312
	MedCath Corp. (a)	1,600		16,752
	National Healthcare Corp. (b)	1,200		42,456
	Psychiatric Solutions, Inc. (a)	7,100		211,580
	Select Medical Holdings Corp. (a)	3,900		32,916
	Skilled Healthcare Group, Inc., Class A (a)	1,800		11,106
	Sun Healthcare Group, Inc. (a)	6,300		60,102
	Sunrise Senior Living, Inc. (a)	5,500		28,160
	US Physical Therapy, Inc. (a)	1,700		29,580

				837,582
Health Care Management Services - 1.0%	AMERIGROUP Corp. (a)(b)	6,700		222,708
	American Dental Partners, Inc. (a)	2,000		26,100
	Bioscript, Inc. (a)	4,600		36,708
	Catalyst Health Solutions, Inc. (a)(b)	4,900		202,762
	Centene Corp. (a)	6,100		146,644
	Computer Programs & Systems, Inc. (b)	1,100		42,988
	Contiucare Corp. (a)	3,000		11,100
	HealthSpring, Inc. (a)	6,700		117,920
	Magellan Health Services, Inc. (a)	4,600		200,008
	MedQuist Inc.	1,800		14,058
	Metropolitan Health Networks, Inc. (a)	5,900		19,057
	Molina Healthcare, Inc. (a)	1,800		45,306
	National Research Corp.	200		5,064
	Transcend Services, Inc. (a)	900		14,625
	Triple-S Management Corp. (a)	2,500		44,375
	Universal American Financial Corp. (a)	3,900		60,060
	WellCare Health Plans, Inc. (a)	5,498		163,840

				1,373,323
Health Care Providers & Services - 0.0%**	Team Health Holdings, Inc. (a)	1,900		31,920


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Health Care Services - 1.8%	AMN Healthcare Services, Inc. (a)	3,900	$	34,320
	Air Methods Corp. (a)(b)	1,500		51,000
	Alliance Healthcare Services, Inc. (a)	3,900		21,918
	Allied Healthcare International, Inc. (a)	6,400		17,408
	Almost Family, Inc. (a)	900		33,921
	Amedisys, Inc. (a)(b)	3,533		195,092
	athenahealth, Inc. (a)(b)	4,300		157,208
	CardioNet, Inc. (a)	2,500		19,125
	Chemed Corp.	3,100		168,578
	Chindex International, Inc. (a)	2,000		23,620
	Corvel Corp. (a)	1,050		37,538
	Cross Country Healthcare, Inc. (a)	4,600		46,506
	Eclipsys Corp. (a)(b)	7,700		153,076
	Emergency Medical Services Corp. (a)	3,700		209,235
	Gentiva Health Services, Inc. (a)	3,600		101,808
	HMS Holdings Corp. (a)(b)	3,200		163,168
	Health Grades, Inc. (a)	3,600		22,896
	HealthSouth Corp. (a)(b)	12,000		224,400
	Healthways, Inc. (a)	4,700		75,529
	IPC The Hospitalist Co., Inc. (a)	2,300		80,753
	LHC Group, Inc. (a)	1,800		60,354
	MWI Veterinary Supply, Inc. (a)	1,600		64,640
	Medidata Solutions, Inc. (a)	700		10,640
	Novamed Eyecare, Inc. (a)	2,800		9,520
	Odyssey HealthCare, Inc. (a)	4,000		72,440
	Omnicell, Inc. (a)	4,500		63,135
	PharMerica Corp. (a)	3,686		67,159
	Phase Forward, Inc. (a)	5,400		70,578
	Quality Systems, Inc. (b)	3,100		190,464
	RehabCare Group, Inc. (a)	3,000		81,810
	Res-Care, Inc. (a)	3,700		44,363
	Virtual Radiologic Corp. (a)	800		8,800

				2,581,002
Health Care: Miscellaneous - 0.1%	MedAssets, Inc. (a)	5,400		113,400
	The Providence Service Corp. (a)	1,100		16,709

				130,109
Home Building - 0.3%	Beazer Homes USA, Inc. (a)	7,000		31,780
	Brookfield Homes Corp. (a)	1,763		15,409
	Hovnanian Enterprises, Inc., Class A (a)	5,800		25,230
	M/I Homes, Inc. (a)	2,700		39,555
	Meritage Homes Corp. (a)	3,900		81,900
	Ryland Group, Inc.	5,300		118,932
	Standard-Pacific Corp. (a)	12,800		57,856

				370,662


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Hotel/Motel - 0.3%	Gaylord Entertainment Co. (a)	5,300	$	155,237
	Marcus Corp.	3,100		40,269
	Morgans Hotel Group Co. (a)	2,000		12,820
	Orient Express Hotels Ltd., Class A	11,500		163,070
	Red Lion Hotels Corp. (a)	1,000		7,220

				378,616
Hotels, Restaurants & Leisure - 0.0%**	Chesapeake Lodging Trust	900		17,523
	Pebblebrook Hotel Trust (a)	2,400		50,472

				67,995
Household Appliances - 0.1%	National Presto Industries, Inc.	600		71,346
Household Equipment & Products - 0.5%	American Greetings Corp., Class A (b)	4,900		102,116
	Blyth, Inc.	750		23,437
	CSS Industries, Inc.	1,000		20,100
	Central Garden & Pet Co., Class A (a)	7,869		72,080
	Helen of Troy Ltd. (a)	3,700		96,422
	Nivs Intellimedia Technology (a)	1,100		4,224
	Tupperware Corp.	8,000		385,760

				704,139
Household Furnishings - 0.4%	American Woodmark Corp. (b)	1,500		29,085
	Ethan Allen Interiors, Inc.	2,900		59,827
	Furniture Brands International, Inc. (a)	6,000		38,580
	Hooker Furniture Corp.	1,500		24,120
	Kirkland’s, Inc. (a)	1,400		29,400
	La-Z-Boy, Inc. (a)	6,400		80,256
	Sealy Corp. (a)	6,600		23,100
	Stanley Furniture Co., Inc. (a)	1,500		15,240
	Tempur-Pedic International, Inc. (a)(b)	9,814		295,990

				595,598
Insurance: Life - 0.5%	American Equity Investment Life Holding Co.	7,000		74,550
	Citizens, Inc. (a)	4,900		33,859
	Conseco, Inc. (a)	32,257		200,639
	Delphi Financial Group, Inc., Class A (b)	6,350		159,766
	FBL Financial Group, Inc., Class A	1,900		46,512
	Independence Holding Co.	500		4,745
	Kansas City Life Insurance Co.	600		18,948
	Life Partners Holdings, Inc.	650		14,411
	National Western Life Insurance Co., Class A	330		60,836
	The Phoenix Cos., Inc. (a)	13,400		32,428
	Presidential Life Corp.	2,900		28,913

				675,607
Insurance: Multi-Line - 0.8%	AMBAC Financial Group, Inc.	33,500		18,652
	Assured Guaranty Ltd.	16,200		355,914
	Crawford & Co., Class B (a)	2,800		11,396
	Eastern Insurance Holdings, Inc.	1,400		14,196
	eHealth, Inc. (a)	2,800		44,100
	Flagstone Reinsurance Holdings Ltd.	5,700		65,322
	Horace Mann Educators Corp.	4,700		70,782


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Maiden Holdings Ltd.	5,800	$	42,862
	Max Capital Group Ltd.	6,000		137,940
	Pico Holdings, Inc. (a)	3,100		115,289
	Platinum Underwriters Holdings Ltd. (b)	6,500		241,020
	Primus Guaranty Ltd. (a)	3,200		13,440

				1,130,913
Insurance: Property-Casualty - 1.8%	AmTrust Financial Services, Inc.	3,400		47,430
	American Physicians Capital, Inc.	900		28,755
	American Safety Insurance Holdings Ltd. (a)	700		11,613
	Amerisafe, Inc. (a)(b)	2,000		32,740
	Argo Group International Holdings Ltd. (a)	4,066		132,510
	Baldwin & Lyons, Inc., Class B (b)	1,300		31,317
	CNA Surety Corp. (a)	2,500		44,475
	Donegal Group, Inc., Class A	1,700		24,667
	EMC Insurance Group, Inc.	700		15,764
	Employers Holdings, Inc.	6,210		92,219
	Enstar Group Ltd. (a)	1,000		69,160
	FPIC Insurance Group, Inc. (a)	1,150		31,177
	First Acceptance Corp. (a)	2,600		5,304
	First Mercury Financial Corp.	2,100		27,363
	Greenlight Capital Re Ltd. (a)	3,900		104,052
	Hallmark Financial Services, Inc. (a)	1,300		11,700
	Harleysville Group, Inc. (b)	1,900		64,144
	Hilltop Holdings, Inc. (a)	5,252		61,711
	Infinity Property & Casualty Corp.	1,800		81,792
	Meadowbrook Insurance Group, Inc.	8,317		65,704
	Mercer Insurance Group, Inc.	800		14,400
	Montpelier Re Holdings Ltd.	9,100		152,971
	NYMAGIC, Inc.	400		8,492
	National Interstate Corp.	1,000		20,710
	Navigators Group, Inc. (a)	1,500		58,995
	PMA Capital Corp., Class A (a)	4,800		29,472
	The PMI Group, Inc. (a)	8,400		45,528
	ProAssurance Corp. (a)(b)	4,300		251,722
	RLI Corp.	2,300		131,146
	Radian Group, Inc.	10,400		162,656
	Safety Insurance Group, Inc.	1,900		71,573
	SeaBright Insurance Holdings, Inc.	2,200		24,222
	Selective Insurance Group, Inc.	7,300		121,180
	State Auto Financial Corp.	2,100		37,695
	Stewart Information Services Corp. (b)	1,900		26,220
	Tower Group, Inc.	5,620		124,595
	United America Indemnity, Ltd. (a)	5,264		50,376
	United Fire & Casualty Co. (b)	3,300		59,367
	Universal Insurance Holdings, Inc.	900		4,554
	Zenith National Insurance Corp.	4,950		189,684

				2,569,155


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Internet Software & Services - 0.0%**	QuinStreet, Inc.	1,200	$	20,412
Leisure Time - 0.6%	Bluegreen Corp. (a)	2,200		7,194
	Callaway Golf Co.	7,700		67,914
	Churchill Downs, Inc. (b)	1,400		52,500
	Great Wolf Resorts, Inc. (a)	4,300		13,674
	Interval Leisure Group, Inc. (a)	5,565		81,026
	Life Time Fitness, Inc. (a)	5,400		151,740
	Orbitz Worldwide, Inc. (a)	5,300		37,683
	Pool Corp. (b)	6,100		138,104
	Smith & Wesson Holding Corp. (a)	6,800		25,704
	Speedway Motorsports, Inc.	2,000		31,220
	Sport Supply Group, Inc.	1,700		22,848
	Steinway Musical Instruments, Inc. (a)	900		16,947
	Sturm Ruger & Co., Inc.	1,900		22,781
	Town Sports International Holdings, Inc. (a)	2,600		10,166
	Universal Travel Group (a)	1,200		11,892
	Vail Resorts, Inc. (a)	3,900		156,351
	West Marine, Inc. (a)	2,000		21,700

				869,444
Luxury Items - 0.2%	Fossil, Inc. (a)(b)	6,000		226,440
	Fuqi International, Inc. (a)	1,200		13,080
	Movado Group, Inc. (b)	2,300		25,944

				265,464
Machinery - 0.0%**	Generac Holdings, Inc.	2,300		32,223
Machinery: Agricultural - 0.1%	Alamo Group, Inc.	1,000		19,990
	Lindsay Manufacturing Co.	1,500		62,115
	Titan International, Inc.	4,150		36,230
	Titan Machinery, Inc. (a)	1,300		17,797

				136,132
Machinery: Construction & Handling - 0.1%	Astec Industries, Inc. (a)	2,600		75,296
	NACCO Industries, Inc., Class A	700		51,905

				127,201
Machinery: Engines - 0.1%	Briggs & Stratton Corp.	6,200		120,900
	Harbin Electric, Inc. (a)	1,900		41,021

				161,921
Machinery: Industrial - 1.2%	Actuant Corp., Class A (b)	9,200		179,860
	Altra Holdings, Inc. (a)	3,200		43,936
	Applied Industrial Technologies, Inc.	5,750		142,887
	Chart Industries, Inc. (a)(b)	3,500		70,000
	Colfax Corp. (a)	3,500		41,195
	Columbus McKinnon Corp. (a)	2,800		44,436
	DXP Enterprises, Inc. (a)	1,200		15,324
	EnPro Industries, Inc. (a)	2,400		69,792
	Flow International Corp. (a)	4,900		14,749


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Graham Corp.	1,100	$	19,789
	John Bean Technologies Corp.	3,941		69,125
	Kadant, Inc. (a)	1,300		18,733
	MTS Systems Corp.	2,400		69,672
	Middleby Corp. (a)	2,074		119,442
	Nordson Corp.	4,500		305,640
	Sauer-Danfoss, Inc. (a)	1,600		21,248
	Tecumseh Products Co., Class A (a)	2,400		29,448
	Tennant Co.	2,600		71,214
	Twin Disc, Inc.	1,300		15,886
	Woodward Governor Co. (b)	8,100		259,038

				1,621,414
Machinery: Specialty - 0.1%	Albany International Corp., Class A	3,800		81,814
	Cascade Corp.	1,300		41,873
	Duoyuan Printing, Inc. (a)	600		6,480
	Hurco Companies, Inc. (a)	500		8,415
	K-Tron International, Inc. (a)	300		44,991

				183,573
Manufactured Housing - 0.0%**	Cavco Industries, Inc. (a)	900		30,726
	Skyline Corp.	1,000		18,600

				49,326
Medical & Dental Instruments & Supplies - 2.7%	AGA Medical Holdings, Inc. (a)	1,500		24,375
	ATS Medical, Inc. (a)	7,800		20,280
	Abiomed, Inc. (a)(b)	4,400		45,452
	Align Technology, Inc. (a)(b)	7,900		152,786
	Alphatec Holdings, Inc. (a)	4,100		26,117
	American Medical Systems Holdings, Inc. (a)	9,600		178,368
	AngioDynamics, Inc. (a)	2,900		45,298
	Atrion Corp.	200		28,608
	Bovie Medical Corp. (a)	2,500		15,625
	CONMED Corp. (a)	4,100		97,621
	Cantel Medical Corp.	1,400		27,790
	Cardiovascular Systems, Inc. (a)	1,700		9,027
	Conceptus, Inc. (a)	3,800		75,848
	CryoLife, Inc. (a)	3,200		20,704
	Cutera, Inc. (a)	2,000		20,740
	Delcath Systems Inc. (a)	3,600		29,160
	Endologix, Inc. (a)	6,500		26,260
	ev3, Inc. (a)	10,046		159,330
	Exactech, Inc. (a)	1,200		25,164
	Hansen Medical, Inc. (a)	1,900		4,351
	Heartware International, Inc. (a)	800		35,576
	ICU Medical, Inc. (a)(b)	1,500		51,675
	Immucor, Inc. (a)	9,450		211,586
	Insulet Corp. (a)	4,300		64,887


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Integra LifeSciences Holdings Corp. (a)(b)	2,500	$	109,575
	Invacare Corp.	3,600		95,544
	Landauer, Inc.	1,300		84,786
	MAKO Surgical Corp. (a)	1,900		25,612
	Matrixx Initiatives, Inc. (a)	300		1,521
	Medical Action Industries, Inc. (a)	1,500		18,405
	Meridian Bioscience, Inc.	5,675		115,600
	Merit Medical Systems, Inc. (a)	4,000		61,000
	Micrus Endovascular Corp. (a)	1,800		35,496
	Neogen Corp. (a)	2,850		71,535
	NuVasive, Inc. (a)	4,900		221,480
	OraSure Technologies, Inc. (a)	6,600		39,138
	Orthofix International NV (a)	2,400		87,312
	Orthovita, Inc. (a)	9,700		41,322
	Owens & Minor, Inc.	5,300		245,867
	PSS World Medical, Inc. (a)	7,400		173,974
	Quidel Corp. (a)	3,000		43,620
	Rochester Medical Corp. (a)	1,500		19,230
	Rockwell Medical Technologies, Inc. (a)	2,200		12,650
	Steris Corp. (b)	7,500		252,450
	SurModics, Inc. (a)	2,300		48,162
	Symmetry Medical, Inc. (a)	4,200		42,168
	Synovis Life Technologies, Inc. (a)	1,100		17,083
	Trans1, Inc. (a)	2,100		6,825
	Utah Medical Products, Inc.	400		11,252
	Vascular Solutions, Inc. (a)	2,400		21,576
	Volcano Corp. (a)	6,000		144,960
	West Pharmaceutical Services, Inc.	4,400		184,580
	Wright Medical Group, Inc. (a)	4,600		81,742
	Young Innovations, Inc.	800		22,528

				3,733,621
Medical Equipment - 1.5%	Abaxis, Inc. (a)	2,700		73,413
	Accuray, Inc. (a)(b)	5,900		35,931
	Affymetrix, Inc. (a)(b)	8,700		63,858
	Analogic Corp.	1,800		76,914
	Bruker BioSciences Corp. (a)(b)	6,800		99,620
	Cardiac Science Corp. (a)	1,200		2,244
	Cyberonics, Inc. (a)(b)	3,400		65,144
	Cynosure, Inc., Class A (a)	800		8,992
	DexCom, Inc. (a)	6,700		65,191
	Dionex Corp. (a)	2,300		171,994
	Electro-Optical Sciences, Inc. (a)	2,500		18,475
	Enteromedics, Inc. (a)	2,300		1,173
	Greatbatch, Inc. (a)	3,400		72,046
	Haemonetics Corp. (a)	3,200		182,880
	IRIS International, Inc. (a)	2,700		27,567


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Luminex Corp. (a)(b)	5,200	$	87,516
	Masimo Corp.	6,900		183,195
	Merge Healthcare, Inc. (a)	4,500		9,315
	Natus Medical, Inc. (a)	4,000		63,640
	NxStage Medical, Inc. (a)	3,400		38,930
	Palomar Medical Technologies, Inc. (a)(b)	2,000		21,720
	Sirona Dental Systems, Inc. (a)	2,400		91,272
	Somanetics Corp. (a)	1,300		24,882
	SonoSite, Inc. (a)	2,000		64,220
	Spectranetic Corp. (a)	4,900		33,859
	Stereotaxis, Inc. (a)	4,100		20,541
	Thoratec Corp. (a)(b)	7,100		237,495
	Tomotherapy, Inc. (a)	6,100		20,801
	Varian, Inc. (a)	3,900		201,942
	Vital Images, Inc. (a)	1,500		24,255
	Zoll Medical Corp. (a)	2,500		65,900

				2,154,925
Medical Services - 0.4%	America Service Group, Inc.	800		12,872
	Bio-Reference Labs, Inc. (a)	1,400		61,558
	Clarient, Inc. (a)	4,500		11,790
	eResearch Technology, Inc. (a)	4,800		33,168
	Genoptix, Inc. (a)	2,000		70,980
	inVentiv Health, Inc. (a)	4,600		103,316
	Kendle International, Inc. (a)	1,700		29,716
	Nighthawk Radiology Holdings, Inc. (a)	3,200		10,176
	Parexel International Corp. (a)	7,700		179,487
	RadNet, Inc. (a)	4,300		13,674

				526,737
Metal Fabricating - 0.7%	Ampco-Pittsburgh Corp.	1,300		32,266
	Dynamic Materials Corp.	1,900		29,678
	The Eastern Co.	900		12,186
	Hawk Corp., Class A (a)	800		15,600
	Haynes International, Inc.	1,400		49,742
	Kaydon Corp.	4,200		157,920
	L.B. Foster Co., Class A (a)	1,500		43,335
	Lawson Products, Inc.	679		10,504
	Mueller Industries, Inc.	5,100		136,629
	Mueller Water Products, Inc., Series A (b)	20,980		100,284
	Northwest Pipe Co. (a)	1,000		21,850
	Omega Flex, Inc.	400		4,200
	RBC Bearings, Inc. (a)(b)	2,600		82,862
	RTI International Metals, Inc. (a)	3,800		115,254
	Worthington Industries, Inc.	7,500		129,675

				941,985


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Metals & Minerals: Diversified - 0.4%	AMCOL International Corp.	3,300	$	89,760
	Brush Engineered Materials, Inc. (a)	2,800		63,196
	General Moly, Inc. (a)	9,500		31,540
	Hecla Mining Co. (a)	30,600		167,382
	Minerals Technologies, Inc.	2,500		129,600
	Oil-Dri Corp. of America	300		5,799
	Paramount Gold and Silver Corp. (a)	9,100		12,649
	United States Lime & Minerals Inc. (a)	300		11,601
	Uranerz Energy Corp. (a)	8,300		15,438

				526,965
Office Supplies & Equipment - 0.6%	ACCO Brands Corp. (a)	7,664		58,706
	Electronics for Imaging, Inc. (a)	6,300		73,269
	HNI Corp. (b)	6,100		162,443
	Herman Miller, Inc.	7,400		133,644
	Kimball International, Inc., Class B	4,800		33,360
	Knoll, Inc.	6,700		75,375
	Steelcase, Inc., Class A	9,243		59,802
	United Stationers, Inc. (a)	3,100		182,435

				779,034
Offshore Drilling & Other Services - 0.1%	Hercules Offshore, Inc. (a)	14,439		62,232
	Vantage Drilling Co. (a)	7,800		11,544

				73,776
Oil Well Equipment & Services - 1.3%	Allis-Chalmers Energy, Inc. (a)	7,800		27,612
	Basic Energy Services, Inc. (a)	3,300		25,443
	Bolt Technology Corp. (a)	1,200		13,572
	Boots & Coots, Inc. (a)	11,600		28,188
	Bronco Drilling Co., Inc. (a)	2,400		11,280
	CARBO Ceramics, Inc. (b)	2,450		152,733
	Cal Dive International, Inc. (a)	6,612		48,466
	Complete Production Services, Inc. (a)	8,000		92,400
	Dawson Geophysical Co. (a)	800		23,392
	Dril-Quip, Inc. (a)(b)	3,800		231,192
	Geokinetics, Inc. (a)	700		5,047
	Global Industries Ltd. (a)	12,500		80,250
	Gulf Island Fabrication, Inc.	1,800		39,150
	Hornbeck Offshore Services, Inc. (a)	2,700		50,139
	ION Geophysical Corp. (a)	13,500		66,420
	Key Energy Services, Inc. (a)	16,700		159,485
	Lufkin Industries, Inc.	1,900		150,385
	Matrix Service Co. (a)	3,000		32,280
	Natural Gas Services Group (a)	1,300		20,631
	Newpark Resources, Inc. (a)	10,700		56,175
	OYO Geospace Corp. (a)	600		28,686
	Parker Drilling Co. (a)	16,200		79,866
	Pioneer Drilling Co. (a)	6,300		44,352
	RPC, Inc.	4,225		47,024


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Sulphco, Inc. (a)	7,600	$	2,204
	Superior Well Services, Inc. (a)	2,100		28,098
	T-3 Energy Services, Inc. (a)	1,700		41,752
	Tetra Technologies, Inc. (a)	10,170		124,277
	Union Drilling, Inc. (a)	1,600		9,856
	Willbros Group, Inc. (a)	5,000		60,050

				1,780,405
Oil: Crude Producers - 2.1%	ATP Oil & Gas Corp. (a)(b)	5,000		94,050
	Apco Oil and Gas International, Inc.	1,400		37,562
	Approach Resources, Inc. (a)	1,600		14,528
	Arena Resources, Inc. (a)(b)	5,000		167,000
	Atlas Energy, Inc. (b)	9,000		280,080
	BPZ Resources, Inc. (a)	12,600		92,610
	Berry Petroleum Co., Class A (b)	6,400		180,224
	Bill Barrett Corp. (a)	4,900		150,479
	Brigham Exploration Co. (a)	12,700		202,565
	CREDO Petroleum Corp. (a)	1,000		9,860
	Carrizo Oil & Gas, Inc. (a)	3,500		80,325
	Cheniere Energy, Inc. (a)	6,000		18,540
	Clayton Williams Energy, Inc. (a)	900		31,482
	Contango Oil & Gas Co. (a)	1,700		86,955
	Cubic Energy, Inc. (a)	3,300		3,498
	Delta Petroleum Corp. (a)	26,200		36,942
	Endeavour International Corp. (a)	17,800		22,606
	FX Energy, Inc. (a)	6,300		21,609
	GMX Resources Inc. (a)	3,800		31,236
	GeoResources, Inc. (a)	1,100		16,797
	Goodrich Petroleum Corp. (a)	3,000		46,920
	Gran Tierra Energy, Inc. (a)	27,200		160,480
	Gulfport Energy Corp. (a)	3,800		42,712
	Harvest Natural Resources, Inc. (a)	4,900		36,897
	Isramco Inc. (a)	200		13,110
	McMoRan Exploration Co. (a)	10,300		150,689
	Northern Oil And Gas, Inc. (a)	4,300		68,155
	Oilsands Quest, Inc. (a)	29,500		21,806
	Panhandle Oil & Gas, Inc.	1,100		25,993
	Penn Virginia Corp. (b)	5,700		139,650
	Petroleum Development Corp. (a)(b)	2,600		60,242
	Petroquest Energy, Inc. (a)	6,100		30,683
	PrimeEnergy Corp. (a)	100		2,693
	Rex Energy Corp. (a)	3,600		41,004
	Rosetta Resources, Inc. (a)	6,600		155,430
	Stone Energy Corp. (a)	5,328		94,572
	Swift Energy Co. (a)	5,100		156,774
	Toreador Resources Corp. (a)	2,800		22,904


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Vaalco Energy, Inc.	6,500	$	32,110
	Venoco, Inc. (a)	2,700		34,641
	W&T Offshore, Inc.	4,870		40,908
	Warren Resources, Inc. (a)	8,800		22,176
	Zion Oil & Gas, Inc. (a)	1,291		7,991

				2,987,488
Oil: Integrated - 0.1%	Alon USA Energy, Inc.	1,100		7,975
	CVR Energy, Inc. (a)	3,500		30,625
	Delek US Holdings, Inc.	1,900		13,832
	Western Refining, Inc. (a)	4,600		25,300

				77,732
Paints & Coatings - 0.2%	Chase Corp.	800		10,096
	Ferro Corp.	10,800		94,932
	H.B. Fuller Co.	6,600		153,186
	North American Galvanizing & Coatings (a)	1,800		10,008

				268,222
Paper - 0.6%	Boise, Inc. (a)	3,000		18,390
	Buckeye Technologies, Inc. (a)	5,400		70,632
	Clearwater Paper Corp. (a)	1,396		68,753
	Domtar Corp. (a)(b)	5,304		341,631
	Kapstone Paper and Packaging Corp. (a)	3,900		46,293
	Neenah Paper, Inc.	2,200		34,848
	P.H. Glatfelter Co.	6,400		92,736
	Schweitzer-Mauduit International, Inc.	2,300		109,388
	Wausau Paper Corp.	6,200		52,948

				835,619
Paper & Forest Products - 0.0%**	Cellu Tissue Holdings, Inc.	900		8,982
Personal Care - 0.1%	Female Health Co.	2,200		15,730
	Mannatech, Inc.	2,400		8,016
	Orchids Paper Products Co. (a)	700		11,515
	USANA Health Sciences, Inc. (a)	1,000		31,410
	WD-40 Co.	2,000		65,660

				132,331
Pharmaceuticals - 1.6%	Acura Pharmaceuticals, Inc. (a)	1,300		6,994
	Adolor Corp. (a)	6,800		12,240
	Akorn, Inc. (a)(b)	8,400		12,852
	Alkermes, Inc. (a)	12,000		155,640
	American Oriental Bioengineering, Inc. (a)	8,900		36,312
	Ardea Biosciences, Inc. (a)	1,600		29,216
	Auxilium Pharmaceuticals, Inc. (a)	6,200		193,192
	Avanir Pharmaceuticals, Inc. (a)	9,000		20,880
	BMP Sunstone Corp. (a)	4,800		24,288
	BioCryst Pharmaceuticals, Inc. (a)	2,600		17,082
	Biospecifics Technologies (a)	500		13,875
	Cadence Pharmaceuticals, Inc. (a)	2,800		25,564


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Cambrex Corp. (a)	3,565	$	14,438
	Caraco Pharmaceutical Laboratories Ltd. (a)	1,600		9,584
	China Sky One Medical, Inc. (a)	1,200		18,852
	Cumberland Pharmaceuticals, Inc. (a)	1,100		11,583
	Depomed, Inc. (a)	7,700		27,335
	Durect Corp. (a)	12,600		37,926
	Hi-Tech Pharmacal Co., Inc. (a)	900		19,926
	Impax Laboratories, Inc. (a)	7,600		135,888
	Infinity Pharmaceuticals, Inc. (a)	3,000		18,300
	Inspire Pharmaceuticals, Inc. (a)	8,600		53,664
	Ironwood Pharmaceuticals, Inc. (a)	2,400		32,448
	Isis Pharmaceuticals, Inc. (a)	12,000		131,040
	Ista Pharmaceuticals, Inc. (a)	5,000		20,350
	Javelin Pharmaceuticals, Inc. (a)	7,400		9,546
	K-V Pharmaceutical Co., Class A (a)	4,700		8,272
	Lannett Co., Inc. (a)	1,900		8,075
	MAP Pharmaceuticals, Inc. (a)	1,000		15,890
	Medicines Co. (a)	7,400		58,016
	Medicis Pharmaceutical Corp., Class A	7,400		186,184
	MiddleBrook Pharmaceuticals, Inc. (a)	6,000		1,800
	Obagi Medical Products, Inc. (a)	2,600		31,668
	Optimer Pharmaceuticals, Inc. (a)	4,100		50,348
	Pain Therapeutics, Inc. (a)	5,300		33,231
	Par Pharmaceutical Cos., Inc. (a)	4,400		109,120
	Pozen, Inc. (a)	3,900		37,362
	Prestige Brands Holdings, Inc. (a)	3,900		35,100
	Questcor Pharmaceuticals, Inc. (a)	8,100		66,663
	SIGA Technologies, Inc. (a)	3,400		22,542
	Salix Pharmaceuticals Ltd. (a)(b)	7,100		264,475
	Santarus, Inc. (a)	5,900		31,742
	Sciclone Pharmaceuticals, Inc. (a)	3,400		12,002
	Spectrum Pharmaceuticals, Inc. (a)	4,800		22,128
	SuperGen, Inc. (a)	6,700		21,440
	Vical, Inc. (a)	4,700		15,792
	Vivus, Inc. (a)	10,000		87,200
	Xenoport, Inc. (a)	4,200		38,892

				2,246,957
Photography - 0.2%	CPI Corp.	700		9,702
	Eastman Kodak Co. (a)	34,600		200,334

				210,036
Plastics - 0.0%**	Spartech Corp. (a)	4,400		51,480
Power Transmission Equipment - 0.3%	Advanced Energy Industries, Inc. (a)	4,500		74,520
	Maxwell Technologies, Inc. (a)	3,100		38,409
	Powell Industries, Inc. (a)(b)	800		26,024
	Regal-Beloit Corp. (b)	4,700		279,227
	Vicor Corp. (a)	3,000		41,430

				459,610


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Precious Metals & Minerals - 0.1%	Horsehead Holding Corp. (a)	6,000	$	71,040
	Stillwater Mining Co. (a)	5,700		73,986

				145,026
Printing & Copying Services - 0.0%**	Cenveo, Inc. (a)	7,500		64,950
Producer Durables: Miscellaneous - 0.1%	Blount International, Inc. (a)	5,500		56,980
	China Fire & Security Group, Inc. (a)	1,600		20,752

				77,732
Production Technology Equipment - 1.0%	ATMI, Inc. (a)	4,500		86,895
	Brooks Automation, Inc. (a)	8,983		79,230
	Cognex Corp.	5,600		103,544
	Cohu, Inc. (b)	3,600		49,572
	Cymer, Inc. (a)(b)	4,100		152,930
	Electro Scientific Industries, Inc. (a)	4,000		51,240
	Entegris, Inc. (a)	17,695		89,183
	FEI Co. (a)	4,600		105,386
	Intevac, Inc. (a)(b)	3,100		42,842
	Kulicke & Soffa Industries, Inc. (a)	8,300		60,175
	MKS Instruments, Inc. (a)	6,800		133,212
	Photronics, Inc. (a)	6,000		30,540
	Rudolph Technologies, Inc. (a)	4,513		38,676
	Tessera Technologies, Inc. (a)	6,200		125,736
	Ultratech, Inc. (a)	2,800		38,080
	Veeco Instruments, Inc. (a)	4,900		213,150

				1,400,391
Publishing - 0.1%	Courier Corp.	1,500		24,765
	Dolan Media Co. (a)	3,600		39,132
	Journal Communications, Inc., Class A	6,400		26,880
	Martha Stewart Living Omnimedia, Inc., Class A (a)	2,700		15,066
	Primedia, Inc.	3,250		11,180
	Scholastic Corp.	3,200		89,600

				206,623
Radio & TV Broadcasters - 0.1%	Crown Media Holdings, Inc., Class A (a)	2,200		4,224
	Fisher Communications, Inc. (a)	900		12,690
	Lin TV Corp., Class A (a)	4,200		24,150
	Outdoor Channel Holdings, Inc. (a)	2,300		15,157
	Sinclair Broadcast Group, Inc., Class A (a)	5,000		25,400

				81,621
Railroad Equipment - 0.1%	American Railcar Industries, Inc.	1,400		17,024
	Freightcar America, Inc.	1,400		33,824
	Greenbrier Cos., Inc. (a)	2,600		28,626
	Portec Rail Products, Inc.	1,000		11,620

				91,094
Railroads - 0.1%	Genesee & Wyoming, Inc., Class A (a)	5,050		172,306
	Railamerica, Inc. (a)	2,400		28,320

				200,626


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Real Estate - 0.2%	American Realty Investors, Inc. (a)	300	$	3,225
	Avatar Holdings, Inc. (a)	900		19,566
	China Housing & Land Development (a)	3,800		14,516
	Consolidated-Tomoka Land Co.	800		25,208
	Forestar Group, Inc. (a)	4,566		86,206
	Griffin Land & Nurseries, Inc.	500		14,525
	Tejon Ranch Co. (a)	1,600		48,832
	United Capital Corp. (a)	200		4,744

				216,822
Real Estate Investment Trusts (REITs) - 6.2%	Acadia Realty Trust (b)	5,519		98,569
	Agree Realty Corp. (b)	1,100		25,146
	Alexander’s, Inc. (a)(b)	300		89,739
	American Campus Communities, Inc.	6,758		186,926
	American Capital Agency Corp.	1,900		48,640
	Anworth Mortgage Asset Corp.	14,000		94,360
	Apollo Commercial Real Estate Finance, Inc.	1,000		18,010
	Ashford Hospitality Trust, Inc. (a)	6,550		46,964
	Associated Estates Realty Corp.	2,100		28,959
	BioMed Realty Trust, Inc. (b)	13,200		218,328
	CBL & Associates Properties, Inc. (b)	18,300		250,710
	CapLease, Inc. (b)	5,800		32,190
	Capstead Mortgage Corp.	8,700		104,052
	Cedar Shopping Centers, Inc.	5,800		45,878
	Cogdell Spencer, Inc.	3,100		22,940
	Colonial Properties Trust	9,100		117,208
	Colony Financial, Inc. (a)	1,600		32,000
	Cousins Properties, Inc.	10,459		86,914
	CreXus Investment Corp. (a)	1,400		18,718
	Cypress Sharpridge Investments, Inc.	2,000		26,760
	DCT Industrial Trust, Inc.	26,450		138,334
	Developers Diversified Realty Corp.	26,466		322,091
	DiamondRock Hospitality Co. (b)	16,523		167,048
	Dupont Fabros Technology, Inc.	3,600		77,724
	Dynex Capital Corp.	700		6,300
	Eastgroup Properties, Inc.	3,300		124,542
	Education Realty Trust, Inc.	6,400		36,736
	Entertainment Properties Trust (b)	5,300		217,989
	Equity Lifestyle Properties, Inc.	3,400		183,192
	Equity One, Inc.	4,700		88,783
	Extra Space Storage, Inc. (b)	11,200		142,016
	FelCor Lodging Trust, Inc. (a)	9,000		51,300
	First Industrial Realty Trust, Inc. (a)	6,100		47,336
	First Potomac Realty Trust	4,400		66,132
	Franklin Street Properties Corp.	9,200		132,756
	Getty Realty Corp.	2,600		60,840
	Gladstone Commercial Corp.	1,300		18,785


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Glimcher Realty Trust	7,600	$	38,532
	Government Properties Income Trust	1,900		49,419
	Gramercy Capital Corp. (a)	6,361		17,747
	Hatteras Financial Corp. (b)	4,500		115,965
	Healthcare Realty Trust, Inc.	7,600		177,004
	Hersha Hospitality Trust	14,600		75,628
	Highwoods Properties, Inc.	9,200		291,916
	Home Properties, Inc.	4,400		205,920
	Inland Real Estate Corp.	9,900		90,585
	InvesCo. Mortgage Capital, Inc.	1,900		43,700
	Investors Real Estate Trust	9,000		81,180
	iStar Financial, Inc. (a)	12,600		57,834
	Kilroy Realty Corp.	5,604		172,827
	Kite Realty Group Trust	4,900		23,177
	LTC Properties, Inc.	3,200		86,592
	LaSalle Hotel Properties	8,200		191,060
	Lexington Corporate Properties Trust	13,151		85,613
	MFA Financial, Inc. (b)	37,500		276,000
	Medical Properties Trust, Inc.	11,100		116,328
	Mid-America Apartment Communities, Inc.	3,600		186,444
	Mission West Properties, Inc.	2,400		16,512
	Monmouth Real Estate Investment Corp., Class A	3,100		26,071
	National Health Investors, Inc.	3,600		139,536
	National Retail Properties, Inc. (b)	10,400		237,432
	NorthStar Realty Finance Corp.	9,046		38,084
	Omega Healthcare Investors, Inc. (b)	11,200		218,288
	PS Business Parks, Inc.	2,500		133,500
	Parkway Properties, Inc.	3,100		58,218
	Pennsylvania Real Estate Investment Trust	4,600		57,362
	Pennymac Mortgage Investment Trust (a)	2,100		34,881
	Post Properties, Inc.	6,100		134,322
	Potlatch Corp. (b)	5,039		176,567
	RAIT Investment Trust (a)	10,140		20,077
	Ramco-Gershenson Properties Trust	3,300		37,158
	Redwood Trust, Inc. (b)	10,600		163,452
	Resource Capital Corp.	3,400		22,984
	Saul Centers, Inc.	900		37,260
	Sovran Self Storage, Inc.	3,500		122,010
	Starwood Property Trust, Inc.	5,800		111,940
	Strategic Hotel Capital, Inc. (a)	8,600		36,550
	Sun Communities, Inc.	1,900		47,880
	Sunstone Hotel Investors, Inc. (a)	13,275		148,282
	Tanger Factory Outlet Centers, Inc. (b)	5,400		233,064
	Transcontinental Realty Investors, Inc. (a)	200		2,504
	U-Store-It Trust	11,100		79,920


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	UMH Properties, Inc.	1,700	$	13,889
	Universal Health Realty Income Trust (b)	1,300		45,942
	Urstadt Biddle Properties, Inc., Class A	3,100		49,011
	Walter Investment Management Corp.	2,605		41,680
	Washington Real Estate Investment Trust (b)	7,600		232,180
	Winthrop Realty Trust	1,505		18,120

				8,593,062
Real Estate Management & Development - 0.0%**	Terreno Realty Corp.	1,200		23,676
Recreational Vehicles & Boats - 0.4%	Brunswick Corp.	11,800		188,446
	Drew Industries, Inc. (a)	2,600		57,252
	Marine Products Corp.	1,500		9,000
	Polaris Industries, Inc. (b)	4,100		209,756
	Winnebago Industries, Inc. (a)	3,800		55,518

				519,972
Rental & Leasing Services: Consumer - 0.4%	Amerco, Inc. (a)(b)	1,300		70,577
	Avis Budget Group, Inc. (a)	12,900		148,350
	Dollar Thrifty Automotive Group, Inc. (a)	3,600		115,668
	Rent-A-Center, Inc. (a)	8,400		198,660

				533,255
Restaurants - 1.5%	AFC Enterprises, Inc. (a)	3,700		39,701
	BJ’s Restaurants, Inc. (a)	2,300		53,590
	Benihana, Inc., Class A (a)	1,500		9,750
	Bob Evans Farms, Inc. (b)	3,800		117,458
	Buffalo Wild Wings, Inc. (a)(b)	2,200		105,842
	CEC Entertainment, Inc. (a)	3,200		121,888
	CKE Restaurants, Inc.	6,900		76,383
	California Pizza Kitchen, Inc. (a)	2,150		36,099
	Caribou Coffee Co., Inc. (a)	900		5,958
	Carrols Restaurant Group, Inc. (a)	2,000		13,600
	The Cheesecake Factory, Inc. (a)	7,600		205,656
	Cracker Barrel Old Country Store, Inc.	2,758		127,916
	Denny’s Corp. (a)	13,700		52,608
	DineEquity, Inc. (a)	2,400		94,872
	Domino’s Pizza, Inc. (a)	5,200		70,928
	Einstein Noah Restaurant Group, Inc. (a)	700		8,505
	Frisch’s Restaurants, Inc.	300		6,630
	Jack in the Box, Inc. (a)	7,200		169,560
	Krispy Kreme Doughnuts, Inc. (a)	8,700		34,974
	Landry’s Restaurants, Inc. (a)	1,000		17,920
	Luby’s, Inc. (a)	3,200		12,608
	McCormick & Schmick’s Seafood Restaurants, Inc. (a)	1,500		15,105
	O’Charleys, Inc.	2,600		23,244
	P.F. Chang’s China Bistro, Inc. (a)	2,900		127,977
	Papa John’s International, Inc. (a)	2,600		66,846


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Red Robin Gourmet Burgers, Inc. (a)	1,700	$	41,548
	Ruby Tuesday, Inc. (a)	8,900		94,073
	Ruth’s Hospitality Group, Inc. (a)	2,900		15,370
	Sonic Corp. (a)	8,170		90,279
	The Steak N Shake Co (a)	180		68,629
	Texas Roadhouse, Inc., Class A (a)(b)	6,000		83,340

				2,008,857
Scientific Instruments: Control & Filter - 0.7%	Brady Corp.	6,500		202,280
	CIRCOR International, Inc.	2,100		69,741
	China Security & Surveillance Technology, Inc. (a)	5,300		40,757
	ESCO Technologies, Inc.	3,300		104,973
	Energy Recovery, Inc. (a)	3,600		22,680
	The Gorman-Rupp Co.	2,118		53,882
	ICx Technologies, Inc. (a)	1,800		12,546
	L-1 Identity Solutions, Inc. (a)	10,298		91,961
	Mine Safety Appliances Co.	3,700		103,452
	PMFG, Inc. (a)	2,000		26,460
	RAE Systems, Inc. (a)	5,500		4,483
	Robbins & Myers, Inc.	3,800		90,516
	Sun Hydraulics, Inc.	1,500		38,970
	Watts Water Technologies, Inc., Class A	4,000		124,240
	X-Rite, Inc. (a)	5,000		15,150

				1,002,091
Scientific Instruments: Electrical - 1.0%	A.O. Smith Corp.	2,900		152,453
	AZZ, Inc. (a)	1,400		47,390
	Advanced Battery Technologies, Inc. (a)	6,200		24,056
	American Superconductor Corp. (a)	5,600		161,840
	Baldor Electric Co. (b)	6,270		234,498
	Broadwind Energy, Inc. (a)	4,600		20,562
	China BAK Battery, Inc. (a)	3,900		9,399
	Ener1, Inc. (a)	7,100		33,583
	EnerSys (a)	5,100		125,766
	Franklin Electric Co., Inc.	3,200		95,968
	GrafTech International Ltd. (a)(b)	16,100		220,087
	Houston Wire & Cable Co.	1,900		22,002
	Littelfuse, Inc. (a)	3,000		114,030
	Preformed Line Products Co.	300		11,445
	SatCon Technology Corp. (a)	9,100		22,113
	Taser International, Inc. (a)	7,500		43,950
	Ultralife Batteries, Inc. (a)	700		2,807
	Valence Technology, Inc. (a)	8,000		6,800

				1,348,749


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Scientific Instruments: Gauges & Meters - 0.1%	Badger Meter, Inc. (b)	1,800	$	69,318
	Faro Technologies, Inc. (a)	2,000		51,500
	Measurement Specialties, Inc. (a)	2,200		32,362
	Smartheat, Inc. (a)	1,300		13,962
	Zygo Corp. (a)	2,200		20,306

				187,448
Scientific Instruments: Pollution Control - 0.3%	Clean Harbors, Inc. (a)	2,700		150,012
	Darling International, Inc. (a)	11,300		101,248
	EnergySolutions, Inc.	10,400		66,872
	Fuel Tech, Inc. (a)	1,800		14,436
	Heritage Crystal Clean, Inc. (a)	600		6,780
	Met-Pro Corp.	1,300		12,740
	Metalico, Inc. (a)	3,700		22,163
	Perma-Fix Environmental Services (a)	8,100		17,982
	Team, Inc. (a)	2,200		36,498
	US Ecology, Inc.	2,000		32,200
	Waste Services, Inc. (a)	1,833		18,128

				479,059
Securities Brokerage & Services - 0.8%	BGC Partners, Inc.	6,700		40,937
	E*Trade Financial Corp. (a)	204,904		338,092
	GFI Group, Inc.	9,200		53,176
	Gladstone Investment Corp.	3,000		17,940
	International Assets Holding Corp., Inc. (a)	2,001		29,955
	KBW, Inc. (a)	4,800		129,120
	Knight Capital Group, Inc., Class A (a)(b)	11,600		176,900
	MF Global Holdings Ltd. (a)	12,200		98,454
	MarketAxess Holdings, Inc.	4,500		70,785
	optionsXpress Holdings, Inc.	5,300		86,337
	Penson Worldwide, Inc. (a)	3,000		30,210
	SWS Group, Inc.	3,200		36,896
	TradeStation Group, Inc. (a)	5,000		35,050

				1,143,852
Semiconductors & Components - 2.5%	Actel Corp. (a)(b)	3,900		54,015
	Advanced Analogic Technologies, Inc. (a)	4,300		15,007
	Amkor Technology, Inc. (a)	13,900		98,273
	Anadigics, Inc. (a)	7,400		35,964
	Applied Micro Circuits Corp. (a)	8,075		69,687
	Atheros Communications, Inc. (a)	8,664		335,383
	Cavium Networks, Inc. (a)(b)	5,000		124,300
	Ceva, Inc. (a)	2,200		25,652
	Cirrus Logic, Inc. (a)	7,800		65,442
	DSP Group, Inc. (a)	3,400		28,322
	Diodes, Inc. (a)	4,600		103,040
	Emcore Corp. (a)	6,400		7,744
	Entropic Communications, Inc. (a)	7,600		38,608
	Exar Corp. (a)	5,500		38,775
	Formfactor, Inc. (a)	6,200		110,112


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Hittite Microwave Corp. (a)(b)	3,000	$	131,910
	IXYS Corp. (a)	2,800		23,912
	Kopin Corp. (a)	10,000		37,000
	Lattice Semiconductor Corp. (a)	13,300		48,811
	MIPS Technologies, Inc. (a)	4,800		21,408
	Micrel, Inc.	5,200		55,432
	Microsemi Corp. (a)	11,000		190,740
	Microtune, Inc. (a)	7,700		21,021
	Monolithic Power Systems, Inc. (a)	4,700		104,810
	Netlogic Microsystems, Inc. (a)	6,000		176,580
	Omnivision Technologies, Inc. (a)	6,200		106,516
	PLX Technology, Inc. (a)	4,500		23,715
	ParkerVision, Inc. (a)	4,500		7,650
	Pericom Semiconductor Corp. (a)	3,740		40,055
	Power Integrations, Inc. (b)	2,900		119,480
	RF Micro Devices, Inc. (a)(b)	33,437		166,516
	Rubicon Technology, Inc. (a)	1,500		30,300
	Semtech Corp. (a)	7,600		132,468
	Sigma Designs, Inc. (a)	3,600		42,228
	Silicon Image, Inc. (a)	8,000		24,160
	Silicon Storage Technology, Inc. (a)	11,800		35,872
	Skyworks Solutions, Inc. (a)	21,352		333,091
	Standard Microsystems Corp. (a)	3,200		74,496
	Supertex, Inc. (a)	1,200		30,708
	Techwell, Inc. (a)	1,700		31,790
	TriQuint Semiconductor, Inc. (a)	18,400		128,800
	Trident Microsystems, Inc. (a)	6,200		10,788
	Virage Logic Corp. (a)	2,800		22,008
	Volterra Semiconductor Corp. (a)	2,900		72,790
	White Electronic Designs Corp. (a)	1,900		13,300
	Zoran Corp. (a)	6,200		66,712

				3,475,391
Shipping - 0.5%	American Commerical Lines, Inc. (a)	1,350		33,885
	DHT Holdings, Inc.	5,400		21,168
	Eagle Bulk Shipping, Inc. (a)	7,200		38,232
	Genco Shipping & Trading Ltd. (a)	3,300		69,663
	General Maritime Corp.	5,830		41,918
	Golar LNG Ltd.	4,700		54,990
	Gulfmark Offshore, Inc., Class A (a)	3,200		84,960
	Horizon Lines, Inc., Class A	4,500		24,480
	International Shipholding Corp.	700		20,573
	Knightsbridge Tankers Ltd.	1,800		30,492
	Nordic American Tanker Shipping Ltd.	5,900		178,593
	Ship Finance International Ltd.	6,200		110,112
	Teekay Tankers Ltd., Class A	800		10,056
	Ultrapetrol Bahamas Ltd. (a)	3,200		17,568

				736,690


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Specialty Retail - 3.3%	1-800-FLOWERS.COM, Inc., Class A (a)	2,700	$	6,777
	America’s Car Mart, Inc. (a)	1,200		28,944
	AnnTaylor Stores Corp. (a)	7,452		154,256
	Asbury Automotive Group, Inc. (a)	3,900		51,870
	bebe Stores, Inc.	2,700		24,030
	Big 5 Sporting Goods Corp.	2,600		39,572
	Blue Nile, Inc. (a)(b)	1,600		88,032
	Books-A-Million, Inc.	300		2,172
	Borders Group, Inc. (a)	3,800		6,536
	Brown Shoe Co., Inc.	5,725		88,623
	The Buckle, Inc. (b)	3,500		128,660
	Build-A-Bear Workshop, Inc. (a)	2,500		17,800
	Cabela’s, Inc., Class A (a)(b)	4,900		85,701
	The Cato Corp., Class A	3,900		83,616
	Charming Shoppes, Inc. (a)	15,700		85,722
	The Children’s Place Retail Stores, Inc. (a)	2,700		120,285
	Christopher & Banks Corp.	5,200		41,600
	Citi Trends, Inc. (a)	2,100		68,124
	Coldwater Creek, Inc. (a)	8,100		56,214
	Collective Brands, Inc. (a)(b)	8,500		193,290
	Conn’s, Inc. (a)	700		5,481
	DSW, Inc., Class A (a)	1,400		35,742
	Destination Maternity Corp. (a)	800		20,528
	Dress Barn, Inc. (a)	7,933		207,527
	The Finish Line, Inc., Class A	5,855		95,554
	Genesco, Inc. (a)	2,800		86,828
	Group 1 Automotive, Inc. (a)	3,000		95,580
	Gymboree Corp. (a)	3,700		191,031
	Haverty Furniture Cos., Inc.	2,600		42,432
	hhgregg, Inc. (a)	1,500		37,860
	Hibbett Sports, Inc. (a)	3,450		88,251
	Hot Topic, Inc. (a)	5,100		33,150
	Jo-Ann Stores, Inc. (a)	3,300		138,534
	Jos. A. Bank Clothiers, Inc. (a)	2,225		121,596
	Lithia Motors, Inc., Class A (a)	2,100		13,440
	Lumber Liquidators Holdings, Inc. (a)	1,700		45,339
	Men’s Wearhouse, Inc.	6,900		165,186
	Midas, Inc. (a)	2,100		23,688
	Monro Muffler, Inc.	2,000		71,520
	New York & Co. (a)	3,500		16,765
	Nu Skin Enterprises, Inc., Class A	6,300		183,330
	OfficeMax, Inc. (a)	9,768		160,391
	Pacific Sunwear of California, Inc. (a)	7,700		40,887
	The Pep Boys - Manny, Moe & Jack	6,900		69,345
	Pier 1 Imports, Inc. (a)	14,600		93,002
	Regis Corp.	7,200		134,496


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Retail Ventures, Inc. (a)	3,700	$	35,187
	Rue21, Inc. (a)	700		24,269
	Sally Beauty Co., Inc. (a)	12,900		115,068
	Shoe Carnival, Inc. (a)	1,000		22,860
	Shutterfly, Inc. (a)	2,500		60,225
	Sonic Automotive, Inc. (a)(b)	4,200		46,200
	Stage Stores, Inc. (b)	5,350		82,337
	Stamps.com, Inc. (a)	1,600		16,160
	Stein Mart, Inc. (a)(b)	3,700		33,411
	Syms Corp. (a)	1,000		9,960
	Systemax, Inc.	1,600		34,784
	The Talbots, Inc.	2,800		36,288
	Tractor Supply Co. (b)	4,600		267,030
	Ulta Salon Cosmetics & Fragrance, Inc. (a)	3,800		85,956
	Vitacost.com, Inc. (a)	1,100		13,255
	Vitamin Shoppe, Inc. (a)	900		20,205
	The Wet Seal, Inc., Class A (a)	11,600		55,216
	Zale Corp. (a)	1,500		4,110
	Zumiez, Inc. (a)	2,400		49,176

				4,601,004
Steel - 0.1%	China Precision Steel, Inc. (a)	4,600		9,660
	General Steel Holdings, Inc. (a)	2,100		8,631
	Olympic Steel, Inc.	1,000		32,650
	Sutor Technology Group Ltd. (a)	1,500		4,305
	Universal Stainless & Alloy Products, Inc. (a)	900		21,591

				76,837
Sugar - 0.0%**	Imperial Sugar Co. New Shares	1,300		20,163
Synthetic Fibers & Chemicals - 0.0%**	Zoltek Cos., Inc. (a)	3,100		29,884
Technology: Miscellaneous - 0.4%	Benchmark Electronics, Inc. (a)	8,800		182,512
	CTS Corp.	5,000		47,100
	LaBarge, Inc. (a)	1,900		20,995
	Plexus Corp. (a)(b)	5,300		190,959
	Vocus, Inc. (a)	2,500		42,625

				484,191
Telecommunications Equipment - 0.4%	ADC Telecommunications, Inc. (a)(b)	12,016		87,836
	Applied Signal Technology, Inc. (b)	1,300		25,454
	Arris Group, Inc. (a)	16,646		199,918
	Brightpoint, Inc. (a)(b)	6,230		46,912
	Cogo Group, Inc. (a)	2,300		16,077
	Communications System, Inc.	800		10,344
	Mastec, Inc. (a)	7,200		90,792
	OpNext, Inc. (a)	2,900		6,844
	Powerwave Technologies, Inc. (a)	14,600		18,250
	Symmetricom, Inc. (a)	6,600		38,478
	UTStarcom, Inc. (a)	16,300		45,477

				586,382


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Textile Products - 0.1%	Interface, Inc., Class A	6,400	$	74,112
	Unifi, Inc. (a)	6,700		24,388

				98,500
Textiles Apparel & Shoes - 2.2%	American Apparel, Inc. (a)	5,500		16,665
	Carter’s, Inc. (a)(b)	7,200		217,080
	Cherokee, Inc.	600		10,800
	Columbia Sportswear Co. (b)	1,600		84,048
	Crocs, Inc. (a)	10,500		92,085
	Deckers Outdoor Corp. (a)(b)	1,700		234,600
	G-III Apparel Group, Ltd. (a)	1,700		46,852
	Iconix Brand Group, Inc. (a)	9,600		147,456
	J. Crew Group, Inc. (a)	6,570		301,563
	Jones Apparel Group, Inc.	11,400		216,828
	K-Swiss, Inc., Class A (a)(b)	3,800		39,748
	Kenneth Cole Productions, Inc., Class A (a)	500		6,405
	Liz Claiborne, Inc. (a)	11,900		88,417
	lululemon athletica, inc. (a)	5,200		215,800
	Maidenform Brands, Inc. (a)	2,200		48,070
	Oxford Industries, Inc.	1,800		36,594
	Perry Ellis International, Inc. (a)	1,050		23,783
	Quiksilver, Inc. (a)	17,500		82,775
	Skechers U.S.A., Inc., Class A (a)	4,200		152,544
	Steven Madden Ltd. (a)	1,900		92,720
	Timberland Co., Class A (a)	6,000		128,040
	True Religion Apparel, Inc. (a)	3,100		94,116
	Under Armour, Inc., Class A (a)(b)	4,500		132,345
	Volcom, Inc. (a)	2,800		54,656
	The Warnaco Group, Inc. (a)(b)	5,800		276,718
	Weyco Group, Inc.	1,100		25,872
	Wolverine World Wide, Inc.	6,700		195,372

				3,061,952
Tobacco - 0.2%	Alliance One International, Inc. (a)	11,200		57,008
	Star Scientific, Inc. (a)	8,773		22,371
	Universal Corp.	3,100		163,339
	Vector Group Ltd.	5,188		80,051

				322,769
Toys - 0.1%	Jakks Pacific, Inc. (a)	3,200		41,760
	Leapfrog Enterprises, Inc. (a)	3,700		24,235
	RC2 Corp. (a)	3,000		44,910

				110,905
Transportation Miscellaneous - 0.2%	Dynamex, Inc. (a)	1,400		24,080
	Echo Global Logistics, Inc. (a)	300		3,873
	HUB Group, Inc., Class A (a)	5,100		142,698
	Odyssey Marine Exploration, Inc. (a)	7,900		10,349


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
	Pacer International, Inc. (a)	3,700	$	22,274
	Textainer Group Holdings Ltd.	1,400		30,170
	Todd Shipyards Corp.	800		13,144

				246,588
Truckers - 0.7%	Arkansas Best Corp.	3,100		92,628
	Celadon Group, Inc. (a)	3,300		46,002
	Forward Air Corp.	4,000		105,200
	Heartland Express, Inc.	6,600		108,900
	Knight Transportation, Inc.	7,750		163,448
	Marten Transport Ltd. (a)	1,600		31,536
	Old Dominion Freight Line, Inc. (a)	3,450		115,196
	Patriot Transportation Holding, Inc. (a)	200		16,896
	Saia, Inc. (a)	2,000		27,760
	USA Truck, Inc. (a)	1,100		17,776
	Universal Truckload Services, Inc.	900		15,822
	Werner Enterprises, Inc.	5,200		120,484
	YRC Worldwide, Inc. (a)	129,040		70,172

				931,820
Utilities: Electrical - 1.5%	Allete, Inc.	4,000		133,920
	Avista Corp.	7,400		153,254
	Black Hills Corp.	5,000		151,750
	CH Energy Group, Inc. (b)	2,200		89,848
	Central Vermont Public Service Corp.	1,200		24,204
	Cleco Corp. (b)	7,900		209,745
	El Paso Electric Co. (a)	5,700		117,420
	The Empire District Electric Co. (b)	4,600		82,892
	IDACORP, Inc. (b)	6,300		218,106
	MGE Energy, Inc.	3,200		113,152
	NorthWestern Corp.	4,500		120,645
	Otter Tail Corp.	5,000		109,800
	PNM Resources, Inc. (b)	10,800		135,324
	Pike Electric Corp. (a)	2,500		23,300
	Portland General Electric Co.	9,600		185,376
	UIL Holdings Corp.	3,733		102,658
	Unisource Energy Corp.	4,500		141,480
	Unitil Corp.	1,100		25,575

				2,138,449
Utilities: Gas Distributors - 1.1%	Chesapeake Utilities Corp.	1,086		32,363
	The Laclede Group, Inc.	2,700		91,044
	New Jersey Resources Corp.	5,500		206,580
	Nicor, Inc. (b)	5,700		238,944
	Northwest Natural Gas Co.	3,600		167,760
	Piedmont Natural Gas Co. (b)	9,600		264,768
	South Jersey Industries, Inc.	3,800		159,562
	Southwest Gas Corp.	6,100		182,512
	WGL Holdings, Inc. (b)	6,400		221,760

				1,565,293


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Common Stocks	Shares Held	Value
Utilities: Telecommunications - 0.8%	Alaska Communications Systems Group, Inc.	5,100	$	41,412
	Atlantic Tele-Network, Inc. (b)	1,300		58,409
	Cbeyond Communications, Inc. (a)	2,700		36,936
	Cincinnati Bell, Inc. (a)	26,900		91,729
	Cogent Communications Group, Inc. (a)	5,500		57,255
	Consolidated Communications Holdings, Inc.	2,619		49,656
	General Communication, Inc., Class A (a)	6,500		37,505
	Global Crossing Ltd. (a)	4,100		62,115
	HickoryTech Corp.	1,500		13,245
	Incontact, Inc. (a)	5,000		14,250
	Iowa Telecommunications Services, Inc.	3,900		65,130
	j2 Global Communications, Inc. (a)	5,600		131,040
	NTELOS Holdings Corp.	3,600		64,044
	Neutral Tandem, Inc. (a)	4,000		63,920
	PAETEC Holding Corp. (a)	16,805		78,647
	Premiere Global Services, Inc. (a)	8,600		71,036
	RCN Corp. (a)	5,100		76,908
	Shenandoah Telecom Co.	3,500		65,800
	SureWest Communications (a)	1,200		10,308
	USA Mobility, Inc.	2,400		30,408

				1,119,753
Utilities: Water - 0.3%	American States Water Co. (b)	2,600		90,220
	Artesian Resources Corp., Class A	500		8,830
	California Water Service Group	2,800		105,308
	Connecticut Water Service, Inc.	1,300		30,251
	Consolidated Water Co., Inc.	1,400		19,012
	Middlesex Water Co.	2,100		35,805
	Pennichuck Corp.	300		7,053
	SJW Corp.	2,000		50,840
	Southwest Water Co.	3,365		35,131
	York Water Co.	1,700		23,375

				405,825
	Total Common Stocks (Cost - $142,824,926) - 95.1%			133,049,854
	Investment Companies
	BlackRock Kelso Capital Corp. (c)	1,800		17,928
	Gladstone Capital Corp.	2,300		27,140
	Hercules Technology Growth Capital, Inc.	5,213		55,206
	Kayne Anderson Energy Development Co.	1,000		16,160
	Pennantpark Investment Corp.	2,700		27,972
	Prospect Capital Corp.	7,800		94,770
	Total Investment Companies (Cost - $285,558) - 0.2%			239,176


Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)		(Percentages shown are based on Net Assets)


Industry	Warrants (d)				Shares Held		Value
Alternative Energy - 0.0%**	GreenHunter Energy, Inc. (expires 8/27/11)					60	$	-
	Total Warrants (Cost - $0) - 0.0%**							-
	Total Long-Term Investments (Cost - $143,110,484) - 95.3%							133,289,030
	Short-Term Securities	Maturity Date	Yield		Face Amount
Time Deposits - 5.6%	State Street Bank & Trust Co.	4/1/10	0.01	%	$	7,877,333		7,877,333
	Total Short-Term Securities (Cost - $7,877,333) - 5.6%							7,877,333
	Total Investments Before Options Written *(Cost - $150,987,817) - 100.9%**							141,166,363


	Options Written	Number of Contracts
Call Options Written	Russell 2000 Index, expiring April 2010 at USD 680	1,050		(1,107,750	)
	Russell 2000 Index, expiring April 2010 at USD 700	25		(7,250	)
	Total Options Written (Premiums Received - $1,175,239) - (0.8%)			(1,115,000	)
	Total Investments, Net of Options Wriiten (Net Cost - $149,812,578) - 100.1%			140,051,363
	Liabilities in Excess of Other Assets - (0.1%)			(101,331	)

	Net Assets - 100.0%		$	139,950,032

*	The cost and unrealized appreciation (depreciation) of investments as of March 31, 2010, as computed for federal income tax purpose, were as follows:


Aggregate cost	$	117,526,874

Gross unrealized appreciation	$	24,645,056
Gross unrealized depreciation		(1,005,567	)

Net unrealized appreciation	$	23,639,489

**	Rounds to less than 0.1% of net assets.

(a)	Non-income producing security.

(b)	All or a portion of security held as collateral in connection with open option contracts and 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 Gain	Income
BlackRock Kelso Capital Corp.	-	-	-	$	576

(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 March 31, 2010 were as follows:


Number of Contracts	Issue	Expiration Date	Face Value		Unrealized Appreciation
95	E-Mini Russell 2000	June 2010	$	6,332,419	$	100,031

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2010 (Unaudited)

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.

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 assumptions 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 annual report.

The following table summarizes the inputs used as of March 31, 2010 in determining the fair valuation of the Fund’s investments:


Valuation Inputs	Investments in Securities			Other Financial Instruments¹
	Assets			Assets		Liabilities
Level 1	$	133,289,030	²	$	100,031	$	(1,115,000	)
Level 2		7,877,333			-		-
Level 3		-			-		-
Total	$	141,166,363		$	100,031	$	(1,115,000	)

¹ Other financial instruments are futures and options.

² See above Schedule of Investments for values in each industry.

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: May 13, 2010

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



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

Date: May 13, 2010



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

Date: May 13, 2010