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: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Mitchell M. Cox, Chief Executive
Officer, Small Cap Premium & Dividend Income Fund Inc., 4 World Financial
Center, 6th Floor, New York, New York 10080.
Registrant's telephone number, including area code: (877) 449-4742
Date of fiscal year end: 12/31/2008
Date of reporting period: 01/01/2008 - 03/31/2008
Item 1 - Schedule of Investments
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
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Advertising Agencies - 0.4% 2,700 DG FastChannel, Inc. (a) $ 51,786
2,900 Greenfield Online, Inc. (a) 34,394
5,100 inVentiv Health, Inc. (a) 146,931
4,000 Marchex, Inc. Class B 39,920
6,800 National CineMedia, Inc. 152,864
7,800 Valassis Communications, Inc. (a) 84,630
16,230 ValueClick, Inc. (a) 279,968
-------------
790,493
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Aerospace - 0.7% 800 AeroVironment, Inc. (a) 16,360
2,100 Argon ST, Inc. (a) 35,721
7,200 Curtiss-Wright Corp. 298,656
4,200 Heico Corp. 204,750
2,500 Ladish Co., Inc. (a) 90,000
1,500 MTC Technologies, Inc. (a) 35,670
6,300 Moog, Inc. Class A (a) 265,923
9,600 Orbital Sciences Corp. (a) 231,360
5,700 Teledyne Technologies, Inc. (a) 267,900
1,500 TransDigm Group, Inc. (a) 55,575
-------------
1,501,915
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Agriculture, Fishing & Ranching - 0.1% 600 Alico, Inc. 26,490
2,300 The Andersons, Inc. 102,603
1,400 Cadiz, Inc. (a) 21,532
-------------
150,625
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Air Transport - 0.6% 6,300 AAR Corp. (a)(b) 171,801
9,600 ABX Holdings, Inc. (a) 28,224
14,900 AirTran Holdings, Inc. (a) 98,340
6,400 Alaska Air Group, Inc. (a) 125,568
500 Allegiant Travel Co. (a) 13,210
2,300 Atlas Air Worldwide Holdings, Inc. (a) 126,500
3,400 Bristow Group, Inc. (a) 182,478
8,600 ExpressJet Holdings, Inc. (a) 22,618
28,700 JetBlue Airways Corp. (a) 166,460
2,500 PHI, Inc. (a) 78,850
2,300 Pinnacle Airlines Corp. (a) 20,079
5,600 Republic Airways Holdings, Inc. (a) 121,296
9,800 SkyWest, Inc. 206,976
-------------
1,362,400
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Aluminum - 0.2% 4,710 Century Aluminum Co. (a) 311,990
2,300 Kaiser Aluminum Corp. 159,390
-------------
471,380
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Auto Parts: After Market - 0.1% 3,600 Aftermarket Technology Corp. (a) 69,984
3,500 Commercial Vehicle Group, Inc. (a) 34,685
1,700 Standard Motor Products, Inc. 10,404
3,200 Superior Industries International, Inc. 66,400
-------------
181,473
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Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Auto Parts: Original Equipment - 0.5% 6,700 American Axle & Manufacturing Holdings, Inc. $ 137,350
3,100 Amerigon Inc. (a) 45,849
11,500 ArvinMeritor, Inc. 143,865
16,300 Hayes Lemmerz International, Inc. (a) 45,477
12,370 Lear Corp. (a) 320,507
2,550 Noble International Ltd. 15,937
1,300 Sauer-Danfoss, Inc. 28,782
1,700 Stoneridge, Inc. (a) 22,865
7,500 Tenneco, Inc. (a) 209,550
21,100 Visteon Corp. (a) 79,336
-------------
1,049,518
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Auto, Trucks & Parts - 0.1% 3,300 Accuride Corp. (a) 26,994
10,400 Force Protection, Inc. (a) 20,592
1,500 Miller Industries, Inc. (a) 14,445
5,200 Modine Manufacturing Co. 75,348
4,500 Spartan Motors, Inc. 38,070
5,200 Wabash National Corp. 46,748
-------------
222,197
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Banks: New York City - 0.1% 4,800 Signature Bank (a) 122,400
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Banks: Outside New York City - 4.9% 2,100 1st Source Corp. 44,205
900 Abington Bancorp, Inc. 9,288
3,800 Amcore Financial, Inc. 77,330
2,800 AmericanWest Bancorp 24,416
2,200 Ameris Bancorp 35,332
1,200 Bancfirst Corp. 54,936
3,700 Banco Latinoamericano de Exportaciones, SA 'E' 56,980
2,000 The Bancorp, Inc. (a) 24,160
2,000 Bank of the Ozarks, Inc. 47,800
3,800 BankFinancial Corp. 60,458
2,100 Banner Corp. 48,384
4,800 Beneficial Mutual Bancorp, Inc. (a) 47,472
6,200 Boston Private Financial Holdings, Inc. 65,658
10,842 CVB Financial Corp. 112,865
2,100 Capital City Bank Group, Inc. 60,900
1,600 Capital Corp. of the West 12,832
2,300 Capitol Bancorp Ltd. 48,622
4,300 Cascade Bancorp 41,108
8,300 Cathay General Bancorp 172,059
9,000 Centennial Bank Holdings, Inc. (a) 56,520
2,100 Center Financial Corp. 19,026
5,000 Central Pacific Financial Corp. 94,250
4,000 Chemical Financial Corp. 95,360
11,900 Citizens Banking Corp. 147,917
2,800 City Holding Co. 111,720
2,100 CityBank 46,767
900 Clifton Savings Bancorp, Inc. 9,072
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
2,600 CoBiz Financial, Inc. $ 33,852
2,700 Columbia Banking System, Inc. 60,426
1,700 Community Bancorp (a) 23,052
4,900 Community Bank System, Inc. 120,344
2,600 Community Trust Bancorp, Inc. 76,180
6,300 Corus Bankshares, Inc. 61,299
1,700 Enterprise Financial Services Corp. 42,500
14,100 First BanCorp 143,256
1,600 First Bancorp 31,888
3,700 First Busey Corp. 78,144
5,500 First Charter Corp. 146,905
12,000 First Commonwealth Financial Corp. 139,080
3,929 First Community Bancorp, Inc. 105,494
1,600 First Community Bancshares, Inc. 58,272
5,400 First Financial Bancorp 72,630
3,400 First Financial Bankshares, Inc. 139,332
2,400 First Financial Corp. 73,872
3,000 First Merchants Corp. 85,620
7,600 First Midwest Bancorp, Inc. 211,052
1,400 First Regional Bancorp (a) 22,960
1,350 First South Bancorp, Inc. 30,375
3,300 First State Bancorp. 44,187
12,400 FirstMerit Corp. 256,184
4,100 Franklin Bank Corp. (a) 12,423
6,350 Frontier Financial Corp. 112,268
8,550 Glacier Bancorp, Inc. 163,903
1,500 Greene County Bancshares, Inc. 26,535
4,400 Hancock Holding Co. 184,888
6,800 Hanmi Financial Corp. 50,252
5,103 Harleysville National Corp. 73,585
2,100 Heartland Financial USA, Inc. 44,436
1,900 Heritage Commerce Corp. 34,827
1,491 Home Bancshares, Inc. 31,117
2,600 Independent Bank Corp./MA 76,830
4,005 Independent Bank Corp./MI 41,572
3,400 Integra Bank Corp. 55,080
8,326 International Bancshares Corp. 188,001
8,300 Investors Bancorp, Inc. (a) 127,405
3,600 Irwin Financial Corp. 19,116
2,866 Lakeland Bancorp, Inc. 37,057
2,000 Lakeland Financial Corp. 45,300
5,477 MB Financial, Inc. 168,582
2,477 Macatawa Bank Corp. 25,786
3,080 MainSource Financial Group, Inc. 47,740
2,900 Midwest Banc Holdings, Inc. 37,062
5,500 NBT Bancorp, Inc. 122,100
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
3,700 Nara Bancorp, Inc. $ 48,063
12,586 National Penn Bancshares, Inc. 228,939
2,300 Northfield Bancorp, Inc. (a) 23,575
11,200 Old National Bancorp 201,600
2,253 Old Second Bancorp, Inc. 59,840
2,100 Omega Financial Corp. 65,520
3,700 Oriental Financial Group 72,927
7,900 Pacific Capital Bancorp 169,850
2,000 Park National Corp. 141,700
1,700 Peoples Bancorp, Inc. 40,987
3,200 Pinnacle Financial Partners, Inc. (a) 81,920
2,800 Piper Jaffray Cos. (a) 95,088
1,450 Preferred Bank 24,201
3,100 PrivateBancorp, Inc. 97,557
5,800 Prosperity Bancshares, Inc. 166,228
5,700 Provident Bankshares Corp. 61,218
2,950 Renasant Corp. 66,375
1,511 Republic Bancorp, Inc. Class A 28,528
300 Royal Bancshares of Pennsylvania Class A 4,341
4,000 S&T Bancorp, Inc. 128,680
1,360 SCBT Financial Corp. 45,968
5,400 SVB Financial Group (a) 235,656
1,785 SY Bancorp, Inc. 41,483
2,600 Sandy Spring Bancorp, Inc. 71,552
200 Santander BanCorp 2,022
2,400 Seacoast Banking Corp. of Florida 26,280
3,203 Security Bank Corp. 25,464
800 Sierra Bancorp 17,288
2,300 Simmons First National Corp. Class A 68,379
11,300 The South Financial Group, Inc. 167,918
1,782 Southside Bancshares, Inc. 42,893
2,500 Southwest Bancorp, Inc. 43,775
11,700 Sterling Bancshares, Inc. 116,298
4,500 Sterling Financial Corp. 78,525
1,800 Suffolk Bancorp 57,024
2,390 Sun Bancorp, Inc. (a) 31,476
5,100 Superior Bancorp (a) 25,347
13,174 Susquehanna Bancshares, Inc. 268,354
900 Taylor Capital Group, Inc. 14,778
4,100 Texas Capital Bancshares, Inc. (a) 69,208
1,290 Tompkins Trustco, Inc. 63,468
2,300 Trico Bancshares 39,813
13,100 TrustCo Bank Corp. NY 116,459
8,200 Trustmark Corp. 182,696
16,300 UCBH Holdings, Inc. 126,488
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
4,800 UMB Financial Corp. $ 197,760
9,888 Umpqua Holdings Corp. 153,363
2,150 Union Bankshares Corp. 41,646
6,500 United Bankshares, Inc. 173,225
6,200 United Community Banks, Inc. 105,276
800 United Security Bancshares 13,440
2,000 Univest Corp. of Pennsylvania 52,380
2,970 Virginia Commerce Bancorp (a) 34,096
2,200 Washington Trust Bancorp, Inc. 54,604
3,900 WesBanco, Inc. 96,369
2,600 West Coast Bancorp 37,934
4,600 Westamerica Bancorp. 241,960
2,300 Western Alliance Bancorp (a) 29,578
2,700 Wilshire Bancorp, Inc. 20,628
3,600 Wintrust Financial Corp. 125,820
-------------
10,572,034
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Beverage: Brewers (Wineries) - 0.0% 1,600 Boston Beer Co., Inc. Class A (a) 76,064
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Beverage: Soft Drinks - 0.1% 800 Coca-Cola Bottling Co. Consolidated 49,296
600 Farmer Bros. Co. 13,884
2,700 Green Mountain Coffee Roasters, Inc. (a) 85,455
5,100 Jones Soda Co. (a) 17,799
1,680 National Beverage Corp. 12,886
2,400 Peet's Coffee & Tea, Inc. (a) 56,424
-------------
235,744
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Biotechnology Research & 2,790 AMAG Pharmaceuticals, Inc. (a) 112,800
Production - 2.2% 5,600 Acadia Pharmaceuticals, Inc. (a)(b) 50,736
4,300 Acorda Therapeutics, Inc. (a) 77,185
4,400 Albany Molecular Research, Inc. (a) 53,416
5,900 Alexion Pharmaceuticals, Inc. (a) 349,870
7,600 Allos Therapeutics, Inc. (a) 46,208
5,800 Alnylam Pharmaceuticals, Inc. (a) 141,520
2,300 Altus Pharmaceuticals, Inc. (a) 10,465
8,300 American Oriental Bioengineering, Inc. (a) 67,230
1,100 Amicus Therapeutics, Inc. (a) 11,770
12,700 Applera Corp. - Celera Genomics Group (a) 186,690
12,000 Arena Pharmaceuticals, Inc. (a) 82,080
12,700 Ariad Pharmaceuticals, Inc. (a) 42,799
5,000 Arqule, Inc. (a) 21,400
6,900 Array Biopharma, Inc. (a) 48,369
4,200 ArthroCare Corp. (a) 140,070
500 Biodel, Inc. (a) 5,425
4,300 Bionovo, Inc. (a) 5,461
11,900 Cell Genesys, Inc. (a) 27,965
9,300 Cubist Pharmaceuticals, Inc. (a)(b) 171,306
6,400 Cypress Bioscience, Inc. (a) 45,824
4,100 Cytokinetics, Inc. (a) 13,612
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
16,700 Discovery Laboratories, Inc. (a) $ 39,245
14,000 Encysive Pharmaceuticals, Inc. (a) 32,900
7,600 Enzon Pharmaceuticals, Inc. (a) 69,996
15,900 Exelixis, Inc. (a) 110,505
14,600 GenVec, Inc. (a) 25,696
1,900 Genomic Health, Inc. (a) 35,891
11,900 Geron Corp. (a) 58,072
9,300 Halozyme Therapeutics, Inc. (a) 59,148
22,600 Human Genome Sciences, Inc. (a) 133,114
4,100 Idenix Pharmaceuticals, Inc. (a) 20,582
11,700 Immunomedics, Inc. (a) 32,877
14,000 Incyte Corp. (a) 147,140
2,900 Integra LifeSciences Holdings Corp. (a) 126,063
4,600 InterMune, Inc. (a) 67,068
2,200 Kendle International, Inc. (a) 98,824
2,200 Kensey Nash Corp. (a) 63,690
7,100 Keryx Biopharmaceuticals, Inc. (a) 4,260
4,900 Kosan Biosciences, Inc. (a) 7,693
8,500 MannKind Corp. (a) 50,745
4,900 Martek Biosciences Corp. (a) 149,793
4,000 Maxygen, Inc. (a) 25,840
3,800 Medivation, Inc. (a) 54,074
2,000 Metabolix, Inc. (a) 21,900
4,000 Momenta Pharmaceuticals, Inc. (a) 43,720
6,900 Myriad Genetics, Inc. (a) 278,001
9,900 Nabi Biopharmaceuticals, Inc. (a) 39,798
600 Nanosphere, Inc. (a) 5,196
5,200 Nastech Pharmaceutical Co., Inc. (a) 12,220
6,600 Neurocrine Biosciences, Inc. (a) 35,640
3,000 Neurogen Corp. (a) 5,580
2,500 Novacea, Inc. (a) 6,750
2,400 OMRIX Biopharmaceuticals, Inc. (a) 33,600
9,500 OSI Pharmaceuticals, Inc. (a) 355,205
900 Orexigen Therapeutics, Inc. (a) 9,270
2,800 Osiris Therapeutics, Inc. (a) 35,224
2,800 PharmaNet Development Group, Inc. (a) 70,644
5,000 Poniard Pharmaceuticals, Inc. (a) 16,750
3,900 Progenics Pharmaceuticals, Inc. (a) 25,467
1,860 Protalix BioTherapeutics, Inc. (a) 4,892
6,500 RTI Biologics, Inc. (a) 61,425
5,700 Rigel Pharmaceuticals, Inc. (a) 106,362
8,204 Savient Pharmaceuticals, Inc. (a) 164,080
8,600 Seattle Genetics, Inc. (a) 78,260
300 Sucampo Pharmaceuticals, Inc. Class A (a) 2,400
1,200 Synta Pharmaceuticals Corp. (a) 9,708
9,200 Telik, Inc. (a) 22,448
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
4,300 Tercica, Inc. (a) $ 24,639
6,000 Vanda Pharmaceuticals, Inc. (a) 23,220
11,400 ViroPharma, Inc. (a) 101,916
19,000 XOMA Ltd. (a) 49,210
6,300 ZymoGenetics, Inc. (a) 61,740
-------------
4,830,682
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Building Materials - 0.5% 1,500 Ameron International Corp. 140,295
1,900 BlueLinx Holdings, Inc. 9,671
4,600 Building Material Holding Corp. 20,148
3,000 LSI Industries, Inc. 39,630
3,300 NCI Building Systems, Inc. (a) 79,860
200 PGT, Inc. (a) 548
6,000 Simpson Manufacturing Co., Inc. 163,080
4,390 Texas Industries, Inc. 263,883
2,100 Trex Co., Inc. (a) 16,548
3,700 Watsco, Inc. 153,254
3,800 Zoltek Cos., Inc. (a) 100,776
-------------
987,693
-----------------------------------------------------------------------------------------------------------------------------------
Building: Cement - 0.0% 5,500 U.S. Concrete, Inc. (a) 20,900
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Building: Heating & Plumbing - 0.1% 1,800 Aaon, Inc. (b) 36,054
4,500 Interline Brands, Inc. (a) 83,475
-------------
119,529
-----------------------------------------------------------------------------------------------------------------------------------
Building: Miscellaneous - 0.1% 2,500 Builders FirstSource, Inc. (a) 18,150
7,100 Comfort Systems USA, Inc. 92,371
3,000 Drew Industries, Inc. (a) 73,380
4,000 Griffon Corp. (a) 34,400
-------------
218,301
-----------------------------------------------------------------------------------------------------------------------------------
Building: Roofing & Wallboard - 0.0% 7,700 Beacon Roofing Supply, Inc. (a) 77,000
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Cable Television Services - 0.1% 71,500 Charter Communications, Inc. Class A (a) 60,918
4,000 Crown Media Holdings, Inc. Class A (a) 20,680
15,900 TiVo, Inc. (a) 139,284
-------------
220,882
-----------------------------------------------------------------------------------------------------------------------------------
Casinos & Gambling - 0.5% 4,300 Ameristar Casinos, Inc. 78,475
8,700 Bally Technologies, Inc. (a) 298,758
1,300 Churchill Downs, Inc. 61,412
2,550 Dover Downs Gaming & Entertainment, Inc. 21,700
2,600 Isle of Capri Casinos, Inc. (a) 18,590
3,500 Lakes Entertainment, Inc. (a) 15,470
4,000 MTR Gaming Group, Inc. (a) 28,000
8,500 Magna Entertainment Corp. Class A (a) 2,890
1,600 Monarch Casino & Resort, Inc. (a) 28,336
4,600 Multimedia Games, Inc. (a) 24,564
9,740 Pinnacle Entertainment, Inc. (a) 124,672
1,700 Riviera Holdings Corp. (a) 35,037
5,700 Shuffle Master, Inc. (a) 30,495
5,100 Trump Entertainment Resorts, Inc. (a) 18,360
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
6,550 WMS Industries, Inc. (a) $ 235,604
-------------
1,022,363
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Chemicals - 1.9% 3,000 American Vanguard Corp. 49,920
3,800 Arch Chemicals, Inc. 141,588
2,900 Balchem Corp. 66,468
8,900 CF Industries Holdings, Inc. 922,218
3,500 Cabot Microelectronics Corp. (a) 112,525
6,000 Calgon Carbon Corp. (a) 90,300
4,700 Cambrex Corp. 32,571
3,000 EnerSys (a) 71,760
6,100 Energy Conversion Devices, Inc. (a) 182,390
11,300 Exide Technologies (a) 148,030
5,600 Georgia Gulf Corp. 38,808
19,200 Hercules, Inc. 351,168
2,700 Innophos Holdings, Inc. 43,443
4,000 Innospec, Inc. 84,800
2,800 LSB Industries, Inc. (a) 41,272
2,800 Landec Corp. (a) 23,604
3,600 Medis Technologies Ltd. (a) 32,652
1,300 NL Industries, Inc. 14,196
2,200 NewMarket Corp. 165,990
2,500 Nuco2, Inc. (a) 69,425
4,600 OM Group, Inc. (a) 250,884
15,100 PolyOne Corp. (a) 96,187
2,000 Polypore International, Inc. (a) 41,380
5,700 Rockwood Holdings, Inc. (a) 186,789
4,800 Schulman A, Inc. 98,544
5,800 Senomyx, Inc. (a) 34,220
4,000 ShengdaTech, Inc. (a) 34,000
1,000 Stepan Co. 38,230
5,000 Tronox, Inc. Class A 19,950
2,300 Tronox, Inc. Class B 8,970
8,400 UAP Holding Corp. 322,056
11,500 W.R. Grace & Co. (a)(b) 262,430
3,750 Zep, Inc. 60,825
-------------
4,137,593
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Coal - 0.3% 10,300 Alpha Natural Resources, Inc. (a) 447,432
19,800 International Coal Group, Inc. (a) 125,730
1,500 US BioEnergy Corp. (a) 8,850
-------------
582,012
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Commercial Information Services - 0.1% 4,300 Arbitron, Inc. 185,588
1,200 HSW International, Inc. (a) 6,048
5,300 infoUSA, Inc. 32,383
4,300 LECG Corp. (a) 40,248
3,900 LoopNet, Inc. (a) 49,530
-------------
313,797
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Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Communications & Media - 0.1% 11,300 Entravision Communications Corp. Class A (a) $ 75,258
40,800 Gemstar-TV Guide International, Inc. (a) 191,760
3,600 Knology, Inc. (a) 46,620
-------------
313,638
-----------------------------------------------------------------------------------------------------------------------------------
Communications Technology - 2.0% 63,300 3Com Corp. (a) 144,957
2,900 Acme Packet, Inc. (a) 23,171
9,100 Adtran, Inc. 168,350
3,000 Anaren, Inc. (a) 37,980
5,000 Anixter International, Inc. (a)(b) 320,200
800 Aruba Networks, Inc. (a) 4,168
9,000 Atheros Communications, Inc. (a) 187,560
28,800 Avanex Corp. (a) 20,448
7,780 Avocent Corp. (a) 131,482
1,800 Bel Fuse, Inc. 50,148
1,000 BigBand Networks, Inc. (a) 5,730
3,000 Black Box Corp. 92,550
600 CPI International, Inc. (a) 5,952
5,900 CSG Systems International, Inc. (a) 67,083
3,100 Cbeyond Communications, Inc. (a) 58,249
7,800 Cogent Communications Group, Inc. (a)(b) 142,818
2,800 Comtech Group, Inc. (a) 30,212
3,500 Comtech Telecommunications Corp. (a) 136,500
4,100 Digi International, Inc. (a) 47,314
5,400 Ditech Networks, Inc. (a) 15,876
2,400 EMS Technologies, Inc. (a) 65,136
5,100 Echelon Corp. (a) 68,850
20,500 Extreme Networks, Inc. (a) 63,550
39,900 Finisar Corp. (a) 51,072
23,500 Foundry Networks, Inc. (a) 272,130
2,600 GeoEye, Inc. (a) 67,574
14,200 Harmonic, Inc. (a) 107,920
4,100 Harris Stratex Networks, Inc. Class A (a) 41,123
800 Hughes Communications, Inc. (a) 40,544
2,200 Infinera Corp. (a) 26,400
7,600 InterDigital, Inc. (a) 150,556
6,700 InterVoice, Inc. (a) 53,332
7,100 Ixia (a) 55,096
8,000 j2 Global Communications, Inc. (a) 178,560
1,900 Loral Space & Communications Ltd. (a) 45,296
5,600 NETGEAR, Inc. (a) 111,720
3,700 Network Equipment Technologies, Inc. (a) 24,309
3,400 Nextwave Wireless, Inc. (a) 17,170
5,600 Novatel Wireless, Inc. (a) 54,208
3,428 Oplink Communications, Inc. (a) 30,406
2,900 Optium Corp. (a) 20,387
3,800 SeaChange International, Inc. (a) 26,714
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
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7,750 Secure Computing Corp. (a) $ 49,988
900 Shoretel, Inc. (a) 4,608
42,900 Sonus Networks, Inc. (a) 147,576
3,900 Standard Microsystems Corp. (a) 113,802
1,700 Starent Networks Corp. (a) 22,950
2,600 Switch and Data Facilities Co., Inc. (a) 26,546
29,700 Sycamore Networks, Inc. (a) 108,702
4,100 Syniverse Holdings, Inc. (a) 68,306
30,800 TIBCO Software, Inc. (a) 219,912
10,100 Tekelec, Inc. (a) 125,745
7,800 Terremark Worldwide, Inc. (a) 42,744
17,300 UTStarcom, Inc. (a) 49,132
3,900 Viasat, Inc. (a) 84,708
7,000 Vonage Holdings Corp. (a) 12,950
-------------
4,340,470
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Computer Services Software & 600 3PAR, Inc. (a) 4,056
Systems - 4.8% 6,000 ACI Worldwide, Inc. (a)(b) 119,520
9,900 Actuate Corp. (a)(b) 40,590
4,600 American Reprographics Co. (a) 68,264
2,800 Ansoft Corp. (a) 85,456
12,600 Ansys, Inc. (a) 434,952
300 ArcSight, Inc. (a) 2,073
13,000 Ariba, Inc. (a) 125,580
20,800 Art Technology Group, Inc. (a) 80,704
4,500 AsiaInfo Holdings, Inc. (a) 48,870
34,000 BearingPoint, Inc. (a) 57,120
7,200 Blackbaud, Inc. 174,816
4,800 Blackboard, Inc. (a) 159,984
700 BladeLogic, Inc. (a) 19,635
5,000 Blue Coat Systems, Inc. (a) 110,200
13,600 Borland Software Corp. (a) 27,472
3,500 Bottomline Technologies, Inc. (a) 44,100
5,000 CACI International, Inc. Class A (a) 227,750
8,100 CMGI, Inc. (a) 107,406
2,900 COMSYS IT Partners, Inc. (a) 24,534
5,360 Chordiant Software, Inc. (a) 32,321
9,500 Ciber, Inc. (a) 46,550
1,200 ComScore, Inc. (a) 24,072
6,200 CommVault Systems, Inc. (a) 76,880
500 Compellent Technologies, Inc. (a) 6,250
700 Comverge, Inc. (a) 7,231
6,600 Concur Technologies, Inc. (a) 204,930
800 Constant Contact, Inc. (a) 11,584
5,400 DealerTrack Holdings, Inc. (a) 109,188
900 Delrek, Inc. (a) 11,682
6,700 Digital River, Inc. (a) 207,499
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
3,200 DivX, Inc. (a) $ 22,400
1,700 Double-Take Software, Inc. (a) 19,856
4,400 EPIQ Systems, Inc. (a) 68,288
9,100 Electronics for Imaging, Inc. (a) 135,772
9,600 Epicor Software Corp. (a) 107,520
5,800 Equinix, Inc. (a) 385,642
10,900 Gartner, Inc. Class A (a) 210,806
2,300 i2 Technologies, Inc. (a) 25,898
2,600 iGate Corp. (a) 18,512
2,500 Imergent, Inc. 28,475
14,500 Informatica Corp. (a) 247,370
3,700 Information Services Group, Inc. (a) 19,092
1,621 Integral Systems, Inc. 47,382
1,800 Interactive Intelligence, Inc. (a) 21,186
200 Internet Brands, Inc. Class A (a) 1,474
6,300 Internet Capital Group, Inc. (a) 65,961
7,500 Interwoven, Inc. (a) 80,100
4,500 JDA Software Group, Inc. (a) 82,125
4,100 Kenexa Corp. (a) 75,768
1,800 Keynote Systems, Inc. (a) 21,222
20,900 Lawson Software, Inc. (a) 157,377
2,000 Limelight Networks, Inc. (a) 6,480
9,800 Lionbridge Technologies, Inc. (a) 32,830
7,800 LivePerson, Inc. (a) 23,790
6,300 MSC.Software Corp. (a) 81,837
8,600 Macrovision Corp. (a) 116,100
6,100 Magma Design Automation, Inc. (a) 58,377
4,500 Manhattan Associates, Inc. (a) 103,185
3,100 Mantech International Corp. Class A (a) 140,616
13,900 Mentor Graphics Corp. (a) 122,737
2,500 Mercadolibre, Inc. (a) 99,400
3,700 Mercury Computer Systems, Inc. (a) 20,794
1,600 MicroStrategy, Inc. Class A (a) 118,384
13,200 Micros Systems, Inc. (a) 444,312
1,200 Monotype Imaging Holdings, Inc. (a) 18,132
5,200 Ness Technologies, Inc. (a) 49,348
800 NetSuite, Inc. (a) 17,232
1,100 Netezza Corp. (a) 10,417
23,500 Nuance Communications, Inc. (a) 409,135
7,213 Omniture, Inc. (a) 167,414
23,600 On2 Technologies, Inc. (a) 24,072
10,000 OpenTV Corp. (a) 11,800
13,500 Openwave Systems, Inc. 33,075
3,500 PDF Solutions, Inc. (a) 19,285
800 PROS Holdings, Inc. (a) 10,040
6,100 Packeteer, Inc. (a) 31,049
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
19,020 Parametric Technology Corp. (a) $ 303,940
1,300 Pegasystems, Inc. 12,519
6,900 Progress Software Corp. (a) 206,448
1,200 QAD, Inc. 10,092
11,100 Quest Software, Inc. (a) 145,077
15,500 RealNetworks, Inc. (a) 88,815
2,700 RightNow Technologies, Inc. (a) 32,130
26,140 SAIC, Inc. (a) 485,943
4,450 SAVVIS, Inc. (a) 72,402
2,100 SI International, Inc. (a) 40,299
3,000 SPSS, Inc. (a) 116,340
6,700 SRA International, Inc. Class A (a) 162,877
5,100 SYKES Enterprises, Inc. (a) 89,709
2,100 SYNNEX Corp. (a) 44,562
14,200 Sapient Corp. (a) 98,832
5,000 Sigma Designs, Inc. (a) 113,350
5,600 Smith Micro Software, Inc. (a) 34,272
3,800 Solera Holdings, Inc. (a) 92,568
10,500 SonicWALL, Inc. (a) 85,785
200 Sourcefire, Inc. (a) 1,192
14,000 Sourceforge, Inc. (a) 27,860
1,000 Stanley, Inc. (a) 29,460
1,200 SuccessFactors, Inc. (a) 11,712
14,200 Sybase, Inc. (a) 373,460
2,800 Synchronoss Technologies, Inc. (a) 56,084
1,700 Syntel, Inc. 45,305
2,700 Taleo Corp. Class A (a) 52,380
800 TechTarget, Inc. (a) 11,336
7,300 The TriZetto Group, Inc. (a) 121,837
6,900 Tyler Technologies, Inc. (a) 96,462
4,200 Ultimate Software Group, Inc. (a) 126,252
800 Unica Corp. (a) 5,440
4,500 VASCO Data Security International, Inc. (a) 61,335
100 Veraz Networks, Inc. (a) 246
4,600 Vignette Corp. (a) 60,766
200 Virtusa Corp. (a) 1,952
7,600 Websense, Inc. (a) 142,500
12,700 Wind River Systems, Inc. (a) 98,298
8,100 Zoran Corp. (a) 110,646
-------------
10,383,819
-----------------------------------------------------------------------------------------------------------------------------------
Computer Technology - 0.8% 19,500 Adaptec, Inc. (a) 57,330
6,200 Advanced Analogic Technologies, Inc. (a) 34,844
6,400 Cray, Inc. (a) 38,144
1,100 Data Domain, Inc. (a) 26,180
13,800 Emulex Corp. (a) 224,112
5,900 FalconStor Software, Inc. (a) 44,899
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
3,800 Hutchinson Technology, Inc. (a) $ 60,458
5,100 Imation Corp. 115,974
5,400 Immersion Corp. (a) 38,394
9,300 Intermec, Inc. (a) 206,367
300 Isilon Systems, Inc. (a) 1,464
15,600 Palm, Inc. 78,000
14,100 Perot Systems Corp. Class A (a) 212,064
31,900 Quantum Corp. (a) 68,266
4,900 Rackable Systems, Inc. (a) 44,688
4,400 Radiant Systems, Inc. (a) 61,468
3,700 Radisys Corp. (a) 37,333
2,000 Rimage Corp. (a) 43,800
6,000 STEC, Inc. (a) 37,140
19,700 Safeguard Scientifics, Inc. (a) 29,353
600 Silicon Graphics, Inc. (a) 7,140
3,600 Stratasys, Inc. (a) 64,080
3,900 Synaptics, Inc. (a) 93,132
10,000 Trident Microsystems, Inc. (a) 51,500
-------------
1,676,130
-----------------------------------------------------------------------------------------------------------------------------------
Construction - 0.3% 2,163 Brookfield Homes Corp. 36,338
10,300 EMCOR Group, Inc. (a) 228,763
5,700 Granite Construction, Inc. 186,447
2,800 Great Lakes Dredge & Dock Corp. 14,476
4,100 Perini Corp. (a) 148,543
-------------
614,567
-----------------------------------------------------------------------------------------------------------------------------------
Consumer Electronics - 0.8% 24,600 CNET Networks, Inc. (a)(b) 174,660
3,000 DTS, Inc. (a) 72,000
18,800 EarthLink, Inc. (a) 141,940
100 Glu Mobile, Inc. (a) 449
5,500 InfoSpace, Inc. 63,635
7,010 Internap Network Services Corp. (a) 34,770
8,200 Ipass, Inc. (a) 24,764
3,100 LoJack Corp. (a) 39,184
6,300 Midway Games, Inc. (a) 17,010
6,400 NIC, Inc. 45,504
6,900 NetFlix, Inc. (a) 239,085
400 Protection One, Inc. (a) 3,836
4,500 Sohu.com, Inc. (a) 203,085
10,300 THQ, Inc. (a) 224,540
12,000 Take-Two Interactive Software, Inc. (a) 306,240
10,900 United Online, Inc. 115,104
2,300 Universal Electronics, Inc. (a) 55,683
-------------
1,761,489
-----------------------------------------------------------------------------------------------------------------------------------
Consumer Products - 0.5% 8,200 American Greetings Corp. Class A 152,110
4,300 Blyth, Inc. 84,796
1,000 CSS Industries, Inc. 34,960
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
2,600 Citi Trends, Inc. (a) $ 47,970
2,700 Mannatech, Inc. 19,251
5,100 Matthews International Corp. Class A 246,075
5,000 Nautilus, Inc. 16,450
3,200 RC2 Corp. (a) 67,104
6,200 Smith & Wesson Holding Corp. (a) 31,124
6,400 Spectrum Brands, Inc. (a) 29,248
10,100 Tupperware Corp. 390,668
1,500 USANA Health Sciences, Inc. (a) 33,045
-------------
1,152,801
-----------------------------------------------------------------------------------------------------------------------------------
Containers & Packaging: 10,800 AptarGroup, Inc. 420,444
Metals & Glass - 0.5% 5,200 Greif, Inc. 353,236
6,100 Mobile Mini, Inc. (a) 115,900
4,000 Silgan Holdings, Inc. 198,520
-------------
1,088,100
-----------------------------------------------------------------------------------------------------------------------------------
Containers & Packaging: 1,000 AEP Industries, Inc. (a) 30,290
Paper & Plastic - 0.1% 11,200 Graphic Packaging Holding Co. (a) 32,704
4,700 Myers Industries, Inc. 61,711
-------------
124,705
-----------------------------------------------------------------------------------------------------------------------------------
Copper - 0.1% 6,200 Mueller Industries, Inc. 178,870
-----------------------------------------------------------------------------------------------------------------------------------
Cosmetics - 0.2% 4,300 Elizabeth Arden, Inc. (a) 85,785
4,600 Helen of Troy Ltd. (a) 77,142
1,000 Inter Parfums, Inc. 22,080
8,600 Nu Skin Enterprises, Inc. Class A 154,972
31,991 Revlon, Inc. Class A (a) 31,351
1,600 Ulta Salon Cosmetics & Fragrance, Inc. (a) 22,464
-------------
393,794
-----------------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services - 0.5% 100 ACA Capital Holdings, Inc. (a) 30
1,000 Cardtronics, Inc. (a) 6,970
800 Clayton Holdings, Inc. (a) 3,712
1,100 Duff & Phelps Corp. (a) 19,789
7,500 Euronet Worldwide, Inc. (a) 144,450
1,800 Evercore Partners, Inc. Class A 31,950
1,350 FCStone Group, Inc. (a) 37,395
9,800 F.N.B. Corp. 152,978
3,000 Greenhill & Co., Inc. 208,680
8,400 Heckmann Corp. (a) 62,580
8,300 Hicks Acquisition Co. I, Inc. (a) 76,194
3,100 Huron Consulting Group, Inc. (a) 128,805
6,000 Interactive Brokers Group, Inc. Class A (a) 154,020
5,000 Marathon Acquisition Corp. (a) 38,600
5,700 NRDC Acquisition Corp. (a) 52,383
1,300 Oritani Financial Corp. (a) 19,721
6,600 Triplecrown Acquisition Corp. (a) 60,192
-------------
1,198,449
-----------------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Diversified Materials & 6,300 Acuity Brands, Inc. $ 270,585
Processing - 0.8% 7,100 Barnes Group, Inc. 162,945
7,900 Brady Corp. 264,097
8,300 Clarcor, Inc. 295,065
15,400 Hexcel Corp. (a) 294,294
2,600 Koppers Holdings, Inc. 115,206
12,000 Olin Corp. 237,120
4,900 Tredegar Corp. 89,229
1,100 Valhi, Inc. 25,729
-------------
1,754,270
-----------------------------------------------------------------------------------------------------------------------------------
Drug & Grocery Store Chains - 0.5% 100 Arden Group, Inc. Class A 14,300
8,500 Casey's General Stores, Inc. 192,100
4,107 The Great Atlantic & Pacific Tea Co., Inc. (a) 107,686
2,100 Ingles Markets, Inc. Class A 51,639
5,300 Longs Drug Stores Corp. 225,038
2,300 Nash Finch Co. 78,154
6,600 Ruddick Corp. 243,276
3,500 Spartan Stores, Inc. 72,975
400 Village Super Market, Inc. Class A 20,600
2,000 Weis Markets, Inc. 68,940
5,100 Winn-Dixie Stores, Inc. (a) 91,596
-------------
1,166,304
-----------------------------------------------------------------------------------------------------------------------------------
Drugs & Pharmaceuticals - 2.3% 400 Affymax, Inc. (a) 5,640
7,900 Akorn, Inc. (a) 37,367
2,400 Alexza Pharmaceuticals, Inc. (a) 16,512
15,700 Alkermes, Inc. (a) 186,516
6,600 Alpharma, Inc. Class A (a) 172,986
4,800 Auxilium Pharmaceuticals, Inc. (a) 128,352
5,600 BMP Sunstone Corp. (a) 42,896
3,100 Bentley Pharmaceuticals, Inc. (a) 50,375
800 BioForm Medical, Inc. (a) 3,680
15,600 BioMarin Pharmaceuticals, Inc. (a) 551,772
9,700 CV Therapeutics, Inc. (a) 69,161
2,400 Cadence Pharmaceuticals, Inc. (a) 14,280
1,300 Caraco Pharmaceutical Laboratories Ltd. (a) 23,335
2,800 Chattem, Inc. (a) 185,752
13,000 CytRx Corp. (a) 14,430
14,900 Dendreon Corp. (a) 71,818
10,800 Durect Corp. (a) 56,700
300 Emergent Biosolutions, Inc. (a) 2,676
4,800 Enzo Biochem, Inc. (a) 43,632
2,300 GTx, Inc. (a) 36,984
11,000 Indevus Pharmaceuticals, Inc. (a) 52,470
14,400 Isis Pharmaceuticals, Inc. (a) 203,184
8,600 Javelin Pharmaceuticals, Inc. (a) 24,166
1,400 Jazz Pharmaceuticals, Inc. (a) 12,628
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
5,800 K-V Pharmaceutical Co. Class A (a) $ 144,768
12,300 Ligand Pharmaceuticals, Inc. Class B 49,200
500 MAP Pharmaceuticals, Inc. (a) 6,985
20,500 Medarex, Inc. (a) 181,425
8,400 Medicines Co. (a) 169,680
8,500 Medicis Pharmaceutical Corp. Class A 167,365
14,900 Nektar Therapeutics (a) 103,406
4,200 Noven Pharmaceuticals, Inc. (a) 37,716
500 Obagi Medical Products, Inc. (a) 4,340
8,920 Onyx Pharmaceuticals, Inc. (a) 258,948
6,200 Pain Therapeutics, Inc. (a) 52,390
5,700 Par Pharmaceutical Cos., Inc. (a) 99,123
4,800 Penwest Pharmaceuticals Co. (a) 12,480
12,600 Perrigo Co. 475,398
4,300 Pozen, Inc. (a) 44,548
4,700 Quidel Corp. (a) 75,482
130 RXi Pharmaceuticals Corp. (a) 1,009
9,900 Regeneron Pharmaceuticals, Inc. (a) 189,981
8,200 Salix Pharmaceuticals Ltd. (a) 51,496
10,700 Santarus, Inc. (a) 27,499
5,500 Sciele Pharma, Inc. (a) 107,250
1,500 Sirtris Pharmaceuticals, Inc. (a) 19,485
2,900 Somaxon Pharmaceuticals, Inc. (a) 13,775
8,700 SuperGen, Inc. (a) 21,837
800 Trubion Pharmaceuticals, Inc. (a) 7,552
3,500 United Therapeutics Corp. (a) 303,450
14,900 Valeant Pharmaceuticals International (a) 191,167
8,300 Vivus, Inc. (a) 50,049
3,300 Xenoport, Inc. (a) 133,551
-------------
5,008,667
-----------------------------------------------------------------------------------------------------------------------------------
Education Services - 0.6% 600 American Public Education, Inc. (a) 18,222
4,300 Bright Horizons Family Solutions, Inc. (a) 185,072
1,600 Capella Education Co. (a) 87,360
14,500 Corinthian Colleges, Inc. (a)(b) 104,835
9,700 DeVry, Inc. 405,848
100 Lincoln Educational Services Corp. (a) 1,200
1,200 Renaissance Learning, Inc. 16,788
2,400 Strayer Education, Inc. 366,000
3,800 Universal Technical Institute, Inc. (a) 44,574
-------------
1,229,899
-----------------------------------------------------------------------------------------------------------------------------------
Electrical & Electronics - 0.3% 11,100 Benchmark Electronics, Inc. (a) 199,245
1,700 Coleman Cable, Inc. (a) 18,700
2,600 OSI Systems, Inc. (a) 59,852
7,500 Plexus Corp. (a) 210,375
7,300 TTM Technologies, Inc. (a) 82,636
4,000 Universal Display Corp. (a) 57,280
-------------
628,088
-----------------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Electrical Equipment & 3,300 A.O. Smith Corp. $ 108,471
Components - 0.7% 1,700 AZZ Inc. (a) 60,486
6,200 American Superconductor Corp. (a) 143,778
7,470 Baldor Electric Co. 209,160
5,800 CTS Corp. 62,060
4,000 Cohu, Inc. 65,000
3,100 Franklin Electric Co., Inc. 105,927
3,900 Littelfuse, Inc. (a) 136,383
7,600 MKS Instruments, Inc. (a) 162,640
800 Orion Energy Systems, Inc. (a) 7,632
1,300 Powell Industries, Inc. (a) 51,181
12,200 Power-One, Inc. (a) 39,162
4,400 Sonic Solutions, Inc. (a) 42,460
10,500 Taser International, Inc. (a) 98,280
6,600 Technitrol, Inc. 152,658
2,500 Triumph Group, Inc. 142,325
-------------
1,587,603
-----------------------------------------------------------------------------------------------------------------------------------
Electrical: Household Appliance - 0.0% 800 National Presto Industries, Inc. 41,920
-----------------------------------------------------------------------------------------------------------------------------------
Electronics - 0.7% 4,000 Agilysys, Inc. 46,400
7,300 Arrowhead Research Corp. (a) 20,659
6,500 Avid Technology, Inc. (a) 158,210
5,200 Daktronics, Inc. 93,132
21,600 Flir Systems, Inc. (a) 649,944
3,900 II-VI, Inc. (a) 148,122
22,300 MRV Communications, Inc. (a) 30,551
6,400 Methode Electronics, Inc. 74,816
1,400 Multi-Fineline Electronix, Inc. (a) 26,278
3,500 Park Electrochemical Corp. 90,475
9,400 Semtech Corp. (a) 134,702
2,100 Supertex, Inc. (a) 42,861
-------------
1,516,150
-----------------------------------------------------------------------------------------------------------------------------------
Electronics: Instruments, Gauges & Meters - 0.3% 2,400 Faro Technologies, Inc. (a) 74,832
4,890 Itron, Inc. (a) 441,225
2,700 Measurement Specialties, Inc. (a) 47,169
700 OYO Geospace Corp. (a) 31,794
2,700 Zygo Corp. (a) 33,588
-------------
628,608
-----------------------------------------------------------------------------------------------------------------------------------
Electronics: Medical Systems - 1.5% 2,200 Accuray, Inc. (a) 17,182
10,500 Affymetrix, Inc. (a)(b) 182,805
2,000 Analogic Corp. 133,080
2,700 Aspect Medical Systems, Inc. (a) 16,470
10,000 Bruker BioSciences Corp. (a) 153,900
1,600 Cynosure, Inc. Class A (a) 34,080
2,300 Datascope Corp. 95,289
6,900 eResearch Technology, Inc. (a) 85,698
3,600 Greatbatch, Inc. (a) 66,276
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
4,200 Haemonetics Corp. (a) $ 250,236
19,680 Hologic, Inc. (a) 1,094,208
8,707 Illumina, Inc. (a) 660,861
5,600 Luminex Corp. (a) 110,040
2,000 Masimo Corp. (a) 52,000
9,700 Minrad International, Inc. (a) 22,795
3,900 Natus Medical, Inc. (a) 70,785
3,300 NxStage Medical, Inc. (a) 14,256
2,800 Quality Systems, Inc. 83,636
2,900 Sirona Dental Systems, Inc. (a) 78,213
1,500 Tomotherapy, Inc. (a) 21,525
3,400 Zoll Medical Corp. (a) 90,406
-------------
3,333,741
-----------------------------------------------------------------------------------------------------------------------------------
Electronics: 4,500 Actel Corp. (a) 68,895
Semi-Conductors/Components - 1.5% 17,000 Amkor Technology, Inc. (a) 181,900
9,600 Anadigics, Inc. (a) 62,976
11,575 Applied Micro Circuits Corp. (a) 83,108
700 AuthenTec, Inc. (a) 6,958
700 Cavium Networks, Inc. (a) 11,480
14,400 Cirrus Logic, Inc. (a) 96,768
79,800 Conexant Systems, Inc. (a) 46,276
4,300 DSP Group, Inc. (a) 54,782
4,800 Diodes, Inc. (a) 105,408
5,900 Exar Corp. (a) 48,557
2,100 Excel Technology, Inc. (a) 56,616
7,800 Formfactor, Inc. (a) 148,980
2,400 Hittite Microwave Corp. (a) 89,808
1,100 IPG Photonics Corp. (a) 17,259
4,200 IXYS Corp. (a) 28,686
19,900 Lattice Semiconductor Corp. (a) 56,516
7,100 MIPS Technologies, Inc. (a) 28,116
9,000 Micrel, Inc. 83,430
12,400 Microsemi Corp. (a) 282,720
8,700 Microtune, Inc. (a) 31,842
3,600 Monolithic Power Systems, Inc. (a) 63,468
2,800 Netlogic Microsystems, Inc. (a) 67,592
49,955 ON Semiconductor Corp. (a) 283,744
8,300 Omnivision Technologies, Inc. (a) 139,606
4,400 PLX Technology, Inc. (a) 29,348
32,900 PMC-Sierra, Inc. (a) 187,530
4,200 Pericom Semiconductor Corp. (a) 61,656
41,037 RF Micro Devices, Inc. (a) 109,158
800 Rubicon Technology, Inc. (a) 23,184
9,800 SiRF Technology Holdings, Inc. (a) 49,882
14,300 Silicon Image, Inc. (a) 71,643
15,400 Silicon Storage Technology, Inc. (a) 40,348
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
24,800 Skyworks Solutions, Inc. (a) $ 180,544
13,600 Spansion LLC Class A (a) 37,400
11,800 Syntax-Brillian Corp. (a) 11,564
3,200 Techwell, Inc. (a) 34,688
7,800 Tessera Technologies, Inc. (a) 162,240
23,700 TriQuint Semiconductor, Inc. (a) 119,922
3,300 Volterra Semiconductor Corp. (a) 37,389
-------------
3,301,987
-----------------------------------------------------------------------------------------------------------------------------------
Electronics: Technology - 0.4% 2,300 3D Systems Corp. (a) 33,787
4,600 Acacia Research - Acacia Technologies (a)(b) 26,450
1,500 American Science & Engineering, Inc. 81,855
5,200 Applied Energetics, Inc. (a) 8,632
6,700 Checkpoint Systems, Inc. (a) 179,895
7,100 Cogent, Inc. (a) 66,953
2,500 Cubic Corp. 71,075
1,300 Eagle Test Systems, Inc. (a) 13,650
3,300 Gerber Scientific, Inc. (a) 29,337
12,600 ION Geophysical Corp. (a) 173,880
2,100 Innovative Solutions & Support, Inc. (a) 22,197
13,500 Kemet Corp. (a) 54,540
4,200 ScanSource, Inc. (a) 151,998
7,300 Smart Modular Technologies WWH, Inc. (a) 45,333
700 Super Micro Computer, Inc. (a) 5,845
-------------
965,427
-----------------------------------------------------------------------------------------------------------------------------------
Energy Miscellaneous - 0.6% 2,100 Alon USA Energy, Inc. 31,941
900 Approach Resources, Inc. (a) 14,112
4,930 Aventine Renewable Energy Holdings, Inc. (a) 25,636
2,900 CVR Energy, Inc. (a) 66,787
2,100 Clean Energy Fuels Corp. (a) 28,056
3,300 Concho Resources, Inc. (a) 84,612
5,600 Crosstex Energy, Inc. 190,120
1,400 Dawson Geophysical Co. (a) 94,500
500 EnerNOC, Inc. (a) 5,700
12,500 Evergreen Energy, Inc. (a) 19,250
15,400 Evergreen Solar, Inc. (a) 142,758
10,800 FuelCell Energy, Inc. (a) 71,820
1,567 GeoMet, Inc. (a) 10,436
4,500 Matrix Service Co. (a) 77,310
5,800 Nova Biosource Fuels, Inc. (a) 8,758
2,100 Ormat Technologies, Inc. 90,321
5,600 Pacific Ethanol, Inc. (a) 24,472
6,300 Penn Virginia Corp. 277,767
30,200 Rentech, Inc. (a) 26,878
1,700 Teekay Tankers Ltd. Class A 29,095
5,300 Verenium Corp. (a) 18,656
-------------
1,338,985
-----------------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Engineering & Contracting 6,800 Aecom Technology Corp. (a)(b) $ 176,868
Services - 0.3% 2,500 Clean Harbors, Inc. (a) 162,500
6,600 Dycom Industries, Inc. (a) 79,266
3,300 ENGlobal Corp. (a) 28,215
2,100 Integrated Electrical Services, Inc. (a) 32,991
2,500 Layne Christensen Co. (a) 87,550
1,300 Michael Baker Corp. (a) 29,198
-------------
596,588
-----------------------------------------------------------------------------------------------------------------------------------
Entertainment - 0.2% 2,200 Carmike Cinemas, Inc. 22,616
3,800 Cinemark Holdings, Inc. 48,602
6,700 Gaylord Entertainment Co. (a) 202,943
12,100 Live Nation, Inc. (a) 146,773
3,600 LodgeNet Interactive Corp. (a) 21,924
2,300 Speedway Motorsports, Inc. 57,661
-------------
500,519
-----------------------------------------------------------------------------------------------------------------------------------
Fertilizers - 0.2% 15,000 Terra Industries, Inc. (a) 532,950
-----------------------------------------------------------------------------------------------------------------------------------
Finance Companies - 0.1% 2,100 Asta Funding, Inc. 29,253
878 Credit Acceptance Corp. (a) 13,635
3,300 MVC Capital, Inc. 50,292
1,800 NewStar Financial, Inc. (a) 9,324
2,900 Riskmetrics Group, Inc. (a) 56,115
3,000 World Acceptance Corp. (a) 95,550
-------------
254,169
-----------------------------------------------------------------------------------------------------------------------------------
Finance: Small Loan - 0.1% 10,900 Advance America, Cash Advance Centers, Inc. 82,295
2,300 Dollar Financial Corp. (a) 52,900
3,400 Encore Capital Group, Inc. (a) 23,120
2,200 Nelnet, Inc. Class A 25,850
500 QC Holdings, Inc. 4,525
-------------
188,690
-----------------------------------------------------------------------------------------------------------------------------------
Financial Data Processing Services & Systems - 0.7 3,000 Advent Software, Inc. (a)(b) 127,860
860 Cass Information Systems, Inc. 27,142
3,300 CompuCredit Corp. (a) 29,271
10,441 CyberSource Corp. (a) 152,543
8,700 Deluxe Corp. 167,127
4,000 eSpeed, Inc. Class A (a) 46,640
3,300 ExlService Holdings, Inc. (a) 75,768
2,400 Heartland Payment Systems, Inc. 55,224
9,400 Hypercom Corp. (a) 40,796
12,800 Jack Henry & Associates, Inc. 315,776
5,200 Online Resources Corp. (a) 50,024
4,200 TNS, Inc. 86,688
5,300 TradeStation Group, Inc. (a) 45,156
6,500 Wright Express Corp. (a) 199,745
-------------
1,419,760
-----------------------------------------------------------------------------------------------------------------------------------
Financial Information Services - 0.3% 1,700 Bankrate, Inc. (a) 84,813
8,780 INVESTools, Inc. (a) 96,492
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
5,900 Interactive Data Corp. $ 167,973
2,000 Morningstar, Inc. (a) 122,700
17,500 Move, Inc. (a) 53,900
9,400 S1 Corp. (a) 66,834
3,400 TheStreet.com, Inc. 27,472
-------------
620,184
-----------------------------------------------------------------------------------------------------------------------------------
Financial Miscellaneous - 0.6% 5,700 Advanta Corp. Class B 40,071
2,800 Asset Acceptance Capital Corp. 26,964
4,800 Cash America International, Inc. 174,720
1,900 Federal Agricultural Mortgage Corp. Class B 49,590
4,500 Financial Federal Corp. 98,145
4,600 First Cash Financial Services, Inc. (a) 47,518
6,000 Global Cash Access, Inc. (a) 35,160
2,300 LandAmerica Financial Group, Inc. 90,781
2,600 Portfolio Recovery Associates, Inc. 111,514
1,500 RAM Holdings Ltd. (a) 3,405
3,000 Sanders Morris Harris Group, Inc. 24,480
10,600 Sotheby's Holdings, Inc. Class A 306,446
3,260 Sterling Bancorp 50,628
2,500 Stewart Information Services Corp. 69,975
2,200 Stifel Financial Corp. (a) 98,780
1,700 Triad Guaranty, Inc. (a) 8,500
1,000 WSFS Financial Corp. 49,280
800 Wauwatosa Holdings, Inc. (a) 9,520
-------------
1,295,477
-----------------------------------------------------------------------------------------------------------------------------------
Foods - 1.1% 600 American Dairy, Inc. (a) 5,520
1,800 Cal-Maine Foods, Inc. 60,084
6,400 Chiquita Brands International, Inc. (a) 147,904
11,900 Flowers Foods, Inc. 294,525
4,600 Fresh Del Monte Produce, Inc. (a) 167,440
6,000 Hain Celestial Group, Inc. (a) 177,000
2,300 J&J Snack Foods Corp. 63,181
5,100 Lance, Inc. 99,960
2,000 M&F Worldwide Corp. (a) 74,780
700 Maui Land & Pineapple Co., Inc. (a) 22,323
5,700 Performance Food Group Co. (a) 186,276
6,100 Pilgrim's Pride Corp. 123,403
4,300 Ralcorp Holdings, Inc. (a) 250,045
2,900 Sanderson Farms, Inc. 110,229
60 Seaboard Corp. 93,900
7,700 Sensient Technologies Corp. 227,073
500 Synutra International, Inc. (a) 15,625
6,018 Tootsie Roll Industries, Inc. 151,661
5,100 TreeHouse Foods, Inc. (a) 116,586
-------------
2,387,515
-----------------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Forest Products - 0.1% 1,800 Deltic Timber Corp. $ 100,260
2,700 Universal Forest Products, Inc. 86,940
-------------
187,200
-----------------------------------------------------------------------------------------------------------------------------------
Forms & Bulk Printing Services - 0.1% 4,200 Ennis, Inc. 70,476
3,300 Innerworkings, Inc. (a) 46,299
2,900 The Standard Register Co. 22,591
-------------
139,366
-----------------------------------------------------------------------------------------------------------------------------------
Funeral Parlors & Cemeteries - 0.0% 16,400 Stewart Enterprises, Inc. Class A 105,288
-----------------------------------------------------------------------------------------------------------------------------------
Glass - 0.0% 4,900 Apogee Enterprises, Inc. 75,460
-----------------------------------------------------------------------------------------------------------------------------------
Gold - 0.2% 76,700 Coeur d'Alene Mines Corp. (a)(b) 309,868
3,900 Royal Gold, Inc. 117,663
10,400 US Gold Corp. (a) 26,416
-------------
453,947
-----------------------------------------------------------------------------------------------------------------------------------
Health Care Facilities - 0.5% 8,600 Assisted Living Concepts, Inc. (a) 50,654
4,300 Capital Senior Living Corp. (a) 34,615
1,600 Emeritus Corp. (a) 33,376
100 The Ensign Group, Inc. 927
500 IPC The Hospitalist Co., Inc. (a) 9,890
4,280 Kindred Healthcare, Inc. (a) 93,604
3,400 LCA-Vision, Inc. 42,500
1,400 MedCath Corp. (a) 25,480
1,100 National Healthcare Corp. 53,570
8,800 Psychiatric Solutions, Inc. (a) 298,496
4,000 Res-Care, Inc. (a) 68,600
4,200 Skilled Healthcare Group, Inc. Class A (a) 46,116
7,300 Sun Healthcare Group, Inc. (a) 95,922
7,200 Sunrise Senior Living, Inc. (a) 160,416
-------------
1,014,166
-----------------------------------------------------------------------------------------------------------------------------------
Health Care Management 8,200 AMERIGROUP Corp. (a) 224,106
Services - 0.7% 8,500 Allscripts Healthcare Solutions, Inc. (a) 87,720
1,400 American Dental Partners, Inc. (a) 13,538
5,200 Amsurg Corp. (a) 123,136
900 athenahealth, Inc. (a) 21,303
7,000 Centene Corp. (a) 97,580
1,600 Computer Programs & Systems, Inc. 33,440
1,450 Corvel Corp. (a) 44,355
7,400 Eclipsys Corp. (a) 145,114
3,300 HMS Holdings Corp. (a) 94,215
4,800 HealthExtras, Inc. (a) 119,232
7,200 HealthSpring, Inc. (a) 101,376
2,100 Molina Healthcare, Inc. (a) 51,282
5,100 Omnicell, Inc. (a) 102,510
6,200 Phase Forward, Inc. (a) 105,896
1,700 Triple-S Management Corp. (a) 30,005
2,500 Vital Images, Inc. (a) 37,050
-------------
1,431,858
-----------------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Health Care Services - 0.6% 5,000 Alliance Imaging, Inc. (a) $ 43,000
4,033 Amedisys, Inc. (a) 158,658
7,000 Apria Healthcare Group, Inc. (a)(b) 138,250
1,800 Bio-Reference Labs, Inc. (a) 47,574
1,200 Emergency Medical Services Corp. (a) 29,628
4,700 Gentiva Health Services, Inc. (a) 102,272
13,000 HealthSouth Corp. (a) 231,270
7,100 Healthcare Services Group, Inc. 146,544
5,700 Healthways, Inc. (a) 201,438
6,800 Hythiam, Inc. (a) 8,228
2,200 LHC Group, Inc. (a) 36,960
3,700 Matria Healthcare, Inc. (a) 82,510
3,000 Nighthawk Radiology Holdings, Inc. (a) 28,080
6,100 Odyssey HealthCare, Inc. (a) 54,900
3,886 PharMerica Corp. (a) 64,391
300 Virtual Radiologic Corp. (a) 4,584
-------------
1,378,287
-----------------------------------------------------------------------------------------------------------------------------------
Homebuilding - 0.1% 5,800 Beazer Homes USA, Inc. 54,810
5,400 Hovnanian Enterprises, Inc. Class A (a) 57,240
1,900 M/I Homes, Inc. 32,262
3,900 Meritage Homes Corp. (a) 75,348
9,400 Standard-Pacific Corp. 45,684
4,900 WCI Communities, Inc. (a) 16,415
-------------
281,759
-----------------------------------------------------------------------------------------------------------------------------------
Hotel/Motel - 0.1% 3,100 Lodgian, Inc. (a) 34,565
3,400 Marcus Corp. 65,280
3,200 Morgans Hotel Group Co. (a) 47,424
-------------
147,269
-----------------------------------------------------------------------------------------------------------------------------------
Household Furnishings - 0.3% 2,100 American Woodmark Corp. 43,176
4,200 Ethan Allen Interiors, Inc. 119,406
7,100 Furniture Brands International, Inc. 83,070
3,100 Haverty Furniture Cos., Inc. 32,984
1,000 hhgregg, Inc. (a) 11,250
1,700 Hooker Furniture Corp. 37,978
8,400 La-Z-Boy, Inc. 70,056
1,800 Libbey, Inc. 30,312
2,000 Lifetime Brands, Inc. 17,880
6,200 Sealy Corp. 47,120
8,400 Select Comfort Corp. (a) 30,240
11,714 Tempur-Pedic International, Inc. 128,854
-------------
652,326
-----------------------------------------------------------------------------------------------------------------------------------
Identification Control & Filter 5,800 Advanced Energy Industries, Inc. (a) 76,908
Devices - 0.6% 8,400 Asyst Technologies, Inc. (a) 29,400
2,300 Badger Meter, Inc. 99,360
3,900 ESCO Technologies, Inc. (a) 154,908
2,018 The Gorman-Rupp Co. 66,372
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
9,998 L-1 Identity Solutions, Inc. (a) $ 132,973
4,500 Mine Safety Appliances Co. 185,355
4,600 Robbins & Myers, Inc. 150,190
2,000 Sun Hydraulics, Inc. 58,540
5,300 Veeco Instruments, Inc. (a) 88,139
3,200 Vicor Corp. 38,208
4,900 Watts Water Technologies, Inc. Class A 137,347
4,500 X-Rite, Inc. (a) 26,865
-------------
1,244,565
-----------------------------------------------------------------------------------------------------------------------------------
Industrial Products - 0.0% 2,700 TAL International Group, Inc. 63,639
-----------------------------------------------------------------------------------------------------------------------------------
Insurance: Life - 0.4% 9,800 American Equity Investment Life Holding Co. 90,944
4,900 Citizens, Inc. (a) 32,781
7,150 Delphi Financial Group, Inc. Class A 208,994
500 Kansas City Life Insurance Co. 23,895
400 National Western Life Insurance Co. Class A 86,716
17,400 The Phoenix Cos., Inc. 212,454
3,500 Presidential Life Corp. 61,040
7,400 Universal American Financial Corp. (a) 78,440
-------------
795,264
-----------------------------------------------------------------------------------------------------------------------------------
Insurance: Multi-Line - 0.9% 5,300 Alfa Corp. 116,494
12,400 Assured Guaranty Ltd. 294,376
2,100 CNA Surety Corp. (a) 32,298
5,200 Crawford & Co. Class B (a) 27,300
2,200 eHealth, Inc. (a) 48,554
1,000 EMC Insurance Group, Inc. 26,890
2,300 FBL Financial Group, Inc. Class A 65,527
1,400 Flagstone Reinsurance Holdings Ltd. 16,940
5,800 Hilb Rogal & Hobbs Co. 182,526
7,100 Horace Mann Educators Corp. 124,108
300 Independence Holding Co. 3,576
9,400 Max Capital Group Ltd. 246,186
4,300 Meadowbrook Insurance Group, Inc. 33,583
16,000 Montpelier Re Holdings Ltd. 256,800
2,100 Pico Holdings, Inc. (a) 63,483
8,900 Platinum Underwriters Holdings Ltd. 288,894
6,200 Primus Guaranty Ltd. (a) 22,196
3,700 Security Capital Assurance Ltd. 1,924
5,950 Zenith National Insurance Corp. 213,367
-------------
2,065,022
-----------------------------------------------------------------------------------------------------------------------------------
Insurance: Property-Casualty - 1.7% 3,500 AmTrust Financial Services, Inc. 56,735
1,500 American Physicians Capital, Inc. 69,540
3,700 Amerisafe, Inc. (a)(b) 46,768
4,466 Argo Group International Holdings Ltd. (a) 158,632
14,200 Aspen Insurance Holdings Ltd. 374,596
1,700 Baldwin & Lyons, Inc. Class B 43,656
500 CastlePoint Holdings, Ltd. 4,865
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
8,100 Commerce Group, Inc. $ 292,086
1,200 Darwin Professional Underwriters, Inc. (a) 26,988
1,600 Donegal Group, Inc. Class A 27,840
7,910 Employers Holdings, Inc. 146,651
1,000 Enstar Group Ltd. (a) 111,270
1,700 FPIC Insurance Group, Inc. (a) 80,138
2,800 First Acceptance Corp. (a) 7,980
2,400 First Mercury Financial Corp. (a) 41,784
11,000 Fremont General Corp. (a) 5,280
1,200 Greenlight Capital Re Ltd. (a) 22,320
200 Hallmark Financial Services, Inc. (a) 2,232
2,400 Harleysville Group, Inc. 86,616
9,300 IPC Holdings, Ltd. 260,400
2,400 Infinity Property & Casualty Corp. 99,840
1,600 The Midland Co. 103,888
900 NYMAGIC, Inc. 20,439
1,200 National Interstate Corp. 28,020
2,100 Navigators Group, Inc. (a) 114,240
4,300 Odyssey Re Holdings Corp. 158,025
6,200 PMA Capital Corp. Class A (a) 52,948
5,500 ProAssurance Corp. (a) 296,065
3,300 RLI Corp. 163,581
2,500 Safety Insurance Group, Inc. 85,325
4,000 SeaBright Insurance Holdings, Inc. (a) 58,920
9,100 Selective Insurance Group, Inc. 217,308
2,300 State Auto Financial Corp. 66,999
3,500 Tower Group, Inc. 88,095
3,500 United America Indemnity, Ltd. (a) 67,410
3,600 United Fire & Casualty Co. 134,640
2,100 Validus Holdings Ltd. 49,203
-------------
3,671,323
-----------------------------------------------------------------------------------------------------------------------------------
Investment Management 7,800 Alternative Asset Management Acquisition Corp. (a) 73,866
Companies - 0.8% 2,100 Ampal-American Israel Corp. Class A (a) 13,440
19,676 Apollo Investment Corp. 311,471
10,432 Ares Capital Corp. 131,130
3,700 Calamos Asset Management, Inc. Class A 60,236
400 Capital Southwest Corp. 49,488
2,500 Cohen & Steers, Inc. 66,225
3,200 Cowen Group, Inc. (a) 22,688
2,000 Epoch Holding Corp. 23,940
4,100 FBR Capital Markets Corp. (a) 27,675
1,000 GAMCO Investors, Inc. Class A 50,360
2,200 Kohlberg Capital Corp. 22,836
9,800 MCG Capital Corp. 89,082
3,100 NGP Capital Resources Co. 50,902
6,100 National Financial Partners Corp. 137,067
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
5,900 NexCen Brands, Inc. (a) $ 20,237
400 Pzena Investment Management, Inc. Class A 4,528
3,400 TICC Capital Corp. 25,568
2,300 U.S. Global Investors, Inc. 30,958
2,100 W.P. Stewart & Co. Ltd. 4,074
13,700 Waddell & Reed Financial, Inc. Class A 440,181
-------------
1,655,952
-----------------------------------------------------------------------------------------------------------------------------------
Jewelry, Watches & Gemstones - 0.1% 1,400 FGX International Holdings Ltd. (a) 16,744
7,000 Fossil, Inc. (a) 213,780
2,800 Movado Group, Inc. 54,572
-------------
285,096
-----------------------------------------------------------------------------------------------------------------------------------
Leisure Time - 0.3% 10,500 Callaway Golf Co. 154,140
4,700 Great Wolf Resorts, Inc. (a) 29,986
5,100 Life Time Fitness, Inc. (a) 159,171
5,400 Premier Exhibitions, Inc. (a) 32,616
11,500 Six Flags, Inc. (a) 18,860
1,300 Steinway Musical Instruments, Inc. (a) 37,076
2,800 Sturm Ruger & Co., Inc. (a) 23,072
1,800 Town Sports International Holdings, Inc. (a) 11,538
5,100 Vail Resorts, Inc. (a) 246,279
2,500 West Marine, Inc. (a) 17,425
-------------
730,163
-----------------------------------------------------------------------------------------------------------------------------------
Machine Tools - 0.0% 1,000 Hurco Companies, Inc. (a) 46,780
-----------------------------------------------------------------------------------------------------------------------------------
Machinery & Engineering - 0.1% 7,250 Applied Industrial Technologies, Inc. 216,702
-----------------------------------------------------------------------------------------------------------------------------------
Machinery: Agricultural - 0.1% 1,650 Gehl Co. (a) 27,951
1,800 Lindsay Manufacturing Co. 184,446
500 Titan Machinery, Inc. (a) 9,350
-------------
221,747
-----------------------------------------------------------------------------------------------------------------------------------
Machinery: Construction & 3,000 Astec Industries, Inc. (a) 116,280
Handling - 0.1% 900 NACCO Industries, Inc. Class A 72,846
-------------
189,126
-----------------------------------------------------------------------------------------------------------------------------------
Machinery: Engines - 0.1% 8,000 Briggs & Stratton Corp. 143,200
4,900 Raser Technologies, Inc. (a) 42,091
-------------
185,291
-----------------------------------------------------------------------------------------------------------------------------------
Machinery: Industrial/Specialty - 0.7% 8,800 Actuant Corp. Class A 265,848
1,200 Altra Holdings, Inc. (a) 16,140
2,000 Chart Industries, Inc. (a) 67,680
3,100 Columbus McKinnon Corp. (a) 96,038
3,500 EnPro Industries, Inc. (a) 109,165
2,200 Hardinge, Inc. 30,272
2,400 Kadant, Inc. (a) 70,512
2,200 Middleby Corp. (a) 137,258
5,200 Nordson Corp. 280,020
2,600 Tecumseh Products Co. Class A (a) 79,768
2,700 Tennant Co. 107,487
1,800 Twin Disc, Inc. 28,476
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
9,800 Woodward Governor Co. $ 261,856
-------------
1,550,520
-----------------------------------------------------------------------------------------------------------------------------------
Machinery: Oil Well Equipment & 4,500 Allis-Chalmers Energy, Inc. (a) 62,055
Services - 1.5% 6,100 Basic Energy Services, Inc. (a)(b) 134,688
3,250 CARBO Ceramics, Inc. 130,325
6,012 Cal Dive International, Inc. (a) 62,405
6,400 Complete Production Services, Inc. (a) 146,816
4,100 Dril-Quip, Inc. (a) 190,527
9,707 Exterran Holdings, Inc. (a) 626,490
3,200 Flotek Industries, Inc. (a) 46,688
2,000 Gulf Island Fabrication, Inc. 57,440
3,700 Hornbeck Offshore Services, Inc. (a) 168,979
2,400 Lufkin Industries, Inc. 153,168
2,800 NATCO Group, Inc. Class A (a) 130,900
15,600 Newpark Resources, Inc. (a) 79,560
7,900 Oil States International, Inc. (a) 353,999
18,900 Parker Drilling Co. (a) 122,094
5,625 RPC, Inc. 85,444
7,600 Sulphco, Inc. (a) 31,692
800 Superior Offshore International, Inc. (a) 2,648
2,200 Superior Well Services, Inc. (a) 48,114
800 T-3 Energy Services, Inc. (a) 34,048
1,900 Trico Marine Services, Inc. (a) 74,043
1,900 Union Drilling, Inc. (a) 33,231
4,900 W-H Energy Services, Inc. (a) 337,365
5,700 Willbros Group, Inc. (a) 174,420
-------------
3,287,139
-----------------------------------------------------------------------------------------------------------------------------------
Machinery: Specialty - 0.4% 5,850 Bucyrus International, Inc. 594,653
1,900 Cascade Corp. 93,689
5,300 Flow International Corp. (a) 49,237
3,600 Semitool, Inc. (a) 29,952
3,600 TurboChef Technologies, Inc. (a) 23,472
-------------
791,003
-----------------------------------------------------------------------------------------------------------------------------------
Manufactured Housing - 0.1% 12,500 Champion Enterprises, Inc. (a) 125,375
1,600 Palm Harbor Homes, Inc. (a) 8,416
1,200 Skyline Corp. 33,384
-------------
167,175
-----------------------------------------------------------------------------------------------------------------------------------
Manufacturing - 0.1% 7,900 Federal Signal Corp. 110,284
2,200 Standex International Corp. 49,148
-------------
159,432
-----------------------------------------------------------------------------------------------------------------------------------
Medical & Dental Instruments & 3,500 Abaxis, Inc. (a) 81,095
Supplies - 2.3% 4,700 Abiomed, Inc. (a) 61,758
9,700 Align Technology, Inc. (a) 107,767
12,100 American Medical Systems Holdings, Inc. (a)(b) 171,699
3,700 AngioDynamics, Inc. (a) 42,772
3,000 Bio-Rad Laboratories, Inc. Class A (a) 266,850
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
2,200 BioMimetic Therapeutics, Inc. (a) $ 17,600
4,600 CONMED Corp. (a) 117,944
1,300 Cantel Medical Corp. (a) 13,806
9,100 Cepheid, Inc. (a) 221,949
4,300 Conceptus, Inc. (a) 79,808
3,300 CryoLife, Inc. (a) 31,020
2,500 Cutera, Inc. (a) 33,675
3,800 Cyberonics, Inc. (a) 55,100
7,746 ev3, Inc. (a) 63,052
1,400 Hansen Medical, Inc. (a) 19,684
3,300 I-Flow Corp. (a) 46,299
2,400 ICU Medical, Inc. (a) 69,048
11,150 Immucor, Inc. (a) 237,941
900 Insulet Corp. (a) 12,960
4,200 Invacare Corp. 93,576
11,820 Inverness Medical Innovations, Inc. (a) 355,782
1,500 Landauer, Inc. 75,510
5,200 LifeCell Corp. (a) 218,556
1,900 Medical Action Industries, Inc. (a) 31,217
5,100 Mentor Corp. 131,172
6,075 Meridian Bioscience, Inc. 203,087
4,500 Merit Medical Systems, Inc. (a) 71,235
2,800 Micrus Endovascular Corp. (a) 34,608
2,300 Northstar Neuroscience, Inc. (a) 3,634
5,800 NuVasive, Inc. (a) 200,158
8,100 OraSure Technologies, Inc. (a) 59,211
2,500 Orthofix International NV (a) 99,425
6,500 Owens & Minor, Inc. 255,710
10,800 PSS World Medical, Inc. (a) 179,928
3,100 Palomar Medical Technologies, Inc. (a) 46,810
5,300 Sonic Innovations, Inc. (a) 25,599
2,900 SonoSite, Inc. (a) 82,447
5,600 Spectranetic Corp. (a) 46,816
4,100 Stereotaxis, Inc. (a) 24,272
10,500 Steris Corp. 281,715
2,600 SurModics, Inc. (a) 108,888
5,700 Symmetry Medical, Inc. (a) 94,620
8,700 Thoratec Corp. (a) 124,323
600 Trans1, Inc. (a) 6,990
1,500 Vital Signs, Inc. 75,975
4,100 Volcano Corp. (a) 51,250
5,300 West Pharmaceutical Services, Inc. 234,419
5,300 Wright Medical Group, Inc. (a) 127,942
-------------
5,096,702
-----------------------------------------------------------------------------------------------------------------------------------
Medical Services - 0.3% 1,800 Air Methods Corp. (a) 87,066
700 Genoptix, Inc. (a) 17,507
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
6,300 Magellan Health Services, Inc. (a) $ 250,047
9,200 Parexel International Corp. (a) 240,120
2,900 RehabCare Group, Inc. (a) 43,500
-------------
638,240
-----------------------------------------------------------------------------------------------------------------------------------
Metal Fabricating - 0.9% 1,100 Ampco-Pittsburgh Corp. 47,289
2,700 CIRCOR International, Inc. 124,875
2,000 Dynamic Materials Corp. 86,360
4,100 Encore Wire Corp. 74,661
1,700 Haynes International, Inc. (a) 93,296
2,800 Insteel Industries, Inc. 32,564
4,600 Kaydon Corp. 201,986
1,800 L.B. Foster Co. Class A (a) 77,508
18,480 Mueller Water Products, Inc. Series A 151,166
1,200 Northwest Pipe Co. (a) 50,988
5,900 Quanex Corp. 305,266
3,600 RBC Bearings, Inc. (a) 133,668
3,800 RTI International Metals, Inc. (a) 171,798
3,300 Superior Essex, Inc. (a) 92,796
1,500 Trimas Corp. (a) 7,905
3,000 Valmont Industries, Inc. 263,670
-------------
1,915,796
-----------------------------------------------------------------------------------------------------------------------------------
Metals & Minerals Miscellaneous - 0.7% 1,900 A.M. Castle & Co. 51,300
3,900 AMCOL International Corp. 121,797
9,900 Apex Silver Mines Ltd. (a) 119,988
3,300 Brush Engineered Materials, Inc. (a) 84,711
5,200 Compass Minerals International, Inc. 306,696
8,400 General Moly, Inc. (a) 67,116
17,100 GrafTech International Ltd. (a) 277,191
19,200 Hecla Mining Co. (a) 214,272
1,300 Horsehead Holding Corp. (a) 15,054
2,900 Minerals Technologies, Inc. 182,120
6,800 Stillwater Mining Co. (a) 105,196
8,900 Uranium Resources, Inc. (a) 53,311
-------------
1,598,752
-----------------------------------------------------------------------------------------------------------------------------------
Milling: Fruit & Grain Processing - 0.0% 1,700 MGP Ingredients, Inc. 11,883
-----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Business & Consumer Discretionary - 0.0% 1,600 Core-Mark Holdings Co., Inc. (a) 45,984
-----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Consumer Staples - 0.0% 3,200 Reddy Ice Holdings, Inc. 41,696
-----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Health Care - 0.0% 1,300 Animal Health International, Inc. (a) 14,222
1,800 MedAssets, Inc. (a) 26,676
-------------
40,898
-----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Materials & 4,400 Ceradyne, Inc. (a) 140,624
Commodities - 0.1% 5,900 Symyx Technologies Inc. (a) 44,250
2,900 WD-40 Co. 96,425
-------------
281,299
-----------------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Materials & 4,800 Insituform Technologies, Inc. Class A (a) $ 66,384
Processing - 0.1% 2,900 Rogers Corp. (a) 96,889
16,400 USEC, Inc. (a) 60,680
1,800 Xerium Technologies, Inc. 2,322
-------------
226,275
-----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Producer Durables - 0.0% 6,700 Blount International, Inc. (a) 82,879
1,200 Park-Ohio Holdings Corp. (a) 18,852
-------------
101,731
-----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Technology - 0.2% 2,100 Dice Holdings, Inc. (a) 18,711
5,200 IHS, Inc. Class A (a) 334,412
2,100 iRobot Corp. (a) 35,931
2,300 Vocus, Inc. (a) 60,720
-------------
449,774
-----------------------------------------------------------------------------------------------------------------------------------
Multi-Sector Companies - 0.5% 4,100 Compass Diversified Holdings 53,915
9,100 GenCorp, Inc. (a) 93,639
1,400 GenTek Inc. (a) 42,112
4,200 Kaman Corp. Class A 118,818
3,600 Lancaster Colony Corp. 143,856
2,600 Raven Industries, Inc. 78,780
8,200 Walter Industries, Inc. 513,566
-------------
1,044,686
-----------------------------------------------------------------------------------------------------------------------------------
Office Furniture & Business 8,064 ACCO Brands Corp. (a) 109,428
Equipment - 0.2% 9,400 Herman Miller, Inc. 230,958
4,300 Kimball International, Inc. Class B 46,096
7,300 Knoll, Inc. 84,242
-------------
470,724
-----------------------------------------------------------------------------------------------------------------------------------
Offshore Drilling - 0.4% 4,400 Atwood Oceanics, Inc. (a) 403,568
2,500 Bois d'Arc Energy, Inc. (a) 53,725
13,300 Hercules Offshore, Inc. (a) 334,096
-------------
791,389
-----------------------------------------------------------------------------------------------------------------------------------
Oil: Crude Producers - 3.0% 1,100 APCO Argentina, Inc. 28,358
4,100 ATP Oil & Gas Corp. (a) 134,152
5,100 Arena Resources, Inc. (a) 197,421
3,800 Atlas America, Inc. 229,672
10,200 BPZ Resources, Inc. (a) 221,646
6,200 Berry Petroleum Co. Class A 288,238
5,000 Bill Barrett Corp. (a) 236,250
7,400 Brigham Exploration Co. (a) 44,918
4,800 Bronco Drilling Co., Inc. (a) 77,328
3,600 Callon Petroleum Co. (a) 65,124
4,100 Carrizo Oil & Gas, Inc. (a) 243,007
900 Clayton Williams Energy, Inc. (a) 47,241
7,200 Comstock Resources, Inc. (a) 290,160
2,200 Contango Oil & Gas Co. (a) 142,142
1,400 Delek US Holdings, Inc. 17,738
10,400 EXCO Resources, Inc. (a) 192,400
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
5,600 Edge Petroleum Corp. (a) $ 22,568
8,600 Encore Acquisition Co. (a) 346,408
2,700 Energy Infrastructure Acquisition Corp. (a) 26,865
5,285 Energy Partners Ltd. (a) 50,049
7,200 FX Energy, Inc. (a) 30,672
7,200 GeoGlobal Resources, Inc. (a) 20,088
1,500 Geokinetics, Inc. (a) 27,180
3,300 Goodrich Petroleum Corp. (a) 99,264
29,700 Grey Wolf, Inc. (a) 201,366
3,100 Gulfport Energy Corp. (a) 32,860
6,400 Harvest Natural Resources, Inc. (a) 77,184
13,600 Mariner Energy, Inc. (a) 367,336
7,300 McMoRan Exploration Co. (a) 126,217
15,200 Meridian Resource Corp. (a) 22,496
3,039 NTR Acquisition Co. (a) 29,083
20,800 Oilsands Quest, Inc. (a) 81,952
6,100 Parallel Petroleum Corp. (a) 119,377
30,750 PetroHawk Energy Corp. (a) 620,227
2,500 Petroleum Development Corp. (a) 173,175
7,200 Petroquest Energy, Inc. (a) 124,848
8,100 Pioneer Drilling Co. (a) 129,033
2,100 Resource America, Inc. Class A 19,845
1,500 Rex Energy Corp. (a) 24,960
8,300 Rosetta Resources, Inc. (a) 163,261
4,300 Stone Energy Corp. (a) 224,933
4,900 Swift Energy Co. (a) 220,451
5,200 TXCO Resources, Inc. (a) 64,376
3,100 Toreador Resources Corp. (a) 24,118
1,800 Venoco, Inc. (a) 20,916
6,190 VeraSun Energy Corp. (a) 45,497
9,400 Warren Resources, Inc. (a) 111,578
6,600 Whiting Petroleum Corp. (a) 426,690
-------------
6,530,668
-----------------------------------------------------------------------------------------------------------------------------------
Oil: Integrated Domestic - 0.1% 10,900 Delta Petroleum Corp. (a) 245,359
1,900 GMX Resources Inc. (a) 66,367
-------------
311,726
-----------------------------------------------------------------------------------------------------------------------------------
Oil: Integrated International - 0.0% 10,100 Vaalco Energy, Inc. (a) 50,197
-----------------------------------------------------------------------------------------------------------------------------------
Paints & Coatings - 0.1% 7,500 Ferro Corp. 111,450
9,500 H.B. Fuller Co. 193,895
400 Kronos Worldwide, Inc. 9,660
-------------
315,005
-----------------------------------------------------------------------------------------------------------------------------------
Paper - 0.4% 8,752 AbitibiBowater, Inc. 112,988
4,700 Albany International Corp. Class A 169,858
7,700 Boise, Inc. (a) 49,280
5,900 Buckeye Technologies, Inc. (a) 65,844
3,100 Chesapeake Corp. 14,911
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
4,800 Mercer International, Inc.-Sbi (a) $ 33,456
850 Multi-Color Corp. 19,006
2,400 Neenah Paper, Inc. 61,872
7,300 P.H. Glatfelter Co. 110,303
5,600 Rock-Tenn Co. Class A 167,832
7,200 Wausau Paper Corp. 59,472
-------------
864,822
-----------------------------------------------------------------------------------------------------------------------------------
Photography - 0.0% 600 CPI Corp. 10,362
-----------------------------------------------------------------------------------------------------------------------------------
Plastics - 0.0% 5,200 Spartech Corp. 43,940
-----------------------------------------------------------------------------------------------------------------------------------
Pollution Control & Environmental Services - 0.2% 2,600 American Ecology Corp. 65,858
12,300 Darling International, Inc. (a) 159,285
4,400 EnergySolutions, Inc. 100,936
2,400 Fuel Tech, Inc. (a) 49,200
6,400 Headwaters, Inc. (a) 84,416
2,600 Team, Inc. (a) 70,980
-------------
530,675
-----------------------------------------------------------------------------------------------------------------------------------
Power Transmission Equipment - 0.1% 5,200 Regal-Beloit Corp. 190,476
-----------------------------------------------------------------------------------------------------------------------------------
Printing & Copying Services - 0.2% 5,000 Bowne & Co., Inc. 76,250
9,200 Cenveo, Inc. (a) 96,232
2,400 Schawk, Inc. 38,376
7,100 VistaPrint Ltd. (a) 248,145
-------------
459,003
-----------------------------------------------------------------------------------------------------------------------------------
Production Technology 5,600 ATMI, Inc. (a) 155,848
Equipment - 1.0% 16,500 Axcelis Technologies, Inc. (a) 92,400
11,283 Brooks Automation, Inc. (a) 109,671
7,500 Cognex Corp. 163,725
16,500 Credence Systems Corp. (a) 28,050
5,200 Cymer, Inc. (a) 135,408
3,000 Dionex Corp. (a) 230,970
5,100 Electro Scientific Industries, Inc. (a) 84,048
19,795 Entegris, Inc. (a) 142,326
4,500 Esterline Technologies Corp. (a) 226,665
5,900 FEI Co. (a) 128,797
3,700 Intevac, Inc. (a) 47,915
9,900 Kulicke & Soffa Industries, Inc. (a) 47,322
10,700 LTX Corp. (a) 33,598
2,500 MTS Systems Corp. 80,650
9,100 Mattson Technology, Inc. (a) 55,419
6,800 Photronics, Inc. (a) 64,940
5,200 Rofin-Sinar Technologies, Inc. (a) 233,480
4,313 Rudolph Technologies, Inc. (a) 42,138
4,000 Ultra Clean Holdings, Inc. (a) 39,200
4,200 Ultratech, Inc. (a) 40,362
-------------
2,182,932
-----------------------------------------------------------------------------------------------------------------------------------
Publishing: Miscellaneous - 0.2% 1,500 Consolidated Graphics, Inc. (a) 84,075
1,700 Courier Corp. 42,415
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
2,780 GateHouse Media, Inc. $ 16,235
4,400 Martha Stewart Living Omnimedia, Inc. Class A (a) 32,692
3,700 Playboy Enterprises, Inc. Class B (a) 30,821
7,150 Primedia, Inc. 52,553
4,600 Scholastic Corp. (a) 139,242
-------------
398,033
-----------------------------------------------------------------------------------------------------------------------------------
Publishing: Newspapers - 0.2% 2,040 AH Belo Corp. 23,317
12,700 Belo Corp. Class A 134,239
1,500 Dolan Media Co. (a) 30,165
7,500 Journal Communications, Inc. Class A 55,350
6,600 Lee Enterprises, Inc. 66,066
2,900 Media General, Inc. Class A 40,658
13,000 Sun-Times Media Group, Inc. (a) 9,360
-------------
359,155
-----------------------------------------------------------------------------------------------------------------------------------
Radio & TV Broadcasters - 0.3% 6,800 CKX, Inc. (a) 64,736
32,850 Citadel Broadcasting Corp. 54,531
4,100 Cox Radio, Inc. Class A (a) 48,708
5,200 Cumulus Media, Inc. Class A (a) 33,176
6,700 Emmis Communications Corp. Class A (a) 23,316
5,300 Entercom Communications Corp. 52,629
1,000 Fisher Communications, Inc. (a) 31,160
6,800 Gray Television, Inc. 38,692
4,400 Lin TV Corp. Class A (a) 42,284
1,600 Nexstar Broadcasting Group, Inc. Class A (a) 9,440
12,500 Radio One, Inc. Class D (a) 19,000
1,500 Salem Communications Corp. Class A 6,015
8,000 Sinclair Broadcast Group, Inc. Class A 71,280
7,400 Spanish Broadcasting System, Inc. Class A (a) 13,098
11,600 Westwood One, Inc. (a) 24,360
3,100 World Wrestling Entertainment, Inc. 57,691
-------------
590,116
-----------------------------------------------------------------------------------------------------------------------------------
Railroad Equipment - 0.2% 1,300 American Railcar Industries, Inc. 26,429
2,000 Freightcar America, Inc. 68,600
2,600 Greenbrier Cos., Inc. 68,952
7,900 Westinghouse Air Brake Technologies Corp. 297,514
-------------
461,495
-----------------------------------------------------------------------------------------------------------------------------------
Railroads - 0.1% 4,750 Genesee & Wyoming, Inc. Class A (a) 163,400
-----------------------------------------------------------------------------------------------------------------------------------
Real Estate - 0.2% 300 AMREP Corp. 15,690
1,000 Avatar Holdings, Inc. (a) 43,590
3,500 Bluegreen Corp. (a) 23,450
1,000 Consolidated-Tomoka Land Co. 56,050
5,100 Dupont Fabros Technology, Inc. 84,099
1,360 FX Real Estate and Entertainment, Inc. (a) 7,997
5,300 Grubb & Ellis Co. 36,411
3,607 HFF, Inc. Class A (a) 18,071
7,452 Hilltop Holdings, Inc. (a) 77,501
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
2,800 Resource Capital Corp. $ 21,196
500 Stratus Properties, Inc. (a) 14,735
1,800 Tejon Ranch Co. (a) 67,176
3,000 Thomas Properties Group, Inc. 26,340
-------------
492,306
-----------------------------------------------------------------------------------------------------------------------------------
Real Estate Investment Trusts 5,600 Acadia Realty Trust 135,240
(REITs) - 5.3% 1,600 Agree Realty Corp. 43,920
11,100 Alesco Financial, Inc. 31,968
300 Alexander's, Inc. (a) 106,350
5,200 Alexandria Real Estate Equities, Inc. 482,144
4,000 American Campus Communities, Inc. 109,440
22,000 American Financial Realty Trust 174,680
10,400 Anthracite Capital, Inc. (c) 68,640
10,900 Anworth Mortgage Asset Corp. 66,817
2,700 Arbor Realty Trust, Inc. 40,716
17,250 Ashford Hospitality Trust, Inc. 97,980
3,300 Associated Estates Realty Corp. 37,752
600 BRT Realty Trust 8,406
10,400 BioMed Realty Trust, Inc. 248,456
3,500 CBRE Realty Finance, Inc. 14,105
6,200 CapLease, Inc. 48,174
1,900 Capital Trust, Inc. 51,205
7,200 Cedar Shopping Centers, Inc. 84,096
4,900 Chimera Investment Corp. 60,270
6,200 Corporate Office Properties Trust 208,382
6,600 Cousins Properties, Inc. 163,086
3,443 Crystal River Capital, Inc. 30,746
27,450 DCT Industrial Trust, Inc. 273,402
9,482 Deerfield Capital Corp. 13,369
14,440 DiamondRock Hospitality Co. 182,955
8,740 Digital Realty Trust, Inc. 310,270
3,900 Eastgroup Properties, Inc. 181,194
4,600 Education Realty Trust, Inc. 57,822
4,600 Entertainment Properties Trust 226,918
3,400 Equity Lifestyle Properties, Inc. 167,858
5,900 Equity One, Inc. 141,423
10,100 Extra Space Storage, Inc. 163,519
10,200 FelCor Lodging Trust, Inc. 122,706
7,600 First Industrial Realty Trust, Inc. 234,764
3,900 First Potomac Realty Trust 59,943
8,800 Franklin Street Properties Corp. 126,016
24,500 Friedman Billings Ramsey Group, Inc. Class A 41,650
6,000 GMH Communities Trust 52,080
2,800 Getty Realty Corp. 44,604
6,400 Glimcher Realty Trust 76,544
3,600 Gramercy Capital Corp. 75,348
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
7,800 Healthcare Realty Trust, Inc. $ 203,970
5,900 Hersha Hospitality Trust 53,277
9,300 Highwoods Properties, Inc. 288,951
5,400 Home Properties, Inc. 259,146
13,400 IMPAC Mortgage Holdings, Inc. 17,018
9,500 Inland Real Estate Corp. 144,495
8,200 Investors Real Estate Trust 80,196
4,200 JER Investors Trust, Inc. 35,616
4,000 Kite Realty Group Trust 56,000
3,900 LTC Properties, Inc. 100,269
6,800 LaSalle Hotel Properties 195,364
9,930 Lexington Corporate Properties Trust 143,091
7,600 Luminent Mortgage Capital, Inc. 4,636
23,300 MFA Mortgage Investments, Inc. 146,790
6,200 Maguire Properties, Inc. 88,722
9,400 Medical Properties Trust, Inc. 106,408
7,420 Meruelo Maddux Properties, Inc. (a) 18,847
4,100 Mid-America Apartment Communities, Inc. 204,344
2,200 Mission West Properties, Inc. 20,790
3,800 National Health Investors, Inc. 118,750
11,000 National Retail Properties, Inc. 242,550
15,000 Nationwide Health Properties, Inc. 506,250
7,300 Newcastle Investment Corp. 60,298
8,900 NorthStar Realty Finance Corp. 72,713
10,900 Omega Healthcare Investors, Inc. 189,224
2,600 PS Business Parks, Inc. 134,940
2,500 Parkway Properties, Inc. 92,400
5,300 Pennsylvania Real Estate Investment Trust 129,267
6,700 Post Properties, Inc. 258,754
6,339 Potlatch Corp. 261,611
10,840 RAIT Investment Trust 75,230
3,000 Ramco-Gershenson Properties Trust 63,330
16,600 Realty Income Corp. 425,292
3,800 Redwood Trust, Inc. 138,130
1,800 Saul Centers, Inc. 90,432
14,800 Senior Housing Properties Trust 350,760
3,200 Sovran Self Storage, Inc. 136,672
12,100 Strategic Hotel Capital, Inc. 158,873
3,100 Sun Communities, Inc. 63,550
10,200 Sunstone Hotel Investors, Inc. 163,302
5,300 Tanger Factory Outlet Centers, Inc. 203,891
7,500 U-Store-It Trust 84,975
1,900 Universal Health Realty Income Trust 63,270
3,400 Urstadt Biddle Properties, Inc. Class A 53,482
7,400 Washington Real Estate Investment Trust 247,308
6,400 Winthrop Realty Trust, Inc. 26,368
-------------
11,444,510
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Recreational Vehicles & Boats - 0.2% 2,300 Arctic Cat, Inc. $ 16,767
10,900 Fleetwood Enterprises, Inc. (a) 50,140
1,600 Marine Products Corp. 12,928
4,800 Monaco Coach Corp. 45,504
5,600 Polaris Industries, Inc. 229,656
4,800 Winnebago Industries, Inc. 81,120
-------------
436,115
-----------------------------------------------------------------------------------------------------------------------------------
Rental & Leasing Services: 2,800 Electro Rent Corp. 42,420
Commercial - 0.1% 2,400 H&E Equipment Services, Inc. (a) 30,168
3,900 McGrath RentCorp 94,029
-------------
166,617
-----------------------------------------------------------------------------------------------------------------------------------
Rental & Leasing Services: 7,500 Aaron Rents, Inc. 161,550
Consumer - 0.2%
1,700 Amerco, Inc. (a) 97,053
2,900 Dollar Thrifty Automotive Group, Inc. (a) 39,556
2,700 RSC Holdings, Inc. (a) 29,430
10,100 Rent-A-Center, Inc. (a) 185,335
-------------
512,924
-----------------------------------------------------------------------------------------------------------------------------------
Restaurants - 1.2% 4,500 AFC Enterprises, Inc. (a) 40,455
2,400 BJ's Restaurants, Inc. (a) 34,584
1,200 Benihana, Inc. Class A (a) 13,524
4,600 Bob Evans Farms, Inc. 126,914
2,600 Buffalo Wild Wings, Inc. (a) 63,700
3,858 CBRL Group, Inc. 138,001
4,100 CEC Entertainment, Inc. (a) 118,408
10,000 CKE Restaurants, Inc. 112,200
4,850 California Pizza Kitchen, Inc. (a) 63,583
2,000 Carrols Restaurant Group, Inc. (a) 17,860
5,200 Chipotle Mexican Grill, Inc. Class B (a) 504,868
16,900 Denny's Corp. (a) 50,193
6,700 Domino's Pizza, Inc. 90,383
2,600 IHOP Corp. 124,540
9,400 Jack in the Box, Inc. (a) 252,578
6,400 Jamba, Inc. (a) 16,960
10,500 Krispy Kreme Doughnuts, Inc. (a) 32,025
2,500 Landry's Restaurants, Inc. 40,700
1,800 McCormick & Schmick's Seafood Restaurants,
Inc. (a) 20,970
900 Morton's Restaurant Group, Inc. (a) 7,137
4,100 O'Charleys, Inc. 47,232
4,200 P.F. Chang's China Bistro, Inc. (a) 119,448
3,800 Papa John's International, Inc. (a) 91,998
2,400 Red Robin Gourmet Burgers, Inc. (a) 90,168
8,800 Ruby Tuesday, Inc. 66,000
3,000 Ruth's Chris Steak House, Inc. (a) 20,730
9,770 Sonic Corp. (a) 215,331
4,600 The Steak n Shake Co. (a) 36,202
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
8,600 Texas Roadhouse, Inc. Class A (a) $ 84,280
10,200 Triarc Cos. 70,482
-------------
2,711,454
-----------------------------------------------------------------------------------------------------------------------------------
Retail - 2.7% 4,800 1-800-FLOWERS.COM, Inc. Class A (a) 40,848
7,500 99 Cents Only Stores (a) 74,175
3,200 A.C. Moore Arts & Crafts, Inc. (a) 21,824
3,400 Asbury Automotive Group, Inc. 46,784
11,000 Aeropostale, Inc. (a) 298,210
4,100 bebe Stores, Inc. 44,075
4,000 Big 5 Sporting Goods Corp. 35,080
30,900 Blockbuster, Inc. Class A (a) 100,734
2,300 Blue Nile, Inc. (a) 124,545
1,300 The Bon-Ton Stores, Inc. 7,111
3,200 Books-A-Million, Inc. 27,968
9,300 Borders Group, Inc. 54,591
7,125 Brown Shoe Co., Inc. 107,374
2,300 The Buckle, Inc. 102,879
2,500 Build-A-Bear Workshop, Inc. (a) 22,725
7,200 CSK Auto Corp. (a) 67,032
5,600 Cabela's, Inc. Class A (a) 79,296
2,300 Cache, Inc. (a) 25,967
6,700 Casual Male Retail Group, Inc. (a) 28,140
5,300 The Cato Corp. Class A 79,182
11,369 Central Garden & Pet Co. Class A (a) 50,478
4,100 Charlotte Russe Holding, Inc. (a) 71,094
17,500 Charming Shoppes, Inc. (a) 84,525
3,300 The Children's Place Retail Stores, Inc. (a) 81,048
5,800 Christopher & Banks Corp. 57,942
10,000 Collective Brands, Inc. (a) 121,200
1,600 Conn's, Inc. (a) 26,096
7,600 Dress Barn, Inc. (a) 98,344
3,800 Eddie Bauer Holdings, Inc. (a) 14,782
6,300 Ezcorp, Inc. (a) 77,553
2,400 FTD Group, Inc. 32,208
6,500 Fred's, Inc. 66,625
3,600 GSI Commerce, Inc. (a) 47,340
2,800 Gaiam, Inc. (a) 48,496
500 Gander Mountain Co. (a) 3,040
3,800 Genesco, Inc. (a) 87,818
3,400 Group 1 Automotive, Inc. 79,832
4,800 Gymboree Corp. (a) 191,424
5,550 Hibbett Sports, Inc. (a) 85,692
7,800 Hot Topic, Inc. (a) 33,618
8,100 Insight Enterprises, Inc. (a) 141,750
3,600 Jo-Ann Stores, Inc. (a) 53,028
3,125 Jos. A. Bank Clothiers, Inc. (a) 64,062
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
979 Lawson Products, Inc. $ 26,971
2,600 Lithia Motors, Inc. Class A 26,416
2,600 MarineMax, Inc. (a) 32,396
8,400 Men's Wearhouse, Inc. 195,468
3,500 New York & Co. (a) 20,090
2,800 Overstock.com, Inc. (a) 33,348
900 PC Connection, Inc. (a) 7,128
10,700 Pacific Sunwear of California, Inc. (a) 134,927
3,700 The Pantry, Inc. (a) 77,996
7,000 The Pep Boys - Manny, Moe & Jack 69,720
4,000 PetMed Express, Inc. (a) 44,360
14,400 Pier 1 Imports, Inc. (a) 90,432
1,900 PriceSmart, Inc. 52,649
6,000 Priceline.com, Inc. (a) 725,160
3,500 Retail Ventures, Inc. (a) 16,975
5,400 Rush Enterprises, Inc. Class A (a) 85,536
2,700 Russ Berrie & Co., Inc. (a) 37,962
14,000 Sally Beauty Co., Inc. (a) 96,600
3,500 School Specialty, Inc. (a) 110,390
2,100 Shutterfly, Inc. (a) 31,227
4,200 Sonic Automotive, Inc. 86,310
7,050 Stage Stores, Inc. 114,210
3,400 Stamps.com, Inc. (a) 34,884
4,400 Stein Mart, Inc. 24,728
1,300 Systemax, Inc. 15,678
3,700 The Talbots, Inc. 39,886
4,900 Tuesday Morning Corp. (a) 25,382
3,700 Tween Brands, Inc. (a) 91,538
7,000 United Natural Foods, Inc. (a) 130,970
5,100 ValueVision Media, Inc. Class A (a) 28,254
2,200 Volcom, Inc. (a) 44,462
12,600 The Wet Seal, Inc. Class A (a) 42,714
6,700 Zale Corp. (a) 132,392
3,100 Zumiez, Inc. (a) 48,639
-------------
5,782,333
-----------------------------------------------------------------------------------------------------------------------------------
Savings & Loan - 1.0% 3,400 Anchor Bancorp Wisconsin, Inc. 64,498
8,900 Bank Mutual Corp. 95,586
8,000 BankAtlantic Bancorp, Inc. Class A 31,280
5,200 BankUnited Financial Corp. Class A 26,052
1,400 Berkshire Hills Bancorp, Inc. 35,266
10,200 Brookline Bancorp, Inc. 117,096
4,400 Dime Community Bancshares, Inc. 76,912
3,200 Downey Financial Corp. 58,816
2,300 First Financial Holdings, Inc. 53,958
16,200 First Niagara Financial Group, Inc. 220,158
2,300 First Place Financial Corp. 29,900
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
2,400 FirstFed Financial Corp. (a) $ 65,160
7,100 Flagstar Bancorp, Inc. 51,262
3,400 Flushing Financial Corp. 59,772
1,700 Great Southern Bancorp, Inc. 26,537
1,950 Horizon Financial Corp. 26,930
1,900 IBERIABANK Corp. 84,075
1,200 Imperial Capital Bancorp, Inc. 25,944
3,500 Kearny Financial Corp. 38,325
300 NASB Financial, Inc. 7,803
18,500 NewAlliance Bancshares, Inc. 226,810
3,000 Northwest Bancorp, Inc. 81,990
5,800 Ocwen Financial Corp. (a) 25,752
3,600 PFF Bancorp, Inc. 29,952
10,600 Provident Financial Services, Inc. 149,884
6,900 Provident New York Bancorp 93,150
1,400 Rockville Financial, Inc. 19,180
1,000 Roma Financial Corp. 14,910
8,460 Sterling Financial Corp. 132,061
3,200 TierOne Corp. 36,096
4,400 United Community Financial Corp. 27,280
1,300 ViewPoint Financial Group 21,463
18,600 W Holding Co., Inc. 22,134
1,700 Westfield Financial, Inc. 16,609
-------------
2,092,601
-----------------------------------------------------------------------------------------------------------------------------------
Scientific Equipment & Suppliers - 0.2% 6,100 Newport Corp. (a) 68,137
4,900 Varian, Inc. (a) 283,808
-------------
351,945
-----------------------------------------------------------------------------------------------------------------------------------
Securities Brokerage & Services - 0.4% 8,600 Centerline Holding Co. 34,916
2,500 GFI Group, Inc. 143,250
4,300 KBW, Inc. (a) 94,815
15,500 Knight Capital Group, Inc. Class A (a) 251,720
8,700 LaBranche & Co., Inc. (a) 37,845
12,400 Ladenburg Thalmann Financial Services, Inc. (a) 23,188
5,100 MarketAxess Holdings, Inc. (a) 50,694
6,800 optionsXpress Holdings, Inc. 140,828
1,800 Penson Worldwide, Inc. (a) 16,614
4,100 SWS Group, Inc. 50,143
2,821 Thomas Weisel Partners Group, Inc. (a) 18,675
-------------
862,688
-----------------------------------------------------------------------------------------------------------------------------------
Services: Commercial - 3.0% 7,200 ABM Industries, Inc. 161,568
5,600 AMN Healthcare Services, Inc. (a) 86,352
3,800 Administaff, Inc. 89,718
3,100 The Advisory Board Co. (a) 170,314
2,900 Ambassadors Group, Inc. 54,781
2,000 Ambassadors International, Inc. 14,820
700 Barrett Business Services, Inc. 11,991
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
7,700 CBIZ, Inc. (a) $ 62,524
2,200 CDI Corp. 55,110
2,000 CRA International, Inc. (a) 64,280
3,700 Casella Waste Systems, Inc. (a) 40,441
3,900 Chemed Corp. 164,580
3,100 CoStar Group, Inc. (a) 133,300
4,800 Coinstar, Inc. (a) 135,072
1,700 Cornell Cos., Inc. (a) 38,182
5,600 Cross Country Healthcare, Inc. (a) 69,272
4,600 Diamond Management & Technology Consultants, Inc. 29,670
4,100 DynCorp. International, Inc. (a) 68,388
2,700 Exponent, Inc. (a) 88,668
7,400 FTI Consulting, Inc. (a) 525,696
1,300 First Advantage Corp. Class A (a) 27,547
2,400 Forrester Research, Inc. (a) 63,792
2,900 G&K Services, Inc. Class A 103,269
8,200 The Geo Group, Inc. (a) 233,208
4,600 Gevity HR, Inc. 39,836
2,680 Global Sources Ltd. (a) 39,798
8,800 Harris Interactive, Inc. (a) 24,024
3,100 Heidrick & Struggles International, Inc. 100,843
4,100 Hudson Highland Group, Inc. (a) 34,727
1,300 ICT Group, Inc. (a) 13,117
11,900 IKON Office Solutions, Inc. 90,440
4,900 Jackson Hewitt Tax Service, Inc. 56,203
3,800 Kelly Services, Inc. Class A 78,128
5,100 Kforce, Inc. (a) 45,084
4,900 The Knot, Inc. (a) 57,575
7,200 Korn/Ferry International (a) 121,680
1,700 Liquidity Services, Inc. (a) 13,600
2,700 MAXIMUS, Inc. 99,117
16,000 MPS Group, Inc. (a) 189,120
2,700 Midas, Inc. (a) 46,413
3,000 Monro Muffler, Inc. 50,700
7,900 Navigant Consulting, Inc. (a) 149,942
7,000 Net 1 UEPS Technologies, Inc. (a) 157,850
5,300 On Assignment, Inc. (a) 33,655
4,600 Orbitz Worldwide, Inc. (a) 31,694
8,000 PHH Corp. (a) 139,440
4,400 People Support, Inc. (a) 40,128
4,300 Perficient, Inc. (a) 34,142
1,500 Pre-Paid Legal Services, Inc. (a) 63,615
2,100 The Providence Service Corp. (a) 63,000
7,200 Regis Corp. 197,928
7,700 Resources Connection, Inc. 137,599
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
7,400 Rollins, Inc. $ 130,906
8,100 Source Interlink Cos., Inc. (a) 15,390
10,000 Spherion Corp. (a) 61,200
1,200 Standard Parking Corp. (a) 25,152
2,300 Steiner Leisure Ltd. (a) 75,900
6,300 TeleTech Holdings, Inc. (a) 141,498
9,800 Tetra Tech, Inc. (a) 191,198
700 Travelzoo, Inc. (a) 7,728
7,500 TrueBlue, Inc. (a) 100,800
2,100 Unifirst Corp. 77,889
3,400 Viad Corp. 122,434
2,250 Volt Information Sciences, Inc. (a) 38,160
10,900 Waste Connections, Inc. (a) 335,066
700 Waste Industries USA, Inc. 25,305
3,133 Waste Services, Inc. (a) 25,440
6,900 Watson Wyatt Worldwide, Inc. 391,575
4,600 World Fuel Services Corp. 129,122
-------------
6,536,704
-----------------------------------------------------------------------------------------------------------------------------------
Shipping - 0.7% 8,400 American Commercial Lines, Inc. (a) 132,720
1,700 Arlington Tankers Ltd. 35,700
2,500 Double Hull Tankers, Inc. 26,525
7,100 Eagle Bulk Shipping, Inc. 182,896
3,100 Genco Shipping & Trading Ltd. 174,933
4,200 General Maritime Corp. 99,162
6,000 Golar LNG Ltd. 109,620
3,800 Gulfmark Offshore, Inc. (a) 207,936
5,000 Horizon Lines, Inc. Class A 93,050
2,400 Knightsbridge Tankers Ltd. 64,032
4,500 Nordic American Tanker Shipping Ltd. 126,000
5,400 Ship Finance International Ltd. 141,912
800 TBS International Ltd. (a) 24,160
-------------
1,418,646
-----------------------------------------------------------------------------------------------------------------------------------
Shoes - 0.5% 2,600 DSW, Inc. Class A (a) 33,670
2,000 Deckers Outdoor Corp. (a) 215,640
6,800 The Finish Line, Inc. Class A 32,368
1,000 Heelys, Inc. (a) 4,290
8,300 Iconix Brand Group, Inc. (a) 144,005
4,200 K-Swiss, Inc. Class A 66,444
1,000 Kenneth Cole Productions, Inc. Class A 16,940
1,300 Shoe Carnival, Inc. (a) 17,589
3,200 Skechers U.S.A., Inc. Class A (a) 64,672
3,300 Steven Madden Ltd. (a) 56,529
7,600 Timberland Co. Class A (a) 104,348
900 Weyco Group, Inc. 26,703
8,300 Wolverine World Wide, Inc. 240,783
-------------
1,023,981
-----------------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Steel - 0.3% 1,500 Esmark, Inc. (a) $ 16,950
4,100 Gibraltar Industries, Inc. 48,093
1,400 Olympic Steel, Inc. 63,140
3,500 Schnitzer Steel Industries, Inc. Class A 248,570
1,300 Universal Stainless & Alloy Products, Inc. (a) 38,623
11,000 Worthington Industries, Inc. 185,570
-------------
600,946
-----------------------------------------------------------------------------------------------------------------------------------
Sugar - 0.0% 1,900 Imperial Sugar Co. New Shares 35,758
-----------------------------------------------------------------------------------------------------------------------------------
Telecommunications Equipment - 0.5% 100 Airvana, Inc. (a) 523
22,346 Arris Group, Inc. (a) 130,054
2,800 Audiovox Corp. Class A (a) 29,904
7,300 Belden, Inc. 257,836
6,900 Mastec, Inc. (a) 56,649
2,100 OpNext, Inc. (a) 11,445
7,800 Plantronics, Inc. 150,618
14,300 Polycom, Inc. (a) 322,322
20,500 Powerwave Technologies, Inc. (a) 52,275
200 Preformed Line Products Co. 9,736
8,000 Symmetricom, Inc. (a) 27,920
-------------
1,049,282
-----------------------------------------------------------------------------------------------------------------------------------
Textile Products - 0.1% 8,900 Interface, Inc. Class A 125,045
-----------------------------------------------------------------------------------------------------------------------------------
Textiles Apparel Manufacturers - 0.7% 8,900 Carter's, Inc. (a) 143,735
1,400 Cherokee, Inc. 47,138
2,200 Columbia Sportswear Co. 96,866
1,600 G-III Apparel Group, Ltd. (a) 21,472
6,070 J. Crew Group, Inc. (a) 268,112
2,200 Lululemon Athletica, Inc. (a) 62,546
3,200 Maidenform Brands, Inc. (a) 52,064
2,500 Oxford Industries, Inc. 56,325
1,450 Perry Ellis International, Inc. (a) 31,653
20,100 Quiksilver, Inc. (a) 197,181
2,600 True Religion Apparel, Inc. (a) 48,230
3,900 Under Armour, Inc. Class A (a) 142,740
7,500 The Warnaco Group, Inc. (a) 295,800
-------------
1,463,862
-----------------------------------------------------------------------------------------------------------------------------------
Tires & Rubber - 0.1% 10,000 Cooper Tire & Rubber Co. 149,700
3,600 Titan International, Inc. 110,196
-------------
259,896
-----------------------------------------------------------------------------------------------------------------------------------
Tobacco - 0.2% 15,700 Alliance One International, Inc. (a)(b) 94,828
2,500 Schweitzer-Mauduit International, Inc. 57,850
4,400 Universal Corp. 288,332
5,519 Vector Group Ltd. 97,079
-------------
538,089
-----------------------------------------------------------------------------------------------------------------------------------
Toys - 0.2% 4,200 Jakks Pacific, Inc. (a) 115,794
5,600 Leapfrog Enterprises, Inc. (a) 39,480
8,300 Marvel Entertainment, Inc. (a) 222,357
-------------
377,631
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Transportation Miscellaneous - 0.2% 4,000 Celadon Group, Inc. (a) $ 38,720
1,400 Dynamex, Inc. (a) 35,420
6,300 HUB Group, Inc. Class A (a) 207,207
7,900 Odyssey Marine Exploration, Inc. (a) 42,423
6,000 Pacer International, Inc. 98,580
700 Textainer Group Holdings Ltd. 10,556
2,500 Ultrapetrol Bahamas Ltd. (a) 25,600
-------------
458,506
-----------------------------------------------------------------------------------------------------------------------------------
Truckers - 0.4% 3,300 Arkansas Best Corp. 105,138
5,100 Forward Air Corp. 180,744
9,900 Heartland Express, Inc. 141,174
9,350 Knight Transportation, Inc. 153,901
2,500 Marten Transport Ltd. (a) 38,800
4,850 Old Dominion Freight Line, Inc. (a) 154,376
100 Patriot Transportation Holding, Inc. (a) 7,844
1,600 Saia, Inc. (a) 25,376
1,000 Universal Truckload Services, Inc. (a) 20,870
7,100 Werner Enterprises, Inc. 131,776
-------------
959,999
-----------------------------------------------------------------------------------------------------------------------------------
Utilities: Cable TV & Radio - 0.0% 8,800 Mediacom Communications Corp. Class A (a) 38,104
-----------------------------------------------------------------------------------------------------------------------------------
Utilities: Electrical - 1.4% 4,100 Allete, Inc. 158,342
8,500 Avista Corp. 166,260
6,100 Black Hills Corp. 218,258
2,600 CH Energy Group, Inc. 101,140
1,300 Central Vermont Public Service Corp. 31,070
9,600 Cleco Corp. 212,928
7,800 El Paso Electric Co. (a) 166,686
5,300 The Empire District Electric Co. 107,325
6,700 IDACORP, Inc. 215,137
7,700 ITC Holdings Corp. 400,862
3,500 MGE Energy, Inc. 119,210
5,800 NorthWestern Corp. 141,346
4,800 Otter Tail Corp. 169,872
11,800 PNM Resources, Inc. 147,146
2,800 Pike Electric Corp. (a) 39,004
4,700 Portland General Electric Co. 105,985
4,333 UIL Holdings Corp. 130,553
5,700 Unisource Energy Corp. 126,882
15,600 Westar Energy, Inc. 355,212
-------------
3,113,218
-----------------------------------------------------------------------------------------------------------------------------------
Utilities: Gas Distributors - 0.8% 1,200 EnergySouth, Inc. 62,628
3,500 The Laclede Group, Inc. 124,705
6,900 New Jersey Resources Corp. 214,245
6,900 Nicor, Inc. 231,219
4,100 Northwest Natural Gas Co. 178,104
12,100 Piedmont Natural Gas Co. 317,746
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
5,000 South Jersey Industries, Inc. $ 175,550
6,900 Southwest Gas Corp. 192,924
7,600 WGL Holdings, Inc. 243,656
-------------
1,740,777
-----------------------------------------------------------------------------------------------------------------------------------
Utilities: Miscellaneous - 0.1% 61,000 Aquila, Inc. (a) 195,810
-----------------------------------------------------------------------------------------------------------------------------------
Utilities: Telecommunications - 0.9% 7,400 Alaska Communications Systems Group, Inc. 90,576
1,200 Atlantic Tele-Network, Inc. 40,596
4,800 Centennial Communications Corp. (a) 28,368
41,900 Cincinnati Bell, Inc. (a) 178,494
3,319 Consolidated Communications Holdings, Inc. 50,216
5,300 FairPoint Communications, Inc. 47,806
20,010 FiberTower Corp. (a) 35,218
8,700 General Communication, Inc. Class A (a) 53,418
6,000 Global Crossing Ltd. (a) 90,960
2,200 Globalstar, Inc. (a) 16,038
100 Hungarian Telephone & Cable Corp. (a) 1,735
18,600 ICO Global Communications Holdings Ltd. (a) 57,474
8,100 IDT Corp. Class B 31,347
2,800 iPCS, Inc. 65,380
4,100 Ibasis, Inc. 16,810
5,100 Iowa Telecommunications Services, Inc. 90,423
4,100 NTELOS Holdings Corp. 99,220
800 Neutral Tandem, Inc. (a) 14,408
3,300 ORBCOMM, Inc. (a) 16,368
11,470 PAETEC Holding Corp. (a) 76,390
10,500 Premiere Global Services, Inc. (a) 150,570
4,800 RCN Corp. 53,664
1,800 Rural Cellular Corp. Class A (a) 79,614
3,600 Shenandoah Telecom Co. 53,424
2,400 SureWest Communications 37,104
23,730 Time Warner Telecom, Inc. Class A (a) 367,578
4,300 USA Mobility, Inc. 30,702
3,600 Virgin Mobile USA, Inc. (a) 7,308
-------------
1,881,209
-----------------------------------------------------------------------------------------------------------------------------------
Utilities: Water - 0.2% 3,000 American States Water Co. 108,000
3,100 California Water Service Group 118,265
1,900 Consolidated Water Co., Inc. 41,857
2,500 SJW Corp. 71,475
3,965 Southwest Water Co. 43,893
-------------
383,490
-----------------------------------------------------------------------------------------------------------------------------------
Wholesale & International Trade - 0.2% 5,800 Central European Distribution Corp. (a) 337,502
-----------------------------------------------------------------------------------------------------------------------------------
Wholesalers - 0.4% 8,230 Brightpoint, Inc. (a) 68,803
2,200 Houston Wire & Cable Co. 35,244
18,200 LKQ Corp. (a) 408,954
1,400 MWI Veterinary Supply, Inc. (a) 49,364
5,500 Prestige Brands Holdings, Inc. (a) 44,990
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
3,500 United Stationers, Inc. (a) $ 166,950
-------------
774,305
-----------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks
(Cost - $198,853,484) - 83.0% 180,368,280
-----------------------------------------------------------------------------------------------------------------------------------
Investment Companies
-----------------------------------------------------------------------------------------------------------------------------------
1,000 BlackRock Kelso Capital Corp. (c) 11,940
2,800 Gladstone Capital Corp. 52,388
5,500 Hercules Technology Growth Capital, Inc. 59,730
1,200 Kayne Anderson Energy Development Co. 29,880
4,200 Patriot Capital Funding, Inc. 43,974
3,800 Pennantpark Investment Corp. 32,338
3,200 Prospect Capital Corp. 48,704
-----------------------------------------------------------------------------------------------------------------------------------
Total Investment Companies
(Cost - $354,344) - 0.1% 278,954
-----------------------------------------------------------------------------------------------------------------------------------
Rights
-----------------------------------------------------------------------------------------------------------------------------------
Investment Management 3,477 Ares Capital Corp. (d) 1,947
Companies - 0.0% 1,429 MCG Capital Corp. (e) 1,529
-------------
3,476
-----------------------------------------------------------------------------------------------------------------------------------
Real Estate - 0.0% 680 FX Real Estate Entertainment, Inc. (e) 0
-----------------------------------------------------------------------------------------------------------------------------------
Total Rights - 0.0% 3,476
-----------------------------------------------------------------------------------------------------------------------------------
Face
Amount Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
Time Deposits - 18.7% $ 40,752,042 State Street Bank & Trust Co.,
1.25% due 4/01/2008 40,752,042
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities
(Cost - $40,752,042) - 18.7% 40,752,042
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments Before Options Written
(Cost - $239,959,870*) - 101.8% 221,402,752
-----------------------------------------------------------------------------------------------------------------------------------
Number of
Contracts Options Written
-----------------------------------------------------------------------------------------------------------------------------------
Call Options Written - (1.8%) 800 Russell 2000 Index, expiring April 2008 at USD 670 (2,204,000)
800 Russell 2000 Index, expiring April 2008 at USD 680 (1,704,000)
-----------------------------------------------------------------------------------------------------------------------------------
Total Options Written
(Premiums Received - $3,364,218) - (1.8%) (3,908,000)
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments, Net of Options Written
(Cost - $236,595,652) - 100.0% 217,494,752
Other Assets Less Liabilities - 0.0% 9,563
-------------
Net Assets - 100.0% $ 217,504,315
=============
* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 224,818,288
=============
Gross unrealized appreciation $ 5,734,124
Gross unrealized depreciation (9,149,660)
-------------
Net unrealized depreciation $ (3,415,536)
=============
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (in U.S. dollars)
(a) Non-income producing security.
(b) All or a portion of security held as collateral in connection with open
financial futures contracts.
(c) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
--------------------------------------------------------------------------------
Purchase Sales Realized
Affiliate Cost Cost Gain Dividend Income
--------------------------------------------------------------------------------
Anthracite Capital, Inc. $662 -- -- $ 3,090
BlackRock Kelso Capital Corp. -- -- -- $ 430
--------------------------------------------------------------------------------
(d) The rights may be exercised until 4/21/2008.
(e) The rights may be exercised until 4/18/2008.
o Financial futures contracts purchased as of March 31, 2008 were as
follows:
---------------------------------------------------------------------------------
Number of Unrealized
Contracts Issue Expiration Date Face Value Appreciation
---------------------------------------------------------------------------------
410 Russell 2000 Index June 2008 $27,537,936 $752,064
---------------------------------------------------------------------------------
o For Fund 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. Industries shown as a percent of net assets.
Small Cap Premium & Dividend Income Fund Inc.
o Effective January 1, 2008, Small Cap Premium & Dividend Income Fund Inc.
(the "Fund") adopted FASB Statement of Financial Accounting Standards No.
157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the
definition of fair value, establishes a framework for measuring fair
values and requires additional disclosures about the use of fair value
measurements. Various inputs are used in determining the fair value of
investments, which are as follows:
o Level 1 - price quotations in active markets/exchanges for identical
securities
o Level 2 - other observable inputs (including, but not limited to:
quoted prices for 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)
o 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, 2008 in
determining the fair valuation of the Fund's investments:
--------------------------------------------------------------------------
Valuation Investments in Other Financial
Inputs Securities Instruments*
--------------------------------------------------------------------------
Level 1 $221,402,752 $(3,155,936)
Level 2 0 0
Level 3 0 0
--------------------------------------------------------------------------
Total $221,402,752 $(3,155,936)
==========================================================================
*Other financial instruments are derivative instruments such as futures
and options.
Item 2 - Controls and Procedures
2(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Small Cap Premium & Dividend Income Fund Inc.
By: /s/ Mitchell M. Cox
---------------------------------
Mitchell M. Cox
Chief Executive Officer (principal executive officer) of
Small Cap Premium & Dividend Income Fund Inc.
Date: May 21, 2008
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/ Mitchell M. Cox
---------------------------------
Mitchell M. Cox
Chief Executive Officer (principal executive officer) of
Small Cap Premium & Dividend Income Fund Inc.
Date: May 21, 2008
By: /s/ James E. Hillman
---------------------------------
James E. Hillman
Chief Financial Officer (principal financial officer) of
Small Cap Premium & Dividend Income Fund Inc.
Date: May 21, 2008