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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21746

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

Fund Address: 2 World Financial Center, 7^th Floor, New York, New York 10281.

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

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

Date of fiscal year end: 12/31/2009

Date of reporting period: 03/31/2009

Item 1 – Schedule of Investments


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Advertising Agencies - 0.4%	AMREP Corp. (a)		300	$	4,710
	Arbitron, Inc.		4,600		69,046
	Constant Contact, Inc. (a)		3,300		46,167
	DG FastChannel, Inc. (a)		2,700		50,679
	Harte-Hanks, Inc.		6,000		32,100
	Marchex, Inc. Class B		4,000		13,760
	National CineMedia, Inc.		6,800		89,624
	Valassis Communications, Inc. (a)		7,500		11,775
	ValueClick, Inc. (a)		14,930		127,054

					444,915

Aerospace - 1.4%	AAR Corp. (a)(b)		6,700		84,018
	AeroVironment, Inc. (a)(b)		1,600		33,440
	Argon ST, Inc. (a)		2,100		39,837
	Axsys Technologies, Inc. (a)		1,400		58,856
	Ceradyne, Inc. (a)		4,400		79,772
	Cubic Corp.		2,400		60,792
	Curtiss-Wright Corp.		7,500		210,375
	Ducommun, Inc.		1,600		23,264
	Esterline Technologies Corp. (a)		4,900		98,931
	Heico Corp.		3,600		87,480
	Herley Industries, Inc. (a)		2,500		29,900
	LMI Aerospace, Inc. (a)		1,600		11,584
	Ladish Co., Inc. (a)		2,500		18,150
	Moog, Inc. Class A (a)		7,100		162,377
	Orbital Sciences Corp. (a)		9,900		117,711
	Teledyne Technologies, Inc. (a)		5,900		157,412
	TransDigm Group, Inc. (a)		5,400		177,336
	Triumph Group, Inc.		2,900		110,780

					1,562,015

Agriculture, Fishing & Ranching - 0.4%	AgFeed Industries, Inc. (a)		3,600		8,136
	Alico, Inc.		600		14,400
	The Andersons, Inc.		3,200		45,248
	Cadiz, Inc. (a)		1,800		14,364
	Cal-Maine Foods, Inc.		2,000		44,780
	Calavo Growers, Inc.		2,000		24,040
	Fresh Del Monte Produce, Inc. (a)		7,200		118,224
	HQ Sustainable Maritime Industries, Inc. (a)		1,400		10,710
	Sanderson Farms, Inc.		3,300		123,915
	Seaboard Corp.		60		60,600

					464,417

Air Transport - 0.7%	AirTran Holdings, Inc. (a)		18,600		84,630
	Alaska Air Group, Inc. (a)(b)		6,000		105,420
	Allegiant Travel Co. (a)		2,200		100,012
	Atlas Air Worldwide Holdings, Inc. (a)		2,100		36,435
	Bristow Group, Inc. (a)		3,900		83,577
	Hawaiian Holdings, Inc. (a)		7,200		26,856
	JetBlue Airways Corp. (a)		28,100		102,565


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	PHI, Inc. (a)		2,400	$	23,952
	Republic Airways Holdings, Inc. (a)		5,600		36,288
	SkyWest, Inc.		9,900		123,156
	UAL Corp.		20,400		91,392
	US Airways Group, Inc. (a)		18,500		46,805

					861,088

Aluminum - 0.1%	Kaiser Aluminum Corp.		2,500		57,800

Auto Parts: After Market - 0.1%	ATC Technology Corp. (a)		3,600		40,320
	Dorman Products, Inc. (a)		1,600		14,928
	Superior Industries International, Inc.		3,500		41,475

					96,723

Auto Parts: Original Equipment - 0.1%	American Axle & Manufacturing Holdings, Inc.		7,300		9,636
	Amerigon, Inc. (a)		3,100		11,470
	ArvinMeritor, Inc.		12,700		10,033
	Dana Holding Corp. (a)		16,400		7,544
	Exide Technologies (a)		12,600		37,800
	Fuel Systems Solutions, Inc. (a)		1,900		25,612
	Hayes Lemmerz International, Inc. (a)		17,100		3,163
	Lear Corp. (a)		10,970		8,228
	Quantum Fuel Systems Technologies
	Worldwide, Inc. (a)		13,100		10,480
	Stoneridge, Inc. (a)		2,100		4,431
	Tenneco, Inc. (a)		7,900		12,877
	Wonder Auto Technology, Inc. (a)		2,900		10,382

					151,656

Auto, Trucks & Parts - 0.1%	Commercial Vehicle Group, Inc. (a)		3,500		1,925
	Force Protection, Inc. (a)		12,000		57,480
	Modine Manufacturing Co.		5,200		13,000
	Spartan Motors, Inc.		4,400		17,688
	Wabash National Corp.		5,200		6,396

					96,489

Banks: New York City - 0.1%	Signature Bank (a)		5,700		160,911

Banks: Non U.S. Banks - 0.0%	Banco Latinoamericano de Exportaciones, SA ‘E’		4,300		40,291

Banks: Outside New York City - 5.9%	1st Source Corp.		2,300		41,515
	Amcore Financial, Inc.		3,913		6,261
	Ameris Bancorp		2,200		10,362
	Ames National Corp.		1,000		16,760
	Arrow Financial Corp.		1,700		40,273
	Bancfirst Corp.		1,200		43,680
	BancTrust Financial Group, Inc.		3,300		20,889
	Bank of the Ozarks, Inc.		1,900		43,852
	Banner Corp.		2,400		6,984
	Boston Private Financial Holdings, Inc.		8,500		29,835
	Bryn Mawr Bank Corp.		1,100		18,535
	CVB Financial Corp.		10,842		71,882
	Camden National Corp.		1,200		27,420
	Capital City Bank Group, Inc.		2,000		22,920


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Capitol Bancorp Ltd.		2,300	$	9,545
	Cardinal Financial Corp.		4,600		26,404
	Cascade Bancorp		3,800		6,156
	Cathay General Bancorp		8,300		86,569
	Centerstate Banks of Florida, Inc.		1,400		15,414
	Central Pacific Financial Corp.		5,000		28,000
	Chemical Financial Corp.		4,000		83,240
	Citizens & Northern Corp.		1,400		22,736
	Citizens Banking Corp. (a)		19,400		30,070
	City Holding Co.		2,800		76,412
	CityBank		2,200		7,238
	CoBiz Financial, Inc.		2,800		14,700
	The Colonial BancGroup, Inc.		34,800		31,320
	Columbia Banking System, Inc.		3,100		19,840
	Community Bank System, Inc.		5,100		85,425
	Community Trust Bancorp, Inc.		2,500		66,875
	Corus Bankshares, Inc. (a)		6,300		1,701
	Danvers Bancorp, Inc.		2,800		38,668
	East-West Bancorp, Inc.		10,800		49,356
	Encore Bancshares, Inc. (a)		1,000		8,870
	Enterprise Financial Services Corp.		1,700		16,592
	F.N.B. Corp.		14,346		110,034
	Farmers Capital Bank Corp.		1,200		18,804
	Financial Institutions, Inc.		2,100		16,002
	First Bancorp, Inc.		1,300		20,618
	First Bancorp, North Carolina		2,100		25,137
	First BanCorp, Puerto Rico		12,300		52,398
	First Busey Corp.		3,900		30,264
	First Commonwealth Financial Corp.		13,700		121,519
	First Community Bancshares, Inc.		1,500		17,505
	First Financial Bancorp		6,700		63,851
	First Financial Bankshares, Inc.		3,500		168,595
	First Financial Corp.		2,000		73,800
	First Merchants Corp.		3,700		39,923
	First Midwest Bancorp, Inc.		8,100		69,579
	First South Bancorp, Inc.		1,350		14,337
	FirstMerit Corp.		13,800		251,160
	Frontier Financial Corp.		8,350		9,185
	Glacier Bancorp, Inc.		9,850		154,744
	Greene County Bancshares, Inc.		1,917		16,870
	Guaranty Bancorp (a)		8,900		15,575
	Hancock Holding Co.		4,300		134,504
	Hanmi Financial Corp.		6,700		8,710
	Harleysville National Corp.		7,403		44,862
	Heartland Financial USA, Inc.		2,100		28,434
	Heritage Commerce Corp.		1,900		9,975
	Home Bancshares, Inc.		2,026		40,459


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	IBERIABANK Corp.		2,500	$	114,850
	Independent Bank Corp./MA		2,700		39,825
	Integra Bank Corp.		3,500		6,615
	International Bancshares Corp.		8,526		66,503
	Investors Bancorp, Inc. (a)		7,400		62,678
	Lakeland Bancorp, Inc.		2,966		23,817
	Lakeland Financial Corp.		2,000		38,380
	MB Financial, Inc.		5,777		78,567
	MainSource Financial Group, Inc.		3,080		24,763
	Meridian Interstate Bancorp, Inc. (a)		1,600		13,472
	Midwest Banc Holdings, Inc.		3,000		3,030
	NASB Financial, Inc.		400		9,340
	NBT Bancorp, Inc.		5,400		116,856
	Nara Bancorp, Inc.		3,800		11,172
	National Penn Bancshares, Inc.		13,686		113,594
	Old National Bancorp		11,400		127,338
	Old Second Bancorp, Inc.		2,353		14,942
	Oriental Financial Group		3,400		16,592
	Pacific Capital Bancorp		7,800		52,806
	Pacific Continental Corp.		1,700		19,788
	PacWest Bancorp		4,129		59,169
	Park National Corp.		1,900		105,925
	Peapack-Gladstone Financial Corp.		1,300		23,439
	Pennsylvania Commerce Bancorp, Inc. (a)		1,000		18,400
	Peoples Bancorp, Inc.		1,700		22,066
	Pinnacle Financial Partners, Inc. (a)		3,800		90,098
	Premierwest Bancorp		3,990		15,840
	PrivateBancorp, Inc.		3,400		49,164
	Prosperity Bancshares, Inc.		6,700		183,245
	Provident Bankshares Corp.		5,700		40,185
	Provident Financial Services, Inc.		10,100		109,181
	Renasant Corp.		3,250		40,820
	Republic Bancorp, Inc. Class A		1,511		28,210
	Rockville Financial, Inc.		1,400		12,740
	Roma Financial Corp.		1,100		14,245
	S&T Bancorp, Inc.		4,100		86,961
	SCBT Financial Corp.		1,660		34,694
	SVB Financial Group (a)		4,800		96,048
	SY Bancorp, Inc.		2,385		57,956
	Sandy Spring Bancorp, Inc.		2,800		31,248
	Santander BanCorp		400		3,152
	Seacoast Banking Corp. of Florida		2,500		7,575
	Shore Bancshares, Inc.		1,600		26,800
	Sierra Bancorp		1,000		9,730
	Simmons First National Corp. Class A		2,300		57,937
	Smithtown Bancorp, Inc.		1,900		21,432
	The South Financial Group, Inc.		12,300		13,530


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Southside Bancshares, Inc.		1,871	$	35,362
	Southwest Bancorp, Inc.		2,500		23,450
	State Bancorp, Inc.		2,300		17,710
	StellarOne Corp.		3,700		44,067
	Sterling Bancorp		3,260		32,274
	Sterling Bancshares, Inc.		12,400		81,096
	Sterling Financial Corp.		6,560		13,579
	Suffolk Bancorp		1,700		44,183
	Sun Bancorp, Inc. (a)		2,509		13,022
	Susquehanna Bancshares, Inc.		14,674		136,908
	Texas Capital Bancshares, Inc. (a)		4,300		48,418
	Tompkins Trustco, Inc.		1,090		46,870
	Towne Bank		3,400		55,522
	Trico Bancshares		2,300		38,502
	TrustCo Bank Corp. NY		12,800		77,056
	Trustmark Corp.		8,500		156,230
	UCBH Holdings, Inc.		17,700		26,727
	UMB Financial Corp.		5,200		220,948
	Umpqua Holdings Corp.		10,188		92,303
	Union Bankshares Corp.		2,150		29,778
	United Bankshares, Inc.		6,400		110,336
	United Community Banks, Inc.		6,444		26,808
	United Security Bancshares		1,121		8,251
	Univest Corp. of Pennsylvania		2,000		35,000
	Washington Trust Bancorp, Inc.		2,200		35,750
	WesBanco, Inc.		4,700		107,301
	West Bancorp., Inc.		3,300		24,585
	West Coast Bancorp		2,600		5,772
	Westamerica Bancorp.		4,700		214,132
	Western Alliance Bancorp (a)		3,200		14,592
	Wilshire Bancorp, Inc.		2,800		14,448
	Wintrust Financial Corp.		4,000		49,200
	Yardkin Valley Financial Corp.		2,200		16,390

					6,794,431

Beverage: Brewers(Wineries) - 0.0%	Boston Beer Co., Inc. Class A (a)		1,500		31,290

Beverage: Soft Drinks - 0.2%	Coca-Cola Bottling Co. Consolidated		600		31,230
	Farmer Bros. Co.		900		16,020
	Green Mountain Coffee Roasters, Inc. (a)		2,900		139,200
	National Beverage Corp. (a)		1,680		15,406
	Peet’s Coffee & Tea, Inc. (a)		2,000		43,240

					245,096

Biotechnology Research & Production - 4.9%	AMAG Pharmaceuticals, Inc. (a)		2,690		98,911
	Acadia Pharmaceuticals, Inc. (a)(b)		5,600		5,320
	Accelrys, Inc. (a)		5,200		20,696
	Acorda Therapeutics, Inc. (a)		6,000		118,860
	Affymax, Inc. (a)		2,000		32,220
	Albany Molecular Research, Inc. (a)		4,300		40,549


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Alexion Pharmaceuticals, Inc. (a)(b)		13,500	$	508,410
	Allos Therapeutics, Inc. (a)		8,600		53,148
	Alnylam Pharmaceuticals, Inc. (a)		6,000		114,240
	Amicus Therapeutics, Inc. (a)		800		7,304
	Arena Pharmaceuticals, Inc. (a)		12,500		37,625
	Ariad Pharmaceuticals, Inc. (a)		12,700		15,113
	Arqule, Inc. (a)		5,900		24,426
	Array Biopharma, Inc. (a)		7,800		20,592
	Biodel, Inc. (a)		1,700		8,857
	BioMimetic Therapeutics, Inc. (a)		2,200		15,620
	CV Therapeutics, Inc. (a)		10,300		204,764
	Celera Corp. (a)		13,300		101,479
	Cell Genesys, Inc. (a)		14,200		4,117
	Celldex Therapeutics, Inc. (a)		2,700		17,577
	Cepheid, Inc. (a)		9,600		66,240
	Clinical Data, Inc. (a)		1,600		17,280
	Cougar Biotechnology, Inc. (a)		2,400		77,280
	Cubist Pharmaceuticals, Inc. (a)(b)		9,200		150,512
	Cypress Bioscience, Inc. (a)		6,400		45,376
	Cytokinetics, Inc. (a)		4,700		7,990
	Cytori Therapeutics, Inc. (a)		3,800		6,536
	Dendreon Corp. (a)		15,700		65,940
	Discovery Laboratories, Inc. (a)		16,300		19,886
	Dyax Corp. (a)		8,800		22,088
	Emergent Biosolutions, Inc. (a)		2,100		28,371
	Enzo Biochem, Inc. (a)		4,900		19,698
	Enzon Pharmaceuticals, Inc. (a)		7,600		46,132
	Exelixis, Inc. (a)		17,800		81,880
	Facet Biotech Corp. (a)		4,080		38,760
	GTx, Inc. (a)		2,900		30,682
	Genomic Health, Inc. (a)		2,100		51,198
	Geron Corp. (a)		13,700		61,239
	Halozyme Therapeutics, Inc. (a)		10,300		56,238
	Human Genome Sciences, Inc. (a)		23,500		19,505
	Idenix Pharmaceuticals, Inc. (a)		4,200		12,936
	Idera Pharmaceuticals, Inc. (a)		3,300		21,351
	ImmunoGen, Inc. (a)		8,300		58,930
	Immunomedics, Inc. (a)		11,000		10,560
	Incyte Corp. (a)		12,200		28,548
	InterMune, Inc. (a)		5,600		92,064
	Kensey Nash Corp. (a)		1,200		25,524
	Lexicon Genetics, Inc. (a)		12,600		13,734
	Life Sciences Research, Inc. (a)		1,300		9,321
	Ligand Pharmaceuticals, Inc. Class B (a)		15,900		47,382
	MannKind Corp. (a)		8,700		30,276
	Marshall Edwards, Inc. (a)		2,300		920
	Martek Biosciences Corp.		5,600		102,200


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Maxygen, Inc. (a)		3,700	$	25,160
	Medarex, Inc. (a)		21,300		109,269
	Medivation, Inc. (a)		4,100		74,907
	Metabolix, Inc. (a)		3,500		23,870
	Molecular Insight Pharmaceuticals, Inc. (a)		3,400		12,104
	Momenta Pharmaceuticals, Inc. (a)		4,100		45,141
	Myriad Genetics, Inc. (a)		14,800		672,956
	NPS Pharmaceuticals, Inc. (a)		7,700		32,340
	Nabi Biopharmaceuticals (a)		9,400		34,780
	Nanosphere, Inc. (a)		1,900		9,443
	Nektar Therapeutics (a)		15,600		84,084
	Neurocrine Biosciences, Inc. (a)		6,600		23,430
	Novavax, Inc. (a)		10,100		10,302
	OSI Pharmaceuticals, Inc. (a)		9,600		367,296
	Onyx Pharmaceuticals, Inc. (a)		9,320		266,086
	Opko Health, Inc. (a)		6,800		6,664
	Orexigen Therapeutics, Inc. (a)		3,800		9,918
	Osiris Therapeutics, Inc. (a)		2,500		34,500
	PDL BioPharma, Inc.		20,300		143,724
	Pharmasset, Inc. (a)		3,100		30,411
	Progenics Pharmaceuticals, Inc. (a)		4,500		29,655
	Protalix BioTherapeutics, Inc. (a)		1,860		3,720
	RTI Biologics, Inc. (a)		8,800		25,080
	Regeneron Pharmaceuticals, Inc. (a)		10,100		139,986
	Repligen Corp. (a)		5,900		28,261
	Rexahn Pharmaceuticals, Inc. (a)		4,300		3,010
	Rigel Pharmaceuticals, Inc. (a)		6,200		38,068
	Sangamo Biosciences, Inc. (a)		6,500		27,495
	Savient Pharmaceuticals, Inc. (a)		9,104		45,065
	Seattle Genetics, Inc. (a)		10,400		102,544
	Sequenom, Inc. (a)		9,900		140,778
	Sucampo Pharmaceuticals, Inc. Class A (a)		1,900		11,647
	Synta Pharmaceuticals Corp. (a)		3,300		7,062
	Targacept, Inc. (a)		2,800		7,504
	Theravance, Inc. (a)		8,600		146,200
	ViroPharma, Inc. (a)		12,800		67,200
	XOMA Ltd. (a)		22,300		11,819
	ZymoGenetics, Inc. (a)		6,300		25,137

					5,693,021

Building Materials - 0.7%	Acuity Brands, Inc. (b)		6,600		148,764
	Ameron International Corp.		1,500		78,990
	Gibraltar Industries, Inc.		4,700		22,184
	Headwaters, Inc. (a)		7,400		23,236
	LSI Industries, Inc.		3,000		15,510
	Louisiana-Pacific Corp.		17,200		38,356
	NCI Building Systems, Inc. (a)		3,300		7,326
	Orion Energy Systems, Inc. (a)		900		3,969


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Quanex Building Products Corp.		6,300	$	47,880
	Simpson Manufacturing Co., Inc.		6,200		111,724
	Texas Industries, Inc.		3,990		99,750
	Trex Co., Inc. (a)		2,600		19,838
	Watsco, Inc.		3,900		132,717

					750,244

Building: Air Conditioning - 0.1%	Comfort Systems USA, Inc.		7,000		72,590

Building: Cement - 0.0%	U.S. Concrete, Inc. (a)		5,500		11,000

Building: Heating & Plumbing - 0.1%	Aaon, Inc. (b)		2,000		36,240
	Interline Brands, Inc. (a)		5,700		48,051

					84,291

Building: Miscellaneous - 0.1%	Builders FirstSource, Inc. (a)		2,500		5,050
	Griffon Corp. (a)		8,374		62,805

					67,855

Building: Roofing & Wallboard - 0.1%	Beacon Roofing Supply, Inc. (a)		7,500		100,425
	China Architectural Engineering, Inc. (a)		3,500		3,430

					103,855

Cable Television Services - 0.0%	Charter Communications, Inc. Class A (a)		70,300		1,462
	Knology, Inc. (a)		4,600		18,952
	Mediacom Communications Corp. Class A (a)		7,400		29,822

					50,236

Casinos & Gambling - 0.4%	Ameristar Casinos, Inc.		4,300		54,094
	Bally Technologies, Inc. (a)		9,200		169,464
	Dover Downs Gaming & Entertainment, Inc.		2,350		7,215
	Elixir Gaming Technologies, Inc. (a)		13,700		1,507
	Isle of Capri Casinos, Inc. (a)		2,700		14,283
	Monarch Casino & Resort, Inc. (a)		1,600		8,256
	Pinnacle Entertainment, Inc. (a)		10,140		71,386
	Riviera Holdings Corp. (a)		1,700		1,734
	Shuffle Master, Inc. (a)		8,100		23,247
	WMS Industries, Inc. (a)		7,350		153,689

					504,875

Chemicals - 1.2%	Aceto Corp.		4,300		25,628
	American Vanguard Corp.		3,000		38,700
	Arch Chemicals, Inc.		4,100		77,736
	Balchem Corp.		2,900		72,877
	Calgon Carbon Corp. (a)		8,700		123,279
	ICO, Inc. (a)		5,200		10,712
	Innophos Holdings, Inc.		1,600		18,048
	Innospec, Inc.		3,900		14,703
	LSB Industries, Inc. (a)		3,100		30,659
	Landec Corp. (a)		3,300		18,381
	NewMarket Corp.		2,300		101,890
	OM Group, Inc. (a)		4,900		94,668
	Olin Corp.		12,300		175,521
	Penford Corp.		1,700		6,171
	PolyOne Corp. (a)		15,100		34,881


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Polypore International, Inc. (a)		2,400	$	9,648
	Quaker Chemical Corp.		1,900		15,086
	Rockwood Holdings, Inc. (a)		7,000		55,580
	Schulman A, Inc.		4,300		58,265
	Sensient Technologies Corp.		8,100		190,350
	ShengdaTech, Inc. (a)		4,400		13,640
	Solutia, Inc. (a)		15,400		28,798
	Stepan Co.		1,000		27,300
	W.R. Grace & Co. (a)(b)		12,100		76,472
	Westlake Chemical Corp.		3,100		45,353
	Zep, Inc.		3,550		36,317

					1,400,663

Coal - 0.1%	International Coal Group, Inc. (a)		21,700		34,937
	James River Coal Co. (a)		4,300		53,062
	National Coal Corp. (a)		5,600		7,616
	Westmoreland Coal Co. (a)		1,800		12,906

					108,521

Commercial Information Services - 0.0%	HSW International, Inc. (a)		4,100		677
	LECG Corp. (a)		4,300		10,922
	LoopNet, Inc. (a)		5,200		31,616

					43,215

Communications & Media - 0.0%	Belo Corp. Class A		14,800		9,028
	Entravision Communications Corp. Class A (a)		10,200		2,652
	Playboy Enterprises, Inc. Class B (a)		4,900		9,653

					21,333

Communications Technology - 2.6%	3Com Corp. (a)		67,200		207,648
	Acme Packet, Inc. (a)		4,600		27,922
	Adtran, Inc.		9,000		145,890
	Airvana, Inc. (a)		3,700		21,645
	Anaren, Inc. (a)		2,700		29,538
	Anixter International, Inc. (a)(b)		4,900		155,232
	Aruba Networks, Inc. (a)		9,400		29,516
	Avanex Corp. (a)		1,920		3,360
	Avocent Corp. (a)		7,180		87,165
	Bel Fuse, Inc.		1,800		24,192
	BigBand Networks, Inc. (a)		6,100		39,955
	Black Box Corp.		3,000		70,830
	Comtech Telecommunications Corp. (a)		3,900		96,603
	Digi International, Inc. (a)		4,100		31,447
	EMS Technologies, Inc. (a)		2,500		43,650
	Echelon Corp. (a)		5,100		41,259
	Emulex Corp. (a)		13,400		67,402
	Extreme Networks, Inc. (a)		16,700		25,384
	Finisar Corp. (a)		69,102		30,405
	GeoEye, Inc. (a)		2,800		55,300
	Globecomm Systems, Inc. (a)		3,800		22,002
	Harmonic, Inc. (a)		16,200		105,300


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Harris Stratex Networks, Inc. Class A (a)		4,100	$	15,785
	Hughes Communications, Inc. (a)		1,100		13,233
	Infinera Corp. (a)		15,400		113,960
	InterDigital, Inc. (a)		7,400		191,068
	Ixia (a)		7,100		36,707
	Loral Space & Communications Ltd. (a)		1,900		40,584
	MRV Communications, Inc. (a)		22,300		6,913
	NETGEAR, Inc. (a)		5,800		69,890
	Nextwave Wireless, Inc. (a)		8,000		1,280
	Novatel Wireless, Inc. (a)		4,700		26,414
	Oplink Communications, Inc. (a)		3,428		26,396
	PC-Tel, Inc.		3,900		16,770
	Plantronics, Inc.		8,200		98,974
	Polycom, Inc. (a)		14,300		220,077
	Power-One, Inc. (a)		12,600		11,088
	Riverbed Technology, Inc. (a)		9,100		119,028
	SeaChange International, Inc. (a)		4,500		25,740
	Shoretel, Inc. (a)		8,000		34,480
	Sonus Networks, Inc. (a)		35,100		55,107
	Starent Networks Corp. (a)		5,200		82,212
	Switch and Data Facilities Co., Inc. (a)		3,300		28,941
	Sycamore Networks, Inc. (a)		31,700		84,639
	Syniverse Holdings, Inc. (a)		8,600		135,536
	Tekelec (a)		10,900		144,207
	Viasat, Inc. (a)		4,400		91,608

					3,052,282

Computer Services Software & Systems - 6.1%	3PAR, Inc. (a)		4,400		28,908
	ACI Worldwide, Inc. (a)(b)		5,800		108,750
	Actuate Corp. (a)(b)		9,900		30,294
	Acxiom Corp.		10,200		75,480
	American Reprographics Co. (a)		6,000		21,240
	American Software Class A		4,400		23,188
	ArcSight, Inc. (a)		800		10,216
	Ariba, Inc. (a)		14,600		127,458
	Art Technology Group, Inc. (a)		21,600		55,080
	AsiaInfo Holdings, Inc. (a)		5,500		92,675
	Avid Technology, Inc. (a)		5,200		47,528
	Blackbaud, Inc.		7,500		87,075
	Blackboard, Inc. (a)		5,200		165,048
	Blue Coat Systems, Inc. (a)		5,600		67,256
	Bottomline Technologies, Inc. (a)		3,500		23,030
	CACI International, Inc. Class A (a)		5,100		186,099
	CSG Systems International, Inc. (a)		5,600		79,968
	Callidus Software, Inc. (a)		5,700		16,530
	China Information Security Technology, Inc. (a)		3,500		11,060
	Chordiant Software, Inc. (a)		5,060		15,332
	Ciber, Inc. (a)		9,500		25,935


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	CommVault Systems, Inc. (a)		7,400	$	81,178
	Compellent Technologies, Inc. (a)		2,600		28,210
	ComScore, Inc. (a)		2,900		35,061
	Concur Technologies, Inc. (a)		7,300		140,087
	DealerTrack Holdings, Inc. (a)		6,900		90,390
	Delrek, Inc. (a)		1,400		6,062
	DemandTec, Inc. (a)		3,700		32,375
	Digimarc Corp. (a)		942		9,156
	Digital River, Inc. (a)		6,100		181,902
	DivX, Inc. (a)		3,800		19,114
	Double-Take Software, Inc. (a)		3,100		20,956
	EPIQ Systems, Inc. (a)		5,800		104,574
	Ebix, Inc. (a)		1,100		27,335
	Entrust, Inc. (a)		11,300		17,063
	Epicor Software Corp. (a)		10,000		38,100
	FalconStor Software, Inc. (a)		6,800		16,252
	GSI Commerce, Inc. (a)		4,000		52,400
	Gartner, Inc. Class A (a)		10,100		111,201
	Guidance Software, Inc. (a)		1,900		7,752
	The Hackett Group, Inc. (a)		7,500		15,150
	Hypercom Corp. (a)		9,400		9,024
	i2 Technologies, Inc. (a)		2,200		17,380
	iGate Corp.		3,200		10,368
	infoGROUP, Inc.		5,300		22,048
	InfoSpace, Inc.		5,800		30,160
	Informatica Corp. (a)		14,800		196,248
	Integral Systems, Inc. (a)		2,442		21,001
	Interactive Intelligence, Inc. (a)		1,800		16,308
	Internap Network Services Corp. (a)		8,510		22,892
	Internet Brands, Inc. Class A (a)		4,200		24,654
	Internet Capital Group, Inc. (a)		5,600		22,568
	JDA Software Group, Inc. (a)		4,500		51,975
	Kenexa Corp. (a)		4,100		22,099
	Keynote Systems, Inc. (a)		2,200		17,446
	Lawson Software, Inc. (a)		20,500		87,125
	Limelight Networks, Inc. (a)		3,700		12,395
	MSC.Software Corp. (a)		7,400		41,736
	Macrovision Solutions Corp. (a)		13,938		247,957
	Magma Design Automation, Inc. (a)		7,100		5,325
	Manhattan Associates, Inc. (a)		3,800		65,816
	Mantech International Corp. Class A (a)		3,400		142,460
	Mentor Graphics Corp. (a)		15,200		67,488
	Mercury Computer Systems, Inc. (a)		3,800		21,014
	Micros Systems, Inc. (a)		13,300		249,375
	MicroStrategy, Inc. Class A (a)		1,600		54,704
	Moduslink Global Solutions, Inc. (a)		8,300		21,497
	Monotype Imaging Holdings, Inc. (a)		2,800		10,472


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	NCI, Inc. Class A (a)		1,200	$	31,200
	NIC, Inc.		6,400		33,280
	Ness Technologies, Inc. (a)		7,000		20,650
	NetScout Systems, Inc. (a)		4,800		34,368
	NetSuite, Inc. (a)		900		10,134
	Omniture, Inc. (a)		10,413		137,347
	OpenTV Corp. (a)		11,300		17,063
	Opnet Technologies, Inc. (a)		2,600		22,542
	PROS Holdings, Inc. (a)		2,400		11,160
	Parametric Technology Corp. (a)		18,820		187,824
	Pegasystems, Inc.		2,100		38,997
	Perficient, Inc. (a)		5,100		27,540
	Perot Systems Corp. Class A (a)		14,500		186,760
	Phoenix Technologies Ltd. (a)		5,000		8,100
	Progress Software Corp. (a)		7,000		121,520
	QAD, Inc.		1,200		3,036
	Quest Software, Inc. (a)		11,300		143,284
	Rackspace Hosting, Inc. (a)		2,200		16,478
	Radiant Systems, Inc. (a)		4,400		19,404
	RealNetworks, Inc. (a)		15,500		36,115
	RightNow Technologies, Inc. (a)		4,500		34,065
	SAVVIS, Inc. (a)		6,150		37,884
	SPSS, Inc. (a)		3,000		85,290
	SRA International, Inc. Class A (a)		7,100		104,370
	SYNNEX Corp. (a)		3,100		60,977
	Sapient Corp. (a)		14,800		66,156
	Smith Micro Software, Inc. (a)		5,100		26,673
	Solera Holdings, Inc. (a)		9,000		223,020
	Sonic Solutions, Inc. (a)		3,900		4,680
	SonicWALL, Inc. (a)		9,600		42,816
	Sourcefire, Inc. (a)		3,800		27,664
	Stanley, Inc. (a)		1,400		35,546
	SuccessFactors, Inc. (a)		3,700		28,231
	SupportSoft, Inc. (a)		8,700		16,704
	Sybase, Inc. (a)		13,000		393,770
	Synchronoss Technologies, Inc. (a)		3,800		46,588
	Syntel, Inc.		2,000		41,160
	TIBCO Software, Inc. (a)		29,800		174,926
	TNS, Inc. (a)		4,200		34,356
	Taleo Corp. Class A (a)		4,100		48,462
	TechTarget, Inc. (a)		2,200		5,280
	TeleCommunication Systems, Inc. Class A (a)		6,000		55,020
	Terremark Worldwide, Inc. (a)		8,000		21,520
	Tyler Technologies, Inc. (a)		6,600		96,558
	Ultimate Software Group, Inc. (a)		4,200		72,492
	Unica Corp. (a)		1,700		8,211
	VASCO Data Security International, Inc. (a)		4,500		25,920


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	VeriFone Holdings, Inc. (a)		11,500	$	78,200
	Vignette Corp. (a)		3,800		25,384
	Virtusa Corp. (a)		1,800		11,160
	Web.Com Group, Inc. (a)		5,100		16,932
	Websense, Inc. (a)		7,800		93,600
	Wind River Systems, Inc. (a)		11,800		75,520

					7,069,940

Computer Technology - 0.7%	Adaptec, Inc. (a)		19,700		47,280
	Cray, Inc. (a)		5,600		19,600
	Data Domain, Inc. (a)		5,200		65,364
	Hutchinson Technology, Inc. (a)		4,000		10,400
	Imation Corp.		4,600		35,190
	Immersion Corp. (a)		4,600		13,478
	Intermec, Inc. (a)		10,300		107,120
	Isilon Systems, Inc. (a)		4,900		10,780
	Netezza Corp. (a)		6,500		44,200
	Palm, Inc. (a)		18,300		157,746
	Quantum Corp. (a)		31,900		21,373
	Rackable Systems, Inc. (a)		5,000		20,300
	Radisys Corp. (a)		3,700		22,422
	Rimage Corp. (a)		1,600		21,360
	STEC, Inc. (a)		4,800		35,376
	Safeguard Scientifics, Inc. (a)		19,700		10,835
	Stratasys, Inc. (a)		3,400		28,118
	Super Micro Computer, Inc. (a)		4,200		20,664
	Synaptics, Inc. (a)		5,450		145,842

					837,448

Construction - 0.6%	EMCOR Group, Inc. (a)		11,300		194,021
	Granite Construction, Inc.		5,400		202,392
	Great Lakes Dredge & Dock Corp.		6,400		19,264
	Insituform Technologies, Inc. Class A (a)		5,900		92,276
	Orion Marine Group, Inc. (a)		3,900		51,090
	Perini Corp. (a)		8,200		100,860
	Sterling Construction Co., Inc. (a)		2,100		37,464

					697,367

Consumer Electronics - 0.3%	Audiovox Corp. Class A (a)		2,800		9,604
	EarthLink, Inc. (a)		17,700		116,289
	TiVo, Inc. (a)		17,200		121,088
	United Online, Inc.		13,044		58,176
	Universal Electronics, Inc. (a)		2,400		43,440

					348,597

Consumer Products - 0.0%	Mannatech, Inc.		2,700		8,991
	USANA Health Sciences, Inc. (a)		1,200		26,832

					35,823

Containers & Packaging:
Metals & Glass - 0.4%	Bway Holding Co. (a)		1,000		7,890
	Rock-Tenn Co. Class A		6,400		173,120
	Silgan Holdings, Inc.		4,200		220,668

					401,678


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Containers & Packaging:
Paper & Plastic - 0.1%	AEP Industries, Inc. (a)		900	$	13,743
	Graphic Packaging Holding Co. (a)		23,500		20,445
	Myers Industries, Inc.		4,800		29,472

					63,660

Cosmetics - 0.0%	Elizabeth Arden, Inc. (a)		4,200		24,486
	Inter Parfums, Inc.		1,950		11,368

					35,854

Diversified Financial Services - 0.5%	Advanta Corp. Class B		6,300		4,158
	Broadpoint Securities Group, Inc. (a)		3,200		10,560
	China Direct, Inc. (a)		1,600		2,016
	Duff & Phelps Corp. (a)		1,800		28,350
	Evercore Partners, Inc. Class A		1,700		26,265
	FBR Capital Markets Corp. (a)		4,100		13,489
	FCStone Group, Inc. (a)		3,450		7,866
	Greenhill & Co., Inc.		2,900		214,165
	Piper Jaffray Cos. (a)		3,000		77,370
	Sanders Morris Harris Group, Inc.		3,000		11,700
	Stifel Financial Corp. (a)		4,200		181,902
	Thomas Weisel Partners Group, Inc. (a)		3,021		10,815

					588,656

Diversified Materials & Processing - 0.8%	Belden, Inc.		7,500		93,825
	Brady Corp.		8,400		148,092
	Cabot Microelectronics Corp. (a)		3,700		88,911
	Clarcor, Inc.		8,500		214,115
	Coleman Cable, Inc. (a)		1,300		2,769
	Encore Wire Corp.		3,200		68,576
	Fushi Copperweld, Inc. (a)		2,600		12,480
	Hexcel Corp. (a)		16,100		105,777
	Insteel Industries, Inc.		2,700		18,792
	Koppers Holdings, Inc.		3,600		52,272
	NL Industries, Inc.		1,300		13,000
	Tredegar Corp.		4,100		66,953

					885,562

Diversified Production - 0.1%	Barnes Group, Inc.		8,000		85,520
	Lydall, Inc. (a)		3,100		9,207
	Trimas Corp. (a)		1,700		2,975

					97,702

Drug & Grocery Store Chains - 0.7%	Arden Group, Inc. Class A		200		23,368
	Casey’s General Stores, Inc.		8,200		218,612
	The Great Atlantic & Pacific Tea Co., Inc. (a)		5,907		31,366
	Ingles Markets, Inc. Class A		2,100		31,353
	Nash Finch Co.		2,000		56,180
	The Pantry, Inc. (a)		3,500		61,635
	Ruddick Corp.		7,000		157,150
	Spartan Stores, Inc.		3,500		53,935
	Susser Holdings Corp. (a)		1,600		21,504


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Village Super Market, Inc. Class A		900	$	28,053
	Weis Markets, Inc.		2,000		62,080
	Winn-Dixie Stores, Inc. (a)		9,000		86,040

					831,276

Drugs & Pharmaceuticals - 1.8%	Acura Pharmaceuticals, Inc. (a)		1,100		6,996
	Adolor Corp. (a)		8,400		17,136
	Akorn, Inc. (a)		8,400		7,224
	Alexza Pharmaceuticals, Inc. (a)		3,000		6,630
	Alkermes, Inc. (a)		16,100		195,293
	American Oriental Bioengineering, Inc. (a)		10,200		39,372
	Ardea Biosciences, Inc. (a)		2,100		21,609
	Auxilium Pharmaceuticals, Inc. (a)(b)		6,900		191,268
	BMP Sunstone Corp. (a)		3,900		12,597
	BioForm Medical, Inc. (a)		3,200		3,904
	Cadence Pharmaceuticals, Inc. (a)		3,200		30,016
	Cambrex Corp. (a)		4,500		10,260
	Caraco Pharmaceutical Laboratories Ltd. (a)		1,400		4,928
	China Sky One Medical, Inc. (a)		1,100		12,650
	Columbia Laboratories, Inc. (a)		8,800		12,672
	Depomed, Inc. (a)		9,000		21,240
	Durect Corp. (a)		12,600		28,098
	Inspire Pharmaceuticals, Inc. (a)		7,800		31,668
	Isis Pharmaceuticals, Inc. (a)		15,200		228,152
	Javelin Pharmaceuticals, Inc. (a)		8,300		11,952
	Jazz Pharmaceuticals, Inc. (a)		1,100		979
	K-V Pharmaceutical Co. Class A (a)		2,800		4,620
	MAP Pharmaceuticals, Inc. (a)		800		1,680
	Medicines Co. (a)		8,900		96,476
	Medicis Pharmaceutical Corp. Class A		9,600		118,752
	MiddleBrook Pharmaceuticals, Inc. (a)		7,000		9,520
	Noven Pharmaceuticals, Inc. (a)		4,200		39,816
	Obagi Medical Products, Inc. (a)		3,300		17,754
	Optimer Pharmaceuticals, Inc. (a)		4,500		59,355
	Pain Therapeutics, Inc. (a)		6,200		26,040
	Par Pharmaceutical Cos., Inc. (a)		5,500		52,085
	Pozen, Inc. (a)		4,100		25,092
	Prestige Brands Holdings, Inc. (a)		5,500		28,490
	Questcor Pharmaceuticals, Inc. (a)		9,000		44,280
	Salix Pharmaceuticals Ltd. (a)		8,200		77,900
	United Therapeutics Corp. (a)		3,700		244,533
	Valeant Pharmaceuticals International (a)		10,800		192,132
	Vivus, Inc. (a)		10,900		47,088
	Xenoport, Inc. (a)		4,400		85,184

					2,065,441

Education Services - 0.6%	Ambassadors Group, Inc.		3,500		28,420
	American Public Education, Inc. (a)		1,900		79,914
	Capella Education Co. (a)		2,300		121,900


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Corinthian Colleges, Inc. (a)(b)		14,000	$	272,300
	Grand Canyon Education, Inc. (a)		1,500		25,890
	K12, Inc. (a)		900		12,510
	Learning Tree International, Inc. (a)		1,400		11,858
	Lincoln Educational Services Corp. (a)		500		9,160
	The Princeton Review, Inc. (a)		2,400		10,440
	Renaissance Learning, Inc.		1,200		10,764
	Thinkorswim Group, Inc. (a)		8,780		75,859
	Universal Technical Institute, Inc. (a)		3,400		40,800

					699,815

Electrical & Electronics - 0.2%	Bookham, Inc. (a)		18,700		8,041
	Methode Electronics, Inc.		6,400		22,912
	Microvision, Inc. (a)		10,600		13,674
	Multi-Fineline Electronix, Inc. (a)		1,400		23,576
	NVE Corp. (a)		700		20,132
	Park Electrochemical Corp.		3,500		60,480
	TTM Technologies, Inc. (a)		7,200		41,760
	Technitrol, Inc.		6,600		11,286
	Universal Display Corp. (a)		4,400		40,348

					242,209

Electrical Equipment & Components - 0.7%	A.O. Smith Corp.		3,400		85,612
	AZZ, Inc. (a)		1,900		50,141
	Advanced Battery Technologies, Inc. (a)		8,900		18,957
	American Superconductor Corp. (a)		7,000		121,170
	Baldor Electric Co.		7,770		112,587
	China BAK Battery, Inc. (a)		5,800		9,918
	Ener1, Inc. (a)		6,200		32,054
	EnerSys (a)		4,800		58,176
	Franklin Electric Co., Inc.		3,800		84,094
	GrafTech International Ltd. (a)		19,700		121,352
	Littelfuse, Inc. (a)		3,700		40,663
	Medis Technologies Ltd. (a)		3,600		1,584
	Plug Power, Inc. (a)		14,800		12,876
	Preformed Line Products Co.		400		15,056
	Taser International, Inc. (a)		10,600		49,608
	Ultralife Batteries, Inc. (a)		2,400		18,552
	Valence Technology, Inc. (a)		8,000		16,960

					849,360

Electrical: Household Appliance - 0.0%	National Presto Industries, Inc.		800		48,808

Electronics - 0.4%	Agilysys, Inc.		4,000		17,200
	American Science & Engineering, Inc.		1,500		83,700
	CPI International, Inc. (a)		1,200		11,280
	Coherent, Inc. (a)		3,900		67,275
	Daktronics, Inc.		5,400		35,370
	II-VI, Inc. (a)		4,100		70,438
	IPG Photonics Corp. (a)		3,100		26,102
	iRobot Corp. (a)		3,300		25,080


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Newport Corp. (a)		6,400	$	28,288
	Rofin-Sinar Technologies, Inc. (a)		5,100		82,212

					446,945

Electronics: Instruments, Gauges & Meters - 0.1%	Badger Meter, Inc.		2,400		69,336
	Faro Technologies, Inc. (a)		2,600		34,944
	Measurement Specialties, Inc. (a)		2,400		9,816
	Zygo Corp. (a)		2,600		11,934

					126,030

Electronics: Medical Systems - 1.8%	Abaxis, Inc. (a)		3,600		62,064
	Accuray, Inc. (a)		6,500		32,695
	Affymetrix, Inc. (a)(b)		11,000		35,970
	Analogic Corp.		2,300		73,646
	Bio-Rad Laboratories, Inc. Class A (a)		3,200		210,880
	Bruker BioSciences Corp. (a)		8,700		53,592
	Caliper Life Sciences, Inc. (a)		9,200		9,108
	Cardiac Science Corp. (a)		3,000		9,030
	Cyberonics, Inc. (a)		4,000		53,080
	Cynosure, Inc. Class A (a)		1,600		9,744
	DexCom, Inc. (a)		5,900		24,426
	Dionex Corp. (a)		3,100		146,475
	Greatbatch, Inc. (a)		3,600		69,660
	Haemonetics Corp. (a)		4,200		231,336
	IRIS International, Inc. (a)		3,300		38,049
	Luminex Corp. (a)		6,700		121,404
	Masimo Corp. (a)		7,700		223,146
	Natus Medical, Inc. (a)		4,700		39,997
	NxStage Medical, Inc. (a)		3,300		8,514
	OSI Systems, Inc. (a)		2,400		36,624
	Palomar Medical Technologies, Inc. (a)		3,100		22,506
	Sirona Dental Systems, Inc. (a)		2,900		41,528
	Somanetics Corp. (a)		1,800		27,324
	SonoSite, Inc. (a)		2,900		51,852
	Spectranetic Corp. (a)		5,300		13,409
	Stereotaxis, Inc. (a)		4,100		16,359
	Thoratec Corp. (a)		8,900		228,641
	Tomotherapy, Inc. (a)		7,200		19,080
	Varian, Inc. (a)		5,000		118,700
	Vital Images, Inc. (a)		2,500		28,175
	Zoll Medical Corp. (a)		3,500		50,260

					2,107,274

Electronics: Other - 0.2%	DTS, Inc. (a)		3,000		72,180
	THQ, Inc. (a)		11,400		34,656
	Take-Two Interactive Software, Inc.		12,900		107,715

					214,551

Electronics: Semi- Conductors/Components - 2.2%	Actel Corp. (a)		4,500		45,540
	Advanced Analogic Technologies, Inc. (a)		8,400		30,240
	Amkor Technology, Inc. (a)		18,200		48,776


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Anadigics, Inc. (a)		10,600	$	21,942
	Applied Micro Circuits Corp. (a)		9,975		48,478
	Atheros Communications, Inc. (a)		9,900		145,134
	AuthenTec, Inc. (a)		4,000		5,920
	Cavium Networks, Inc. (a)		5,000		57,700
	Ceva, Inc. (a)		3,800		27,664
	Cirrus Logic, Inc. (a)		9,900		37,224
	DSP Group, Inc. (a)		4,000		17,280
	Diodes, Inc. (a)		4,800		50,928
	Emcore Corp. (a)		12,800		9,600
	Entropic Communications, Inc. (a)		200		148
	Exar Corp. (a)		6,300		39,312
	Formfactor, Inc. (a)		8,100		145,962
	Hittite Microwave Corp. (a)		3,200		99,840
	IXYS Corp.		4,100		33,046
	Kopin Corp. (a)		11,000		25,520
	Lattice Semiconductor Corp. (a)		19,500		26,910
	MIPS Technologies, Inc. (a)		7,100		20,803
	Micrel, Inc.		8,200		57,728
	Microsemi Corp. (a)		13,400		155,440
	Microtune, Inc. (a)		8,700		15,834
	Monolithic Power Systems, Inc. (a)		4,100		63,550
	Netlogic Microsystems, Inc. (a)		2,700		74,196
	Omnivision Technologies, Inc. (a)		8,000		53,760
	PLX Technology, Inc. (a)		4,400		9,548
	PMC-Sierra, Inc. (a)		36,700		234,146
	ParkerVision, Inc. (a)		4,200		7,098
	Pericom Semiconductor Corp. (a)		4,200		30,702
	Power Integrations, Inc.		4,800		82,560
	RF Micro Devices, Inc. (a)		44,437		59,101
	Rubicon Technology, Inc. (a)		2,400		12,744
	SiRF Technology Holdings, Inc. (a)		10,200		23,460
	Semtech Corp. (a)		9,900		132,165
	Sigma Designs, Inc. (a)		4,200		52,248
	Silicon Image, Inc. (a)		13,200		31,680
	Silicon Storage Technology, Inc. (a)		14,500		23,925
	Skyworks Solutions, Inc. (a)		26,500		213,590
	Spansion LLC Class A (a)		20,700		2,685
	Standard Microsystems Corp. (a)		3,900		72,540
	Supertex, Inc. (a)		2,000		46,200
	Techwell, Inc. (a)		2,600		16,406
	Trident Microsystems, Inc. (a)		10,300		15,038
	TriQuint Semiconductor, Inc. (a)		24,200		59,774
	Volterra Semiconductor Corp. (a)		3,800		32,072
	Zoran Corp. (a)		9,000		79,200

					2,595,357


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Electronics: Technology - 0.2%	3D Systems Corp. (a)		2,600	$	17,134
	Checkpoint Systems, Inc. (a)		6,700		60,099
	Cogent, Inc. (a)		6,900		82,110
	ScanSource, Inc. (a)		4,600		85,468
	Smart Modular Technologies WWH, Inc. (a)		7,300		10,074

					254,885

Energy Equipment - 0.2%	Ascent Solar Technologies, Inc. (a)		1,500		6,090
	Capstone Turbine Corp. (a)		25,400		18,288
	Energy Conversion Devices, Inc. (a)		7,400		98,198
	Evergreen Solar, Inc. (a)		23,500		50,055
	FuelCell Energy, Inc. (a)		11,600		27,840
	GT Solar International, Inc. (a)		4,400		29,216
	PowerSecure International, Inc. (a)		3,300		11,286
	Raser Technologies, Inc. (a)		7,600		31,844

					272,817

Energy Miscellaneous - 0.2%	Akeena Solar, Inc. (a)		4,100		4,551
	Clean Energy Fuels Corp. (a)		3,500		21,315
	Comverge, Inc. (a)		3,900		27,105
	EnerNOC, Inc. (a)		1,800		26,172
	Evergreen Energy, Inc. (a)		14,300		19,906
	GeoMet, Inc. (a)		2,167		1,257
	GreenHunter Energy, Inc. (a)		600		1,140
	Pacific Ethanol, Inc. (a)		7,500		2,400
	US Geothermal, Inc. (a)		12,500		8,875
	USEC, Inc. (a)		19,100		91,680

					204,401

Engineering & Contracting Services - 0.2%	Dycom Industries, Inc. (a)		6,800		39,372
	ENGlobal Corp. (a)		4,800		21,792
	Furmamite Corp. (a)		5,900		18,349
	Hill International, Inc. (a)		3,800		11,552
	Integrated Electrical Services, Inc. (a)		1,400		12,768
	Layne Christensen Co. (a)		3,200		51,424
	Michael Baker Corp. (a)		1,200		31,200
	VSE Corp.		800		21,360

					207,817

Entertainment - 0.3%	CKX, Inc. (a)		8,700		35,670
	Cinemark Holdings, Inc.		4,500		42,255
	Live Nation, Inc. (a)		12,800		34,176
	Marvel Entertainment, Inc. (a)		8,200		217,710
	World Wrestling Entertainment, Inc.		3,100		35,774

					365,585

Fertilizers - 0.0%	Rentech, Inc. (a)		28,000		15,400

Finance Companies - 0.1%	Federal Agricultural Mortgage Corp. Class B		700		1,876
	Financial Federal Corp.		4,300		91,074
	Medallion Financial Corp.		2,400		17,784
	NewStar Financial, Inc. (a)		3,400		7,888

					118,622


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Finance: Small Loan - 0.1%	Advance America, Cash Advance Centers, Inc.		5,000	$	8,450
	Dollar Financial Corp. (a)		4,200		39,984
	Encore Capital Group, Inc. (a)		2,300		10,419
	The First Marblehead Corp. (a)		12,300		15,867
	Nelnet, Inc. Class A (a)		3,000		26,520

					101,240

Financial Data Processing Services & Systems - 0.9%	Advent Software, Inc. (a)(b)		2,800		93,268
	Cardtronics, Inc. (a)		1,300		2,301
	Cass Information Systems, Inc.		960		31,133
	CompuCredit Corp. (a)		1,900		4,655
	CyberSource Corp. (a)		11,541		170,922
	Euronet Worldwide, Inc. (a)		8,200		107,092
	Fair Isaac Corp.		8,100		113,967
	Global Cash Access, Inc. (a)		7,000		26,740
	Heartland Payment Systems, Inc.		4,000		26,440
	Jack Henry & Associates, Inc.		12,100		197,472
	Net 1 UEPS Technologies, Inc. (a)		8,100		123,201
	Online Resources Corp. (a)		4,900		20,629
	Riskmetrics Group, Inc. (a)		3,300		47,157
	Wright Express Corp. (a)		6,500		118,430

					1,083,407

Financial Information Services - 0.2%	Bankrate, Inc. (a)		2,000		49,900
	Interactive Data Corp.		6,100		151,646
	S1 Corp. (a)		8,300		42,745
	TheStreet.com, Inc.		3,400		6,698
	Value Line, Inc.		100		2,734

					253,723

Financial Miscellaneous - 0.2%	Asset Acceptance Capital Corp. (a)		1,900		10,089
	Cash America International, Inc.		4,900		76,734
	Credit Acceptance Corp. (a)		778		16,719
	First Cash Financial Services, Inc. (a)		3,400		50,728
	Portfolio Recovery Associates, Inc. (a)		2,600		69,784
	World Acceptance Corp. (a)		2,800		47,880

					271,934

Foods - 1.5%	American Dairy, Inc. (a)		900		15,219
	B&G Foods, Inc. Class A		3,800		19,760
	Chiquita Brands International, Inc. (a)		7,500		49,725
	Diamond Foods, Inc.		2,500		69,825
	Flowers Foods, Inc.		12,700		298,196
	Hain Celestial Group, Inc. (a)		6,800		96,832
	J&J Snack Foods Corp.		2,300		79,557
	Lance, Inc.		4,700		97,854
	Lifeway Foods, Inc. (a)		600		4,800
	Omega Protein Corp. (a)		3,300		8,712
	Ralcorp Holdings, Inc. (a)		9,300		501,084
	Schiff Nutrition International, Inc. (a)		1,200		5,400
	Smart Balance, Inc. (a)		10,300		62,212


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Synutra International, Inc. (a)		1,700	$	13,957
	Tootsie Roll Industries, Inc.		4,242		92,126
	TreeHouse Foods, Inc. (a)		5,100		146,829
	United Natural Foods, Inc. (a)		7,300		138,481
	Zhongpin, Inc. (a)		3,400		30,192

					1,730,761

Forest Products - 0.1%	Deltic Timber Corp.		1,800		70,938
	Universal Forest Products, Inc.		2,800		74,508

					145,446

Forms & Bulk Printing Services - 0.2%	Deluxe Corp.		8,900		85,707
	Ennis, Inc.		4,200		37,212
	Innerworkings, Inc. (a)		5,600		23,912
	M&F Worldwide Corp. (a)		2,100		24,591
	Multi-Color Corp.		1,550		18,957
	The Standard Register Co.		2,900		13,282

					203,661

Funeral Parlors & Cemeteries - 0.2%	Matthews International Corp. Class A		5,200		149,812
	Stewart Enterprises, Inc. Class A		14,500		46,980

					196,792

Glass - 0.0%	Apogee Enterprises, Inc.		4,900		53,802

Gold - 0.3%	Allied Nevada Gold Corp. (a)		7,300		42,705
	Coeur d’Alene Mines Corp. (a)(b)		94,100		88,454
	Royal Gold, Inc.		4,700		219,772

					350,931

Health Care Facilities - 0.5%	Amsurg Corp. (a)		5,300		84,005
	Assisted Living Concepts, Inc. (a)		1,720		23,323
	Capital Senior Living Corp. (a)		3,800		9,272
	Emeritus Corp. (a)		3,200		20,992
	The Ensign Group, Inc.		1,600		24,736
	Five Star Quality Care, Inc. (a)		6,000		6,240
	Hanger Orthopedic Group, Inc. (a)		4,900		64,925
	Kindred Healthcare, Inc. (a)		4,480		66,976
	MedCath Corp. (a)		2,900		21,083
	National Healthcare Corp.		1,400		56,210
	Psychiatric Solutions, Inc. (a)		9,400		147,862
	Skilled Healthcare Group, Inc. Class A (a)		3,000		24,630
	Sun Healthcare Group, Inc. (a)		7,300		61,612
	Sunrise Senior Living, Inc. (a)		4,900		3,332
	US Physical Therapy, Inc. (a)		2,300		22,264

					637,462

Health Care Management Services - 0.8%	AMERIGROUP Corp. (a)		9,000		247,860
	Catalyst Health Solutions, Inc. (a)		5,500		109,010
	Centene Corp. (a)		7,000		126,140
	Computer Programs & Systems, Inc.		1,400		46,578
	HealthSpring, Inc. (a)		8,200		68,634
	Magellan Health Services, Inc. (a)		6,600		240,504
	Molina Healthcare, Inc. (a)		2,500		47,550


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	National Research Corp.		200	$	4,968
	Triple-S Management Corp. (a)		2,100		25,872
	Universal American Financial Corp. (a)		6,800		57,596

					974,712

Health Care Services - 1.6%	Air Methods Corp. (a)		1,800		30,438
	Alliance Healthcare Services, Inc. (a)		4,300		29,240
	Almost Family, Inc. (a)		900		17,181
	Amedisys, Inc. (a)(b)		4,333		119,114
	athenahealth, Inc. (a)		3,400		81,974
	CardioNet, Inc. (a)		700		19,642
	Chemed Corp.		3,800		147,820
	Corvel Corp. (a)		1,350		27,297
	Eclipsys Corp. (a)		9,100		92,274
	Emergency Medical Services Corp. (a)		1,500		47,085
	Gentiva Health Services, Inc. (a)		4,400		66,880
	HMS Holdings Corp. (a)		4,000		131,600
	HealthSouth Corp. (a)		14,400		127,872
	Healthways, Inc. (a)		6,000		52,620
	IPC The Hospitalist Co., Inc. (a)		800		15,224
	Inter Allscripts - Misys Healthcare Solutions, Inc.		23,900		245,931
	LHC Group, Inc. (a)		2,300		51,244
	Odyssey HealthCare, Inc. (a)		5,700		55,290
	Omnicell, Inc. (a)		5,400		42,228
	PharMerica Corp. (a)		5,286		87,959
	Phase Forward, Inc. (a)		7,100		90,809
	Quality Systems, Inc.		2,800		126,700
	RehabCare Group, Inc. (a)		3,000		52,320
	Res-Care, Inc. (a)		4,200		61,152
	Virtual Radiologic Corp. (a)		700		4,893

					1,824,787

Homebuilding - 0.2%	Beazer Homes USA, Inc. (a)		5,800		5,858
	Brookfield Homes Corp.		2,063		7,117
	Hovnanian Enterprises, Inc. Class A (a)		7,800		12,168
	M/I Homes, Inc.		2,400		16,776
	Meritage Homes Corp. (a)		5,200		59,384
	Ryland Group, Inc.		6,900		114,954
	Standard-Pacific Corp. (a)		18,900		16,632

					232,889

Hotel/Motel - 0.1%	Gaylord Entertainment Co. (a)		7,100		59,143
	Lodgian, Inc. (a)		2,700		5,670
	Marcus Corp.		3,400		28,900
	Morgans Hotel Group Co. (a)		4,900		15,239

					108,952

Household Equipment & Products - 0.2%	American Greetings Corp. Class A		8,000		40,480
	Blyth, Inc.		850		22,210
	CSS Industries, Inc.		1,300		22,100


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Libbey, Inc.		1,800	$	1,656
	Russ Berrie & Co., Inc. (a)		2,200		2,904
	Tupperware Corp.		10,100		171,599

					260,949

Household Furnishings - 0.2%	American Woodmark Corp.		1,900		33,364
	Ethan Allen Interiors, Inc.		3,800		42,788
	Furniture Brands International, Inc.		7,100		10,437
	Hooker Furniture Corp.		1,700		14,348
	La-Z-Boy, Inc.		8,400		10,500
	Sealy Corp. (a)		6,600		9,834
	Tempur-Pedic International, Inc.		11,914		86,972

					208,243

Identification Control & Filter Devices - 0.6%	CIRCOR International, Inc.		2,700		60,804
	China Security & Surveillance Technology, Inc. (a)		4,400		16,896
	ESCO Technologies, Inc. (a)		4,400		170,280
	Energy Recovery, Inc. (a)		2,000		15,200
	Flanders Corp. (a)		2,400		9,696
	The Gorman-Rupp Co.		2,218		43,916
	ICx Technologies, Inc. (a)		2,000		8,100
	L-1 Identity Solutions, Inc. (a)		11,398		58,244
	Mine Safety Appliances Co.		5,200		104,104
	PMFG, Inc. (a)		2,000		15,760
	Protection One, Inc. (a)		400		1,276
	Robbins & Myers, Inc.		4,700		71,299
	Sun Hydraulics, Inc.		2,000		29,220
	Watts Water Technologies, Inc. Class A		4,700		91,932

					696,727

Industrial Products - 0.0%	A.M. Castle & Co.		2,700		24,084

Insurance - 0.0%	United America Indemnity, Ltd. (a)		3,400		13,668

Insurance: Life - 0.3%	American Equity Investment Life Holding Co.		9,500		39,520
	Citizens, Inc. (a)		5,800		42,166
	Delphi Financial Group, Inc. Class A		7,150		96,239
	FBL Financial Group, Inc. Class A		2,200		9,130
	Independence Holding Co.		500		2,505
	Kansas City Life Insurance Co.		700		24,696
	Life Partners Holdings, Inc.		1,250		21,325
	National Western Life Insurance Co. Class A		400		45,200
	The Phoenix Cos., Inc.		19,100		22,347
	Presidential Life Corp.		3,500		27,265

					330,393

Insurance: Multi-Line - 0.7%	AMBAC Financial Group, Inc.		46,000		35,880
	Assured Guaranty Ltd.		9,500		64,315
	Crawford & Co. Class B (a)		4,100		27,552
	eHealth, Inc. (a)		4,300		68,843
	Flagstone Reinsurance Holdings Ltd.		4,900		38,171
	Horace Mann Educators Corp.		7,100		59,427
	Maiden Holdings Ltd.		8,000		35,760


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Max Capital Group Ltd.		9,600	$	165,504
	Pico Holdings, Inc. (a)		2,700		81,189
	Platinum Underwriters Holdings Ltd.		8,000		226,880
	Primus Guaranty Ltd. (a)		4,700		7,379

					810,900

Insurance: Property-Casualty - 3.0%	American Physicians Capital, Inc.		1,400		57,288
	American Safety Insurance Holdings Ltd. (a)		2,100		24,171
	Amerisafe, Inc. (a)(b)		2,900		44,428
	AmTrust Financial Services, Inc.		2,800		26,740
	Argo Group International Holdings Ltd. (a)		5,166		155,651
	Aspen Insurance Holdings Ltd.		14,000		314,440
	Baldwin & Lyons, Inc. Class B		1,400		26,488
	CNA Surety Corp. (a)		2,600		47,944
	Donegal Group, Inc. Class A		1,600		24,592
	EMC Insurance Group, Inc.		1,000		21,070
	Employers Holdings, Inc.		8,210		78,323
	Enstar Group Ltd. (a)		900		50,688
	FPIC Insurance Group, Inc. (a)		1,500		55,545
	First Acceptance Corp. (a)		2,800		6,776
	First Mercury Financial Corp. (a)		2,400		34,656
	Greenlight Capital Re Ltd. (a)		5,000		79,850
	Hallmark Financial Services, Inc. (a)		500		3,465
	Harleysville Group, Inc.		2,300		73,163
	Hilltop Holdings, Inc. (a)		7,652		87,233
	IPC Holdings, Ltd.		7,600		205,504
	Infinity Property & Casualty Corp.		2,200		74,646
	Meadowbrook Insurance Group, Inc.		8,617		52,564
	Montpelier Re Holdings Ltd.		15,700		203,472
	NYMAGIC, Inc.		900		10,980
	National Interstate Corp.		1,000		16,910
	Navigators Group, Inc. (a)		2,200		103,796
	Odyssey Re Holdings Corp.		3,800		144,134
	PMA Capital Corp. Class A (a)		5,400		22,518
	The PMI Group, Inc.		11,600		7,192
	ProAssurance Corp. (a)		5,300		247,086
	RLI Corp.		3,200		160,640
	Radian Group, Inc.		14,700		26,754
	Safety Insurance Group, Inc.		2,700		83,916
	SeaBright Insurance Holdings, Inc. (a)		3,600		37,656
	Selective Insurance Group, Inc.		9,100		110,656
	State Auto Financial Corp.		2,300		40,480
	Stewart Information Services Corp.		2,600		50,700
	Tower Group, Inc.		6,120		150,736
	United Fire & Casualty Co.		3,800		83,448
	Validus Holdings Ltd.		10,800		255,744
	Zenith National Insurance Corp.		6,250		150,688

					3,452,731


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Investment Management Companies - 0.4%	Ampal-American Israel Corp. Class A (a)		2,200	$	3,762
	Apollo Investment Corp.		23,876		83,088
	Ares Capital Corp.		16,878		81,689
	Calamos Asset Management, Inc. Class A		3,600		17,316
	Capital Southwest Corp.		500		38,195
	Cohen & Steers, Inc.		2,800		31,248
	Diamond Hill Investments Group		400		15,728
	Epoch Holding Corp.		1,700		11,033
	Fifth Street Finance Corp.		1,200		9,288
	GAMCO Investors, Inc. Class A		1,400		45,710
	Harris & Harris Group, Inc. (a)		3,500		12,950
	Kohlberg Capital Corp.		2,300		7,038
	MCG Capital Corp.		11,100		14,208
	MVC Capital, Inc.		3,700		31,117
	NGP Capital Resources Co.		3,100		15,407
	National Financial Partners Corp.		5,600		17,920
	Pzena Investment Management, Inc. Class A		1,000		1,910
	Resource America, Inc. Class A		2,100		8,379
	Teton Advisors, Inc. (a)		20		46
	U.S. Global Investors, Inc.		2,100		10,206
	Virtus Investment Partners, Inc. (a)		955		6,217
	Westwood Holdings Group, Inc.		900		35,181

					497,636

Jewelry, Watches & Gemstones - 0.1%	Fossil, Inc. (a)		7,600		119,320
	Fuqi International, Inc. (a)		2,000		9,400
	Movado Group, Inc.		2,700		20,358

					149,078

Lead & Zinc - 0.1%	Horsehead Holding Corp. (a)		5,700		31,350
	Stillwater Mining Co. (a)		6,700		24,790

					56,140

Leisure Time - 0.5%	Bluegreen Corp. (a)		2,200		3,828
	Callaway Golf Co.		11,100		79,698
	Churchill Downs, Inc.		1,500		45,090
	Dover Motorsports, Inc.		2,200		4,070
	Great Wolf Resorts, Inc. (a)		4,500		10,485
	Life Time Fitness, Inc. (a)		5,800		72,848
	Nautilus, Inc. (a)		5,000		3,150
	Orbitz Worldwide, Inc. (a)		5,300		6,837
	Pool Corp.		8,200		109,880
	Rick’s Cabaret International, Inc. (a)		300		1,356
	Six Flags, Inc. (a)		12,300		3,321
	Smith & Wesson Holding Corp. (a)		5,700		34,314
	Speedway Motorsports, Inc.		2,300		27,186
	Steinway Musical Instruments, Inc. (a)		1,300		15,561
	Town Sports International Holdings, Inc. (a)		2,400		7,176
	Vail Resorts, Inc. (a)		5,100		104,193

					528,993

Machine Tools - 0.0%	Thermadyne Holdings Corp. (a)		2,100		4,410


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Machinery & Engineering - 0.1%	Applied Industrial Technologies, Inc.		7,250	$	122,307

Machinery: Agricultural - 0.1%	Alamo Group, Inc.		1,200		12,792
	Lindsay Manufacturing Co.		1,900		51,300

					64,092

Machinery: Construction & Handling - 0.1%	Astec Industries, Inc. (a)		3,000		78,690
	NACCO Industries, Inc. Class A		900		24,462

					103,152

Machinery: Engines - 0.1%	Briggs & Stratton Corp.		7,900		130,350
	Harbin Electric, Inc. (a)		900		5,535

					135,885

Machinery: Industrial/Specialty - 0.7%	Actuant Corp. Class A (b)		9,400		97,102
	Altra Holdings, Inc. (a)		4,700		18,236
	Chart Industries, Inc. (a)		4,700		37,036
	Colfax Corp. (a)		3,800		26,106
	Columbus McKinnon Corp. (a)		3,100		27,032
	DXP Enterprises, Inc. (a)		1,400		14,462
	EnPro Industries, Inc. (a)		3,500		59,850
	Flow International Corp. (a)		5,600		9,072
	Gerber Scientific, Inc. (a)		3,300		7,887
	Graham Corp.		1,300		11,661
	Kadant, Inc. (a)		2,400		27,648
	MTS Systems Corp.		3,000		68,250
	Middleby Corp. (a)		2,974		96,447
	Nordson Corp.		5,700		162,051
	Sauer-Danfoss, Inc.		1,600		3,904
	Tecumseh Products Co. Class A (a)		2,900		13,108
	Tennant Co.		2,800		26,236
	Twin Disc, Inc.		1,500		10,380
	Woodward Governor Co. (b)		9,900		110,682

					827,150

Machinery: Oil Well Equipment & Services - 0.9%	Allis-Chalmers Energy, Inc. (a)		4,600		8,878
	Basic Energy Services, Inc. (a)		6,900		44,643
	Bolt Technology Corp. (a)		1,600		11,376
	Bronco Drilling Co., Inc. (a)		4,400		23,144
	CARBO Ceramics, Inc.		3,250		92,430
	Cal Dive International, Inc. (a)		7,312		49,502
	Complete Production Services, Inc. (a)		8,000		24,640
	Dawson Geophysical Co. (a)		1,000		13,500
	Dril-Quip, Inc. (a)		5,200		159,640
	Flotek Industries, Inc. (a)		3,800		5,966
	Geokinetics, Inc. (a)		900		2,943
	Gulf Island Fabrication, Inc.		2,100		16,821
	Hornbeck Offshore Services, Inc. (a)		4,000		60,960
	ION Geophysical Corp. (a)		14,200		22,152
	Lufkin Industries, Inc.		2,500		94,700
	Matrix Service Co. (a)		3,800		31,236
	Mitcham Industries, Inc. (a)		1,800		6,858
	NATCO Group, Inc. Class A (a)		3,400		64,362


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Natural Gas Services Group (a)		2,200	$	19,800
	Newpark Resources, Inc. (a)		15,600		39,468
	OYO Geospace Corp. (a)		700		9,142
	Parker Drilling Co. (a)		19,300		35,512
	Pioneer Drilling Co. (a)		8,400		27,552
	RPC, Inc.		5,225		34,642
	Sulphco, Inc. (a)		7,600		8,132
	Superior Well Services, Inc. (a)		2,900		14,877
	T-3 Energy Services, Inc. (a)		2,100		24,738
	Trico Marine Services, Inc. (a)		1,600		3,360
	Union Drilling, Inc. (a)		2,000		7,600
	Willbros Group, Inc. (a)		6,600		64,020

					1,022,594

Machinery: Specialty - 0.1%	Albany International Corp. Class A		4,900		44,345
	Cascade Corp.		1,600		28,208
	Hurco Companies, Inc. (a)		1,100		11,693
	K-Tron International, Inc. (a)		400		24,268
	Key Technology, Inc. (a)		1,100		9,680
	Presstek, Inc. (a)		5,200		10,764

					128,958

Manufactured Housing - 0.1%	Cavco Industries, Inc. (a)		1,200		28,320
	Champion Enterprises, Inc. (a)		13,100		6,288
	Palm Harbor Homes, Inc. (a)		1,600		3,568
	Skyline Corp.		1,000		19,010

					57,186

Manufacturing - 0.1%	Federal Signal Corp.		8,100		42,687
	Standex International Corp.		2,200		20,240

					62,927

Medical & Dental Instruments & Supplies - 2.6%	Abiomed, Inc. (a)		5,400		26,460
	Align Technology, Inc. (a)		10,500		83,265
	Alphatec Holdings, Inc. (a)		3,700		6,549
	American Medical Systems Holdings, Inc. (a)(b)		12,300		137,145
	AngioDynamics, Inc. (a)		4,300		48,332
	Atrion Corp.		200		17,648
	CONMED Corp. (a)		4,800		69,168
	Cantel Medical Corp. (a)		1,800		23,166
	Conceptus, Inc. (a)		5,300		62,275
	CryoLife, Inc. (a)		5,000		25,900
	ev3, Inc. (a)		11,646		82,686
	Exactech, Inc. (a)		1,400		16,086
	Hansen Medical, Inc. (a)		2,800		11,256
	ICU Medical, Inc. (a)		1,800		57,816
	I-Flow Corp. (a)		3,300		12,045
	Immucor, Inc. (a)		11,750		295,512
	Insulet Corp. (a)		3,300		13,530
	Integra LifeSciences Holdings Corp. (a)		3,000		74,190
	Invacare Corp.		5,400		86,562


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Landauer, Inc.		1,500	$	76,020
	Medical Action Industries, Inc. (a)		2,000		16,580
	Meridian Bioscience, Inc.		6,675		120,951
	Merit Medical Systems, Inc. (a)		4,500		54,945
	Micrus Endovascular Corp. (a)		2,600		15,522
	Neogen Corp. (a)		2,400		52,392
	NuVasive, Inc. (a)		6,000		188,280
	OraSure Technologies, Inc. (a)		8,100		20,493
	Orthofix International NV (a)		2,900		53,708
	Orthovita, Inc. (a)		12,100		32,428
	Owens & Minor, Inc.		6,700		221,971
	PSS World Medical, Inc. (a)		10,000		143,500
	Quidel Corp. (a)		4,700		43,334
	Steris Corp.		9,600		223,488
	SurModics, Inc. (a)		2,600		47,450
	Symmetry Medical, Inc. (a)		6,000		37,860
	Synovis Life Technologies, Inc. (a)		2,200		30,448
	Trans1, Inc. (a)		2,300		14,007
	VNUS Medical Technologies, Inc. (a)		2,300		48,921
	Vision-Sciences, Inc. (a)		3,500		4,410
	Volcano Corp. (a)		7,800		113,490
	West Pharmaceutical Services, Inc.		5,400		177,174
	Wright Medical Group, Inc. (a)		6,000		78,180

					2,965,143

Medical Services - 0.2%	Bio-Reference Labs, Inc. (a)		1,900		39,729
	eResearch Technology, Inc. (a)		7,300		38,398
	Genoptix, Inc. (a)		1,500		40,920
	Kendle International, Inc. (a)		2,200		46,112
	Nighthawk Radiology Holdings, Inc. (a)		3,400		9,180
	Parexel International Corp. (a)		9,100		88,543
	RadNet, Inc. (a)		4,100		5,084

					267,966

Metal Fabricating - 0.6%	Ampco-Pittsburgh Corp.		1,500		19,890
	Dynamic Materials Corp.		2,100		19,236
	Haynes International, Inc. (a)		2,100		37,422
	Kaydon Corp.		5,600		153,048
	L.B. Foster Co. Class A (a)		1,800		44,694
	Mueller Industries, Inc.		6,300		136,647
	Mueller Water Products, Inc. Series A		18,580		61,314
	NN, Inc.		2,200		2,772
	Northwest Pipe Co. (a)		1,400		39,858
	Omega Flex, Inc.		400		6,444
	RBC Bearings, Inc. (a)		3,700		56,536
	RTI International Metals, Inc. (a)		3,600		42,120
	Worthington Industries, Inc. (b)		10,900		94,939

					714,920


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Metals & Minerals Miscellaneous - 0.5%	AMCOL International Corp.		4,300	$	63,812
	Brush Engineered Materials, Inc. (a)		3,300		45,771
	Compass Minerals International, Inc.		5,300		298,761
	General Moly, Inc. (a)		10,300		10,918
	Hecla Mining Co. (a)		26,500		53,000
	Minerals Technologies, Inc.		3,200		102,560
	United States Lime & Minerals, Inc. (a)		300		8,208
	Uranium Resources, Inc. (a)		12,100		5,687

					588,717

Miscellaneous Business & Consumer Discretionary - 0.6%	Coinstar, Inc. (a)		4,700		153,972
	Core-Mark Holdings Co., Inc. (a)		1,600		29,152
	Jackson Hewitt Tax Service, Inc.		4,800		25,056
	The Knot, Inc. (a)		4,800		39,360
	Mercadolibre, Inc. (a)		4,200		77,910
	Move, Inc. (a)		21,700		31,465
	Nutri/System, Inc.		5,300		75,631
	Pre-Paid Legal Services, Inc. (a)		1,400		40,642
	Sotheby’s Holdings, Inc. Class A		11,500		103,500
	Steiner Leisure Ltd. (a)		2,600		63,466

					640,154

Miscellaneous Consumer Staples - 0.0%	Reddy Ice Holdings, Inc.		3,000		4,410

Miscellaneous Equipment - 0.0%	China Fire & Security Group, Inc. (a)		2,100		16,443

Miscellaneous Health Care - 0.0%	MedAssets, Inc. (a)		2,800		39,900
	The Providence Service Corp. (a)		2,100		14,448

					54,348

Miscellaneous Materials & Commodities - 0.0%	Symyx Technologies, Inc. (a)		5,900		26,255

Miscellaneous Materials & Processing - 0.1%	Rogers Corp. (a)		3,100		58,528

Miscellaneous Producer Durables - 0.0%	Blount International, Inc. (a)		6,700		30,954
	Park-Ohio Holdings Corp. (a)		1,300		4,238

					35,192

Miscellaneous Technology - 0.3%	Benchmark Electronics, Inc. (a)		11,300		126,560
	CTS Corp.		5,700		20,577
	LaBarge, Inc. (a)		1,900		15,903
	Plexus Corp. (a)		6,900		95,358
	Sanmina-SCI Corp. (a)		92,000		28,060
	TerreStar Corp. (a)		9,300		5,208
	Vocus, Inc. (a)		2,800		37,212

					328,878

Multi-Sector Companies - 0.3%	Brunswick Corp.		13,600		46,920
	GenCorp, Inc. (a)		9,600		20,352
	GenTek, Inc. (a)		1,400		24,486
	Kaman Corp. Class A		4,300		53,922
	Lancaster Colony Corp.		3,300		136,884
	Raven Industries, Inc.		2,700		56,106

					338,670


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Office Furniture & Business Equipment - 0.3%	ACCO Brands Corp. (a)		8,464	$	8,295
	Electronics for Imaging, Inc. (a)		9,000		88,200
	HNI Corp.		7,500		78,000
	Herman Miller, Inc.		9,600		102,336
	Kimball International, Inc. Class B		5,700		37,392
	Knoll, Inc.		7,700		47,201

					361,424

Oil: Crude Producers - 1.9%	APCO Argentina, Inc.		700		7,679
	ATP Oil & Gas Corp. (a)		4,600		23,598
	Abraxas Petroleum Corp. (a)		7,700		7,854
	American Oil & Gas, Inc. (a)		6,900		5,313
	Approach Resources, Inc. (a)		1,200		7,440
	Arena Resources, Inc. (a)		6,200		157,976
	Atlas America, Inc.		5,800		50,750
	BMB Munai, Inc. (a)		6,900		4,002
	BPZ Resources, Inc. (a)		10,300		38,110
	Berry Petroleum Co. Class A		7,200		78,912
	Bill Barrett Corp. (a)		6,100		135,664
	Brigham Exploration Co. (a)		8,000		15,200
	Callon Petroleum Co. (a)		1,700		1,853
	Cano Petroleum, Inc. (a)		10,900		4,687
	Carrizo Oil & Gas, Inc. (a)		4,600		40,848
	Cheniere Energy, Inc. (a)		7,300		31,098
	Clayton Williams Energy, Inc. (a)		900		26,316
	Comstock Resources, Inc. (a)		7,700		229,460
	Concho Resources, Inc. (a)		9,000		230,310
	Contango Oil & Gas Co. (a)		2,200		86,240
	Delta Petroleum Corp. (a)		10,800		12,960
	Double Eagle Pete & Mining Co. (a)		1,600		8,272
	EXCO Resources, Inc. (a)		24,900		249,000
	Endeavour International Corp. (a)		20,600		17,922
	Energy XXI Bermuda Ltd.		18,900		6,993
	FX Energy, Inc. (a)		6,800		18,904
	GMX Resources, Inc. (a)		2,800		18,200
	Gasco Energy, Inc. (a)		16,600		6,474
	GeoGlobal Resources, Inc. (a)		6,400		4,608
	GeoResources, Inc. (a)		1,100		7,392
	Goodrich Petroleum Corp. (a)		3,800		73,568
	Gran Tierra Energy, Inc. (a)		35,400		88,854
	Gulfport Energy Corp. (a)		4,600		10,672
	Harvest Natural Resources, Inc. (a)		6,400		21,696
	Houston American Energy Corp.		2,900		5,394
	McMoRan Exploration Co. (a)		9,800		46,060
	Meridian Resource Corp. (a)		14,000		2,940
	Northern Oil And Gas, Inc. (a)		3,500		12,600
	Oilsands Quest, Inc. (a)		27,500		19,800
	Panhandle Oil & Gas, Inc.		1,200		20,544
	Parallel Petroleum Corp. (a)		7,000		8,960


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Penn Virginia Corp.		7,000	$	76,860
	Petroleum Development Corp. (a)		2,500		29,525
	Petroquest Energy, Inc. (a)		7,500		18,000
	PrimeEnergy Corp. (a)		100		4,700
	Quest Resource Corp. (a)		3,900		1,221
	Ram Energy Resources, Inc. (a)		6,800		4,964
	Rex Energy Corp. (a)		2,800		8,036
	Rosetta Resources, Inc. (a)		8,600		42,570
	Stone Energy Corp. (a)		5,328		17,742
	Swift Energy Co. (a)		4,900		35,770
	TXCO Resources, Inc. (a)		5,400		2,225
	Toreador Resources Corp.		2,900		7,279
	Tri-Valley Corp. (a)		4,200		4,788
	Vaalco Energy, Inc. (a)		10,100		53,429
	Venoco, Inc. (a)		3,300		10,824
	Warren Resources, Inc. (a)		9,800		9,408

					2,172,464

Oil: Integrated Domestic - 0.1%	Alon USA Energy, Inc.		1,800		24,660
	CVR Energy, Inc. (a)		3,800		21,052
	Delek US Holdings, Inc.		1,700		17,612
	Western Refining, Inc.		5,200		62,088

					125,412

Paints & Coatings - 0.1%	Ferro Corp.		7,400		10,582
	H.B. Fuller Co.		8,400		109,200

					119,782

Paper - 0.2%	AbitibiBowater, Inc. (a)		9,252		5,087
	Boise, Inc. (a)		6,000		3,660
	Buckeye Technologies, Inc. (a)		5,900		12,567
	Clearwater Paper Corp. (a)		1,896		15,225
	Kapstone Paper and Packaging Corp. (a)		3,600		8,856
	Mercer International, Inc.-Sbi (a)		4,800		3,168
	Neenah Paper, Inc.		2,500		9,075
	P.H. Glatfelter Co.		7,300		45,552
	Schweitzer-Mauduit International, Inc.		2,600		47,996
	Verso Paper Corp.		2,800		1,792
	Wausau Paper Corp.		7,500		39,450

					192,428

Plastics - 0.0%	Spartech Corp.		5,200		12,792

Pollution Control & Environmental Services - 0.7%	American Ecology Corp.		2,600		36,244
	Clean Harbors, Inc. (a)		3,300		158,400
	Darling International, Inc. (a)		13,800		51,198
	EnergySolutions, Inc.		5,500		47,575
	Fuel Tech, Inc. (a)		3,000		31,380
	Met-Pro Corp.		2,900		23,635
	Metalico, Inc. (a)		4,300		7,310
	Team, Inc. (a)		3,200		37,504


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Waste Connections, Inc. (a)		13,100	$	336,670
	Waste Services, Inc. (a)		3,333		14,265

					744,181

Power Transmission Equipment - 0.3%	Advanced Energy Industries, Inc. (a)		5,800		43,674
	Beacon Power Corp. (a)		16,800		8,521
	Maxwell Technologies, Inc. (a)		3,400		23,630
	Powell Industries, Inc. (a)		1,300		45,903
	Regal-Beloit Corp.		5,400		165,456
	Vicor Corp.		3,200		15,648

					302,832

Printing & Copying Services - 0.2%	Bowne & Co., Inc.		4,958		15,915
	Casella Waste Systems, Inc. (a)		3,700		6,327
	Cenveo, Inc. (a)		8,800		28,600
	Schawk, Inc.		2,400		14,496
	VistaPrint Ltd. (a)		7,500		206,175

					271,513

Production Technology Equipment - 0.8%	ATMI, Inc. (a)		5,400		83,322
	Asyst Technologies, Inc. (a)		8,400		2,352
	Axcelis Technologies, Inc. (a)		16,500		6,270
	Brooks Automation, Inc. (a)		11,283		52,014
	Cognex Corp.		6,900		92,115
	Cohu, Inc.		4,000		28,800
	Cymer, Inc. (a)		4,800		106,848
	Electro Scientific Industries, Inc. (a)		5,000		29,600
	Entegris, Inc. (a)		19,295		16,594
	FEI Co. (a)		6,300		97,209
	Intevac, Inc. (a)		3,700		19,277
	Kulicke & Soffa Industries, Inc. (a)		9,000		23,580
	LTX-Credence Corp. (a)		22,700		6,356
	MKS Instruments, Inc. (a)		8,300		121,761
	Mattson Technology, Inc. (a)		9,100		7,653
	Photronics, Inc. (a)		6,800		6,528
	Rudolph Technologies, Inc. (a)		4,413		13,371
	Semitool, Inc. (a)		3,600		10,008
	Tessera Technologies, Inc. (a)		8,300		110,971
	Ultra Clean Holdings, Inc. (a)		3,300		3,531
	Ultratech, Inc. (a)		4,100		51,209
	Veeco Instruments, Inc. (a)		4,700		31,349

					920,718

Publishing: Miscellaneous - 0.1%	Consolidated Graphics, Inc. (a)		1,600		20,352
	Courier Corp.		1,700		25,789
	Martha Stewart Living Omnimedia, Inc. Class A (a)		3,500		8,715
	Primedia, Inc.		4,750		11,733
	Scholastic Corp.		4,100		61,787

					128,376


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Publishing: Newspapers - 0.0%	AH Belo Corp.		2,340	$	2,293
	Dolan Media Co. (a)		3,900		30,693
	Journal Communications, Inc. Class A		7,100		5,325
	Lee Enterprises, Inc.		7,600		2,128
	McClatchy Co. Class A		10,111		4,954
	Media General, Inc. Class A		3,300		6,336

					51,729

Radio & TV Broadcasters - 0.1%	Cox Radio, Inc. Class A (a)		3,500		14,350
	Crown Media Holdings, Inc. Class A (a)		3,400		6,936
	Cumulus Media, Inc. Class A (a)		5,200		5,252
	Entercom Communications Corp.		3,200		3,520
	Fisher Communications, Inc.		1,000		9,760
	Gray Television, Inc.		6,800		2,176
	Lin TV Corp. Class A (a)		4,500		5,040
	Outdoor Channel Holdings, Inc. (a)		3,100		21,142
	RHI Entertainment, Inc. (a)		1,900		2,888
	Sinclair Broadcast Group, Inc. Class A		7,800		8,034

					79,098

Railroad Equipment - 0.2%	American Railcar Industries, Inc.		1,300		9,919
	Freightcar America, Inc.		2,000		35,060
	Greenbrier Cos., Inc.		2,800		10,248
	Westinghouse Air Brake Technologies Corp.		7,900		208,402

					263,629

Railroads - 0.1%	Genesee & Wyoming, Inc. Class A (a)		4,950		105,188

Real Estate - 0.2%	Avatar Holdings, Inc. (a)		1,000		14,980
	Consolidated-Tomoka Land Co.		1,000		29,700
	FX Real Estate and Entertainment, Inc. (a)		1,360		218
	Forestar Group, Inc. (a)		5,966		45,640
	Griffin Land & Nurseries, Inc.		500		17,500
	Grubb & Ellis Co.		5,400		3,402
	Maui Land & Pineapple Co., Inc. (a)		700		5,943
	Meruelo Maddux Properties, Inc. (a)		7,220		527
	Stratus Properties, Inc. (a)		900		5,445
	Tejon Ranch Co. (a)		1,800		37,206
	Thomas Properties Group, Inc.		3,600		4,248
	United Capital Corp. (a)		200		3,450

					168,259

Real Estate Investment Trusts (REITs) - 4.8%	Acadia Realty Trust		5,719		60,679
	Agree Realty Corp.		1,600		25,104
	Alexander’s, Inc.		300		51,114
	American Campus Communities, Inc.		6,758		117,319
	American Capital Agency Corp.		1,700		29,087
	Anthracite Capital, Inc. (c)		9,800		3,332
	Anworth Mortgage Asset Corp.		15,800		96,854
	Arbor Realty Trust, Inc.		3,000		2,160
	Ashford Hospitality Trust, Inc.		17,450		26,873
	Associated Estates Realty Corp.		2,400		13,632


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	BioMed Realty Trust, Inc.		13,600	$	92,072
	Capital Trust, Inc.		3,200		3,520
	CapLease, Inc.		6,300		12,411
	Capstead Mortgage Corp.		10,100		108,474
	Care Investment Trust, Inc.		2,000		10,920
	Cedar Shopping Centers, Inc.		7,000		12,180
	Chimera Investment Corp.		21,600		72,576
	Cogdell Spencer, Inc.		2,100		10,710
	Colonial Properties Trust		8,200		31,242
	Corporate Office Properties Trust		7,200		178,776
	Cousins Properties, Inc.		7,600		48,944
	DCT Industrial Trust, Inc.		28,750		91,138
	DiamondRock Hospitality Co.		15,840		63,518
	DuPont Fabros Technology, Inc.		2,100		14,448
	Eastgroup Properties, Inc.		4,200		117,894
	Education Realty Trust, Inc.		4,700		16,403
	Entertainment Properties Trust		5,300		83,528
	Equity Lifestyle Properties, Inc.		3,400		129,540
	Equity One, Inc.		5,400		65,826
	Extra Space Storage, Inc.		13,800		76,038
	FelCor Lodging Trust, Inc.		11,100		15,096
	First Industrial Realty Trust, Inc.		7,500		18,375
	First Potomac Realty Trust		4,100		30,135
	Franklin Street Properties Corp.		9,500		116,850
	Friedman Billings Ramsey Group, Inc. Class A (a)		24,500		4,900
	Getty Realty Corp.		2,800		51,380
	Glimcher Realty Trust		6,400		8,960
	Gramercy Capital Corp.		7,061		6,849
	Hatteras Financial Corp.		2,400		59,976
	Healthcare Realty Trust, Inc.		9,500		142,405
	Hersha Hospitality Trust		7,000		13,300
	Highwoods Properties, Inc.		10,800		231,336
	Home Properties, Inc.		5,300		162,445
	Inland Real Estate Corp.		9,500		67,355
	Investors Real Estate Trust		9,700		95,642
	JER Investors Trust, Inc.		726		472
	Kite Realty Group Trust		3,400		8,330
	LTC Properties, Inc.		3,900		68,406
	LaSalle Hotel Properties		6,800		39,712
	Lexington Corporate Properties Trust		12,430		29,583
	MFA Financial, Inc.		36,300		213,444
	Maguire Properties, Inc. (a)		6,500		4,680
	Medical Properties Trust, Inc.		12,300		44,895
	Mid-America Apartment Communities, Inc.		4,500		138,735
	Mission West Properties, Inc.		2,700		17,280
	Monmouth Real Estate Investment Corp. Class A		4,100		27,101
	National Health Investors, Inc.		3,800		102,106
	National Retail Properties, Inc.		12,700		201,168


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Newcastle Investment Corp.		9,400	$	6,110
	NorthStar Realty Finance Corp.		10,446		24,235
	Omega Healthcare Investors, Inc.		13,300		187,264
	One Liberty Properties, Inc.		1,700		5,984
	PS Business Parks, Inc.		2,500		92,125
	Parkway Properties, Inc.		2,600		26,780
	Pennsylvania Real Estate Investment Trust		6,200		22,010
	Post Properties, Inc.		7,400		75,036
	Potlatch Corp.		6,639		153,958
	RAIT Investment Trust		10,840		13,225
	Ramco-Gershenson Properties Trust		3,000		19,350
	Realty Income Corp.		17,100		321,822
	Redwood Trust, Inc.		9,700		148,895
	Resource Capital Corp.		3,400		10,336
	Saul Centers, Inc.		1,700		39,049
	Senior Housing Properties Trust		19,400		271,988
	Sovran Self Storage, Inc.		3,600		72,288
	Strategic Hotel Capital, Inc.		12,100		8,349
	Sun Communities, Inc.		3,100		36,673
	Sunstone Hotel Investors, Inc.		9,675		25,445
	Tanger Factory Outlet Centers, Inc.		5,100		157,386
	U-Store-It Trust		8,800		17,776
	Universal Health Realty Income Trust		1,900		55,537
	Urstadt Biddle Properties, Inc. Class A		3,400		45,628
	Washington Real Estate Investment Trust (b)		8,700		150,510
	Winthrop Realty Trust		1,500		10,365

					5,585,352

Recreational Vehicles & Boats - 0.2%	Drew Industries, Inc. (a)		3,500		30,380
	Marine Products Corp.		1,600		6,784
	Polaris Industries, Inc.		5,400		115,776
	Winnebago Industries, Inc.		4,800		25,488

					178,428

Rental & Leasing Services: Commercial - 0.2%	Aircastle Ltd.		8,300		38,595
	CAI International, Inc. (a)		1,100		3,113
	Electro Rent Corp.		3,500		33,740
	H&E Equipment Services, Inc. (a)		2,600		17,030
	McGrath RentCorp		3,900		61,464
	Mobile Mini, Inc. (a)		6,100		70,272
	RSC Holdings, Inc. (a)		7,800		41,028
	TAL International Group, Inc.		2,500		18,300

					283,542

Rental & Leasing Services: Consumer - 0.2%	Amerco, Inc. (a)		1,600		53,648
	Dollar Thrifty Automotive Group, Inc. (a)		300		348
	Rent-A-Center, Inc. (a)(b)		11,300		218,881

					272,877

Restaurants - 1.6%	AFC Enterprises, Inc. (a)		3,600		16,236
	BJ’s Restaurants, Inc. (a)		2,600		36,166


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Bob Evans Farms, Inc.		5,300	$	118,826
	Buffalo Wild Wings, Inc. (a)		2,900		106,082
	CEC Entertainment, Inc. (a)		3,500		90,580
	CKE Restaurants, Inc.		8,800		73,920
	California Pizza Kitchen, Inc. (a)		3,150		41,202
	The Cheesecake Factory, Inc. (a)		9,500		108,775
	Cracker Barrel Old Country Store, Inc.		3,558		101,901
	Denny’s Corp. (a)		16,800		27,888
	DineEquity, Inc.		2,900		34,394
	Domino’s Pizza, Inc. (a)		6,600		43,230
	Einstein Noah Restaurant Group, Inc. (a)		1,200		6,996
	Jack in the Box, Inc. (a)		9,900		230,571
	Krispy Kreme Doughnuts, Inc. (a)		10,500		16,800
	Landry’s Restaurants, Inc.		2,300		12,006
	Luby’s, Inc. (a)		3,300		16,203
	O’Charleys, Inc.		3,700		11,137
	P.F. Chang’s China Bistro, Inc. (a)		3,800		86,944
	Papa John’s International, Inc. (a)		3,800		86,906
	Red Robin Gourmet Burgers, Inc. (a)		2,300		40,549
	Ruby Tuesday, Inc. (a)		8,800		25,696
	Ruth’s Hospitality Group, Inc. (a)		3,400		4,114
	Sonic Corp. (a)		10,170		101,903
	The Steak n Shake Co. (a)		4,600		34,822
	Texas Roadhouse, Inc. Class A (a)		8,600		81,958
	Wendy’s		66,526		334,626

					1,890,431

Retail - 3.7%	1-800-FLOWERS.COM, Inc. Class A (a)		4,400		9,108
	99 Cents Only Stores (a)		7,500		69,300
	Aaron’s, Inc.		7,500		199,950
	America’s Car Mart, Inc. (a)		1,400		19,026
	Asbury Automotive Group, Inc.		5,700		24,567
	Aéropostale, Inc. (a)		11,000		292,160
	bebe Stores, Inc.		6,300		42,021
	Bidz.com, Inc. (a)		1,600		6,288
	Big 5 Sporting Goods Corp.		4,000		23,480
	Blockbuster, Inc. Class A (a)		31,200		22,464
	Blue Nile, Inc. (a)		2,300		69,345
	Borders Group, Inc. (a)		10,200		6,426
	Brown Shoe Co., Inc.		7,125		26,719
	The Buckle, Inc.		3,700		118,141
	Build-A-Bear Workshop, Inc. (a)		2,500		15,175
	Cabela’s, Inc. Class A (a)		6,100		55,571
	Cache, Inc. (a)		1,900		5,472
	Casual Male Retail Group, Inc. (a)		6,300		3,087
	The Cato Corp. Class A		4,800		87,744
	Central Garden & Pet Co. Class A (a)		10,869		81,735
	Charlotte Russe Holding, Inc. (a)		3,300		26,895
	Charming Shoppes, Inc. (a)		19,100		26,740


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Chico’s FAS, Inc. (a)		30,100	$	161,637
	The Children’s Place Retail Stores, Inc. (a)		3,800		83,182
	Christopher & Banks Corp.		6,000		24,540
	Citi Trends, Inc. (a)		2,500		57,225
	Coldwater Creek, Inc. (a)		10,200		25,602
	Collective Brands, Inc. (a)		10,400		101,296
	Conn’s, Inc. (a)		1,600		22,464
	DSW, Inc. Class A (a)		2,000		18,580
	Dillard’s, Inc. Class A		9,900		56,430
	Dress Barn, Inc. (a)		7,600		93,404
	drugstore.com, Inc. (a)		13,200		15,444
	Ezcorp, Inc. (a)		7,200		83,304
	The Finish Line, Inc. Class A		7,655		50,676
	Fred’s, Inc.		6,700		75,576
	Gaiam, Inc. (a)		3,000		9,840
	Genesco, Inc. (a)		3,000		56,490
	Group 1 Automotive, Inc.		3,600		50,292
	Gymboree Corp. (a)		4,600		98,210
	Haverty Furniture Cos., Inc.		2,500		26,325
	hhgregg, Inc. (a)		1,800		25,470
	Hibbett Sports, Inc. (a)		4,450		85,529
	Hot Topic, Inc. (a)		6,900		77,211
	Insight Enterprises, Inc. (a)		8,100		24,786
	Jo-Ann Stores, Inc. (a)		4,200		68,628
	Jos. A. Bank Clothiers, Inc. (a)		2,825		78,563
	Lawson Products, Inc.		879		10,697
	Lumber Liquidators, Inc. (a)		1,800		22,950
	MarineMax, Inc. (a)		2,700		5,292
	Men’s Wearhouse, Inc.		8,900		134,746
	Monro Muffler, Inc.		2,800		76,524
	NetFlix, Inc. (a)		6,800		291,856
	New York & Co. (a)		3,500		12,425
	Nu Skin Enterprises, Inc. Class A		8,500		89,165
	Overstock.com, Inc. (a)		2,700		24,705
	PC Connection, Inc. (a)		1,000		3,800
	PC Mall, Inc. (a)		2,100		9,534
	Pacific Sunwear of California, Inc. (a)		10,100		16,766
	The Pep Boys - Manny, Moe & Jack		7,100		31,311
	PetMed Express, Inc. (a)		4,000		65,920
	Pier 1 Imports, Inc. (a)		15,000		8,400
	PriceSmart, Inc.		2,200		39,622
	Retail Ventures, Inc. (a)		3,500		5,320
	Rex Stores Corp. (a)		1,800		19,296
	Rush Enterprises, Inc. Class A (a)		5,700		50,844
	Sally Beauty Co., Inc. (a)		15,100		85,768
	School Specialty, Inc. (a)		3,400		59,806
	Shoe Carnival, Inc. (a)		1,400		14,490


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Shutterfly, Inc. (a)		3,600	$	33,732
	Sonic Automotive, Inc.		4,400		7,040
	Stage Stores, Inc.		6,450		65,016
	Stamps.com, Inc. (a)		1,900		18,430
	Stein Mart, Inc. (a)		4,300		12,427
	Syms Corp. (a)		1,000		6,120
	Systemax, Inc.		1,500		19,380
	The Talbots, Inc.		3,700		12,987
	Titan Machinery, Inc. (a)		1,000		8,990
	Tractor Supply Co. (a)		5,400		194,724
	Tuesday Morning Corp. (a)		5,100		6,477
	Tween Brands, Inc. (a)		3,700		7,918
	Ulta Salon Cosmetics & Fragrance, Inc. (a)		3,200		21,184
	The Wet Seal, Inc. Class A (a)		16,200		54,432
	Zale Corp. (a)		5,600		10,920
	Zumiez, Inc. (a)		3,300		32,010

					4,293,142

Savings & Loan - 1.2%	Abington Bancorp, Inc.		4,600		38,088
	Anchor Bancorp Wisconsin, Inc.		3,400		4,590
	Bank Mutual Corp.		8,500		77,010
	BankFinancial Corp.		3,700		36,889
	Beneficial Mutual Bancorp, Inc. (a)		5,100		50,235
	Berkshire Hills Bancorp, Inc.		1,800		41,256
	Brookline Bancorp, Inc.		10,200		96,900
	Brooklyn Federal Bancorp, Inc.		900		9,927
	Clifton Savings Bancorp, Inc.		1,300		13,000
	Dime Community Bancshares, Inc.		4,300		40,334
	Doral Financial Corp. (a)		800		1,440
	ESSA Bancorp, Inc.		3,000		39,930
	First Financial Holdings, Inc.		2,200		16,830
	First Financial Northwest, Inc.		3,900		32,526
	First Niagara Financial Group, Inc.		19,300		210,370
	First Place Financial Corp.		2,300		7,728
	Flagstar Bancorp, Inc. (a)		7,400		5,550
	Flushing Financial Corp.		3,400		20,468
	Fox Chase Bancorp, Inc. (a)		900		8,505
	Guaranty Financial Group, Inc. (a)		12,500		13,125
	Home Federal Bancorp, Inc.		900		7,857
	Kearny Financial Corp.		3,000		31,440
	NewAlliance Bancshares, Inc.		18,300		214,842
	Northfield Bancorp, Inc.		2,800		30,604
	Northwest Bancorp, Inc.		2,900		49,010
	OceanFirst Financial Corp.		1,800		18,396
	Ocwen Financial Corp. (a)		6,100		69,723
	Oritani Financial Corp. (a)		1,800		25,200
	Provident New York Bancorp		6,900		58,995
	United Community Financial Corp.		4,523		5,473


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	United Financial Bancorp, Inc.		3,100	$	40,579
	ViewPoint Financial Group		1,800		21,654
	W Hldg Co., Inc.		372		3,381
	WSFS Financial Corp.		1,000		22,360
	Waterstone Financial, Inc. (a)		1,000		2,040
	Westfield Financial, Inc.		5,800		51,040

					1,417,295

Securities Brokerage & Services - 0.7%	BGC Partners, Inc.		4,700		10,387
	GFI Group, Inc.		11,000		35,310
	Gladstone Investment Corp.		4,300		16,426
	Interactive Brokers Group, Inc. Class A (a)		6,800		109,684
	International Assets Holding Corp., Inc. (a)		600		6,114
	KBW, Inc. (a)		4,400		89,540
	Knight Capital Group, Inc. Class A (a)		15,400		226,996
	LaBranche & Co., Inc. (a)		8,600		32,164
	Ladenburg Thalmann Financial Services, Inc. (a)		14,800		7,844
	MarketAxess Holdings, Inc. (a)		5,100		38,964
	optionsXpress Holdings, Inc.		7,300		83,001
	Penson Worldwide, Inc. (a)		3,100		19,933
	SWS Group, Inc.		4,300		66,779
	TradeStation Group, Inc. (a)		5,800		38,280

					781,422

Services: Commercial - 3.0%	ABM Industries, Inc.		7,400		121,360
	AMN Healthcare Services, Inc. (a)		5,700		29,070
	Administaff, Inc.		3,800		80,294
	The Advisory Board Co. (a)		2,800		46,424
	CBIZ, Inc. (a)		7,600		52,972
	CDI Corp.		2,300		22,356
	COMSYS IT Partners, Inc. (a)		2,500		5,525
	CRA International, Inc. (a)		2,000		37,760
	Compass Diversified Holdings		4,400		39,248
	Cornell Cos., Inc. (a)		1,700		27,829
	CoStar Group, Inc. (a)		3,300		99,825
	Cross Country Healthcare, Inc. (a)		5,500		36,025
	Dice Holdings, Inc. (a)		2,100		5,838
	DynCorp. International, Inc. (a)		4,100		54,653
	ExlService Holdings, Inc. (a)		2,500		21,550
	Exponent, Inc. (a)		2,400		60,792
	First Advantage Corp. Class A (a)		2,000		27,560
	Forrester Research, Inc. (a)		2,400		49,344
	G&K Services, Inc. Class A		3,300		62,403
	The Geo Group, Inc. (a)		8,700		115,275
	Gevity HR, Inc.		4,600		18,170
	Global Sources Ltd. (a)		2,477		9,636
	Global Traffic Network, Inc. (a)		2,300		6,969
	Healthcare Services Group, Inc.		7,200		107,784


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Heidrick & Struggles International, Inc.		3,000	$	53,220
	Hudson Highland Group, Inc. (a)		4,100		4,551
	Huron Consulting Group, Inc. (a)		3,400		144,262
	ICF International, Inc. (a)		1,200		27,564
	ICT Group, Inc. (a)		1,300		7,241
	inVentiv Health, Inc. (a)		5,700		46,512
	Kelly Services, Inc. Class A		4,600		37,030
	Kforce, Inc. (a)		5,100		35,853
	Korn/Ferry International (a)		7,400		67,044
	Liquidity Services, Inc. (a)		2,500		17,475
	MAXIMUS, Inc.		2,800		111,608
	MPS Group, Inc. (a)		15,900		94,605
	Midas, Inc. (a)		2,700		21,384
	Navigant Consulting, Inc. (a)		8,300		108,481
	On Assignment, Inc. (a)		5,300		14,363
	PHH Corp. (a)		8,600		120,830
	PRG-Schultz International, Inc. (a)		2,900		8,236
	Regis Corp.		7,300		105,485
	Resources Connection, Inc. (a)		7,800		117,624
	Rollins, Inc.		7,200		123,480
	SYKES Enterprises, Inc. (a)		5,500		91,465
	Spherion Corp. (a)		10,000		20,800
	Standard Parking Corp. (a)		1,400		22,960
	TeleTech Holdings, Inc. (a)		6,400		69,696
	Tetra Tech, Inc. (a)		9,900		201,762
	TrueBlue, Inc. (a)		7,500		61,875
	Unifirst Corp.		2,200		61,248
	Viad Corp.		3,400		48,008
	Volt Information Sciences, Inc. (a)		1,550		10,308
	Watson Wyatt Worldwide, Inc.		7,000		345,590
	World Fuel Services Corp.		4,700		148,661

					3,487,883

Shipping - 0.5%	American Commercial Lines, Inc. (a)		6,200		19,654
	DHT Maritime, Inc.		5,900		22,656
	Eagle Bulk Shipping, Inc.		7,300		31,025
	Genco Shipping & Trading Ltd.		3,900		48,126
	General Maritime Corp.		7,830		54,810
	Golar LNG Ltd.		6,000		20,580
	Gulfmark Offshore, Inc. (a)		3,600		85,896
	Horizon Lines, Inc. Class A		5,100		15,453
	International Shipholding Corp.		1,100		21,637
	Knightsbridge Tankers Ltd.		2,600		37,830
	Nordic American Tanker Shipping Ltd.		6,400		187,520
	Ship Finance International Ltd.		7,100		46,576
	TBS International Ltd. (a)		1,800		13,230
	Teekay Tankers Ltd. Class A		2,000		19,020


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Ultrapetrol Bahamas Ltd. (a)		4,100	$	11,070

					635,083

Shoes - 0.5%	Crocs, Inc. (a)		14,400		17,136
	Deckers Outdoor Corp. (a)		2,100		111,384
	Iconix Brand Group, Inc. (a)		10,000		88,500
	K-Swiss, Inc. Class A		4,200		35,868
	Kenneth Cole Productions, Inc. Class A		1,000		6,390
	Skechers U.S.A., Inc. Class A (a)		5,400		36,018
	Steven Madden Ltd. (a)		3,100		58,218
	Timberland Co. Class A (a)		7,900		94,326
	Weyco Group, Inc.		1,100		28,512
	Wolverine World Wide, Inc. (b)		8,400		130,872

					607,224

Soaps & Household Chemicals - 0.3%	Chattem, Inc. (a)		2,800		156,940
	Helen of Troy Ltd. (a)		5,100		70,125
	WD-40 Co.		2,900		70,006

					297,071

Steel - 0.0%	China Precision Steel, Inc. (a)		4,700		5,499
	General Steel Holdings, Inc. (a)		1,300		3,419
	Olympic Steel, Inc.		1,200		18,204
	Sutor Technology Group Ltd. (a)		1,700		2,363
	Universal Stainless & Alloy Products, Inc. (a)		1,100		10,637

					40,122

Sugar - 0.0%	Imperial Sugar Co. New Shares		1,900		13,661

Synthetic Fibers - 0.0%	Zoltek Cos., Inc. (a)		4,800		32,688

Telecommunications Equipment - 0.3%	Applied Signal Technology, Inc.		1,900		38,437
	Arris Group, Inc. (a)		20,946		154,372
	Cogo Group, Inc. (a)		4,500		30,060
	Mastec, Inc. (a)		6,900		83,421
	OpNext, Inc. (a)		2,600		4,446
	Powerwave Technologies, Inc. (a)		22,200		13,187
	Symmetricom, Inc. (a)		8,000		28,000
	UTStarcom, Inc. (a)		19,300		15,054

					366,977

Textile Products - 0.0%	Interface, Inc. Class A		9,000		26,910
	Unifi, Inc. (a)		8,400		5,376
	Xerium Technologies, Inc. (a)		2,700		1,809

					34,095

Textiles Apparel Manufacturers - 0.7%	American Apparel, Inc. (a)		6,200		18,104
	Carter’s, Inc. (a)		9,200		173,052
	Cherokee, Inc.		1,400		21,840
	Columbia Sportswear Co.		2,200		65,824
	FGX International Holdings Ltd. (a)		2,000		23,240
	G-III Apparel Group, Ltd. (a)		1,900		10,488
	J. Crew Group, Inc. (a)		6,870		90,547
	lululemon athletica, inc. (a)		3,200		27,712
	Maidenform Brands, Inc. (a)		3,400		31,144


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Oxford Industries, Inc.		1,800	$	11,106
	Perry Ellis International, Inc. (a)		1,850		6,401
	Quiksilver, Inc. (a)		21,600		27,648
	True Religion Apparel, Inc. (a)		3,000		35,430
	Under Armour, Inc. Class A (a)		5,500		90,365
	Volcom, Inc. (a)		3,200		31,040
	The Warnaco Group, Inc. (a)		7,400		177,600

					841,541

Tires & Rubber - 0.1%	Cooper Tire & Rubber Co.		9,900		39,996
	Titan International, Inc.		5,750		28,923

					68,919

Tobacco - 0.3%	Alliance One International, Inc. (a)(b)		15,800		60,672
	Star Scientific, Inc. (a)		12,200		52,216
	Universal Corp.		4,100		122,672
	Vector Group Ltd.		5,794		75,264

					310,824

Toys - 0.1%	Jakks Pacific, Inc. (a)		4,600		56,810
	Leapfrog Enterprises, Inc. (a)		4,900		6,762
	RC2 Corp. (a)		3,100		16,337

					79,909

Transportation Miscellaneous - 0.2%	Dynamex, Inc. (a)		1,400		18,312
	HUB Group, Inc. Class A (a)		6,200		105,400
	Odyssey Marine Exploration, Inc. (a)		7,900		26,702
	Pacer International, Inc.		5,900		20,650
	Textainer Group Holdings Ltd.		1,500		10,125

					181,189

Truckers - 0.7%	Arkansas Best Corp.		3,600		68,472
	Celadon Group, Inc. (a)		4,000		22,200
	Forward Air Corp.		5,000		81,150
	Heartland Express, Inc.		9,700		143,657
	Knight Transportation, Inc.		9,450		143,262
	Marten Transport Ltd. (a)		2,500		46,700
	Old Dominion Freight Line, Inc. (a)		4,450		104,531
	Patriot Transportation Holding, Inc. (a)		200		12,464
	Saia, Inc. (a)		2,300		27,485
	Universal Truckload Services, Inc.		1,000		14,340
	Werner Enterprises, Inc.		6,900		104,328
	YRC Worldwide, Inc. (a)		9,840		44,182

					812,771

Utilities: Electrical - 2.3%	Allete, Inc.		4,400		117,436
	Avista Corp.		9,200		126,776
	Black Hills Corp.		6,400		114,496
	CH Energy Group, Inc.		2,700		126,630
	Central Vermont Public Service Corp.		1,700		29,410
	Cleco Corp.		10,200		221,238
	El Paso Electric Co. (a)		7,700		108,493
	The Empire District Electric Co.		5,700		82,308


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	IDACORP, Inc.		7,300	$	170,528
	ITC Holdings Corp.		8,300		362,046
	MGE Energy, Inc.		3,700		116,069
	NorthWestern Corp.		5,700		122,436
	Otter Tail Corp.		5,700		125,685
	PNM Resources, Inc.		13,900		114,814
	Pike Electric Corp. (a)		2,800		25,900
	Portland General Electric Co.		10,700		188,213
	UIL Holdings Corp.		4,333		96,713
	Unisource Energy Corp.		5,800		163,502
	Westar Energy, Inc.		17,100		299,763

					2,712,456

Utilities: Gas Distributors - 1.5%	Chesapeake Utilities Corp.		1,300		39,624
	The Laclede Group, Inc.		3,600		140,328
	New Jersey Resources Corp.		6,800		231,064
	Nicor, Inc.		7,400		245,902
	Northwest Natural Gas Co.		4,500		195,390
	Piedmont Natural Gas Co.		12,000		310,680
	South Jersey Industries, Inc.		5,000		175,000
	Southwest Gas Corp.		7,200		151,704
	WGL Holdings, Inc.		8,000		262,400

					1,752,092

Utilities: Gas Pipelines - 0.0%	Crosstex Energy, Inc.		6,700		10,988

Utilities: Miscellaneous - 0.1%	Ormat Technologies, Inc.		3,000		82,380
	Synthesis Energy Systems, Inc. (a)		3,600		2,376

					84,756

Utilities: Telecommunications - 1.3%	Alaska Communications Systems Group, Inc.		7,400		49,580
	Atlantic Tele-Network, Inc.		1,400		26,852
	Cbeyond Communications, Inc. (a)		4,200		79,086
	Centennial Communications Corp. (a)		11,100		91,686
	Cincinnati Bell, Inc. (a)		38,900		89,470
	Cogent Communications Group, Inc. (a)(b)		7,900		56,880
	Consolidated Communications Holdings, Inc.		3,419		35,079
	FairPoint Communications, Inc.		15,450		12,051
	FiberTower Corp. (a)		20,310		4,062
	General Communication, Inc. Class A (a)		8,000		53,440
	Global Crossing Ltd. (a)		4,500		31,500
	Globalstar, Inc. (a)		8,200		2,870
	ICO Global Communications Holdings Ltd. (a)		17,500		6,125
	IDT Corp. Class B (a)		2,699		3,131
	iPCS, Inc. (a)		2,900		28,159
	Ibasis, Inc. (a)		4,100		2,747
	Iowa Telecommunications Services, Inc.		5,400		61,884
	j2 Global Communications, Inc. (a)		7,500		164,175
	NTELOS Holdings Corp.		5,000		90,700
	Neutral Tandem, Inc. (a)		2,700		66,447
	ORBCOMM, Inc. (a)		4,300		6,321


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	PAETEC Holding Corp. (a)		20,570	$	29,621
	Premiere Global Services, Inc. (a)		10,400		91,728
	RCN Corp. (a)		6,200		22,940
	Shenandoah Telecom Co.		3,800		86,640
	TW Telecom, Inc. (a)		24,830		217,263
	USA Mobility, Inc.		4,200		38,682
	Virgin Mobile USA, Inc. (a)		3,600		4,644
	Vonage Holdings Corp. (a)		8,300		3,320

					1,457,083

Utilities: Water - 0.4%	American States Water Co. (b)		3,000		108,960
	California Water Service Group		3,300		138,138
	Connecticut Water Service, Inc.		1,700		34,476
	Consolidated Water Co., Inc.		2,100		22,785
	Middlesex Water Co.		2,500		36,000
	SJW Corp.		2,300		58,489
	Southwest Water Co.		3,965		17,050

					415,898

Wholesalers - 0.2%	Brightpoint, Inc. (a)		8,430		36,080
	Chindex International, Inc. (a)		2,400		11,928
	Houston Wire & Cable Co.		3,200		24,800
	MWI Veterinary Supply, Inc. (a)		1,600		45,568
	United Stationers, Inc. (a)		3,800		106,704

					225,080

	Total Common Stocks (Cost - $192,293,304) - 90.2%				104,658,933

	Investment Companies

	BlackRock Kelso Capital Corp. (c)		1,800		7,542
	Gladstone Capital Corp.		3,000		18,780
	Hercules Technology Growth Capital, Inc.		5,913		29,565
	Kayne Anderson Energy Development Co.		1,400		13,076
	Patriot Capital Funding, Inc.		3,500		6,405
	Pennantpark Investment Corp.		3,600		13,500
	Prospect Capital Corp.		4,900		41,748

	Total Investment Companies (Cost - $378,230) - 0.1%				130,616

	Warrants (d)

Energy Miscellaneous - 0.0%	GreenHunter Energy, Inc. (expires 8/27/11)		60		0

	Total Warrants (Cost - $0) - 0.0%				0

	Rights

Insurance: Property- Casualty - 0.0%	United America Indemnity (e)		3,064		1,436

	Total Rights (Cost - $15,551) - 0.0%				1,436


Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



	Short-Term Securities	Maturity Date	Yield	Face Amount		Value

Time Deposits - 11.7%	State Street Bank & Trust Co.	4/01/09	0.01%	$	13,547,771	$	13,547,771

	Total Short-Term Securities (Cost - $13,547,771) - 11.7%						13,547,771

	Total Investments Before Options Written (Cost - $206,234,856*) - 102.0%						118,338,756



	Options Written	Number of Contracts

Call Options Written	Russell 2000 Index, expiring April 2009 at USD 420		1,300		(2,379,000	)

	Total Options Written (Premiums Received - $1,844,102) - (2.0%)				(2,379,000	)

	Total Investments, Net of Options Written (Net Cost - $204,390,754) - 100.0%				115,959,756
	Other Assets Less Liabilities				38,420

	Net Assets - 100.0%			$	115,998,176


*	The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	206,234,856

Gross unrealized appreciation	$	5,619,623
Gross unrealized depreciation		(93,515,723	)

Net unrealized depreciation	$	(87,896,100	)


(a)	Non-income producing security.

(b)	All or a portion of security pledged as collateral in connection with open financial futures contracts.

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



Affiliate	Purchase Cost		Sales Cost		Realized Gain		Dividend Income

Anthracite Capital, Inc.		—		—		—		—
BlackRock Kelso Capital Corp.		—		—		—	$	731


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

(e)	The rights may be exercised until April 6, 2009.

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

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)




•	Financial futures contracts purchased as of March 31, 2009 were as follows:



Number of Contracts	Issue	Expiration Date		Face Value		Appreciation

45	E-MINI		June
	Russell 2000		2009	$	1,815,307	$	80,543

•

The Fund adopted Financial Accounting Standards Board 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:


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

		•	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)

		•	Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund’s own assumption used in determining the fair value of investments)


	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

	The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of the Fund’s investments:



Valuation Inputs	Investments in Securities		Other Financial Instruments*

	Assets		Assets		Liabilities

Level 1	$	104,789,503	$	80,543	$	(2,379,000	)
Level 2		13,549,253		—		—
Level 3		—		—		—

Total	$	118,338,756	$	80,543	$	(2,379,000	)

* Other financial instruments are futures and options.

Item 2 –	Controls and Procedures

2(a) –	The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.


2(b) –	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 –	Exhibits

	Certifications – Attached hereto

	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Small Cap Premium & Dividend Income Fund Inc.

	By:	/s/ Mitchell M. Cox
		Mitchell M. Cox
		Chief Executive Officer (principal executive officer) of
		Small Cap Premium & Dividend Income Fund Inc.

	Date: May 20, 2009

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

	By:	/s/ Mitchell M. Cox
		Mitchell M. Cox
		Chief Executive Officer (principal executive officer) of
		Small Cap Premium & Dividend Income Fund Inc.

	Date: May 20, 2009

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

	Date: May 20, 2009