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 and Dividend Income Fund Inc. (RCC)
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Mitchell M. Cox, Chief Executive
Officer, Small Cap Premium and Dividend Income Fund Inc., 4 World
Financial Center, 6th Floor, New York, New York 10080.
Registrant's telephone number, including area code: (212) 449-4742
Date of fiscal year end: 12/31/2007
Date of reporting period: 07/01/2007 - 09/30/2007
Item 1 - Schedule of Investments
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Advertising Agencies - 0.4% 6,700 Catalina Marketing Corp. (a) $ 217,013
2,900 DG FastChannel, Inc. (a) 68,382
2,600 Greenfield Online, Inc. (a) 39,650
5,100 inVentiv Health, Inc. (a) 223,482
4,000 Marchex, Inc. Class B 38,040
6,800 National CineMedia, Inc. 152,320
7,800 Valassis Communications, Inc. (a) 69,576
16,230 ValueClick, Inc. (a) 364,526
-------------
1,172,989
-----------------------------------------------------------------------------------------------------------------------------
Aerospace - 0.7% 500 AeroVironment, Inc. (a) 11,505
2,100 Argon ST, Inc. (a) 41,580
7,200 Curtiss-Wright Corp. 342,000
4,200 Heico Corp. 207,312
2,500 Ladish Co., Inc. (a) 138,700
1,500 MTC Technologies, Inc. (a) 28,965
6,500 Moog, Inc. Class A (a) 285,610
9,700 Orbital Sciences Corp. (a) 215,728
5,700 Teledyne Technologies, Inc. (a) 304,323
1,500 TransDigm Group, Inc. (a) 68,565
1,700 United Industrial Corp. 127,942
-------------
1,772,230
-----------------------------------------------------------------------------------------------------------------------------
Agriculture, Fishing & Ranching 600 Alico, Inc. 26,004
- 0.1% 2,500 The Andersons, Inc. 120,050
1,100 Cadiz, Inc. (a) 20,790
-------------
166,844
-----------------------------------------------------------------------------------------------------------------------------
Air Transport - 0.7% 6,400 AAR Corp. (a)(c) 194,176
9,600 ABX Air, Inc. (a) 67,968
14,900 AirTran Holdings, Inc. (a) 146,616
6,900 Alaska Air Group, Inc. (a) 159,321
300 Allegiant Travel Co. (a) 9,096
2,600 Atlas Air Worldwide Holdings, Inc. (a) 134,238
3,800 Bristow Group, Inc. (a) 166,098
8,600 ExpressJet Holdings, Inc. (a) 26,574
29,100 JetBlue Airways Corp. (a) 268,302
2,900 Midwest Air Group, Inc. (a) 47,705
2,600 PHI, Inc. (a) 78,364
2,300 Pinnacle Airlines Corp. (a) 36,846
5,700 Republic Airways Holdings, Inc. (a) 120,669
11,200 SkyWest, Inc. 281,904
-------------
1,737,877
-----------------------------------------------------------------------------------------------------------------------------
Aluminum - 0.2% 4,710 Century Aluminum Co. (a) 247,982
2,200 Kaiser Aluminum Corp. 155,254
-------------
403,236
-----------------------------------------------------------------------------------------------------------------------------
Auto Parts: After Market - 0.1% 3,600 Aftermarket Technology Corp. (a) 114,264
3,500 Commercial Vehicle Group, Inc. (a) 44,905
2,700 Keystone Automotive Industries, Inc. (a) 128,952
1,400 Standard Motor Products, Inc. 13,160
4,000 Superior Industries International, Inc. 86,760
-------------
388,041
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Auto Parts: Original Equipment 7,300 American Axle & Manufacturing Holdings, Inc. $ 184,325
- 0.5% 2,600 Amerigon Inc. (a) 44,902
11,600 ArvinMeritor, Inc. 195,112
16,300 Hayes Lemmerz International, Inc. (a) 67,808
12,470 Lear Corp. (a) 400,287
2,650 Noble International Ltd. 56,419
1,300 Sauer-Danfoss, Inc. 34,684
1,000 Stoneridge, Inc. (a) 10,200
7,700 Tenneco, Inc. (a) 238,777
21,100 Visteon Corp. (a) 108,665
-------------
1,341,179
-----------------------------------------------------------------------------------------------------------------------------
Auto, Trucks & Parts - 0.2% 3,300 Accuride Corp. (a) 39,963
10,400 Force Protection, Inc. (a) 225,160
1,500 Miller Industries, Inc. (a) 25,680
5,300 Modine Manufacturing Co. 141,086
4,500 Spartan Motors, Inc. 75,735
5,200 Wabash National Corp. 58,708
-------------
566,332
-----------------------------------------------------------------------------------------------------------------------------
Banks: New York City - 0.1% 4,800 Signature Bank (a) 169,104
-----------------------------------------------------------------------------------------------------------------------------
Banks: Outside New York City 2,100 1st Source Corp. 48,090
- 5.3% 2,600 Alabama National Bancorp. 202,592
3,800 Amcore Financial, Inc. 94,696
2,800 AmericanWest Bancorp 54,908
2,200 Ameris Bancorp 39,776
1,200 Bancfirst Corp. 53,844
3,300 Banco Latinoamericano de Exportaciones, SA 'E' 59,994
2,000 The Bancorp, Inc. (a) 36,920
2,000 Bank of the Ozarks, Inc. 61,060
3,800 BankFinancial Corp. 60,116
2,100 Banner Corp. 72,219
6,200 Boston Private Financial Holdings, Inc. 172,608
10,842 CVB Financial Corp. 126,851
2,100 Capital City Bank Group, Inc. 65,520
1,600 Capital Corp. of the West 29,472
2,300 Capitol Bancorp Ltd. 57,109
4,700 Cascade Bancorp 104,575
8,300 Cathay General Bancorp 267,343
9,000 Centennial Bank Holdings, Inc. (a) 57,600
2,100 Center Financial Corp. 29,211
5,000 Central Pacific Financial Corp. 146,000
4,000 Chemical Financial Corp. 97,000
7,500 Chittenden Corp. 263,700
12,300 Citizens Banking Corp. 198,153
3,100 City Holding Co. 112,871
2,100 CityBank 60,144
500 Clifton Savings Bancorp, Inc. 5,915
2,600 CoBiz Financial, Inc. 44,512
2,700 Columbia Banking System, Inc. 85,914
1,700 Community Bancorp (a) 42,738
4,900 Community Bank System, Inc. 95,648
4,030 Community Banks, Inc. 120,054
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
2,600 Community Trust Bancorp, Inc. $ 78,104
6,300 Corus Bankshares, Inc. 82,026
1,700 Enterprise Financial Services Corp. 41,378
12,300 First BanCorp 116,850
1,600 First Bancorp 32,608
2,200 First Busey Corp. 48,202
5,500 First Charter Corp. 165,935
12,000 First Commonwealth Financial Corp. 132,720
4,229 First Community Bancorp, Inc. 231,369
1,600 First Community Bancshares, Inc. 57,968
5,400 First Financial Bancorp 69,012
3,400 First Financial Bankshares, Inc. 136,612
2,700 First Financial Corp. 81,810
3,000 First Merchants Corp. 64,680
8,800 First Midwest Bancorp, Inc. 300,608
1,400 First Regional Bancorp (a) 34,342
1,350 First South Bancorp, Inc. 35,316
3,300 First State Bancorp. 64,812
13,100 FirstMerit Corp. 258,856
4,100 Franklin Bank Corp. (a) 37,720
6,350 Frontier Financial Corp. 148,146
8,550 Glacier Bancorp, Inc. 192,546
8,800 Greater Bay Bancorp 242,880
1,400 Greene County Bancshares, Inc. 51,030
4,400 Hancock Holding Co. 176,352
6,800 Hanmi Financial Corp. 105,332
5,103 Harleysville National Corp. 81,087
2,100 Heartland Financial USA, Inc. 43,155
1,900 Heritage Commerce Corp. 40,223
791 Home Bancshares, Inc. 17,236
2,600 Independent Bank Corp./MA 77,220
4,005 Independent Bank Corp./MI 44,255
3,400 Integra Bank Corp. 61,642
8,326 International Bancshares Corp. 180,674
8,300 Investors Bancorp, Inc. (a) 117,528
3,600 Irwin Financial Corp. 39,672
2,730 Lakeland Bancorp, Inc. 37,073
2,000 Lakeland Financial Corp. 46,220
5,277 MB Financial, Inc. 182,320
2,477 Macatawa Bank Corp. 33,514
3,080 MainSource Financial Group, Inc. 54,300
2,900 Midwest Banc Holdings, Inc. 42,833
5,500 NBT Bancorp, Inc. 119,570
3,700 Nara Bancorp, Inc. 57,794
1 National City Corp. 16
7,952 National Penn Bancshares, Inc. 130,088
11,800 Old National Bancorp 195,526
2,253 Old Second Bancorp, Inc. 64,211
2,100 Omega Financial Corp. 55,461
3,700 Oriental Financial Group 42,550
7,900 Pacific Capital Bancorp 207,770
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
2,000 Park National Corp. $ 174,400
1,700 Peoples Bancorp, Inc. 44,506
2,700 Pinnacle Financial Partners, Inc. (a) 77,814
3,100 Piper Jaffray Cos. (a) 166,160
1,450 Preferred Bank 57,043
3,100 PrivateBancorp, Inc. 108,004
5,800 Prosperity Bancshares, Inc. 192,328
5,800 Provident Bankshares Corp. 181,714
2,550 Renasant Corp. 55,157
1,511 Republic Bancorp, Inc. Class A 23,934
4,000 S&T Bancorp, Inc. 128,360
1,260 SCBT Financial Corp. 43,520
5,600 SVB Financial Group (a) 265,216
1,785 SY Bancorp, Inc. 48,266
2,600 Sandy Spring Bancorp, Inc. 78,312
200 Santander BanCorp 2,568
2,400 Seacoast Banking Corp. of Florida 44,880
2,500 Security Bank Corp. 31,300
400 Sierra Bancorp 11,464
2,300 Simmons First National Corp. Class A 60,582
11,000 The South Financial Group, Inc. 250,140
1,782 Southside Bancshares, Inc. 39,364
2,500 Southwest Bancorp, Inc. 47,050
12,100 Sterling Bancshares, Inc. 138,061
4,500 Sterling Financial Corp. 77,175
1,800 Suffolk Bancorp 57,708
2,390 Sun Bancorp, Inc. (a) 41,825
4,400 Superior Bancorp (a) 38,852
8,500 Susquehanna Bancshares, Inc. 170,850
900 Taylor Capital Group, Inc. 25,137
4,100 Texas Capital Bancshares, Inc. (a) 89,134
1,490 Tompkins Trustco, Inc. 59,153
2,300 Trico Bancshares 51,221
13,200 TrustCo Bank Corp. NY 144,276
8,200 Trustmark Corp. 229,928
16,300 UCBH Holdings, Inc. 284,924
5,300 UMB Financial Corp. 227,158
1,875 USB Holding Co., Inc. 43,556
9,988 Umpqua Holdings Corp. 199,860
2,150 Union Bankshares Corp. 48,827
6,500 United Bankshares, Inc. 197,860
5,900 United Community Banks, Inc. 144,668
500 United Security Bancshares 9,400
2,000 Univest Corp. of Pennsylvania 47,440
2,970 Virginia Commerce Bancorp (a) 42,590
2,500 Washington Trust Bancorp, Inc. 67,425
3,900 WesBanco, Inc. 97,422
2,600 West Coast Bancorp 73,866
5,400 Westamerica Bancorp. 268,973
2,300 Western Alliance Bancorp (a) 54,211
2,700 Wilshire Bancorp, Inc. 29,619
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
3,900 Wintrust Financial Corp. $ 166,491
1,600 Yardville National Bancorp 53,809
-------------
13,239,806
-----------------------------------------------------------------------------------------------------------------------------
Beverage: Brewers (Wineries) 1,600 Boston Beer Co., Inc. Class A (a) 77,856
- 0.0%
-----------------------------------------------------------------------------------------------------------------------------
Beverage: Soft Drinks - 0.1% 800 Coca-Cola Bottling Co. Consolidated 48,240
400 Farmer Bros. Co. 9,952
2,700 Green Mountain Coffee Roasters, Inc. (a) 89,613
5,200 Jones Soda Co. (a) 62,712
1,680 National Beverage Corp. 14,246
2,400 Peet's Coffee & Tea, Inc. (a) 66,984
-------------
291,747
-----------------------------------------------------------------------------------------------------------------------------
Biotechnology Research & 3,390 AMAG Pharmaceuticals, Inc. (a) 193,908
Production - 2.4% 6,100 Acadia Pharmaceuticals, Inc. (a) 91,805
4,300 Acorda Therapeutics, Inc. (a) 78,905
4,500 Albany Molecular Research, Inc. (a) 67,950
5,900 Alexion Pharmaceuticals, Inc. (a) 384,385
9,600 Allos Therapeutics, Inc. (a) 45,600
5,600 Alnylam Pharmaceuticals, Inc. (a) 183,512
2,100 Altus Pharmaceuticals, Inc. (a) 22,029
7,600 American Oriental Bioengineering, Inc. (a) 84,740
900 Amicus Therapeutics, Inc. (a) 15,039
12,800 Applera Corp. - Celera Genomics Group (a) 179,968
9,900 Arena Pharmaceuticals, Inc. (a) 108,405
14,100 Ariad Pharmaceuticals, Inc. (a) 65,283
3,100 Arqule, Inc. (a) 22,103
6,900 Array Biopharma, Inc. (a) 77,487
4,600 ArthroCare Corp. (a) 257,094
3,400 Bionovo, Inc. (a) 13,090
11,900 Cell Genesys, Inc. (a) 45,458
9,500 Cubist Pharmaceuticals, Inc. (a)(c) 200,735
6,400 Cypress Bioscience, Inc. (a) 87,552
3,900 Cytokinetics, Inc. (a) 19,968
18,300 Discovery Laboratories, Inc. (a) 49,227
17,200 Encysive Pharmaceuticals, Inc. (a) 25,972
7,600 Enzon Pharmaceuticals, Inc. (a) 66,956
14,700 Exelixis, Inc. (a) 155,673
16,500 GenVec, Inc. (a) 38,775
1,500 Genomic Health, Inc. (a) 28,785
11,900 Geron Corp. (a) 87,108
8,800 Halozyme Therapeutics, Inc. (a) 76,472
21,900 Human Genome Sciences, Inc. (a) 225,351
4,100 Idenix Pharmaceuticals, Inc. (a) 11,849
12,800 Immunomedics, Inc. (a) 29,312
15,900 Incyte Corp. (a) 113,685
3,300 Integra LifeSciences Holdings Corp. (a) 160,314
4,600 InterMune, Inc. (a) 87,998
2,200 Kendle International, Inc. (a) 91,366
2,700 Kensey Nash Corp. (a) 70,497
7,100 Keryx Biopharmaceuticals, Inc. (a) 70,574
4,200 Kosan Biosciences, Inc. (a) 21,042
5,600 MannKind Corp. (a) 54,208
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
5,200 Martek Biosciences Corp. (a) $ 150,956
4,000 Maxygen, Inc. (a) 27,240
4,300 Medivation, Inc. (a) 86,215
1,600 Metabolix, Inc. (a) 38,816
3,800 Momenta Pharmaceuticals, Inc. (a) 43,282
6,900 Myriad Genetics, Inc. (a) 359,835
9,900 Nabi Biopharmaceuticals (a) 40,194
5,400 Nastech Pharmaceutical Co., Inc. (a) 71,874
6,600 Neurocrine Biosciences, Inc. (a) 66,000
3,000 Neurogen Corp. (a) 13,320
2,500 Novacea, Inc. (a) 20,025
9,600 OSI Pharmaceuticals, Inc. (a) 326,304
2,700 Omrix Biopharmaceuticals, Inc. (a) 95,337
200 Orexigen Therapeutics, Inc. (a) 2,642
3,300 Osiris Therapeutics, Inc. (a) 42,504
3,100 PRA International, Inc. (a) 91,140
3,200 PharmaNet Development Group, Inc. (a) 92,896
6,000 Poniard Pharmaceuticals, Inc. (a) 33,900
3,900 Progenics Pharmaceuticals, Inc. (a) 86,229
1,860 Protalix BioTherapeutics, Inc. (a) 64,282
3,300 Regeneration Technologies, Inc. (a) 35,376
4,400 Rigel Pharmaceuticals, Inc. (a) 41,492
8,604 Savient Pharmaceuticals, Inc. (a) 125,188
5,000 Seattle Genetics, Inc. (a) 56,200
9,200 Telik, Inc. (a) 26,772
2,600 Tercica, Inc. (a) 16,120
5,100 Vanda Pharmaceuticals, Inc. (a) 70,941
5,300 Verenium Corp. (a) 27,984
11,400 ViroPharma, Inc. (a) 101,460
16,500 XOMA Ltd. (a) 56,265
6,300 ZymoGenetics, Inc. (a) 82,215
-------------
6,103,184
-----------------------------------------------------------------------------------------------------------------------------
Building Materials - 0.5% 1,500 Ameron International Corp. 158,655
1,900 BlueLinx Holdings, Inc. 13,376
4,800 Building Material Holding Corp. 50,784
3,000 LSI Industries, Inc. 61,560
3,300 NCI Building Systems, Inc. (a) 142,593
100 PGT, Inc. (a) 793
6,000 Simpson Manufacturing Co., Inc. 191,100
4,490 Texas Industries, Inc. 352,465
2,100 Trex Co., Inc. (a) 23,352
3,700 Watsco, Inc. 171,791
3,500 Zoltek Cos., Inc. (a) 152,705
-------------
1,319,174
-----------------------------------------------------------------------------------------------------------------------------
Building: Cement - 0.0% 5,500 US Concrete, Inc. (a) 36,245
-----------------------------------------------------------------------------------------------------------------------------
Building: Heating & Plumbing 1,800 Aaon, Inc. (c) 35,514
- 0.1% 4,500 Interline Brands, Inc. (a) 103,455
-------------
138,969
-----------------------------------------------------------------------------------------------------------------------------
Building: Miscellaneous - 0.2% 2,500 Builders FirstSource, Inc. (a) 26,950
7,100 Comfort Systems USA, Inc. 100,820
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
3,000 Drew Industries, Inc. (a) $ 122,040
5,200 Goodman Global, Inc. (a) 124,176
5,200 Griffon Corp. (a) 78,520
-------------
452,506
-----------------------------------------------------------------------------------------------------------------------------
Building: Roofing & Wallboard 7,700 Beacon Roofing Supply, Inc. (a) 78,694
- 0.0%
-----------------------------------------------------------------------------------------------------------------------------
Cable Television Services - 0.1% 66,500 Charter Communications, Inc. Class A (a) 171,570
3,300 Crown Media Holdings, Inc. Class A (a) 23,727
15,900 TiVo, Inc. (a) 100,965
-------------
296,262
-----------------------------------------------------------------------------------------------------------------------------
Casinos & Gambling - 0.6% 4,300 Ameristar Casinos, Inc. 120,830
8,700 Bally Technologies, Inc. (a) 308,241
1,300 Churchill Downs, Inc. 64,948
2,550 Dover Downs Gaming & Entertainment, Inc. 26,495
2,600 Isle of Capri Casinos, Inc. (a) 50,570
3,500 Lakes Entertainment, Inc. (a) 33,355
4,000 MTR Gaming Group, Inc. (a) 38,120
8,500 Magna Entertainment Corp. Class A (a) 19,295
1,600 Monarch Casino & Resort, Inc. (a) 45,520
4,800 Multimedia Games, Inc. (a) 40,896
9,740 Pinnacle Entertainment, Inc. (a) 265,220
1,700 Riviera Holdings Corp. (a) 47,685
5,700 Shuffle Master, Inc. (a) 85,215
5,100 Trump Entertainment Resorts, Inc. (a) 32,895
6,650 WMS Industries, Inc. (a) 220,115
-------------
1,399,400
-----------------------------------------------------------------------------------------------------------------------------
Chemicals - 1.6% 3,000 American Vanguard Corp. 58,560
4,000 Arch Chemicals, Inc. 187,520
2,900 Balchem Corp. 59,189
9,000 CF Industries Holdings, Inc. 683,190
3,900 Cabot Microelectronics Corp. (a) 166,725
6,900 Calgon Carbon Corp. (a) 96,324
4,700 Cambrex Corp. 51,183
4,700 EnerSys (a) 83,519
6,400 Energy Conversion Devices, Inc. (a) 145,408
8,000 Exide Technologies (a) 52,000
5,600 Georgia Gulf Corp. 77,840
19,900 Hercules, Inc. 418,298
2,100 Innophos Holdings, Inc. 32,004
4,000 Innospec, Inc. 91,120
3,100 LSB Industries, Inc. (a) 73,315
2,100 Landec Corp. (a) 32,466
3,600 Medis Technologies Ltd. (a) 46,800
1,300 NL Industries, Inc. 14,729
2,500 NewMarket Corp. 123,450
2,500 Nuco2, Inc. (a) 64,350
4,900 OM Group, Inc. (a) 258,769
15,100 PolyOne Corp. (a) 112,797
5,700 Rockwood Holdings, Inc. (a) 204,231
4,900 Schulman A, Inc. 96,677
6,000 Senomyx, Inc. (a) 73,500
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
1,400 ShengdaTech, Inc. (a) $ 8,442
1,000 Stepan Co. 30,910
5,000 Tronox, Inc. Class A 46,500
2,300 Tronox, Inc. Class B 20,769
8,400 UAP Holding Corp. 263,424
11,900 WR Grace & Co. (a) 319,634
-------------
3,993,643
-----------------------------------------------------------------------------------------------------------------------------
Coal - 0.1% 9,700 Alpha Natural Resources, Inc. (a) 225,331
19,800 International Coal Group, Inc. (a) 87,912
1,500 US BioEnergy Corp. (a) 11,565
-------------
324,808
-----------------------------------------------------------------------------------------------------------------------------
Commercial Information Services 5,300 Arbitron, Inc. 240,302
- 0.2% 81,000 CMGI, Inc. (a) 110,160
5,300 infoUSA, Inc. 49,237
4,300 LECG Corp. (a) 64,070
3,600 LoopNet, Inc. (a) 73,944
-------------
537,713
-----------------------------------------------------------------------------------------------------------------------------
Communications & Media - 0.2% 11,300 Entravision Communications Corp. Class A (a) 104,186
40,800 Gemstar-TV Guide International, Inc. (a) 283,968
3,300 Knology, Inc. (a) 55,209
-------------
443,363
-----------------------------------------------------------------------------------------------------------------------------
Communications Technology - 2.5% 63,300 3Com Corp. (a) 312,702
2,300 Acme Packet, Inc. (a) 35,466
9,600 Adtran, Inc. 221,088
3,000 Anaren, Inc. (a) 42,300
5,000 Anixter International, Inc. (a)(c) 412,250
400 Aruba Networks, Inc. (a) 8,000
9,000 Atheros Communications, Inc. (a) 269,730
28,800 Avanex Corp. (a) 47,232
8,180 Avocent Corp. (a) 238,202
1,800 Bel Fuse, Inc. 62,388
1,000 BigBand Networks, Inc. (a) 6,400
3,100 Black Box Corp. 132,556
400 CPI International, Inc. (a) 7,604
8,000 CSG Systems International, Inc. (a) 170,000
2,900 Cbeyond Communications, Inc. (a) 118,291
7,600 Cogent Communications Group, Inc. (a) 177,384
2,800 Comtech Group, Inc. (a) 50,988
4,000 Comtech Telecommunications Corp. (a) 213,960
4,100 Digi International, Inc. (a) 58,384
5,400 Ditech Networks, Inc. (a) 28,458
2,400 EMS Technologies, Inc. (a) 58,872
5,300 Echelon Corp. (a) 132,553
20,500 Extreme Networks, Inc. (a) 78,720
39,900 Finisar Corp. (a) 111,720
23,700 Foundry Networks, Inc. (a) 421,149
2,000 GeoEye, Inc. (a) 51,500
12,900 Harmonic, Inc. (a) 136,869
4,100 Harris Stratex Networks, Inc. Class A (a) 71,627
600 Hughes Communications, Inc. (a) 31,110
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
4,100 InPhonic, Inc. (a) $ 11,275
7,600 InterDigital, Inc. (a) 157,928
6,700 InterVoice, Inc. (a) 62,913
7,100 Ixia (a) 61,912
8,000 j2 Global Communications, Inc. (a) 261,840
1,900 Loral Space & Communications Ltd. (a) 75,525
5,600 NETGEAR, Inc. (a) 170,352
2,500 Network Equipment Technologies, Inc. (a) 36,250
2,500 Nextwave Wireless, Inc. (a) 14,300
5,600 Novatel Wireless, Inc. (a) 126,840
3,428 Oplink Communications, Inc. (a) 46,826
3,400 Optium Corp. (a) 35,292
2,600 SeaChange International, Inc. (a) 17,992
7,750 Secure Computing Corp. (a) 75,408
4,900 Sirenza Microdevices, Inc. (a) 84,721
42,900 Sonus Networks, Inc. (a) 261,690
3,900 Standard Microsystems Corp. (a) 149,838
3,200 Switch and Data Facilities Co., Inc. (a) 52,128
30,000 Sycamore Networks, Inc. (a) 122,100
4,100 Syniverse Holdings, Inc. (a) 65,190
33,900 TIBCO Software, Inc. (a) 250,521
10,100 Tekelec (a) 122,210
7,800 Terremark Worldwide, Inc. (a) 55,926
17,300 Utstarcom, Inc. (a) 63,318
3,900 Viasat, Inc. (a) 120,237
5,400 Vonage Holdings Corp. (a) 5,562
-------------
6,215,597
-----------------------------------------------------------------------------------------------------------------------------
Computer Services Software 6,000 ACI Worldwide, Inc. (a) 134,100
& Systems - 4.7% 9,900 Actuate Corp. (a) 63,855
4,600 American Reprographics Co. (a) 86,112
2,800 Ansoft Corp. (a) 92,344
12,600 Ansys, Inc. (a) 430,542
13,000 Ariba, Inc. (a) 140,140
20,800 Art Technology Group, Inc. (a) 62,816
3,300 AsiaInfo Holdings, Inc. (a) 29,898
13,740 Aspen Technology, Inc. (a) 196,757
32,600 BearingPoint, Inc. (a) 132,030
7,200 Blackbaud, Inc. 181,728
4,900 Blackboard, Inc. (a) 224,616
2,200 Blue Coat Systems, Inc. (a) 173,272
13,600 Borland Software Corp. (a) 59,160
3,500 Bottomline Technologies, Inc. (a) 43,855
5,000 CACI International, Inc. Class A (a) 255,450
2,900 COMSYS IT Partners, Inc. (a) 48,749
5,360 Chordiant Software, Inc. (a) 74,290
9,500 Ciber, Inc. (a) 74,195
6,800 Commvault Systems, Inc. (a) 125,936
300 Comverge, Inc. (a) 9,858
6,100 Concur Technologies, Inc. (a) 192,272
4,900 DealerTrack Holdings, Inc. (a) 205,212
6,700 Digital River, Inc. (a) 299,825
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
2,800 DivX, Inc. (a) $ 41,636
2,500 Double-Take Software, Inc. (a) 47,775
4,200 EPIQ Systems, Inc. (a) 79,044
9,200 Electronics for Imaging, Inc. (a) 247,112
9,600 Epicor Software Corp. (a) 132,192
5,000 Equinix, Inc. (a) 443,450
11,200 Gartner, Inc. Class A (a) 273,952
2,300 i2 Technologies, Inc. (a) 35,075
2,600 iGate Corp. (a) 22,282
2,600 Imergent, Inc. 58,318
15,100 Informatica Corp. (a) 237,070
1,621 Integral Systems, Inc. 34,835
1,300 Interactive Intelligence, Inc. (a) 24,700
6,300 Internet Capital Group, Inc. (a) 75,600
7,500 Interwoven, Inc. (a) 106,725
5,100 JDA Software Group, Inc. (a) 105,366
1,200 Keynote Systems, Inc. (a) 16,476
21,200 Lawson Software, Inc. (a) 212,212
9,800 Lionbridge Technologies, Inc. (a) 39,102
8,400 LivePerson, Inc. (a) 51,828
5,500 MSC.Software Corp. (a) 74,910
8,600 Macrovision Corp. (a) 211,818
6,100 Magma Design Automation, Inc. (a) 85,827
4,800 Manhattan Associates, Inc. (a) 131,568
3,200 Mantech International Corp. Class A (a) 115,136
13,900 Mentor Graphics Corp. (a) 209,890
3,700 Mercury Computer Systems, Inc. (a) 38,036
1,600 MicroStrategy, Inc. Class A (a) 126,944
6,800 Micros Systems, Inc. (a) 442,476
5,200 Ness Technologies, Inc. (a) 56,784
21,800 Nuance Communications, Inc. (a) 420,958
5,400 Omniture, Inc. (a) 163,728
23,600 On2 Technologies, Inc. (a) 27,376
7,800 OpenTV Corp. (a) 11,544
13,500 Openwave Systems, Inc. 59,130
3,500 PDF Solutions, Inc. (a) 34,580
6,100 Packeteer, Inc. (a) 46,360
19,520 Parametric Technology Corp. (a) 340,038
500 Pegasystems, Inc. 5,950
7,200 Progress Software Corp. (a) 218,160
700 QAD, Inc. 6,062
11,100 Quest Software, Inc. (a) 190,476
16,600 RealNetworks, Inc. (a) 112,548
2,700 RightNow Technologies, Inc. (a) 43,443
4,450 SAVVIS, Inc. (a) 172,571
2,100 SI International, Inc. (a) 59,997
3,000 SPSS, Inc. (a) 123,420
6,700 SRA International, Inc. Class A (a) 188,136
5,100 SYKES Enterprises, Inc. (a) 84,711
1,700 SYNNEX Corp. (a) 34,952
14,200 Sapient Corp. (a) 95,282
4,400 Sigma Designs, Inc. (a) 212,256
6,000 Smith Micro Software, Inc. (a) 96,360
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
3,200 Solera Holdings, Inc. (a) $ 57,568
10,500 SonicWALL, Inc. (a) 91,665
14,700 Sourceforge, Inc. (a) 36,015
300 Stanley, Inc. (a) 8,265
14,900 Sybase, Inc. (a) 344,637
2,400 Synchronoss Technologies, Inc. (a) 100,944
1,400 Syntel, Inc. 58,212
2,700 Taleo Corp. Class A (a) 68,607
100 TechTarget, Inc. (a) 1,690
7,400 The TriZetto Group, Inc. (a) 129,574
6,900 Tyler Technologies, Inc. (a) 92,115
4,200 Ultimate Software Group, Inc. (a) 146,580
600 Unica Corp. (a) 6,738
5,000 VASCO Data Security International, Inc. (a) 176,250
5,200 Vignette Corp. (a) 104,364
4,300 Visual Sciences, Inc. (a) 62,092
7,600 Websense, Inc. (a) 149,948
12,700 Wind River Systems, Inc. (a) 149,479
8,100 Zoran Corp. (a) 163,620
-------------
11,811,552
-----------------------------------------------------------------------------------------------------------------------------
Computer Technology - 1.1% 19,500 Adaptec, Inc. (a) 74,490
6,200 Advanced Analogic Technologies, Inc. (a) 65,968
7,300 Cray, Inc. (a) 52,560
13,900 Emulex Corp. (a) 266,463
6,300 FalconStor Software, Inc. (a) 75,915
49,900 Gateway, Inc. (a) 93,812
4,500 Hutchinson Technology, Inc. (a) 110,700
5,700 Imation Corp. 139,821
5,500 Immersion Corp. (a) 90,090
9,000 Intermec, Inc. (a) 235,080
300 Isilon Systems, Inc. (a) 2,310
16,800 Palm, Inc. (a) 273,336
14,200 Perot Systems Corp. Class A (a) 240,122
31,900 Quantum Corp. (a) 108,460
4,900 Rackable Systems, Inc. (a) 63,553
4,400 Radiant Systems, Inc. (a) 69,652
3,700 Radisys Corp. (a) 46,065
2,300 Rimage Corp. (a) 51,612
7,700 STEC, Inc. (a) 58,751
19,700 Safeguard Scientifics, Inc. (a) 45,113
400 Silicon Graphics, Inc. (a) 7,836
3,600 Stratasys, Inc. (a) 99,216
4,400 Synaptics, Inc. (a) 210,144
10,000 Trident Microsystems, Inc. (a) 158,900
-------------
2,639,969
-----------------------------------------------------------------------------------------------------------------------------
Construction - 0.5% 2,163 Brookfield Homes Corp. 40,124
10,400 EMCOR Group, Inc. (a) 326,144
5,900 Granite Construction, Inc. 312,818
2,800 Great Lakes Dredge & Dock Corp. (a) 24,528
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
4,100 Perini Corp. (a) $ 229,313
4,700 Washington Group International, Inc. (a) 412,707
-------------
1,345,634
-----------------------------------------------------------------------------------------------------------------------------
Consumer Electronics - 0.7% 24,600 CNET Networks, Inc. (a) 183,270
3,000 DTS, Inc. (a) 91,110
20,100 EarthLink, Inc. (a) 159,192
100 Glu Mobile, Inc. (a) 907
5,500 InfoSpace, Inc. 96,580
6,810 Internap Network Services Corp. (a) 96,498
8,200 Ipass, Inc. (a) 34,440
3,100 LoJack Corp. (a) 58,776
6,300 Midway Games, Inc. (a) 27,468
6,400 NIC, Inc. 44,416
7,600 NetFlix, Inc. (a) 157,472
4,500 Sohu.com, Inc. (a) 169,695
10,900 THQ, Inc. (a) 272,282
11,900 Take-Two Interactive Software, Inc. (a) 203,252
10,900 United Online, Inc. 163,609
2,300 Universal Electronics, Inc. (a) 74,750
-------------
1,833,717
-----------------------------------------------------------------------------------------------------------------------------
Consumer Products - 0.6% 9,000 American Greetings Corp. Class A 237,600
4,500 Blyth, Inc. 92,025
1,300 CSS Industries, Inc. 46,761
2,700 Citi Trends, Inc. (a) 58,752
2,700 Mannatech, Inc. 21,870
5,100 Matthews International Corp. Class A 223,380
5,800 Nautilus, Inc. 46,226
4,000 Oakley, Inc. 116,120
9,200 Playtex Products, Inc. (a) 168,176
3,400 RC2 Corp. (a) 94,146
6,400 Spectrum Brands, Inc. (a) 37,120
6,100 The Topps Co., Inc. 59,109
10,600 Tupperware Corp. 333,794
1,600 USANA Health Sciences, Inc. (a) 70,000
-------------
1,605,079
-----------------------------------------------------------------------------------------------------------------------------
Containers & Packaging: 11,500 AptarGroup, Inc. 435,505
Metals & Glass - 0.4% 5,400 Greif, Inc. 327,672
6,200 Mobile Mini, Inc. (a) 149,792
4,000 Silgan Holdings, Inc. 215,000
-------------
1,127,969
-----------------------------------------------------------------------------------------------------------------------------
Containers & Packaging: 1,000 AEP Industries, Inc. (a) 42,340
Paper & Plastic - 0.1% 11,200 Graphic Packaging Corp. (a) 50,624
4,700 Myers Industries, Inc. 93,154
-------------
186,118
-----------------------------------------------------------------------------------------------------------------------------
Copper - 0.1% 6,200 Mueller Industries, Inc. 224,068
-----------------------------------------------------------------------------------------------------------------------------
Cosmetics - 0.2% 4,600 Elizabeth Arden, Inc. (a) 124,016
4,600 Helen of Troy Ltd. (a) 88,826
800 Inter Parfums, Inc. 18,936
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
9,600 Nu Skin Enterprises, Inc. Class A $ 155,136
31,991 Revlon, Inc. Class A (a) 36,790
-------------
423,704
-----------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services 200 ACA Capital Holdings, Inc. (a) 1,218
- 0.5% 800 Clayton Holdings, Inc. (a) 6,408
900 Enstar Group Ltd. (a) 114,075
7,500 Euronet Worldwide, Inc. (a) 223,275
2,100 Evercore Partners, Inc. Class A 55,209
9,800 F.N.B. Corp. 162,092
1,350 FCStone Group, Inc. (a) 43,565
8,550 Freedom Acquisition Holdings, Inc. (a) 96,188
3,100 Greenhill & Co., Inc. 189,255
3,100 Huron Consulting Group, Inc. (a) 225,122
2,400 Information Services Group, Inc. (a) 18,360
7,300 Interactive Brokers Group, Inc. Class A (a) 191,698
3,400 Marathon Acquisition Corp. (a) 26,826
300 Oritani Financial Corp. (a) 4,752
-------------
1,358,043
-----------------------------------------------------------------------------------------------------------------------------
Diversified Materials & 7,500 Acuity Brands, Inc. 378,600
Processing - 0.8% 6,800 Barnes Group, Inc. 217,056
7,900 Brady Corp. 283,452
9,000 Clarcor, Inc. 307,890
15,400 Hexcel Corp. (a) 349,734
2,300 Koppers Holdings, Inc. 88,803
12,000 Olin Corp. 268,560
5,100 Tredegar Corp. 87,975
1,100 Valhi, Inc. 26,125
-------------
2,008,195
-----------------------------------------------------------------------------------------------------------------------------
Drug & Grocery Store Chains 8,800 Casey's General Stores, Inc. 243,760
- 0.5% 3,200 The Great Atlantic & Pacific Tea Co., Inc. (a) 97,472
2,100 Ingles Markets, Inc. Class A 60,186
5,400 Longs Drug Stores Corp. 268,218
2,500 Nash Finch Co. 99,575
7,000 Pathmark Stores, Inc. (a) 89,250
6,800 Ruddick Corp. 228,072
3,500 Spartan Stores, Inc. 78,855
400 Village Super Market, Inc. Class A 20,800
2,000 Weis Markets, Inc. 85,380
5,000 Winn-Dixie Stores, Inc. (a) 93,600
-------------
1,365,168
-----------------------------------------------------------------------------------------------------------------------------
Drugs & Pharmaceuticals - 2.5% 5,400 Adams Respiratory Therapeutics, Inc. (a) 208,116
200 Affymax, Inc. (a) 5,412
7,100 Akorn, Inc. (a) 53,179
1,500 Alexza Pharmaceuticals, Inc. (a) 12,990
15,700 Alkermes, Inc. (a) 288,880
7,100 Alpharma, Inc. Class A 151,656
3,500 Auxilium Pharmaceuticals, Inc. (a) 73,780
5,800 Beijing Med-Pharm Corp. (a) 67,570
3,100 Bentley Pharmaceuticals, Inc. (a) 38,688
15,600 BioMarin Pharmaceuticals, Inc. (a) 388,440
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
2,100 Bradley Pharmaceuticals, Inc. (a) $ 38,220
9,700 CV Therapeutics, Inc. (a) 87,106
1,400 Cadence Pharmaceuticals, Inc. (a) 19,600
700 Caraco Pharmaceutical Laboratories Ltd. (a) 10,675
3,100 Chattem, Inc. (a) 218,612
13,000 CytRx Corp. (a) 44,460
13,600 Dendreon Corp. (a) 104,584
9,600 Durect Corp. (a) 52,608
100 Emergent Biosolutions, Inc. (a) 888
4,800 Enzo Biochem, Inc. (a) 54,480
1,900 GTx, Inc. (a) 30,932
12,100 Indevus Pharmaceuticals, Inc. (a) 83,611
13,400 Isis Pharmaceuticals, Inc. (a) 200,598
8,000 Javelin Pharmaceuticals, Inc. (a) 40,160
5,800 KV Pharmaceutical Co. Class A (a) 165,880
12,300 Ligand Pharmaceuticals, Inc. Class B 65,682
13,000 MGI Pharma, Inc. (a) 361,140
20,500 Medarex, Inc. (a) 290,280
8,400 Medicines Co. (a) 149,604
9,100 Medicis Pharmaceutical Corp. Class A 277,641
14,900 Nektar Therapeutics (a) 131,567
4,200 Noven Pharmaceuticals, Inc. (a) 66,906
500 Obagi Medical Products, Inc. (a) 9,235
8,920 Onyx Pharmaceuticals, Inc. (a) 388,198
6,200 Pain Therapeutics, Inc. (a) 57,970
5,800 Par Pharmaceutical Cos., Inc. (a) 107,648
5,000 Penwest Pharmaceuticals Co. (a) 55,050
13,600 Perrigo Co. 290,360
4,200 Pharmion Corp. (a) 193,788
4,300 Pozen, Inc. (a) 47,558
4,700 Quidel Corp. (a) 91,932
9,500 Regeneron Pharmaceuticals, Inc. (a) 169,100
8,200 Salix Pharmaceuticals Ltd. (a) 101,844
11,200 Santarus, Inc. (a) 29,680
5,700 Sciele Pharma, Inc. (a) 148,314
2,900 Somaxon Pharmaceuticals, Inc. (a) 29,493
8,700 SuperGen, Inc. (a) 37,758
600 Trubion Pharmaceuticals, Inc. (a) 7,278
3,400 United Therapeutics Corp. (a) 226,236
15,500 Valeant Pharmaceuticals International 239,940
6,200 Vivus, Inc. (a) 30,752
3,200 Xenoport, Inc. (a) 150,560
-------------
6,196,639
-----------------------------------------------------------------------------------------------------------------------------
Education Services - 0.5% 4,300 Bright Horizons Family Solutions, Inc. (a) 184,212
1,300 Capella Education Co. (a) 72,683
15,100 Corinthian Colleges, Inc. (a)(c) 240,241
9,800 DeVry, Inc. 362,698
1,200 Renaissance Learning, Inc. 14,508
2,500 Strayer Education, Inc. 421,575
3,800 Universal Technical Institute, Inc. (a) 68,400
-------------
1,364,317
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Electrical & Electronics - 0.3% 11,300 Benchmark Electronics, Inc. (a) $ 269,731
1,700 Coleman Cable, Inc. (a) 23,528
2,600 OSI Systems, Inc. (a) 58,526
7,500 Plexus Corp. (a) 205,500
7,300 TTM Technologies, Inc. (a) 84,461
4,000 Universal Display Corp. (a) 70,880
-------------
712,626
-----------------------------------------------------------------------------------------------------------------------------
Electrical Equipment & 3,300 A.O. Smith Corp. 144,804
Components - 0.9% 1,400 AZZ Inc. (a) 48,944
5,700 American Superconductor Corp. (a) 116,736
7,470 Baldor Electric Co. 298,427
5,800 CTS Corp. 74,820
4,000 Cohu, Inc. 75,000
3,100 Franklin Electric Co., Inc. 127,441
4,400 Genlyte Group, Inc. (a) 282,744
3,900 Littelfuse, Inc. (a) 139,191
7,400 MKS Instruments, Inc. (a) 140,748
1,300 Powell Industries, Inc. (a) 49,257
12,200 Power-One, Inc. (a) 62,220
4,500 Sonic Solutions, Inc. (a) 47,115
10,800 Taser International, Inc. (a) 169,236
6,600 Technitrol, Inc. 177,870
2,800 Triumph Group, Inc. 228,788
-------------
2,183,341
-----------------------------------------------------------------------------------------------------------------------------
Electrical: Household 800 National Presto Industries, Inc. 42,400
Appliance - 0.0%
-----------------------------------------------------------------------------------------------------------------------------
Electronics - 0.7% 5,400 Agilysys, Inc. 91,260
7,900 Arrowhead Research Corp. (a) 39,895
7,400 Avid Technology, Inc. (a) 200,392
5,200 Daktronics, Inc. 141,544
11,400 Flir Systems, Inc. (a) 631,446
3,900 II-VI, Inc. (a) 134,667
20,700 MRV Communications, Inc. (a) 51,336
6,400 Methode Electronics, Inc. 96,320
1,400 Multi-Fineline Electronix, Inc. (a) 20,762
3,500 Park Electrochemical Corp. 117,530
11,800 Semtech Corp. (a) 241,664
2,100 Supertex, Inc. (a) 83,748
-------------
1,850,564
-----------------------------------------------------------------------------------------------------------------------------
Electronics: Instruments, 1,800 Faro Technologies, Inc. (a) 79,470
Gauges & Meters - 0.3% 4,890 Itron, Inc. (a) 455,112
3,100 Measurement Specialties, Inc. (a) 86,490
700 OYO Geospace Corp. (a) 64,897
2,700 Zygo Corp. (a) 35,181
-------------
721,150
-----------------------------------------------------------------------------------------------------------------------------
Electronics: Medical 1,900 Accuray, Inc. (a) 33,174
Systems - 1.1% 11,200 Affymetrix, Inc. (a) 284,144
2,400 Analogic Corp. 153,024
2,700 Aspect Medical Systems, Inc. (a) 36,639
8,700 Bruker BioSciences Corp. (a) 76,560
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
1,700 Cynosure, Inc. Class A (a) $ 62,730
2,300 Datascope Corp. 77,763
8,600 eResearch Technology, Inc. (a) 97,954
3,600 Greatbatch, Inc. (a) 95,724
4,300 Haemonetics Corp. (a) 212,506
8,750 Hologic, Inc. (a) 533,750
8,707 Illumina, Inc. (a) 451,719
5,600 Luminex Corp. (a) 84,448
10,600 Minrad International, Inc. (a) 50,774
4,600 Natus Medical, Inc. (a) 73,324
3,300 NxStage Medical, Inc. (a) 47,817
2,800 Quality Systems, Inc. 102,564
2,900 Sirona Dental Systems, Inc. (a) 103,443
900 Tomotherapy, Inc. (a) 20,907
2,300 Visicu, Inc. (a) 17,434
3,400 Zoll Medical Corp. (a) 88,128
-------------
2,704,526
-----------------------------------------------------------------------------------------------------------------------------
Electronics: Semi-Conductors/ 9,000 AMIS Holdings, Inc. (a) 87,390
Components - 2.0% 4,500 Actel Corp. (a) 48,285
17,000 Amkor Technology, Inc. (a) 195,840
9,600 Anadigics, Inc. (a) 173,568
51,800 Applied Micro Circuits Corp. (a) 163,688
400 Cavium Networks, Inc. (a) 13,000
14,400 Cirrus Logic, Inc. (a) 92,160
79,800 Conexant Systems, Inc. (a) 95,760
5,300 DSP Group, Inc. (a) 83,899
4,800 Diodes, Inc. (a) 154,080
5,900 Exar Corp. (a) 77,054
2,300 Excel Technology, Inc. (a) 57,385
7,800 Formfactor, Inc. (a) 346,086
6,200 Genesis Microchip, Inc. (a) 48,608
2,300 Hittite Microwave Corp. (a) 101,545
900 IPG Photonics Corp. (a) 17,694
4,200 IXYS Corp. (a) 43,806
19,900 Lattice Semiconductor Corp. (a) 89,351
7,100 MIPS Technologies, Inc. (a) 56,090
9,000 Micrel, Inc. 97,200
12,400 Microsemi Corp. (a) 345,712
8,700 Microtune, Inc. (a) 52,374
3,600 Monolithic Power Systems, Inc. (a) 91,440
2,800 Netlogic Microsystems, Inc. (a) 101,108
37,900 ON Semiconductor Corp. (a) 476,024
8,900 Omnivision Technologies, Inc. (a) 202,297
4,400 PLX Technology, Inc. (a) 47,520
32,300 PMC-Sierra, Inc. (a) 270,997
4,200 Pericom Semiconductor Corp. (a) 49,224
31,600 RF Micro Devices, Inc. (a) 212,668
8,600 SiRF Technology Holdings, Inc. (a) 183,610
14,300 Silicon Image, Inc. (a) 73,645
15,400 Silicon Storage Technology, Inc. (a) 49,588
26,000 Skyworks Solutions, Inc. (a) 235,040
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
13,000 Spansion LLC Class A (a) $ 109,850
12,300 Syntax-Brillian Corp. (a) 50,061
3,500 Techwell, Inc. (a) 37,170
7,800 Tessera Technologies, Inc. (a) 292,500
24,400 TriQuint Semiconductor, Inc. (a) 119,804
3,300 Volterra Semiconductor Corp. (a) 40,524
-------------
5,083,645
-----------------------------------------------------------------------------------------------------------------------------
Electronics: Technology - 0.6% 2,200 3D Systems Corp. (a) 51,964
4,600 Acacia Research - Acacia Technologies (a) 67,528
1,500 American Science & Engineering, Inc. 93,990
6,900 Checkpoint Systems, Inc. (a) 182,091
7,100 Cogent, Inc. (a) 111,328
5,200 Coherent, Inc. (a) 166,816
2,500 Cubic Corp. 105,425
2,900 EDO Corp. 162,429
1,300 Eagle Test Systems, Inc. (a) 16,666
3,300 Gerber Scientific, Inc. (a) 35,805
11,600 ION Geophysical Corp. (a) 160,428
2,100 Innovative Solutions & Support, Inc. (a) 39,837
5,200 Ionatron, Inc. (a) 17,836
13,700 Kemet Corp. (a) 100,695
4,200 ScanSource, Inc. (a) 118,062
7,000 Smart Modular Technologies WWH, Inc. (a) 50,050
-------------
1,480,950
-----------------------------------------------------------------------------------------------------------------------------
Energy Miscellaneous - 0.6% 2,100 Alon USA Energy, Inc. 70,938
4,930 Aventine Renewable Energy Holdings, Inc. (a) 52,110
3,300 Clean Energy Fluels Corp. (a) 49,962
5,600 Crosstex Energy, Inc. 212,296
1,600 Dawson Geophysical Co. (a) 124,016
200 EnerNOC, Inc. (a) 7,636
12,500 Evergreen Energy, Inc. (a) 63,750
14,400 Evergreen Solar, Inc. (a) 128,592
10,800 FuelCell Energy, Inc. (a) 96,552
567 GeoMet, Inc. (a) 2,886
720 MarkWest Hydrocarbon, Inc. 41,854
4,500 Matrix Service Co. (a) 94,275
1,600 Ormat Technologies, Inc. 74,144
5,600 Pacific Ethanol, Inc. (a) 52,472
6,200 Penn Virginia Corp. 272,676
32,700 Rentech, Inc. (a) 70,632
-------------
1,414,791
-----------------------------------------------------------------------------------------------------------------------------
Engineering & Contracting 6,800 Aecom Technology Corp. (a) 237,524
Services - 0.5% 2,300 Cal Dive International, Inc. (a) 34,500
2,800 Clean Harbors, Inc. (a) 124,656
6,700 Dycom Industries, Inc. (a) 205,221
4,000 ENGlobal Corp. (a) 45,640
2,100 Integrated Electrical Services, Inc. (a) 53,781
2,200 Layne Christensen Co. (a) 122,056
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
1,700 Michael Baker Corp. (a) $ 83,317
14,940 SAIC, Inc. (a) 286,699
-------------
1,193,394
-----------------------------------------------------------------------------------------------------------------------------
Entertainment - 0.3% 2,200 Carmike Cinemas, Inc. 40,414
3,200 Cinemark Holdings, Inc. 59,392
6,700 Gaylord Entertainment Co. (a) 356,574
10,700 Live Nation, Inc. (a) 227,375
3,600 Lodgenet Entertainment Corp. (a) 91,296
2,300 Speedway Motorsports, Inc. 85,100
-------------
860,151
-----------------------------------------------------------------------------------------------------------------------------
Fertilizers - 0.2% 15,100 Terra Industries, Inc. (a) 472,026
-----------------------------------------------------------------------------------------------------------------------------
Finance Companies - 0.3% 3,641 Accredited Home Lenders Holding Co. (a) 42,490
2,100 Asta Funding, Inc. 80,472
878 Credit Acceptance Corp. (a) 20,282
4,000 Delta Financial Corp. 19,640
6,300 International Securities Exchange, Inc. 418,761
3,100 MVC Capital, Inc. 57,443
1,000 NewStar Financial, Inc. (a) 11,240
3,200 World Acceptance Corp. (a) 105,856
-------------
756,184
-----------------------------------------------------------------------------------------------------------------------------
Finance: Small Loan - 0.1% 10,900 Advance America, Cash Advance Centers, Inc. 116,303
2,200 Dollar Financial Corp. (a) 62,766
3,900 Encore Capital Group, Inc. (a) 46,020
2,100 Nelnet, Inc. Class A 38,304
300 QC Holdings, Inc. 4,335
-------------
267,728
-----------------------------------------------------------------------------------------------------------------------------
Financial Data Processing 3,400 Advent Software, Inc. (a) 159,698
Services & Systems - 0.7% 4,600 Authorize.Net Holdings, Inc. (a) 81,098
600 Cass Information Systems, Inc. 21,462
3,300 CompuCredit Corp. (a) 71,643
5,100 CyberSource Corp. (a) 59,619
9,000 Deluxe Corp. 331,560
4,900 eSpeed, Inc. Class A (a) 41,797
2,900 ExlService Holdings, Inc. (a) 61,654
2,400 Heartland Payment Systems, Inc. 61,680
9,400 Hypercom Corp. (a) 42,488
12,800 Jack Henry & Associates, Inc. 331,008
5,600 Online Resources Corp. (a) 70,784
4,200 TNS, Inc. 67,452
6,200 TradeStation Group, Inc. (a) 72,354
6,500 Wright Express Corp. (a) 237,185
-------------
1,711,482
-----------------------------------------------------------------------------------------------------------------------------
Financial Information Services 1,800 Bankrate, Inc. (a) 83,016
- 0.3% 9,980 INVESTools, Inc. (a) 120,658
5,900 Interactive Data Corp. 166,380
2,000 Morningstar, Inc. (a) 122,800
17,500 Move, Inc. (a) 48,300
11,000 S1 Corp. (a) 99,550
3,400 TheStreet.com, Inc. 41,174
-------------
681,878
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Financial Miscellaneous - 0.8% 5,700 Advanta Corp. Class B $ 156,294
2,800 Asset Acceptance Capital Corp. 32,480
5,100 Cash America International, Inc. 191,760
1,900 Federal Agricultural Mortgage Corp. Class B 55,784
4,800 Financial Federal Corp. 134,448
4,900 First Cash Financial Services, Inc. (a) 114,758
5,800 Global Cash Access, Inc. (a) 61,422
2,800 LandAmerica Financial Group, Inc. 109,144
2,800 Portfolio Recovery Associates, Inc. 148,596
1,500 RAM Holdings Ltd. (a) 13,950
3,000 Sanders Morris Harris Group, Inc. 30,450
10,600 Sotheby's Holdings, Inc. Class A 506,574
3,260 Sterling Bancorp 45,640
2,800 Stewart Information Services Corp. 95,956
2,100 Stifel Financial Corp. (a) 121,464
1,900 Triad Guaranty, Inc. (a) 36,043
1,000 WSFS Financial Corp. 62,400
700 Wauwatosa Holdings, Inc. (a) 11,375
-------------
1,928,538
-----------------------------------------------------------------------------------------------------------------------------
Foods - 1.0% 300 American Dairy, Inc. (a) 5,853
3,100 Cal-Maine Foods, Inc. 78,244
6,900 Chiquita Brands International, Inc. (a) 109,227
12,600 Flowers Foods, Inc. 274,680
3,700 Fresh Del Monte Produce, Inc. 106,375
5,600 Hain Celestial Group, Inc. (a) 179,928
2,300 J&J Snack Foods Corp. 80,086
5,100 Lance, Inc. 117,402
2,000 M&F Worldwide Corp. (a) 100,380
700 Maui Land & Pineapple Co., Inc. (a) 21,308
5,800 Performance Food Group Co. (a) 174,754
6,600 Pilgrim's Pride Corp. 229,218
4,400 Ralcorp Holdings, Inc. (a) 245,608
3,000 Sanderson Farms, Inc. 125,010
100 Seaboard Corp. 196,000
8,100 Sensient Technologies Corp. 233,847
5,843 Tootsie Roll Industries, Inc. 155,015
5,100 TreeHouse Foods, Inc. (a) 137,955
-------------
2,570,890
-----------------------------------------------------------------------------------------------------------------------------
Forest Products - 0.1% 1,800 Deltic Timber Corp. 102,456
2,700 Universal Forest Products, Inc. 80,730
-------------
183,186
-----------------------------------------------------------------------------------------------------------------------------
Forms & Bulk Printing Services 4,200 Ennis, Inc. 92,568
- 0.1% 2,500 Innerworkings, Inc. (a) 43,075
2,900 The Standard Register Co. 36,859
-------------
172,502
-----------------------------------------------------------------------------------------------------------------------------
Funeral Parlors & Cemeteries 18,300 Stewart Enterprises, Inc. Class A 139,446
- 0.1%
-----------------------------------------------------------------------------------------------------------------------------
Glass - 0.1% 4,900 Apogee Enterprises, Inc. 127,106
-----------------------------------------------------------------------------------------------------------------------------
Gold - 0.1% 48,700 Coeur d'Alene Mines Corp. (a) 184,573
3,900 Royal Gold, Inc. 127,725
-------------
312,298
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Health Care Facilities - 0.5% 7,800 Assisted Living Concepts, Inc. (a) $ 71,292
4,300 Capital Senior Living Corp. (a) 36,206
400 Emeritus Corp. (a) 10,840
4,880 Kindred Healthcare, Inc. (a) 87,401
3,600 LCA-Vision, Inc. 105,804
1,400 MedCath Corp. (a) 38,444
1,100 National Healthcare Corp. 56,529
8,800 Psychiatric Solutions, Inc. (a) 345,664
2,100 Radiation Therapy Services, Inc. (a) 43,722
4,000 Res-Care, Inc. (a) 91,360
4,900 Skilled Healthcare Group, Inc. Class A (a) 77,175
8,200 Sun Healthcare Group, Inc. (a) 137,022
7,300 Sunrise Senior Living, Inc. (a) 258,201
-------------
1,359,660
-----------------------------------------------------------------------------------------------------------------------------
Health Care Management 8,600 AMERIGROUP Corp. (a) 296,528
Services - 0.7% 8,300 Allscripts Healthcare Solutions, Inc. (a) 224,349
1,300 American Dental Partners, Inc. (a) 36,413
5,200 Amsurg Corp. (a) 119,964
7,100 Centene Corp. (a) 152,721
1,600 Computer Programs & Systems, Inc. 42,176
1,550 Corvel Corp. (a) 35,836
7,400 Eclipsys Corp. (a) 172,568
2,600 HMS Holdings Corp. (a) 63,986
6,500 HealthSpring, Inc. (a) 126,750
2,100 Molina Healthcare, Inc. (a) 76,167
5,000 Omnicell, Inc. (a) 142,700
6,000 Phase Forward, Inc. (a) 120,060
2,500 Vital Images, Inc. (a) 48,800
-------------
1,659,018
-----------------------------------------------------------------------------------------------------------------------------
Health Care Services - 0.6% 6,000 Alliance Imaging, Inc. (a) 54,360
4,233 Amedisys, Inc. (a) 162,632
7,100 Apria Healthcare Group, Inc. (a) 184,671
1,800 Bio-Reference Labs, Inc. (a) 60,768
1,100 Emergency Medical Services Corp. (a) 33,275
4,700 Gentiva Health Services, Inc. (a) 90,287
7,200 Healthcare Services Group, Inc. 145,944
13,600 HealthSouth Corp. (a) 238,136
5,700 Healthways, Inc. (a) 307,629
6,800 Hythiam, Inc. (a) 50,592
2,200 LHC Group, Inc. (a) 47,234
3,700 Matria Healthcare, Inc. (a) 96,792
2,500 Nighthawk Radiology Holdings, Inc. (a) 61,275
6,100 Odyssey HealthCare, Inc. (a) 58,621
1,786 PharMerica Corp. (a) 26,647
-------------
1,618,863
-----------------------------------------------------------------------------------------------------------------------------
Homebuilding - 0.1% 5,800 Beazer Homes USA, Inc. 47,850
6,100 Hovnanian Enterprises, Inc. Class A (a) 67,649
2,100 M/I Homes, Inc. 29,169
4,000 Meritage Homes Corp. (a) 56,480
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
9,400 Standard-Pacific Corp. $ 51,606
5,900 WCI Communities, Inc. (a) 35,341
-------------
288,095
-----------------------------------------------------------------------------------------------------------------------------
Hotel/Motel - 0.1% 3,100 Lodgian, Inc. (a) 36,580
3,400 Marcus Corp. 65,280
3,200 Morgans Hotel Group Co. (a) 69,600
-------------
171,460
-----------------------------------------------------------------------------------------------------------------------------
Household Furnishings - 0.5% 2,100 American Woodmark Corp. 52,059
5,000 Ethan Allen Interiors, Inc. 163,450
7,900 Furniture Brands International, Inc. 80,106
3,400 Haverty Furniture Cos., Inc. 29,818
1,700 Hooker Furniture Corp. 34,034
8,400 La-Z-Boy, Inc. 61,992
1,700 Libbey, Inc. 29,784
2,000 Lifetime Brands, Inc. 40,580
5,800 Sealy Corp. 81,432
9,300 Select Comfort Corp. (a) 129,735
12,714 Tempur-Pedic International, Inc. 454,526
-------------
1,157,516
-----------------------------------------------------------------------------------------------------------------------------
Identification Control & 5,800 Advanced Energy Industries, Inc. (a) 87,580
Filter Devices - 0.5% 8,400 Asyst Technologies, Inc. (a) 44,436
2,300 Badger Meter, Inc. 73,715
4,200 ESCO Technologies, Inc. (a) 139,608
1,375 The Gorman-Rupp Co. 45,595
10,498 L-1 Identity Solutions, Inc. (a) 197,887
4,600 Mine Safety Appliances Co. 216,706
2,300 Robbins & Myers, Inc. 131,767
2,400 Sun Hydraulics, Inc. 76,320
5,300 Veeco Instruments, Inc. (a) 102,714
3,200 Vicor Corp. 38,784
4,900 Watts Water Technologies, Inc. Class A 150,430
4,500 X-Rite, Inc. 64,980
-------------
1,370,522
-----------------------------------------------------------------------------------------------------------------------------
Industrial Products - 0.1% 4,800 Smith & Wesson Holding Corp. (a) 91,632
2,700 TAL International Group, Inc. 67,689
-------------
159,321
-----------------------------------------------------------------------------------------------------------------------------
Insurance: Life - 0.4% 9,800 American Equity Investment Life Holding Co. 104,370
2,200 Citizens, Inc. (a) 16,830
7,250 Delphi Financial Group, Inc. Class A 293,045
1,500 Great American Financial Resources, Inc. 36,780
300 Kansas City Life Insurance Co. 13,170
400 National Western Life Insurance Co. Class A 102,384
18,600 The Phoenix Cos., Inc. 262,446
3,500 Presidential Life Corp. 59,360
7,800 Scottish Re Group Ltd. (a) 24,882
6,400 Universal American Financial Corp. (a) 145,984
-------------
1,059,251
-----------------------------------------------------------------------------------------------------------------------------
Insurance: Multi-Line - 1.1% 5,300 Alfa Corp. 96,354
10,200 Assured Guaranty Ltd. 277,134
2,000 CNA Surety Corp. (a) 35,260
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
5,200 Crawford & Co. Class B (a) $ 33,072
3,000 eHealth, Inc. (a) 83,100
1,000 EMC Insurance Group, Inc. 25,990
2,300 FBL Financial Group, Inc. Class A 90,827
400 Flagstone Reinsurance Holdings Ltd. 5,316
4,800 HealthExtras, Inc. (a) 133,584
6,000 Hilb Rogal & Hobbs Co. 259,980
7,500 Horace Mann Educators Corp. 147,825
10,700 Max Capital Group Ltd. 300,028
4,300 Meadowbrook Insurance Group, Inc. (a) 38,743
16,900 Montpelier Re Holdings Ltd. 299,130
1,900 Pico Holdings, Inc. (a) 78,945
9,100 Platinum Underwriters Holdings Ltd. 327,236
5,400 Primus Guaranty Ltd. (a) 56,808
4,500 Security Capital Assurance Ltd. 102,780
6,050 Zenith National Insurance Corp. 271,585
-------------
2,663,697
-----------------------------------------------------------------------------------------------------------------------------
Insurance: Property-Casualty 1,800 American Physicians Capital, Inc. 70,128
- 1.5% 4,100 Amerisafe, Inc. (a) 67,814
3,000 Amtrust Financial Services, Inc. 45,510
4,066 Argo Group International Holdings Ltd. (a) 176,912
15,200 Aspen Insurance Holdings Ltd. 424,232
2,000 Baldwin & Lyons, Inc. Class B 54,620
9,400 Commerce Group, Inc. 277,018
1,200 Darwin Professional Underwriters, Inc. (a) 25,920
1,600 Donegal Group, Inc. Class A 25,888
8,710 Employers Holdings, Inc. 179,513
1,800 FPIC Insurance Group, Inc. (a) 77,490
2,800 First Acceptance Corp. (a) 14,140
3,100 First Mercury Financial Corp. (a) 66,681
11,000 Fremont General Corp. 42,900
500 Greenlight Capital Re Ltd. (a) 10,140
2,400 Harleysville Group, Inc. 76,752
9,600 IPC Holdings, Ltd. 276,960
3,200 Infinity Property & Casualty Corp. 128,704
1,500 James River Group, Inc. 48,600
1,600 The Midland Co. 87,936
900 NYMAGIC, Inc. 25,029
1,700 National Interstate Corp. 52,343
2,100 Navigators Group, Inc. (a) 113,925
4,100 Odyssey Re Holdings Corp. 152,151
6,900 PMA Capital Corp. Class A (a) 65,550
5,500 ProAssurance Corp. (a) 296,285
3,400 RLI Corp. 192,848
2,500 Safety Insurance Group, Inc. 89,850
4,700 SeaBright Insurance Holdings, Inc. (a) 80,229
9,600 Selective Insurance Group, Inc. 204,288
2,300 State Auto Financial Corp. 67,275
4,000 Tower Group, Inc. 104,720
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
3,000 United America Indemnity, Ltd. (a) $ 64,530
3,600 United Fire & Casualty Co. 140,724
-------------
3,827,605
-----------------------------------------------------------------------------------------------------------------------------
Investment Management Companies 17,376 Apollo Investment Corp. 361,421
- 0.8% 11,332 Ares Capital Corp. 184,372
4,100 Calamos Asset Management, Inc. Class A 115,743
400 Capital Southwest Corp. 49,104
2,400 Cohen & Steers, Inc. 88,872
3,500 Cowen Group, Inc. (a) 48,370
2,600 Epoch Holding Corp. (a) 36,452
1,000 GAMCO Investors, Inc. Class A 54,800
2,200 Kohlberg Capital Corp. 33,132
10,000 MCG Capital Corp. 143,900
3,100 NGP Capital Resources Co. 50,313
6,100 National Financial Partners Corp. 323,178
5,400 NexCen Brands, Inc. (a) 36,288
2,600 Technology Investment Capital Corp. 34,762
2,600 U.S. Global Investors, Inc. 49,400
1,400 WP Stewart & Co. Ltd. 13,888
13,700 Waddell & Reed Financial, Inc. Class A 370,311
-------------
1,994,306
-----------------------------------------------------------------------------------------------------------------------------
Jewelry, Watches & Gemstones - 0.1% 7,600 Fossil, Inc. (a) 283,936
2,800 Movado Group, Inc. 89,376
-------------
373,312
-----------------------------------------------------------------------------------------------------------------------------
Leisure Time - 0.5% 11,700 Callaway Golf Co. 187,317
4,700 Great Wolf Resorts, Inc. (a) 58,092
5,200 Life Time Fitness, Inc. (a) 318,968
5,700 Premier Exhibitions, Inc. (a) 85,956
11,500 Six Flags, Inc. (a) 39,790
1,300 Steinway Musical Instruments, Inc. 38,506
2,500 Sturm Ruger & Co., Inc. (a) 44,775
1,800 Town Sports International Holdings, Inc. (a) 27,378
5,100 Vail Resorts, Inc. (a) 317,679
2,500 West Marine, Inc. (a) 28,875
-------------
1,147,336
-----------------------------------------------------------------------------------------------------------------------------
Machine Tools - 0.0% 1,300 Hurco Companies, Inc. (a) 70,278
-----------------------------------------------------------------------------------------------------------------------------
Machinery & Engineering - 0.1% 7,850 Applied Industrial Technologies, Inc. 242,016
-----------------------------------------------------------------------------------------------------------------------------
Machinery: Agricultural - 0.1% 1,850 Gehl Co. (a) 41,311
2,000 Lindsay Manufacturing Co. 87,560
-------------
128,871
-----------------------------------------------------------------------------------------------------------------------------
Machinery: Construction & Handling 3,700 ASV, Inc. (a) 51,911
- 0.1% 3,000 Astec Industries, Inc. (a) 172,350
900 NACCO Industries, Inc. Class A 93,132
-------------
317,393
-----------------------------------------------------------------------------------------------------------------------------
Machinery: Engines - 0.1% 8,100 Briggs & Stratton Corp. 203,958
3,200 Raser Techonologies, Inc. (a) 41,248
-------------
245,206
-----------------------------------------------------------------------------------------------------------------------------
Machinery: Industrial/Specialty 4,500 Actuant Corp. Class A 292,365
- 0.7% 600 Altra Holdings, Inc. (a) 10,002
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
1,300 Chart Industries, Inc. (a) $ 41,808
3,100 Columbus McKinnon Corp. (a) 77,159
3,500 EnPro Industries, Inc. (a) 142,100
2,300 Hardinge, Inc. 80,109
2,400 Kadant, Inc. (a) 67,200
2,200 Middleby Corp. (a) 141,988
5,200 Nordson Corp. 261,092
2,900 Tecumseh Products Co. Class A (a) 55,825
2,800 Tennant Co. 136,360
900 Twin Disc, Inc. 52,380
4,900 Woodward Governor Co. 305,760
-------------
1,664,148
-----------------------------------------------------------------------------------------------------------------------------
Machinery: Oil Well Equipment 4,800 Allis-Chalmers Energy, Inc. (a) 90,912
& Services - 1.5% 5,800 Basic Energy Services, Inc. (a) 121,916
3,350 CARBO Ceramics, Inc. 169,946
6,100 Complete Production Services, Inc. (a) 124,928
3,800 Dril-Quip, Inc. (a) 187,530
9,807 Exterran Holdings, Inc. (a) 787,894
3,400 Flotek Industries, Inc. (a) 150,110
2,100 Gulf Island Fabrication, Inc. 80,619
4,500 Horizon Offshore, Inc. (a) 74,250
4,200 Hornbeck Offshore Services, Inc. (a) 154,140
2,400 Lufkin Industries, Inc. 132,048
2,800 NATCO Group, Inc. Class A (a) 144,900
15,600 Newpark Resources, Inc. (a) 83,616
8,000 Oil States International, Inc. (a) 386,400
18,900 Parker Drilling Co. (a) 153,468
5,625 RPC, Inc. 79,931
6,300 Sulphco, Inc. (a) 55,440
800 Superior Offshore International, Inc. (a) 9,000
2,200 Superior Well Services, Inc. (a) 50,006
300 T-3 Energy Services, Inc. (a) 12,792
1,900 Trico Marine Services, Inc. (a) 56,620
1,900 Union Drilling, Inc. (a) 27,702
5,200 W-H Energy Services, Inc. (a) 383,500
4,800 Willbros Group, Inc. (a) 163,200
-------------
3,680,868
-----------------------------------------------------------------------------------------------------------------------------
Machinery: Specialty - 0.3% 5,850 Bucyrus International, Inc. 426,641
1,900 Cascade Corp. 123,823
4,600 Flow International Corp. (a) 40,572
3,600 Semitool, Inc. (a) 34,920
4,500 TurboChef Technologies, Inc. (a) 59,400
-------------
685,356
-----------------------------------------------------------------------------------------------------------------------------
Manufactured Housing - 0.1% 12,500 Champion Enterprises, Inc. (a) 137,250
1,600 Palm Harbor Homes, Inc. (a) 19,968
1,200 Skyline Corp. 36,096
-------------
193,314
-----------------------------------------------------------------------------------------------------------------------------
Manufacturing - 0.1% 7,900 Federal Signal Corp. 121,344
2,200 Standex International Corp. 45,496
-------------
166,840
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Medical & Dental Instruments 3,500 Abaxis, Inc. (a) $ 78,575
& Supplies - 3.1% 4,700 Abiomed, Inc. (a) 58,421
9,700 Align Technology, Inc. (a) 245,701
12,300 American Medical Systems Holdings, Inc. (a)(c) 208,485
4,000 AngioDynamics, Inc. (a) 75,400
4,000 Arrow International, Inc. 181,960
3,000 Bio-Rad Laboratories, Inc. Class A (a) 271,500
2,700 BioMimetic Therapeutics, Inc. (a) 36,018
4,900 CONMED Corp. (a) 137,151
800 Cantel Medical Corp. (a) 12,488
9,500 Cepheid, Inc. (a) 216,600
4,200 Conceptus, Inc. (a) 79,716
2,500 CryoLife, Inc. (a) 23,625
2,900 Cutera, Inc. (a) 76,009
3,800 Cyberonics, Inc. (a) 52,972
3,800 DJO, Inc. (a) 186,580
2,400 ev3, Inc. (a) 39,408
3,300 FoxHollow Technologies, Inc. (a) 87,120
1,400 Hansen Medical, Inc. (a) 37,954
3,300 I-Flow Corp. (a) 61,347
2,500 ICU Medical, Inc. (a) 96,875
11,250 Immucor, Inc. (a) 402,188
4,900 Invacare Corp. 114,562
8,320 Inverness Medical Innovations, Inc. (a) 460,262
7,800 Kyphon, Inc. (a) 546,000
1,500 Landauer, Inc. 76,440
5,500 LifeCell Corp. (a) 206,635
1,900 Medical Action Industries, Inc. (a) 44,954
6,500 Mentor Corp. 299,325
5,475 Meridian Bioscience, Inc. 166,002
4,500 Merit Medical Systems, Inc. (a) 58,410
3,100 Micrus Endovascular Corp. (a) 56,637
1,800 Northstar Neuroscience, Inc. (a) 20,088
5,800 NuVasive, Inc. (a) 208,394
8,100 OraSure Technologies, Inc. (a) 81,405
2,200 Orthofix International NV (a) 107,734
6,600 Owens & Minor, Inc. 251,394
11,700 PSS World Medical, Inc. (a) 223,821
3,100 Palomar Medical Technologies, Inc. (a) 88,319
4,000 PolyMedica Corp. 210,080
6,000 Sonic Innovations, Inc. (a) 55,020
2,900 SonoSite, Inc. (a) 88,508
6,700 Spectranetic Corp. (a) 90,316
4,100 Stereotaxis, Inc. (a) 56,539
10,600 Steris Corp. 289,698
2,800 SurModics, Inc. (a) 137,228
5,700 Symmetry Medical, Inc. (a) 95,190
8,700 Thoratec Corp. (a) 180,003
5,100 Ventana Medical Systems, Inc. (a) 438,141
1,300 Vital Signs, Inc. 67,782
3,000 Volcano Corp. (a) 49,320
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
5,400 West Pharmaceutical Services, Inc. $ 224,964
5,800 Wright Medical Group, Inc. (a) 155,556
-------------
7,814,820
-----------------------------------------------------------------------------------------------------------------------------
Medical Services - 0.2% 2,200 Air Methods Corp. (a) 101,640
6,400 Magellan Health Services, Inc. (a) 259,712
4,800 Parexel International Corp. (a) 198,096
3,000 RehabCare Group, Inc. (a) 52,770
-------------
612,218
-----------------------------------------------------------------------------------------------------------------------------
Metal Fabricating - 1.0% 1,100 Ampco-Pittsburgh Corp. 43,318
2,700 CIRCOR International, Inc. 122,607
200 Compx International, Inc. 3,916
2,000 Dynamic Materials Corp. 95,640
4,100 Encore Wire Corp. 103,033
1,700 Haynes International, Inc. (a) 145,129
2,800 Insteel Industries, Inc. 42,980
4,600 Kaydon Corp. 239,154
2,300 L.B. Foster Co. Class A (a) 99,958
18,680 Mueller Water Products, Inc. Series A 231,445
800 Northwest Pipe Co. (a) 30,256
6,000 Quanex Corp. 281,880
3,600 RBC Bearings, Inc. (a) 138,060
3,800 RTI International Metals, Inc. (a) 301,188
4,600 Ryerson, Inc. 155,204
3,300 Superior Essex, Inc. (a) 123,024
200 Trimas Corp. (a) 2,654
3,000 Valmont Industries, Inc. 254,550
-------------
2,413,996
-----------------------------------------------------------------------------------------------------------------------------
Metals & Minerals Miscellaneous 1,800 A.M. Castle & Co. 58,680
- 0.7% 3,900 AMCOL International Corp. 129,051
9,400 Apex Silver Mines Ltd. (a) 182,830
3,300 Brush Engineered Materials, Inc. (a) 171,237
5,200 Compass Minerals International, Inc. 177,008
17,100 GrafTech International Ltd. (a) 305,064
19,600 Hecla Mining Co. (a) 175,420
10,400 Idaho General Mines, Inc. (a) 69,056
3,100 Minerals Technologies, Inc. 207,700
6,800 Stillwater Mining Co. (a) 69,972
10,400 US Gold Corp. (a) 65,208
9,800 Uranium Resources, Inc. (a) 92,022
-------------
1,703,248
-----------------------------------------------------------------------------------------------------------------------------
Milling: Fruit & Grain Processing 1,700 MGP Ingredients, Inc. 17,459
- 0.0%
-----------------------------------------------------------------------------------------------------------------------------
Miscellaneous Business & Consumer 1,600 Core-Mark Holdings Co., Inc. (a) 56,368
Discretionary - 0.0%
-----------------------------------------------------------------------------------------------------------------------------
Miscellaneous Consumer Staples 3,200 Reddy Ice Holdings, Inc. 84,384
- 0.0%
-----------------------------------------------------------------------------------------------------------------------------
Miscellaneous Health Care - 0.0% 700 Animal Health International, Inc. (a) 7,791
-----------------------------------------------------------------------------------------------------------------------------
Miscellaneous Materials & 4,400 Ceradyne, Inc. (a) 333,256
Commodities - 0.2% 5,900 Symyx Technologies Inc. (a) 51,271
2,900 WD-40 Co. 99,006
-------------
483,533
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Miscellaneous Materials & 4,800 Insituform Technologies, Inc. Class A (a) $ 73,104
Processing - 0.2% 4,200 Metal Management, Inc. 227,640
2,900 Rogers Corp. (a) 119,451
14,200 USEC, Inc. (a) 145,550
1,700 Xerium Technologies, Inc. 9,180
-------------
574,925
-----------------------------------------------------------------------------------------------------------------------------
Miscellaneous Producer Durables 6,700 Blount International, Inc. (a) 76,112
- 0.0% 1,200 Park-Ohio Holdings Corp. (a) 31,140
-------------
107,252
-----------------------------------------------------------------------------------------------------------------------------
Miscellaneous Technology - 0.2% 4,600 IHS, Inc. Class A (a) 259,854
2,000 iRobot Corp. (a) 39,760
2,800 Vocus, Inc. (a) 81,872
-------------
381,486
-----------------------------------------------------------------------------------------------------------------------------
Multi-Sector Companies - 0.4% 4,800 Compass Diversified Holdings 77,088
9,100 GenCorp, Inc. (a) 108,836
1,400 GenTek Inc. (a) 42,112
4,200 Kaman Corp. Class A 145,152
4,200 Lancaster Colony Corp. 160,314
2,600 Raven Industries, Inc. 104,130
1,200 Sequa Corp. Class A (a) 198,936
7,800 Walter Industries, Inc. 209,820
-------------
1,046,388
-----------------------------------------------------------------------------------------------------------------------------
Office Furniture & Business 7,864 ACCO Brands Corp. (a) 176,468
Equipment - 0.3% 11,000 Herman Miller, Inc. 298,540
4,300 Kimball International, Inc. Class B 48,934
7,100 Knoll, Inc. 125,954
-------------
649,896
-----------------------------------------------------------------------------------------------------------------------------
Offshore Drilling - 0.3% 4,500 Atwood Oceanics, Inc. (a) 344,520
2,300 Bois d'Arc Energy, Inc. (a) 44,091
13,300 Hercules Offshore, Inc. (a) 347,263
-------------
735,874
-----------------------------------------------------------------------------------------------------------------------------
Oil: Crude Producers - 2.0% 100 APCO Argentina, Inc. 10,449
3,500 ATP Oil & Gas Corp. (a) 164,605
2,600 Arena Resources, Inc. (a) 170,300
4,200 Atlas America, Inc. 216,846
10,100 BPZ Resources, Inc. (a) 78,780
6,200 Berry Petroleum Co. Class A 245,458
5,000 Bill Barrett Corp. (a) 197,050
7,400 Brigham Exploration Co. (a) 43,882
5,200 Bronco Drilling Co., Inc. (a) 76,960
3,600 Callon Petroleum Co. (a) 50,112
4,200 Carrizo Oil & Gas, Inc. (a) 188,412
900 Clayton Williams Energy, Inc. (a) 29,700
7,200 Comstock Resources, Inc. (a) 222,048
2,100 Contango Oil & Gas Co. (a) 76,020
1,200 Delek US Holdings, Inc. 30,096
9,100 EXCO Resources, Inc. (a) 150,514
5,900 Edge Petroleum Corp. (a) 75,756
8,600 Encore Acquisition Co. (a) 272,190
1,400 Energy Infrastructure Acquisition Corp. (a) 13,762
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
5,785 Energy Partners Ltd. (a) $ 84,924
7,300 FX Energy, Inc. (a) 54,385
8,100 GeoGlobal Resources, Inc. (a) 29,160
1,700 Geokinetics, Inc. (a) 39,695
2,500 Goodrich Petroleum Corp. (a) 79,250
30,100 Grey Wolf, Inc. (a) 197,155
2,400 Gulfport Energy Corp. (a) 56,784
6,500 Harvest Natural Resources, Inc. (a) 77,610
13,200 Mariner Energy, Inc. (a) 273,372
5,000 McMoRan Exploration Co. (a) 67,250
15,200 Meridian Resource Corp. (a) 37,696
1,539 NTR Acquisition Co. (a) 14,590
11,600 Oilsands Quest, Inc. (a) 51,388
6,100 Parallel Petroleum Corp. (a) 103,639
26,250 PetroHawk Energy Corp. (a) 431,025
2,900 Petroleum Development Corp. (a) 128,615
7,200 Petroquest Energy, Inc. (a) 77,256
8,100 Pioneer Drilling Co. (a) 98,658
2,100 Resource America, Inc. Class A 33,159
8,300 Rosetta Resources, Inc. (a) 152,222
4,600 Stone Energy Corp. (a) 184,046
4,900 Swift Energy Co. (a) 200,508
5,200 TXCO Resources, Inc. (a) 46,592
3,500 Toreador Resources Corp. (a) 41,405
900 Venoco, Inc. (a) 15,435
4,190 VeraSun Energy Corp. (a) 46,090
9,400 Warren Resources, Inc. (a) 117,876
6,000 Whiting Petroleum Corp. (a) 266,700
-------------
5,319,425
-----------------------------------------------------------------------------------------------------------------------------
Oil: Integrated Domestic - 0.1% 10,700 Delta Petroleum Corp. (a) 191,102
1,800 GMX Resources Inc. (a) 57,906
-------------
249,008
-----------------------------------------------------------------------------------------------------------------------------
Oil: Integrated International 10,100 Vaalco Energy, Inc. (a) 46,157
- 0.0%
-----------------------------------------------------------------------------------------------------------------------------
Paints & Coatings - 0.2% 7,500 Ferro Corp. 149,850
9,900 H.B. Fuller Co. 293,832
400 Kronos Worldwide, Inc. 7,552
-------------
451,234
-----------------------------------------------------------------------------------------------------------------------------
Paper - 0.4% 4,700 Albany International Corp. Class A 176,203
9,200 Bowater, Inc. 137,264
5,900 Buckeye Technologies, Inc. (a) 89,326
3,500 Chesapeake Corp. 29,610
4,800 Mercer International, Inc.-Sbi (a) 45,360
450 Multi-Color Corp. 10,269
2,600 Neenah Paper, Inc. 86,034
7,300 P.H. Glatfelter Co. 108,332
5,600 Rock-Tenn Co. Class A 161,840
7,700 Wausau Paper Corp. 85,855
-------------
930,093
-----------------------------------------------------------------------------------------------------------------------------
Photography - 0.0% 600 CPI Corp. 23,112
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Plastics - 0.1% 2,300 The Lamson & Sessions Co. (a) $ 62,008
5,200 Spartech Corp. 88,712
-------------
150,720
-----------------------------------------------------------------------------------------------------------------------------
Pollution Control & Environmental 2,600 American Ecology Corp. 55,094
Services - 0.2% 13,200 Darling International, Inc. (a) 130,548
2,200 Fuel Tech, Inc. (a) 48,598
6,400 Headwaters, Inc. (a) 95,232
2,600 Team, Inc. (a) 71,188
-------------
400,660
-----------------------------------------------------------------------------------------------------------------------------
Power Transmission Equipment - 0.1% 5,200 Regal-Beloit Corp. 249,028
-----------------------------------------------------------------------------------------------------------------------------
Printing & Copying Services - 0.3% 5,600 Bowne & Co., Inc. 93,296
9,300 Cenveo, Inc. (a) 201,159
2,400 Schawk, Inc. 54,168
7,500 VistaPrint Ltd. (a) 280,275
-------------
628,898
-----------------------------------------------------------------------------------------------------------------------------
Production Technology Equipment 5,600 ATMI, Inc. (a) 166,600
- 1.1% 16,500 Axcelis Technologies, Inc. (a) 84,315
12,383 Brooks Automation, Inc. (a) 176,334
7,600 Cognex Corp. 134,976
16,500 Credence Systems Corp. (a) 50,985
5,900 Cymer, Inc. (a) 226,501
3,400 Dionex Corp. (a) 270,164
5,100 Electro Scientific Industries, Inc. (a) 122,196
21,995 Entegris, Inc. (a) 190,917
4,200 Esterline Technologies Corp. (a) 239,610
5,200 FEI Co. (a) 163,436
3,700 Intevac, Inc. (a) 56,240
9,900 Kulicke & Soffa Industries, Inc. (a) 83,952
10,700 LTX Corp. (a) 38,199
3,200 MTS Systems Corp. 133,120
9,200 Mattson Technology, Inc. (a) 79,580
6,800 Photronics, Inc. (a) 77,588
2,700 Rofin-Sinar Technologies, Inc. (a) 189,567
4,313 Rudolph Technologies, Inc. (a) 59,649
4,200 Ultra Clean Holdings, Inc. (a) 61,740
4,200 Ultratech, Inc. (a) 58,212
-------------
2,663,881
-----------------------------------------------------------------------------------------------------------------------------
Publishing: Miscellaneous - 0.2% 1,700 Consolidated Graphics, Inc. (a) 106,743
1,700 Courier Corp. 59,857
2,480 GateHouse Media, Inc. 31,620
4,400 Martha Stewart Living Omnimedia, Inc. Class A (a) 51,260
3,700 Playboy Enterprises, Inc. Class B (a) 39,738
6,250 Primedia, Inc. 87,750
5,600 Scholastic Corp. (a) 195,216
-------------
572,184
-----------------------------------------------------------------------------------------------------------------------------
Publishing: Newspapers - 0.2% 13,800 Belo Corp. Class A 239,568
7,700 Journal Communications, Inc. Class A 72,996
7,500 Lee Enterprises, Inc. 116,775
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
3,600 Media General, Inc. Class A $ 99,036
13,000 Sun-Times Media Group, Inc. 29,510
-------------
557,885
-----------------------------------------------------------------------------------------------------------------------------
Radio & TV Broadcasters - 0.4% 7,400 CKX, Inc. (a) 91,094
41,050 Citadel Broadcasting Corp. 170,768
5,400 Cox Radio, Inc. Class A (a) 70,470
5,200 Cumulus Media, Inc. Class A (a) 53,144
6,800 Emmis Communications Corp. Class A 33,592
5,300 Entercom Communications Corp. 102,449
1,000 Fisher Communications, Inc. (a) 49,870
6,800 Gray Television, Inc. 57,732
4,400 Lin TV Corp. Class A (a) 57,244
600 Nexstar Broadcasting Group, Inc. Class A (a) 6,294
12,500 Radio One, Inc. Class D (a) 46,625
1,500 Salem Communications Corp. Class A 12,000
8,000 Sinclair Broadcast Group, Inc. Class A 96,320
7,400 Spanish Broadcasting System, Inc. Class A (a) 19,092
11,600 Westwood One, Inc. 31,900
3,700 World Wrestling Entertainment, Inc. 55,796
-------------
954,390
-----------------------------------------------------------------------------------------------------------------------------
Railroad Equipment - 0.2% 1,300 American Railcar Industries, Inc. 28,626
2,000 Freightcar America, Inc. 76,400
2,600 Greenbrier Cos., Inc. 69,446
7,900 Westinghouse Air Brake Technologies Corp. 295,934
-------------
470,406
-----------------------------------------------------------------------------------------------------------------------------
Railroads - 0.1% 5,750 Genesee & Wyoming, Inc. Class A (a) 165,830
-----------------------------------------------------------------------------------------------------------------------------
Real Estate - 0.2% 300 AMREP Corp. 8,040
1,000 Avatar Holdings, Inc. (a) 49,930
3,500 Bluegreen Corp. (a) 27,125
1,000 Consolidated-Tomoka Land Co. 67,210
4,000 Grubb & Ellis Co. (a) 37,200
3,807 HFF, Inc. Class A (a) 45,189
7,452 Hilltop Holdings, Inc. (a) 87,486
800 Quadra Realty Trust, Inc. 7,624
2,100 Resource Capital Corp. 23,646
1,800 Tejon Ranch Co. (a) 74,520
2,500 Thomas Properties Group, Inc. 30,000
-------------
457,970
-----------------------------------------------------------------------------------------------------------------------------
Real Estate Investment Trusts 5,600 Acadia Realty Trust 151,928
(REITs) - 5.2% 2,000 Agree Realty Corp. 62,680
11,100 Alesco Financial, Inc. 54,612
300 Alexander's, Inc. (a) 115,650
4,800 Alexandria Real Estate Equities, Inc. 462,048
3,800 American Campus Communities, Inc. 111,302
22,700 American Financial Realty Trust (c) 182,735
9,500 Anthracite Capital, Inc. 86,450
7,900 Anworth Mortgage Asset Corp. 42,581
2,800 Arbor Realty Trust, Inc. 52,892
17,250 Ashford Hospitality Trust, Inc. 173,363
4,100 Associated Estates Realty Corp. 53,464
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
300 BRT Realty Trust $ 5,202
11,600 BioMed Realty Trust, Inc. 279,560
2,900 CBRE Realty Finance, Inc. 17,110
6,200 CapLease, Inc. 63,550
1,700 Capital Trust, Inc. 60,350
7,200 Cedar Shopping Centers, Inc. 98,064
6,200 Corporate Office Properties Trust 258,106
6,600 Cousins Properties, Inc. 193,776
3,143 Crystal River Capital, Inc. 52,834
27,450 DCT Industrial Trust, Inc. 287,402
8,400 Deerfield Triarc Capital Corp. 76,020
14,040 DiamondRock Hospitality Co. 244,436
8,040 Digital Realty Trust, Inc. 316,696
3,900 Eastgroup Properties, Inc. 176,514
4,600 Education Realty Trust, Inc. 62,100
4,600 Entertainment Properties Trust 233,680
9,600 Equity Inns, Inc. 216,768
3,400 Equity Lifestyle Properties, Inc. 176,120
5,900 Equity One, Inc. 160,480
10,100 Extra Space Storage, Inc. 155,439
10,200 FelCor Lodging Trust, Inc. 203,286
7,800 First Industrial Realty Trust, Inc. 303,186
3,900 First Potomac Realty Trust 85,020
8,700 Franklin Street Properties Corp. 150,075
25,800 Friedman Billings Ramsey Group, Inc. Class A 118,938
7,000 GMH Communities Trust 54,250
2,800 Getty Realty Corp. 76,160
6,400 Glimcher Realty Trust 150,400
2,800 Gramercy Capital Corp. 70,476
8,400 Healthcare Realty Trust, Inc. 223,944
5,900 Hersha Hospitality Trust 58,410
9,300 Highwoods Properties, Inc. 341,031
5,400 Home Properties, Inc. 281,772
13,400 IMPAC Mortgage Holdings, Inc. 20,636
9,500 Inland Real Estate Corp. 147,155
8,200 Investors Real Estate Trust 88,560
4,200 JER Investors Trust, Inc. 52,290
4,200 Kite Realty Group Trust 78,960
3,900 LTC Properties, Inc. 92,313
7,000 LaSalle Hotel Properties 294,560
10,730 Lexington Corporate Properties Trust 214,707
7,600 Luminent Mortgage Capital, Inc. 12,692
13,800 MFA Mortgage Investments, Inc. 111,090
6,100 Maguire Properties, Inc. 157,563
8,100 Medical Properties Trust, Inc. 107,892
7,420 Meruelo Maddux Properties, Inc. (a) 43,852
4,100 Mid-America Apartment Communities, Inc. 204,385
1,400 Mission West Properties, Inc. 17,010
3,800 National Health Investors, Inc. 117,458
10,700 National Retail Properties, Inc. 260,866
13,700 Nationwide Health Properties, Inc. 412,781
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
7,600 Newcastle Investment Corp. $ 133,912
8,900 NorthStar Realty Finance Corp. 88,377
1,550 Novastar Financial, Inc. (a) 13,749
10,900 Omega Healthcare Investors, Inc. 169,277
2,600 PS Business Parks, Inc. 147,810
2,500 Parkway Properties, Inc. 110,350
5,300 Pennsylvania Real Estate Investment Trust 206,382
7,100 Post Properties, Inc. 274,770
6,339 Potlatch Corp. 285,445
10,840 RAIT Investment Trust 89,213
3,000 Ramco-Gershenson Properties Trust 93,720
16,600 Realty Income Corp. 463,970
3,400 Redwood Trust, Inc. 112,948
4,200 Republic Property Trust 61,614
1,700 Saul Centers, Inc. 87,550
12,500 Senior Housing Properties Trust 275,750
3,200 Sovran Self Storage, Inc. 146,688
12,100 Strategic Hotel Capital, Inc. 249,139
3,200 Sun Communities, Inc. 96,256
10,200 Sunstone Hotel Investors, Inc. 261,528
5,400 Tanger Factory Outlet Centers, Inc. 219,186
2,300 Tarragon Corp. (a) 6,026
7,500 U-Store-It Trust 99,000
1,900 Universal Health Realty Income Trust 67,507
3,400 Urstadt Biddle Properties, Inc. Class A 52,598
7,400 Washington Real Estate Investment Trust 245,532
4,500 Winthrop Realty Trust, Inc. 30,285
-------------
13,324,212
-----------------------------------------------------------------------------------------------------------------------------
Recreational Vehicles & Boats - 0.2% 2,300 Arctic Cat, Inc. 37,628
10,900 Fleetwood Enterprises, Inc. (a) 93,195
1,600 Marine Products Corp. 13,568
4,900 Monaco Coach Corp. 68,747
5,800 Polaris Industries, Inc. 252,996
5,100 Winnebago Industries, Inc. 121,788
-------------
587,922
-----------------------------------------------------------------------------------------------------------------------------
Rental & Leasing Services: 2,800 Electro Rent Corp. 39,228
Commercial - 0.1% 2,200 H&E Equipment Services, Inc. (a) 39,556
3,900 McGrath RentCorp 129,636
4,900 Williams Scotsman International, Inc. (a) 135,779
-------------
344,199
-----------------------------------------------------------------------------------------------------------------------------
Rental & Leasing Services: 7,500 Aaron Rents, Inc. 167,250
Consumer - 0.3% 1,700 Amerco, Inc. (a) 107,882
3,900 Dollar Thrifty Automotive Group, Inc. (a) 135,291
2,200 RSC Holdings, Inc. (a) 36,080
11,500 Rent-A-Center, Inc. (a) 208,495
-------------
654,998
-----------------------------------------------------------------------------------------------------------------------------
Restaurants - 1.6% 4,500 AFC Enterprises, Inc. (a) 67,725
12,150 Applebee's International, Inc. 302,292
2,400 BJ's Restaurants, Inc. (a) 50,520
1,000 Benihana, Inc. Class A (a) 17,310
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
6,300 Bob Evans Farms, Inc. $ 190,134
2,600 Buffalo Wild Wings, Inc. (a) 98,072
4,058 CBRL Group, Inc. 165,566
4,700 CEC Entertainment, Inc. (a) 126,289
10,300 CKE Restaurants, Inc. 166,963
5,250 California Pizza Kitchen, Inc. (a) 92,243
3,000 Carrols Restaurant Group, Inc. (a) 33,600
5,000 Chipotle Mexican Grill, Inc. Class B (a) 535,000
18,800 Denny's Corp. (a) 75,200
6,700 Domino's Pizza, Inc. 111,153
2,800 IHOP Corp. 177,324
5,100 Jack in the Box, Inc. (a) 330,684
6,400 Jamba, Inc. (a) 44,992
10,500 Krispy Kreme Doughnuts, Inc. (a) 42,000
2,900 Landry's Restaurants, Inc. 76,734
1,800 McCormick & Schmick's Seafood Restaurants, Inc. (a) 33,894
700 Morton's Restaurant Group, Inc. (a) 11,130
4,100 O'Charleys, Inc. 62,156
4,200 P.F. Chang's China Bistro, Inc. (a) 124,320
4,300 Papa John's International, Inc. (a) 105,092
5,900 Rare Hospitality International, Inc. (a) 224,849
2,900 Red Robin Gourmet Burgers, Inc. (a) 124,410
8,800 Ruby Tuesday, Inc. 161,392
3,000 Ruth's Chris Steak House, Inc. (a) 42,750
10,870 Sonic Corp. (a) 254,358
4,600 The Steak n Shake Co. (a) 69,046
8,600 Texas Roadhouse, Inc. Class A (a) 100,620
10,200 Triarc Cos. 127,602
-------------
4,145,420
-----------------------------------------------------------------------------------------------------------------------------
Retail - 3.2% 5,500 1-800-FLOWERS.COM, Inc. Class A (a) 63,745
7,600 99 Cents Only Stores (a) 78,052
3,200 AC Moore Arts & Crafts, Inc. (a) 50,432
12,600 Aeropostale, Inc. (a) 240,156
3,200 Asbury Automotive Group, Inc. 63,392
4,100 bebe Stores, Inc. 59,983
4,000 Big 5 Sporting Goods Corp. 74,800
33,300 Blockbuster, Inc. Class A (a) 178,821
2,500 Blue Nile, Inc. (a) 235,300
1,300 The Bon-Ton Stores, Inc. 29,536
3,400 Books-A-Million, Inc. 44,982
9,500 Borders Group, Inc. 126,635
7,125 Brown Shoe Co., Inc. 138,225
2,300 The Buckle, Inc. 87,262
2,500 Build-A-Bear Workshop, Inc. (a) 44,400
7,200 CSK Auto Corp. (a) 76,680
5,600 Cabela's, Inc. Class A (a) 132,440
3,200 Cache, Inc. (a) 57,120
6,700 Casual Male Retail Group, Inc. (a) 60,032
5,300 The Cato Corp. Class A 108,332
11,369 Central Garden and Pet Co. Class A (a) 102,094
4,100 Charlotte Russe Holding, Inc. (a) 60,024
20,100 Charming Shoppes, Inc. (a) 168,840
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
3,700 The Children's Place Retail Stores, Inc. (a) $ 89,836
5,900 Christopher & Banks Corp. 71,508
10,600 Collective Brands, Inc. (a) 233,836
1,400 Conn's, Inc. (a) 33,446
100 DEB Shops, Inc. 2,689
7,700 Dress Barn, Inc. (a) 130,977
3,800 Eddie Bauer Holdings, Inc. (a) 32,680
6,300 Ezcorp, Inc. (a) 84,735
2,300 FTD Group, Inc. 34,224
7,000 Fred's, Inc. 73,710
4,000 GSI Commerce, Inc. (a) 106,400
2,800 Gaiam, Inc. (a) 67,284
500 Gander Mountain Co. (a) 2,705
4,000 Genesco, Inc. (a) 184,520
4,000 Group 1 Automotive, Inc. 134,280
4,800 Guitar Center, Inc. (a) 284,640
5,300 Gymboree Corp. (a) 186,772
7,800 HOT Topic, Inc. (a) 58,188
5,950 Hibbett Sports, Inc. (a) 147,560
8,500 Insight Enterprises, Inc. (a) 219,385
4,200 Jo-Ann Stores, Inc. (a) 88,620
3,125 Jos. A. Bank Clothiers, Inc. (a) 104,438
979 Lawson Products, Inc. 34,079
2,600 Lithia Motors, Inc. Class A 44,356
2,700 MarineMax, Inc. (a) 39,312
8,400 Men's Wearhouse, Inc. 424,368
3,500 New York & Co. (a) 21,350
2,800 Overstock.com, Inc. (a) 80,640
200 PC Connection, Inc. (a) 2,500
11,400 Pacific Sunwear of California, Inc. (a) 168,720
3,700 The Pantry, Inc. (a) 94,831
7,700 The Pep Boys - Manny, Moe & Jack 108,031
4,700 PetMed Express, Inc. (a) 65,847
14,400 Pier 1 Imports, Inc. (a) 68,112
1,400 PriceSmart, Inc. 33,040
5,900 Priceline.com, Inc. (a) 523,625
3,500 Retail Ventures, Inc. (a) 36,435
3,600 Rush Enterprises, Inc. Class A (a) 91,260
2,700 Russ Berrie & Co., Inc. (a) 45,360
13,100 Sally Beauty Co., Inc. (a) 110,695
3,700 School Specialty, Inc. (a) 128,131
1,600 Shutterfly, Inc. (a) 51,056
5,000 Sonic Automotive, Inc. 119,700
7,050 Stage Stores, Inc. 128,522
3,300 Stamps.com, Inc. (a) 39,501
4,400 Stein Mart, Inc. 33,484
200 Syms Corp. 3,002
900 Systemax, Inc. 18,396
3,800 Talbots, Inc. 68,400
4,900 Tuesday Morning Corp. 44,051
5,000 Tween Brands, Inc. (a) 164,200
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
7,000 United Natural Foods, Inc. (a) $ 190,540
5,100 ValueVision Media, Inc. Class A (a) 37,791
2,200 Volcom, Inc. (a) 93,544
12,600 The Wet Seal, Inc. Class A (a) 48,762
8,000 Zale Corp. (a) 185,120
3,300 Zumiez, Inc. (a) 146,421
-------------
8,146,898
-----------------------------------------------------------------------------------------------------------------------------
Savings & Loan - 1.2% 3,400 Anchor Bancorp Wisconsin, Inc. 91,800
10,000 Bank Mutual Corp. 117,900
8,100 BankAtlantic Bancorp, Inc. Class A 70,227
5,200 BankUnited Financial Corp. Class A 80,808
1,400 Berkshire Hills Bancorp, Inc. 42,322
10,800 Brookline Bancorp, Inc. 125,172
4,400 Dime Community Bancshares, Inc. 65,868
3,400 Downey Financial Corp. 196,520
2,400 First Financial Holdings, Inc. 75,072
2,225 First Indiana Corp. 69,687
18,300 First Niagara Financial Group, Inc. 258,945
2,300 First Place Financial Corp. 40,710
2,700 FirstFed Financial Corp. (a) 133,785
7,100 Flagstar Bancorp, Inc. 69,083
3,400 Flushing Financial Corp. 57,120
1,700 Great Southern Bancorp, Inc. 42,228
1,950 Horizon Financial Corp. 39,546
1,900 IBERIABANK Corp. 100,035
1,300 Imperial Capital Bancorp, Inc. 36,725
4,500 KNBT Bancorp, Inc. 74,430
3,500 Kearny Financial Corp. 44,765
100 NASB Financial, Inc. 3,571
18,500 NewAlliance Bancshares, Inc. 271,580
3,000 Northwest Bancorp, Inc. 85,380
5,800 Ocwen Financial Corp. (a) 54,694
4,300 PFF Bancorp, Inc. 65,962
7,100 Partners Trust Financial Group, Inc. 86,407
10,700 Provident Financial Services, Inc. 175,159
6,900 Provident New York Bancorp 90,459
1,400 Rockville Financial, Inc. 19,964
200 Roma Financial Corp. 3,420
8,260 Sterling Financial Corp. 222,277
3,200 TierOne Corp. 84,704
4,400 United Community Financial Corp. 31,768
600 ViewPoint Financial Group 11,088
18,600 W Holding Co., Inc. 41,664
1,700 Westfield Financial, Inc. 16,507
-------------
3,097,352
-----------------------------------------------------------------------------------------------------------------------------
Scientific Equipment & Suppliers 7,000 Newport Corp. (a) 106,610
- 0.2% 5,400 Varian, Inc. (a) 343,494
-------------
450,104
-----------------------------------------------------------------------------------------------------------------------------
Securities Brokerage & Services 8,600 Centerline Holding Co. 132,010
- 0.4% 2,300 GFI Group, Inc. (a) 198,076
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
4,100 KBW, Inc. (a) $ 117,998
16,900 Knight Capital Group, Inc. Class A (a) 202,124
8,700 LaBranche & Co., Inc. (a) 40,716
9,600 Ladenburg Thalmann Financial Services, Inc. (a) 18,816
5,100 MarketAxess Holdings, Inc. (a) 76,500
6,300 optionsXpress Holdings, Inc. 164,682
1,700 Penson Worldwide, Inc. (a) 31,416
4,200 SWS Group, Inc. 74,298
2,521 Thomas Weisel Partners Group, Inc. (a) 36,580
-------------
1,093,216
-----------------------------------------------------------------------------------------------------------------------------
Services: Commercial - 3.1% 7,700 ABM Industries, Inc. 153,835
5,600 AMN Healthcare Services, Inc. (a) 104,888
3,800 Administaff, Inc. 137,940
3,300 The Advisory Board Co. (a) 192,951
3,300 Ambassadors Group, Inc. 125,730
2,000 Ambassadors International, Inc. 49,060
600 Barrett Business Services 14,298
7,700 CBIZ, Inc. (a) 61,215
2,200 CDI Corp. 61,336
2,000 CRA International, Inc. (a) 96,380
3,700 Casella Waste Systems, Inc. (a) 46,398
4,100 Chemed Corp. 254,856
3,100 CoStar Group, Inc. (a) 165,695
4,700 Coinmach Service Corp. Class A 56,353
4,800 Coinstar, Inc. (a) 154,416
1,700 Cornell Cos., Inc. (a) 40,035
5,600 Cross Country Healthcare, Inc. (a) 97,832
4,600 Diamond Management & Technology Consultants, Inc. 42,320
4,100 DynCorp. International, Inc. (a) 94,751
3,200 Exponent, Inc. (a) 80,288
7,000 FTI Consulting, Inc. (a) 352,170
1,300 First Advantage Corp. Class A (a) 22,971
2,400 Forrester Research, Inc. (a) 56,568
3,600 G&K Services, Inc. Class A 144,720
8,200 The Geo Group, Inc. (a) 242,802
4,600 Gevity HR, Inc. 47,150
1,800 Global Sources Ltd. (a) 39,906
8,800 Harris Interactive, Inc. (a) 37,928
3,200 Heidrick & Struggles International, Inc. 116,640
9,100 Home Solutions of America, Inc. (a) 30,849
4,100 Hudson Highland Group, Inc. (a) 52,193
1,300 ICT Group, Inc. (a) 17,433
17,500 IKON Office Solutions, Inc. 224,875
5,300 Jackson Hewitt Tax Service, Inc. 148,188
3,800 Kelly Services, Inc. Class A 75,278
4,600 Kenexa Corp. (a) 141,588
5,100 Kforce, Inc. (a) 65,586
5,300 The Knot, Inc. (a) 112,678
7,100 Korn/Ferry International (a) 117,221
8,200 Labor Ready, Inc. (a) 151,782
1,700 Liquidity Services, Inc. (a) 18,683
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
3,600 MAXIMUS, Inc. $ 156,888
16,700 MPS Group, Inc. (a) 186,205
2,700 Midas, Inc. (a) 50,949
2,000 Monro Muffler, Inc. 67,580
9,400 Navigant Consulting, Inc. (a) 119,004
7,500 Net 1 UEPS Technologies, Inc. (a) 203,775
5,300 On Assignment, Inc. (a) 49,502
8,700 PHH Corp. (a) 228,636
5,100 People Support, Inc. (a) 60,996
3,900 Perficient, Inc. (a) 85,293
1,800 Pre-Paid Legal Services, Inc. (a) 99,828
2,100 The Providence Service Corp. (a) 61,656
7,800 Regis Corp. 248,898
8,400 Resources Connection, Inc. 194,460
5,200 Rollins, Inc. 138,788
8,600 Source Interlink Cos., Inc. (a) 30,272
10,000 Spherion Corp. (a) 82,600
500 Standard Parking Corp. (a) 19,895
2,300 Steiner Leisure Ltd. (a) 99,820
6,300 TeleTech Holdings, Inc. (a) 150,633
9,900 Tetra Tech, Inc. (a) 209,088
600 Travelzoo, Inc. (a) 13,770
1,800 Unifirst Corp. 67,428
3,400 Viad Corp. 122,400
2,250 Volt Information Sciences, Inc. (a) 39,690
11,700 Waste Connections, Inc. (a) 371,592
700 Waste Industries USA, Inc. 20,034
3,133 Waste Services, Inc. (a) 30,421
7,000 Watson Wyatt Worldwide, Inc. 314,580
4,600 World Fuel Services Corp. 187,726
-------------
7,960,193
-----------------------------------------------------------------------------------------------------------------------------
Shipping - 0.7% 10,200 American Commercial Lines, Inc. (a) 242,046
1,300 Arlington Tankers Ltd 32,019
2,400 Double Hull Tankers, Inc. 35,736
5,700 Eagle Bulk Shipping, Inc. 146,718
2,300 Genco Shipping & Trading Ltd. 150,719
3,800 General Maritime Corp. 106,058
6,800 Golar LNG Ltd. 151,776
4,200 Gulfmark Offshore, Inc. (a) 204,372
4,700 Horizon Lines, Inc. Class A 143,491
2,000 Knightsbridge Tankers Ltd. 53,800
3,800 Nordic American Tanker Shipping Ltd. 149,112
5,900 Ship Finance International Ltd. 154,993
3,100 Star Maritime Acquisition Corp. (a) 43,431
1,400 TBS International Ltd. (a) 57,750
-------------
1,672,021
-----------------------------------------------------------------------------------------------------------------------------
Shoes - 0.5% 2,800 DSW, Inc. Class A (a) 70,476
2,000 Deckers Outdoor Corp. (a) 219,600
6,900 The Finish Line, Inc. Class A 29,946
1,000 Heelys, Inc. (a) 7,970
8,300 Iconix Brand Group, Inc. (a) 197,457
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
4,200 K-Swiss, Inc. Class A $ 96,222
1,600 Kenneth Cole Productions, Inc. Class A 30,992
1,500 Shoe Carnival, Inc. (a) 23,670
3,200 Skechers U.S.A., Inc. Class A (a) 70,720
3,700 Steven Madden Ltd. 70,115
7,700 Timberland Co. Class A (a) 145,992
300 Weyco Group, Inc. 9,423
9,600 Wolverine World Wide, Inc. 263,040
-------------
1,235,623
-----------------------------------------------------------------------------------------------------------------------------
Steel - 0.3% 558 Claymont Steel, Inc. (a) 11,300
4,100 Gibraltar Industries, Inc. 75,850
1,400 Olympic Steel, Inc. 38,024
4,000 Schnitzer Steel Industries, Inc. Class A 293,160
1,500 Universal Stainless & Alloy Products, Inc. (a) 59,685
1,900 Wheeling-Pittsburgh Corp. (a) 36,670
11,200 Worthington Industries, Inc. 263,872
-------------
778,561
-----------------------------------------------------------------------------------------------------------------------------
Sugar - 0.0% 1,900 Imperial Sugar Co. New Shares 49,647
-----------------------------------------------------------------------------------------------------------------------------
Telecommunications Equipment - 0.8% 25,300 Andrew Corp. (a)(c) 350,405
17,700 Arris Group, Inc. (a) 218,595
2,800 Audiovox Corp. Class A (a) 28,812
7,300 Belden, Inc. 342,443
8,300 C-COR, Inc. (a) 95,367
6,900 Mastec, Inc. (a) 97,083
1,800 OpNext, Inc. (a) 20,880
7,800 Plantronics, Inc. 222,690
14,900 Polycom, Inc. (a) 400,214
20,500 Powerwave Technologies, Inc. (a) 126,280
8,000 Symmetricom, Inc. (a) 37,600
-------------
1,940,369
-----------------------------------------------------------------------------------------------------------------------------
Textile Products - 0.1% 8,900 Interface, Inc. Class A 160,645
-----------------------------------------------------------------------------------------------------------------------------
Textiles Apparel Manufacturers 8,600 Carter's, Inc. (a) 171,570
- 0.7% 1,400 Cherokee, Inc. 53,704
2,300 Columbia Sportswear Co. 127,213
1,500 G-III Apparel Group, Ltd. (a) 29,535
5,970 J. Crew Group, Inc. (a) 247,755
4,200 Kellwood Co. 71,610
3,000 Maidenform Brands, Inc. (a) 47,640
2,500 Oxford Industries, Inc. 90,300
1,950 Perry Ellis International, Inc. (a) 54,035
20,200 Quiksilver, Inc. (a) 288,860
3,100 True Religion Apparel, Inc. (a) 54,560
4,000 Under Armour, Inc. Class A (a) 239,280
7,500 The Warnaco Group, Inc. (a) 293,025
-------------
1,769,087
-----------------------------------------------------------------------------------------------------------------------------
Tires & Rubber - 0.1% 10,000 Cooper Tire & Rubber Co. 244,000
3,300 Titan International, Inc. 105,336
-------------
349,336
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
Tobacco - 0.2% 15,700 Alliance One International, Inc. (a) $ 102,678
2,700 Schweitzer-Mauduit International, Inc. 62,910
4,400 Universal Corp. 215,380
6,320 Vector Group Ltd. 141,630
-------------
522,598
-----------------------------------------------------------------------------------------------------------------------------
Toys - 0.1% 4,800 Jakks Pacific, Inc. (a) 128,208
5,600 Leapfrog Enterprises, Inc. (a) 46,200
8,300 Marvel Entertainment, Inc. (a) 194,552
-------------
368,960
-----------------------------------------------------------------------------------------------------------------------------
Transportation Miscellaneous - 0.2% 4,000 Celadon Group, Inc. (a) 47,080
1,400 Dynamex, Inc. (a) 35,868
6,300 HUB Group, Inc. Class A (a) 189,189
9,100 Odyssey Marine Exploration, Inc. (a) 55,874
6,000 Pacer International, Inc. 114,300
2,500 Ultrapetrol Bahamas Ltd. (a) 41,525
-------------
483,836
-----------------------------------------------------------------------------------------------------------------------------
Truckers - 0.4% 3,700 Arkansas Best Corp. 120,842
5,100 Forward Air Corp. 151,878
10,300 Heartland Express, Inc. 147,084
9,350 Knight Transportation, Inc. 160,914
2,500 Marten Transport Ltd. (a) 38,525
4,850 Old Dominion Freight Line, Inc. (a) 116,255
100 Patriot Transportation Holding, Inc. (a) 9,834
2,600 Saia, Inc. (a) 42,978
1,000 Universal Truckload Services, Inc. (a) 21,960
8,800 Werner Enterprises, Inc. 150,920
-------------
961,190
-----------------------------------------------------------------------------------------------------------------------------
Utilities: Cable TV & Radio - 0.0% 8,800 Mediacom Communications Corp. Class A (a) 62,040
-----------------------------------------------------------------------------------------------------------------------------
Utilities: Electrical - 1.4% 4,400 Allete, Inc. 196,944
8,600 Avista Corp. 175,010
6,100 Black Hills Corp. 250,222
2,600 CH Energy Group, Inc. 124,280
1,100 Central Vermont Public Service Corp. 40,194
9,700 Cleco Corp. 245,119
8,400 El Paso Electric Co. (a) 194,292
5,300 The Empire District Electric Co. 119,727
7,200 IDACORP, Inc. 235,728
6,300 ITC Holdings Corp. 312,165
3,500 MGE Energy, Inc. 117,040
5,800 NorthWestern Corp. 157,586
4,800 Otter Tail Corp. 171,120
12,500 PNM Resources, Inc. 291,000
2,800 Pike Electric Corp. (a) 52,528
4,700 Portland General Electric Co. 130,660
4,333 UIL Holdings Corp. 136,490
6,200 Unisource Energy Corp. 185,318
15,300 Westar Energy, Inc. 375,768
-------------
3,511,191
-----------------------------------------------------------------------------------------------------------------------------
Utilities: Gas Distributors - 0.8% 1,200 EnergySouth, Inc. 60,504
3,500 The Laclede Group, Inc. 112,980
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
4,600 New Jersey Resources Corp. $ 228,114
7,300 Nicor, Inc. 313,170
4,800 Northwest Natural Gas Co. 219,360
12,100 Piedmont Natural Gas Co. 303,589
2,500 SEMCO Energy, Inc. (a) 19,725
5,100 South Jersey Industries, Inc. 177,480
6,900 Southwest Gas Corp. 195,201
8,000 WGL Holdings, Inc. 271,120
-------------
1,901,243
-----------------------------------------------------------------------------------------------------------------------------
Utilities: Miscellaneous - 0.1% 61,000 Aquila, Inc. (a) 244,610
-----------------------------------------------------------------------------------------------------------------------------
Utilities: Telecommunications - 1.3% 7,400 Alaska Communications Systems Group, Inc. 106,930
800 Atlantic Tele-Network, Inc. 29,080
3,900 Centennial Communications Corp. (a) 39,468
43,200 Cincinnati Bell, Inc. (a) 213,408
3,200 Consolidated Communications Holdings, Inc. 62,752
25,400 Dobson Communications Corp. Class A (a) 324,612
5,300 FairPoint Communications, Inc. 99,958
20,610 FiberTower Corp. (a) 79,142
8,700 General Communication, Inc. Class A (a) 105,618
4,700 Global Crossing Ltd. (a) 99,076
1,300 Globalstar, Inc. (a) 9,529
2,600 Golden Telecom, Inc. (b) 209,274
18,800 ICO Global Communications Holdings Ltd. (a) 65,424
8,100 IDT Corp. Class B 67,797
3,700 Ibasis, Inc. (a) 39,775
5,500 Iowa Telecommunications Services, Inc. 109,175
2,800 iPCS, Inc. 96,292
3,700 NTELOS Holdings Corp. 109,002
3,500 North Pittsburgh Systems, Inc. 83,160
3,300 ORBCOMM, Inc. (a) 24,849
11,470 PAETEC Holding Corp. (a) 143,031
11,500 Premiere Global Services, Inc. (a) 145,475
5,000 RCN Corp. 61,500
1,600 Rural Cellular Corp. Class A (a) 69,600
3,600 Shenandoah Telecom Co. 78,336
2,400 SureWest Communications 60,024
24,430 Time Warner Telecom, Inc. Class A (a) 536,727
4,500 USA Mobility, Inc. 75,915
-------------
3,144,929
-----------------------------------------------------------------------------------------------------------------------------
Utilities: Water - 0.2% 3,000 American States Water Co. 117,000
3,100 California Water Service Group 119,319
1,400 Consolidated Water Co., Inc. 42,028
2,500 SJW Corp. 85,350
3,965 Southwest Water Co. 50,078
-------------
413,775
-----------------------------------------------------------------------------------------------------------------------------
Wholesale & International Trade 5,800 Central European Distribution Corp. (a) 277,878
- 0.1%
-----------------------------------------------------------------------------------------------------------------------------
Wholesalers - 0.3% 8,230 Brightpoint, Inc. (a) 123,532
2,200 Houston Wire & Cable Co. 39,842
7,400 LKQ Corp. (a) 257,594
Small Cap Premium & Dividend Income Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------
1,400 MWI Veterinary Supply, Inc. (a) $ 52,850
5,500 Prestige Brands Holdings, Inc. (a) 60,390
4,500 United Stationers, Inc. (a) 249,840
-------------
784,048
-----------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (Cost - $205,233,513) - 88.1% 221,388,645
-----------------------------------------------------------------------------------------------------------------------------
Mutual Funds
-----------------------------------------------------------------------------------------------------------------------------
2,300 Gladstone Capital Corp. 44,896
5,500 Hercules Technology Growth Capital, Inc. 72,985
1,000 Kayne Anderson Energy Development Co. 25,480
4,600 Patriot Capital Funding, Inc. 61,502
3,800 Pennantpark Investment Corp. 50,920
2,000 Prospect Capital Corp. 34,040
-----------------------------------------------------------------------------------------------------------------------------
Total Mutual Funds (Cost - $314,432) - 0.1% 289,823
-----------------------------------------------------------------------------------------------------------------------------
Face
Amount Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------
Time Deposits - 12.4% $ 31,237,777 State Street Bank & Trust Co., 3.75%
due 10/01/2007 31,237,777
-----------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities
(Cost - $31,237,777) - 12.4% 31,237,777
-----------------------------------------------------------------------------------------------------------------------------
Total Investments Before Options Written
(Cost - $236,785,722) - 100.6% 252,916,245
-----------------------------------------------------------------------------------------------------------------------------
Number of
Contracts Options Written
-----------------------------------------------------------------------------------------------------------------------------
Call Options Written 1,500 Russell 2000 Index, expiring October 2007 at $820 (1,417,500)
-----------------------------------------------------------------------------------------------------------------------------
Total Options Written
(Premiums Received - $2,518,005) - (0.5%) (1,417,500)
-----------------------------------------------------------------------------------------------------------------------------
Total Investments, Net of Options Written
(Cost - $234,267,717*) - 100.1% 251,498,745
Liabilities in Excess of Other Assets - (0.1%) (191,920)
-------------
Net Assets - 100.0% $ 251,306,825
=============
* The cost and unrealized appreciation (depreciation) of investments, net of
options written, as of September 30, 2007, as computed for federal income
tax purposes, were as follows:
Aggregate cost $ 254,606,184
=============
Gross unrealized appreciation $ 8,418,119
Gross unrealized depreciation (11,525,558)
-------------
Net unrealized depreciation $ (3,107,439)
=============
(a) Non-income producing security.
(b) Depositary receipts.
(c) All or a portion of security held as collateral in connection with open
financial futures contracts.
o 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. Industries are shown as a
percent of net assets.
o Financial futures contracts purchased as of September 30, 2007 were as
follows:
-----------------------------------------------------------------------------------------
Number of Unrealized
Contracts Issue Expiration Date Face Value Appreciation
-----------------------------------------------------------------------------------------
57 Russell 2000 Index December 2007 $ 22,486,044 $ 690,156
-----------------------------------------------------------------------------------------
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 and 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 and Dividend Income Fund Inc.
By: /s/ Mitchell M. Cox
-------------------
Mitchell M. Cox,
Chief Executive Officer (principal executive officer) of
Small Cap Premium and Dividend Income Fund Inc.
Date: November 19, 2007
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 and Dividend Income Fund Inc.
Date: November 19, 2007
By: /s/ James E. Hillman
-------------------
James E. Hillman,
Chief Financial Officer (principal financial officer) of
Small Cap Premium and Dividend Income Fund Inc.
Date: November 19, 2007