- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21746

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

Fund Address: P.O. Box 9011
 Princeton, NJ 08543-9011

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

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

Date of fiscal year end: 12/31/2008

Date of reporting period: 07/01/2008 - 09/30/2008

Item 1 - Schedule of Investments

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
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Advertising Agencies - 0.3% DG FastChannel, Inc. (a) 2,600 $ 56,992
 Greenfield Online, Inc. (a) 4,300 74,820
 Harte-Hanks, Inc. 6,000 62,220
 inVentiv Health, Inc. (a) 5,700 100,662
 Marchex, Inc. Class B 4,000 41,160
 National CineMedia, Inc. 6,800 75,140
 R.H. Donnelley Corp. (a) 14,600 29,054
 Valassis Communications, Inc. (a) 7,500 64,950
 ValueClick, Inc. (a) 15,030 153,757
 -------------
 658,755
------------------------------------------------------------------------------------------------------------------------------------
Aerospace - 0.9% AeroVironment, Inc. (a) 1,600 51,120
 Argon ST, Inc. (a) 2,100 49,329
 Ascent Solar Technologies, Inc. (a) 1,500 9,120
 Curtiss-Wright Corp. 7,500 340,875
 Ducommun, Inc. 1,900 45,372
 Heico Corp. 3,800 124,716
 LMI Aerospace, Inc. (a) 1,600 32,176
 Ladish Co., Inc. (a) 2,500 50,625
 Moog, Inc. Class A (a) 7,100 304,448
 Orbital Sciences Corp. (a) 9,900 237,303
 Teledyne Technologies, Inc. (a) 5,900 337,244
 TransDigm Group, Inc. (a) 5,600 191,688
 -------------
 1,774,016
------------------------------------------------------------------------------------------------------------------------------------
Agriculture, Fishing & Ranching - 0.1% AgFeed Industries, Inc. (a) 3,600 28,440
 Alico, Inc. 600 28,458
 The Andersons, Inc. 3,200 112,704
 Cadiz, Inc. (a) 1,800 34,326
 Calavo Growers, Inc. 2,000 24,920
 HQ Sustainable Maritime Industries, Inc. (a) 1,400 7,084
 -------------
 235,932
------------------------------------------------------------------------------------------------------------------------------------
Air Transport - 0.7% AAR Corp. (a)(b) 6,800 112,812
 AirTran Holdings, Inc. (a) 20,100 48,843
 Alaska Air Group, Inc. (a) 6,200 126,418
 Allegiant Travel Co. (a) 2,500 88,300
 Atlas Air Worldwide Holdings, Inc. (a) 2,100 84,651
 Bristow Group, Inc. (a) 3,800 128,592
 Hawaiian Holdings, Inc. (a) 7,200 66,816
 JetBlue Airways Corp. (a) 29,200 144,540
 PHI, Inc. (a) 2,400 88,632
 Republic Airways Holdings, Inc. (a) 5,600 57,064
 SkyWest, Inc. 9,900 158,202
 UAL Corp. 21,700 190,743
 US Airways Group, Inc. (a) 18,400 110,952
 -------------
 1,406,565
------------------------------------------------------------------------------------------------------------------------------------
Aluminum - 0.1% Kaiser Aluminum Corp. 2,500 107,375
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Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
Auto Parts: After Market - 0.1% ATC Technology Corp. (a) 3,600 $ 85,464
 Commercial Vehicle Group, Inc. (a) 3,500 24,885
 Dorman Products, Inc. (a) 1,600 20,048
 Superior Industries International, Inc. 3,500 67,060
 -------------
 197,457
------------------------------------------------------------------------------------------------------------------------------------
Auto Parts: Original Equipment - 0.4% American Axle & Manufacturing Holdings, Inc. 7,300 39,128
 Amerigon, Inc. (a) 3,100 20,398
 ArvinMeritor, Inc. 12,700 165,608
 Dana Holding Corp. (a) 16,400 79,376
 Fuel Systems Solutions, Inc. (a) 2,100 72,345
 Hayes Lemmerz International, Inc. (a) 17,100 46,683
 Lear Corp. (a) 10,970 115,185
 Quantum Fuel Systems Technologies Worldwide, Inc. (a) 13,100 16,899
 Sauer-Danfoss, Inc. 1,600 39,504
 Stoneridge, Inc. (a) 2,100 23,625
 Tenneco, Inc. (a) 7,900 83,977
 Visteon Corp. (a) 22,100 51,272
 Wonder Auto Technology, Inc. (a) 2,900 18,589
 -------------
 772,589
------------------------------------------------------------------------------------------------------------------------------------
Auto, Trucks & Parts - 0.1% Accuride Corp. (a) 6,600 10,560
 Force Protection, Inc. (a) 12,300 31,488
 Modine Manufacturing Co. 5,200 75,296
 Spartan Motors, Inc. 5,100 16,218
 Wabash National Corp. 5,200 49,140
 -------------
 182,702
------------------------------------------------------------------------------------------------------------------------------------
Banks: New York City - 0.1% Signature Bank (a) 5,200 181,376
------------------------------------------------------------------------------------------------------------------------------------
Banks: Non U.S. Banks - 0.0% Banco Latinoamericano de Exportaciones, SA 'E' 4,300 62,006
------------------------------------------------------------------------------------------------------------------------------------
Banks: Outside New York City - 6.0% 1st Source Corp. 2,200 51,700
 Abington Bancorp, Inc. 4,600 46,552
 Amcore Financial, Inc. 3,913 36,195
 Ameris Bancorp 2,200 32,670
 Ames National Corp. 1,000 25,000
 Arrow Financial Corp. 1,800 52,938
 Bancfirst Corp. 1,200 57,996
 BancTrust Financial Group, Inc. 3,500 45,920
 Bank of the Ozarks, Inc. 1,800 48,600
 BankFinancial Corp. 3,800 55,784
 Banner Corp. 2,400 28,824
 Beneficial Mutual Bancorp, Inc. (a) 5,100 64,515
 Boston Private Financial Holdings, Inc. 8,500 74,290
 Bryn Mawr Bank Corp. 1,100 24,178
 CVB Financial Corp. 10,842 150,704
 Camden National Corp. 1,200 41,940
 Capital City Bank Group, Inc. 2,000 62,700
 Capitol Bancorp Ltd. 2,300 44,827

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Cardinal Financial Corp. 4,700 $ 37,976
 Cascade Bancorp 3,800 34,124
 Cathay General Bancorp 8,300 197,540
 Centerstate Banks of Florida, Inc. 1,400 25,018
 Central Pacific Financial Corp. 5,000 84,050
 Chemical Financial Corp. 4,000 124,560
 Citizens Banking Corp. 14,400 44,352
 Citizens & Northern Corp. 1,400 29,974
 City Holding Co. 2,800 118,300
 CityBank 2,200 32,494
 Clifton Savings Bancorp, Inc. 900 10,791
 CoBiz Financial, Inc. 2,600 31,226
 The Colonial BancGroup, Inc. 34,800 273,528
 Columbia Banking System, Inc. 3,100 54,963
 Community Bank System, Inc. 5,100 128,265
 Community Trust Bancorp, Inc. 2,500 86,000
 Corus Bankshares, Inc. 6,300 25,515
 East-West Bancorp, Inc. 10,800 147,960
 Encore Bancshares, Inc. (a) 1,000 18,000
 Enterprise Financial Services Corp. 1,700 38,352
 Farmers Capital Bank Corp. 1,300 35,126
 Financial Institutions, Inc. 2,200 44,022
 First BanCorp 12,400 137,144
 First Bancorp 1,900 32,490
 First Bancorp, Inc. 1,300 25,480
 First Busey Corp. 3,800 69,654
 First Commonwealth Financial Corp. 12,000 161,640
 First Community Bancshares, Inc. 1,500 56,280
 First Financial Bancorp 6,800 99,280
 First Financial Bankshares, Inc. 3,500 181,580
 First Financial Corp. 2,100 98,658
 First Merchants Corp. 3,000 68,400
 First Midwest Bancorp, Inc. 8,100 196,344
 First South Bancorp, Inc. 1,350 23,314
 FirstMerit Corp. 13,900 291,900
 Fox Chase Bancorp, Inc. (a) 900 10,530
 Frontier Financial Corp. 8,350 112,140
 Glacier Bancorp, Inc. 8,950 221,691
 Greene County Bancshares, Inc. 1,900 44,669
 Guaranty Bancorp (a) 8,900 54,290
 Hancock Holding Co. 4,300 219,300
 Hanmi Financial Corp. 6,700 33,835
 Harleysville National Corp. 5,303 90,045
 Heartland Financial USA, Inc. 2,100 52,626
 Heritage Commerce Corp. 1,900 28,918
 Home Bancshares, Inc. 1,826 47,239

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Independent Bank Corp./MA 2,700 $ 84,159
 Integra Bank Corp. 3,500 27,930
 International Bancshares Corp. 8,526 230,202
 Investors Bancorp, Inc. (a) 7,400 111,370
 Lakeland Bancorp, Inc. 2,866 33,504
 Lakeland Financial Corp. 2,000 43,920
 MB Financial, Inc. 5,777 191,045
 MainSource Financial Group, Inc. 3,080 60,368
 Midwest Banc Holdings, Inc. 3,000 12,000
 NBT Bancorp, Inc. 5,400 161,568
 Nara Bancorp, Inc. 3,800 42,560
 National Penn Bancshares, Inc. 13,786 201,276
 Northfield Bancorp, Inc. (a) 2,700 32,697
 Old National Bancorp 11,500 230,230
 Old Second Bancorp, Inc. 2,353 43,578
 Oriental Financial Group 4,300 76,798
 Pacific Capital Bancorp 7,800 158,730
 Pacific Continental Corp. 1,700 24,888
 PacWest Bancorp 4,129 118,048
 Park National Corp. 1,900 148,200
 Peapack-Gladstone Financial Corp. 1,300 43,550
 Pennsylvania Commerce Bancorp, Inc. (a) 1,100 32,791
 Peoples Bancorp, Inc. 1,700 37,009
 Pinnacle Financial Partners, Inc. (a) 3,800 117,040
 Piper Jaffray Cos. (a) 3,000 129,750
 Premierwest Bancorp 3,900 32,721
 PrivateBancorp, Inc. 3,400 141,644
 Prosperity Bancshares, Inc. 6,800 231,132
 Provident Bankshares Corp. 5,700 55,347
 Renasant Corp. 3,150 68,386
 Republic Bancorp, Inc. Class A 1,511 45,814
 S&T Bancorp, Inc. 4,100 151,003
 SCBT Financial Corp. 1,460 54,896
 SVB Financial Group (a) 4,900 283,808
 SY Bancorp, Inc. 2,485 76,091
 Sandy Spring Bancorp, Inc. 2,800 61,880
 Santander BanCorp 200 2,160
 Seacoast Banking Corp. of Florida 2,500 26,825
 Shore Bancshares, Inc. 1,600 41,120
 Sierra Bancorp 1,000 20,860
 Simmons First National Corp. Class A 2,300 81,880
 Smithtown Bancorp, Inc. 1,900 42,750
 The South Financial Group, Inc. 12,300 90,159
 Southside Bancshares, Inc. 1,871 47,149
 Southwest Bancorp, Inc. 2,500 44,175
 State Bancorp, Inc. 2,300 34,270

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 StellarOne Corp. 3,700 $ 76,479
 Sterling Bancshares, Inc. 12,400 129,580
 Suffolk Bancorp 1,800 70,938
 Sun Bancorp, Inc. (a) 2,509 33,997
 Susquehanna Bancshares, Inc. 14,874 290,340
 Texas Capital Bancshares, Inc. (a) 4,200 87,192
 Tompkins Trustco, Inc. 1,190 60,095
 Towne Bank 3,400 74,800
 Trico Bancshares 2,300 49,519
 TrustCo Bank Corp. NY 12,800 149,888
 Trustmark Corp. 8,700 180,438
 UCBH Holdings, Inc. 17,600 112,816
 UMB Financial Corp. 5,200 273,104
 Umpqua Holdings Corp. 10,188 149,865
 Union Bankshares Corp. 2,150 51,600
 United Bankshares, Inc. 6,400 224,000
 United Community Banks, Inc. 6,248 82,844
 United Financial Bancorp, Inc. 3,400 50,490
 United Security Bancshares 1,000 16,360
 Univest Corp. of Pennsylvania 2,000 74,000
 Washington Trust Bancorp, Inc. 2,200 58,520
 WesBanco, Inc. 4,800 127,776
 West Bancorp., Inc. 3,500 45,605
 West Coast Bancorp 2,600 38,116
 Westamerica Bancorp. 4,700 270,391
 Western Alliance Bancorp (a) 2,800 43,288
 Wilshire Bancorp, Inc. 2,700 32,859
 Wintrust Financial Corp. 4,000 117,400
 Yardkin Valley Financial Corp. 2,300 39,008
 -------------
 11,963,505
------------------------------------------------------------------------------------------------------------------------------------
Beverage: Brewers (Wineries) - 0.0% Boston Beer Co., Inc. Class A (a) 1,600 75,984
------------------------------------------------------------------------------------------------------------------------------------
Beverage: Soft Drinks - 0.1% Coca-Cola Bottling Co. Consolidated 600 26,196
 Farmer Bros. Co. 800 19,896
 Green Mountain Coffee Roasters, Inc. (a) 2,900 114,086
 National Beverage Corp. (a) 1,680 14,902
 Peet's Coffee & Tea, Inc. (a) 2,400 67,008
 -------------
 242,088
------------------------------------------------------------------------------------------------------------------------------------
Biotechnology Research & Production - 3.3% AMAG Pharmaceuticals, Inc. (a) 2,890 111,930
 Acadia Pharmaceuticals, Inc. (a)(b) 5,600 15,008
 Accelrys, Inc. (a) 5,200 28,548
 Acorda Therapeutics, Inc. (a) 6,000 143,100
 Albany Molecular Research, Inc. (a) 4,300 77,787
 Alexion Pharmaceuticals, Inc. (a) 13,000 510,900
 Allos Therapeutics, Inc. (a) 8,600 63,726
 Alnylam Pharmaceuticals, Inc. (a) 6,000 173,700
 American Oriental Bioengineering, Inc. (a) 10,200 66,198

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Amicus Therapeutics, Inc. (a) 800 $ 12,096
 Arena Pharmaceuticals, Inc. (a) 12,500 62,500
 Ariad Pharmaceuticals, Inc. (a) 12,700 31,369
 Arqule, Inc. (a) 5,200 16,744
 Array Biopharma, Inc. (a) 7,800 59,904
 ArthroCare Corp. (a) 4,500 124,740
 Avant Immunotherapeutics, Inc. (a) 2,700 31,401
 Biodel, Inc. (a) 1,700 5,695
 Caliper Life Sciences, Inc. (a) 9,200 25,760
 Celera Corp. (a) 13,300 205,485
 Cell Genesys, Inc. (a) 14,200 8,378
 Cougar Biotechnology, Inc. (a) 2,400 80,136
 Cubist Pharmaceuticals, Inc. (a)(b) 9,800 217,854
 Cypress Bioscience, Inc. (a) 6,400 47,040
 Cytokinetics, Inc. (a) 4,700 22,278
 Cytori Therapeutics, Inc. (a) 3,800 20,064
 Discovery Laboratories, Inc. (a) 16,300 30,481
 Dyax Corp. (a) 8,800 38,720
 Enzon Pharmaceuticals, Inc. (a) 7,600 56,088
 Exelixis, Inc. (a) 17,800 108,224
 Genomic Health, Inc. (a) 2,100 47,565
 Geron Corp. (a) 13,200 52,140
 Halozyme Therapeutics, Inc. (a) 10,300 75,602
 Human Genome Sciences, Inc. (a) 23,500 149,225
 Idenix Pharmaceuticals, Inc. (a) 4,200 30,366
 Idera Pharmaceuticals, Inc. (a) 3,300 46,431
 Immunomedics, Inc. (a) 11,000 19,580
 Incyte Corp. (a) 12,200 93,330
 Integra LifeSciences Holdings Corp. (a) 3,000 132,090
 InterMune, Inc. (a) 5,600 95,816
 Kendle International, Inc. (a) 2,200 98,362
 Kensey Nash Corp. (a) 1,200 37,752
 Lexicon Genetics, Inc. (a) 12,600 22,428
 Life Sciences Research, Inc. (a) 1,300 45,500
 MannKind Corp. (a) 8,700 33,582
 Marshall Edwards, Inc. (a) 2,300 4,945
 Martek Biosciences Corp. 5,700 179,094
 Maxygen, Inc. (a) 4,000 16,920
 Medivation, Inc. (a) 4,100 108,486
 Metabolix, Inc. (a) 3,500 38,080
 Momenta Pharmaceuticals, Inc. (a) 4,000 52,440
 Myriad Genetics, Inc. (a) 7,400 480,112
 NPS Pharmaceuticals, Inc. (a) 8,700 62,118
 Nabi Biopharmaceuticals (a) 9,700 45,202
 Nanosphere, Inc. (a) 1,900 16,207
 Neurocrine Biosciences, Inc. (a) 6,600 30,954

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 OMRIX Biopharmaceuticals, Inc. (a) 2,400 $ 43,056
 OSI Pharmaceuticals, Inc. (a) 9,600 473,184
 Opko Health, Inc. (a) 6,800 11,900
 Orexigen Therapeutics, Inc. (a) 3,800 41,002
 Osiris Therapeutics, Inc. (a) 2,500 48,225
 PDL BioPharma, Inc. 20,400 189,924
 PharmaNet Development Group, Inc. (a) 3,300 23,826
 Progenics Pharmaceuticals, Inc. (a) 4,500 59,895
 Protalix BioTherapeutics, Inc. (a) 1,860 4,148
 RTI Biologics, Inc. (a) 8,800 82,280
 Repligen Corp. (a) 5,900 27,789
 Rexahn Pharmaceuticals, Inc. (a) 4,300 5,547
 Rigel Pharmaceuticals, Inc. (a) 6,200 144,770
 Sangamo Biosciences, Inc. (a) 6,500 50,050
 Savient Pharmaceuticals, Inc. (a) 9,204 137,232
 Seattle Genetics, Inc. (a) 10,000 107,000
 Sequenom, Inc. (a) 9,300 247,566
 Sucampo Pharmaceuticals, Inc. Class A (a) 1,900 16,207
 Synta Pharmaceuticals Corp. (a) 3,300 25,146
 Targacept, Inc. (a) 2,800 16,268
 Tercica, Inc. (a) 3,100 27,714
 VNUS Medical Technologies, Inc. (a) 2,400 50,232
 ViroPharma, Inc. (a) 11,800 154,816
 XOMA Ltd. (a) 22,300 46,830
 ZymoGenetics, Inc. (a) 6,300 41,958
 -------------
 6,486,746
------------------------------------------------------------------------------------------------------------------------------------
Building Materials - 0.5% Ameron International Corp. 1,500 107,475
 LSI Industries, Inc. 3,000 24,810
 NCI Building Systems, Inc. (a) 3,300 104,775
 Quanex Building Products Corp. 6,300 96,012
 Simpson Manufacturing Co., Inc. 6,200 167,958
 Texas Industries, Inc. 3,990 163,031
 Trex Co., Inc. (a) 2,600 47,086
 Watsco, Inc. 3,900 196,092
 Zoltek Cos., Inc. (a) 4,800 82,128
 -------------
 989,367
------------------------------------------------------------------------------------------------------------------------------------
Building: Cement - 0.0% U.S. Concrete, Inc. (a) 5,500 24,585
------------------------------------------------------------------------------------------------------------------------------------
Building: Heating & Plumbing - 0.1% Aaon, Inc. (b) 1,900 34,561
 Interline Brands, Inc. (a) 5,700 92,397
 -------------
 126,958
------------------------------------------------------------------------------------------------------------------------------------
Building: Miscellaneous - 0.1% Builders FirstSource, Inc. (a) 2,500 14,975
 Comfort Systems USA, Inc. 7,100 94,856
 Drew Industries, Inc. (a) 3,500 59,885
 Griffon Corp. (a) 6,574 59,297
 Orion Marine Group, Inc. (a) 3,900 40,911
 -------------
 269,924
------------------------------------------------------------------------------------------------------------------------------------

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
Building: Roofing & Wallboard - 0.1% Beacon Roofing Supply, Inc. (a) 7,500 $ 117,150
 China Architectural Engineering, Inc. (a) 3,500 24,815
 -------------
 141,965
------------------------------------------------------------------------------------------------------------------------------------
Cable Television Services - 0.1% Charter Communications, Inc. Class A (a) 70,300 51,319
 Crown Media Holdings, Inc. Class A (a) 3,400 17,102
 Mediacom Communications Corp. Class A (a) 7,500 44,400
 TiVo, Inc. (a) 17,200 125,904
 -------------
 238,725
------------------------------------------------------------------------------------------------------------------------------------
Casinos & Gambling - 0.4% Ameristar Casinos, Inc. 4,300 61,017
 Bally Technologies, Inc. (a) 9,200 278,576
 Churchill Downs, Inc. 1,500 73,470
 Dover Downs Gaming & Entertainment, Inc. 2,350 18,283
 Elixir Gaming Technologies, Inc. (a) 13,700 4,521
 Isle of Capri Casinos, Inc. (a) 2,700 24,354
 Monarch Casino & Resort, Inc. (a) 1,600 18,224
 Pinnacle Entertainment, Inc. (a) 10,140 76,658
 Riviera Holdings Corp. (a) 1,700 12,495
 Shuffle Master, Inc. (a) 7,700 39,193
 WMS Industries, Inc. (a) 7,350 224,689
 -------------
 831,480
------------------------------------------------------------------------------------------------------------------------------------
Chemicals - 1.6% Aceto Corp. 4,300 41,237
 American Vanguard Corp. 3,000 45,240
 Arch Chemicals, Inc. 4,100 144,730
 Balchem Corp. 2,900 77,343
 Cabot Microelectronics Corp. (a) 3,700 118,696
 Calgon Carbon Corp. (a) 6,900 140,484
 Cambrex Corp. (a) 4,500 27,675
 China BAK Battery, Inc. (a) 5,800 20,880
 Energy Conversion Devices, Inc. (a) 7,500 436,875
 EnerSys (a) 4,800 94,608
 Exide Technologies (a) 12,600 92,988
 Hercules, Inc. 19,000 376,010
 ICO, Inc. (a) 5,200 29,172
 Innophos Holdings, Inc. 1,900 46,322
 Innospec, Inc. 3,900 47,034
 LSB Industries, Inc. (a) 3,100 42,935
 Landec Corp. (a) 3,300 27,027
 Medis Technologies Ltd. (a) 3,600 6,480
 NL Industries, Inc. 1,300 13,351
 NewMarket Corp. 2,300 120,888
 OM Group, Inc. (a) 5,200 117,000
 Penford Corp. 2,200 38,918
 PolyOne Corp. (a) 15,100 97,395
 Polypore International, Inc. (a) 2,400 51,624
 Quaker Chemical Corp. 1,900 54,074
 Rockwood Holdings, Inc. (a) 7,000 179,620

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Schulman A, Inc. 4,800 $ 94,944
 ShengdaTech, Inc. (a) 4,400 30,800
 Solutia, Inc. (a) 15,400 215,600
 Stepan Co. 1,000 54,570
 Ultralife Batteries, Inc. (a) 2,400 18,600
 Valence Technology, Inc. (a) 8,000 29,120
 W.R. Grace & Co. (a)(b) 12,100 182,952
 Westlake Chemical Corp. 3,100 65,193
 Zep, Inc. 3,550 62,622
 -------------
 3,243,007
------------------------------------------------------------------------------------------------------------------------------------
Coal - 0.2% International Coal Group, Inc. (a) 21,700 135,408
 James River Coal Co. (a) 4,300 94,557
 National Coal Corp. (a) 5,900 30,857
 Westmoreland Coal Co. (a) 1,800 28,440
 -------------
 289,262
------------------------------------------------------------------------------------------------------------------------------------
Commercial Information Services - 0.2% Arbitron, Inc. 4,600 205,574
 HSW International, Inc. (a) 4,100 10,660
 infoGROUP, Inc. 5,300 35,033
 LECG Corp. (a) 4,300 34,701
 LoopNet, Inc. (a) 5,200 51,116
 -------------
 337,084
------------------------------------------------------------------------------------------------------------------------------------
Communications & Media - 0.0% Entravision Communications Corp. Class A (a) 10,200 27,438
 Knology, Inc. (a) 4,600 37,122
 -------------
 64,560
------------------------------------------------------------------------------------------------------------------------------------
Communications Technology - 2.5% 3Com Corp. (a) 67,200 156,576
 Acme Packet, Inc. (a) 4,600 26,358
 Adtran, Inc. 8,900 173,461
 Anaren, Inc. (a) 3,000 30,450
 Anixter International, Inc. (a)(b) 4,800 285,648
 Aruba Networks, Inc. (a) 9,400 48,222
 Atheros Communications, Inc. (a) 9,900 233,442
 Avanex Corp. (a) 1,920 8,986
 Avocent Corp. (a) 7,380 150,995
 Bel Fuse, Inc. 1,800 51,246
 BigBand Networks, Inc. (a) 6,100 22,509
 Black Box Corp. 3,000 103,590
 CPI International, Inc. (a) 1,200 17,376
 CSG Systems International, Inc. (a) 5,500 96,415
 Cbeyond Communications, Inc. (a) 4,200 60,438
 Cogent Communications Group, Inc. (a)(b) 8,300 64,076
 Cogo Group, Inc. (a) 4,700 24,769
 Comtech Telecommunications Corp. (a) 4,200 206,808
 Digi International, Inc. (a) 4,100 41,820
 EMS Technologies, Inc. (a) 2,500 55,775
 Echelon Corp. (a) 5,100 50,388
 Entrust, Inc. (a) 11,300 24,295

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Extreme Networks, Inc. (a) 17,700 $ 59,649
 Finisar Corp. (a) 69,102 69,793
 Foundry Networks, Inc. (a) 24,900 453,429
 GeoEye, Inc. (a) 3,000 66,390
 Globecomm Systems, Inc. (a) 3,800 33,212
 Harmonic, Inc. (a) 16,200 136,890
 Harris Stratex Networks, Inc. Class A (a) 4,100 32,021
 Hughes Communications, Inc. (a) 1,100 40,370
 Infinera Corp. (a) 15,400 147,224
 InterDigital, Inc. (a) 7,700 185,185
 Ixia (a) 7,100 52,327
 j2 Global Communications, Inc. (a) 7,500 175,125
 Loral Space & Communications Ltd. (a) 1,900 28,063
 NETGEAR, Inc. (a) 5,800 87,000
 Nextwave Wireless, Inc. (a) 8,000 4,800
 Novatel Wireless, Inc. (a) 6,300 38,178
 Oplink Communications, Inc. (a) 3,428 41,376
 SeaChange International, Inc. (a) 4,500 43,470
 Secure Computing Corp. (a) 8,950 49,046
 Shoretel, Inc. (a) 8,000 45,920
 Sonus Networks, Inc. (a) 35,100 101,088
 Standard Microsystems Corp. (a) 3,900 97,422
 Starent Networks Corp. (a) 5,200 67,288
 Switch and Data Facilities Co., Inc. (a) 3,300 41,085
 Sycamore Networks, Inc. (a) 31,700 102,391
 Syniverse Holdings, Inc. (a) 8,600 142,846
 TIBCO Software, Inc. (a) 32,100 234,972
 Tekelec (a) 10,900 152,491
 Terremark Worldwide, Inc. (a) 8,000 54,960
 UTStarcom, Inc. (a) 19,300 65,041
 Viasat, Inc. (a) 4,500 106,110
 Vonage Holdings Corp. (a) 8,300 8,383
 -------------
 4,897,188
------------------------------------------------------------------------------------------------------------------------------------
Computer Services Software & Systems - 4.9% 3PAR, Inc. (a) 4,400 28,380
 ACI Worldwide, Inc. (a)(b) 5,800 101,616
 Actuate Corp. (a)(b) 9,900 34,650
 Acxiom Corp. 10,200 127,908
 American Reprographics Co. (a) 6,000 103,500
 American Software Class A 4,400 23,980
 ArcSight, Inc. (a) 600 4,578
 Ariba, Inc. (a) 14,600 206,298
 Art Technology Group, Inc. (a) 21,600 76,032
 AsiaInfo Holdings, Inc. (a) 5,300 48,654
 BearingPoint, Inc. (a) 35,300 18,356
 Blackbaud, Inc. 7,500 138,375
 Blackboard, Inc. (a) 5,200 209,508

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Blue Coat Systems, Inc. (a) 5,600 $ 79,464
 Bottomline Technologies, Inc. (a) 3,500 36,400
 CACI International, Inc. Class A (a) 5,200 260,520
 COMSYS IT Partners, Inc. (a) 2,500 24,300
 Callidus Software, Inc. (a) 5,700 22,572
 China Fire & Security Group, Inc. (a) 2,100 22,071
 China Information Security Technology, Inc. (a) 3,500 16,450
 Chordiant Software, Inc. (a) 5,060 25,958
 Ciber, Inc. (a) 9,500 66,405
 CommVault Systems, Inc. (a) 7,400 89,170
 Compellent Technologies, Inc. (a) 2,600 32,240
 ComScore, Inc. (a) 2,900 51,127
 Comverge, Inc. (a) 3,900 17,940
 Concur Technologies, Inc. (a) 7,300 279,298
 Constant Contact, Inc. (a) 3,300 56,331
 DMRC Corp. (a) 943 10,989
 DealerTrack Holdings, Inc. (a) 7,400 124,616
 Delrek, Inc. (a) 1,400 8,512
 DemandTec, Inc. (a) 3,700 33,337
 Digital River, Inc. (a) 6,300 204,120
 DivX, Inc. (a) 3,800 24,586
 Double-Take Software, Inc. (a) 3,100 30,845
 EPIQ Systems, Inc. (a) 5,800 78,880
 Ebix, Inc. (a) 300 28,188
 Electronics for Imaging, Inc. (a) 9,000 125,370
 Ener1, Inc. (a) 5,800 45,298
 Epicor Software Corp. (a) 10,000 78,900
 Gartner, Inc. Class A (a) 10,100 229,068
 Guidance Software, Inc. (a) 1,900 8,911
 The Hackett Group, Inc. (a) 7,500 40,800
 i2 Technologies, Inc. (a) 2,500 33,725
 iGate Corp. (a) 3,200 27,744
 Informatica Corp. (a) 14,800 192,252
 Integral Systems, Inc. (a) 2,442 50,720
 Interactive Intelligence, Inc. (a) 1,800 16,236
 Internet Brands, Inc. Class A (a) 4,200 29,274
 Internet Capital Group, Inc. (a) 6,300 51,093
 Interwoven, Inc. (a) 7,900 111,548
 JDA Software Group, Inc. (a) 4,500 68,445
 Kenexa Corp. (a) 4,100 64,739
 Keynote Systems, Inc. (a) 2,200 29,150
 Lawson Software, Inc. (a) 21,000 147,000
 Limelight Networks, Inc. (a) 3,200 8,000
 MSC.Software Corp. (a) 7,400 79,180
 Macrovision Solutions Corp. (a) 14,138 217,442
 Magma Design Automation, Inc. (a) 7,100 28,542

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Manhattan Associates, Inc. (a) 4,100 $ 91,594
 Mantech International Corp. Class A (a) 3,400 201,586
 Mastech Holdings, Inc. (a) 213 1,621
 Mentor Graphics Corp. (a) 15,200 172,520
 Mercadolibre, Inc. (a) 4,200 85,470
 Mercury Computer Systems, Inc. (a) 3,800 33,820
 Micros Systems, Inc. (a) 13,300 354,578
 MicroStrategy, Inc. Class A (a) 1,600 95,248
 Moduslink Global Solutions, Inc. (a) 8,300 79,763
 Monotype Imaging Holdings, Inc. (a) 2,800 31,164
 Ness Technologies, Inc. (a) 7,000 80,290
 Netezza Corp. (a) 6,500 68,965
 NetScout Systems, Inc. (a) 4,800 51,072
 NetSuite, Inc. (a) 900 16,218
 Omniture, Inc. (a) 10,413 191,183
 OpenTV Corp. (a) 11,300 15,933
 Opnet Technologies, Inc. (a) 2,600 31,668
 PC-Tel, Inc. 3,900 36,348
 PROS Holdings, Inc. (a) 2,400 22,536
 Parametric Technology Corp. (a) 18,720 344,448
 Pegasystems, Inc. 1,900 24,529
 Progress Software Corp. (a) 7,000 181,930
 QAD, Inc. 1,200 8,304
 Quest Software, Inc. (a) 12,100 153,549
 Rackspace Hosting, Inc. (a) 2,200 21,494
 RealNetworks, Inc. (a) 15,500 78,740
 RightNow Technologies, Inc. (a) 4,500 56,565
 SAVVIS, Inc. (a) 6,150 82,656
 SI International, Inc. (a) 2,100 63,105
 SPSS, Inc. (a) 3,000 88,080
 SRA International, Inc. Class A (a) 7,100 160,673
 SYKES Enterprises, Inc. (a) 5,500 120,780
 SYNNEX Corp. (a) 3,100 69,254
 Sapient Corp. (a) 14,800 109,964
 Sigma Designs, Inc. (a) 4,600 65,412
 Smith Micro Software, Inc. (a) 5,100 36,210
 Solera Holdings, Inc. (a) 8,600 246,992
 SonicWALL, Inc. (a) 10,100 52,924
 Sourcefire, Inc. (a) 3,800 27,702
 Stanley, Inc. (a) 1,300 47,983
 SuccessFactors, Inc. (a) 3,700 40,330
 SupportSoft, Inc. (a) 8,700 26,100
 Sybase, Inc. (a) 13,000 398,060
 Synchronoss Technologies, Inc. (a) 4,000 37,640
 Syntel, Inc. 1,900 46,550
 Taleo Corp. Class A (a) 4,100 81,549

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 TechTarget, Inc. (a) 2,200 $ 15,400
 TeleCommunication Systems, Inc. Class A (a) 6,300 43,533
 Tyler Technologies, Inc. (a) 6,900 104,673
 Ultimate Software Group, Inc. (a) 4,200 113,400
 Unica Corp. (a) 1,700 13,328
 VASCO Data Security International, Inc. (a) 4,500 46,620
 VeriFone Holdings, Inc. (a) 11,500 190,210
 Vignette Corp. (a) 4,400 47,256
 Virtusa Corp. (a) 1,800 11,718
 Websense, Inc. (a) 7,800 174,330
 Website Pros, Inc. (a) 5,100 27,540
 Wind River Systems, Inc. (a) 12,400 124,000
 Zoran Corp. (a) 9,000 73,440
 -------------
 9,748,139
------------------------------------------------------------------------------------------------------------------------------------
Computer Technology - 1.0% Adaptec, Inc. (a) 19,700 64,616
 Advanced Analogic Technologies, Inc. (a) 8,400 39,060
 Cray, Inc. (a) 5,600 29,008
 Data Domain, Inc. (a) 5,200 115,804
 Emulex Corp. (a) 14,100 150,447
 FalconStor Software, Inc. (a) 6,800 36,448
 Hutchinson Technology, Inc. (a) 4,000 46,320
 Imation Corp. 4,600 103,914
 Immersion Corp. (a) 5,200 30,264
 Intermec, Inc. (a) 10,300 202,292
 Isilon Systems, Inc. (a) 4,900 21,609
 NCI, Inc. Class A (a) 1,300 37,024
 Palm, Inc. 18,600 111,042
 Perot Systems Corp. Class A (a) 14,500 251,575
 Phoenix Technologies Ltd. (a) 5,000 39,950
 Quantum Corp. (a) 31,900 33,495
 Rackable Systems, Inc. (a) 5,000 49,050
 Radiant Systems, Inc. (a) 4,400 38,236
 Radisys Corp. (a) 3,800 32,680
 Rimage Corp. (a) 1,600 22,336
 Riverbed Technology, Inc. (a) 9,700 121,444
 STEC, Inc. (a) 4,800 36,960
 Safeguard Scientifics, Inc. (a) 19,700 24,625
 Stratasys, Inc. (a) 3,500 61,145
 Synaptics, Inc. (a) 5,550 167,721
 Trident Microsystems, Inc. (a) 10,300 24,720
 -------------
 1,891,785
------------------------------------------------------------------------------------------------------------------------------------
Construction - 0.4% Brookfield Homes Corp. 2,063 29,625
 EMCOR Group, Inc. (a) 11,300 297,416
 Granite Construction, Inc. 5,500 197,010
 Great Lakes Dredge & Dock Corp. 6,400 40,384
 Perini Corp. (a) 8,200 211,478

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Sterling Construction Co., Inc. (a) 2,100 $ 34,020
 -------------
 809,933
------------------------------------------------------------------------------------------------------------------------------------
Consumer Electronics - 0.6% DTS, Inc. (a) 3,000 83,490
 EarthLink, Inc. (a) 18,900 160,650
 InfoSpace, Inc. 5,800 62,930
 Internap Network Services Corp. (a) 8,510 29,615
 Midway Games, Inc. (a) 3,700 8,769
 NIC, Inc. 6,400 44,160
 NetFlix, Inc. (a) 6,900 213,072
 ParkerVision, Inc. (a) 4,200 42,000
 Protection One, Inc. (a) 400 3,524
 THQ, Inc. (a) 11,400 137,256
 Take-Two Interactive Software, Inc. 12,900 211,560
 United Online, Inc. 13,044 122,744
 Universal Electronics, Inc. (a) 2,400 59,952
 -------------
 1,179,722
------------------------------------------------------------------------------------------------------------------------------------
Consumer Products - 0.5% American Greetings Corp. Class A 8,500 129,965
 Blyth, Inc. 4,200 47,628
 CSS Industries, Inc. 1,300 33,462
 Citi Trends, Inc. (a) 2,500 40,725
 Mannatech, Inc. 2,700 10,800
 Matthews International Corp. Class A 5,200 263,848
 Nautilus, Inc. (a) 5,000 22,850
 RC2 Corp. (a) 3,100 62,000
 Smith & Wesson Holding Corp. (a) 5,700 21,318
 Spectrum Brands, Inc. (a) 6,600 9,174
 Tupperware Corp. 10,000 276,300
 USANA Health Sciences, Inc. (a) 1,400 57,386
 -------------
 975,456
------------------------------------------------------------------------------------------------------------------------------------
Containers & Packaging: Metals & Bway Holding Co. (a) 1,000 11,730
Glass - 0.2% Mobile Mini, Inc. (a) 6,100 117,913
 Silgan Holdings, Inc. 4,200 214,578
 -------------
 344,221
------------------------------------------------------------------------------------------------------------------------------------
Containers & Packaging: Paper & AEP Industries, Inc. (a) 900 18,000
Plastic - 0.1% Graphic Packaging Holding Co. (a) 23,500 58,750
 Myers Industries, Inc. 4,800 60,528
 -------------
 137,278
------------------------------------------------------------------------------------------------------------------------------------
Cosmetics - 0.2% Elizabeth Arden, Inc. (a) 4,200 82,446
 Helen of Troy Ltd. (a) 5,100 116,127
 Inter Parfums, Inc. 1,950 26,442
 Nu Skin Enterprises, Inc. Class A 8,500 137,870
 Ulta Salon Cosmetics & Fragrance, Inc. (a) 3,200 42,496
 -------------
 405,381
------------------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services - 0.6% BGC Partners, Inc. 4,700 20,163
 Broadpoint Securities Group, Inc. (a) 3,200 9,280
 Cardtronics, Inc. (a) 1,300 10,218

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 China Direct, Inc. (a) 1,600 $ 6,752
 Doral Financial Corp. (a) 800 8,736
 Duff & Phelps Corp. (a) 1,500 31,545
 Euronet Worldwide, Inc. (a) 8,200 137,186
 Evercore Partners, Inc. Class A 1,700 30,566
 FCStone Group, Inc. (a) 3,450 62,065
 F.N.B. Corp. 14,346 229,249
 Greenhill & Co., Inc. 2,900 213,875
 Huron Consulting Group, Inc. (a) 3,400 193,732
 Interactive Brokers Group, Inc. Class A (a) 6,800 150,756
 Oritani Financial Corp. (a) 1,700 28,645
 -------------
 1,132,768
------------------------------------------------------------------------------------------------------------------------------------
Diversified Materials & Processing - 0.9% Acuity Brands, Inc. 6,800 283,968
 Barnes Group, Inc. 8,000 161,760
 Brady Corp. 8,400 296,352
 Clarcor, Inc. 8,500 322,575
 Hexcel Corp. (a) 16,100 220,409
 Koppers Holdings, Inc. 3,600 134,676
 Olin Corp. 12,300 238,620
 Tredegar Corp. 4,100 72,939
 -------------
 1,731,299
------------------------------------------------------------------------------------------------------------------------------------
Drug & Grocery Store Chains - 0.7% Arden Group, Inc. Class A 100 14,562
 Casey's General Stores, Inc. 8,800 265,496
 The Great Atlantic & Pacific Tea Co., Inc. (a) 5,907 63,914
 Ingles Markets, Inc. Class A 2,100 47,943
 Longs Drug Stores Corp. 5,200 393,328
 Nash Finch Co. 2,300 99,176
 Ruddick Corp. 7,000 227,150
 Spartan Stores, Inc. 3,500 87,080
 Susser Holdings Corp. (a) 1,600 24,096
 Village Super Market, Inc. Class A 400 19,068
 Weis Markets, Inc. 2,000 72,020
 Winn-Dixie Stores, Inc. (a) 9,000 125,100
 -------------
 1,438,933
------------------------------------------------------------------------------------------------------------------------------------
Drugs & Pharmaceuticals - 2.6% Acura Pharmaceuticals, Inc. (a) 1,100 7,733
 Adolor Corp. (a) 8,400 28,980
 Affymax, Inc. (a) 2,000 39,700
 Akorn, Inc. (a) 8,400 43,092
 Alexza Pharmaceuticals, Inc. (a) 3,000 14,820
 Alkermes, Inc. (a) 16,100 214,130
 Alpharma, Inc. Class A (a) 7,200 265,608
 Ardea Biosciences, Inc. (a) 1,700 23,511
 Auxilium Pharmaceuticals, Inc. (a) 6,900 223,560
 BMP Sunstone Corp. (a) 3,900 27,066
 BioForm Medical, Inc. (a) 3,200 12,544
 CV Therapeutics, Inc. (a) 10,300 111,240

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Cadence Pharmaceuticals, Inc. (a) 3,200 $ 28,416
 Caraco Pharmaceutical Laboratories Ltd. (a) 1,400 17,514
 Chattem, Inc. (a) 2,800 218,904
 China Sky One Medical, Inc. (a) 1,100 13,365
 Columbia Laboratories, Inc. (a) 8,800 23,056
 Dendreon Corp. (a) 15,700 89,647
 Depomed, Inc. (a) 9,000 32,850
 Durect Corp. (a) 12,600 70,560
 Emergent Biosolutions, Inc. (a) 2,600 34,034
 Enzo Biochem, Inc. (a) 4,900 53,802
 GTx, Inc. (a) 2,800 53,256
 ImmunoGen, Inc. (a) 8,300 40,753
 Indevus Pharmaceuticals, Inc. (a) 11,200 37,520
 Inspire Pharmaceuticals, Inc. (a) 7,800 27,846
 Isis Pharmaceuticals, Inc. (a) 15,200 256,728
 Javelin Pharmaceuticals, Inc. (a) 8,300 21,580
 Jazz Pharmaceuticals, Inc. (a) 1,100 5,434
 K-V Pharmaceutical Co. Class A (a) 5,600 127,176
 Ligand Pharmaceuticals, Inc. Class B (a) 12,300 36,285
 MAP Pharmaceuticals, Inc. (a) 800 8,096
 Medarex, Inc. (a) 21,300 137,811
 Medicines Co. (a) 9,000 208,980
 Medicis Pharmaceutical Corp. Class A 9,700 144,627
 MiddleBrook Pharmaceuticals, Inc. (a) 7,000 10,500
 Molecular Insight Pharmaceuticals, Inc. (a) 3,400 26,112
 Nektar Therapeutics (a) 15,600 56,004
 Novavax, Inc. (a) 10,100 29,290
 Noven Pharmaceuticals, Inc. (a) 4,200 49,056
 Obagi Medical Products, Inc. (a) 3,300 32,934
 Onyx Pharmaceuticals, Inc. (a) 9,420 340,816
 Optimer Pharmaceuticals, Inc. (a) 4,500 35,775
 Pain Therapeutics, Inc. (a) 6,200 60,574
 Par Pharmaceutical Cos., Inc. (a) 5,300 65,137
 Pharmasset, Inc. (a) 2,500 49,875
 Pozen, Inc. (a) 4,100 43,091
 Questcor Pharmaceuticals, Inc. (a) 9,600 71,040
 Quidel Corp. (a) 4,700 77,127
 Regeneron Pharmaceuticals, Inc. (a) 10,100 220,483
 Salix Pharmaceuticals Ltd. (a) 8,200 52,562
 Sciele Pharma, Inc. 5,600 172,424
 Theravance, Inc. (a) 8,600 107,156
 United Therapeutics Corp. (a) 3,700 389,129
 Valeant Pharmaceuticals International (a) 11,900 243,593
 Vivus, Inc. (a) 10,900 86,546
 Xenoport, Inc. (a) 4,200 203,658
 -------------
 5,123,106
------------------------------------------------------------------------------------------------------------------------------------

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
Education Services - 0.3% American Public Education, Inc. (a) 2,000 $ 96,560
 Capella Education Co. (a) 2,400 102,864
 Corinthian Colleges, Inc. (a)(b) 14,400 216,000
 K12, Inc. (a) 800 21,200
 Learning Tree International, Inc. (a) 1,400 17,430
 Lincoln Educational Services Corp. (a) 200 2,646
 The Princeton Review, Inc. (a) 2,400 19,200
 Renaissance Learning, Inc. 1,200 15,588
 Thinkorswim Group, Inc. (a) 8,780 73,137
 Universal Technical Institute, Inc. (a) 3,600 61,416
 -------------
 626,041
------------------------------------------------------------------------------------------------------------------------------------
Electrical & Electronics - 0.3% Benchmark Electronics, Inc. (a) 11,300 159,104
 Coleman Cable, Inc. (a) 1,300 13,039
 OSI Systems, Inc. (a) 2,600 61,126
 Plexus Corp. (a) 7,000 144,900
 Power Integrations, Inc. (a) 5,100 122,910
 TTM Technologies, Inc. (a) 7,200 71,424
 Universal Display Corp. (a) 4,400 48,224
 -------------
 620,727
------------------------------------------------------------------------------------------------------------------------------------
Electrical Equipment & Components - 1.0% A.O. Smith Corp. 3,400 133,246
 AZZ, Inc. (a) 1,900 78,603
 American Superconductor Corp. (a) 7,000 164,990
 Axsys Technologies, Inc. (a) 1,400 82,516
 Baldor Electric Co. 7,770 223,854
 Beacon Power Corp. (a) 16,800 24,360
 CTS Corp. 5,700 72,846
 Cohu, Inc. 4,000 63,280
 Franklin Electric Co., Inc. 3,800 169,290
 Fushi Copperweld, Inc. (a) 2,600 25,194
 GrafTech International Ltd. (a) 19,700 297,667
 Littelfuse, Inc. (a) 3,700 110,001
 MKS Instruments, Inc. (a) 8,300 165,253
 Orion Energy Systems, Inc. (a) 900 5,049
 Powell Industries, Inc. (a) 1,300 53,053
 Power-One, Inc. (a) 12,600 18,270
 Sonic Solutions, Inc. (a) 3,900 17,160
 Taser International, Inc. (a) 10,600 75,790
 Technitrol, Inc. 6,600 97,614
 Triumph Group, Inc. 2,900 132,559
 -------------
 2,010,595
------------------------------------------------------------------------------------------------------------------------------------
Electrical: Household Appliance - 0.0% National Presto Industries, Inc. 800 59,600
 Rex Stores Corp. (a) 1,800 20,790
 -------------
 80,390
------------------------------------------------------------------------------------------------------------------------------------
Electronics - 0.5% Agilysys, Inc. 4,000 40,360
 Avid Technology, Inc. (a) 5,200 125,112
 Daktronics, Inc. 5,400 89,964

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 II-VI, Inc. (a) 4,100 $ 158,506
 Kopin Corp. (a) 11,000 34,320
 MRV Communications, Inc. (a) 22,300 26,091
 Methode Electronics, Inc. 6,400 57,216
 Multi-Fineline Electronix, Inc. (a) 1,400 20,706
 Newport Corp. (a) 6,400 68,992
 Park Electrochemical Corp. 3,500 84,840
 Sanmina-SCI Corp. (a) 92,000 128,800
 Semtech Corp. (a) 9,900 138,204
 Supertex, Inc. (a) 2,100 59,136
 -------------
 1,032,247
------------------------------------------------------------------------------------------------------------------------------------
Electronics: Instruments, Faro Technologies, Inc. (a) 2,600 52,962
Gauges & Meters - 0.0% Measurement Specialties, Inc. (a) 2,400 41,856
 OYO Geospace Corp. (a) 700 27,496
 Zygo Corp. (a) 2,600 32,708
 -------------
 155,022
------------------------------------------------------------------------------------------------------------------------------------
Electronics: Medical Systems - 1.1% Accuray, Inc. (a) 6,500 52,455
 Affymetrix, Inc. (a)(b) 11,000 85,140
 Analogic Corp. 2,300 114,448
 Bruker BioSciences Corp. (a) 8,700 115,971
 Cynosure, Inc. Class A (a) 1,600 28,704
 Datascope Corp. 2,300 118,749
 eResearch Technology, Inc. (a) 7,300 86,943
 Greatbatch, Inc. (a) 3,900 95,706
 Haemonetics Corp. (a) 4,200 259,224
 Luminex Corp. (a) 6,600 165,066
 Masimo Corp. (a) 7,700 286,440
 Natus Medical, Inc. (a) 4,700 106,502
 NxStage Medical, Inc. (a) 3,300 13,926
 Quality Systems, Inc. 3,000 126,780
 Sirona Dental Systems, Inc. (a) 2,900 67,512
 Somanetics Corp. (a) 2,300 50,301
 Tomotherapy, Inc. (a) 7,200 32,976
 Varian, Inc. (a) 5,000 214,500
 Zoll Medical Corp. (a) 3,500 114,520
 -------------
 2,135,863
------------------------------------------------------------------------------------------------------------------------------------
Electronics: Other - 0.0% ICx Technologies, Inc. (a) 2,000 15,420
------------------------------------------------------------------------------------------------------------------------------------
Electronics: Semi- Actel Corp. (a) 4,500 56,160
Conductors/Components - 1.5% Advanced Battery Technologies, Inc. (a) 9,400 30,362
 Amkor Technology, Inc. (a) 18,200 115,934
 Anadigics, Inc. (a) 10,600 29,786
 Applied Micro Circuits Corp. (a) 11,175 66,827
 AuthenTec, Inc. (a) 4,000 8,600
 Bookham, Inc. (a) 18,700 21,131
 Cavium Networks, Inc. (a) 5,000 70,400
 Ceva, Inc. (a) 3,800 31,540

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Cirrus Logic, Inc. (a) 11,400 $ 62,130
 DSP Group, Inc. (a) 4,000 30,600
 Diodes, Inc. (a) 4,800 88,560
 Entropic Communications, Inc. (a) 200 282
 Exar Corp. (a) 6,300 48,258
 Formfactor, Inc. (a) 8,100 141,102
 Hittite Microwave Corp. (a) 3,200 107,520
 IPG Photonics Corp. (a) 3,100 60,481
 IXYS Corp. 4,100 37,269
 Lattice Semiconductor Corp. (a) 19,500 40,170
 MIPS Technologies, Inc. (a) 7,100 24,921
 Micrel, Inc. 9,000 81,630
 Microsemi Corp. (a) 13,200 336,336
 Microtune, Inc. (a) 8,700 23,316
 Monolithic Power Systems, Inc. (a) 4,600 79,902
 NVE Corp. (a) 900 25,470
 Netlogic Microsystems, Inc. (a) 2,700 81,648
 Omnivision Technologies, Inc. (a) 8,000 91,280
 PLX Technology, Inc. (a) 4,400 22,528
 PMC-Sierra, Inc. (a) 36,700 272,314
 Pericom Semiconductor Corp. (a) 4,200 44,100
 RF Micro Devices, Inc. (a) 44,437 129,756
 Rubicon Technology, Inc. (a) 2,400 17,328
 SiRF Technology Holdings, Inc. (a) 10,200 15,198
 Silicon Image, Inc. (a) 13,300 71,022
 Silicon Storage Technology, Inc. (a) 14,500 47,270
 Skyworks Solutions, Inc. (a) 27,300 228,228
 Spansion LLC Class A (a) 20,700 32,085
 Techwell, Inc. (a) 2,600 24,518
 Tessera Technologies, Inc. (a) 8,300 135,622
 Transmeta Corp. (a) 2,300 37,283
 TriQuint Semiconductor, Inc. (a) 24,200 115,918
 Volterra Semiconductor Corp. (a) 4,500 57,285
 -------------
 3,042,070
------------------------------------------------------------------------------------------------------------------------------------
Electronics: Technology - 0.6% 3D Systems Corp. (a) 2,600 37,050
 American Science & Engineering, Inc. 1,500 89,595
 Checkpoint Systems, Inc. (a) 6,700 126,094
 China Security & Surveillance Technology, Inc. (a) 4,400 61,072
 Cogent, Inc. (a) 6,900 70,518
 Coherent, Inc. (a) 3,900 138,645
 Cubic Corp. 2,500 61,475
 Eagle Test Systems, Inc. (a) 1,800 27,558
 Gerber Scientific, Inc. (a) 3,300 30,162
 Herley Industries, Inc. (a) 2,500 42,750
 ION Geophysical Corp. (a) 14,200 201,498
 Kemet Corp. (a) 14,200 19,312

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 LaBarge, Inc. (a) 1,900 $ 28,614
 Maxwell Technologies, Inc. (a) 3,400 45,356
 ScanSource, Inc. (a) 4,600 132,434
 Smart Modular Technologies WWH, Inc. (a) 7,300 21,900
 Super Micro Computer, Inc. (a) 4,200 37,842
 -------------
 1,171,875
------------------------------------------------------------------------------------------------------------------------------------
Energy Equipment - 0.1% Capstone Turbine Corp. (a) 25,400 32,766
 GT Solar International, Inc. (a) 4,400 47,740
 Plug Power, Inc. (a) 14,800 14,652
 PowerSecure International, Inc. (a) 3,300 19,998
 -------------
 115,156
------------------------------------------------------------------------------------------------------------------------------------
Energy Miscellaneous - 0.9% Akeena Solar, Inc. (a) 4,100 15,539
 Alon USA Energy, Inc. 1,800 24,264
 Approach Resources, Inc. (a) 1,200 17,352
 Aventine Renewable Energy Holdings, Inc. (a) 4,930 15,579
 CVR Energy, Inc. (a) 3,800 32,376
 Clean Energy Fuels Corp. (a) 3,500 49,525
 Concho Resources, Inc. (a) 9,000 248,490
 Crosstex Energy, Inc. 6,700 167,299
 Dawson Geophysical Co. (a) 1,400 65,366
 EnerNOC, Inc. (a) 1,800 18,612
 Evergreen Energy, Inc. (a) 14,300 13,442
 Evergreen Solar, Inc. (a) 23,500 129,720
 FuelCell Energy, Inc. (a) 11,600 69,948
 GeoMet, Inc. (a) 2,167 11,788
 GreenHunter Energy, Inc. (a) 600 8,550
 Matrix Service Co. (a) 4,500 85,950
 Ormat Technologies, Inc. 3,000 108,990
 Pacific Ethanol, Inc. (a) 7,500 10,425
 Penn Virginia Corp. 7,000 374,080
 Rentech, Inc. (a) 28,000 37,240
 Teekay Tankers Ltd. Class A 2,000 33,860
 US Geothermal, Inc. (a) 12,500 22,250
 USEC, Inc. (a) 19,300 104,413
 -------------
 1,665,058
------------------------------------------------------------------------------------------------------------------------------------
Engineering & Contracting Services - 0.4% Clean Harbors, Inc. (a) 3,300 222,915
 Dycom Industries, Inc. (a) 6,800 88,536
 ENGlobal Corp. (a) 4,800 63,696
 Furmamite Corp. (a) 5,900 61,006
 Hill International, Inc. (a) 3,800 52,630
 Integrated Electrical Services, Inc. (a) 1,400 24,584
 Layne Christensen Co. (a) 3,200 113,376
 Michael Baker Corp. (a) 1,200 41,760
 VSE Corp. 800 26,984
 -------------
 695,487
------------------------------------------------------------------------------------------------------------------------------------

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
Entertainment - 0.3% Cinemark Holdings, Inc. 4,400 $ 59,840
 Dover Motorsports, Inc. 2,200 11,990
 Gaylord Entertainment Co. (a) 7,100 208,527
 Live Nation, Inc. (a) 12,800 208,256
 Speedway Motorsports, Inc. 2,300 44,804
 -------------
 533,417
------------------------------------------------------------------------------------------------------------------------------------
Finance Companies - 0.1% Credit Acceptance Corp. (a) 678 11,526
 MVC Capital, Inc. 3,600 54,900
 NewStar Financial, Inc. (a) 3,300 26,697
 Riskmetrics Group, Inc. (a) 3,300 64,581
 World Acceptance Corp. (a) 2,600 93,600
 -------------
 251,304
------------------------------------------------------------------------------------------------------------------------------------
Finance: Small Loan - 0.1% Advance America, Cash Advance Centers, Inc. 4,700 14,053
 Dollar Financial Corp. (a) 3,700 56,943
 Encore Capital Group, Inc. (a) 1,900 26,030
 The First Marblehead Corp. 9,300 23,157
 Nelnet, Inc. Class A 2,500 35,500
 -------------
 155,683
------------------------------------------------------------------------------------------------------------------------------------
Financial Data Processing Services & Advent Software, Inc. (a)(b) 2,800 98,644
Systems - 0.7% Cass Information Systems, Inc. 860 30,831
 CompuCredit Corp. (a) 1,300 5,096
 CyberSource Corp. (a) 11,541 185,926
 Deluxe Corp. 8,900 128,071
 ExlService Holdings, Inc. (a) 2,500 21,950
 Fair Isaac Corp. 8,100 186,705
 Heartland Payment Systems, Inc. 4,000 102,240
 Hypercom Corp. (a) 9,400 37,412
 Jack Henry & Associates, Inc. 12,100 245,993
 Online Resources Corp. (a) 4,900 38,073
 TNS, Inc. (a) 4,200 81,354
 TradeStation Group, Inc. (a) 5,800 54,230
 Wright Express Corp. (a) 6,500 194,025
 -------------
 1,410,550
------------------------------------------------------------------------------------------------------------------------------------
Financial Information Services - 0.2% Bankrate, Inc. (a) 2,100 81,711
 Interactive Data Corp. 6,100 153,842
 Move, Inc. (a) 21,700 46,004
 S1 Corp. (a) 9,200 56,304
 TheStreet.com, Inc. 3,400 20,366
 -------------
 358,227
------------------------------------------------------------------------------------------------------------------------------------
Financial Miscellaneous - 0.8% AMBAC Financial Group, Inc. 49,100 114,403
 Advanta Corp. Class B 5,600 46,088
 Asset Acceptance Capital Corp. (a) 1,900 20,026
 Cash America International, Inc. 4,700 169,388
 Federal Agricultural Mortgage Corp. Class B 100 410
 Financial Federal Corp. 3,900 89,388
 First Cash Financial Services, Inc. (a) 2,900 43,500

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Global Cash Access, Inc. (a) 5,500 $ 27,830
 Harris & Harris Group, Inc. (a) 3,500 22,330
 LandAmerica Financial Group, Inc. 2,300 55,775
 Medallion Financial Corp. 2,400 25,128
 Portfolio Recovery Associates, Inc. (a) 2,400 116,712
 Radian Group, Inc. 14,800 74,592
 Sanders Morris Harris Group, Inc. 3,000 25,950
 Sotheby's Holdings, Inc. Class A 11,500 230,690
 Sterling Bancorp 3,260 47,140
 Stewart Information Services Corp. 2,900 86,275
 Stifel Financial Corp. (a) 4,000 199,600
 WSFS Financial Corp. 1,000 60,000
 Waterstone Financial, Inc. (a) 1,000 9,770
 -------------
 1,464,995
------------------------------------------------------------------------------------------------------------------------------------
Foods - 1.5% American Dairy, Inc. (a) 700 7,091
 B&G Foods, Inc. Class A 3,800 27,170
 Cal-Maine Foods, Inc. 2,000 54,880
 Chiquita Brands International, Inc. (a) 7,600 120,156
 Diamond Foods, Inc. 2,900 81,287
 Flowers Foods, Inc. 12,600 369,936
 Fresh Del Monte Produce, Inc. (a) 7,300 162,060
 Hain Celestial Group, Inc. (a) 6,800 187,204
 J&J Snack Foods Corp. 2,300 77,993
 Lance, Inc. 4,700 106,643
 Lifeway Foods, Inc. (a) 600 7,020
 M&F Worldwide Corp. (a) 2,100 84,000
 Maui Land & Pineapple Co., Inc. (a) 700 19,243
 Omega Protein Corp. (a) 3,300 38,808
 Pilgrim's Pride Corp. 7,100 17,679
 Ralcorp Holdings, Inc. (a) 9,300 626,913
 Sanderson Farms, Inc. 3,500 128,590
 Schiff Nutrition International, Inc. (a) 1,200 8,196
 Seaboard Corp. 60 75,420
 Sensient Technologies Corp. 8,100 227,853
 Smart Balance, Inc. (a) 10,300 67,568
 Synutra International, Inc. (a) 1,700 34,221
 Tootsie Roll Industries, Inc. 4,118 119,051
 TreeHouse Foods, Inc. (a) 5,100 151,470
 United Natural Foods, Inc. (a) 7,400 184,926
 Zhongpin, Inc. (a) 3,400 36,142
 -------------
 3,021,520
------------------------------------------------------------------------------------------------------------------------------------
Forest Products - 0.2% Deltic Timber Corp. 1,800 114,552
 Louisiana-Pacific Corp. 17,200 159,960
 Universal Forest Products, Inc. 2,800 97,748
 -------------
 372,260
------------------------------------------------------------------------------------------------------------------------------------

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
Forms & Bulk Printing Services - 0.1% Ennis, Inc. 4,200 $ 64,932
 Innerworkings, Inc. (a) 5,600 62,104
 The Standard Register Co. 2,900 28,565
 -------------
 155,601
------------------------------------------------------------------------------------------------------------------------------------
Funeral Parlors & Cemeteries - 0.1% Stewart Enterprises, Inc. Class A 14,500 113,970
------------------------------------------------------------------------------------------------------------------------------------
Glass - 0.0% Apogee Enterprises, Inc. 4,900 73,647
------------------------------------------------------------------------------------------------------------------------------------
Gold - 0.2% Allied Nevada Gold Corp. (a) 7,300 41,756
 Coeur d'Alene Mines Corp. (a)(b) 94,100 143,973
 Royal Gold, Inc. 5,100 183,396
 -------------
 369,125
------------------------------------------------------------------------------------------------------------------------------------
Health Care Facilities - 0.6% Assisted Living Concepts, Inc. (a) 8,600 54,782
 Capital Senior Living Corp. (a) 3,800 28,880
 Emeritus Corp. (a) 3,200 79,680
 The Ensign Group, Inc. 1,700 29,053
 Five Star Quality Care, Inc. (a) 6,000 22,500
 IPC The Hospitalist Co., Inc. (a) 800 20,560
 Kindred Healthcare, Inc. (a) 4,480 123,514
 MedCath Corp. (a) 2,900 51,968
 National Healthcare Corp. 1,400 65,968
 Psychiatric Solutions, Inc. (a) 9,400 356,730
 Res-Care, Inc. (a) 4,200 76,188
 Skilled Healthcare Group, Inc. Class A (a) 3,000 47,670
 Sun Healthcare Group, Inc. (a) 7,300 107,018
 Sunrise Senior Living, Inc. (a) 7,600 104,804
 -------------
 1,169,315
------------------------------------------------------------------------------------------------------------------------------------
Health Care Management Services - 0.9% AMERIGROUP Corp. (a) 9,200 232,208
 Amsurg Corp. (a) 5,300 134,991
 athenahealth, Inc. (a) 3,400 113,118
 Centene Corp. (a) 7,000 143,570
 Computer Programs & Systems, Inc. 1,600 46,320
 Corvel Corp. (a) 1,150 32,902
 Eclipsys Corp. (a) 9,100 190,645
 HMS Holdings Corp. (a) 4,400 105,424
 HealthExtras, Inc. (a) 5,500 143,660
 HealthSpring, Inc. (a) 8,200 173,512
 Inter Allscripts - Misys Healthcare Solutions, Inc. 9,900 123,156
 Molina Healthcare, Inc. (a) 2,500 77,500
 National Research Corp. 200 6,132
 Omnicell, Inc. (a) 5,400 71,010
 Phase Forward, Inc. (a) 7,100 148,461
 Triple-S Management Corp. (a) 1,900 30,951
 Vital Images, Inc. (a) 2,500 37,500
 -------------
 1,811,060
------------------------------------------------------------------------------------------------------------------------------------
Health Care Services - 0.7% Alliance Imaging, Inc. (a) 4,300 44,161
 Amedisys, Inc. (a) 4,333 210,887
 Apria Healthcare Group, Inc. (a)(b) 7,400 134,976

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Bio-Reference Labs, Inc. (a) 1,900 $ 54,910
 CardioNet, Inc. (a) 700 17,472
 Emergency Medical Services Corp. (a) 1,300 38,844
 Gentiva Health Services, Inc. (a) 4,500 121,230
 Healthcare Services Group, Inc. 7,200 131,688
 HealthSouth Corp. (a) 14,400 265,392
 Healthways, Inc. (a) 6,000 96,780
 LHC Group, Inc. (a) 2,200 62,656
 Nighthawk Radiology Holdings, Inc. (a) 3,400 24,548
 Odyssey HealthCare, Inc. (a) 6,100 61,915
 PharMerica Corp. (a) 5,286 118,882
 Virtual Radiologic Corp. (a) 700 5,712
 -------------
 1,390,053
------------------------------------------------------------------------------------------------------------------------------------
Homebuilding - 0.3% Beazer Homes USA, Inc. (a) 5,800 34,684
 Hovnanian Enterprises, Inc. Class A (a) 7,800 62,322
 M/I Homes, Inc. 2,400 54,672
 Meritage Homes Corp. (a) 5,200 128,440
 Ryland Group, Inc. 7,300 193,596
 Standard-Pacific Corp. (a) 22,000 108,020
 -------------
 581,734
------------------------------------------------------------------------------------------------------------------------------------
Hotel/Motel - 0.1% Lodgian, Inc. (a) 2,700 21,060
 Marcus Corp. 3,400 54,672
 Morgans Hotel Group Co. (a) 4,900 53,459
 -------------
 129,191
------------------------------------------------------------------------------------------------------------------------------------
Household Furnishings - 0.3% American Woodmark Corp. 1,900 42,655
 Ethan Allen Interiors, Inc. 3,800 106,476
 Furniture Brands International, Inc. 7,100 74,692
 Haverty Furniture Cos., Inc. 2,300 26,312
 hhgregg, Inc. (a) 1,400 13,650
 Hooker Furniture Corp. 1,700 30,175
 La-Z-Boy, Inc. 8,400 78,288
 Libbey, Inc. 1,800 15,318
 Sealy Corp. 6,600 42,636
 Tempur-Pedic International, Inc. 12,014 141,285
 -------------
 571,487
------------------------------------------------------------------------------------------------------------------------------------
Identification Control & Filter Advanced Energy Industries, Inc. (a) 5,800 79,344
Devices - 0.7% Asyst Technologies, Inc. (a) 8,400 20,160
 Badger Meter, Inc. 2,400 112,680
 ESCO Technologies, Inc. (a) 4,400 211,948
 Energy Recovery, Inc. (a) 1,800 17,262
 Flanders Corp. (a) 2,400 15,120
 The Gorman-Rupp Co. 2,218 83,663
 L-1 Identity Solutions, Inc. (a) 10,998 168,049
 Mine Safety Appliances Co. 5,200 198,224
 PMFG, Inc. (a) 2,000 28,980
 Robbins & Myers, Inc. 4,700 145,371

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Sun Hydraulics, Inc. 2,000 $ 52,080
 Veeco Instruments, Inc. (a) 5,400 79,974
 Vicor Corp. 3,200 28,416
 Watts Water Technologies, Inc. Class A 4,600 125,810
 -------------
 1,367,081
------------------------------------------------------------------------------------------------------------------------------------
Industrial Products - 0.0% A.M. Castle & Co. 2,700 46,656
 TAL International Group, Inc. 2,500 52,050
 -------------
 98,706
------------------------------------------------------------------------------------------------------------------------------------
Insurance: Life - 0.4% American Equity Investment Life Holding Co. 9,500 71,250
 Citizens, Inc. (a) 5,400 44,388
 Delphi Financial Group, Inc. Class A 7,150 200,486
 Kansas City Life Insurance Co. 600 28,140
 Life Partners Holdings, Inc. 800 28,776
 National Western Life Insurance Co. Class A 400 96,828
 The Phoenix Cos., Inc. 19,100 176,484
 Presidential Life Corp. 3,500 55,265
 Universal American Financial Corp. (a) 6,800 82,892
 -------------
 784,509
------------------------------------------------------------------------------------------------------------------------------------
Insurance: Multi-Line - 1.1% Assured Guaranty Ltd. 9,500 154,470
 CNA Surety Corp. (a) 2,400 40,080
 Crawford & Co. Class B (a) 3,700 56,240
 EMC Insurance Group, Inc. 1,000 29,480
 eHealth, Inc. (a) 4,300 68,800
 FBL Financial Group, Inc. Class A 2,200 61,358
 Flagstone Reinsurance Holdings Ltd. 4,900 50,323
 Hilb Rogal & Hobbs Co. 6,100 285,114
 Horace Mann Educators Corp. 7,100 91,377
 Independence Holding Co. 500 5,775
 Maiden Holdings Ltd. 8,000 34,800
 Max Capital Group Ltd. 9,800 227,654
 Meadowbrook Insurance Group, Inc. 8,317 58,718
 Montpelier Re Holdings Ltd. 15,700 259,207
 Pico Holdings, Inc. (a) 2,700 96,957
 Platinum Underwriters Holdings Ltd. 7,900 280,292
 Primus Guaranty Ltd. (a) 4,700 12,314
 Quanta Capital Holdings Ltd. 11,100 30,636
 Zenith National Insurance Corp. 6,250 229,000
 -------------
 2,072,595
------------------------------------------------------------------------------------------------------------------------------------
Insurance: Property-Casualty - 1.9% AmCOMP, Inc. (a) 2,600 30,160
 American Physicians Capital, Inc. 1,500 63,495
 American Safety Insurance Holdings Ltd. (a) 2,100 31,731
 Amerisafe, Inc. (a)(b) 3,200 58,240
 AmTrust Financial Services, Inc. 2,800 38,052
 Argo Group International Holdings Ltd. (a) 5,166 190,367
 Aspen Insurance Holdings Ltd. 13,900 382,250
 Baldwin & Lyons, Inc. Class B 1,400 33,558

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 CastlePoint Holdings, Ltd. 6,100 $ 67,893
 Darwin Professional Underwriters, Inc. (a) 1,200 37,332
 Donegal Group, Inc. Class A 1,600 29,008
 Employers Holdings, Inc. 8,210 142,690
 Enstar Group Ltd. (a) 900 87,624
 FPIC Insurance Group, Inc. (a) 1,500 77,085
 First Acceptance Corp. (a) 2,800 9,520
 First Mercury Financial Corp. (a) 2,400 34,200
 Greenlight Capital Re, Ltd. (a) 5,100 117,249
 Hallmark Financial Services, Inc. (a) 300 2,727
 Harleysville Group, Inc. 2,400 90,720
 IPC Holdings, Ltd. 8,600 259,806
 Infinity Property & Casualty Corp. 2,500 103,000
 NYMAGIC, Inc. 900 22,725
 National Interstate Corp. 1,000 24,030
 Navigators Group, Inc. (a) 2,200 127,600
 Odyssey Re Holdings Corp. 4,000 175,200
 PMA Capital Corp. Class A (a) 5,400 47,628
 The PMI Group, Inc. 12,700 37,465
 ProAssurance Corp. (a) 5,500 308,000
 RLI Corp. 3,200 198,688
 Safety Insurance Group, Inc. 2,700 102,411
 SeaBright Insurance Holdings, Inc. (a) 3,600 46,800
 Selective Insurance Group, Inc. 9,100 208,572
 State Auto Financial Corp. 2,300 66,861
 Tower Group, Inc. 3,500 82,460
 United America Indemnity, Ltd. (a) 3,400 48,382
 United Fire & Casualty Co. 3,800 108,642
 Validus Holdings Ltd. 10,800 251,100
 -------------
 3,743,271
------------------------------------------------------------------------------------------------------------------------------------
Investment Management Companies - 0.6% Ampal-American Israel Corp. Class A (a) 2,200 6,798
 Apollo Investment Corp. 23,876 407,086
 Ares Capital Corp. 16,878 176,038
 Calamos Asset Management, Inc. Class A 3,600 64,512
 Capital Southwest Corp. 400 56,820
 Cohen & Steers, Inc. 2,800 79,324
 Epoch Holding Corp. 1,700 18,700
 FBR Capital Markets Corp. (a) 4,100 26,568
 Fifth Street Finance Corp. 1,100 11,055
 GAMCO Investors, Inc. Class A 1,400 83,020
 Kohlberg Capital Corp. 2,300 19,757
 MCG Capital Corp. 11,100 29,082
 NGP Capital Resources Co. 3,100 45,167
 National Financial Partners Corp. 6,800 102,000
 Pzena Investment Management, Inc. Class A 1,000 9,480
 Resource America, Inc. Class A 2,100 19,950

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 U.S. Global Investors, Inc. 2,100 $ 19,551
 Westwood Holdings Group Inc. 900 42,660
 -------------
 1,217,568
------------------------------------------------------------------------------------------------------------------------------------
Jewelry, Watches & Gemstones - 0.2% Fossil, Inc. (a) 7,600 214,548
 Fuqi International, Inc. (a) 2,000 16,300
 Movado Group, Inc. 2,700 60,345
 -------------
 291,193
------------------------------------------------------------------------------------------------------------------------------------
Lead & Zinc - 0.0% Horsehead Holding Corp. (a) 5,700 33,630
------------------------------------------------------------------------------------------------------------------------------------
Leisure Time - 0.4% Callaway Golf Co. 11,100 156,177
 Great Wolf Resorts, Inc. (a) 4,500 16,470
 Life Time Fitness, Inc. (a) 5,800 181,366
 Pool Corp. 8,300 193,639
 Rick's Cabaret International, Inc. (a) 1,700 16,694
 Six Flags, Inc. (a) 12,300 8,487
 Steinway Musical Instruments, Inc. (a) 1,300 36,816
 Town Sports International Holdings, Inc. (a) 2,400 14,640
 Vail Resorts, Inc. (a) 5,200 181,740
 ------------
 806,029
-----------------------------------------------------------------------------------------------------------------------------------
Machine Tools - 0.0% Hurco Companies, Inc. (a) 1,100 32,527
 Thermadyne Holdings Corp. (a) 2,100 35,133
 -------------
 67,660
------------------------------------------------------------------------------------------------------------------------------------
Machinery & Engineering - 0.1% Applied Industrial Technologies, Inc. 7,250 195,242
------------------------------------------------------------------------------------------------------------------------------------
Machinery: Agricultural - 0.1% Alamo Group, Inc. 1,200 20,460
 Gehl Co. (a) 1,650 48,559
 Lindsay Manufacturing Co. 1,900 138,225
 Titan Machinery, Inc. (a) 1,000 20,810
 -------------
 228,054
------------------------------------------------------------------------------------------------------------------------------------
Machinery: Construction & Handling - 0.1% Astec Industries, Inc. (a) 3,000 92,490
 NACCO Industries, Inc. Class A 900 85,068
 -------------
 177,558
------------------------------------------------------------------------------------------------------------------------------------
Machinery: Engines - 0.1% Briggs & Stratton Corp. 8,000 129,440
 Harbin Electric, Inc. (a) 900 10,665
 Raser Technologies, Inc. (a) 7,400 62,900
 -------------
 203,005
------------------------------------------------------------------------------------------------------------------------------------
Machinery: Industrial/Specialty - 0.9% Actuant Corp. Class A 9,400 237,256
 Altra Holdings, Inc. (a) 4,700 69,372
 Chart Industries, Inc. (a) 4,700 134,232
 Colfax Corp. (a) 3,800 63,498
 Columbus McKinnon Corp. (a) 3,100 73,067
 DXP Enterprises, Inc. (a) 700 37,317
 EnPro Industries, Inc. (a) 3,500 130,060
 Graham Corp. 900 48,690
 Kadant, Inc. (a) 2,400 54,648
 Middleby Corp. (a) 2,800 152,068
 Nordson Corp. 5,700 279,927
 Tecumseh Products Co. Class A (a) 2,900 72,616

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Tennant Co. 2,800 $ 95,928
 Twin Disc, Inc. 1,500 20,640
 Woodward Governor Co. (b) 9,900 349,173
 -------------
 1,818,492
------------------------------------------------------------------------------------------------------------------------------------
Machinery: Oil Well Equipment & Allis-Chalmers Energy, Inc. (a) 4,600 58,190
Services - 1.1% Basic Energy Services, Inc. (a) 6,900 146,970
 Bolt Technology Corp. (a) 1,600 23,152
 CARBO Ceramics, Inc. 3,350 172,893
 Cal Dive International, Inc. (a) 7,312 77,507
 Complete Production Services, Inc. (a) 8,000 161,040
 Dril-Quip, Inc. (a) 5,200 225,628
 Flotek Industries, Inc. (a) 3,800 41,800
 Gulf Island Fabrication, Inc. 2,100 72,387
 Hornbeck Offshore Services, Inc. (a) 4,000 154,480
 Lufkin Industries, Inc. 2,500 198,375
 Mitcham Industries, Inc. (a) 1,800 18,162
 NATCO Group, Inc. Class A (a) 3,400 136,612
 Natural Gas Services Group (a) 2,200 38,434
 Newpark Resources, Inc. (a) 15,600 113,880
 Parker Drilling Co. (a) 19,300 154,786
 RPC, Inc. 5,325 74,869
 Sulphco, Inc. (a) 7,600 15,276
 Superior Well Services, Inc. (a) 2,900 73,399
 T-3 Energy Services, Inc. (a) 2,100 77,952
 Trico Marine Services, Inc. (a) 1,800 30,744
 Union Drilling, Inc. (a) 2,000 21,180
 Willbros Group, Inc. (a)(b) 6,600 174,900
 -------------
 2,262,616
------------------------------------------------------------------------------------------------------------------------------------
Machinery: Specialty - 0.1% Cascade Corp. 1,600 70,096
 Flow International Corp. (a) 5,600 28,448
 Key Technology Inc. (a) 1,100 26,070
 Semitool, Inc. (a) 3,600 29,448
 TurboChef Technologies, Inc. (a) 3,600 22,140
 -------------
 176,202
------------------------------------------------------------------------------------------------------------------------------------
Manufactured Housing - 0.1% Cavco Industries, Inc. (a) 1,200 43,380
 Champion Enterprises, Inc. (a) 13,100 72,705
 Palm Harbor Homes, Inc. (a) 1,600 15,856
 Skyline Corp. 900 23,787
 -------------
 155,728
------------------------------------------------------------------------------------------------------------------------------------
Manufacturing - 0.1% Federal Signal Corp. 8,100 110,970
 Standex International Corp. 2,200 61,050
 -------------
 172,020
------------------------------------------------------------------------------------------------------------------------------------
Medical & Dental Instruments & Abaxis, Inc. (a) 3,600 70,920
Supplies - 2.9% Abiomed, Inc. (a) 5,300 94,075
 Align Technology, Inc. (a) 10,500 113,715
 Alphatec Holdings, Inc. (a) 3,700 17,020

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 American Medical Systems Holdings, Inc. (a)(b) 12,300 $ 218,448
 AngioDynamics, Inc. (a) 4,300 67,940
 Atrion Corp. 200 20,606
 Bio-Rad Laboratories, Inc. Class A (a) 3,200 317,184
 BioMimetic Therapeutics, Inc. (a) 2,200 24,332
 CONMED Corp. (a) 4,800 153,600
 Cantel Medical Corp. (a) 1,600 15,392
 Cardiac Science Corp. (a) 3,000 31,080
 Cepheid, Inc. (a) 9,600 132,768
 Clinical Data, Inc. (a) 1,600 25,728
 Conceptus, Inc. (a) 5,300 87,874
 CryoLife, Inc. (a) 5,000 65,600
 Cyberonics, Inc. (a) 4,000 68,000
 DexCom, Inc. (a) 4,100 25,379
 ev3, Inc. (a) 11,646 116,926
 Exactech, Inc. (a) 1,400 31,136
 Hansen Medical, Inc. (a) 2,800 37,632
 I-Flow Corp. (a) 3,300 30,723
 ICU Medical, Inc. (a) 1,600 48,656
 IRIS International, Inc. (a) 3,300 59,070
 Immucor, Inc. (a) 11,750 375,530
 Insulet Corp. (a) 3,300 45,936
 Invacare Corp. 5,400 130,356
 Landauer, Inc. 1,500 109,125
 Medical Action Industries, Inc. (a) 1,900 24,947
 Mentor Corp. 5,900 140,774
 Meridian Bioscience, Inc. 6,675 193,842
 Merit Medical Systems, Inc. (a) 4,500 84,465
 Micrus Endovascular Corp. (a) 2,600 36,270
 Neogen Corp. (a) 2,400 67,632
 NuVasive, Inc. (a) 6,000 295,980
 OraSure Technologies, Inc. (a) 8,100 39,852
 Orthofix International NV (a) 2,900 54,027
 Orthovita, Inc. (a) 12,900 33,540
 Owens & Minor, Inc. 6,700 324,950
 PSS World Medical, Inc. (a) 10,800 210,600
 Palomar Medical Technologies, Inc. (a) 3,100 41,726
 SonoSite, Inc. (a) 2,900 91,060
 Spectranetic Corp. (a) 5,300 24,539
 Stereotaxis, Inc. (a) 4,100 24,805
 Steris Corp. 9,500 357,010
 SurModics, Inc. (a) 2,600 81,874
 Symmetry Medical, Inc. (a) 6,000 111,360
 Synovis Life Technologies, Inc. (a) 2,300 43,286
 Thoratec Corp. (a) 9,200 241,500
 Trans1, Inc. (a) 2,300 22,747

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Vision-Sciences Inc. (a) 3,500 $ 13,965
 Vital Signs, Inc. 1,400 103,460
 Volcano Corp. (a) 7,800 134,862
 West Pharmaceutical Services, Inc. 5,400 263,628
 Wright Medical Group, Inc. (a) 6,200 188,728
 -------------
 5,786,180
------------------------------------------------------------------------------------------------------------------------------------
Medical Services - 0.4% Air Methods Corp. (a) 1,800 50,958
 Almost Family, Inc. (a) 900 35,595
 Genoptix, Inc. (a) 1,500 49,005
 Hanger Orthopedic Group, Inc. (a) 4,100 71,545
 Magellan Health Services, Inc. (a) 6,600 270,996
 Parexel International Corp. (a) 9,600 275,136
 RadNet, Inc. (a) 4,100 16,441
 RehabCare Group, Inc. (a) 3,000 54,300
 US Physical Therapy, Inc. (a) 2,300 39,928
 -------------
 863,904
------------------------------------------------------------------------------------------------------------------------------------
Metal Fabricating - 0.8% Ampco-Pittsburgh Corp. 1,500 38,850
 CIRCOR International, Inc. 2,700 117,261
 Dynamic Materials Corp. 2,100 48,783
 Encore Wire Corp. 3,200 57,952
 Gibraltar Industries, Inc. 4,700 87,937
 Haynes International, Inc. (a) 2,100 98,343
 Insteel Industries, Inc. 2,800 38,052
 Kaydon Corp. 4,700 211,782
 L.B. Foster Co. Class A (a) 1,900 57,798
 Mueller Industries, Inc. 6,300 144,963
 Mueller Water Products, Inc. Series A 20,080 180,318
 NN, Inc. 2,200 28,270
 Northwest Pipe Co. (a) 1,400 61,068
 Omega Flex, Inc. 400 9,020
 RBC Bearings, Inc. (a) 3,700 124,653
 RTI International Metals, Inc. (a) 3,700 72,372
 Trimas Corp. (a) 1,700 11,152
 Worthington Industries, Inc. (b) 10,900 162,846
 -------------
 1,551,420
------------------------------------------------------------------------------------------------------------------------------------
Metals & Minerals Miscellaneous - 0.5% AMCOL International Corp. 4,300 134,418
 Apex Silver Mines Ltd. (a) 13,000 22,360
 Brush Engineered Materials, Inc. (a) 3,300 61,281
 Compass Minerals International, Inc. 5,400 282,906
 General Moly, Inc. (a) 10,300 44,805
 Hecla Mining Co. (a) 21,900 102,492
 Minerals Technologies, Inc. 3,200 189,952
 Stillwater Mining Co. (a) 6,700 38,927
 United States Lime & Minerals, Inc. (a) 300 11,553
 Uranium Resources, Inc. (a) 12,100 20,449
 -------------
 909,143
------------------------------------------------------------------------------------------------------------------------------------

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Business & Consumer Core-Mark Holdings Co., Inc. (a) 1,600 $ 39,984
Discretionary - 0.0%
------------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Consumer Staples - 0.0% Reddy Ice Holdings, Inc. 3,000 10,950
------------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Health Care - 0.0% MedAssets, Inc. (a) 2,700 46,440
------------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Materials & Ceradyne, Inc. (a) 4,400 161,304
Commodities - 0.2% Lydall, Inc. (a) 3,100 29,853
 Symyx Technologies, Inc. (a) 5,900 58,469
 WD-40 Co. 2,900 104,197
 -------------
 353,823
------------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Materials & Processing - 0.1% Insituform Technologies, Inc. Class A (a) 4,800 71,808
 Rogers Corp. (a) 3,100 114,638
 Xerium Technologies, Inc. 2,700 17,388
 -------------
 203,834
------------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Producer Durables - 0.0% Blount International, Inc. (a) 6,700 74,571
 Park-Ohio Holdings Corp. (a) 1,300 23,257
 -------------
 97,828
------------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Technology - 0.1% iRobot Corp. (a) 3,300 48,906
 Microvision, Inc. (a) 10,600 20,564
 TerreStar Corp. (a) 9,300 9,300
 Vocus, Inc. (a) 2,800 95,088
 -------------
 173,858
------------------------------------------------------------------------------------------------------------------------------------
Multi-Sector Companies - 0.4% Brunswick Corp. 14,200 181,618
 Compass Diversified Holdings 4,400 61,336
 GenCorp, Inc. (a) 9,600 64,704
 GenTek, Inc. (a) 1,400 35,994
 Kaman Corp. Class A 4,300 122,464
 Lancaster Colony Corp. 3,600 135,576
 Raven Industries, Inc. 2,700 106,245
 United Capital Corp. (a) 200 5,298
 -------------
 713,235
------------------------------------------------------------------------------------------------------------------------------------
Office Furniture & Business Equipment - 0.4% ACCO Brands Corp. (a) 8,464 63,819
 HNI Corp. 7,500 190,050
 Herman Miller, Inc. 9,600 234,912
 Kimball International, Inc. Class B 5,900 63,720
 Knoll, Inc. 7,700 116,424
 Presstek, Inc. (a) 5,200 29,328
 -------------
 698,253
------------------------------------------------------------------------------------------------------------------------------------
Oil: Crude Producers - 2.7% APCO Argentina, Inc. 700 19,194
 ATP Oil & Gas Corp. (a) 4,600 81,926
 Abraxas Petroleum Corp. (a) 7,700 20,097
 American Oil & Gas, Inc. (a) 6,900 18,009
 Arena Resources, Inc. (a) 6,200 240,870
 Atlas America, Inc. 5,800 197,838
 BMB Munai, Inc. (a) 6,900 28,635
 BPZ Resources, Inc. (a) 10,300 177,160
 Berry Petroleum Co. Class A 7,200 278,856

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Bill Barrett Corp. (a) 6,100 $ 195,871
 Brigham Exploration Co. (a) 8,000 87,920
 Bronco Drilling Co., Inc. (a) 4,400 44,968
 Callon Petroleum Co. (a) 3,600 64,908
 Cano Petroleum, Inc. (a) 10,900 25,179
 Carrizo Oil & Gas, Inc. (a) 4,600 166,842
 Cheniere Energy, Inc. (a) 8,900 20,025
 Clayton Williams Energy, Inc. (a) 900 63,477
 Comstock Resources, Inc. (a) 7,700 385,385
 Contango Oil & Gas Co. (a) 2,200 118,756
 Delek US Holdings, Inc. 1,600 14,832
 Double Eagle Pete & Mining Co. (a) 1,600 22,848
 EXCO Resources, Inc. (a) 24,900 406,368
 Endeavour International Corp. (a) 20,600 27,192
 Energy Partners Ltd. (a) 5,585 48,422
 Energy XXI Bermuda Ltd. 18,900 56,889
 FX Energy, Inc. (a) 6,800 50,592
 Gasco Energy, Inc. (a) 16,600 30,212
 GeoGlobal Resources, Inc. (a) 6,400 16,128
 Geokinetics, Inc. (a) 900 17,100
 GeoResources, Inc. (a) 1,100 12,606
 Goodrich Petroleum Corp. (a) 3,800 165,642
 Gran Tierra Energy, Inc. (a) 16,200 60,102
 Grey Wolf, Inc. (a) 30,200 234,956
 Gulfport Energy Corp. (a) 4,600 46,230
 Harvest Natural Resources, Inc. (a) 6,400 64,768
 Houston American Energy Corp. 2,900 18,328
 McMoRan Exploration Co. (a) 9,800 231,672
 Meridian Resource Corp. (a) 14,000 25,760
 Northern Oil And Gas, Inc. (a) 3,500 28,455
 Oilsands Quest, Inc. (a) 27,500 82,225
 Panhandle Oil & Gas Inc. 1,200 34,356
 Parallel Petroleum Corp. (a) 7,000 65,940
 Petroleum Development Corp. (a) 2,500 110,925
 Petroquest Energy, Inc. (a) 7,500 115,125
 Pioneer Drilling Co. (a) 8,400 111,720
 PrimeEnergy Corp. (a) 100 7,400
 Quest Resource Corp. (a) 3,900 10,374
 Rex Energy Corp. (a) 2,800 44,128
 Rosetta Resources, Inc. (a) 8,600 157,896
 Stone Energy Corp. (a) 5,328 225,534
 Swift Energy Co. (a) 5,200 201,188
 TXCO Resources, Inc. (a) 5,400 54,216
 Toreador Resources Corp. (a) 2,900 26,071
 Tri-Valley Corp. (a) 4,200 26,628
 Venoco, Inc. (a) 3,300 42,900

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 VeraSun Energy Corp. (a) 16,805 $ 52,600
 Warren Resources, Inc. (a) 9,800 97,804
 Western Refining, Inc. 5,300 53,583
 -------------
 5,335,631
------------------------------------------------------------------------------------------------------------------------------------
Oil: Integrated Domestic - 0.2% Delta Petroleum Corp. (a) 10,800 145,692
 GMX Resources, Inc. (a) 2,800 133,840
 Ram Energy Resources, Inc. (a) 6,800 19,652
 -------------
 299,184
------------------------------------------------------------------------------------------------------------------------------------
Oil: Integrated International - 0.0% Vaalco Energy, Inc. (a) 10,100 69,084
------------------------------------------------------------------------------------------------------------------------------------
Paints & Coatings - 0.2% Ferro Corp. 7,400 148,740
 H.B. Fuller Co. 8,500 177,395
 -------------
 326,135
------------------------------------------------------------------------------------------------------------------------------------
Paper - 0.4% AbitibiBowater, Inc. 9,252 35,805
 Albany International Corp. Class A 4,900 133,917
 Boise, Inc. (a) 6,000 9,360
 Buckeye Technologies, Inc. (a) 5,900 48,321
 Kapstone Paper and Packaging Corp. (a) 3,600 22,860
 Mercer International, Inc.-Sbi (a) 4,800 17,568
 Multi-Color Corp. 1,450 34,640
 Neenah Paper, Inc. 2,500 49,500
 P.H. Glatfelter Co. 7,300 98,842
 Rock-Tenn Co. Class A 6,400 255,872
 Verso Paper Corp. 2,800 7,392
 Wausau Paper Corp. 7,500 75,975
 -------------
 790,052
------------------------------------------------------------------------------------------------------------------------------------
Plastics - 0.0% Spartech Corp. 5,200 51,480
------------------------------------------------------------------------------------------------------------------------------------
Pollution Control & Environmental American Ecology Corp. 2,600 71,942
Services - 0.3% Darling International, Inc. (a) 13,800 153,318
 EnergySolutions, Inc. 5,500 55,000
 Fuel Tech, Inc. (a) 3,000 54,270
 Headwaters, Inc. (a) 7,400 98,790
 Met-Pro Corp. 2,900 42,311
 Metalico, Inc. (a) 4,300 25,370
 Team, Inc. (a) 3,200 115,584
 -------------
 616,585
------------------------------------------------------------------------------------------------------------------------------------
Power Transmission Equipment - 0.1% Regal-Beloit Corp. 5,400 229,608
 Synthesis Energy Systems, Inc. (a) 3,600 17,460
 -------------
 247,068
------------------------------------------------------------------------------------------------------------------------------------
Printing & Copying Services - 0.2% Bowne & Co., Inc. 4,900 56,595
 Cenveo, Inc. (a) 8,800 67,672
 Schawk, Inc. 2,400 36,288
 VistaPrint Ltd. (a) 7,600 249,584
 -------------
 410,139
------------------------------------------------------------------------------------------------------------------------------------
Production Technology Equipment - 1.0% ATMI, Inc. (a) 5,400 97,092
 Axcelis Technologies, Inc. (a) 16,500 28,050
 Brooks Automation, Inc. (a) 11,283 94,326

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Cognex Corp. 7,100 $ 143,136
 Cymer, Inc. (a) 4,800 121,584
 Dionex Corp. (a) 3,100 197,005
 Electro Scientific Industries, Inc. (a) 5,000 71,100
 Emcore Corp. (a) 12,800 63,232
 Entegris, Inc. (a) 19,295 93,388
 Esterline Technologies Corp. (a) 4,900 193,991
 FEI Co. (a) 6,300 150,003
 Intevac, Inc. (a) 3,700 39,368
 K-Tron International, Inc. (a) 400 51,532
 Kulicke & Soffa Industries, Inc. (a) 9,000 40,590
 LTX-Credence Corp. (a) 22,700 39,498
 MTS Systems Corp. 3,000 126,300
 Mattson Technology, Inc. (a) 9,100 43,043
 Photon Dynamics, Inc. (a) 3,300 50,655
 Photronics, Inc. (a) 6,800 12,784
 Rofin-Sinar Technologies, Inc. (a) 5,200 159,172
 Rudolph Technologies, Inc. (a) 4,413 36,981
 Ultra Clean Holdings, Inc. (a) 3,300 16,632
 Ultratech, Inc. (a) 4,100 49,610
 -------------
 1,919,072
------------------------------------------------------------------------------------------------------------------------------------
Publishing: Miscellaneous - 0.1% Consolidated Graphics, Inc. (a) 1,800 54,594
 Courier Corp. 1,700 34,612
 GateHouse Media, Inc. 2,780 1,362
 Idearc, Inc. 20,600 25,750
 Martha Stewart Living Omnimedia, Inc. Class A (a) 3,500 29,785
 Playboy Enterprises, Inc. Class B (a) 4,900 19,306
 Primedia, Inc. 4,750 11,543
 Scholastic Corp. 4,100 105,288
 -------------
 282,240
------------------------------------------------------------------------------------------------------------------------------------
Publishing: Newspapers - 0.1% A.H. Belo Corp. 2,340 12,074
 Belo Corp. Class A 14,800 88,208
 Dolan Media Co. (a) 3,900 39,351
 Journal Communications, Inc. Class A 7,100 34,648
 Lee Enterprises, Inc. 7,600 26,600
 McClatchy Co. Class A 10,111 44,488
 Media General, Inc. Class A 3,300 41,019
 -------------
 286,388
------------------------------------------------------------------------------------------------------------------------------------
Radio & TV Broadcasters - 0.2% CKX, Inc. (a) 8,700 53,592
 Citadel Broadcasting Corp. (a) 30,650 23,907
 Cox Radio, Inc. Class A (a) 3,500 36,960
 Cumulus Media, Inc. Class A (a) 5,200 22,152
 Entercom Communications Corp. 3,200 16,064
 Fisher Communications, Inc. 1,000 39,400
 Gray Television, Inc. 6,800 11,696
 Lin TV Corp. Class A (a) 4,500 23,220

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Outdoor Channel Holdings, Inc. (a) 3,200 $ 28,160
 RHI Entertainment, Inc. (a) 1,800 26,820
 Sinclair Broadcast Group, Inc. Class A 9,500 47,880
 Westwood One, Inc. (a) 8,100 4,455
 World Wrestling Entertainment, Inc. 3,100 47,926
 -------------
 382,232
------------------------------------------------------------------------------------------------------------------------------------
Railroad Equipment - 0.3% American Railcar Industries, Inc. 1,300 20,852
 Freightcar America, Inc. 2,000 58,540
 Greenbrier Cos., Inc. 2,800 54,628
 Westinghouse Air Brake Technologies Corp. 7,900 404,717
 -------------
 538,737
------------------------------------------------------------------------------------------------------------------------------------
Railroads - 0.1% Genesee & Wyoming, Inc. Class A (a) 4,950 185,724
------------------------------------------------------------------------------------------------------------------------------------
Real Estate - 0.2% AMREP Corp. (a) 300 12,723
 Avatar Holdings, Inc. (a) 1,000 33,000
 Bluegreen Corp. (a) 2,200 15,202
 Cogdell Spencer, Inc. 2,100 33,684
 Consolidated-Tomoka Land Co. 1,000 43,190
 FX Real Estate and Entertainment, Inc. (a) 1,360 1,414
 Forestar Real Estate Group, Inc. (a) 5,966 87,998
 Griffin Land & Nurseries, Inc. 500 18,540
 Grubb & Ellis Co. 5,400 14,580
 Hilltop Holdings, Inc. (a) 7,652 78,969
 Meruelo Maddux Properties, Inc. (a) 7,220 8,808
 Resource Capital Corp. 3,400 20,604
 Stratus Properties, Inc. (a) 800 22,016
 Tejon Ranch Co. (a) 1,800 66,870
 Thomas Properties Group, Inc. 3,600 36,360
 -------------
 493,958
------------------------------------------------------------------------------------------------------------------------------------
Real Estate Investment Trusts (REITs) - 5.5% Acadia Realty Trust 5,700 144,096
 Agree Realty Corp. 1,600 45,760
 Alexander's, Inc. 300 120,000
 American Campus Communities, Inc. 6,758 228,961
 American Capital Agency Corp. 1,300 22,516
 Anthracite Capital, Inc. (c) 9,900 53,064
 Anworth Mortgage Asset Corp. 13,900 82,288
 Arbor Realty Trust, Inc. 3,000 30,000
 Ashford Hospitality Trust, Inc. 20,950 84,848
 Associated Estates Realty Corp. 2,400 31,272
 BioMed Realty Trust, Inc. 12,100 320,045
 Capital Trust, Inc. 3,200 49,600
 CapLease, Inc. 6,300 49,959
 Capstead Mortgage Corp. 9,300 101,835
 Care Investment Trust, Inc. 2,000 22,960
 Cedar Shopping Centers, Inc. 7,200 95,184
 Chimera Investment Corp. 5,900 36,639
 Colonial Properties Trust 8,200 153,258

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Corporate Office Properties Trust 6,500 $ 262,275
 Cousins Properties, Inc. 7,700 194,271
 DCT Industrial Trust, Inc. 28,750 215,338
 DiamondRock Hospitality Co. 15,840 144,144
 Dupont Fabros Technology, Inc. 2,100 32,025
 Eastgroup Properties, Inc. 4,200 203,868
 Education Realty Trust, Inc. 4,700 52,076
 Entertainment Properties Trust 5,100 279,072
 Equity Lifestyle Properties, Inc. 3,400 180,302
 Equity One, Inc. 5,400 110,646
 Extra Space Storage, Inc. 12,900 198,144
 FelCor Lodging Trust, Inc. 11,100 79,476
 First Industrial Realty Trust, Inc. 7,500 215,100
 First Potomac Realty Trust 4,100 70,479
 Franklin Street Properties Corp. 9,100 118,300
 Friedman Billings Ramsey Group, Inc. Class A 24,500 49,000
 Getty Realty Corp. 2,800 62,076
 Glimcher Realty Trust 6,400 66,816
 Gramercy Capital Corp. 7,061 18,288
 Hatteras Financial Corp. 1,900 44,080
 Healthcare Realty Trust, Inc. 9,500 276,925
 Hersha Hospitality Trust 7,000 52,080
 Highwoods Properties, Inc. 10,400 369,824
 Home Properties, Inc. 5,100 295,545
 Inland Real Estate Corp. 9,500 149,055
 Investors Real Estate Trust 9,700 108,543
 JER Investors Trust, Inc. 3,800 18,316
 Kite Realty Group Trust 3,400 37,400
 LTC Properties, Inc. 3,900 114,348
 LaSalle Hotel Properties 6,800 158,576
 Lexington Corporate Properties Trust 8,330 143,443
 MFA Mortgage Investments, Inc. 31,900 207,350
 Maguire Properties, Inc. 6,500 38,740
 Medical Properties Trust, Inc. 11,700 132,795
 Mid-America Apartment Communities, Inc. 4,400 216,216
 Mission West Properties, Inc. 2,500 24,350
 Monmouth Real Estate Investment Corp. Class A 4,100 31,939
 National Health Investors, Inc. 3,800 129,884
 National Retail Properties, Inc. 11,900 285,005
 Newcastle Investment Corp. 9,400 59,690
 NorthStar Realty Finance Corp. 10,000 77,500
 Omega Healthcare Investors, Inc. 13,200 259,512
 One Liberty Properties, Inc. 1,700 30,039
 PS Business Parks, Inc. 2,500 144,000
 Parkway Properties, Inc. 2,600 98,436
 Pennsylvania Real Estate Investment Trust 6,200 116,870

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Post Properties, Inc. 7,400 $ 206,978
 Potlatch Corp. 6,639 307,983
 RAIT Investment Trust 10,840 59,512
 Ramco-Gershenson Properties Trust 3,000 67,260
 Realty Income Corp. 17,100 437,760
 Redwood Trust, Inc. 5,700 123,861
 Saul Centers, Inc. 1,800 90,972
 Senior Housing Properties Trust 18,800 448,004
 Sovran Self Storage, Inc. 3,600 160,884
 Strategic Hotel Capital, Inc. 12,100 91,355
 Sun Communities, Inc. 3,100 61,411
 Sunstone Hotel Investors, Inc. 9,200 124,200
 Tanger Factory Outlet Centers, Inc. 5,100 223,329
 U-Store-It Trust 8,800 107,976
 Universal Health Realty Income Trust 1,900 73,910
 Urstadt Biddle Properties, Inc. Class A 3,400 63,750
 Washington Real Estate Investment Trust (b) 8,300 304,029
 Winthrop Realty Trust, Inc. 7,500 29,250
 -------------
 10,826,866
------------------------------------------------------------------------------------------------------------------------------------
Recreational Vehicles & Boats - 0.2% Fleetwood Enterprises, Inc. (a) 10,900 11,118
 Marine Products Corp. 1,600 13,280
 Polaris Industries, Inc. 5,400 245,646
 Winnebago Industries, Inc. 4,800 62,016
 -------------
 332,060
------------------------------------------------------------------------------------------------------------------------------------
Rental & Leasing Services: Commercial - 0.1% Aircastle Ltd. 8,300 82,253
 Electro Rent Corp. 3,500 47,005
 H&E Equipment Services, Inc. (a) 2,600 25,116
 McGrath RentCorp 3,900 112,398
 -------------
 266,772
------------------------------------------------------------------------------------------------------------------------------------
Rental & Leasing Services: Consumer - 0.3% Aaron Rents, Inc. 7,500 203,025
 Amerco, Inc. (a) 1,600 67,088
 Dollar Thrifty Automotive Group, Inc. (a) 3,600 6,948
 RSC Holdings, Inc. (a) 7,800 88,608
 Rent-A-Center, Inc. (a) 11,500 256,220
 -------------
 621,889
------------------------------------------------------------------------------------------------------------------------------------
Restaurants - 1.2% AFC Enterprises, Inc. (a) 3,600 26,136
 BJ's Restaurants, Inc. (a) 2,400 28,656
 Bob Evans Farms, Inc. 5,300 144,637
 Buffalo Wild Wings, Inc. (a) 2,900 116,696
 CBRL Group, Inc. 3,458 90,945
 CEC Entertainment, Inc. (a) 3,600 119,520
 CKE Restaurants, Inc. 8,800 93,280
 California Pizza Kitchen, Inc. (a) 4,050 52,123
 The Cheesecake Factory, Inc. (a) 10,700 156,434
 Denny's Corp. (a) 16,800 43,176
 DineEquity, Inc. 2,900 48,894

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Domino's Pizza, Inc. (a) 6,600 $ 80,124
 Einstein Noah Restaurant Group, Inc. (a) 1,200 12,096
 Jack in the Box, Inc. (a) 9,900 208,890
 Krispy Kreme Doughnuts, Inc. (a) 10,500 34,650
 Landry's Restaurants, Inc. 2,300 35,765
 Luby's, Inc. (a) 3,300 26,532
 O'Charleys, Inc. 3,700 32,375
 P.F. Chang's China Bistro, Inc. (a) 3,700 87,098
 Papa John's International, Inc. (a) 3,800 103,208
 Red Robin Gourmet Burgers, Inc. (a) 2,600 69,680
 Ruby Tuesday, Inc. (a) 8,800 50,952
 Ruth's Hospitality Group, Inc. (a) 3,400 13,362
 Sonic Corp. (a) 10,170 148,177
 The Steak n Shake Co. (a) 4,600 39,928
 Texas Roadhouse, Inc. Class A (a) 8,600 77,314
 Wendy's 68,026 357,817
 -------------
 2,298,465
------------------------------------------------------------------------------------------------------------------------------------
Retail - 2.8% 1-800-FLOWERS.COM, Inc. Class A (a) 4,400 26,488
 99 Cents Only Stores (a) 7,300 80,081
 Aeropostale, Inc. (a) 11,000 353,210
 America's Car Mart, Inc. (a) 1,300 24,167
 Asbury Automotive Group, Inc. 5,700 65,664
 bebe Stores, Inc. 6,300 61,551
 Bidz.com, Inc. (a) 1,600 13,840
 Big 5 Sporting Goods Corp. 4,000 41,280
 Blockbuster, Inc. Class A (a) 31,200 63,960
 Blue Nile, Inc. (a) 2,300 98,601
 Borders Group, Inc. 10,200 66,912
 Brown Shoe Co., Inc. 7,125 116,707
 The Buckle, Inc. 2,400 133,296
 Build-A-Bear Workshop, Inc. (a) 2,500 18,200
 Cabela's, Inc. Class A (a) 6,000 72,480
 Cache, Inc. (a) 1,900 13,053
 Casual Male Retail Group, Inc. (a) 6,300 24,759
 The Cato Corp. Class A 5,000 87,750
 Central Garden & Pet Co. Class A (a) 10,869 64,671
 Charlotte Russe Holding, Inc. (a) 3,400 34,850
 Charming Shoppes, Inc. (a) 19,100 93,399
 Chico's FAS, Inc. (a) 30,300 165,741
 The Children's Place Retail Stores, Inc. (a) 3,800 126,730
 Christopher & Banks Corp. 6,000 46,020
 Circuit City Stores, Inc. 29,500 22,420
 Coldwater Creek, Inc. (a) 10,200 59,058
 Collective Brands, Inc. (a) 10,400 190,424
 Conn's, Inc. (a) 1,600 29,936
 Dillard's, Inc. Class A 9,900 116,820

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Dress Barn, Inc. (a) 7,600 $ 116,204
 drugstore.com, Inc. (a) 13,200 31,020
 Ezcorp, Inc. (a) 6,100 114,680
 FGX International Holdings Ltd. (a) 1,900 21,033
 Fred's, Inc. 6,700 95,274
 GSI Commerce, Inc. (a) 4,000 61,920
 Gaiam, Inc. (a) 3,000 31,800
 Genesco, Inc. (a) 3,000 100,440
 Group 1 Automotive, Inc. 3,600 78,228
 Gymboree Corp. (a) 4,600 163,300
 Hibbett Sports, Inc. (a) 4,450 89,089
 Hot Topic, Inc. (a) 7,800 51,558
 Insight Enterprises, Inc. (a) 8,100 108,621
 Jo-Ann Stores, Inc. (a) 4,200 88,116
 Jos. A. Bank Clothiers, Inc. (a) 3,125 105,000
 Lawson Products, Inc. 979 27,069
 Lumber Liquidators, Inc. (a) 1,800 22,608
 MarineMax, Inc. (a) 2,700 19,521
 Men's Wearhouse, Inc. 8,900 189,036
 New York & Co. (a) 3,500 33,390
 Overstock.com, Inc. (a) 2,700 53,487
 PC Connection, Inc. (a) 1,000 6,690
 PC Mall, Inc. (a) 2,100 14,343
 Pacific Sunwear of California, Inc. (a) 11,400 76,722
 The Pantry, Inc. (a) 3,800 80,522
 The Pep Boys - Manny, Moe & Jack 7,100 43,878
 PetMed Express, Inc. (a) 4,300 67,510
 Pier 1 Imports, Inc. (a) 15,000 61,950
 PriceSmart, Inc. 2,100 35,154
 Retail Ventures, Inc. (a) 3,500 13,650
 Rush Enterprises, Inc. Class A (a) 5,700 72,960
 Russ Berrie & Co., Inc. (a) 2,200 16,874
 Sally Beauty Co., Inc. (a) 15,100 129,860
 School Specialty, Inc. (a) 3,400 106,046
 Shutterfly, Inc. (a) 3,600 34,596
 Sonic Automotive, Inc. 4,400 37,224
 Stage Stores, Inc. 6,450 88,107
 Stamps.com, Inc. (a) 2,900 33,843
 Stein Mart, Inc. 4,300 16,813
 Syms Corp. (a) 1,000 13,510
 Systemax, Inc. 1,500 21,090
 The Talbots, Inc. 3,700 48,470
 Tractor Supply Co. (a) 5,400 227,070
 Tuesday Morning Corp. (a) 5,100 21,063
 Tween Brands, Inc. (a) 3,700 36,223
 Volcom, Inc. (a) 3,200 55,296

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 The Wet Seal, Inc. Class A (a) 16,200 $ 58,806
 Zale Corp. (a) 5,700 142,500
 Zumiez, Inc. (a) 3,300 54,384
 -------------
 5,528,616
------------------------------------------------------------------------------------------------------------------------------------
Savings & Loan - 1.1% Anchor Bancorp Wisconsin, Inc. 3,400 24,990
 Bank Mutual Corp. 8,500 96,475
 Berkshire Hills Bancorp, Inc. 1,500 48,000
 Brookline Bancorp, Inc. 10,200 130,458
 Brooklyn Federal Bancorp, Inc. 900 13,311
 Danvers Bancorp, Inc. 3,300 42,075
 Dime Community Bancshares, Inc. 4,400 66,968
 Downey Financial Corp. 3,400 9,520
 ESSA Bancorp, Inc. 3,300 45,870
 First Financial Holdings, Inc. 2,300 60,214
 First Financial Northwest, Inc. 4,300 44,376
 First Niagara Financial Group, Inc. 18,400 289,800
 First Place Financial Corp. 2,300 29,555
 FirstFed Financial Corp. (a) 2,300 18,032
 Flagstar Bancorp, Inc. 7,400 22,052
 Flushing Financial Corp. 3,400 59,500
 Guaranty Financial Group, Inc. (a) 4,600 18,170
 Home Federal Bancorp, Inc. 900 11,475
 IBERIABANK Corp. 2,300 121,555
 Kearny Financial Corp. 3,000 36,720
 Meridian Interstate Bancorp, Inc. (a) 1,600 16,336
 NASB Financial, Inc. 300 8,157
 NewAlliance Bancshares, Inc. 18,300 275,049
 Northwest Bancorp, Inc. 2,900 79,866
 OceanFirst Financial Corp. 1,800 32,616
 Ocwen Financial Corp. (a) 5,800 46,690
 Provident Financial Services, Inc. 10,100 166,751
 Provident New York Bancorp 6,900 91,218
 Rockville Financial, Inc. 1,400 22,050
 Roma Financial Corp. 1,100 16,225
 Sterling Financial Corp. 8,260 119,770
 United Community Financial Corp. 4,400 22,000
 ViewPoint Financial Group 1,800 31,500
 W Holding Co., Inc. 18,600 10,044
 Westfield Financial, Inc. 5,900 60,770
 -------------
 2,188,158
------------------------------------------------------------------------------------------------------------------------------------
Securities Brokerage & Services - 0.5% Diamond Hill Investments Group (a) 400 35,968
 GFI Group, Inc. 11,000 51,810
 Gladstone Investment Corp. 4,300 29,584
 International Assets Holding Corp., Inc. (a) 600 14,466
 KBW, Inc. (a) 4,400 144,936
 Knight Capital Group, Inc. Class A (a) 15,900 236,274

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 LaBranche & Co., Inc. (a) 8,600 $ 38,700
 Ladenburg Thalmann Financial Services, Inc. (a) 14,800 26,640
 MarketAxess Holdings, Inc. (a) 5,100 41,157
 optionsXpress Holdings, Inc. 7,300 141,766
 Penson Worldwide, Inc. (a) 3,100 42,997
 SWS Group, Inc. 4,300 86,688
 Thomas Weisel Partners Group, Inc. (a) 3,021 25,467
 -------------
 916,453
------------------------------------------------------------------------------------------------------------------------------------
Services: Commercial - 3.1% ABM Industries, Inc. 7,400 161,616
 AMN Healthcare Services, Inc. (a) 5,700 100,149
 Administaff, Inc. 3,800 103,436
 The Advisory Board Co. (a) 3,100 93,496
 Ambassadors Group, Inc. 3,500 55,685
 CBIZ, Inc. (a) 7,600 64,220
 CDI Corp. 2,300 51,359
 CRA International, Inc. (a) 2,000 54,960
 Casella Waste Systems, Inc. (a) 3,700 43,438
 Chemed Corp. 4,000 164,240
 Coinstar, Inc. (a) 4,700 150,400
 Cornell Cos., Inc. (a) 1,700 46,206
 CoStar Group, Inc. (a) 3,300 149,787
 Cross Country Healthcare, Inc. (a) 5,600 91,224
 Dice Holdings, Inc. (a) 2,100 14,910
 DynCorp. International, Inc. (a) 4,100 68,716
 Exponent, Inc. (a) 2,500 82,725
 First Advantage Corp. Class A (a) 2,000 28,100
 Forrester Research, Inc. (a) 2,400 70,368
 G&K Services, Inc. Class A 3,300 109,065
 The Geo Group, Inc. (a) 8,800 177,848
 Gevity HR, Inc. 4,600 33,488
 Global Sources Ltd. (a) 2,680 26,988
 Global Traffic Network, Inc. (a) 2,300 21,321
 Heidrick & Struggles International, Inc. 3,100 93,465
 Hudson Highland Group, Inc. (a) 4,100 28,495
 ICF International, Inc. (a) 1,300 25,675
 ICT Group, Inc. (a) 1,300 10,465
 IKON Office Solutions, Inc. 13,700 233,037
 Jackson Hewitt Tax Service, Inc. 4,400 67,496
 Kelly Services, Inc. Class A 4,600 87,630
 Kforce, Inc. (a) 5,100 52,071
 The Knot, Inc. (a) 4,800 40,080
 Korn/Ferry International (a) 7,400 131,868
 Liquidity Services, Inc. (a) 1,900 20,615
 MAXIMUS, Inc. 3,000 110,520
 MPS Group, Inc. (a) 15,900 160,272
 Midas, Inc. (a) 2,700 37,152

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Monro Muffler, Inc. 2,800 $ 64,568
 Navigant Consulting, Inc. (a) 8,300 165,087
 Net 1 UEPS Technologies, Inc. (a) 7,300 163,009
 Nutri/System, Inc. 5,400 95,688
 On Assignment, Inc. (a) 5,300 41,764
 Orbitz Worldwide, Inc. (a) 5,300 31,111
 PHH Corp. (a) 8,400 111,636
 PRG-Schultz International, Inc. (a) 2,900 25,984
 People Support, Inc. (a) 3,700 43,253
 Perficient, Inc. (a) 5,200 34,528
 Pre-Paid Legal Services, Inc. (a) 1,500 61,890
 The Providence Service Corp. (a) 2,100 20,580
 Regis Corp. 7,300 200,750
 Resources Connection, Inc. (a) 7,900 177,987
 Rollins, Inc. 7,400 140,452
 Spherion Corp. (a) 10,000 48,700
 Standard Parking Corp. (a) 1,400 31,108
 Steiner Leisure Ltd. (a) 2,500 85,950
 TeleTech Holdings, Inc. (a) 6,600 82,104
 Tetra Tech, Inc. (a) 9,900 238,194
 TrueBlue, Inc. (a) 7,500 121,200
 Unifirst Corp. 2,200 94,798
 Viad Corp. 3,400 97,886
 Volt Information Sciences, Inc. (a) 2,150 19,307
 Waste Connections, Inc. (a) 10,800 370,440
 Waste Services, Inc. (a) 3,233 23,957
 Watson Wyatt Worldwide, Inc. 7,000 348,110
 World Fuel Services Corp. 4,600 105,938
 -------------
 6,108,565
------------------------------------------------------------------------------------------------------------------------------------
Shipping - 0.6% American Commercial Lines, Inc. (a) 6,200 65,968
 Arlington Tankers Ltd. 1,800 27,684
 DHT Maritime, Inc. 7,100 47,712
 Eagle Bulk Shipping, Inc. 7,900 110,126
 Genco Shipping & Trading Ltd. 3,900 129,636
 General Maritime Corp. 4,500 87,660
 Golar LNG Ltd. 6,000 79,680
 Gulfmark Offshore, Inc. (a) 3,600 161,568
 Horizon Lines, Inc. Class A 5,100 50,337
 International Shipholding Corp. (a) 1,200 26,280
 Knightsbridge Tankers Ltd. 2,600 68,822
 Nordic American Tanker Shipping Ltd. 5,900 189,154
 Ship Finance International Ltd. 7,100 153,076
 TBS International Ltd. (a) 2,200 29,612
 -------------
 1,227,315
------------------------------------------------------------------------------------------------------------------------------------
Shoes - 0.6% Crocs, Inc. (a) 14,400 51,552
 DSW, Inc. Class A (a) 2,600 35,620

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Deckers Outdoor Corp. (a) 2,200 $ 228,976
 The Finish Line, Inc. Class A 7,655 76,473
 Iconix Brand Group, Inc. (a) 10,000 130,800
 K-Swiss, Inc. Class A 4,200 73,080
 Kenneth Cole Productions, Inc. Class A 1,500 22,050
 Shoe Carnival, Inc. (a) 1,400 22,932
 Skechers U.S.A., Inc. Class A (a) 5,400 90,882
 Steven Madden Ltd. (a) 3,200 79,296
 Timberland Co. Class A (a) 7,900 137,223
 Weyco Group, Inc. 900 30,123
 Wolverine World Wide, Inc. (b) 8,400 222,264
 -------------
 1,201,271
------------------------------------------------------------------------------------------------------------------------------------
Steel - 0.1% China Precision Steel, Inc. (a) 4,700 15,651
 General Steel Holdings, Inc. (a) 1,300 9,282
 Olympic Steel, Inc. 1,600 47,184
 Sutor Technology Group Ltd. (a) 1,700 5,525
 Universal Stainless & Alloy Products, Inc. (a) 1,100 28,105
 -------------
 105,747
------------------------------------------------------------------------------------------------------------------------------------
Sugar - 0.0% Imperial Sugar Co. New Shares 1,900 25,726
------------------------------------------------------------------------------------------------------------------------------------
Telecommunications Equipment - 0.6% Airvana, Inc. (a) 3,700 21,793
 Applied Signal Technology, Inc. 2,400 41,712
 Arris Group, Inc. (a) 21,046 162,686
 Audiovox Corp. Class A (a) 2,800 26,236
 Belden, Inc. 7,400 235,246
 Mastec, Inc. (a) 6,900 91,701
 OpNext, Inc. (a) 2,200 10,098
 Plantronics, Inc. 8,200 184,664
 Polycom, Inc. (a) 14,300 330,759
 Powerwave Technologies, Inc. (a) 22,200 87,912
 Preformed Line Products Co. 300 17,502
 Symmetricom, Inc. (a) 8,000 39,760
 -------------
 1,250,069
------------------------------------------------------------------------------------------------------------------------------------
Textile Products - 0.1% Interface, Inc. Class A 9,000 102,330
 Unifi, Inc. (a) 8,900 43,076
 -------------
 145,406
------------------------------------------------------------------------------------------------------------------------------------
Textiles Apparel Manufacturers - 0.8% American Apparel, Inc. (a) 6,200 50,840
 Carter's, Inc. (a) 9,100 179,543
 Cherokee, Inc. 1,400 30,772
 Columbia Sportswear Co. 2,200 92,312
 G-III Apparel Group, Ltd. (a) 1,900 35,549
 J. Crew Group, Inc. (a) 6,870 196,276
 Lululemon Athletica, Inc. (a) 3,200 73,696
 Maidenform Brands, Inc. (a) 3,300 47,883
 Oxford Industries, Inc. 2,400 61,992
 Perry Ellis International, Inc. (a) 1,850 27,584
 Quiksilver, Inc. (a) 21,600 123,984

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 True Religion Apparel, Inc. (a) 3,000 $ 77,550
 Under Armour, Inc. Class A (a) 5,500 174,680
 The Warnaco Group, Inc. (a) 7,500 339,675
 -------------
 1,512,336
------------------------------------------------------------------------------------------------------------------------------------
Tires & Rubber - 0.1% Cooper Tire & Rubber Co. 9,900 85,140
 Titan International, Inc. 5,750 122,590
 -------------
 207,730
------------------------------------------------------------------------------------------------------------------------------------
Tobacco - 0.2% Alliance One International, Inc. (a)(b) 16,700 63,460
 Schweitzer-Mauduit International, Inc. 2,600 49,374
 Star Scientific, Inc. (a) 12,900 45,924
 Universal Corp. 4,300 211,087
 Vector Group Ltd. 5,795 102,339
 -------------
 472,184
------------------------------------------------------------------------------------------------------------------------------------
Toys - 0.2% Jakks Pacific, Inc. (a) 4,600 114,586
 Leapfrog Enterprises, Inc. (a) 5,600 59,136
 Marvel Entertainment, Inc. (a) 8,200 279,948
 -------------
 453,670
------------------------------------------------------------------------------------------------------------------------------------
Transportation Miscellaneous - 0.3% CAI International, Inc. (a) 1,100 12,166
 Celadon Group, Inc. (a) 4,000 45,880
 Dynamex, Inc. (a) 1,400 39,844
 HUB Group, Inc. Class A (a) 6,200 233,430
 Odyssey Marine Exploration, Inc. (a) 7,900 35,866
 Pacer International, Inc. 5,900 97,173
 Textainer Group Holdings Ltd. 1,500 22,785
 Ultrapetrol Bahamas Ltd. (a) 4,100 32,185
 -------------
 519,329
------------------------------------------------------------------------------------------------------------------------------------
Truckers - 0.5% Arkansas Best Corp. 3,600 121,284
 Forward Air Corp. 5,100 138,873
 Heartland Express, Inc. 9,900 153,648
 Knight Transportation, Inc. 9,450 160,366
 Marten Transport Ltd. (a) 2,500 48,775
 Old Dominion Freight Line, Inc. (a) 4,450 126,113
 Patriot Transportation Holding, Inc. (a) 200 15,800
 Saia, Inc. (a) 2,300 30,544
 Universal Truckload Services, Inc. (a) 1,000 24,360
 Werner Enterprises, Inc. 6,700 145,457
 YRC Worldwide, Inc. (a) 9,840 117,686
 -------------
 1,082,906
------------------------------------------------------------------------------------------------------------------------------------
Utilities: Electrical - 1.8% Allete, Inc. 4,200 186,900
 Avista Corp. 9,200 199,732
 Black Hills Corp. 6,400 198,848
 CH Energy Group, Inc. 2,700 117,639
 Central Vermont Public Service Corp. 1,300 30,472
 Cleco Corp. 10,200 257,550
 El Paso Electric Co. (a) 7,700 161,700

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 The Empire District Electric Co. 5,700 $ 121,695
 IDACORP, Inc. 7,500 218,175
 ITC Holdings Corp. 8,300 429,691
 MGE Energy, Inc. 3,700 131,535
 NorthWestern Corp. 6,500 163,345
 Otter Tail Corp. 5,600 172,088
 PNM Resources, Inc. 13,600 139,264
 Pike Electric Corp. (a) 2,800 41,244
 Portland General Electric Co. 10,800 255,528
 UIL Holdings Corp. 4,333 148,752
 Unisource Energy Corp. 5,800 169,302
 Westar Energy, Inc. 17,200 396,288
 -------------
 3,539,748
------------------------------------------------------------------------------------------------------------------------------------
Utilities: Gas Distributors - 1.1% Chesapeake Utilities Corp. 1,400 46,494
 EnergySouth, Inc. 1,200 73,716
 The Laclede Group, Inc. 3,600 174,564
 New Jersey Resources Corp. 7,100 254,819
 Nicor, Inc. 7,300 323,755
 Northwest Natural Gas Co. 4,500 234,000
 Piedmont Natural Gas Co. 12,000 383,520
 South Jersey Industries, Inc. 5,000 178,500
 Southwest Gas Corp. 7,200 217,872
 WGL Holdings, Inc. 8,000 259,600
 -------------
 2,146,840
------------------------------------------------------------------------------------------------------------------------------------
Utilities: Telecommunications - 0.9% Alaska Communications Systems Group, Inc. 7,400 90,502
 Atlantic Tele-Network, Inc. 1,300 36,400
 Centennial Communications Corp. (a) 11,100 69,264
 Cincinnati Bell, Inc. (a) 41,300 127,617
 Consolidated Communications Holdings, Inc. 3,319 50,051
 FairPoint Communications, Inc. 15,450 133,952
 FiberTower Corp. (a) 20,310 28,028
 General Communication, Inc. Class A (a) 8,400 77,784
 Global Crossing Ltd. (a) 4,500 68,220
 Globalstar, Inc. (a) 8,200 13,940
 Hungarian Telephone & Cable Corp. (a) 500 9,950
 ICO Global Communications Holdings Ltd. (a) 17,500 19,075
 IDT Corp. Class B (a) 8,100 5,993
 Ibasis, Inc. 4,100 14,309
 iPCS, Inc. (a) 2,900 64,583
 Iowa Telecommunications Services, Inc. 5,400 100,872
 NTELOS Holdings Corp. 5,000 134,450
 Neutral Tandem, Inc. (a) 2,700 50,058
 ORBCOMM, Inc. (a) 4,300 21,199
 PAETEC Holding Corp. (a) 20,570 44,225
 Premiere Global Services, Inc. (a) 10,400 146,224
 RCN Corp. (a) 6,200 76,012

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Shares
Industry Common Stocks Held Value
------------------------------------------------------------------------------------------------------------------------------------
 Shenandoah Telecom Co. 3,700 $ 81,659
 TW Telecom, Inc. (a) 24,830 257,984
 USA Mobility, Inc. 4,300 47,300
 Virgin Mobile USA, Inc. (a) 3,600 10,584
 -------------
 1,780,235
------------------------------------------------------------------------------------------------------------------------------------
Utilities: Water - 0.2% American States Water Co. 3,000 115,500
 California Water Service Group 3,300 127,050
 Connecticut Water Service, Inc. 1,700 49,215
 Consolidated Water Co., Inc. 2,000 34,040
 Middlesex Water Co. 2,500 43,675
 SJW Corp. 2,300 68,931
 Southwest Water Co. 3,965 50,554
 -------------
 488,965
------------------------------------------------------------------------------------------------------------------------------------
Wholesalers - 0.2% Brightpoint, Inc. (a) 8,430 60,696
 Chindex International Inc. (a) 2,400 26,064
 Houston Wire & Cable Co. 3,200 54,944
 MWI Veterinary Supply, Inc. (a) 1,900 74,651
 Prestige Brands Holdings, Inc. (a) 5,500 48,840
 United Stationers, Inc. (a) 3,700 176,971
 -------------
 442,166
------------------------------------------------------------------------------------------------------------------------------------
 Total Common Stocks
 (Cost - $199,131,661) - 87.6% 173,261,519
------------------------------------------------------------------------------------------------------------------------------------
 Investment Companies
------------------------------------------------------------------------------------------------------------------------------------
 BlackRock Kelso Capital Corp. (c) 1,600 18,448
 Gladstone Capital Corp. 2,900 44,196
 Hercules Technology Growth Capital, Inc. 5,600 54,320
 Kayne Anderson Energy Development Co. 1,400 23,702
 Patriot Capital Funding, Inc. 3,500 22,295
 Pennantpark Investment Corp. 3,600 26,676
 Prospect Capital Corp. 3,700 47,397
------------------------------------------------------------------------------------------------------------------------------------
 Total Investment Companies
 (Cost - $359,241) - 0.1% 237,034
------------------------------------------------------------------------------------------------------------------------------------
 Warrants (d)
------------------------------------------------------------------------------------------------------------------------------------
Energy Miscellaneous - 0.0% GreenHunter Energy, Inc. (expires 8/27/11) 60 0
------------------------------------------------------------------------------------------------------------------------------------
 Total Warrants
 (Cost - $0) - 0.0% 0
------------------------------------------------------------------------------------------------------------------------------------

 Face
 Short-Term Securities Amount
------------------------------------------------------------------------------------------------------------------------------------
Time Deposits - 12.0% State Street Bank & Trust Co., 1%, 10/01/08 $ 23,759,935 23,759,935
------------------------------------------------------------------------------------------------------------------------------------
 Total Short-Term Securities
 (Cost - $23,759,935) - 12.0% 23,759,935
------------------------------------------------------------------------------------------------------------------------------------
 Total Investments Before Options Written
 (Cost - $223,250,837*) - 99.7% 197,258,488
------------------------------------------------------------------------------------------------------------------------------------

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

 Number of
 Options Written Contracts Value
------------------------------------------------------------------------------------------------------------------------------------
Call Options Written Russell 2000 Index, expiring October 2008 at USD 760 1,100 $ (236,500)
 Russell 2000 Index, expiring October 2008 at USD 770 250 (36,875)
------------------------------------------------------------------------------------------------------------------------------------
 Total Options Written
 (Premiums Received - $2,364,530) - (0.1%) (273,375)
------------------------------------------------------------------------------------------------------------------------------------
 Total Investments, Net of Options Written
 (Cost - $220,886,307) - 99.6% 196,985,113
 Other Assets Less Liabilities - 0.4% 768,133
 -------------
 Net Assets - 100.0% $197,753,246
 =============

* The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows:

 Aggregate cost $ 209,001,614
 ==============
 Gross unrealized appreciation $ 4,408,034
 Gross unrealized depreciation (16,151,160)
 --------------
 Net unrealized depreciation $ (11,743,126)
 ==============
(a) Non-income producing security.

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

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

--------------------------------------------------------------------
 Purchase Sales Realized Dividend
Affiliate Cost Cost Loss Income
--------------------------------------------------------------------
Anthracite
Capital, Inc. $ 10,597 $ 21,642 ($8,391) $ 9,569
BlackRock Kelso
Capital Corp. $ 5,809 -- -- $ 1,548
--------------------------------------------------------------------

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

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, 2008 were as follows:

--------------------------------------------------------------------
Number of Expiration Face Appreciation
Contracts Issue Date Value (Depreciation)
--------------------------------------------------------------------
 348 Russell December
 2000 Index 2008 $ 24,831,315 $ (1,222,995)
--------------------------------------------------------------------

Small Cap Premium & Dividend Income Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

o Effective January 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

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

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

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

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

The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Fund's investments:

--------------------------------------------------------------------
 Valuation Investments in Other Financial
 Inputs Securities Instruments*
--------------------------------------------------------------------
Level 1 $ 197,247,499 $ (1,496,370)
Level 2 10,989 --
Level 3 -- --
--------------------------------------------------------------------
Total $ 197,258,488 $ (1,496,370)
 ========================================

* Other financial instruments are futures and options.

Item 2 - Controls and Procedures

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

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

Item 3 - Exhibits

 Certifications - Attached hereto

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

Small Cap Premium & Dividend Income Fund Inc.

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

Date: November 24, 2008

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

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

Date: November 24, 2008

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

Date: November 24, 2008

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