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 811-21983
Name of Fund: NASDAQ Premium Income & Growth Fund Inc. (QQQX)
Fund Address: 4 World Financial Center, 6th Floor, New York, New York 10080.
Name and address of agent for service: Justin C. Ferri, Chief Executive Officer, NASDAQ Premium Income &
Growth Fund Inc., 4 World Financial Center, 6th Floor, New York, New York 10080.
Registrants telephone number, including area code: (877) 449-4742
Date of fiscal year end: 12/31/2010
Date of reporting period: 03/31/2010
Item 1 Schedule of Investments
NASDAQ Premium Income & Growth Fund Inc. | ||
Schedule of Investments as of March 31, 2010 (Unaudited) | (Percentages shown are based on Net Assets) |
Industry | Common Stocks | Shares Held | Value | ||||
Aerospace & Defense - 2.1% | Boeing Co. (a) | 9,170 | $ | 665,834 | |||
General Dynamics Corp. | 11,421 | 881,701 | |||||
L-3 Communications Holdings, Inc. | 20,480 | 1,876,582 | |||||
Lockheed Martin Corp. | 11,282 | 938,888 | |||||
Precision Castparts Corp. | 4,885 | 618,978 | |||||
United Technologies Corp. | 9,817 | 722,629 | |||||
5,704,612 | |||||||
Auto Components - 0.3% | Gentex Corp. | 44,984 | 873,589 | ||||
Beverages - 0.2% | Hansen Natural Corp. (b) | 13,739 | 595,998 | ||||
Biotechnology - 8.2% | Amgen, Inc. (a)(b) | 94,246 | 5,632,141 | ||||
Biogen Idec, Inc. (b) | 65,824 | 3,775,665 | |||||
Celgene Corp. (a)(b) | 59,661 | 3,696,596 | |||||
Gilead Sciences, Inc. (b) | 184,290 | 8,381,509 | |||||
Incyte Corp. (b) | 28,289 | 394,914 | |||||
21,880,825 | |||||||
Capital Markets - 1.0% | Affiliated Managers Group, Inc. (b) | 7,091 | 560,189 | ||||
SEI Investments Co. | 47,493 | 1,043,421 | |||||
T. Rowe Price Group, Inc. | 18,871 | 1,036,584 | |||||
2,640,194 | |||||||
Chemicals - 0.2% | Methanex Corp. | 19,017 | 462,303 | ||||
Commercial Services & Supplies - 0.5% | RINO International Corp. (b) | 16,346 | 387,891 | ||||
Tetra Tech, Inc. (b) | 22,214 | 511,811 | |||||
United Stationers, Inc. (b) | 7,114 | 418,659 | |||||
1,318,361 | |||||||
Communications Equipment - 12.1% | Adtran, Inc. | 45,523 | 1,199,531 | ||||
Arris Group, Inc. (b) | 79,633 | 956,392 | |||||
Blue Coat Systems, Inc. (b) | 11,924 | 370,121 | |||||
Brocade Communications Systems, Inc. (b) | 65,223 | 372,423 | |||||
Cisco Systems, Inc. (b) | 303,950 | 7,911,819 | |||||
InterDigital, Inc. (b) | 38,754 | 1,079,686 | |||||
QUALCOMM, Inc. | 303,048 | 12,724,986 | |||||
Research In Motion Ltd. (b) | 89,261 | 6,600,851 | |||||
Tellabs, Inc. | 150,913 | 1,142,411 | |||||
32,358,220 | |||||||
Computers & Peripherals - 18.7% | Apple, Inc. (a)(b) | 189,129 | 44,432,076 | ||||
Dell, Inc. (b) | 168,151 | 2,523,947 | |||||
International Business Machines Corp. | 16,650 | 2,135,363 | |||||
STEC, Inc. (b) | 27,645 | 331,187 | |||||
Xyratex Ltd. (b) | 22,496 | 380,182 | |||||
49,802,755 | |||||||
Consumer Finance - 0.5% | Ezcorp, Inc. (b) | 40,094 | 825,936 | ||||
World Acceptance Corp. (b) | 12,514 | 451,505 | |||||
1,277,441 | |||||||
Containers & Packaging - 0.5% | Silgan Holdings, Inc. | 20,977 | 1,263,445 | ||||
Distributors - 0.2% | LKQ Corp. (b) | 22,523 | 457,217 |
1
NASDAQ Premium Income & Growth Fund Inc. | ||
Schedule of Investments as of March 31, 2010 (Unaudited) | (Percentages shown are based on Net Assets) |
Industry | Common Stocks | Shares Held | Value | ||||
Diversified Consumer Services - 2.0% |
Career Education Corp. (b) | 50,267 | $ | 1,590,448 | |||
Corinthian Colleges, Inc. (b) | 47,629 | 837,794 | |||||
ITT Educational Services, Inc. (b) | 12,937 | 1,455,154 | |||||
Strayer Education, Inc. | 5,781 | 1,407,789 | |||||
5,291,185 | |||||||
Diversified Telecommunication Services - 0.6% |
Neutral Tandem, Inc. (b) | 41,801 | 667,980 | ||||
Windstream Corp. | 75,364 | 820,714 | |||||
1,488,694 | |||||||
Electrical Equipment - 0.6% | Canadian Solar, Inc. (b) | 17,010 | 413,003 | ||||
Harbin Electric, Inc. (b) | 16,584 | 358,049 | |||||
JA Solar Holdings Co., Ltd. (b)(c) | 69,789 | 389,423 | |||||
Woodward Governor Co. | 17,949 | 574,009 | |||||
1,734,484 | |||||||
Electronic Equipment, Instruments & Components - 0.3% | Plexus Corp. (b) | 9,749 | 351,256 | ||||
Energy Equipment & Services - 0.4% |
Hercules Offshore, Inc. (a)(b) | 85,115 | 366,846 | ||||
Health Care Equipment & Supplies - 0.2% |
Kinetic Concepts, Inc. (b) | 13,407 | 640,989 | ||||
Health Care Providers & Services - 1.5% |
Amedisys, Inc. (b) | 7,031 | 388,252 | ||||
Express Scripts, Inc. (b) | 35,431 | 3,605,459 | |||||
3,993,711 | |||||||
Health Care Technology - 0.3% | Quality Systems, Inc. | 13,313 | 817,951 | ||||
Hotels, Restaurants & Leisure - 3.7% | Bob Evans Farms, Inc. | 21,862 | 675,754 | ||||
Cracker Barrel Old Country Store, Inc. | 15,179 | 704,002 | |||||
Ctrip.com International Ltd. (b)(c) | 10,792 | 423,046 | |||||
McDonalds Corp. | 62,500 | 4,170,000 | |||||
Starbucks Corp. (b) | 167,034 | 4,053,915 | |||||
10,026,717 | |||||||
IT Services - 0.9% | CSG Systems International, Inc. (a)(b) | 56,418 | 1,182,521 | ||||
Computer Sciences Corp. (a)(b) | 16,626 | 905,951 | |||||
Mantech International Corp., Class A (b) | 9,627 | 470,086 | |||||
2,558,558 | |||||||
Insurance - 0.1% | CNA Financial Corp. (b) | 14,458 | 386,318 | ||||
Internet & Catalog Retail - 2.8% | Amazon.com, Inc. (b) | 45,202 | 6,135,267 | ||||
NetFlix, Inc. (b) | 9,998 | 737,253 | |||||
PetMed Express, Inc. | 27,797 | 616,259 | |||||
7,488,779 | |||||||
Internet Software & Services - 8.7% | Baidu.com, Inc. (b)(c) | 5,200 | 3,104,400 | ||||
EarthLink, Inc. | 159,433 | 1,361,558 | |||||
eBay, Inc. (a)(b) | 165,628 | 4,463,675 | |||||
Google, Inc., Class A (b) | 22,641 | 12,837,673 | |||||
Sohu.com, Inc. (b) | 14,810 | 808,626 | |||||
ValueClick, Inc. (b) | 54,643 | 554,080 | |||||
23,130,012 | |||||||
Leisure Equipment & Products - 0.3% |
Pool Corp. | 36,371 | 823,439 |
2
NASDAQ Premium Income & Growth Fund Inc. | ||
Schedule of Investments as of March 31, 2010 (Unaudited) | (Percentages shown are based on Net Assets) |
Industry | Common Stocks | Shares Held | Value | ||||
Life Sciences Tools & Services - 0.4% |
Pharmaceutical Product Development, Inc. | 45,282 | $ | 1,075,448 | |||
Machinery - 0.6% | Bucyrus International, Inc. | 9,977 | 658,382 | ||||
Eaton Corp. | 6,349 | 481,064 | |||||
Nordson Corp. | 7,513 | 510,283 | |||||
1,649,729 | |||||||
Media - 5.8% | Comcast Corp., Class A | 297,643 | 5,601,641 | ||||
DIRECTV, Class A (b) | 118,191 | 3,996,038 | |||||
Focus Media Holding Ltd. (b)(c) | 21,602 | 394,453 | |||||
News Corp., Class A | 252,872 | 3,643,886 | |||||
News Corp., Class B | 26,298 | 447,329 | |||||
Omnicom Group, Inc. | 22,580 | 876,330 | |||||
Scholastic Corp. | 16,100 | 450,800 | |||||
15,410,477 | |||||||
Metals & Mining - 0.6% | Freeport-McMoRan Copper & Gold, Inc., Class B (a) | 12,578 | 1,050,766 | ||||
Steel Dynamics, Inc. | 32,619 | 569,854 | |||||
1,620,620 | |||||||
Multiline Retail - 0.2% | Dollar Tree, Inc. (b) | 7,436 | 440,360 | ||||
Office Electronics - 0.4% | Xerox Corp. | 115,247 | 1,123,658 | ||||
Personal Products - 0.2% | USANA Health Sciences, Inc. (b) | 19,024 | 597,544 | ||||
Pharmaceuticals - 3.1% | Endo Pharmaceuticals Holdings, Inc. (b) | 42,700 | 1,010,709 | ||||
Perrigo Co. | 10,916 | 640,988 | |||||
Teva Pharmaceutical Industries Ltd. (c) | 104,372 | 6,583,786 | |||||
8,235,483 | |||||||
Road & Rail - 1.0% | CSX Corp. | 13,728 | 698,755 | ||||
Heartland Express, Inc. | 22,022 | 363,363 | |||||
Landstar System, Inc. | 19,281 | 809,416 | |||||
Werner Enterprises, Inc. | 35,023 | 811,483 | |||||
2,683,017 | |||||||
Semiconductors & Semiconductor Equipment - 8.4% | ASML Holding NV (a)(c) | 15,271 | 540,593 | ||||
Aixtron AG (c) | 13,366 | 475,963 | |||||
Amkor Technology, Inc. (b) | 65,392 | 462,321 | |||||
Atheros Communications, Inc. (b) | 13,323 | 515,733 | |||||
Conexant Systems, Inc. (b) | 107,916 | 366,914 | |||||
Cree, Inc. (b) | 5,895 | 413,947 | |||||
Intel Corp. | 401,885 | 8,945,960 | |||||
Intersil Corp., Class A | 115,533 | 1,705,267 | |||||
Micron Technology, Inc. (b) | 41,904 | 435,383 | |||||
ON Semiconductor Corp. (b) | 74,216 | 593,728 | |||||
Power Integrations, Inc. | 25,407 | 1,046,768 | |||||
Skyworks Solutions, Inc. (b) | 30,998 | 483,569 | |||||
Tessera Technologies, Inc. (b) | 19,888 | 403,329 | |||||
Texas Instruments, Inc. | 76,645 | 1,875,503 | |||||
Xilinx, Inc. | 164,773 | 4,201,712 | |||||
22,466,690 |
3
NASDAQ Premium Income & Growth Fund Inc. | ||
Schedule of Investments as of March 31, 2010 (Unaudited) | (Percentages shown are based on Net Assets) |
Industry | Common Stocks | Shares Held | Value | |||||
Software - 12.4% | Adobe Systems, Inc. (b) | 91,569 | $ | 3,238,796 | ||||
CA, Inc. | 173,215 | 4,065,356 | ||||||
Jack Henry & Associates, Inc. | 30,458 | 732,819 | ||||||
Microsoft Corp. | 439,368 | 12,860,301 | ||||||
MicroStrategy, Inc., Class A (b) | 5,044 | 429,093 | ||||||
Oracle Corp. (a) | 346,010 | 8,888,997 | ||||||
SAP AG (c) | 8,219 | 395,909 | ||||||
Symantec Corp. (b) | 151,127 | 2,557,069 | ||||||
33,168,340 | ||||||||
Specialty Retail - 1.4% | Dress Barn, Inc. (b) | 15,257 | 399,123 | |||||
Rent-A-Center, Inc. (b) | 85,728 | 2,027,467 | ||||||
Tiffany & Co. | 10,463 | 496,888 | ||||||
Tractor Supply Co. | 14,045 | 815,312 | ||||||
3,738,790 | ||||||||
Textiles, Apparel & Luxury Goods - 0.4% | Deckers Outdoor Corp. (b) | 4,056 | 559,728 | |||||
Phillips-Van Heusen Corp. | 9,288 | 532,760 | ||||||
1,092,488 | ||||||||
Total Investments before Options Written (Cost - $225,718,196*) - 101.8% |
271,036,543 | |||||||
Options Written | Number of Contracts |
|||||||
Call Options Written | NASDAQ Index 100, expiring April 2010 at USD 1,825 | 200 | (2,778,000 | ) | ||||
NASDAQ Index 100, expiring April 2010 at USD 1,850 | 150 | (1,725,750 | ) | |||||
NASDAQ Index 100, expiring May 2010 at USD 1,950 | 200 | (1,109,000 | ) | |||||
NASDAQ Index 100, expiring June 2010 at USD 1,950 | 100 | (701,000 | ) | |||||
Total Options Written (Premiums Received - $3,060,200) - (2.4%) |
(6,313,750 | ) | ||||||
Total Investments, Net of Options Written | ||||||||
(Net Cost - $222,657,996) - 99.4% | 264,722,793 | |||||||
Other Assets Less Liabilities - 0.6% | 1,690,452 | |||||||
Net Assets - 100.0% | $ | 266,413,245 | ||||||
* | The cost and unrealized appreciation (depreciation) of investments as of March 31, 2010, as computed for federal income tax purposes, were as follows: |
Aggregate cost |
$ | 225,881,206 | ||
Gross unrealized appreciation |
$ | 52,244,487 | ||
Gross unrealized depreciation |
(7,089,150 | ) | ||
Net unrealized appreciation |
$ | 45,155,337 | ||
(a) | All or a portion of security held as collateral in connection with open option contracts. |
(b) | Non-income producing security. |
(c) | Depositary receipts. |
4
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)
For Fund portfolio compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.
Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:
| Level 1 price quotations in active markets/exchanges for identical securities |
| Level 2 other observable inputs (including, but not limited to: quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to the Funds most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of March 31, 2010 in determining the fair valuation of the Funds investments:
Valuation Inputs | Investments in Securities |
Other
Financial Instruments1 |
||||||
Assets | Liabilities | |||||||
Level 1 |
$ | 271,036,543 | 2 | $ | (6,313,750 | ) | ||
Level 2 |
- | - | ||||||
Level 3 |
- | - | ||||||
$ | 271,036,543 | $ | (6,313,750 | ) | ||||
1 Other financial instruments are options.
2 See above Schedule of Investments for values in each industry.
5
Item 2 Controls and Procedures
2(a) | The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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.
NASDAQ Premium Income & Growth Fund Inc.
By: | /s/ Justin C. Ferri | |||
Justin C. Ferri | ||||
Chief Executive Officer (principal executive officer) of NASDAQ Premium Income & Growth Fund Inc. |
Date: May 13, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Justin C. Ferri | |||
Justin C. Ferri | ||||
Chief Executive Officer (principal executive officer) of NASDAQ Premium Income & Growth Fund Inc. |
Date: May 13, 2010
By: | /s/ James E. Hillman | |||
James E. Hillman | ||||
Chief Financial Officer (principal financial officer) of NASDAQ Premium Income & Growth Fund Inc. |
Date: May 13, 2010