UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21983
NASDAQ Premium Income & Growth Fund Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Vice President and Secretary
333 West Wacker Drive, Chicago, Illinois 60606
(Name and address of agent for service)
Registrants telephone number, including area code: 312-917-7700
Date of fiscal year end: 12/31
Date of reporting period: 9/30/10
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2010 (unaudited) (Percentages shown are based on Net Assets)
Industry | Common Stocks | Shares Held |
Value | |||||||||||
Aerospace & Defense - 1.9% |
Boeing Co. (a) | 8,890 | $ | 591,541 | ||||||||||
General Dynamics Corp. | 11,081 | 695,998 | ||||||||||||
L-3 Communications Holdings, Inc. (a) | 19,870 | 1,436,005 | ||||||||||||
Lockheed Martin Corp. | 10,942 | 779,946 | ||||||||||||
Precision Castparts Corp. | 4,735 | 603,002 | ||||||||||||
United Technologies Corp. | 9,527 | 678,608 | ||||||||||||
4,785,100 | ||||||||||||||
Auto Components - 0.3% |
Gentex Corp. | 43,644 | 851,494 | |||||||||||
Beverages - 0.2% |
Hansen Natural Corp. (b) | 13,319 | 620,932 | |||||||||||
Biotechnology - 7.4% |
Amgen, Inc. (a)(b) | 91,396 | 5,036,834 | |||||||||||
Biogen Idec, Inc. (a)(b) | 63,854 | 3,583,486 | ||||||||||||
Celgene Corp. (a)(b) | 57,851 | 3,332,796 | ||||||||||||
Gilead Sciences, Inc. (a)(b) | 178,720 | 6,364,219 | ||||||||||||
Incyte Corp. (b) | 27,439 | 438,750 | ||||||||||||
18,756,085 | ||||||||||||||
Capital Markets - 0.9% |
Affiliated Managers Group, Inc. (a)(b) | 6,881 | 536,787 | |||||||||||
SEI Investments Co. | 46,063 | 936,921 | ||||||||||||
T. Rowe Price Group, Inc. | 18,301 | 916,240 | ||||||||||||
2,389,948 | ||||||||||||||
Chemicals - 0.2% |
Methanex Corp. | 18,457 | 452,012 | |||||||||||
Commercial Services & Supplies - 0.4% | RINO International Corp. (b) | 15,846 | 221,052 | |||||||||||
Tetra Tech, Inc. (b) | 21,544 | 451,778 | ||||||||||||
United Stationers, Inc. (b) | 6,904 | 369,433 | ||||||||||||
1,042,263 | ||||||||||||||
Communications Equipment - 11.4% |
Adtran, Inc. | 44,163 | 1,558,954 | |||||||||||
Arris Group, Inc. (b) | 77,273 | 754,957 | ||||||||||||
Blue Coat Systems, Inc. (b) | 11,564 | 278,230 | ||||||||||||
Brocade Communications Systems, Inc. (b) | 63,253 | 369,398 | ||||||||||||
Cisco Systems, Inc. (a)(b) | 294,830 | 6,456,777 | ||||||||||||
InterDigital, Inc. (b) | 37,594 | 1,113,158 | ||||||||||||
QUALCOMM, Inc. | 293,918 | 13,261,580 | ||||||||||||
Research In Motion Ltd. (a)(b) | 86,571 | 4,215,142 | ||||||||||||
Tellabs, Inc. | 146,413 | 1,090,777 | ||||||||||||
29,098,973 | ||||||||||||||
Computers & Peripherals - 21.5% |
Apple, Inc. (a)(b) | 183,459 | 52,056,491 | |||||||||||
Dell, Inc. (b) | 163,091 | 2,113,659 | ||||||||||||
STEC, Inc. (b) | 26,825 | 333,971 | ||||||||||||
Xyratex Ltd. (b) | 21,826 | 323,899 | ||||||||||||
54,828,020 | ||||||||||||||
Consumer Finance - 0.5% |
Ezcorp, Inc. (b) | 38,884 | 779,235 | |||||||||||
World Acceptance Corp. (a)(b) | 12,134 | 535,838 | ||||||||||||
1,315,073 | ||||||||||||||
Containers & Packaging - 0.5% |
Silgan Holdings, Inc. | 40,704 | 1,290,317 | |||||||||||
Distributors - 0.2% |
LKQ Corp. (b) | 21,853 | 454,542 |
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2010 (unaudited) (Percentages shown are based on Net Assets)
Industry | Common Stocks | Shares Held |
Value | |||||||||||||||
Diversified Consumer Services - 1.3% |
Career Education Corp. (b) | 48,807 | $ | 1,047,886 | ||||||||||||||
Corinthian Colleges, Inc. (b) | 46,189 | 324,247 | ||||||||||||||||
ITT Educational Services, Inc. (b) | 12,557 | 882,380 | ||||||||||||||||
Strayer Education, Inc. | 5,611 | 979,120 | ||||||||||||||||
3,233,633 | ||||||||||||||||||
Diversified Telecommunication Services - 0.5% | Neutral Tandem, Inc. (b) | 40,551 | 484,584 | |||||||||||||||
Windstream Corp. | 73,104 | 898,449 | ||||||||||||||||
1,383,033 | ||||||||||||||||||
Electrical Equipment - 0.3% |
Harbin Electric, Inc. (b) | 16,094 | 287,922 | |||||||||||||||
Woodward Governor Co. (a) | 17,409 | 564,400 | ||||||||||||||||
852,322 | ||||||||||||||||||
Electronic Equipment, Instruments & Components - 0.1% | Plexus Corp. (b) | 9,449 | 277,328 | |||||||||||||||
Energy Equipment & Services - 0.1% | Hercules Offshore, Inc. (a)(b) | 82,465 | 218,532 | |||||||||||||||
Health Care Equipment & Supplies - 0.2% | Kinetic Concepts, Inc. (b) | 12,997 | 475,430 | |||||||||||||||
Health Care Providers & Services - 1.4% | Amedisys, Inc. (b) | 6,811 | 162,102 | |||||||||||||||
Express Scripts, Inc. (a)(b) | 68,742 | 3,347,735 | ||||||||||||||||
3,509,837 | ||||||||||||||||||
Health Care Technology - 0.3% |
Quality Systems, Inc. | 12,913 | 856,261 | |||||||||||||||
Hotels, Restaurants & Leisure - 4.1% |
Bob Evans Farms, Inc. | 21,212 | 595,421 | |||||||||||||||
Cracker Barrel Old Country Store, Inc. | 14,719 | 747,136 | ||||||||||||||||
Ctrip.com International Ltd. (b)(c) | 10,472 | 500,038 | ||||||||||||||||
McDonalds Corp. (a) | 60,610 | 4,516,051 | ||||||||||||||||
Starbucks Corp. (a) | 162,044 | 4,145,086 | ||||||||||||||||
10,503,732 | ||||||||||||||||||
IT Services - 1.7% |
CSG Systems International, Inc. (a)(b) | 54,728 | 997,691 | |||||||||||||||
Computer Sciences Corp. (a) | 16,126 | 741,796 | ||||||||||||||||
International Business Machines Corp. (a) | 16,150 | 2,166,361 | ||||||||||||||||
Mantech International Corp., Class A (b) | 9,337 | 369,746 | ||||||||||||||||
4,275,594 | ||||||||||||||||||
Insurance - 0.2% |
CNA Financial Corp. (b) | 14,028 | 392,644 | |||||||||||||||
Internet & Catalog Retail - 3.5% |
Amazon.com, Inc. (a)(b) | 43,802 | 6,879,542 | |||||||||||||||
NetFlix, Inc. (b) | 9,708 | 1,574,249 | ||||||||||||||||
PetMed Express, Inc. | 26,977 | 472,098 | ||||||||||||||||
8,925,889 | ||||||||||||||||||
Internet Software & Services - 9.3% |
Baidu.com, Inc. (b)(c) | 50,500 | 5,182,310 | |||||||||||||||
EarthLink, Inc. | 154,633 | 1,405,614 | ||||||||||||||||
eBay, Inc. (a)(b) | 160,618 | 3,919,079 | ||||||||||||||||
Google, Inc., Class A (a)(b) | 21,961 | 11,546,874 | ||||||||||||||||
Sohu.com, Inc. (b) | 14,370 | 827,999 | ||||||||||||||||
ValueClick, Inc. (b) | 53,033 | 693,673 | ||||||||||||||||
23,575,549 |
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2010 (unaudited) (Percentages shown are based on Net Assets)
Industry | Common Stocks | Shares Held |
Value | |||||||
Leisure Equipment & Products - 0.3% | Pool Corp. | 35,291 | $ | 708,290 | ||||||
Life Sciences Tools & Services - 0.4% |
Furiex Pharmaceuticals, Inc. (b) | 3,664 | 41,330 | |||||||
Pharmaceutical Product Development, Inc. | 43,922 | 1,088,826 | ||||||||
1,130,156 | ||||||||||
Machinery - 0.7% |
Bucyrus International, Inc. | 9,687 | 671,793 | |||||||
Eaton Corp. (a) | 6,159 | 508,056 | ||||||||
Nordson Corp. | 7,283 | 536,684 | ||||||||
1,716,533 | ||||||||||
Media - 6.1% |
Comcast Corp., Class A | 288,763 | 5,220,835 | |||||||
DIRECTV, Class A (b) | 114,661 | 4,773,337 | ||||||||
Focus Media Holding Ltd. (b)(c) | 20,962 | 509,377 | ||||||||
News Corp., Class A (a) | 245,412 | 3,205,081 | ||||||||
News Corp., Class B | 25,518 | 384,301 | ||||||||
Omnicom Group, Inc. | 21,910 | 865,007 | ||||||||
Scholastic Corp. | 15,610 | 434,270 | ||||||||
15,392,208 | ||||||||||
Metals & Mining - 0.6% |
Freeport-McMoRan Copper & Gold, Inc., Class B (a) | 12,198 | 1,041,587 | |||||||
Steel Dynamics, Inc. | 31,629 | 446,285 | ||||||||
1,487,872 | ||||||||||
Multiline Retail - 0.2% |
Dollar Tree, Inc. (b) | 10,814 | 527,291 | |||||||
Office Electronics - 0.5% |
Xerox Corp. (a) | 111,807 | 1,157,202 | |||||||
Personal Products - 0.3% |
USANA Health Sciences, Inc. (b) | 18,464 | 745,207 | |||||||
Pharmaceuticals - 2.9% |
Endo Pharmaceuticals Holdings, Inc. (b) | 41,430 | 1,377,133 | |||||||
Perrigo Co. | 10,586 | 679,833 | ||||||||
Teva Pharmaceutical Industries Ltd. (a)(c) | 101,192 | 5,337,878 | ||||||||
7,394,844 | ||||||||||
Road & Rail - 1.0% |
CSX Corp. (a) | 13,318 | 736,752 | |||||||
Heartland Express, Inc. | 21,362 | 317,653 | ||||||||
Landstar System, Inc. | 18,711 | 722,619 | ||||||||
Werner Enterprises, Inc. | 33,973 | 696,107 | ||||||||
2,473,131 | ||||||||||
Semiconductors & Semiconductor Equipment - 8.1% | ASML Holding NV (a)(c) | 14,811 | 440,331 | |||||||
Aixtron AG (c) | 12,976 | 386,425 | ||||||||
Amkor Technology, Inc. (b) | 63,442 | 416,814 | ||||||||
Atheros Communications, Inc. (b) | 12,923 | 340,521 | ||||||||
Canadian Solar, Inc. (b) | 16,500 | 268,950 | ||||||||
Conexant Systems, Inc. (b) | 104,746 | 171,783 | ||||||||
Cree, Inc. (b) | 5,715 | 310,267 | ||||||||
Intel Corp. (a) | 389,755 | 7,494,989 | ||||||||
Intersil Corp., Class A | 112,043 | 1,309,783 | ||||||||
JA Solar Holdings Co. Ltd. (b)(c) | 67,739 | 632,005 | ||||||||
Micron Technology, Inc. (b) | 40,654 | 293,115 | ||||||||
ON Semiconductor Corp. (b) | 71,986 | 519,019 | ||||||||
Power Integrations, Inc. (a) | 24,637 | 783,210 |
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2010 (unaudited) (Percentages shown are based on Net Assets)
Industry | Common Stocks | Shares Held |
Value | |||||||
Skyworks Solutions, Inc. (b) | 30,088 | $ | 622,220 | |||||||
Tessera Technologies, Inc. (b) | 19,288 | 356,828 | ||||||||
Texas Instruments, Inc. (a) | 74,335 | 2,017,452 | ||||||||
Xilinx, Inc. (a) | 159,843 | 4,253,422 | ||||||||
20,617,134 | ||||||||||
Software - 11.4% |
Adobe Systems, Inc. (a)(b) | 88,829 | 2,322,878 | |||||||
CA, Inc. (a) | 168,005 | 3,548,266 | ||||||||
Jack Henry & Associates, Inc. | 29,548 | 753,474 | ||||||||
Microsoft Corp. (a) | 426,098 | 10,435,140 | ||||||||
MicroStrategy, Inc., Class A (b) | 4,894 | 423,869 | ||||||||
Oracle Corp. (a) | 335,590 | 9,010,592 | ||||||||
SAP AG (a)(c) | 7,969 | 392,951 | ||||||||
Symantec Corp. (a)(b) | 146,567 | 2,223,421 | ||||||||
29,110,591 | ||||||||||
Specialty Retail - 1.5% |
Dress Barn, Inc. (b) | 14,797 | 351,429 | |||||||
Rent-A-Center, Inc. | 83,148 | 1,860,852 | ||||||||
Tiffany & Co. | 10,153 | 477,089 | ||||||||
Tractor Supply Co. | 27,250 | 1,080,735 | ||||||||
3,770,105 | ||||||||||
Textiles, Apparel & Luxury Goods - 0.5% |
Deckers Outdoor Corp. (b) | 11,818 | 590,427 | |||||||
Phillips-Van Heusen Corp. | 9,008 | 541,921 | ||||||||
1,132,348 | ||||||||||
Total Investments Before Options Written (Cost - $218,695,297*) - 102.9% |
261,727,455 | |||||||||
Options Written | Number of Contracts |
|||||||||
Call Options Written |
NASDAQ Index 100, expiring October 2010 at USD 1,925 | 100 | (851,000 | ) | ||||||
NASDAQ Index 100, expiring October 2010 at USD 1,950 | 100 | (658,000 | ) | |||||||
NASDAQ Index 100, expiring November 2010 at USD 1,975 | 125 | (1,003,125 | ) | |||||||
NASDAQ Index 100, expiring December 2010 at USD 1,950 | 150 | (1,745,250 | ) | |||||||
NASDAQ Index 100, expiring December 2010 at USD 1,975 | 150 | (1,506,000 | ) | |||||||
Total Options Written (Premiums Received - $3,158,995) - (2.3%) |
(5,763,375 | ) | ||||||||
Total Investments, Net of Options Written (Net Cost - $215,536,302) - 100.6% |
255,964,080 | |||||||||
Liabilities in Excess of Other Assets - (0.6%) | (1,457,526 | ) | ||||||||
Net Assets - 100.0% | $ | 254,506,554 | ||||||||
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2010 (unaudited) (Percentages shown are based on Net Assets)
* | The cost and unrealized appreciation (depreciation) of investments as of September 30, 2010, as computed for federal income tax purposes, were as follows: |
Aggregate cost |
$ | 218,858,306 | ||
Gross unrealized appreciation |
$ | 62,713,443 | ||
Gross unrealized depreciation |
(19,844,294 | ) | ||
Net unrealized appreciation |
$ | 42,869,149 | ||
(a) | All or a portion of security held as collateral in connection with open option contracts. |
(b) | Non-income producing security. |
(c) | Depositary receipts. |
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 semi-annual report.
The following table summarizes the inputs used as of September 30, 2010 in determining the fair valuation of the Funds investments:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
||||||||||||||||
Investments in Securities: |
||||||||||||||||
Long-Term Securities1 |
$ | 261,727,455 | $ | - | $ | - | $ | 261,727,455 | ||||||||
Total |
$ | 261,727,455 | $ | - | $ | - | $ | 261,727,455 |
1 | See above Schedule of Investments for values in each industry. |
Derivative Financial Instruments2 | ||||||||||||||||
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities: |
||||||||||||||||
Equity contracts |
$ (5,763,375 | ) | $ - | $ - | $ (5,763,375 | ) | ||||||||||
Total |
$ (5,763,375 | ) | $ - | $ - | $ (5,763,375 | ) |
2 | Derivative financial instruments are options, which are shown at market value. |
Item 2. Controls and Procedures.
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) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
b. | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) 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.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.
SIGNATURES
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.
(Registrant) NASDAQ Premium Income & Growth Fund Inc.
By (Signature and Title) | /s/ Kevin J. McCarthy | |
Kevin J. McCarthy | ||
Vice President and Secretary |
Date November 24, 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 (Signature and Title) | /s/ Gifford R. Zimmerman | |
Gifford R. Zimmerman | ||
Chief Administrative Officer (principal executive officer) |
Date November 24, 2010
By (Signature and Title) |
/s/ Stephen D. Foy | |
Stephen D. Foy | ||
Vice President and Controller (principal financial officer) |
Date November 24, 2010