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: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Mitchell M. Cox, Chief Executive Officer,
NASDAQ Premium Income & Growth Fund Inc., 4 World Financial Center, 6th
Floor, New York, New York 10080.
Registrant's telephone number, including area code: (212) 449-4742
Date of fiscal year end: 12/31/2007
Date of reporting period: 07/01/2007 - 09/30/2007
Item 1 - Schedule of Investments
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
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Aerospace & Defense - 0.3% 9,324 Boeing Co. $ 978,927
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Airlines - 0.1% 22,533 AMR Corp. (a) 502,260
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Biotechnology - 8.4% 176,185 Amgen, Inc. (a) 9,966,785
73,627 Celgene Corp. (a) 5,250,341
11,594 Cephalon, Inc. (a) 847,058
30,969 Crucell NV (a)(b) 639,200
115,095 Genzyme Corp. (a) 7,131,286
194,293 Gilead Sciences, Inc. (a) 7,940,755
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31,775,425
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Commercial Banks - 1.5% 12,145 Alabama National Bancorp. 946,338
24,731 Associated Banc-Corp. 732,779
15,678 Banco Bilbao Vizcaya Argentaria SA (b) 364,984
22,146 East-West Bancorp, Inc. 796,370
36,636 Huntington Bancshares, Inc. 622,079
7,536 The PNC Financial Services Group, Inc. 513,202
22,434 SVB Financial Group (a) 1,062,474
33,088 The South Financial Group, Inc. 752,421
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5,790,647
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Commercial Services & Supplies - 0.9% 24,113 The Advisory Board Co. (a) 1,409,887
21,992 ChoicePoint, Inc. (a) 833,937
15,045 Corporate Executive Board Co. 1,116,941
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3,360,765
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Communications Equipment - 14.2% 52,175 ADC Telecommunications, Inc. (a) 1,023,152
555,140 Cisco Systems, Inc. (a) 18,380,685
27,507 Comtech Telecommunications Corp. (a) 1,471,349
23,621 F5 Networks, Inc. (a) 878,465
83,877 JDS Uniphase Corp. (a) 1,254,800
408,770 QUALCOMM, Inc. 17,274,620
132,770 Research In Motion Ltd. (a) 13,084,484
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53,367,555
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Computers & Peripherals - 13.1% 272,967 Apple Computer, Inc. (a) 41,911,353
239,617 Dell, Inc. (a) 6,613,429
17,996 NCR Corp. (a) 896,201
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49,420,983
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Construction & Engineering - 0.6% 16,175 Foster Wheeler Ltd. (a) 2,123,454
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Diversified Consumer Services - 0.4% 9,482 Strayer Education, Inc. 1,598,950
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Electronic Equipment & Instruments - 1.3% 41,298 Electro Scientific Industries, Inc. (a) 989,500
14,184 Flir Systems, Inc. (a) 785,652
28,734 National Instruments Corp. 986,438
85,854 Radisys Corp. (a) 1,068,882
30,189 Trimble Navigation Ltd. (a) 1,183,711
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5,014,183
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Energy Equipment & Services - 0.7% 96,446 Hercules Offshore, Inc. (a) 2,518,205
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Food & Staples Retailing - 0.6% 20,907 The Kroger Co. 596,268
32,029 Walgreen Co. 1,513,050
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2,109,318
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Health Care Equipment & Supplies - 1.0% 22,590 ArthroCare Corp. (a) 1,262,555
15,753 Hologic, Inc. (a) 960,933
13,927 Kinetic Concepts, Inc. (a) 783,812
19,901 Respironics, Inc. (a) 955,845
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3,963,145
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Health Care Providers & Services - 0.6% 16,602 Henry Schein, Inc. (a) 1,010,066
33,127 Lincare Holdings, Inc. (a) 1,214,105
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2,224,171
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Hotels, Restaurants & Leisure - 2.4% 13,647 Panera Bread Co. Class A (a) 556,798
32,301 Shuffle Master, Inc. (a) 482,900
304,481 Starbucks Corp. (a) 7,977,402
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9,017,100
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NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
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Household Durables - 2.0% 58,749 Garmin Ltd. $ 7,014,631
6,707 Mohawk Industries, Inc. (a) 545,279
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7,559,910
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IT Services - 0.9% 37,329 Acxiom Corp. 738,741
34,880 CSG Systems International, Inc. (a) 741,200
31,906 Computer Sciences Corp. (a) 1,783,545
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3,263,486
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Insurance - 0.6% 12,986 Arch Capital Group Ltd. (a) 966,288
12,921 CNA Financial Corp. 508,054
10,698 Erie Indemnity Co. Class A 653,969
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2,128,311
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Internet & Catalog Retail - 1.8% 71,875 Amazon.com, Inc. (a) 6,695,156
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Internet Software & Services - 9.9% 34,538 Akamai Technologies, Inc. (a) 992,277
40,196 DivX, Inc. (a) 597,715
262,075 eBay, Inc. (a) 10,226,167
10,053 Equinix, Inc. (a) 891,601
32,451 Google, Inc. Class A (a) 18,408,479
31,286 Sohu.com, Inc. (a) 1,179,795
177,281 Yahoo! Inc. (a) 4,758,222
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37,054,256
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Life Sciences Tools & Services - 0.5% 21,415 Invitrogen Corp. (a) 1,750,248
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Machinery - 1.7% 67,071 PACCAR, Inc. 5,717,803
7,702 Terex Corp. (a) 685,632
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6,403,435
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Media - 3.3% 27,796 Cablevision Systems Corp. Class A (a) 971,192
12,541 Central European Media Enterprises Ltd. Class A (a) 1,150,135
322,824 Comcast Corp. Class A (a) 7,805,884
13,136 Liberty Media Holding Corp. - Capital (a) 1,639,767
24,028 Scholastic Corp. (a) 837,616
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12,404,594
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Metals & Mining - 0.4% 14,716 Freeport-McMoRan Copper & Gold, Inc. Class B 1,543,561
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Multiline Retail - 1.6% 26,789 Dollar Tree Stores, Inc. (a) 1,086,026
40,350 Sears Holdings Corp. (a) 5,132,520
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6,218,546
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Oil, Gas & Consumable Fuels - 0.3% 6,482 Chevron Corp. 606,585
8,060 EOG Resources, Inc. 582,980
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1,189,565
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Personal Products - 0.2% 15,753 USANA Health Sciences, Inc. (a) 689,194
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Pharmaceuticals - 2.2% 11,907 Forest Laboratories, Inc. (a) 444,012
9,331 GlaxoSmithKline Plc (b) 496,409
168,034 Teva Pharmaceutical Industries Ltd. (b) 7,472,472
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8,412,893
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Road & Rail - 0.2% 12,104 Amerco, Inc. (a) 768,120
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Semiconductors & Semiconductor 171,397 ASML Holding NV Registered Shares (a)(b) 5,632,105
Equipment - 13.3%
120,370 Broadcom Corp. Class A (a) 4,386,283
45,830 Cypress Semiconductor Corp. (a) 1,338,694
109,065 Integrated Device Technology, Inc. (a) 1,688,326
545,063 Intel Corp. 14,095,329
20,381 International Rectifier Corp. (a) 672,369
61,528 Intersil Corp. Class A 2,056,881
162,659 Marvell Technology Group Ltd. (a)(b) 2,662,728
47,453 Microsemi Corp. (a) 1,322,990
82,493 Novellus Systems, Inc. (a) 2,248,759
152,959 Nvidia Corp. (a) 5,543,234
119,154 Texas Instruments, Inc. 4,359,845
40,020 Trident Microsystems, Inc. (a) 635,918
68,560 Ultratech, Inc. (a) 950,242
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
Shares
Industry Held Common Stocks Value
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16,387 Varian Semiconductor Equipment Associates, Inc. (a) $ 877,032
75,732 Zoran Corp. (a) 1,529,786
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50,000,521
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Software - 14.8% 171,974 Adobe Systems, Inc. (a) 7,508,385
27,846 Advent Software, Inc. (a) 1,307,927
35,430 Ansys, Inc. (a) 1,210,643
22,410 Business Objects SA (a)(b) 1,005,537
42,637 CA, Inc. 1,096,624
20,275 Cognos, Inc. (a) 842,021
28,923 McAfee, Inc. (a) 1,008,545
771,055 Microsoft Corp. 22,715,280
560,009 Oracle Corp. (a) 12,124,195
20,805 Quality Systems, Inc. 762,087
27,946 SPSS, Inc. (a) 1,149,698
211,288 Symantec Corp. (a) 4,094,761
33,356 Synopsys, Inc. (a) 903,280
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55,728,983
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Specialty Retail - 0.8% 18,033 The Children's Place Retail Stores, Inc. (a) 437,841
26,831 Hibbett Sports, Inc. (a) 665,409
58,069 Urban Outfitters, Inc. (a) 1,265,904
24,646 Williams-Sonoma, Inc. 803,953
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3,173,107
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Trading Companies & Distributors - 0.2% 35,091 Houston Wire & Cable Co. 635,498
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Wireless Telecommunication Services - 0.7% 50,192 American Tower Corp. Class A (a) 2,185,360
8,934 iPCS, Inc. 307,240
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2,492,600
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Total Common Stocks (Cost - $324,750,709) - 101.5% 381,877,072
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Face
Amount Short-Term Securities
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Time Deposits - 0.4% $ 1,520,215 Brown Brothers Harriman & Co.,
3.75% due 10/01/2007 1,520,215
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Total Short-Term Securities
(Cost - $1,520,215) - 0.4% 1,520,215
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Total Investments Before Options Written
(Cost - $326,270,924) - 101.9% 383,397,287
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Number of
Contracts Options Written
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Call Options Written 410 NASDAQ Index 100, expiring October 2007 at USD 2,050 (2,798,250)
410 NASDAQ Index 100, expiring October 2007 at USD 2,075 (2,066,400)
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Total Options Written
(Premiums Received - $3,362,000) - (1.3%) (4,864,650)
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Total Investments, Net of Options Written
(Cost - $322,908,924*) - 100.6% 378,532,637
Liabilities in Excess of Other Assets - (0.6%) (2,371,290)
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Net Assets - 100.0% $ 376,161,347
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* The cost and unrealized appreciation (depreciation) of investments, net of
options written, as of September 30, 2007, as computed for federal income
tax purposes, were as follows:
Aggregate cost $ 322,908,924
=============
Gross unrealized appreciation $ 73,590,367
Gross unrealized depreciation (17,966,654)
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Net unrealized appreciation $ 55,623,713
=============
NASDAQ Premium Income & Growth Fund Inc.
Schedule of Investments as of September 30, 2007 (Unaudited)
(a) Non-income producing security.
(b) Depositary receipts.
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.
Item 2 - Controls and Procedures
2(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities and Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
NASDAQ Premium Income & Growth Fund Inc.
By: /s/ Mitchell M. Cox
--------------------
Mitchell M. Cox,
Chief Executive Officer (principal executive officer) of
NASDAQ Premium Income & Growth Fund Inc.
Date: November 19, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Mitchell M. Cox
--------------------
Mitchell M. Cox,
Chief Executive Officer (principal executive officer) of
NASDAQ Premium Income & Growth Fund Inc.
Date: November 19, 2007
By: /s/ James E. Hillman
--------------------
James E. Hillman,
Chief Financial Officer (principal financial officer) of
NASDAQ Premium Income & Growth Fund Inc.
Date: November 19, 2007