Edgar Filing: NASDAQ Premium Income & Growth Fund Inc.

NASDAQ Premium Income & Growth Fund Inc.

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)

Registrant’s telephone number, including area code: 312-917-7700

Date of fiscal year end: 12/31

Date of reporting period: 3/31/11

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

Portfolio of Investments (Unaudited)

NASDAQ Premium Income & Growth Fund Inc. (QQQX)

March 31, 2011


Shares		Description (1)	Value

		Common Stocks – 102.2%

		Aerospace & Defense – 0.7%

	8,359	General Dynamics Corporation	$	639,965

	2,886	Lockheed Martin Corporation		232,034

	2,049	Precision Castparts Corporation		301,572

	8,962	United Technologies Corporation		758,633
		Total Aerospace & Defense		1,932,204
		Air Freight & Logistics – 0.4%

	2,810	FedEx Corporation		262,876

	8,400	United Parcel Service, Inc., Class B		624,288

	4,130	UTI Worldwide, Inc.		83,591
		Total Air Freight & Logistics		970,755
		Airlines – 0.1%

	7,020	Ryanair Holdings PLC		195,156

	4,120	Southwest Airlines Co.		52,036
		Total Airlines		247,192
		Auto Components – 0.3%

	1,430	Autoliv Inc.		106,149

	1,200	BorgWarner Inc.		95,628

	14,110	Gentex Corporation		426,828

	2,860	Lear Corporation		139,768
		Total Auto Components		768,373
		Automobiles – 0.0%

	1,390	Tesla Motors Inc.		38,503

	2,120	Thor Industries, Inc.		70,744
		Total Automobiles		109,247
		Beverages – 0.1%

	1,070	Brown-Forman Corporation		73,081

	3,180	Hansen Natural Corporation		191,531
		Total Beverages		264,612
		Biotechnology – 5.4%

	3,950	Alexion Pharmaceuticals Inc.		389,786

	14,640	Alkermes Inc.		189,588

	12,140	Amylin Pharmaceuticals Inc.		138,032

	11,850	BioMarin Pharmaceutical Inc.		297,791

	74,119	Celgene Corporation, (2)		4,264,066

	11,310	Cubist Pharmaceuticals Inc.		285,464

	3,230	Dendreon Corporation,		120,899

	2,290	Emergent BioSolutions, Inc.		55,326

	10,480	Enzon Inc.		114,232

	3,000	Exelixis, Inc.		33,900

	3,780	Genomic Health, Inc.		92,988

	24,710	Geron Corporation		124,786

	141,684	Gilead Sciences, Inc.		6,013,069

	5,370	Halozyme Therapeutics, Inc.		36,033

	5,470	Human Genome Sciences, Inc.		150,152


Nuveen Investments			1

Portfolio of Investments (Unaudited)

NASDAQ Premium Income & Growth Fund Inc. (QQQX) (continued)

March 31, 2011


Shares		Description (1)	Value

		Biotechnology (continued)

	6,110	Immunogen, Inc.	$	55,418

	15,966	Incyte Pharmaceuticals Inc.		253,061

	880	Intermune, Inc.		41,527

	10,290	ISIS Pharmaceuticals, Inc.		93,022

	37,200	Lexicon Genetics, Inc.		62,496

	7,160	MannKind Corporation		26,134

	13,280	Micromet, Inc.		74,501

	13,100	Myriad Genentics Inc.		263,965

	5,210	Onyx Pharmaceuticals Inc.		183,288

	4,750	Opko Health Inc.		17,718

	8,940	PDL Biopahrma Inc.		51,852

	7,440	Regeneron Pharmaceuticals, Inc.		334,354

	12,300	Seattle Genetics, Inc.		191,511

	20,030	Talecris Biotherapeutics Holdings Inc.		536,804

	1,310	Targacept, Inc.		34,833

	3,100	Theravance Inc.		75,082

	6,210	United Therapeutics Corporation		416,194
		Total Biotechnology		15,017,872
		Capital Markets – 0.3%

	415	Affiliated Managers Group Inc.		45,389

	13,404	SEI Investments Company		320,088

	6,702	T. Rowe Price Group Inc.		445,147
		Total Capital Markets		810,624
		Chemicals – 0.4%

	2,170	Air Products & Chemicals Inc.		195,691

	6,060	Ecolab Inc.		309,181

	7,928	Methanex Corporation		247,591

	1,180	Monsanto Company		85,267

	3,500	Praxair, Inc.		355,600
		Total Chemicals		1,193,330
		Commercial Services & Supplies – 0.6%

	3,900	Cintas Corporation		118,053

	1,790	Copart Inc.		77,561

	2,710	Iron Mountain Inc.		84,633

	7,720	KAR Auction Services Inc.		118,425

	1,980	Republic Services, Inc.		59,479

	3,810	Rollins Inc.		77,343

	10,124	Tetra Tech, Inc.		249,962

	3,727	United Stationers, Inc.		264,803

	4,860	Waste Connections Inc.		139,919

	9,560	Waste Management, Inc.		356,970
		Total Commercial Services & Supplies		1,547,148
		Communications Equipment – 9.1%

	4,070	ADTRAN, Inc.		172,812

	8,890	Arris Group Inc.		113,259


	2			Nuveen Investments


Shares		Description (1)	Value

		Communications Equipment (continued)

	2,224	Blue Coat Systems Inc.	$	62,628

	16,297	Brocade Communications Systems Inc.		100,227

	277,197	Cisco Systems, Inc.		4,753,929

	9,810	F5 Networks, Inc.		1,006,212

	1,260	Interdigital Inc.		60,115

	17,850	LM Ericsson Telefonaktiebolget, Sponsored ADR		229,551

	266,524	QUALCOMM, Inc.		14,613,510

	71,384	Research In Motion Limited		4,038,193

	10,531	Tellabs Inc.		55,182
		Total Communications Equipment		25,205,618
		Computers & Peripherals – 23.2%

	169,614	Apple, Inc., (2)		59,101,994

	8,940	EMC Corporation		237,357

	4,890	Hewlett-Packard Company		200,343

	4,780	Logitech International SA		86,661

	49,260	Network Appliance Inc.		2,373,347

	29,480	SanDisk Corporation		1,358,733

	65,090	Seagate Technology		937,296
		Total Computers & Peripherals		64,295,731
		Consumer Finance – 0.0%

	1,347	EZCORP, Inc.		42,282
		Containers & Packaging – 0.1%

	6,715	Silgan Holdings, Inc.		256,110
		Distributors – 0.2%

	20,543	LKQ Corporation		495,086

	7,757	Pool Corporation		187,021
		Total Distributors		682,107
		Diversified Consumer Services – 0.2%

	5,882	Career Education Corporation		133,639

	1,510	Education Management Corporation		31,619

	1,701	ITT Educational Services, Inc.		122,727

	1,307	Strayer Education Inc.		170,550

	3,030	Weight Watcher’s International Inc.		212,403
		Total Diversified Consumer Services		670,938
		Diversified Financial Services – 0.1%

	1,410	Moody’s Corporation		47,813

	2,320	MSCI Inc., Class A Shares		85,422
		Total Diversified Financial Services		133,235
		Diversified Telecommunication Services – 0.4%

	11,800	AT&T Inc.		361,080

	7,442	Neutral Tandem Inc.		109,770

	9,230	Verizon Communications Inc.		355,724

	13,533	Windstream Corporation		174,170
		Total Diversified Telecommunication Services		1,000,744
		Electrical Equipment – 0.0%

	3,259	Woodward Governor Company		112,631


Nuveen Investments			3

Portfolio of Investments (Unaudited)

NASDAQ Premium Income & Growth Fund Inc. (QQQX) (continued)

March 31, 2011


Shares		Description (1)	Value

		Electronic Equipment & Instruments – 0.3%

	3,730	Arrow Electronics, Inc.	$	156,212

	4,290	Avnet Inc.		146,246

	13,965	National Instruments Corporation		457,633

	3,198	Plexus Corporation		112,122
		Total Electronic Equipment & Instruments		872,213
		Food & Staples Retailing – 1.3%

	4,040	BJ’s Wholesale Club		197,233

	2,490	Casey’s General Stores, Inc.		97,110

	4,830	CVS Caremark Corporation		165,766

	3,570	Fresh Market Inc.		134,732

	20,680	Kroger Co.		495,700

	1,060	PriceSmart, Inc.		38,838

	13,780	Safeway Inc.		324,381

	14,450	Walgreen Co.		580,023

	29,570	Wal-Mart Stores, Inc.		1,539,119

	1,380	Weis Markets Inc.		55,835
		Total Food & Staples Retailing		3,628,737
		Health Care Equipment & Supplies – 1.6%

	3,530	Alcon, Inc.		584,250

	3,520	Baxter International, Inc.		189,270

	2,970	Becton, Dickinson and Company		236,471

	7,720	Boston Scientific Corporation		55,507

	1,680	C. R. Bard, Inc.		166,841

	6,890	Covidien PLC		357,867

	1,140	Idexx Labs Inc.		88,031

	5,300	Intuitive Surgical, Inc.		1,767,338

	5,666	Kinetic Concepts Inc.		308,344

	4,330	Medtronic, Inc.		170,386

	2,590	Saint Jude Medical Inc.		132,763

	3,770	Stryker Corporation		229,216

	1,220	Varian Medical Systems, Inc.		82,521

	1,840	Zimmer Holdings, Inc.		111,375
		Total Health Care Equipment & Supplies		4,480,180
		Health Care Providers & Services – 1.5%

	2,140	AmerisourceBergen Corporation		84,658

	2,910	Cardinal Health, Inc.		119,688

	64,627	Express Scripts, Inc.		3,593,907

	2,320	McKesson HBOC Inc.		183,396

	1,630	Patterson Companies, Inc.		52,470
		Total Health Care Providers & Services		4,034,119
		Health Care Technology – 0.3%

	8,610	Allscripts Healthcare Solutions Inc.		180,724

	7,370	Emdeon Inc., Class A		118,731

	6,898	Quality Systems Inc.		574,879
		Total Health Care Technology		874,334


	4			Nuveen Investments


Shares		Description (1)	Value

		Hotels, Restaurants & Leisure – 3.0%

	700	Carnival Corporation, ADR	$	26,852

	8,362	McDonald’s Corporation, (2)		636,265

	152,353	Starbucks Corporation		5,629,443

	16,360	Wynn Resorts Ltd.		2,081,810
		Total Hotels, Restaurants & Leisure		8,374,370
		Household Products – 0.0%

	1,330	Procter & Gamble Company		81,928
		Industrial Conglomerates – 0.1%

	1,820	3M Co.		170,170
		Insurance – 0.1%

	5,458	CNA Financial Corporation		161,284

	330	Wesco Financial Corporation		128,436
		Total Insurance		289,720
		Internet & Catalog Retail – 4.6%

	41,178	Amazon.com, Inc.		7,417,393

	1,620	Hosting Site Network, Inc.		51,889

	1,570	MakeMyTrip Limited		46,017

	7,282	NetFlix.com Inc.		1,728,237

	2,241	PetMed Express, Inc.		35,542

	7,100	Priceline.com Incorporated		3,595,724
		Total Internet & Catalog Retail		12,874,802
		Internet Software & Services – 9.0%

	5,990	AOL Inc.		116,985

	38,291	Baidu.com, Inc., Sponsored ADR		5,276,883

	1,490	Digital River, Inc.		55,771

	32,561	Earthlink, Inc.		254,953

	146,829	eBay Inc.,		4,557,572

	20,846	Google Inc., Class A		12,220,133

	4,690	GSI Commerce, Inc.		137,276

	11,240	IAC/InterActiveCorp.		347,204

	4,880	j2 Global Communications, Inc.		144,009

	1,450	Mercadolibre, Inc.		118,364

	7,630	Netease.com, Inc.		377,761

	4,780	Open Text Corporation		297,890

	1,800	Rackspace Hosting Inc.		77,130

	1,750	Sina Corporation		187,320

	3,202	Sohu.com Inc.		286,131

	8,461	ValueClick, Inc.		122,346

	5,350	WebMD Health Corporation, Class A		285,797
		Total Internet Software & Services		24,863,525
		IT Services – 3.1%

	6,040	Accenture Limited		332,019

	2,080	Acxiom Corporation		29,848

	21,410	Amdocs Limited		617,679

	40,840	Cognizant Technology Solutions Corporation, Class A		3,324,376


Nuveen Investments			5

Portfolio of Investments (Unaudited)

NASDAQ Premium Income & Growth Fund Inc. (QQQX) (continued)

March 31, 2011


Shares		Description (1)	Value

		IT Services (continued)

	15,159	Computer Sciences Corporation, (2)	$	738,698

	6,092	CSG Systems International Inc., (2)		121,474

	8,010	Genpact Limited		115,985

	1,470	Global Payments Inc.		71,912

	19,947	Henry Jack and Associates Inc.		676,004

	9,871	International Business Machines Corporation (IBM)		1,609,664

	8,781	ManTech International Corporation, Class A		372,314

	14,340	SAIC, Inc.		242,633

	6,950	Sapient Corporation		79,578

	1,340	SRA International, Inc.		38,002

	2,150	Teradata Corporation		109,005

	6,320	Total System Services Inc.		113,886
		Total IT Services		8,593,077
		Life Sciences Tools & Services – 0.8%

	2,450	Charles River Laboratories International, Inc.		94,031

	14,680	ICON PLC		316,941

	6,040	Luminex Corporation		113,310

	8,023	Pharmaceutical Product Development Inc.		222,317

	20,880	Techne Corporation		1,495,008

	1,150	Thermo Fisher Scientific, Inc.		63,883
		Total Life Sciences Tools & Services		2,305,490
		Machinery – 0.8%

	1,810	AGCO Corporation		99,496

	3,232	Bucyrus International, Inc.		295,566

	3,250	CNH Global N.V.		157,788

	3,050	Danaher Corporation		158,295

	1,270	Deere & Company		123,050

	8,782	Eaton Corporation		486,874

	5,580	Makita Corporation, ADR		261,590

	3,063	Nordson Corporation		352,429

	640	Terex Corporation,		23,706

	2,150	WABCO Holdings Inc.		132,526
		Total Machinery		2,091,320
		Marine – 0.0%

	1,000	Kirby Corporation		57,290
		Media – 5.8%

	210,210	Comcast Corporation, Class A		5,196,391

	90,406	DIRECTV Group, Inc.		4,231,001

	1,140	Discovery Communications inc., Class A Shares		45,486

	1,420	Dreamworks Animation SKG Inc.		39,661

	7,094	Focus Media Holding, Limited		217,573

	2,080	Lamar Advertising Company		76,835

	212,667	News Corporation, Class A		3,734,433

	23,992	News Corporation, Class B		446,731

	17,648	Omnicom Group, Inc.		865,811


	6			Nuveen Investments


Shares		Description (1)	Value

		Media (continued)

	2,380	Scripps Networks Interactive, Class A Shares	$	119,214

	14,420	Thomson Corporation		565,841

	2,190	Viacom Inc., Class B		101,879

	1,430	Walt Disney Company		61,619

	6,940	WPP Group PLC		428,614
		Total Media		16,131,089
		Metals & Mining – 0.0%

	492	Freeport-McMoRan Copper & Gold, Inc.		27,331
		Multiline Retail – 0.7%

	2,070	Big Lots, Inc.		89,900

	8,100	Dollar General Corporation		253,935

	5,230	Family Dollar Stores, Inc.		268,404

	4,120	J.C. Penney Company, Inc.		147,949

	8,270	Kohl’s Corporation		438,641

	7,390	Macy’s, Inc.		179,281

	2,860	Nordstrom, Inc.		128,357

	2,120	Saks Inc.		23,977

	8,250	Target Corporation		412,583
		Total Multiline Retail		1,943,027
		Office Electronics – 0.1%

	30,090	Xerox Corporation		320,459
		Personal Products – 0.0%

	2,195	USANA Health Sciences, Inc.		75,749
		Pharmaceuticals – 2.9%

	4,530	Abbott Laboratories		222,197

	2,450	Allergan, Inc.		173,999

	6,030	Eli Lilly and Company		212,075

	9,572	Endo Pharmaceuticals Holdings Inc.		365,268

	4,730	Forest Laboratories, Inc.		152,779

	980	Hospira Inc.		54,096

	5,520	Johnson & Johnson		327,060

	5,170	Merck & Company Inc.		170,662

	3,590	Optimer Pharmaceuticals, Inc.		42,470

	4,882	Perrigo Company		388,217

	13,700	Pfizer Inc.		278,247

	3,870	Shire Pharmaceuticals Group		337,077

	103,933	Teva Pharmaceutical Industries Limited, Sponsored ADR		5,214,319

	6,040	ViroPharma, Inc.		120,196
		Total Pharmaceuticals		8,058,662
		Professional Services – 0.3%

	1,640	Dun and Bradstreet Inc.		131,594

	3,380	Equifax Inc.		131,313

	2,030	IHS Inc.		180,163

	2,230	Robert Half International Inc.		68,238

	1,410	Towers Watson & Company, Class A Shares		78,199


Nuveen Investments			7

Portfolio of Investments (Unaudited)

NASDAQ Premium Income & Growth Fund Inc. (QQQX) (continued)

March 31, 2011


Shares		Description (1)	Value

		Professional Services (continued)

	3,440	Verisk Analytics Inc, Class A Shares	$	112,694
		Total Professional Services		702,201
		Real Estate Management & Development – 0.0%

	7,900	China Real Estate Information Corporation, ADR		61,699
		Road & Rail – 0.8%

	4,489	CSX Corporation		352,835

	20,080	Heartland Express, Inc.		352,605

	4,440	J.B. Hunt Transports Serives Inc.		201,665

	17,378	Landstar System		793,827

	17,343	Werner Enterprises, Inc.		459,069
		Total Road & Rail		2,160,001
		Semiconductors & Equipment – 8.2%

	7,310	Advanced Micro Devices, Inc.		62,866

	9,216	Aixtron AG, Aachen SH		404,398

	26,264	Amkor Technology Inc.		177,019

	21,560	Analog Devices, Inc.		849,033

	10,200	ARM Holdings PLC		287,334

	2,480	ASM International NV		98,183

	13,927	ASM Lithography Holding NV, (2)		619,752

	9,718	Atheros Communications, Inc.		433,909

	4,380	Atmel Corporation		59,699

	18,410	Avago Technologies Limtied		572,551

	2,260	Cabot Microelectronics Corporation		118,085

	5,373	Cree, Inc.		248,018

	1,780	Cymer, Inc.		100,712

	2,510	Cypress Semiconductor Corporation		48,644

	9,060	First Solar Inc.		1,457,210

	5,090	Hittite Microwave Corporation		324,589

	366,445	Intel Corporation		7,391,196

	4,350	International Rectifier Corporation		143,811

	40,475	Intersil Holding Corporation, Class A		503,914

	18,270	LSI Logic Corporation		124,236

	2,220	Mellanox Technologies, Limited		56,011

	4,670	MEMC Electronic Materials		60,523

	139,770	Micron Technology, Inc.		1,601,764

	8,230	Microsemi Corporation		170,443

	14,620	National Semiconductor Corporation		209,651

	4,040	Novellus Systems, Inc.		150,005

	78,040	NVIDIA Corporation		1,440,618

	7,380	NXP Semiconductors NV		221,400

	38,260	ON Semiconductor Corporation		377,626

	8,570	PMC-Sierra, Inc.		64,275

	7,743	Power Integrations Inc.		296,789

	11,190	Rambus Inc.		221,562

	6,010	Semtech Corporation		150,370


	8			Nuveen Investments


Shares		Description (1)	Value

		Semiconductors & Equipment (continued)

	6,210	Silicon Laboratories Inc.	$	268,334

	45,430	Siliconware Precision Industries Company Limited		274,397

	13,837	Skyworks Solutions Inc.		448,596

	4,230	Spansion Inc., Class A		78,974

	2,640	Spreadtrum Communications, Inc.		48,972

	10,643	Tessera Technologies Inc.		194,341

	59,067	Texas Instruments Incorporated		2,041,356

	2,230	TriQuint Semiconductor, Inc.		28,789

	3,770	Varian Semiconductor Equipment Associate		183,486
		Total Semiconductors & Equipment		22,613,441
		Software – 11.6%

	1,630	ACI Worldwide, Inc.		53,464

	3,290	Advent Software Inc.		94,324

	5,260	Ansys Inc.		285,039

	3,620	Ariba Inc.		123,587

	1,350	Asiainfo Holdings, Inc.		29,228

	2,890	Blackbaud, Inc.		78,724

	3,360	Blackboard, Inc.		121,766

	18,340	Cadence Design Systems, Inc.		178,815

	32,960	Citrix Systems		2,421,242

	950	CommVault Systems, Inc.		37,886

	15,130	Compuware Corporation		174,752

	3,750	Concur Technologies, Inc.		207,938

	830	FactSet Research Systems Inc.		86,926

	4,400	Informatica Corporation		229,812

	59,660	Intuit, Inc.		3,167,946

	1,490	JDA Software Group		45,087

	6,560	Lawson Software, Inc.		79,376

	10,200	Micros Systems, Inc.		504,186

	426,005	Microsoft Corporation, (2)		10,803,486

	3,158	Microstrategy Inc.		424,688

	1,350	NetSuite Inc.		39,258

	11,260	Novell Inc.		66,772

	8,890	Nuance Communications, Inc.		173,888

	309,744	Oracle Corporation, (2)		10,336,156

	12,590	Parametric Technology Corporation		283,149

	1,050	Pegasystems, Inc.		39,837

	1,790	Perfect World Company Limited		37,912

	6,610	Progress Software Corporation		192,285

	5,270	Quest Software Inc.		133,805

	5,560	Red Hat, Inc.		252,368

	1,510	Rovi Corporation		81,012

	520	Salesforce.com, Inc.		69,462

	6,230	Shanda Interactive Entertainment Ltd.		261,598

	2,490	Solarwinds, Inc.		58,415


Nuveen Investments			9

Portfolio of Investments (Unaudited)

NASDAQ Premium Income & Growth Fund Inc. (QQQX) (continued)

March 31, 2011


Shares		Description (1)	Value

		Software (continued)

	3,250	Solera Holdings Inc.	$	166,075

	2,680	SS&C Technologies Holdings Inc.		54,726

	2,170	SuccessFactors, Inc.		84,825

	16,940	Synopsys Inc.		468,391

	5,580	Tibco Software Inc.		152,055

	870	VMware Inc.		70,940
		Total Software		32,171,201
		Specialty Retail – 2.1%

	3,280	Aaron Rents Inc.		83,181

	4,540	Advance Auto Parts, Inc.		297,915

	13,374	Ascena Retail Group Inc.		433,451

	1,110	AutoNation Inc.		39,261

	950	AutoZone, Inc.		259,882

	6,910	Best Buy Co., Inc.		198,455

	4,650	CarMax, Inc.		149,265

	2,370	Chico’s FAS, Inc.		35,313

	3,390	Dick’s Sporting Goods Inc.		135,532

	4,030	GameStop Corporation		90,756

	5,870	Gap, Inc.		133,014

	11,750	Home Depot, Inc.		435,455

	1,430	Limited Brands, Inc.		47,018

	16,170	Lowe’s Companies, Inc.		427,373

	7,480	PetSmart Inc.		306,306

	13,324	Rent-A-Center Inc.		465,141

	5,450	Sally Beauty Holdings Inc.		76,355

	5,670	Signet Jewelers Limited		260,933

	9,542	Tiffany & Co.		586,260

	6,780	TJX Companies, Inc.		337,169

	13,549	Tractor Supply Company		811,043

	2,540	Ulta Salon, Cosmetics & Fragrance, Inc.		122,250

	2,420	Williams-Sonoma Inc.		98,010
		Total Specialty Retail		5,829,338
		Textiles, Apparel & Luxury Goods – 0.2%

	2,410	Coach, Inc.		125,416

	864	Deckers Outdoor Corporation		74,434

	1,290	Nike, Inc., Class B		97,653

	4,133	Phillips-Van Heusen Corporation		268,769

	410	Polo Ralph Lauren Corporation		50,697
		Total Textiles, Apparel & Luxury Goods		616,969
		Trading Companies & Distributors – 0.1%

	4,710	MSC Industrial Direct Inc., Class A		322,494
		Wireless Telecommunication Services – 1.3%

	20,750	American Tower Corporation		1,075,265

	10,080	Clearwire Corporation		56,347

	13,210	Crown Castle International Corporation		562,086


	10			Nuveen Investments


Shares		Description (1)	Value

		Wireless Telecommunication Services (continued)

	5,860	Metropcs Communications Inc.	$	95,166

	15,620	Partner Communications Company Limited		296,936

	10,140	SBA Communications Corporation		402,355

	16,480	Sprint Nextel Corporation		76,467

	13,780	Telephone and Data Systems Inc.		464,386

	13,210	United States Cellular Corporation		680,183
		Total Wireless Telecommunication Services		3,709,191
		Total Investments (cost $206,213,675) – 102.2%		283,594,880
		Other Assets Less Liabilities – (2.2)% (3)		(6,136,370)
		Net Assets – 100%	$	277,458,510

Investments in Derivatives

Call Options Written outstanding at March 31, 2011:


Number of Contracts		Type	Notional Amount (4)		Expiration Date		Strike Price		Value

	(150)	NASDAQ 100 INDEX	$	(36,750,000)		4/16/11	$	2,450.0	$	(16,125)

	(150)	NASDAQ 100 INDEX		(37,125,000)		4/16/11		2,475.0		(5,625)

	(100)	NASDAQ 100 INDEX		(25,250,000)		4/16/11		2,525.0		(4,000)

	(100)	NASDAQ 100 INDEX		(22,750,000)		5/21/11		2,275.0		(1,041,000)

	(100)	NASDAQ 100 INDEX		(23,250,000)		5/21/11		2,325.0		(702,500)
	(600)	Total Call Options Written (premium received $1,979,092)	$	(145,125,000)					$	(1,769,250)

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:


Level 1 –		Quoted prices in active markets for identical securities.
Level 2 –		Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of March 31, 2011:


	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	283,594,880		$	—	$	—	$	283,594,880
Derivatives:
Call Options Written		(1,769,250	)		—		—		(1,769,250	)
Total	$	281,825,630		$	—	$	—	$	281,825,630


Nuveen Investments			11

Portfolio of Investments (Unaudited)

NASDAQ Premium Income & Growth Fund Inc. (QQQX) (continued)

March 31, 2011

During the period ended March 31, 2011, the Fund recognized no significant transfers to/from Level 1, Level 2 or Level 3.

Derivative Instruments and Hedging Activities

The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

The following table presents the fair value of all derivative instruments held by the Fund as of March 31, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Asset Derivatives

Liability Derivatives

Underlying

Risk Exposure

Derivative
Instrument

Location

Value

Location

Value

Equity Price

Options

—

Call options written, at value

1,769,250

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At March 31, 2011, the cost of investments (excluding investments in derivatives) was $206,321,227.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at March 31, 2011, were as follows:


Gross unrealized:
Appreciation	$	85,198,199
Depreciation		(7,924,546	)
Net unrealized appreciation (depreciation) of investments	$	77,273,653

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 into sectors for reporting ease.

(1)

All percentages shown in the Portfolio of Investments are based on net assets.

(2)

Investment, or portion of investment, has been pledged as collateral for call options written.

(3)

Other Assets Less Liabilities includes Value and/or the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives.

(4)

For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

ADR

American Depositary Receipt.


	12			Nuveen Investments

Item 2. Controls and Procedures.

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”) (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)).

There were no changes in the registrant’s 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 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.

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 May 27, 2011

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 May 27, 2011


By (Signature and Title)		/s/ Stephen D. Foy
		Stephen D. Foy
		Vice President and Controller (principal financial officer)

Date May 27, 2011