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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No._)

Small Cap Premium & Dividend Income Fund, Inc.

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(Name of Issuer)

Common Stock

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(Title of Class of Securities)

83165P101

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(CUSIP Number)

April 26, 2010

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(Date of Event Which Requires Filing of This Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule

is filed:

[ ] Rule 13d-1(b)

[X] Rule 13d-1(c)

[ ] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's

initial filing on this form with respect to the subject class of securities, and

for any subsequent amendment containing information which would alter

disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed

to be "filed" for the purpose of Section 18 of the Securities Exchange Act of

1934 ("Act") or otherwise subject to the liabilities of that section of the Act

but shall be subject to all other provisions of the Act (however, see the

Notes).

Information regarding beneficial ownership is as of April 30, 2010.

CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 2 OF 10 PAGES

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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION

NO. OF ABOVE PERSON

BIP GP LLC

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]

(B) [ ]

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3. SEC USE ONLY

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4. CITIZENSHIP OR PLACE OF ORGANIZATION

DELAWARE

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5. SOLE VOTING POWER

NUMBER OF --------------------------------------------------

SHARES 6. SHARED VOTING POWER

BENEFICIALLY

OWNED BY 397,793

EACH --------------------------------------------------

REPORTING 7. SOLE DISPOSITIVE POWER

PERSON

WITH: 0

--------------------------------------------------

8. SHARED DISPOSITIVE POWER

397,793

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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

397,793

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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES* [ ]

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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

2.93%

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12. TYPE OF REPORTING PERSON*

00 - Limited Liability Company

CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 3 OF 10 PAGES

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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION

NO. OF ABOVE PERSON

WAM GP LLC

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]

(B) [ ]

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3. SEC USE ONLY

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4. CITIZENSHIP OR PLACE OF ORGANIZATION

DELAWARE

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5. SOLE VOTING POWER

NUMBER OF --------------------------------------------------

SHARES 6. SHARED VOTING POWER

BENEFICIALLY

OWNED BY 736,188

EACH --------------------------------------------------

REPORTING 7. SOLE DISPOSITIVE POWER

PERSON

WITH: 0

--------------------------------------------------

8. SHARED DISPOSITIVE POWER

736,188

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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

736,188

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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES* [ ]

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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.42%

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12. TYPE OF REPORTING PERSON*

00 - Limited Liability Company

CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 4 OF 10 PAGES

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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION

NO. OF ABOVE PERSON

WEISS ASSET MANAGEMENT LP

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]

(B) [ ]

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3. SEC USE ONLY

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4. CITIZENSHIP OR PLACE OF ORGANIZATION

DELAWARE

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5. SOLE VOTING POWER

NUMBER OF --------------------------------------------------

SHARES 6. SHARED VOTING POWER

BENEFICIALLY

OWNED BY 736,188

EACH --------------------------------------------------

REPORTING 7. SOLE DISPOSITIVE POWER

PERSON

WITH: 0

--------------------------------------------------

8. SHARED DISPOSITIVE POWER

736,188

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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

736,188

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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES* [ ]

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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.42%

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12. TYPE OF REPORTING PERSON*

PN - Limited Partnership

CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 5 OF 10 PAGES

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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION

NO. OF ABOVE PERSON

ANDREW M. WEISS, PH.D.

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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]

(B) [ ]

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3. SEC USE ONLY

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4. CITIZENSHIP OR PLACE OF ORGANIZATION

USA

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5. SOLE VOTING POWER

NUMBER OF --------------------------------------------------

SHARES 6. SHARED VOTING POWER

BENEFICIALLY

OWNED BY 736,188

EACH --------------------------------------------------

REPORTING 7. SOLE DISPOSITIVE POWER

PERSON

WITH: 0

--------------------------------------------------

8. SHARED DISPOSITIVE POWER

736,188

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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

736,188

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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES* [ ]

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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.42%

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12. TYPE OF REPORTING PERSON*

CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 6 OF 10 PAGES

ITEM 1.

(a) Name of Issuer: Small Cap Premium & Dividend Income Fund, Inc.

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(b) Address of Issuer's Principal Executive Offices:

2 World Financial Center 7^th Floor

New York, NY 10281

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ITEM 2.

(a) and (c): Name and Citizenship of Persons Filing:

(i) BIP GP LLC, a Delaware limited liability company ("BIP GP").

(ii) WAM GP LLC, a Delaware limited liability company (“WAM GP”)

(iii) Weiss Asset Management LP, a Delaware limited partnership ("Weiss Asset Management").

(iv) Andrew M. Weiss, Ph.D., a United States citizen.

(b): Address of Principal Business Office:

BIP GP, WAM GP, Weiss Asset Management, and Dr. Weiss have a business

address of 29 Commonwealth Avenue, 10th Floor, Boston, Massachusetts 02116

(d) Title of Class of Securities: Common Stock

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(e) CUSIP Number: 83165P101

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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK

WHETHER THE PERSON FILING IS A:

(a) [ ] Broker or Dealer registered under Section 15 of the Act

(15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(15 U.S.C. 78c).

(d) [ ] Investment Company registered under section 8 of the Investment

Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] Investment Adviser registered under section 203 of the Investment

Advisers Act or under the laws of any State

(f) [ ] Employee Benefit Plan, Pension fund which is subject to the

provisions of the Employee Retirement Income Security Act of

1974 or Endowment Fund; see Section 240.13d-1(b)(1)(ii)(F)

(g) [ ] A Parent Holding Company or control person, in accordance with

Section 240.13d-1(b)(ii)(G)(Note: See Item 7)

(h) [ ] A Savings Association as defined in Section 3(b) of the Federal

Deposit Insurance Act (12 U.S.C. 1813)

(i) [ ] A Church Plan that is excluded from the definition of an

investment company under Section 3(c)(14) of the Investment

Company Act of 1940 (15 U.S.C. 80a-3)

CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 7 OF 10 PAGES

(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J)

ITEM 4. OWNERSHIP

Provide the following information regarding the aggregate number and

percentage of the class of securities of the issuer identified in Item I.

BIP GP*

(a) Amount Beneficially Owned: 397,793

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(b) Percent of Class: 2.93%

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(i) sole power to vote or to direct the vote: 0

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(ii) shared power to vote or to direct the vote: 397,793

-----------------------

(iii)sole power to dispose or to direct the disposition of: 0

-----------

(iv) shared power to dispose or to direct the disposition of: 397,793

---------

WAM GP**

(a) Amount Beneficially Owned: 736,188

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(b) Percent of Class: 5.42%

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(i) sole power to vote or to direct the vote: 0

------------------------

(ii) shared power to vote or to direct the vote: 736,188

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(iii)sole power to dispose or to direct the disposition of: 0

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(iv) shared power to dispose or to direct the disposition of: 736,188

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WEISS ASSET MANAGEMENT**

(a) Amount Beneficially Owned: 736,188

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(b) Percent of Class: 5.42%

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(i) sole power to vote or to direct the vote: 0

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(ii) shared power to vote or to direct the vote: 736,188

-----------------------

(iii)sole power to dispose or to direct the disposition of: 0

-----------

(iv) shared power to dispose or to direct the disposition of: 736,188

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CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 8 OF 10 PAGES

ANDREW M. WEISS, PH.D.**

(a) Amount Beneficially Owned: 736,188

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(b) Percent of Class: 5.42%

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(i) sole power to vote or to direct the vote: 0

------------------------

(ii) shared power to vote or to direct the vote: 736,188

-----------------------

(iii)sole power to dispose or to direct the disposition of: 0

-----------

(iv) shared power to dispose or to direct the disposition of: 736,188

---------

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* Shares reported for BIP GP include shares beneficially owned by a private investment partnership (the “Partnership”) of which BIP GP is the sole general partner.

** Weiss Asset Management is the sole investment manager to the Partnership and a private investment company (the “Company”). WAM GP is the sole general partner of Weiss Asset Management. Andrew Weiss is the managing member of WAM GP and BIP GP. Shares reported for WAM GP, Andrew Weiss and Weiss Asset Management include shares beneficially owned by the Partnership (and reported above for BIP GP) and the Company.

Each of BIP GP, WAM GP, Weiss Asset Management and Andrew Weiss disclaims beneficial ownership of the shares reported herein as beneficially owned by each except to the extent of their respective pecuniary interest therein. The percent of class computations are based on 13,580,133 shares of common stock issued and outstanding as of December 31, 2009 as reported on the Form N-CSR filed with the SEC on March 8, 2010.

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

If this statement is being filed to report the fact that as of the date

hereof the reporting person has ceased to be the beneficial owner of more than

five percent of the class of securities, check the following [].

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

Not Applicable

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE

SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL

PERSON

Not Applicable

CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 9 OF 10 PAGES

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

Not Applicable

ITEM 9. NOTICE OF DISSOLUTION OF GROUP

Not Applicable

CUSIP NO. 83165P101

SCHEDULE 13G/A

PAGE 10 OF 10 PAGES

ITEM 10. CERTIFICATION

By signing below, I certify that, to the best of my knowledge and belief, the

securities referred to above were not acquired and are not held for the purpose

of or with the effect of changing or influencing the control of the issuer of

the securities and were not acquired and are not held in connection with or as a

participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I hereby

certify that the information set forth in this statement is true, complete and

correct.

Dated: April 30, 2010

BIP GP LLC

By: /s/ Daniel Bradford

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Daniel Bradford, General Counsel

WEISS ASSET MANAGEMENT LP

By: /s/ Daniel Bradford

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Daniel Bradford, General Counsel

WAM GP LLC

By: /s/ Daniel Bradford

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Daniel Bradford, General Counsel

By: /s/ Daniel Bradford

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Attorney-in-Fact for Andrew Weiss

Small Cap Premium & Dividend Income Fund, Inc. SC 13G