UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

SELIGMAN PREMIUM TECHNOLOGY GROWTH FUND, INC.

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center, Minneapolis, Minnesota		55474
(Address of principal executive offices)		(Zip code)

Scott R. Plummer — 5228 Ameriprise Financial Center, Minneapolis, MN 55474

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 671-1947

Date of fiscal year end: 12/31

Date of reporting period: 3/31

 

 

Portfolio of Investments
Seligman Premium Technology Growth Fund
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (97.3%)

Issuer		Shares				Value(a)
Aerospace & Defense (2.0%)
General Dynamics Corp.			76,300			$	5,890,360
Biotechnology (1.2%)
Gilead Sciences, Inc.			77,700	(b)			3,533,796
Communications Equipment (7.4%)
Cisco Systems, Inc.			501,000	(b)			13,041,030
QUALCOMM, Inc.			208,400	(e)			8,750,716
Total							21,791,746
Computers & Peripherals (11.7%)
Apple, Inc.			62,800	(b)			14,753,604
Hewlett-Packard Co.			166,200				8,833,530
NetApp, Inc.			270,600	(b)			8,810,736
Netezza Corp.			138,400	(b)			1,770,136
Total							34,168,006
Diversified Financial Services (0.5%)
BM&FBOVESPA SA			233,300	(c)			1,567,146
Diversified Telecommunication Services (0.9%)
Deutsche Telekom AG, ADR			199,432	(c)			2,692,332
Electrical Equipment (0.4%)
Sensata Technologies Holding NV			64,502	(b,c)			1,158,456
Electronic Equipment, Instruments & Components (0.4%)
Corning, Inc.			56,700				1,145,907
Health Care Equipment & Supplies (2.6%)
St. Jude Medical, Inc.			188,400	(b)			7,733,820
Internet Software & Services (6.9%)
eBay, Inc.			70,500	(b)			1,899,975
Google, Inc., Class A			10,500	(b)			5,953,605
Open Text Corp.			209,500	(b,c)			9,944,965
VeriSign, Inc.			90,000	(b)			2,340,900
Total							20,139,445
IT Services (6.0%)
Amdocs Ltd.			499,800	(b,c)			15,048,978
Genpact Ltd.			53,411	(b,c)			895,702
Lender Processing Services, Inc.			39,900				1,506,225
Total							17,450,905

Issuer		Shares				Value(a)
Life Sciences Tools & Services (1.1%)
Life Technologies Corp.			62,400	(b)			3,261,648
Media (0.9%)
DreamWorks Animation SKG, Inc., Class A			66,748	(b)			2,629,204
Office Electronics (1.1%)
Xerox Corp.			317,100				3,091,725
Pharmaceuticals (1.3%)
Abbott Laboratories			69,800				3,677,064
Semiconductors & Semiconductor Equipment (13.3%)
Amkor Technology, Inc.			540,000	(b)			3,817,800
Analog Devices, Inc.			51,400				1,481,348
Avago Technologies Ltd.			102,200	(b,c)			2,101,232
Broadcom Corp., Class A			25,800				856,044
Intel Corp.			395,100				8,794,925
Lam Research Corp.			79,300	(b)			2,959,476
Marvell Technology Group Ltd.			132,500	(b,c)			2,700,350
Micron Technology, Inc.			138,000	(b)			1,433,820
National Semiconductor Corp.			234,537				3,389,060
Novellus Systems, Inc.			297,500	(b)			7,437,500
Veeco Instruments, Inc.			20,300	(b)			883,050
Verigy Ltd.			276,103	(b,c)			3,086,832
Total							38,941,437
Software (39.6%)
Activision Blizzard, Inc.			223,100				2,690,586
Aspen Technology, Inc.			189,200	(b)			1,939,300
BMC Software, Inc.			381,600	(b)			14,500,800
Check Point Software Technologies			423,900	(b,c)			14,861,934
JDA Software Group, Inc.			161,700	(b)			4,498,494
Mentor Graphics Corp.			573,200	(b)			4,597,064
Micro Focus International PLC			85,800	(c)			652,960
Microsoft Corp.			540,100				15,808,727
Nuance Communications, Inc.			466,700	(b)			7,765,888
Parametric Technology Corp.			664,800	(b)			11,999,640
SonicWALL, Inc.			293,980	(b)			2,554,686
SS&C Technologies Holdings, Inc.			5,559	(b)			83,830
Symantec Corp.			862,500	(b)			14,593,500
Synopsys, Inc.			865,000	(b)			19,350,050
Total							115,897,459
Total Common Stocks (Cost: $269,723,867)						$	284,770,456

Money Market Fund (1.2%)

		Shares				Value(a)
RiverSource Short-Term Cash Fund, 0.18%			3,647,946	(f)		$	3,647,946
Total Money Market Fund (Cost: $3,647,946)						$	3,647,946
Total Investments in Securities(d) (Cost: $273,371,813)(g)						$	288,418,402

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Open Options Contracts Written at March 31, 2010

				Number of				Exercise				Premium				Expiration
Issuer		Puts/Calls		contracts				price				received				date		Value(a)
Apple, Inc.		Put			236			$	170			$	444,556			Jan. 2011		$	136,880
Google, Inc., Class A		Put			13				560				20,774			April 2010			15,795
Google, Inc., Class A		Put			14				550				28,311			June 2010			26,040
Hewlett-Packard Co.		Put			506				44				43,513			May 2010			6,578
QUALCOMM, Inc.		Put			259				35				26,182			July 2010			13,986
QUALCOMM, Inc.		Put			159				38				30,966			July 2010			16,854
QUALCOMM, Inc.		Call			366				43				39,004			July 2010			68,991
Research In Motion Ltd.		Put			70				45				19,040			Jan. 2011			9,240
Research In Motion Ltd.		Put			63				50				25,074			Jan. 2011			12,978
S&P 500 Index		Call			564				1,950				1,555,504			April 2010			1,666,620
Total																		$	1,973,962

Notes to Portfolio of Investments

ADR — American Depository Receipt
(a)		Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2009.
(b)		Non-income producing.
(c)		Foreign security values are stated in U.S. dollars. At March 31, 2010, the value of foreign securities, excluding short-term securities, represented 18.70% of net assets.
(d)		At March 31, 2010, cash or short-term securities were designated to cover open put and/or call options written
(e)		At March 31, 2010, securities valued at $1,536,834 were held to cover open call options written.
(f)		Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at March 31, 2010.
(g)		At March 31, 2010, the cost of securities for federal income tax purposes was approximately $273,372,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation		$	17,786,000
Unrealized depreciation			(2,740,000	)
Net unrealized appreciation		$	15,046,000

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

	•		Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
	•		Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
	•		Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Annual Report dated Dec. 31, 2009.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2010:

		Fair value at March 31, 2010
		Level 1				Level 2
		quoted prices				other				Level 3
		in active				significant				significant
		markets for				observable				unobservable
Description		identical assets				inputs				inputs				Total
Equity Securities
Common Stocks(a)		$	284,770,456			$	—			$	—			$	284,770,456
Total Equity Securities			284,770,456				—				—				284,770,456
Other
Affiliated Money Market Fund(b)			3,647,946				—				—				3,647,946
Total Other			3,647,946				—				—				3,647,946
Investments in Securities			288,418,402				—				—				288,418,402
Other Financial Instruments(c)			1,973,962				—				—				1,973,962
Total		$	290,392,364			$	—			$	—			$	290,392,364

(a)		Industry classifications are identified in the Portfolio of Investments.
(b)		Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2010.
(c)		Other Financial Instruments are derivative instruments. Derivative descriptions are located in the Investments in Derivatives section of the Portfolio of Investments.

Item 2. Control and Procedures.

(a) Based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certification for the Registrant’s principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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)                    Seligman Premium Technology Growth Fund, Inc.

By		/s/ J. Kevin Connaughton
		J. Kevin Connaughton
		President and Principal Executive Officer
Date		May 26, 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/ J. Kevin Connaughton
		J. Kevin Connaughton
		President and Principal Executive Officer
Date		May 26, 2010

By		/s/ Jeffrey P. Fox
		Jeffrey P. Fox
		Treasurer and Principal Financial Officer
Date		May 26, 2010