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 811-21611
Name of Fund: S&P 500(R) GEARED(SM) Fund Inc. (GRE)
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Mitchell M. Cox, Chief Executive
Officer, S&P 500(R) GEARED(SM) Fund Inc., 4 World Financial Center, 6th
Floor, New York, New York 10080.
Registrant's telephone number, including area code: (877) 449-4742
Date of fiscal year end: 12/31/2008
Date of reporting period: 01/01/2008 - 03/31/2008
Item 1 - Schedule of Investments
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
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Aerospace & Defense - 2.7% 3,900 Boeing Co. $ 290,043
2,100 General Dynamics Corp. 175,077
600 Goodrich Corp. 34,506
3,800 Honeywell International, Inc. 214,396
678 L-3 Communications Holdings, Inc. 74,132
1,800 Lockheed Martin Corp. 178,740
1,700 Northrop Grumman Corp. 132,277
700 Precision Castparts Corp. 71,456
2,200 Raytheon Co. 142,142
800 Rockwell Collins, Inc. 45,720
5,000 United Technologies Corp. 344,100
-------------
1,702,589
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Air Freight & Logistics - 1.0% 900 C.H. Robinson Worldwide, Inc. 48,960
1,100 Expeditors International Washington, Inc. 49,698
1,600 FedEx Corp. 148,272
5,300 United Parcel Service, Inc. Class B 387,006
-------------
633,936
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Airlines - 0.1% 3,800 Southwest Airlines Co. 47,120
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Auto Components - 0.2% 1,200 The Goodyear Tire & Rubber Co. (a) 30,960
3,000 Johnson Controls, Inc. 101,400
-------------
132,360
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Automobiles - 0.3% 11,500 Ford Motor Co. (a) 65,780
2,900 General Motors Corp. 55,245
1,300 Harley-Davidson, Inc. 48,750
-------------
169,775
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Beverages - 2.4% 3,700 Anheuser-Busch Cos., Inc. 175,565
400 Brown-Forman Corp. Class B 26,488
10,200 The Coca-Cola Co. 620,874
1,400 Coca-Cola Enterprises, Inc. 33,880
1,000 Constellation Brands, Inc. Class A (a) 17,670
700 Molson Coors Brewing Co. Class B 36,799
700 Pepsi Bottling Group, Inc. 23,737
8,200 PepsiCo, Inc. 592,040
-------------
1,527,053
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Biotechnology - 1.3% 5,500 Amgen, Inc. (a) 229,790
1,500 Biogen Idec, Inc. (a) 92,535
2,200 Celgene Corp. (a) 134,838
1,400 Genzyme Corp. (a) 104,356
4,700 Gilead Sciences, Inc. (a) 242,191
-------------
803,710
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Building Products - 0.1% 1,900 Masco Corp. 37,677
900 Trane, Inc. 41,310
-------------
78,987
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Capital Markets - 2.8% 1,000 American Capital Strategies Ltd. 34,160
1,220 Ameriprise Financial, Inc. 63,257
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
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5,862 The Bank of New York Mellon Corp. $ 244,621
600 The Bear Stearns Cos., Inc. 6,294
4,800 The Charles Schwab Corp. 90,384
2,400 E*Trade Financial Corp. (a) 9,264
400 Federated Investors, Inc. Class B 15,664
800 Franklin Resources, Inc. 77,592
2,020 The Goldman Sachs Group, Inc. 334,088
800 Janus Capital Group, Inc. 18,616
700 Legg Mason, Inc. 39,186
2,700 Lehman Brothers Holdings, Inc. 101,628
5,000 Merrill Lynch & Co., Inc. (b) 203,700
5,600 Morgan Stanley 255,920
1,000 Northern Trust Corp. 66,470
2,000 State Street Corp. 158,000
1,300 T. Rowe Price Group, Inc. 65,000
-------------
1,783,844
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Chemicals - 1.9% 1,100 Air Products & Chemicals, Inc. 101,200
300 Ashland, Inc. 14,190
4,800 The Dow Chemical Co. 176,880
4,600 E.I. du Pont de Nemours & Co. 215,096
400 Eastman Chemical Co. 24,980
900 Ecolab, Inc. 39,087
600 Hercules, Inc. 10,974
400 International Flavors & Fragrances, Inc. 17,620
2,800 Monsanto Co. 312,200
800 PPG Industries, Inc. 48,408
1,600 Praxair, Inc. 134,768
600 Rohm & Haas Co. 32,448
700 Sigma-Aldrich Corp. 41,755
-------------
1,169,606
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Commercial Banks - 2.7% 2,800 BB&T Corp. 89,768
800 Comerica, Inc. 28,064
2,700 Fifth Third Bancorp 56,484
600 First Horizon National Corp. 8,406
1,800 Huntington Bancshares, Inc. 19,350
2,000 KeyCorp 43,900
400 M&T Bank Corp. 32,192
1,399 Marshall & Ilsley Corp. 32,457
3,200 National City Corp. 31,840
1,700 The PNC Financial Services Group, Inc. 111,469
3,575 Regions Financial Corp. 70,606
1,800 SunTrust Banks, Inc. 99,252
8,900 U.S. Bancorp 288,004
10,112 Wachovia Corp. 273,024
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
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16,900 Wells Fargo & Co. $ 491,790
500 Zions Bancorporation 22,775
-------------
1,699,381
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Commercial Services & 1,700 Allied Waste Industries, Inc. (a) 18,377
Supplies - 0.5% 500 Avery Dennison Corp. 24,625
700 Cintas Corp. 19,978
700 Equifax, Inc. 24,136
700 Monster Worldwide, Inc. (a) 16,947
1,100 Pitney Bowes, Inc. 38,522
1,100 R.R. Donnelley & Sons Co. 33,341
800 Robert Half International, Inc. 20,592
2,600 Waste Management, Inc. 87,256
-------------
283,774
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Communications Equipment - 2.4% 428 Ciena Corp. (a) 13,195
30,500 Cisco Systems, Inc. (a) 734,745
8,000 Corning, Inc. 192,320
1,150 JDS Uniphase Corp. (a) 15,398
2,600 Juniper Networks, Inc. (a) 65,000
11,700 Motorola, Inc. 108,810
8,300 QUALCOMM, Inc. 340,300
2,200 Tellabs, Inc. (a) 11,990
-------------
1,481,758
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Computers & Peripherals - 4.1% 4,500 Apple, Inc. (a) 645,750
11,400 Dell, Inc. (a) 227,088
10,800 EMC Corp. (a) 154,872
12,700 Hewlett-Packard Co. 579,882
7,100 International Business Machines Corp. 817,494
500 Lexmark International, Inc. Class A (a) 15,360
1,800 NetApp, Inc. (a) 36,090
700 QLogic Corp. (a) 10,745
1,200 SanDisk Corp. (a) 27,084
4,200 Sun Microsystems, Inc. (a) 65,226
900 Teradata Corp. (a) 19,854
-------------
2,599,445
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Construction & Engineering - 0.2% 400 Fluor Corp. 56,464
600 Jacobs Engineering Group, Inc. (a) 44,154
-------------
100,618
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Construction Materials - 0.1% 500 Vulcan Materials Co. 33,200
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Consumer Finance - 0.7% 5,900 American Express Co. 257,948
1,900 Capital One Financial Corp. 93,518
2,400 Discover Financial Services, Inc. 39,288
2,500 SLM Corp. (a) 38,375
-------------
429,129
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Containers & Packaging - 0.1% 500 Ball Corp. 22,970
500 Bemis Co. 12,715
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
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700 Pactiv Corp. (a) $ 18,347
800 Sealed Air Corp. 20,200
-------------
74,232
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Distributors - 0.1% 900 Genuine Parts Co. 36,198
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Diversified Consumer Services - 0.1% 700 Apollo Group, Inc. Class A (a) 30,240
1,600 H&R Block, Inc. 33,216
-------------
63,456
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Diversified Financial Services - 4.0% 22,759 Bank of America Corp. 862,794
1,000 CIT Group, Inc. 11,850
276 CME Group, Inc. 129,472
26,700 Citigroup, Inc. 571,914
400 IntercontinentalExchange, Inc. (a) 52,200
17,400 JPMorgan Chase & Co. 747,330
800 Leucadia National Corp. 36,176
1,100 Moody's Corp. 38,313
1,300 NYSE Euronext 80,223
-------------
2,530,272
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Diversified Telecommunication 30,901 AT&T Inc. (c) 1,183,508
Services - 3.0% 600 CenturyTel, Inc. 19,944
1,700 Citizens Communications Co. 17,833
782 Embarq Corp. 31,358
8,200 Qwest Communications International Inc. 37,146
14,700 Verizon Communications, Inc. 535,815
2,408 Windstream Corp. 28,776
-------------
1,854,380
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Electric Utilities - 2.0% 800 Allegheny Energy, Inc. 40,400
2,000 American Electric Power Co., Inc. 83,260
6,364 Duke Energy Corp. 113,597
1,600 Edison International 78,432
1,000 Entergy Corp. 109,080
3,400 Exelon Corp. 276,318
2,100 FPL Group, Inc. 131,754
1,500 FirstEnergy Corp. 102,930
1,900 PPL Corp. 87,248
1,100 Pepco Holdings, Inc. 27,192
500 Pinnacle West Capital Corp. 17,540
1,300 Progress Energy, Inc. 54,210
3,900 The Southern Co. 138,879
-------------
1,260,840
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Electrical Equipment - 0.5% 900 Cooper Industries Ltd. Class A 36,135
4,000 Emerson Electric Co. 205,840
800 Rockwell Automation, Inc. 45,936
-------------
287,911
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Electronic Equipment & 1,919 Agilent Technologies, Inc. (a) 57,244
Instruments - 0.3% 1,000 Jabil Circuit, Inc. 9,460
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
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700 Molex, Inc. $ 16,212
2,500 Tyco Electronics Ltd. 85,800
-------------
168,716
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Energy Equipment & Services - 2.5% 1,500 BJ Services Co. 42,765
1,600 Baker Hughes, Inc. 109,600
1,100 Cameron International Corp. (a) 45,804
700 ENSCO International, Inc. 43,834
4,500 Halliburton Co. 176,985
1,400 Nabors Industries Ltd. (a) 47,278
1,814 National Oilwell Varco, Inc. (a) 105,901
1,400 Noble Corp. 69,538
500 Rowan Cos., Inc. 20,590
6,100 Schlumberger Ltd. 530,700
1,000 Smith International, Inc. 64,230
1,578 Transocean, Inc. 213,346
1,700 Weatherford International Ltd. (a) 123,199
-------------
1,593,770
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Food & Staples Retailing - 2.5% 7,375 CVS Caremark Corp. 298,761
2,200 Costco Wholesale Corp. 142,934
3,500 The Kroger Co. 88,900
1,046 SUPERVALU, Inc. 31,359
3,100 SYSCO Corp. 89,962
2,200 Safeway, Inc. 64,570
12,100 Wal-Mart Stores, Inc. 637,428
5,000 Walgreen Co. 190,450
700 Whole Foods Market, Inc. 23,079
-------------
1,567,443
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Food Products - 1.5% 3,300 Archer-Daniels-Midland Co. 135,828
1,100 Campbell Soup Co. 37,345
2,500 ConAgra Foods, Inc. 59,875
700 Dean Foods Co. 14,063
1,700 General Mills, Inc. 101,796
1,600 H.J. Heinz Co. 75,152
900 The Hershey Co. 33,903
1,300 Kellogg Co. 68,328
7,835 Kraft Foods, Inc. 242,963
700 McCormick & Co., Inc. 25,879
3,700 Sara Lee Corp. 51,726
1,400 Tyson Foods, Inc. Class A 22,330
1,125 Wm. Wrigley Jr. Co. 70,695
-------------
939,883
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Gas Utilities - 0.1% 200 Nicor, Inc. 6,702
900 Questar Corp. 50,904
-------------
57,606
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|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
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Health Care Equipment & 3,200 Baxter International, Inc. $ 185,024
Supplies - 1.8% 1,200 Becton Dickinson & Co. 103,020
6,871 Boston Scientific Corp. (a) 88,430
500 C.R. Bard, Inc. 48,200
2,500 Covidien Ltd. 110,625
800 Hospira, Inc. (a) 34,216
5,800 Medtronic, Inc. 280,546
1,700 St. Jude Medical, Inc. (a) 73,423
1,200 Stryker Corp. 78,060
600 Varian Medical Systems, Inc. (a) 28,104
1,200 Zimmer Holdings, Inc. (a) 93,432
-------------
1,123,080
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Health Care Providers & 2,600 Aetna, Inc. 109,434
Services - 1.8% 900 AmerisourceBergen Corp. 36,882
1,800 Cardinal Health, Inc. 94,518
1,400 Cigna Corp. 56,798
750 Coventry Health Care, Inc. (a) 30,262
1,300 Express Scripts, Inc. (a) 83,616
900 Humana, Inc. (a) 40,374
600 Laboratory Corp. of America Holdings (a) 44,208
1,500 McKesson Corp. 78,555
2,700 Medco Health Solutions, Inc. (a) 118,233
700 Patterson Cos., Inc. (a) 25,410
800 Quest Diagnostics, Inc. 36,216
2,500 Tenet Healthcare Corp. (a) 14,150
6,400 UnitedHealth Group, Inc. 219,904
2,800 WellPoint, Inc. (a) 123,564
-------------
1,112,124
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Health Care Technology - 0.0% 1,000 IMS Health, Inc. 21,010
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Hotels, Restaurants & 2,200 Carnival Corp. 89,056
Leisure - 1.3% 700 Darden Restaurants, Inc. 22,785
1,600 International Game Technology 64,336
1,600 Marriott International, Inc. Class A 54,976
5,900 McDonald's Corp. 329,043
3,800 Starbucks Corp. (a) 66,500
1,000 Starwood Hotels & Resorts Worldwide, Inc. 51,750
400 Wendy's International, Inc. 9,224
860 Wyndham Worldwide Corp. 17,785
2,500 Yum! Brands, Inc. 93,025
-------------
798,480
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Household Durables - 0.4% 300 Black & Decker Corp. 19,830
600 Centex Corp. 14,526
1,400 D.R. Horton, Inc. 22,050
800 Fortune Brands, Inc. 55,600
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
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300 Harman International Industries, Inc. $ 13,062
400 KB Home 9,892
900 Leggett & Platt, Inc. 13,725
697 Lennar Corp. Class A 13,111
1,400 Newell Rubbermaid, Inc. 32,018
1,200 Pulte Homes, Inc. 17,460
300 Snap-On, Inc. 15,255
400 The Stanley Works 19,048
407 Whirlpool Corp. 35,319
-------------
280,896
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Household Products - 2.4% 700 Clorox Co. 39,648
2,600 Colgate-Palmolive Co. 202,566
2,100 Kimberly-Clark Corp. 135,555
15,802 The Procter & Gamble Co. 1,107,246
-------------
1,485,015
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IT Services - 0.8% 500 Affiliated Computer Services, Inc. Class A (a) 25,055
2,600 Automatic Data Processing, Inc. 110,214
1,500 Cognizant Technology Solutions Corp. (a) 43,245
900 Computer Sciences Corp. (a) 36,711
700 Convergys Corp. (a) 10,542
2,600 Electronic Data Systems Corp. 43,290
900 Fidelity National Information Services, Inc. 34,326
800 Fiserv, Inc. (a) 38,472
1,700 Paychex, Inc. 58,242
1,000 Total System Services, Inc. 23,660
1,900 Unisys Corp. (a) 8,417
3,900 The Western Union Co. 82,953
-------------
515,127
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Independent Power Producers & 3,400 The AES Corp. (a) 56,678
Energy Traders - 0.2% 900 Constellation Energy Group, Inc. 79,443
2,500 Dynegy, Inc. Class A (a) 19,725
-------------
155,846
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Industrial Conglomerates - 3.8% 3,600 3M Co. 284,940
51,100 General Electric Co. 1,891,211
1,300 Textron, Inc. 72,046
2,500 Tyco International Ltd. 110,125
-------------
2,358,322
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Insurance - 3.8% 1,700 ACE Ltd. 93,602
1,400 AMBAC Financial Group, Inc. 8,050
1,500 AON Corp. 60,300
2,500 Aflac, Inc. 162,375
2,900 The Allstate Corp. 139,374
12,900 American International Group, Inc. 557,925
500 Assurant, Inc. 30,430
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
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1,900 Chubb Corp. $ 94,012
890 Cincinnati Financial Corp. 33,856
2,200 Genworth Financial, Inc. Class A 49,808
1,600 Hartford Financial Services Group, Inc. 121,232
1,368 Lincoln National Corp. 71,136
2,200 Loews Corp. 88,484
1,100 MBIA, Inc. 13,442
2,700 Marsh & McLennan Cos., Inc. 65,745
3,700 MetLife, Inc. 222,962
1,300 Principal Financial Group, Inc. 72,436
3,700 The Progressive Corp. 59,459
2,300 Prudential Financial, Inc. 179,975
500 Safeco Corp. 21,940
500 Torchmark Corp. 30,055
3,200 The Travelers Cos., Inc. 153,120
1,800 UnumProvident Corp. 39,618
900 XL Capital Ltd. Class A 26,595
-------------
2,395,931
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Internet & Catalog Retail - 0.3% 1,600 Amazon.com, Inc. (a) 114,080
1,100 Expedia, Inc. (a) 24,079
1,000 IAC/InterActiveCorp (a) 20,760
-------------
158,919
----------------------------------------------------------------------------------------------------------------------------------
Internet Software & 800 Akamai Technologies, Inc. (a) 22,528
Services - 1.5% 5,700 eBay, Inc. (a) 170,088
1,190 Google, Inc. Class A (a) 524,159
1,100 VeriSign, Inc. (a) 36,564
6,800 Yahoo! Inc. (a) 196,724
-------------
950,063
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Leisure Equipment & 400 Brunswick Corp. 6,388
Products - 0.1% 1,500 Eastman Kodak Co. 26,505
800 Hasbro, Inc. 22,320
1,900 Mattel, Inc. 37,810
-------------
93,023
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Life Sciences Tools & 900 Applera Corp. - Applied Biosystems Group 29,574
Services - 0.3% 300 Millipore Corp. (a) 20,223
600 PerkinElmer, Inc. 14,550
2,200 Thermo Fisher Scientific, Inc. (a) 125,048
500 Waters Corp. (a) 27,850
-------------
217,245
----------------------------------------------------------------------------------------------------------------------------------
Machinery - 1.8% 3,200 Caterpillar, Inc. 250,528
1,000 Cummins, Inc. 46,820
1,300 Danaher Corp. 98,839
2,200 Deere & Co. 176,968
1,000 Dover Corp. 41,780
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
----------------------------------------------------------------------------------------------------------------------------------
700 Eaton Corp. $ 55,769
900 ITT Corp. 46,629
2,100 Illinois Tool Works, Inc. 101,283
1,400 Ingersoll-Rand Co. Class A 62,412
700 Manitowoc Co. 28,560
1,850 PACCAR, Inc. 83,250
600 Pall Corp. 21,042
900 Parker Hannifin Corp. 62,343
500 Terex Corp. (a) 31,250
-------------
1,107,473
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Media - 2.7% 3,450 CBS Corp. Class B 76,176
2,600 Clear Channel Communications, Inc. 75,972
15,450 Comcast Corp. Class A 298,803
3,700 The DIRECTV Group, Inc. (a) 91,723
500 The E.W. Scripps Co. Class A 21,005
1,200 Gannett Co., Inc. 34,860
2,400 Interpublic Group of Cos., Inc. (a) 20,184
1,700 The McGraw-Hill Cos., Inc. 62,815
200 Meredith Corp. 7,650
700 The New York Times Co. Class A 13,216
11,700 News Corp. Class A 219,375
1,700 Omnicom Group Inc. 75,106
18,400 Time Warner, Inc. 257,968
3,350 Viacom, Inc. Class B (a) 132,727
9,700 Walt Disney Co. 304,386
28 The Washington Post Co. Class B 18,522
-------------
1,710,488
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Metals & Mining - 1.1% 4,200 Alcoa, Inc. 151,452
500 Allegheny Technologies, Inc. 35,680
1,937 Freeport-McMoRan Copper & Gold, Inc. Class B 186,378
2,300 Newmont Mining Corp. 104,190
1,500 Nucor Corp. 101,610
500 Titanium Metals Corp. 7,525
600 United States Steel Corp. 76,122
-------------
662,957
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Multi-Utilities - 1.0% 1,000 Ameren Corp. 44,040
1,100 CMS Energy Corp. 14,894
1,600 CenterPoint Energy, Inc. 22,832
1,400 Consolidated Edison, Inc. 55,580
900 DTE Energy Co. 35,001
3,000 Dominion Resources, Inc. 122,520
365 Integrys Energy Group, Inc. 17,024
1,400 NiSource, Inc. 24,136
1,800 PG&E Corp. 66,276
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
----------------------------------------------------------------------------------------------------------------------------------
2,600 Public Service Enterprise Group, Inc. $ 104,494
1,300 Sempra Energy 69,264
1,100 TECO Energy, Inc. 17,545
2,100 Xcel Energy, Inc. 41,895
-------------
635,501
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Multiline Retail - 0.8% 500 Big Lots, Inc. (a) 11,150
300 Dillard's, Inc. Class A 5,163
700 Family Dollar Stores, Inc. 13,650
1,100 J.C. Penney Co., Inc. 41,481
1,600 Kohl's Corp. (a) 68,624
2,166 Macy's, Inc. 49,948
900 Nordstrom, Inc. 29,340
381 Sears Holdings Corp. (a) 38,896
4,200 Target Corp. 212,856
-------------
471,108
----------------------------------------------------------------------------------------------------------------------------------
Office Electronics - 0.1% 4,700 Xerox Corp. 70,359
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Oil, Gas & Consumable 2,400 Anadarko Petroleum Corp. 151,272
Fuels - 9.9% 1,700 Apache Corp. 205,394
2,300 Chesapeake Energy Corp. 106,145
10,691 Chevron Corp. 912,584
8,008 ConocoPhillips 610,290
900 Consol Energy, Inc. 62,271
2,300 Devon Energy Corp. 239,959
1,300 EOG Resources, Inc. 156,000
3,500 El Paso Corp. 58,240
27,400 Exxon Mobil Corp. 2,317,492
1,400 Hess Corp. 123,452
3,572 Marathon Oil Corp. 162,883
1,000 Murphy Oil Corp. 82,140
900 Noble Energy, Inc. 65,520
4,200 Occidental Petroleum Corp. 307,314
1,400 Peabody Energy Corp. 71,400
800 Range Resources Corp. 50,760
3,182 Spectra Energy Corp. 72,391
600 Sunoco, Inc. 31,482
700 Tesoro Corp. 21,000
2,800 Valero Energy Corp. 137,508
3,000 Williams Cos., Inc. 98,940
2,616 XTO Energy, Inc. 161,826
-------------
6,206,263
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Paper & Forest Products - 0.2% 2,200 International Paper Co. 59,840
900 MeadWestvaco Corp. 24,498
1,100 Weyerhaeuser Co. 71,544
-------------
155,882
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|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
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Shares
Industry Held Common Stocks Value
----------------------------------------------------------------------------------------------------------------------------------
Personal Products - 0.2% 2,200 Avon Products, Inc. $ 86,988
600 The Estee Lauder Cos., Inc. Class A 27,510
-------------
114,498
----------------------------------------------------------------------------------------------------------------------------------
Pharmaceuticals - 5.8% 7,900 Abbott Laboratories 435,685
1,600 Allergan, Inc. 90,224
500 Barr Pharmaceuticals, Inc. (a) 24,155
10,100 Bristol-Myers Squibb Co. 215,130
5,100 Eli Lilly & Co. 263,109
1,600 Forest Laboratories, Inc. (a) 64,016
14,500 Johnson & Johnson 940,615
1,200 King Pharmaceuticals, Inc. (a) 10,440
11,100 Merck & Co., Inc. 421,245
1,500 Mylan, Inc. 17,400
34,600 Pfizer, Inc. 724,178
8,300 Schering-Plough Corp. 119,603
500 Watson Pharmaceuticals, Inc. (a) 14,660
6,900 Wyeth 288,144
-------------
3,628,604
----------------------------------------------------------------------------------------------------------------------------------
Real Estate Investment Trusts 521 artment Investment & Management Co. Class A 18,657
(REITs) - 1.1% 400 AvalonBay Communities, Inc. 38,608
600 Boston Properties, Inc. 55,242
600 Developers Diversified Realty Corp. 25,128
1,400 Equity Residential 58,086
1,200 General Growth Properties, Inc. 45,804
1,100 HCP, Inc. 37,191
2,600 Host Marriott Corp. 41,392
1,300 Kimco Realty Corp. 50,921
900 Plum Creek Timber Co., Inc. 36,630
1,300 ProLogis 76,518
600 Public Storage 53,172
1,100 Simon Property Group, Inc. 102,201
700 Vornado Realty Trust 60,347
-------------
699,897
----------------------------------------------------------------------------------------------------------------------------------
Real Estate Management & 900 Richard Ellis Group, Inc. (a) 19,476
Development - 0.0%
----------------------------------------------------------------------------------------------------------------------------------
Road & Rail - 0.9% 1,500 Burlington Northern Santa Fe Corp. 138,330
2,100 CSX Corp. 117,747
2,000 Norfolk Southern Corp. 108,640
300 Ryder System, Inc. 18,273
1,300 Union Pacific Corp. 162,994
-------------
545,984
----------------------------------------------------------------------------------------------------------------------------------
Semiconductors & Semiconductor 3,200 Advanced Micro Devices, Inc. (a) 18,848
Equipment - 2.3% 1,600 Altera Corp. 29,488
1,600 Analog Devices, Inc. 47,232
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
----------------------------------------------------------------------------------------------------------------------------------
Shares
Industry Held Common Stocks Value
----------------------------------------------------------------------------------------------------------------------------------
7,000 Applied Materials, Inc. $ 136,570
2,350 Broadcom Corp. Class A (a) 45,284
29,600 Intel Corp. 626,928
1,000 KLA-Tencor Corp. 37,100
3,700 LSI Corp. (a) 18,315
1,100 Linear Technology Corp. 33,759
1,200 MEMC Electronic Materials, Inc. (a) 85,080
1,000 Microchip Technology, Inc. 32,730
3,800 Micron Technology, Inc. (a) 22,686
1,200 National Semiconductor Corp. 21,984
600 Novellus Systems, Inc. (a) 12,630
2,750 Nvidia Corp. (a) 54,423
900 Teradyne, Inc. (a) 11,178
6,700 Texas Instruments, Inc. 189,409
1,500 Xilinx, Inc. 35,625
-------------
1,459,269
----------------------------------------------------------------------------------------------------------------------------------
Software - 3.2% 3,000 Adobe Systems, Inc. (a) 106,770
1,200 Autodesk, Inc. (a) 37,776
1,000 BMC Software, Inc. (a) 32,520
2,000 CA, Inc. 45,000
900 Citrix Systems, Inc. (a) 26,397
1,500 Compuware Corp. (a) 11,010
1,600 Electronic Arts, Inc. (a) 79,872
1,700 Intuit, Inc. (a) 45,917
41,000 Microsoft Corp. 1,163,580
1,800 Novell, Inc. (a) 11,322
20,300 Oracle Corp. (a) 397,068
4,483 Symantec Corp. (a) 74,507
-------------
2,031,739
----------------------------------------------------------------------------------------------------------------------------------
Specialty Retail - 1.5% 400 Abercrombie & Fitch Co. Class A 29,256
705 AutoNation, Inc. (a) 10,554
200 AutoZone, Inc. (a) 22,766
1,400 Bed Bath & Beyond, Inc. (a) 41,300
1,800 Best Buy Co., Inc. 74,628
800 GameStop Corp. Class A (a) 41,368
2,400 The Gap, Inc. 47,232
8,600 Home Depot, Inc. 240,542
1,600 Limited Brands, Inc. 27,360
7,400 Lowe's Cos., Inc. 169,756
1,400 Office Depot, Inc. (a) 15,470
400 OfficeMax, Inc. 7,656
700 RadioShack Corp. 11,375
500 The Sherwin-Williams Co. 25,520
3,650 Staples, Inc. 80,702
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
----------------------------------------------------------------------------------------------------------------------------------
Shares
Industry Held Common Stocks Value
----------------------------------------------------------------------------------------------------------------------------------
2,200 TJX Cos., Inc. $ 72,754
700 Tiffany & Co. 29,288
-------------
947,527
----------------------------------------------------------------------------------------------------------------------------------
Textiles, Apparel & Luxury 1,800 Coach, Inc. (a) 54,270
Goods - 0.4% 500 Jones Apparel Group, Inc. 6,710
500 Liz Claiborne, Inc. 9,075
2,000 Nike, Inc. Class B 136,000
300 Polo Ralph Lauren Corp. 17,487
400 VF Corp. 31,004
-------------
254,546
----------------------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage 2,900 Countrywide Financial Corp. 15,950
Finance - 0.6% 5,000 Fannie Mae 131,600
3,300 Freddie Mac 83,556
2,700 Hudson City Bancorp, Inc. 47,736
400 MGIC Investment Corp. 4,212
1,770 Sovereign Bancorp, Inc. 16,496
4,461 Washington Mutual, Inc. 45,948
-------------
345,498
----------------------------------------------------------------------------------------------------------------------------------
Tobacco - 1.4% 10,800 Altria Group, Inc. 239,760
10,800 Philip Morris International, Inc. (a) 546,264
900 Reynolds American, Inc. 53,127
800 UST, Inc. 43,616
-------------
882,767
----------------------------------------------------------------------------------------------------------------------------------
Trading Companies & 400 W.W. Grainger, Inc. 30,556
Distributors - 0.0%
----------------------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication 2,100 American Tower Corp. Class A (a) 82,341
Services - 0.3% 14,452 Sprint Nextel Corp. 96,684
-------------
179,025
----------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks
(Cost - $50,957,161) - 94.0% 58,935,490
----------------------------------------------------------------------------------------------------------------------------------
Face
Amount Short-Term Securities
----------------------------------------------------------------------------------------------------------------------------------
Time Deposits - 6.7% $ 4,210,662 State Street Bank & Trust Co., 1.25% due 4/01/2008 4,210,662
----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities
(Cost - $4,210,662) - 6.7% 4,210,662
----------------------------------------------------------------------------------------------------------------------------------
Number of
Contracts Options Purchased
----------------------------------------------------------------------------------------------------------------------------------
Call Options Purchased 59,587 S&P 500 INDEX, expiring November 2008 at
USD 1,502.17, Deutsche Bank AG 1,619,852
33,285 S&P 500 INDEX, expiring November 2008 at
USD 1,502.17, HSBC Securities 898,300
----------------------------------------------------------------------------------------------------------------------------------
Total Options Purchased
(Premiums Paid - $14,124,612) - 4.0% 2,518,152
----------------------------------------------------------------------------------------------------------------------------------
Total Investments Before Investments
Sold Short and Options Written
(Cost - $69,292,435*) - 104.7% 65,664,304
----------------------------------------------------------------------------------------------------------------------------------
|
S&P 500 GEARED Fund Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
----------------------------------------------------------------------------------------------------------------------------------
Shares
Industry Held Investments Sold Short Value
----------------------------------------------------------------------------------------------------------------------------------
(240) Fairpoint Communications Inc. $ (2,164)
----------------------------------------------------------------------------------------------------------------------------------
Total Investments Sold Short
(Proceeds - $2,081) - (0.0%) (2,164)
----------------------------------------------------------------------------------------------------------------------------------
Number of
Contracts Options Written
----------------------------------------------------------------------------------------------------------------------------------
Call Options Written 89,380 S&P 500 INDEX, expiring November 2008 at
USD 1,592.60, Deutsche Bank AG (954,881)
49,928 S&P 500 INDEX, expiring November 2008 at
USD 1,592.30, HSBC Securities (524,025)
----------------------------------------------------------------------------------------------------------------------------------
Total Options Written
(Premiums Received - $14,124,612) - (2.4%) (1,478,906)
----------------------------------------------------------------------------------------------------------------------------------
Total Investments, Net of Investments
Sold Short and Options Written
(Cost - $55,165,742) - 102.3% 64,183,234
Liabilities in Excess of Other Assets - (2.3%) (1,460,072)
-------------
Net Assets - 100.0% $ 62,723,162
=============
|
* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 55,173,894
============
Gross unrealized appreciation $ 16,124,787
Gross unrealized depreciation (5,634,377)
------------
Net unrealized appreciation $ 10,490,410
============
(a) Non-income producing security.
|
(b) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
Purchase Sale Realized Dividend
Affiliate Cost Cost Gain Income
-------------------------------------------------------------------------
Merrill Lynch & Co., Inc. $ 28,108 - - $ 1,540
-------------------------------------------------------------------------
|
(c) All or a portion of security held as collateral in connection with open
financial futures contracts.
o Financial futures contracts purchased as of March 31, 2008 were as
follows:
Number of Expiration Face Unrealized
Contracts Issue Date Value Appreciation
-------------------------------------------------------------------------
7 S&P 500 Index June 2008 $ 2,265,402 $ 51,598
-------------------------------------------------------------------------
|
o For Fund 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.
S&P 500 Geared Fund Inc.
o Effective January 1, 2008, S&P 500 Geared Fund Inc. (the "Fund") adopted
FASB Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements. Various inputs are
used in determining the fair value of investments, which are as follows:
o Level 1 - price quotations in active markets/exchanges for identical
securities
o Level 2 - other observable inputs (including, but not limited to:
quoted prices for 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)
o Level 3 - unobservable inputs based on the best information
available in the circumstance, to the extent observable inputs are
not available (including the Fund's 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 Fund's policy regarding valuation of investments and other
significant accounting policies, please refer to the Fund's most recent
financial statements as contained in its annual report.
The following table summarizes the inputs used as of March 31, 2008 in
determining the fair valuation of the Fund's investments:
--------------------------------------------------------------------------------
Investments in Other Financial
Valuation Inputs Securities Instruments*
--------------------------------------------------------------------------------
Level 1 $ 63,143,988 $ 51,598
Level 2 -- 1,039,246
Level 3 -- --
--------------------------------------------------------------------------------
Total $ 63,143,988 $ 1,090,844
================================================================================
|
* Other financial instruments are derivative instruments such as options and
futures.
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 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.
S&P 500(R) GEARED(SM) Fund Inc.
By: /s/ Mitchell M. Cox
----------------------------
Mitchell M. Cox
Chief Executive Officer (principal executive officer) of
S&P 500(R) GEARED(SM) Fund Inc.
Date: May 21, 2008
|
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
S&P 500(R) GEARED(SM) Fund Inc.
Date: May 21, 2008
By: /s/ James E. Hillman
----------------------------
James E. Hillman
Chief Financial Officer (principal financial officer) of
S&P 500(R) GEARED(SM) Fund Inc.
Date: May 21, 2008
|
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