UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G
Under the Securities Exchange Act of 1934

S&P 500 Geared Fund Inc. (GRE)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78381R105

(CUSIP Number)

July 31, 2008

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

X   Rule 13d-1(b)
__ Rule 13d-1(c)
__ Rule 13d-1(d)