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| Name | Symbol | Market | Type |
|---|---|---|---|
| S & P 500 Geared FD | NYSE:GRE | NYSE | Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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: 07/01/2008 - 09/30/2008
Item 1 - Schedule of Investments
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Aerospace & Defense - 2.6% Boeing Co. 3,235 $ 185,527 General Dynamics Corp. 1,754 129,129 Goodrich Corp. 528 21,965 Honeywell International, Inc. 3,246 134,871 L-3 Communications Holdings, Inc. 546 53,683 Lockheed Martin Corp. 1,453 159,351 Northrop Grumman Corp. 1,465 88,691 Precision Castparts Corp. 603 47,504 Raytheon Co. 1,855 99,261 Rockwell Collins, Inc. 705 33,903 United Technologies Corp. 4,262 255,976 --------------- 1,209,861 ------------------------------------------------------------------------------------------------------------------------------------ Air Freight & Logistics - 1.0% C.H. Robinson Worldwide, Inc. 766 39,035 Expeditors International Washington, Inc. 910 31,704 FedEx Corp. 1,383 109,312 United Parcel Service, Inc. Class B 4,453 280,049 --------------- 460,100 ------------------------------------------------------------------------------------------------------------------------------------ Airlines - 0.1% Southwest Airlines Co. 3,200 46,432 ------------------------------------------------------------------------------------------------------------------------------------ Auto Components - 0.2% The Goodyear Tire & Rubber Co. (a) 1,016 15,555 Johnson Controls, Inc. 2,604 78,979 --------------- 94,534 ------------------------------------------------------------------------------------------------------------------------------------ Automobiles - 0.3% Ford Motor Co. (a) 9,807 50,996 General Motors Corp. 2,557 24,164 Harley-Davidson, Inc. 1,031 38,456 --------------- 113,616 ------------------------------------------------------------------------------------------------------------------------------------ Beverages - 2.7% Anheuser-Busch Cos., Inc. 3,173 205,864 Brown-Forman Corp. Class B 328 23,554 The Coca-Cola Co. 8,744 462,383 Coca-Cola Enterprises, Inc. 1,337 22,421 Constellation Brands, Inc. Class A (a) 896 19,228 Molson Coors Brewing Co. Class B 643 30,060 Pepsi Bottling Group, Inc. 600 17,502 PepsiCo, Inc. 6,894 491,335 --------------- 1,272,347 ------------------------------------------------------------------------------------------------------------------------------------ Biotechnology - 1.6% Amgen, Inc. (a) 4,659 276,139 Biogen Idec, Inc. (a) 1,293 65,025 Celgene Corp. (a) 1,985 125,611 Genzyme Corp. (a) 1,193 96,502 Gilead Sciences, Inc. (a) 4,046 184,417 --------------- 747,694 ------------------------------------------------------------------------------------------------------------------------------------ Building Products - 0.1% Masco Corp. 1,596 28,632 ------------------------------------------------------------------------------------------------------------------------------------ Capital Markets - 2.7% American Capital Ltd. 900 22,959 Ameriprise Financial, Inc. 955 36,481 The Bank of New York Mellon Corp. 5,005 163,063 The Charles Schwab Corp. 4,100 106,600 E*Trade Financial Corp. (a) 2,139 5,989 Federated Investors, Inc. Class B 350 10,098 |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Franklin Resources, Inc. 682 $ 60,105 The Goldman Sachs Group, Inc. 1,920 245,760 Invesco Ltd. (b) 1,700 35,666 Janus Capital Group, Inc. 673 16,340 Legg Mason, Inc. 606 23,064 Merrill Lynch & Co., Inc. (c) 6,740 170,522 Morgan Stanley 4,861 111,803 Northern Trust Corp. 956 69,023 State Street Corp. 1,900 108,072 T. Rowe Price Group, Inc. 1,121 60,209 --------------- 1,245,754 ------------------------------------------------------------------------------------------------------------------------------------ Chemicals - 2.0% Air Products & Chemicals, Inc. 915 62,668 Ashland, Inc. 280 8,187 CF Industries Holdings, Inc. 255 23,322 The Dow Chemical Co. 4,096 130,171 E.I. du Pont de Nemours & Co. 3,941 158,822 Eastman Chemical Co. 317 17,454 Ecolab, Inc. 798 38,719 Hercules, Inc. 500 9,895 International Flavors & Fragrances, Inc. 319 12,588 Monsanto Co. 2,419 239,433 PPG Industries, Inc. 716 41,757 Praxair, Inc. 1,400 100,436 Rohm & Haas Co. 533 37,310 Sigma-Aldrich Corp. 573 30,037 --------------- 910,799 ------------------------------------------------------------------------------------------------------------------------------------ Commercial Banks - 2.9% BB&T Corp. 2,400 90,720 Comerica, Inc. 686 22,494 Fifth Third Bancorp 2,581 30,714 First Horizon National Corp. 848 7,939 Huntington Bancshares, Inc. 1,539 12,297 KeyCorp 2,114 25,241 M&T Bank Corp. 326 29,096 Marshall & Ilsley Corp. 1,168 23,535 National City Corp. 3,434 6,010 The PNC Financial Services Group, Inc. 1,524 113,843 Regions Financial Corp. 3,075 29,520 SunTrust Banks, Inc. 1,537 69,150 U.S. Bancorp 7,663 276,021 Wachovia Corp. 9,451 33,079 Wells Fargo & Co. 14,555 546,249 Zions Bancorporation 488 18,886 --------------- 1,334,794 ------------------------------------------------------------------------------------------------------------------------------------ Commercial Services & Allied Waste Industries, Inc. (a) 1,420 15,776 Supplies - 0.4% Avery Dennison Corp. 441 19,616 Cintas Corp. 600 17,226 |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Pitney Bowes, Inc. 884 $ 29,402 R.R. Donnelley & Sons Co. 900 22,077 Waste Management, Inc. 2,137 67,294 --------------- 171,391 ------------------------------------------------------------------------------------------------------------------------------------ Communications Equipment - 2.5% Ciena Corp. (a) 328 3,306 Cisco Systems, Inc. (a) 25,984 586,199 Corning, Inc. 6,889 107,744 Harris Corp. 572 26,426 JDS Uniphase Corp. (a) 950 8,037 Juniper Networks, Inc. (a) 2,362 49,767 Motorola, Inc. 10,000 71,400 QUALCOMM, Inc. 7,218 310,157 Tellabs, Inc. (a) 1,865 7,572 --------------- 1,170,608 ------------------------------------------------------------------------------------------------------------------------------------ Computers & Peripherals - 4.2% Apple, Inc. (a) 3,897 442,933 Dell, Inc. (a) 7,623 125,627 EMC Corp. (a) 9,058 108,334 Hewlett-Packard Co. 10,773 498,144 International Business Machines Corp. 5,959 696,965 Lexmark International, Inc. Class A (a) 400 13,028 NetApp, Inc. (a) 1,480 26,980 QLogic Corp. (a) 600 9,216 SanDisk Corp. (a) 982 19,198 Sun Microsystems, Inc. (a) 3,405 25,878 Teradata Corp. (a) 800 15,600 --------------- 1,981,903 ------------------------------------------------------------------------------------------------------------------------------------ Construction & Engineering - 0.2% Fluor Corp. 801 44,616 Jacobs Engineering Group, Inc. (a) 525 28,513 --------------- 73,129 ------------------------------------------------------------------------------------------------------------------------------------ Construction Materials - 0.1% Vulcan Materials Co. 472 35,164 ------------------------------------------------------------------------------------------------------------------------------------ Consumer Finance - 0.7% American Express Co. 5,100 180,693 Capital One Financial Corp. 1,650 84,150 Discover Financial Services, Inc. 2,059 28,455 SLM Corp. (a) 2,040 25,174 --------------- 318,472 ------------------------------------------------------------------------------------------------------------------------------------ Containers & Packaging - 0.1% Ball Corp. 400 15,796 Bemis Co. 400 10,484 Pactiv Corp. (a) 600 14,898 Sealed Air Corp. 700 15,393 --------------- 56,571 ------------------------------------------------------------------------------------------------------------------------------------ Distributors - 0.1% Genuine Parts Co. 742 29,836 ------------------------------------------------------------------------------------------------------------------------------------ Diversified Consumer Apollo Group, Inc. Class A (a) 479 28,405 Services - 0.1% H&R Block, Inc. 1,424 32,396 --------------- 60,801 ------------------------------------------------------------------------------------------------------------------------------------ Diversified Financial Bank of America Corp. (d) 20,058 702,030 Services - 4.7% CIT Group, Inc. 1,326 9,229 CME Group, Inc. 298 110,710 |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Citigroup, Inc. 23,953 $ 491,276 IntercontinentalExchange, Inc. (a) 322 25,979 JPMorgan Chase & Co. 16,439 767,701 Leucadia National Corp. 784 35,625 Moody's Corp. 860 29,240 NYSE Euronext 1,152 45,135 --------------- 2,216,925 ------------------------------------------------------------------------------------------------------------------------------------ Diversified Telecommunication AT&T Inc. (d) 25,938 724,189 Services - 2.6% CenturyTel, Inc. 461 16,896 Embarq Corp. 656 26,601 Frontier Communications Corp. 1,400 16,100 Qwest Communications International Inc. 6,738 21,764 Verizon Communications, Inc. 12,526 401,959 Windstream Corp. 2,044 22,361 --------------- 1,229,870 ------------------------------------------------------------------------------------------------------------------------------------ Electric Utilities - 2.0% Allegheny Energy, Inc. 733 26,952 American Electric Power Co., Inc. 1,734 64,210 Duke Energy Corp. 5,599 97,591 Edison International 1,443 57,576 Entergy Corp. 857 76,282 Exelon Corp. 2,877 180,158 FPL Group, Inc. 1,800 90,540 FirstEnergy Corp. 1,346 90,169 PPL Corp. 1,612 59,676 Pepco Holdings, Inc. 897 20,550 Pinnacle West Capital Corp. 408 14,039 Progress Energy, Inc. 1,124 48,478 The Southern Co. 3,356 126,488 --------------- 952,709 ------------------------------------------------------------------------------------------------------------------------------------ Electrical Equipment - 0.4% Cooper Industries Ltd. Class A 792 31,640 Emerson Electric Co. 3,400 138,686 Rockwell Automation, Inc. 665 24,831 --------------- 195,157 ------------------------------------------------------------------------------------------------------------------------------------ Electronic Equipment & Agilent Technologies, Inc. (a) 1,566 46,447 Instruments - 0.3% Amphenol Corp. Class A 900 36,126 Jabil Circuit, Inc. 859 8,195 Molex, Inc. 600 13,470 Tyco Electronics Ltd. 2,072 57,311 --------------- 161,549 ------------------------------------------------------------------------------------------------------------------------------------ Energy Equipment & BJ Services Co. 1,300 24,869 Services - 2.5% Baker Hughes, Inc. 1,375 83,242 Cameron International Corp. (a) 929 35,804 ENSCO International, Inc. 623 35,903 Halliburton Co. 3,821 123,762 Nabors Industries Ltd. (a) 1,273 31,723 National Oilwell Varco, Inc. (a) 1,819 91,368 Noble Corp. 1,200 52,680 |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Rowan Cos., Inc. 467 $ 14,267 Schlumberger Ltd. 5,277 412,081 Smith International, Inc. 931 54,594 Transocean, Inc. 1,413 155,204 Weatherford International Ltd. (a) 2,958 74,364 --------------- 1,189,861 ------------------------------------------------------------------------------------------------------------------------------------ Food & Staples Retailing - 2.8% CVS Caremark Corp. 6,313 212,496 Costco Wholesale Corp. 1,911 124,081 The Kroger Co. 2,923 80,324 SUPERVALU, Inc. 903 19,595 SYSCO Corp. 2,611 80,497 Safeway, Inc. 1,919 45,519 Wal-Mart Stores, Inc. 9,863 590,695 Walgreen Co. 4,316 133,623 Whole Foods Market, Inc. 600 12,018 --------------- 1,298,848 ------------------------------------------------------------------------------------------------------------------------------------ Food Products - 1.7% Archer-Daniels-Midland Co. 2,800 61,348 Campbell Soup Co. 900 34,740 ConAgra Foods, Inc. 2,000 38,920 Dean Foods Co. (a) 636 14,857 General Mills, Inc. 1,461 100,400 H.J. Heinz Co. 1,399 69,908 The Hershey Co. 755 29,853 Kellogg Co. 1,100 61,710 Kraft Foods, Inc. 6,678 218,705 McCormick & Co., Inc. 599 23,032 Sara Lee Corp. 3,178 40,138 Tyson Foods, Inc. Class A 1,260 15,044 Wm. Wrigley Jr. Co. 932 74,001 --------------- 782,656 ------------------------------------------------------------------------------------------------------------------------------------ Gas Utilities - 0.1% Nicor, Inc. 200 8,870 Questar Corp. 792 32,409 --------------- 41,279 ------------------------------------------------------------------------------------------------------------------------------------ Health Care Equipment & Baxter International, Inc. 2,742 179,957 Supplies - 2.2% Becton Dickinson & Co. 1,056 84,754 Boston Scientific Corp. (a) 6,537 80,209 C.R. Bard, Inc. 424 40,225 Covidien Ltd. 2,187 117,573 Hospira, Inc. (a) 700 26,740 Intuitive Surgical, Inc. (a) 170 40,967 Medtronic, Inc. 4,963 248,646 St. Jude Medical, Inc. (a) 1,481 64,409 Stryker Corp. 1,068 66,536 Varian Medical Systems, Inc. (a) 533 30,450 Zimmer Holdings, Inc. (a) 998 64,431 --------------- 1,044,897 ------------------------------------------------------------------------------------------------------------------------------------ |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Health Care Providers & Aetna, Inc. 2,100 $ 75,831 Services - 1.9% AmerisourceBergen Corp. 724 27,259 Cardinal Health, Inc. 1,558 76,778 Cigna Corp. 1,207 41,014 Coventry Health Care, Inc. (a) 656 21,353 DaVita, Inc. (a) 476 27,137 Express Scripts, Inc. (a) 1,097 80,981 Humana, Inc. (a) 761 31,353 Laboratory Corp. of America Holdings (a) 492 34,194 McKesson Corp. 1,234 66,402 Medco Health Solutions, Inc. (a) 2,217 99,765 Patterson Cos., Inc. (a) 432 13,137 Quest Diagnostics, Inc. 700 36,169 Tenet Healthcare Corp. (a) 1,947 10,806 UnitedHealth Group, Inc. 5,386 136,751 WellPoint, Inc. (a) 2,266 105,981 --------------- 884,911 ------------------------------------------------------------------------------------------------------------------------------------ Health Care Technology - 0.0% IMS Health, Inc. 846 15,998 ------------------------------------------------------------------------------------------------------------------------------------ Hotels, Restaurants & Carnival Corp. 1,901 67,200 Leisure - 1.3% Darden Restaurants, Inc. 600 17,178 International Game Technology 1,400 24,052 Marriott International, Inc. Class A 1,339 34,935 McDonald's Corp. 4,947 305,230 Starbucks Corp. (a) 3,175 47,212 Starwood Hotels & Resorts Worldwide, Inc. 845 23,778 Wyndham Worldwide Corp. 760 11,940 Yum! Brands, Inc. 2,050 66,851 --------------- 598,376 ------------------------------------------------------------------------------------------------------------------------------------ Household Durables - 0.4% Black & Decker Corp. 280 17,010 Centex Corp. 500 8,100 D.R. Horton, Inc. 1,200 15,624 Fortune Brands, Inc. 680 39,005 Harman International Industries, Inc. 281 9,574 KB Home 300 5,904 Leggett & Platt, Inc. 747 16,277 Lennar Corp. Class A 597 9,068 Newell Rubbermaid, Inc. 1,200 20,712 Pulte Homes, Inc. 981 13,705 Snap-On, Inc. 274 14,429 The Stanley Works 321 13,399 Whirlpool Corp. 318 25,214 --------------- 208,021 ------------------------------------------------------------------------------------------------------------------------------------ Household Products - 2.7% Clorox Co. 600 37,614 Colgate-Palmolive Co. 2,208 166,373 Kimberly-Clark Corp. 1,832 118,787 The Procter & Gamble Co. 13,364 931,337 --------------- 1,254,111 ------------------------------------------------------------------------------------------------------------------------------------ |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ IT Services - 0.9% Affiliated Computer Services, Inc. Class A (a) 406 $ 20,556 Automatic Data Processing, Inc. 2,238 95,674 Cognizant Technology Solutions Corp. (a) 1,300 29,679 Computer Sciences Corp. (a) 691 27,771 Convergys Corp. (a) 576 8,513 Fidelity National Information Services, Inc. 800 14,768 Fiserv, Inc. (a) 712 33,692 MasterCard, Inc. Class A 322 57,100 Paychex, Inc. 1,447 47,794 Total System Services, Inc. 900 14,760 Unisys Corp. (a) 1,600 4,400 The Western Union Co. 3,229 79,659 --------------- 434,366 ------------------------------------------------------------------------------------------------------------------------------------ Independent Power Producers & The AES Corp. (a) 2,900 33,901 Energy Traders - 0.1% Constellation Energy Group, Inc. 824 20,023 Dynegy, Inc. Class A (a) 2,270 8,127 --------------- 62,051 ------------------------------------------------------------------------------------------------------------------------------------ Industrial Conglomerates - 3.1% 3M Co. 3,092 211,215 General Electric Co. 43,758 1,115,829 Textron, Inc. 1,100 32,208 Tyco International Ltd. 2,092 73,262 --------------- 1,432,514 ------------------------------------------------------------------------------------------------------------------------------------ Insurance - 2.9% AON Corp. 1,244 55,930 Aflac, Inc. 2,075 121,906 The Allstate Corp. 2,409 111,103 American International Group, Inc. 11,714 39,008 Assurant, Inc. 497 27,335 Chubb Corp. 1,589 87,236 Cincinnati Financial Corp. 751 21,358 Genworth Financial, Inc. Class A 1,900 16,359 Hartford Financial Services Group, Inc. 1,347 55,214 Lincoln National Corp. 1,145 49,017 Loews Corp. 1,561 61,644 MBIA, Inc. 900 10,710 Marsh & McLennan Cos., Inc. 2,252 71,524 MetLife, Inc. 3,040 170,240 Principal Financial Group, Inc. 1,117 48,578 The Progressive Corp. 3,031 52,739 Prudential Financial, Inc. 1,892 136,224 Torchmark Corp. 372 22,246 The Travelers Cos., Inc. 2,620 118,424 UnumProvident Corp. 1,500 37,650 XL Capital Ltd. Class A 1,400 25,116 --------------- 1,339,561 ------------------------------------------------------------------------------------------------------------------------------------ Internet & Catalog Retail - 0.2% Amazon.com, Inc. (a) 1,399 101,791 Expedia, Inc. (a) 900 13,599 --------------- 115,390 ------------------------------------------------------------------------------------------------------------------------------------ |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Internet Software & Services - 1.4% Akamai Technologies, Inc. (a) 738 $ 12,871 eBay, Inc. (a) 4,839 108,297 Google, Inc. Class A (a) 1,050 420,546 VeriSign, Inc. (a) 881 22,976 Yahoo! Inc. (a) 6,061 104,855 --------------- 669,545 ------------------------------------------------------------------------------------------------------------------------------------ Leisure Equipment & Eastman Kodak Co. 1,300 19,994 Products - 0.2% Hasbro, Inc. 573 19,895 Mattel, Inc. 1,600 28,864 --------------- 68,753 ------------------------------------------------------------------------------------------------------------------------------------ Life Sciences Tools & Applied Biosystems, Inc. 777 26,612 Services - 0.4% Millipore Corp. (a) 259 17,819 PerkinElmer, Inc. 500 12,485 Thermo Fisher Scientific, Inc. (a) 1,863 102,465 Waters Corp. (a) 419 24,377 --------------- 183,758 ------------------------------------------------------------------------------------------------------------------------------------ Machinery - 1.6% Caterpillar, Inc. 2,659 158,476 Cummins, Inc. 877 38,342 Danaher Corp. 1,106 76,756 Deere & Co. 1,895 93,803 Dover Corp. 855 34,670 Eaton Corp. 730 41,011 ITT Corp. 809 44,988 Illinois Tool Works, Inc. 1,754 77,965 Ingersoll-Rand Co. Class A 1,407 43,856 Manitowoc Co. 593 9,221 PACCAR, Inc. 1,575 60,149 Pall Corp. 500 17,195 Parker Hannifin Corp. 756 40,068 Terex Corp. (a) 406 12,391 --------------- 748,891 ------------------------------------------------------------------------------------------------------------------------------------ Media - 2.5% CBS Corp. Class B 2,950 43,011 Comcast Corp. Class A 12,898 253,188 The DIRECTV Group, Inc. (a) 2,586 67,676 Gannett Co., Inc. 1,000 16,910 Interpublic Group of Cos., Inc. (a) 2,000 15,500 The McGraw-Hill Cos., Inc. 1,423 44,981 Meredith Corp. 186 5,215 The New York Times Co. Class A 568 8,117 News Corp. Class A 10,010 120,020 Omnicom Group Inc. 1,380 53,213 Scripps Networks Interactive 400 14,524 Time Warner, Inc. 15,761 206,627 Viacom, Inc. Class B (a) 2,770 68,807 Walt Disney Co. 8,288 254,359 The Washington Post Co. Class B 24 13,362 --------------- 1,185,510 ------------------------------------------------------------------------------------------------------------------------------------ |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Metals & Mining - 0.8% AK Steel Holding Corp. 500 $ 12,960 Alcoa, Inc. 3,615 81,627 Allegheny Technologies, Inc. 423 12,500 Freeport-McMoRan Copper & Gold, Inc. Class B 1,677 95,337 Newmont Mining Corp. 2,005 77,714 Nucor Corp. 1,373 54,234 Titanium Metals Corp. 400 4,536 United States Steel Corp. 509 39,503 --------------- 378,411 ------------------------------------------------------------------------------------------------------------------------------------ Multi-Utilities - 1.1% Ameren Corp. 894 34,893 CMS Energy Corp. 900 11,223 CenterPoint Energy, Inc. 1,415 20,617 Consolidated Edison, Inc. 1,200 51,552 DTE Energy Co. 747 29,970 Dominion Resources, Inc. 2,581 110,415 Integrys Energy Group, Inc. 312 15,581 NiSource, Inc. 1,200 17,712 PG&E Corp. 1,546 57,898 Public Service Enterprise Group, Inc. 2,200 72,138 Sempra Energy 1,097 55,366 TECO Energy, Inc. 900 14,157 Xcel Energy, Inc. 1,905 38,081 --------------- 529,603 ------------------------------------------------------------------------------------------------------------------------------------ Multiline Retail - 0.8% Big Lots, Inc. (a) 347 9,657 Dillard's, Inc. Class A 300 3,540 Family Dollar Stores, Inc. 600 14,220 J.C. Penney Co., Inc. 958 31,940 Kohl's Corp. (a) 1,357 62,531 Macy's, Inc. 1,866 33,551 Nordstrom, Inc. 724 20,866 Sears Holdings Corp. (a) 257 24,030 Target Corp. 3,338 163,729 --------------- 364,064 ------------------------------------------------------------------------------------------------------------------------------------ Office Electronics - 0.1% Xerox Corp. 3,921 45,209 ------------------------------------------------------------------------------------------------------------------------------------ Oil, Gas & Consumable Fuels - Anadarko Petroleum Corp. 2,038 98,863 10.3% Apache Corp. 1,461 152,353 Cabot Oil & Gas Corp. Class A 429 15,504 Chesapeake Energy Corp. 2,292 82,191 Chevron Corp. 9,037 745,372 ConocoPhillips 6,689 489,969 Consol Energy, Inc. 819 37,584 Devon Energy Corp. 1,956 178,387 EOG Resources, Inc. 1,086 97,154 El Paso Corp. 3,051 38,931 Exxon Mobil Corp. 22,847 1,774,298 Hess Corp. 1,235 101,369 Marathon Oil Corp. 3,115 124,195 |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Massey Energy Co. 352 $ 12,556 Murphy Oil Corp. 856 54,904 Noble Energy, Inc. 779 43,305 Occidental Petroleum Corp. 3,594 253,197 Peabody Energy Corp. 1,182 53,190 Pioneer Natural Resources Co. 600 31,368 Range Resources Corp. 699 29,966 Southwestern Energy Co. (a) 1,486 45,382 Spectra Energy Corp. 2,699 64,236 Sunoco, Inc. 500 17,790 Tesoro Corp. 651 10,735 Valero Energy Corp. 2,325 70,448 Williams Cos., Inc. 2,582 61,064 XTO Energy, Inc. 2,396 111,462 --------------- 4,795,773 ------------------------------------------------------------------------------------------------------------------------------------ Paper & Forest Products - 0.3% International Paper Co. 1,900 49,742 MeadWestvaco Corp. 798 18,601 Weyerhaeuser Co. 908 55,007 --------------- 123,350 ------------------------------------------------------------------------------------------------------------------------------------ Personal Products - 0.2% Avon Products, Inc. 1,900 78,983 The Estee Lauder Cos., Inc. Class A 500 24,955 --------------- 103,938 ------------------------------------------------------------------------------------------------------------------------------------ Pharmaceuticals - 6.4% Abbott Laboratories 6,781 390,450 Allergan, Inc. 1,369 70,503 Barr Pharmaceuticals, Inc. (a) 467 30,495 Bristol-Myers Squibb Co. 8,652 180,394 Eli Lilly & Co. 4,401 193,776 Forest Laboratories, Inc. (a) 1,371 38,772 Johnson & Johnson 12,292 851,590 King Pharmaceuticals, Inc. (a) 1,013 9,705 Merck & Co., Inc. 9,424 297,421 Mylan, Inc. (a) 1,300 14,846 Pfizer, Inc. 29,652 546,783 Schering-Plough Corp. 7,111 131,340 Watson Pharmaceuticals, Inc. (a) 429 12,227 Wyeth 5,865 216,653 --------------- 2,984,955 ------------------------------------------------------------------------------------------------------------------------------------ Professional Services - 0.1% Equifax, Inc. 595 20,498 Monster Worldwide, Inc. (a) 568 8,469 Robert Half International, Inc. 700 17,325 --------------- 46,292 ------------------------------------------------------------------------------------------------------------------------------------ Real Estate Investment Trusts Apartment Investment & Management Co. Class A 408 14,288 (REITs) - 1.2% AvalonBay Communities, Inc. 326 32,085 Boston Properties, Inc. 514 48,141 Developers Diversified Realty Corp. 500 15,845 Equity Residential 1,200 53,292 General Growth Properties, Inc. 1,045 15,780 |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ HCP, Inc. 1,079 $ 43,300 Host Marriott Corp. 2,223 29,544 Kimco Realty Corp. 1,029 38,011 Plum Creek Timber Co., Inc. 775 38,642 ProLogis 1,131 46,676 Public Storage 538 53,267 Simon Property Group, Inc. 977 94,769 Vornado Realty Trust 600 54,570 --------------- 578,210 ------------------------------------------------------------------------------------------------------------------------------------ Real Estate Management & Development - 0.0% CB Richard Ellis Group, Inc. (a) 800 10,696 ------------------------------------------------------------------------------------------------------------------------------------ Road & Rail - 1.1% Burlington Northern Santa Fe Corp. 1,255 116,000 CSX Corp. 1,800 98,226 Norfolk Southern Corp. 1,655 109,578 Ryder System, Inc. 263 16,306 Union Pacific Corp. 2,241 159,470 --------------- 499,580 ------------------------------------------------------------------------------------------------------------------------------------ Semiconductors & Semiconductor Advanced Micro Devices, Inc. (a) 2,700 14,175 Equipment - 2.2% Altera Corp. 1,369 28,311 Analog Devices, Inc. 1,309 34,492 Applied Materials, Inc. 5,981 90,492 Broadcom Corp. Class A (a) 1,978 36,850 Intel Corp. 24,730 463,193 KLA-Tencor Corp. 792 25,067 LSI Corp. (a) 2,863 15,346 Linear Technology Corp. 935 28,667 MEMC Electronic Materials, Inc. (a) 984 27,808 Microchip Technology, Inc. 846 24,898 Micron Technology, Inc. (a) 3,200 12,960 National Semiconductor Corp. 908 15,627 Novellus Systems, Inc. (a) 443 8,701 Nvidia Corp. (a) 2,499 26,764 Teradyne, Inc. (a) 800 6,248 Texas Instruments, Inc. 5,748 123,582 Xilinx, Inc. 1,258 29,500 --------------- 1,012,681 ------------------------------------------------------------------------------------------------------------------------------------ Software - 3.6% Adobe Systems, Inc. (a) 2,358 93,070 Autodesk, Inc. (a) 967 32,443 BMC Software, Inc. (a) 865 24,765 CA, Inc. 1,700 33,932 Citrix Systems, Inc. (a) 820 20,713 Compuware Corp. (a) 1,201 11,638 Electronic Arts, Inc. (a) 1,411 52,193 Intuit, Inc. (a) 1,451 45,866 Microsoft Corp. 34,538 921,819 Novell, Inc. (a) 1,500 7,710 |
Shares Industry Common Stocks Held Value ------------------------------------------------------------------------------------------------------------------------------------ Oracle Corp. (a) 17,237 $ 350,083 Salesforce.com, Inc. (a) 471 22,796 Symantec Corp. (a) 3,743 73,288 --------------- 1,690,316 ------------------------------------------------------------------------------------------------------------------------------------ Specialty Retail - 1.6% Abercrombie & Fitch Co. Class A 366 14,439 AutoNation, Inc. (a) 531 5,968 AutoZone, Inc. (a) 193 23,805 Bed Bath & Beyond, Inc. (a) 1,152 36,184 Best Buy Co., Inc. 1,491 55,912 GameStop Corp. Class A (a) 711 24,323 The Gap, Inc. 2,042 36,307 Home Depot, Inc. 7,471 193,424 Limited Brands, Inc. 1,295 22,429 Lowe's Cos., Inc. 6,409 151,829 Office Depot, Inc. (a) 1,200 6,984 RadioShack Corp. 600 10,368 The Sherwin-Williams Co. 418 23,893 Staples, Inc. 3,150 70,875 TJX Cos., Inc. 1,877 57,286 Tiffany & Co. 560 19,891 --------------- 753,917 ------------------------------------------------------------------------------------------------------------------------------------ Textiles, Apparel & Coach, Inc. (a) 1,473 36,884 Luxury Goods - 0.5% Jones Apparel Group, Inc. 400 7,404 Liz Claiborne, Inc. 400 6,572 Nike, Inc. Class B 1,707 114,198 Polo Ralph Lauren Corp. 262 17,460 VF Corp. 368 28,450 --------------- 210,968 ------------------------------------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance - 0.1% Hudson City Bancorp, Inc. 2,300 42,435 MGIC Investment Corp. 491 3,452 Sovereign Bancorp, Inc. 2,304 9,101 --------------- 54,988 ------------------------------------------------------------------------------------------------------------------------------------ Tobacco - 1.6% Altria Group, Inc. 9,123 181,000 Lorillard, Inc. 782 55,639 Philip Morris International, Inc. 9,067 436,123 Reynolds American, Inc. 772 37,535 UST, Inc. 667 44,382 --------------- 754,679 ------------------------------------------------------------------------------------------------------------------------------------ Trading Companies & Fastenal Co. 587 28,992 Distributors - 0.1% W.W. Grainger, Inc. 271 23,569 --------------- 52,561 ------------------------------------------------------------------------------------------------------------------------------------ Wireless Telecommunication American Tower Corp. Class A (a) 1,751 62,983 Services - 0.3% Sprint Nextel Corp. 12,437 75,866 --------------- 138,849 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stocks (Cost - $42,831,902) - 95.9% 44,806,985 ------------------------------------------------------------------------------------------------------------------------------------ |
Face Short-Term Securities Amount Value ------------------------------------------------------------------------------------------------------------------------------------ Time Deposits - 11.7% State Street Bank & Trust Co., 1%, 10/01/08 $ 5,447,058 $ 5,447,058 ------------------------------------------------------------------------------------------------------------------------------------ Total Short-Term Securities (Cost - $5,447,058) - 11.7% 5,447,058 ------------------------------------------------------------------------------------------------------------------------------------ Number of Options Purchased Contracts ------------------------------------------------------------------------------------------------------------------------------------ Call Options Purchased S&P 500 Index, expiring November 2008 at USD 1,502.17, 46,186 416 Deutsche Bank AG S&P 500 Index, expiring November 2008 at USD 1,502.17, HSBC Securities 33,285 700 ------------------------------------------------------------------------------------------------------------------------------------ Total Options Purchased (Premiums Paid - $12,086,639) - 0.0% 1,116 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments Before Options Written (Cost - $60,365,599*) - 107.6% 50,255,159 ------------------------------------------------------------------------------------------------------------------------------------ Options Written ------------------------------------------------------------------------------------------------------------------------------------ Call Options Written S&P 500 Index, expiring November 2008 at USD 1,592.60, 69,279 (1,041) Deutsche Bank AG S&P 500 Index, expiring November 2008 at USD 1,592.30, HSBC Securities 49,928 (750) ------------------------------------------------------------------------------------------------------------------------------------ Total Options Written (Premiums Received - $12,086,639) - (0.0)% (1,791) ------------------------------------------------------------------------------------------------------------------------------------ Total Investments, Net of Options Written (Cost - $48,278,960) - 107.6% 50,253,368 Liabilities in Excess of Other Assets - (7.6)% (3,534,046) --------------- Net Assets - 100.0% $ 46,719,322 =============== |
* The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows:
Aggregate cost $ 60,371,670 ===================== Gross unrealized appreciation $ 9,155,042 Gross unrealized depreciation (19,271,553) --------------------- Net unrealized depreciation $ (10,116,511) ===================== (a) Non-income producing security. (b) Depositary receipts. |
(c) 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 Realized Dividend Affiliate Cost Sales Cost Gain Income ----------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. $ 105,929 $ 66,261 $ (38,937) $ 5,762 ----------------------------------------------------------------------------------------------------------------------- |
(d) All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
o Financial futures contracts purchased as of September 30, 2008 were as follows:
----------------------------------------------------------------------------------------------------------------------- Number of Appreciation Contracts Issue Face Value (Depreciation) ----------------------------------------------------------------------------------------------------------------------- 33 S&P 500 Index December 2008 $2,001,363 $(75,153) ----------------------------------------------------------------------------------------------------------------------- |
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.
o Effective January 1, 2008, the Fund adopted Financial Accounting Standards Board 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 assumption 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 semi-annual report.
The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Fund's investments:
-------------------------------------------------------------------------------- Valuation Investments in Other Financial Inputs Securities Instruments* -------------------------------------------------------------------------------- Level 1 $ 50,254,043 $ (75,153) Level 2 - (675) Level 3 - - -------------------------------------------------------------------------------- Total 50,254,043 (75,828) ================================================================================ |
* Other financial instruments are futures and options.
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: November 24, 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: November 24, 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: November 24, 2008 |
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