Edgar Filing: S&P 500 GEARED Fund Inc.

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^® GEARED^SM Fund Inc. (GRE)

Fund Address: 2 World Financial Center, 7^th Floor, New York, New York 10281.

Name and address of agent for service: Mitchell M. Cox, Chief Executive Officer, S&P 500^® GEARED^SM Fund Inc., 4 World Financial Center, 6^th Floor, New York, New York 10080.

Registrant’s telephone number, including area code: (877) 449-4742

Date of fiscal year end: 12/31/2009

Date of reporting period: 03/31/2009

Item 1 – Schedule of Investments


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Aerospace & Defense - 2.4%	Boeing Co.		3,054	$	108,661
	General Dynamics Corp.		1,635		68,000
	Goodrich Corp.		519		19,665
	Honeywell International, Inc.		3,053		85,057
	L-3 Communications Holdings, Inc.		504		34,171
	Lockheed Martin Corp.		1,382		95,399
	Northrop Grumman Corp.		1,385		60,441
	Precision Castparts Corp.		578		34,622
	Raytheon Co.		1,695		66,003
	Rockwell Collins, Inc.		662		21,608
	United Technologies Corp.		3,959		170,158

					763,785

Air Freight & Logistics - 1.0%	C.H. Robinson Worldwide, Inc.		706		32,201
	Expeditors International Washington, Inc.		884		25,008
	FedEx Corp.		1,292		57,481
	United Parcel Service, Inc. Class B		4,167		205,100

					319,790

Airlines - 0.1%	Southwest Airlines Co.		3,048		19,294

Auto Components - 0.1%	The Goodyear Tire & Rubber Co. (a)		1,002		6,273
	Johnson Controls, Inc.		2,465		29,580

					35,853

Automobiles - 0.1%	Ford Motor Co. (a)		9,839		25,877
	General Motors Corp.		2,616		5,075
	Harley-Davidson, Inc.		977		13,082

					44,034

Beverages - 2.5%	Brown-Forman Corp. Class B		407		15,804
	The Coca-Cola Co.		8,324		365,840
	Coca-Cola Enterprises, Inc.		1,317		17,371
	Constellation Brands, Inc. Class A (a)		806		9,591
	Dr. Pepper Snapple Group, Inc. (a)		1,053		17,806
	Molson Coors Brewing Co. Class B		625		21,425
	Pepsi Bottling Group, Inc.		567		12,553
	PepsiCo, Inc.		6,508		335,032

					795,422

Biotechnology - 2.0%	Amgen, Inc. (a)		4,340		214,917
	Biogen Idec, Inc. (a)		1,231		64,529
	Celgene Corp. (a)		1,909		84,760
	Cephalon, Inc. (a)		294		20,021
	Genzyme Corp. (a)		1,121		66,576
	Gilead Sciences, Inc. (a)		3,824		177,128

					627,931

Building Products - 0.0%	Masco Corp.		1,495		10,435

Capital Markets - 2.4%	Ameriprise Financial, Inc.		901		18,461
	The Bank of New York Mellon Corp.		4,781		135,063
	The Charles Schwab Corp.		3,880		60,140
	E*Trade Financial Corp. (a)		2,139		2,738


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Federated Investors, Inc. Class B		350	$	7,791
	Franklin Resources, Inc.		632		34,046
	The Goldman Sachs Group, Inc.		1,930		204,619
	Invesco Ltd. (b)		1,607		22,273
	Janus Capital Group, Inc.		664		4,416
	Legg Mason, Inc.		588		9,349
	Morgan Stanley		4,471		101,805
	Northern Trust Corp.		925		55,334
	State Street Corp.		1,792		55,158
	T. Rowe Price Group, Inc.		1,074		30,996

					742,189

Chemicals - 1.9%	Air Products & Chemicals, Inc.		879		49,444
	CF Industries Holdings, Inc.		199		14,155
	The Dow Chemical Co.		3,840		32,371
	E.I. du Pont de Nemours & Co.		3,745		83,626
	Eastman Chemical Co.		317		8,496
	Ecolab, Inc.		722		25,075
	International Flavors & Fragrances, Inc.		319		9,717
	Monsanto Co.		2,291		190,382
	PPG Industries, Inc.		681		25,129
	Praxair, Inc.		1,296		87,208
	Rohm & Haas Co.		514		40,524
	Sigma-Aldrich Corp.		523		19,764

					585,891

Commercial Banks - 1.9%	BB&T Corp.		2,304		38,984
	Comerica, Inc.		645		11,810
	Fifth Third Bancorp		2,524		7,370
	First Horizon National Corp.		876		9,406
	Huntington Bancshares, Inc.		1,521		2,525
	KeyCorp		2,054		16,165
	M&T Bank Corp.		320		14,477
	Marshall & Ilsley Corp.		1,077		6,064
	The PNC Financial Services Group, Inc.		1,792		52,488
	Regions Financial Corp.		2,917		12,426
	SunTrust Banks, Inc.		1,510		17,727
	U.S. Bancorp		7,317		106,901
	Wells Fargo & Co.		17,721		252,347
	Zions Bancorporation		505		4,964

					553,654

Commercial Services & Supplies - 0.5%	Avery Dennison Corp.		444		9,919
	Cintas Corp.		549		13,571
	Iron Mountain, Inc. (a)		725		16,073
	Pitney Bowes, Inc.		863		20,151
	R.R. Donnelley & Sons Co.		872		6,392
	Republic Services, Inc. Class A		1,310		22,467


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Stericycle, Inc. (a)		371	$	17,708
	Waste Management, Inc.		2,036		52,122

					158,403

Communications Equipment - 2.7%	Ciena Corp. (a)		328		2,552
	Cisco Systems, Inc. (a)		24,415		409,439
	Corning, Inc.		6,539		86,772
	Harris Corp.		557		16,120
	JDS Uniphase Corp. (a)		891		2,896
	Juniper Networks, Inc. (a)		2,214		33,343
	Motorola, Inc.		9,405		39,783
	QUALCOMM, Inc.		6,904		268,635
	Tellabs, Inc. (a)		1,651		7,562

					867,102

Computers & Peripherals - 4.7%	Apple, Inc. (a)		3,724		391,467
	Dell, Inc. (a)		7,236		68,597
	EMC Corp. (a)		8,463		96,478
	Hewlett-Packard Co.		10,047		322,107
	International Business Machines Corp.		5,610		543,553
	Lexmark International, Inc. Class A (a)		350		5,905
	NetApp, Inc. (a)		1,399		20,761
	QLogic Corp. (a)		546		6,072
	SanDisk Corp. (a)		935		11,828
	Sun Microsystems, Inc. (a)		3,127		22,890
	Teradata Corp. (a)		741		12,019

					1,501,677

Construction & Engineering - 0.2%	Fluor Corp.		760		26,258
	Jacobs Engineering Group, Inc. (a)		508		19,639

					45,897

Construction Materials - 0.1%	Vulcan Materials Co.		456		20,196

Consumer Finance - 0.3%	American Express Co.		4,860		66,242
	Capital One Financial Corp.		1,657		20,282
	Discover Financial Services, Inc.		1,991		12,563
	SLM Corp. (a)		1,941		9,608

					108,695

Containers & Packaging - 0.2%	Ball Corp.		400		17,360
	Bemis Co.		400		8,388
	Owens-Illinois, Inc. (a)		700		10,108
	Pactiv Corp. (a)		543		7,922
	Sealed Air Corp.		656		9,053

					52,831

Distributors - 0.1%	Genuine Parts Co.		672		20,066

Diversified Consumer Services - 0.2%	Apollo Group, Inc. Class A (a)		441		34,543
	H&R Block, Inc.		1,390		25,284

					59,827

Diversified Financial Services - 2.6%	Bank of America Corp. (c)(d)		26,770		182,571
	CIT Group, Inc.		1,486		4,235


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	CME Group, Inc.		279	$	68,743
	Citigroup, Inc.		22,989		58,162
	IntercontinentalExchange, Inc. (a)		308		22,937
	JPMorgan Chase & Co.		15,714		417,678
	Leucadia National Corp.		735		10,944
	Moody’s Corp.		819		18,771
	The NASDAQ Stock Market, Inc. (a)		564		11,043
	NYSE Euronext		1,104		19,762

					814,846

Diversified Telecommunication Services - 3.4%	AT&T Inc. (c)		24,644		621,029
	CenturyTel, Inc.		425		11,951
	Embarq Corp.		615		23,278
	Frontier Communications Corp.		1,313		9,427
	Qwest Communications International Inc.		6,163		21,077
	Verizon Communications, Inc.		11,878		358,716
	Windstream Corp.		1,826		14,718

					1,060,196

Electric Utilities - 2.2%	Allegheny Energy, Inc.		704		16,312
	American Electric Power Co., Inc.		1,670		42,184
	Duke Energy Corp.		5,303		75,939
	Edison International		1,376		39,643
	Entergy Corp.		798		54,336
	Exelon Corp.		2,753		124,959
	FPL Group, Inc.		1,696		86,038
	FirstEnergy Corp.		1,265		48,829
	Northeast Utilities Inc.		686		14,811
	PPL Corp.		1,555		44,644
	Pepco Holdings, Inc.		854		10,658
	Pinnacle West Capital Corp.		408		10,836
	Progress Energy, Inc.		1,174		42,569
	The Southern Co.		3,226		98,780

					710,538

Electrical Equipment - 0.4%	Cooper Industries Ltd. Class A		722		18,671
	Emerson Electric Co.		3,184		90,999
	Rockwell Automation, Inc.		604		13,191

					122,861

Electronic Equipment & Instruments - 0.3%	Agilent Technologies, Inc. (a)		1,484		22,809
	Amphenol Corp. Class A		734		20,912
	Flir Systems, Inc. (a)		607		12,431
	Jabil Circuit, Inc.		859		4,776
	Molex, Inc.		593		8,148
	Tyco Electronics Ltd.		1,943		21,451

					90,527

Energy Equipment & Services - 1.4%	BJ Services Co.		1,222		12,159
	Baker Hughes, Inc.		1,280		36,544
	Cameron International Corp. (a)		904		19,825


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Diamond Offshore Drilling, Inc.		300	$	18,858
	ENSCO International, Inc.		602		15,893
	Halliburton Co.		3,721		57,564
	Nabors Industries Ltd. (a)		1,163		11,618
	National Oilwell Varco, Inc. (a)		1,733		49,754
	Rowan Cos., Inc.		489		5,853
	Schlumberger Ltd.		5,001		203,141
	Smith International, Inc.		897		19,268

					450,477

Food & Staples Retailing - 3.2%	CVS Caremark Corp.		6,087		167,332
	Costco Wholesale Corp.		1,805		83,608
	The Kroger Co.		2,719		57,697
	SUPERVALU, Inc.		883		12,609
	SYSCO Corp.		2,499		56,977
	Safeway, Inc.		1,807		36,483
	Wal-Mart Stores, Inc.		9,350		487,135
	Walgreen Co.		4,109		106,670
	Whole Foods Market, Inc.		583		9,794

					1,018,305

Food Products - 1.7%	Archer-Daniels-Midland Co.		2,675		74,311
	Campbell Soup Co.		879		24,049
	ConAgra Foods, Inc.		1,881		31,732
	Dean Foods Co. (a)		632		11,427
	General Mills, Inc.		1,387		69,184
	H.J. Heinz Co.		1,297		42,879
	The Hershey Co.		688		23,908
	Hormel Foods Corp.		300		9,513
	The J.M. Smucker Co.		490		18,262
	Kellogg Co.		1,040		38,095
	Kraft Foods, Inc.		6,159		137,284
	McCormick & Co., Inc.		535		15,820
	Sara Lee Corp.		2,933		23,699
	Tyson Foods, Inc. Class A		1,247		11,709

					531,872

Gas Utilities - 0.1%	EQT Corp.		568		17,795
	Nicor, Inc.		187		6,214
	Questar Corp.		720		21,190

					45,199

Health Care Equipment & Supplies - 2.1%	Baxter International, Inc.		2,582		132,250
	Becton Dickinson & Co.		1,011		67,980
	Boston Scientific Corp. (a)		6,231		49,536
	C.R. Bard, Inc.		412		32,845
	Covidien Ltd.		2,087		69,372
	Dentsply International, Inc.		600		16,110
	Hospira, Inc. (a)		662		20,429
	Intuitive Surgical, Inc. (a)		161		15,353
	Medtronic, Inc.		4,684		138,037


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	St. Jude Medical, Inc. (a)		1,430	$	51,952
	Stryker Corp.		1,014		34,517
	Varian Medical Systems, Inc. (a)		518		15,768
	Zimmer Holdings, Inc. (a)		935		34,128

					678,277

Health Care Providers & Services - 1.9%	Aetna, Inc.		1,917		46,641
	AmerisourceBergen Corp.		658		21,490
	Cardinal Health, Inc.		1,491		46,937
	Cigna Corp.		1,141		20,070
	Coventry Health Care, Inc. (a)		616		7,971
	DaVita, Inc. (a)		433		19,030
	Express Scripts, Inc. (a)		1,024		47,278
	Humana, Inc. (a)		701		18,282
	Laboratory Corp. of America Holdings (a)		462		27,022
	McKesson Corp.		1,145		40,121
	Medco Health Solutions, Inc. (a)		2,070		85,574
	Patterson Cos., Inc. (a)		378		7,129
	Quest Diagnostics, Inc.		656		31,147
	Tenet Healthcare Corp. (a)		1,723		1,999
	UnitedHealth Group, Inc.		5,062		105,948
	WellPoint, Inc. (a)		2,100		79,737

					606,376

Health Care Technology - 0.0%	IMS Health, Inc.		756		9,427

Hotels, Restaurants & Leisure - 1.4%	Carnival Corp.		1,814		39,182
	Darden Restaurants, Inc.		583		19,974
	International Game Technology		1,274		11,746
	Marriott International, Inc. Class A		1,227		20,074
	McDonald’s Corp.		4,662		254,405
	Starbucks Corp. (a)		3,034		33,708
	Starwood Hotels & Resorts Worldwide, Inc.		775		9,843
	Wyndham Worldwide Corp.		738		3,100
	Wynn Resorts Ltd. (a)		258		5,152
	Yum! Brands, Inc.		1,946		53,476

					450,660

Household Durables - 0.3%	Black & Decker Corp.		249		7,858
	Centex Corp.		550		4,125
	D.R. Horton, Inc.		1,179		11,436
	Fortune Brands, Inc.		622		15,270
	Harman International Industries, Inc.		243		3,288
	KB Home		330		4,349
	Leggett & Platt, Inc.		667		8,664
	Lennar Corp. Class A		619		4,649
	Newell Rubbermaid, Inc.		1,151		7,343
	Pulte Homes, Inc.		888		9,706
	Snap-On, Inc.		238		5,974


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	The Stanley Works		321	$	9,348
	Whirlpool Corp.		309		9,143

					101,153

Household Products - 2.6%	Clorox Co.		573		29,498
	Colgate-Palmolive Co.		2,099		123,799
	Kimberly-Clark Corp.		1,724		79,494
	The Procter & Gamble Co.		12,273		577,936

					810,727

IT Services - 1.0%	Affiliated Computer Services, Inc. Class A (a)		404		19,347
	Automatic Data Processing, Inc.		2,112		74,258
	Cognizant Technology Solutions Corp. (a)		1,211		25,177
	Computer Sciences Corp. (a)		628		23,135
	Convergys Corp. (a)		507		4,097
	Fidelity National Information Services, Inc.		788		14,342
	Fiserv, Inc. (a)		672		24,501
	MasterCard, Inc. Class A		300		50,244
	Paychex, Inc.		1,332		34,192
	Total System Services, Inc.		822		11,352
	The Western Union Co.		3,009		37,823

					318,468

Independent Power Producers & Energy Traders - 0.1%	The AES Corp. (a)		2,831		16,448
	Constellation Energy Group, Inc.		840		17,354
	Dynegy, Inc. Class A (a)		2,100		2,961

					36,763

Industrial Conglomerates - 1.9%	3M Co.		2,902		144,287
	General Electric Co.		44,161		446,468
	Textron, Inc.		1,032		5,924

					596,679

Insurance - 2.0%	AON Corp.		1,144		46,698
	Aflac, Inc.		1,963		38,004
	The Allstate Corp.		2,248		43,049
	American International Group, Inc.		11,395		11,395
	Assurant, Inc.		492		10,716
	Chubb Corp.		1,492		63,141
	Cincinnati Financial Corp.		674		15,414
	Genworth Financial, Inc. Class A		1,799		3,418
	Hartford Financial Services Group, Inc.		1,390		10,912
	Lincoln National Corp.		1,066		7,132
	Loews Corp.		1,503		33,216
	MBIA, Inc. (a)		813		3,724
	Marsh & McLennan Cos., Inc.		2,129		43,112
	MetLife, Inc.		3,400		77,418
	Principal Financial Group, Inc.		1,076		8,802
	The Progressive Corp.		2,805		37,699
	Prudential Financial, Inc.		1,773		33,722
	Torchmark Corp.		362		9,495


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	The Travelers Cos., Inc.		2,453	$	99,690
	UnumProvident Corp.		1,413		17,663
	XL Capital Ltd. Class A		1,339		7,311

					621,731

Internet & Catalog Retail - 0.3%	Amazon.com, Inc. (a)		1,338		98,263
	Expedia, Inc. (a)		870		7,900

					106,163

Internet Software & Services - 1.6%	Akamai Technologies, Inc. (a)		703		13,638
	eBay, Inc. (a)		4,508		56,620
	Google, Inc. Class A (a)		1,000		348,060
	VeriSign, Inc. (a)		802		15,134
	Yahoo!, Inc. (a)		5,797		74,260

					507,712

Leisure Equipment & Products - 0.1%	Eastman Kodak Co.		1,197		4,549
	Hasbro, Inc.		521		13,061
	Mattel, Inc.		1,498		17,272

					34,882

Life Sciences Tools & Services - 0.4%	Life Technologies Corp. (a)		709		23,028
	Millipore Corp. (a)		229		13,147
	PerkinElmer, Inc.		496		6,334
	Thermo Fisher Scientific, Inc. (a)		1,739		62,030
	Waters Corp. (a)		411		15,186

					119,725

Machinery - 1.4%	Caterpillar, Inc.		2,527		70,655
	Cummins, Inc.		841		21,403
	Danaher Corp.		1,059		57,419
	Deere & Co.		1,773		58,279
	Dover Corp.		780		20,576
	Eaton Corp.		690		25,433
	Flowserve Corp.		238		13,357
	ITT Corp.		754		29,006
	Illinois Tool Works, Inc.		1,635		50,440
	Ingersoll-Rand Co. Class A		1,322		18,243
	Manitowoc Co.		542		1,772
	PACCAR, Inc.		1,508		38,846
	Pall Corp.		498		10,174
	Parker Hannifin Corp.		689		23,412

					439,015

Media - 2.2%	CBS Corp. Class B		2,824		10,844
	Comcast Corp. Class A		12,055		164,430
	The DIRECTV Group, Inc. (a)		2,242		51,095
	Gannett Co., Inc.		948		2,086
	Interpublic Group of Cos., Inc. (a)		1,979		8,153
	The McGraw-Hill Cos., Inc.		1,318		30,143
	Meredith Corp.		150		2,496
	The New York Times Co. Class A		484		2,188


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	News Corp. Class A		9,532	$	63,102
	Omnicom Group Inc.		1,323		30,958
	Scripps Networks Interactive		373		8,396
	Time Warner Cable, Inc.		1,581		39,209
	Time Warner, Inc.		4,986		96,236
	Viacom, Inc. Class B (a)		2,576		44,771
	Walt Disney Co.		7,763		140,976
	The Washington Post Co. Class B		24		8,570

					703,653

Metals & Mining - 0.8%	AK Steel Holding Corp.		495		3,524
	Alcoa, Inc.		4,011		29,441
	Allegheny Technologies, Inc.		416		9,123
	Freeport-McMoRan Copper & Gold, Inc. Class B		1,727		65,816
	Newmont Mining Corp.		2,028		90,773
	Nucor Corp.		1,314		50,155
	Titanium Metals Corp.		354		1,936
	United States Steel Corp.		497		10,502

					261,270

Multi-Utilities - 1.4%	Ameren Corp.		873		20,245
	CMS Energy Corp.		979		11,591
	CenterPoint Energy, Inc.		1,415		14,758
	Consolidated Edison, Inc.		1,134		44,918
	DTE Energy Co.		677		18,753
	Dominion Resources, Inc.		2,415		74,841
	Integrys Energy Group, Inc.		312		8,124
	NiSource, Inc.		1,139		11,162
	PG&E Corp.		1,540		58,859
	Public Service Enterprise Group, Inc.		2,111		62,211
	SCANA Corp.		500		15,445
	Sempra Energy		1,023		47,304
	TECO Energy, Inc.		884		9,857
	Wisconsin Energy Corp.		485		19,967
	Xcel Energy, Inc.		1,857		34,596

					452,631

Multiline Retail - 0.8%	Big Lots, Inc. (a)		355		7,377
	Family Dollar Stores, Inc.		580		19,355
	J.C. Penney Co., Inc.		922		18,505
	Kohl’s Corp. (a)		1,264		53,492
	Macy’s, Inc.		1,747		15,548
	Nordstrom, Inc.		662		11,089
	Sears Holdings Corp. (a)		236		10,788
	Target Corp.		3,133		107,744

					243,898

Office Electronics - 0.1%	Xerox Corp.		3,622		16,480

Oil, Gas & Consumable Fuels - 10.5%	Anadarko Petroleum Corp.		1,932		75,135
	Apache Corp.		1,389		89,021


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Cabot Oil & Gas Corp. Class A		429	$	10,111
	Chesapeake Energy Corp.		2,323		39,630
	Chevron Corp.		8,394		564,412
	ConocoPhillips		6,207		243,066
	Consol Energy, Inc.		760		19,182
	Devon Energy Corp.		1,843		82,364
	EOG Resources, Inc.		1,035		56,677
	El Paso Corp.		2,912		18,200
	Exxon Mobil Corp.		20,676		1,408,036
	Hess Corp.		1,177		63,793
	Marathon Oil Corp.		2,937		77,214
	Massey Energy Co.		378		3,825
	Murphy Oil Corp.		791		35,413
	Noble Energy, Inc.		717		38,632
	Occidental Petroleum Corp.		3,391		188,709
	Peabody Energy Corp.		1,129		28,270
	Pioneer Natural Resources Co.		497		8,186
	Range Resources Corp.		644		26,507
	Southwestern Energy Co. (a)		1,425		42,308
	Spectra Energy Corp.		2,648		37,443
	Sunoco, Inc.		485		12,843
	Tesoro Corp.		594		8,001
	Valero Energy Corp.		2,172		38,879
	Williams Cos., Inc.		2,392		27,221
	XTO Energy, Inc.		2,406		73,672

					3,316,750

Paper & Forest Products - 0.1%	International Paper Co.		1,775		12,496
	MeadWestvaco Corp.		710		8,513
	Weyerhaeuser Co.		877		24,179

					45,188

Personal Products - 0.2%	Avon Products, Inc.		1,767		33,979
	The Estée Lauder Cos., Inc. Class A		477		11,758

					45,737

Pharmaceuticals - 7.5%	Abbott Laboratories		6,470		308,619
	Allergan, Inc.		1,277		60,989
	Bristol-Myers Squibb Co.		8,278		181,454
	Eli Lilly & Co.		4,228		141,257
	Forest Laboratories, Inc. (a)		1,266		27,801
	Johnson & Johnson		11,570		608,582
	King Pharmaceuticals, Inc. (a)		1,013		7,162
	Merck & Co., Inc.		8,837		236,390
	Mylan, Inc. (a)		1,265		16,964
	Pfizer, Inc.		28,207		384,179
	Schering-Plough Corp.		6,801		160,164
	Watson Pharmaceuticals, Inc. (a)		429		13,346
	Wyeth		5,568		239,647

					2,386,554


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

Professional Services - 0.1%	Dun & Bradstreet Corp.		215	$	16,555
	Equifax, Inc.		532		13,007
	Monster Worldwide, Inc. (a)		516		4,205
	Robert Half International, Inc.		647		11,536

					45,303

Real Estate Investment Trusts (REITs) - 0.7%	Apartment Investment & Management Co. Class A		507		2,778
	AvalonBay Communities, Inc.		340		16,000
	Boston Properties, Inc.		515		18,040
	Equity Residential		1,155		21,194
	HCP, Inc.		1,075		19,189
	Health Care REIT, Inc.		486		14,867
	Host Marriott Corp.		2,175		8,526
	Kimco Realty Corp.		943		7,186
	Plum Creek Timber Co., Inc.		710		20,640
	ProLogis		1,156		7,514
	Public Storage		520		28,730
	Simon Property Group, Inc.		1,066		36,926
	Ventas, Inc.		609		13,769
	Vornado Realty Trust		597		19,827

					235,186

Real Estate Management & Development - 0.0%	CB Richard Ellis Group, Inc. (a)		798		3,216

Road & Rail - 0.8%	Burlington Northern Santa Fe Corp.		1,172		70,496
	CSX Corp.		1,669		43,144
	Norfolk Southern Corp.		1,555		52,481
	Ryder System, Inc.		234		6,625
	Union Pacific Corp.		2,114		86,907

					259,653

Semiconductors & Semiconductor Equipment - 2.3%	Advanced Micro Devices, Inc. (a)		2,498		7,619
	Altera Corp.		1,249		21,920
	Analog Devices, Inc.		1,206		23,239
	Applied Materials, Inc.		5,571		59,888
	Broadcom Corp. Class A (a)		1,805		36,064
	Intel Corp.		23,259		350,048
	KLA-Tencor Corp.		719		14,380
	LSI Corp. (a)		2,673		8,126
	Linear Technology Corp.		926		21,279
	MEMC Electronic Materials, Inc. (a)		938		15,468
	Microchip Technology, Inc.		764		16,189
	Micron Technology, Inc. (a)		3,160		12,830
	National Semiconductor Corp.		844		8,668
	Novellus Systems, Inc. (a)		413		6,868
	Nvidia Corp. (a)		2,295		22,629
	Teradyne, Inc. (a)		702		3,075


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Texas Instruments, Inc.		5,386	$	88,923
	Xilinx, Inc.		1,165		22,321

					739,534

Software - 3.7%	Adobe Systems, Inc. (a)		2,202		47,101
	Autodesk, Inc. (a)		934		15,700
	BMC Software, Inc. (a)		789		26,037
	CA, Inc.		1,635		28,792
	Citrix Systems, Inc. (a)		757		17,138
	Compuware Corp. (a)		1,059		6,979
	Electronic Arts, Inc. (a)		1,324		24,084
	Intuit, Inc. (a)		1,333		35,991
	McAfee, Inc. (a)		664		22,244
	Microsoft Corp.		31,973		587,344
	Novell, Inc. (a)		1,434		6,109
	Oracle Corp.		16,080		290,566
	Salesforce.com, Inc. (a)		432		14,139
	Symantec Corp. (a)		3,472		51,872

					1,174,096

Specialty Retail - 1.9%	Abercrombie & Fitch Co. Class A		361		8,592
	AutoNation, Inc. (a)		448		6,218
	AutoZone, Inc. (a)		159		25,856
	Bed Bath & Beyond, Inc. (a)		1,081		26,755
	Best Buy Co., Inc.		1,403		53,258
	GameStop Corp. Class A (a)		678		18,998
	The Gap, Inc.		1,950		25,331
	Home Depot, Inc.		7,090		167,040
	Limited Brands, Inc.		1,183		10,292
	Lowe’s Cos., Inc.		6,094		111,216
	Office Depot, Inc. (a)		1,143		1,497
	O’Reilly Automotive, Inc. (a)		596		20,866
	RadioShack Corp.		545		4,671
	The Sherwin-Williams Co.		410		21,308
	Staples, Inc.		2,952		53,461
	TJX Cos., Inc.		1,741		44,639
	Tiffany & Co.		515		11,103

					611,101

Textiles, Apparel & Luxury Goods - 0.4%	Coach, Inc. (a)		1,373		22,929
	Nike, Inc. Class B		1,629		76,384
	Polo Ralph Lauren Corp.		236		9,971
	VF Corp.		362		20,674

					129,958

Thrifts & Mortgage Finance - 0.2%	Hudson City Bancorp, Inc.		2,157		25,215
	People’s United Financial, Inc.		1,499		26,937

					52,152

Tobacco - 1.6%	Altria Group, Inc.		8,640		138,413
	Lorillard, Inc.		716		44,206


S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)



Industry	Common Stocks	Shares Held		Value

	Philip Morris International, Inc.		8,401	$	298,908
	Reynolds American, Inc.		706		25,303

					506,830

Trading Companies & Distributors - 0.1%	Fastenal Co.		536		17,235
	W.W. Grainger, Inc.		269		18,878

					36,113

Wireless Telecommunication Services - 0.3%	American Tower Corp. Class A (a)		1,636		49,783
	Sprint Nextel Corp. (a)		11,860		42,340

					92,123

	Total Common Stocks (Cost - $40,146,572) - 91.5%				28,972,977

	Short-Term Securities



	Maturity Date	Yield			Face Amount

Time Deposits - 8.3%
State Street Bank & Trust Co.	4/01/09		0.01	%	$	2,615,481		2,615,481

	Total Short-Term Securities (Cost - $2,615,481) - 8.3%							2,615,481

	Options Purchased				Number of Contracts

Call Options Purchased	S&P 500 Index, expiring November 2009at USD 904.88, BNP Paribas					76,160		3,425,108

	Total Options Purchased (Premium Paid - $10,750,843) - 10.8%							3,425,108

	Total Investments Before Options Written (Cost - $53,512,896*) - 110.6%							35,013,566

	Options Written

Call Options Written	S&P 500 Index, expiring November 2009 at USD 999.89, BNP Paribas					114,240		(2,367,253	)

	Total Options Written (Premium Received - $10,750,843) - (7.5%)							(2,367,253	)

	Total Investments, Net of Options Written (Net Cost - $42,762,053) - 103.1%							32,646,313
	Liabilities in Excess of Other Assets - (3.1%)							(984,423	)

	Net Assets - 100.0%						$	31,661,890

*	The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	53,683,215

Gross unrealized appreciation	$	3,044,553
Gross unrealized depreciation		(21,714,202	)

Net unrealized depreciation	$	(18,669,649	)


(a)	Non-income producing security.

(b)	Depositary receipts.

S&P 500 GEARED Fund Inc.

Schedule of Investments as of March 31, 2009 (Unaudited)


(c)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(d)	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:



Affiliate	Purchase Cost		Sales Cost		Realized Loss			Dividend Income

Bank of America Corp.	$	693	$	28	$	(23	)	$	267


•	Financial futures contracts purchased as of March 31, 2009 were as follows:



Number of Contracts	Issue		Expiration Date		Face Value		Appreciation (Depreciation)

36		E-MINI S&P 500		June 2009	$	1,346,046	$	84,594


•	For Fund portfolio 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 such industry sub-classifications for reporting ease. Industries are shown as a percent of net assets.

•	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:

		•	Level 1 - price quotations in active markets/exchanges for identical securities
		•	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)
		•	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 annual report.

	The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of the Fund’s investments:



Valuation Inputs	Investments in Securities		Other Financial Instruments*

			Assets		Liabilities

Level 1	$	28,972,977	$	84,594		—
Level 2		2,615,481		3,425,108	$	(2,367,253	)
Level 3		—		—		—

Total	$	31,588,458	$	3,509,702	$	(2,367,253	)

* Other financial instruments are 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^® GEARED^SM Fund Inc.

	By:	/s/ Mitchell M. Cox
		Mitchell M. Cox
		Chief Executive Officer (principal executive officer) of
		S&P 500^® GEARED^SM Fund Inc.

	Date: May 20, 2009

	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^® GEARED^SM Fund Inc.

	Date: May 20, 2009

	By:	/s/ James E. Hillman
		James E. Hillman
		Chief Financial Officer (principal financial officer) of
		S&P 500^® GEARED^SM Fund Inc.

	Date: May 20, 2009