PAGE 1 000 B000000 09/30/2005 000 C000000 0001299506 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 S&P 500 GEARED FUND INC. 001 B000000 811-21611 001 C000000 6092822800 002 A000000 P.O. BOX 9011 002 B000000 PRINCETON 002 C000000 NJ 002 D010000 08543 002 D020000 9011 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 IQ INVESTMENT ADVISORS LLC 008 B000001 A 008 C000001 801-63151 008 D010001 NEW YORK 008 D020001 NY 008 D030001 10080 008 A000002 MERRILL LYNCH INVESTMENT MANAGERS, L.P. 008 B000002 S 008 C000002 801-11583 008 D010002 PLAINSBORO 008 D020002 NJ 008 D030002 08536 011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC. 011 B000001 8-7221 011 C010001 NEW YORK 011 C020001 NY 011 C030001 10281 011 C040001 1201 PAGE 2 012 A000001 THE BANK OF NEW YORK 012 B000001 85-05006 012 C010001 NEW YORK 012 C020001 NY 012 C030001 10286 013 A000001 DELOITTE & TOUCHE LLP 013 B010001 PRINCETON 013 B020001 NJ 013 B030001 08540 014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES 014 B000001 8-7221 015 A000001 STATE STREET BANK AND TRUST COMPANY 015 B000001 C 015 C010001 BOSTON 015 C020001 MA 015 C030001 02101 015 E010001 X 015 A000002 THE BANK OF NEW YORK 015 B000002 S 015 C010002 NEW YORK 015 C020002 NY 015 C030002 10286 015 E010002 X 015 A000003 BANKERS TRUST COMPANY 015 B000003 S 015 C010003 NEW YORK 015 C020003 NY 015 C030003 10006 015 E010003 X 015 A000004 CUSTODIAL TRUST CO. 015 B000004 S 015 C010004 NEW YORK 015 C020004 NY 015 C030004 10167 015 E010004 X 015 A000005 MORGAN GUARANTY TRUST CO. OF NEW YORK 015 B000005 S 015 C010005 NEW YORK 015 C020005 NY 015 C030005 10260 015 E010005 X 015 A000006 J.P. MORGAN CHASE BANK 015 B000006 S 015 C010006 NEW YORK 015 C020006 NY 015 C030006 10017 015 E010006 X 018 000000 Y 019 A000000 Y 019 B000000 6 019 C000000 IQINVADVIS PAGE 3 020 A000001 J.P. MORGAN SECURITIES INC. 020 B000001 13-3224016 020 C000001 18 020 A000002 BANC OF AMERICA SECURITIES LLC 020 B000002 56-2058405 020 C000002 2 020 A000003 CREDIT SUISSE FIRST BOSTON LLC 020 B000003 13-5659485 020 C000003 2 020 A000004 INSTINET GROUP INCORPORATED 020 C000004 1 020 A000005 B-TRADE SERVICES LLC 020 C000005 0 020 A000006 WEEDEN & CO. L.P. 020 B000006 13-3364318 020 C000006 0 020 A000007 UBS SECURITIES LLC 020 B000007 13-3873456 020 C000007 0 020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC. 020 B000008 13-5674085 020 C000008 0 020 C000009 0 020 C000010 0 021 000000 23 022 A000001 BROWN BROTHERS HARRIMAN & CO. 022 B000001 13-4973745 022 C000001 1152416 022 D000001 0 022 A000002 CITIGROUP GLOBAL MARKETS INC. 022 B000002 11-2418191 022 C000002 1500 022 D000002 1483 022 A000003 GOLDMAN, SACHS & CO. 022 B000003 13-5108880 022 C000003 649 022 D000003 39 022 A000004 BANC OF AMERICA SECURITIES LLC 022 B000004 56-2058405 022 C000004 212 022 D000004 355 022 A000005 SG COWEN & CO., LLC 022 B000005 38-3698933 022 C000005 281 022 D000005 0 022 A000006 DEUTSCHE BANK SECURITIES INC. 022 B000006 13-2730828 022 C000006 263 022 D000006 0 022 A000007 MASTER MIDCAP EQUITY INDEX 022 C000007 202 PAGE 4 022 D000007 35 022 A000008 NOMURA SECURITIES INTERNATIONAL, INC. 022 B000008 13-2642206 022 C000008 142 022 D000008 0 022 A000009 MORGAN STANLEY 022 B000009 13-2655998 022 C000009 123 022 D000009 0 022 A000010 BEAR, STEARNS & CO. INC. 022 B000010 13-3299429 022 C000010 57 022 D000010 38 023 C000000 1156036 023 D000000 1973 024 000000 Y 025 A000001 CITIGROUP, INC. 025 C000001 E 025 D000001 3054 025 A000002 JPMORGAN CHASE & CO. 025 C000002 E 025 D000002 1547 025 A000003 MORGAN STANLEY 025 B000003 13-2655998 025 C000003 E 025 D000003 761 025 A000004 MERRILL LYNCH & CO. INC. 025 C000004 E 025 D000004 736 025 A000005 GOLDMAN SACHS GROUP, INC. 025 C000005 E 025 D000005 729 025 A000006 THE BEAR STEARNS COS., INC. 025 C000006 E 025 D000006 154 025 D000007 0 025 D000008 0 026 A000000 N 026 B000000 Y 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 N 045 000000 Y 046 000000 N 047 000000 Y 048 000000 0.820 PAGE 5 048 A010000 0 048 A020000 0.000 048 B010000 0 048 B020000 0.000 048 C010000 0 048 C020000 0.000 048 D010000 0 048 D020000 0.000 048 E010000 0 048 E020000 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 0 048 K020000 0.000 049 000000 N 050 000000 N 051 000000 N 052 000000 N 053 A000000 N 054 A000000 Y 054 B000000 Y 054 C000000 N 054 D000000 N 054 E000000 N 054 F000000 N 054 G000000 N 054 H000000 Y 054 I000000 N 054 J000000 Y 054 K000000 N 054 L000000 N 054 M000000 Y 054 N000000 N 055 A000000 N 055 B000000 N 056 000000 Y 057 000000 N 058 A000000 N 059 000000 Y 060 A000000 N 060 B000000 N 061 000000 0 062 A000000 N PAGE 6 062 B000000 0.0 062 C000000 0.0 062 D000000 0.0 062 E000000 0.0 062 F000000 0.0 062 G000000 0.0 062 H000000 0.0 062 I000000 0.0 062 J000000 0.0 062 K000000 0.0 062 L000000 0.0 062 M000000 0.0 062 N000000 0.0 062 O000000 0.0 062 P000000 0.0 062 Q000000 0.0 062 R000000 0.0 066 A000000 Y 066 B000000 N 066 C000000 N 066 D000000 N 066 E000000 N 066 F000000 N 066 G000000 Y 067 000000 N 068 A000000 N 068 B000000 N 069 000000 Y 070 A010000 Y 070 A020000 N 070 B010000 Y 070 B020000 N 070 C010000 N 070 C020000 N 070 D010000 Y 070 D020000 Y 070 E010000 Y 070 E020000 N 070 F010000 Y 070 F020000 Y 070 G010000 Y 070 G020000 N 070 H010000 Y 070 H020000 N 070 I010000 N 070 I020000 N 070 J010000 Y 070 J020000 N 070 K010000 Y 070 K020000 Y 070 L010000 Y PAGE 7 070 L020000 Y 070 M010000 N 070 M020000 N 070 N010000 Y 070 N020000 Y 070 O010000 Y 070 O020000 N 070 P010000 Y 070 P020000 Y 070 Q010000 N 070 Q020000 N 070 R010000 Y 070 R020000 N 071 A000000 139924 071 B000000 7091 071 C000000 138037 071 D000000 5 072 A000000 11 072 B000000 82 072 C000000 2767 072 D000000 0 072 E000000 0 072 F000000 1045 072 G000000 31 072 H000000 0 072 I000000 27 072 J000000 17 072 K000000 0 072 L000000 43 072 M000000 65 072 N000000 0 072 O000000 0 072 P000000 81 072 Q000000 0 072 R000000 38 072 S000000 25 072 T000000 0 072 U000000 0 072 V000000 0 072 W000000 72 072 X000000 1444 072 Y000000 0 072 Z000000 1405 072AA000000 587 072BB000000 342 072CC010000 14467 072CC020000 0 072DD010000 660 072DD020000 0 072EE000000 0 073 A010000 0.0944 PAGE 8 073 A020000 0.0000 073 B000000 0.0000 073 C000000 0.0000 074 A000000 31 074 B000000 0 074 C000000 1280 074 D000000 0 074 E000000 0 074 F000000 143888 074 G000000 23733 074 H000000 0 074 I000000 0 074 J000000 0 074 K000000 146 074 L000000 163 074 M000000 0 074 N000000 169241 074 O000000 71 074 P000000 0 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 20136 074 R040000 248 074 S000000 0 074 T000000 148786 074 U010000 6995 074 U020000 0 074 V010000 21.27 074 V020000 0.00 074 W000000 0.0000 074 X000000 4921 074 Y000000 1400 075 A000000 0 075 B000000 139279 076 000000 20.38 077 A000000 Y 077 B000000 Y 077 Q020000 Y 078 000000 N 080 A000000 ICI MUTUAL INSURANCE CO. 080 C000000 525 081 A000000 Y 081 B000000 5 082 A000000 N 082 B000000 0 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y PAGE 9 085 B000000 N 086 A010000 6990 086 A020000 133229 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 COMMON STOCK 087 A030000 GRE 088 A000000 N 088 B000000 N 088 C000000 N 088 D000000 N SIGNATURE DONALD C. BURKE TITLE TREASURER