UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q/A
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.
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., 800 Scudders Mill Road, Plainsboro, NJ
08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 09/30/05
Date of reporting period: 04/01/05 - 06/30/05
Item 1 - Schedule of Investments
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Aerospace & Defense - 2.2% 10,900 Boeing Co. $ 719,400
2,700 General Dynamics Corp. 295,758
1,200 Goodrich Corp. 49,152
10,600 Honeywell International, Inc. 388,278
1,578 L-3 Communications Holdings, Inc. 120,843
5,400 Lockheed Martin Corp. 350,298
4,900 Northrop Grumman Corp. 270,725
5,700 Raytheon Co. 222,984
2,000 Rockwell Collins, Inc. 95,360
13,200 United Technologies Corp. 677,820
------------
3,190,618
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Air Freight & Logistics - 0.9% 3,900 FedEx Corp. 315,939
900 Ryder System, Inc. 32,940
14,400 United Parcel Service, Inc. Class B 995,904
------------
1,344,783
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Airlines - 0.1% 2,500 Delta Air Lines, Inc. (a) 9,400
9,200 Southwest Airlines Co. 128,156
------------
137,556
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Auto Components - 0.2% 1,200 Cooper Tire & Rubber Co. 22,284
2,600 Dana Corp. 39,026
6,100 Delphi Corp. 28,365
2,700 The Goodyear Tire & Rubber Co. (a) 40,230
2,200 Johnson Controls, Inc. 123,926
1,000 Visteon Corp. 6,030
------------
259,861
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Automobiles - 0.5% 22,700 Ford Motor Co. 232,448
7,500 General Motors Corp. 255,000
3,900 Harley-Davidson, Inc. 193,440
------------
680,888
-----------------------------------------------------------------------------------------------------------------------------------
Beverages - 2.2% 9,800 Anheuser-Busch Cos., Inc. 448,350
1,300 Brown-Forman Corp. Class B 78,598
29,100 The Coca-Cola Co. 1,214,925
5,100 Coca-Cola Enterprises, Inc. 112,251
900 Molson Coors Brewing Co. Class B 55,800
2,800 Pepsi Bottling Group, Inc. 80,108
21,500 PepsiCo, Inc. 1,159,495
------------
3,149,527
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Biotechnology - 1.2% 16,000 Amgen, Inc. (a) 967,360
2,200 Applera Corp. - Applied Biosystems Group 43,274
4,400 Biogen Idec, Inc. (a) 151,580
2,100 Chiron Corp. (a) 73,269
3,000 Genzyme Corp. (a) 180,270
5,300 Gilead Sciences, Inc. (a) 233,147
3,200 Medimmune, Inc. (a) 85,504
------------
1,734,404
-----------------------------------------------------------------------------------------------------------------------------------
Building Products - 0.2% 2,400 American Standard Cos., Inc. 100,608
5,500 Masco Corp. 174,680
------------
275,288
-----------------------------------------------------------------------------------------------------------------------------------
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Capital Markets - 2.7% 9,700 The Bank of New York Co., Inc. $ 279,166
1,400 The Bear Stearns Cos., Inc. 145,516
16,100 The Charles Schwab Corp. 181,608
4,200 E*Trade Financial Corp. (a) 58,758
1,000 Federated Investors, Inc. Class B 30,010
2,700 Franklin Resources, Inc. 207,846
5,900 Goldman Sachs Group, Inc. 601,918
2,500 Janus Capital Group, Inc. 37,600
3,600 Lehman Brothers Holdings, Inc. 357,408
4,900 Mellon Financial Corp. 140,581
11,900 Merrill Lynch & Co., Inc. (b) 654,619
14,300 Morgan Stanley 750,321
2,900 Northern Trust Corp. 132,211
4,600 State Street Corp. 221,950
1,400 T. Rowe Price Group, Inc. 87,640
------------
3,887,152
-----------------------------------------------------------------------------------------------------------------------------------
Chemicals - 1.6% 2,900 Air Products & Chemicals, Inc. 174,870
12,000 The Dow Chemical Co. 534,360
13,000 E.I. du Pont de Nemours & Co. 559,130
1,100 Eastman Chemical Co. 60,665
2,900 Ecolab, Inc. 93,844
1,200 Engelhard Corp. 34,260
1,000 Great Lakes Chemical Corp. 31,470
1,000 Hercules, Inc. (a) 14,150
1,000 International Flavors & Fragrances, Inc. 36,220
3,600 Monsanto Co. 226,332
2,000 PPG Industries, Inc. 125,520
3,800 Praxair, Inc. 177,080
2,500 Rohm & Haas Co. 115,850
1,000 Sigma-Aldrich Corp. 56,040
------------
2,239,791
-----------------------------------------------------------------------------------------------------------------------------------
Commercial Banks - 5.7% 4,000 AmSouth Bancorp 104,000
6,700 BB&T Corp. 267,799
52,100 Bank of America Corp. 2,376,281
2,400 Comerica, Inc. 138,720
1,551 Compass Bancshares, Inc. 69,795
7,000 Fifth Third Bancorp 288,470
1,700 First Horizon National Corp. 71,740
2,400 Huntington Bancshares, Inc. 57,936
4,700 Keycorp 155,805
1,300 M&T Bank Corp. 136,708
2,500 Marshall & Ilsley Corp. 111,125
8,000 National City Corp. 272,960
5,700 North Fork Bancorporation, Inc. 160,113
3,900 PNC Financial Services Group, Inc. 212,394
5,400 Regions Financial Corp. 182,952
4,500 SunTrust Banks, Inc. 325,080
3,500 Synovus Financial Corp. 100,345
23,800 U.S. Bancorp 694,960
20,300 Wachovia Corp. 1,006,880
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
21,800 Wells Fargo & Co. $ 1,342,444
1,200 Zions Bancorporation 88,236
------------
8,164,743
-----------------------------------------------------------------------------------------------------------------------------------
Commercial Services & 3,400 Allied Waste Industries, Inc. (a) 26,962
Supplies - 0.7% 1,500 Avery Dennison Corp. 79,440
13,100 Cendant Corp. 293,047
2,200 Cintas Corp. 84,920
1,400 Equifax, Inc. 49,994
1,600 Monster Worldwide, Inc. (a) 45,888
2,600 Pitney Bowes, Inc. 113,230
2,400 R.R. Donnelley & Sons Co. 82,824
1,900 Robert Half International, Inc. 47,443
6,800 Waste Management, Inc. 192,712
------------
1,016,460
-----------------------------------------------------------------------------------------------------------------------------------
Communications Equipment - 2.5% 1,128 ADC Telecommunications, Inc. (a) 24,557
2,300 Andrew Corp. (a) 29,348
5,200 Avaya, Inc. (a) 43,264
8,800 Ciena Corp. (a) 18,392
82,700 Cisco Systems, Inc. (a) 1,580,397
2,600 Comverse Technology, Inc. (a) 61,490
17,600 Corning, Inc. (a) 292,512
23,500 JDS Uniphase Corp. (a) 35,720
53,800 Lucent Technologies, Inc. (a) 156,558
31,100 Motorola, Inc. 567,886
21,200 Qualcomm, Inc. 699,812
2,000 Scientific-Atlanta, Inc. 66,540
7,100 Tellabs, Inc. (a) 61,770
------------
3,638,246
-----------------------------------------------------------------------------------------------------------------------------------
Computers & Peripherals - 3.5% 10,400 Apple Computer, Inc. (a) 382,824
31,300 Dell, Inc. (a) 1,236,663
29,800 EMC Corp. (a) 408,558
3,900 Gateway, Inc. (a) 12,870
37,800 Hewlett-Packard Co. 888,678
21,000 International Business Machines Corp. 1,558,200
1,800 Lexmark International, Inc. Class A (a) 116,694
2,400 NCR Corp. (a) 84,288
4,200 Network Appliance, Inc. (a) 118,734
1,300 QLogic Corp. (a) 40,131
41,600 Sun Microsystems, Inc. (a) 155,168
------------
5,002,808
-----------------------------------------------------------------------------------------------------------------------------------
Construction & Engineering - 0.0% 1,300 Fluor Corp. 74,867
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Construction Materials - 0.0% 1,100 Vulcan Materials Co. 71,489
-----------------------------------------------------------------------------------------------------------------------------------
Consumer Finance - 1.3% 15,300 American Express Co. 814,419
3,000 Capital One Financial Corp. 240,030
15,900 MBNA Corp. 415,944
3,300 Providian Financial Corp. (a) 58,179
5,500 SLM Corp. 279,400
------------
1,807,972
-----------------------------------------------------------------------------------------------------------------------------------
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Containers & Packaging - 0.1% 1,200 Ball Corp. $ 43,152
1,000 Bemis Co. 26,540
1,500 Pactiv Corp. (a) 32,370
1,100 Sealed Air Corp. (a) 54,769
1,600 Temple-Inland, Inc. 59,440
------------
216,271
-----------------------------------------------------------------------------------------------------------------------------------
Distributors - 0.1% 1,900 Genuine Parts Co. 78,071
-----------------------------------------------------------------------------------------------------------------------------------
Diversified Consumer 2,200 Apollo Group, Inc. Class A (a) 172,084
Services - 0.2% 2,200 H&R Block, Inc. 128,370
------------
300,454
-----------------------------------------------------------------------------------------------------------------------------------
Diversified Financial 2,700 CIT Group, Inc. 116,019
Services - 3.6% 67,200 Citigroup, Inc. 3,106,656
45,600 JPMorgan Chase & Co. 1,610,592
3,400 Moody's Corp. 152,864
3,600 Principal Financial Group 150,840
------------
5,136,971
-----------------------------------------------------------------------------------------------------------------------------------
Diversified Telecommunication 10,700 AT&T Corp. 203,728
Services - 2.8% 3,600 Alltel Corp. 224,208
23,000 BellSouth Corp. 611,110
1,800 CenturyTel, Inc. 62,334
5,500 Citizens Communications Co. 73,920
20,900 Qwest Communications International Inc. (a) 77,539
42,400 SBC Communications, Inc. 1,007,000
18,900 Sprint Corp. 474,201
35,600 Verizon Communications, Inc. 1,229,980
------------
3,964,020
-----------------------------------------------------------------------------------------------------------------------------------
Electric Utilities - 2.1% 1,900 Allegheny Energy, Inc. (a) 47,918
2,200 Ameren Corp. 121,660
4,600 American Electric Power Co., Inc. 169,602
3,300 Centerpoint Energy, Inc. 43,593
2,400 Cinergy Corp. 107,568
3,400 Consolidated Edison, Inc. 159,256
1,900 DTE Energy Co. 88,863
4,200 Edison International 170,310
2,900 Entergy Corp. 219,095
8,300 Exelon Corp. 426,039
5,000 FPL Group, Inc. 210,300
4,600 FirstEnergy Corp. 221,306
5,000 PG&E Corp. 187,700
2,500 PPL Corp. 148,450
1,400 Pinnacle West Capital Corp. 62,230
3,600 Progress Energy, Inc. 162,864
9,800 The Southern Co. 339,766
1,900 TECO Energy, Inc. 35,929
4,400 Xcel Energy, Inc. 85,888
------------
3,008,337
-----------------------------------------------------------------------------------------------------------------------------------
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Electrical Equipment - 0.4% 2,200 American Power Conversion Corp. $ 51,898
1,300 Cooper Industries Ltd. Class A 83,070
5,200 Emerson Electric Co. 325,676
2,100 Rockwell Automation, Inc. 102,291
------------
562,935
-----------------------------------------------------------------------------------------------------------------------------------
Electronic Equipment & 5,700 Agilent Technologies, Inc. (a) 131,214
Instruments - 0.3% 2,300 Jabil Circuit, Inc. (a) 70,679
2,100 Molex, Inc. 54,684
8,400 Sanmina-SCI Corp. (a) 45,948
10,900 Solectron Corp. (a) 41,311
2,600 Symbol Technologies, Inc. 25,662
900 Tektronix, Inc. 20,943
------------
390,441
-----------------------------------------------------------------------------------------------------------------------------------
Energy Equipment & 2,300 BJ Services Co. 120,704
Services - 1.3% 4,100 Baker Hughes, Inc. 209,756
6,300 Halliburton Co. 301,266
2,000 Nabors Industries Ltd. (a) 121,240
2,307 National Oilwell Varco, Inc. (a) 109,675
2,000 Noble Corp. 123,020
1,600 Rowan Cos., Inc. 47,536
7,500 Schlumberger Ltd. 569,550
3,900 Transocean, Inc. (a) 210,483
------------
1,813,230
-----------------------------------------------------------------------------------------------------------------------------------
Food & Staples Retailing - 2.8% 5,300 Albertson's, Inc. 109,604
9,800 CVS Corp. 284,886
6,100 Costco Wholesale Corp. 273,402
8,600 The Kroger Co. (a) 163,658
6,400 Safeway, Inc. 144,576
1,900 Supervalu, Inc. 61,959
7,800 Sysco Corp. 282,282
43,300 Wal-Mart Stores, Inc. 2,087,060
12,800 Walgreen Co. 588,672
------------
3,996,099
-----------------------------------------------------------------------------------------------------------------------------------
Food Products - 1.2% 8,500 Archer-Daniels-Midland Co. 181,730
4,700 Campbell Soup Co. 144,619
6,100 ConAgra Foods, Inc. 141,276
4,600 General Mills, Inc. 215,234
4,500 H.J. Heinz Co. 159,390
3,100 The Hershey Co. 192,510
4,800 Kellogg Co. 213,312
1,400 McCormick & Co., Inc. 45,752
9,300 Sara Lee Corp. 184,233
2,600 Wm. Wrigley Jr. Co. 178,984
------------
1,657,040
-----------------------------------------------------------------------------------------------------------------------------------
Gas Utilities - 0.1% 1,700 KeySpan Corp. 69,190
2,800 NiSource, Inc. 69,244
800 Nicor, Inc. 32,936
300 Peoples Energy Corp. 13,038
------------
184,408
-----------------------------------------------------------------------------------------------------------------------------------
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Health Care Equipment & 800 Bausch & Lomb, Inc. $ 66,400
Supplies - 2.2% 7,600 Baxter International, Inc. 281,960
3,400 Becton Dickinson & Co. 178,398
3,500 Biomet, Inc. 121,240
10,100 Boston Scientific Corp. (a) 272,700
1,400 CR Bard, Inc. 93,114
1,500 Fisher Scientific International (a) 97,350
4,100 Guidant Corp. 275,930
1,700 Hospira, Inc. (a) 66,300
15,500 Medtronic, Inc. 802,745
700 Millipore Corp. (a) 39,711
1,300 PerkinElmer, Inc. 24,570
4,800 St. Jude Medical, Inc. (a) 209,328
5,000 Stryker Corp. 237,800
1,800 Thermo Electron Corp. (a) 48,366
1,300 Waters Corp. (a) 48,321
3,100 Zimmer Holdings, Inc. (a) 236,127
------------
3,100,360
-----------------------------------------------------------------------------------------------------------------------------------
Health Care Providers & 4,000 Aetna, Inc. New Shares 331,280
Services - 2.7% 1,500 AmerisourceBergen Corp. 103,725
5,300 Cardinal Health, Inc. 305,174
5,500 Caremark Rx, Inc. (a) 244,860
1,800 Cigna Corp. 192,654
2,000 Express Scripts, Inc. (a) 99,960
5,590 HCA, Inc. 316,785
3,300 Health Management Associates, Inc. Class A 86,394
1,700 Humana, Inc. (a) 67,558
2,600 IMS Health, Inc. 64,402
1,900 Laboratory Corp. of America Holdings (a) 94,810
1,200 Manor Care, Inc. 47,676
3,700 McKesson Corp. 165,723
3,500 Medco Health Solutions, Inc. (a) 186,760
2,400 Quest Diagnostics 127,848
5,300 Tenet Healthcare Corp. (a) 64,872
16,600 UnitedHealth Group, Inc. 865,524
7,800 WellPoint, Inc. (a) 543,192
------------
3,909,197
-----------------------------------------------------------------------------------------------------------------------------------
Hotels, Restaurants & 7,000 Carnival Corp. 381,850
Leisure - 1.5% 1,700 Darden Restaurants, Inc. 56,066
1,600 Harrah's Entertainment, Inc. 115,312
5,700 Hilton Hotels Corp. 135,945
4,300 International Game Technology 121,045
2,700 Marriott International, Inc. Class A 184,194
16,400 McDonald's Corp. 455,100
5,200 Starbucks Corp. (a) 268,632
2,700 Starwood Hotels & Resorts Worldwide, Inc. 158,139
1,600 Wendy's International, Inc. 76,240
3,700 Yum! Brands, Inc. 192,696
------------
2,145,219
-----------------------------------------------------------------------------------------------------------------------------------
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Household Durables - 0.6% 1,000 Black & Decker Corp. $ 89,850
1,600 Centex Corp. 113,072
1,700 Fortune Brands, Inc. 150,960
1,200 KB Home 91,476
2,100 Leggett & Platt, Inc. 55,818
1,200 Maytag Corp. 18,792
3,700 Newell Rubbermaid, Inc. 88,208
1,700 Pulte Homes, Inc. 143,225
800 Snap-On, Inc. 27,440
1,200 The Stanley Works 54,648
1,100 Whirlpool Corp. 77,121
------------
910,610
-----------------------------------------------------------------------------------------------------------------------------------
Household Products - 1.8% 2,200 Clorox Co. 122,584
7,000 Colgate-Palmolive Co. 349,370
6,400 Kimberly-Clark Corp. 400,576
31,900 Procter & Gamble Co. 1,682,725
------------
2,555,255
-----------------------------------------------------------------------------------------------------------------------------------
IT Services - 1.1% 1,700 Affiliated Computer Services, Inc. Class A (a) 86,870
7,200 Automatic Data Processing, Inc. 302,184
2,600 Computer Sciences Corp. (a) 113,620
1,400 Convergys Corp. (a) 19,908
6,500 Electronic Data Systems Corp. 125,125
10,000 First Data Corp. 401,400
2,600 Fiserv, Inc. (a) 111,670
4,800 Paychex, Inc. 156,192
2,000 Sabre Holdings Corp. Class A 39,900
3,700 Sungard Data Systems, Inc. (a) 130,129
3,800 Unisys Corp. (a) 24,054
------------
1,511,052
-----------------------------------------------------------------------------------------------------------------------------------
Independent Power Producers & 7,600 The AES Corp. (a) 124,488
Energy Traders - 0.6% 8,400 Calpine Corp. (a) 28,560
1,900 Constellation Energy Group, Inc. 109,611
11,700 Duke Energy Corp. 347,841
3,800 Dynegy, Inc. Class A (a) 18,468
3,200 TXU Corp. 265,888
------------
894,856
-----------------------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates - 4.4% 10,000 3M Co. 723,000
136,600 General Electric Co. 4,733,190
1,600 Textron, Inc. 121,360
25,900 Tyco International Ltd. 756,280
------------
6,333,830
-----------------------------------------------------------------------------------------------------------------------------------
Insurance - 4.3% 3,700 ACE Ltd. 165,945
1,400 AMBAC Financial Group, Inc. 97,664
4,200 AON Corp. 105,168
6,900 Aflac, Inc. 298,632
8,500 The Allstate Corp. 507,875
33,500 American International Group, Inc. 1,946,350
2,400 Chubb Corp. 205,464
1,890 Cincinnati Financial Corp. 74,768
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
3,700 Hartford Financial Services Group, Inc. $ 276,686
1,500 Jefferson-Pilot Corp. 75,630
2,000 Lincoln National Corp. 93,840
2,100 Loews Corp. 162,750
1,900 MBIA, Inc. 112,689
7,100 Marsh & McLennan Cos., Inc. 196,670
8,900 Metlife, Inc. 399,966
2,500 The Progressive Corp. 247,025
6,500 Prudential Financial, Inc. 426,790
1,700 Safeco Corp. 92,378
8,200 The St. Paul Travelers Cos., Inc. 324,146
1,200 Torchmark Corp. 62,640
4,100 UnumProvident Corp. 75,112
2,000 XL Capital Ltd. Class A 148,840
------------
6,097,028
-----------------------------------------------------------------------------------------------------------------------------------
Internet & Catalog Retail - 0.4% 15,700 eBay, Inc. (a) 518,257
-----------------------------------------------------------------------------------------------------------------------------------
Internet Software & 17,000 Yahoo!, Inc. (a) 589,050
Services - 0.4%
-----------------------------------------------------------------------------------------------------------------------------------
Leisure Equipment & 1,000 Brunswick Corp. 43,320
Products - 0.2% 3,700 Eastman Kodak Co. 99,345
1,800 Hasbro, Inc. 37,422
4,700 Mattel, Inc. 86,010
------------
266,097
-----------------------------------------------------------------------------------------------------------------------------------
Machinery - 1.4% 4,500 Caterpillar, Inc. 428,895
600 Cummins, Inc. 44,766
3,600 Danaher Corp. 188,424
3,200 Deere & Co. 209,568
2,300 Dover Corp. 83,674
2,000 Eaton Corp. 119,800
1,300 ITT Industries, Inc. 126,919
3,600 Illinois Tool Works, Inc. 286,848
2,200 Ingersoll-Rand Co. Class A 156,970
1,000 Navistar International Corp. (a) 32,000
2,400 Paccar, Inc. 163,200
1,300 Pall Corp. 39,468
1,600 Parker Hannifin Corp. 99,216
------------
1,979,748
-----------------------------------------------------------------------------------------------------------------------------------
Media - 3.6% 7,100 Clear Channel Communications, Inc. 219,603
28,200 Comcast Corp. Class A (a) 865,740
800 Dow Jones & Co., Inc. 28,360
3,400 Gannett Co., Inc. 241,842
4,800 Interpublic Group of Cos., Inc. (a) 58,464
1,100 Knight-Ridder, Inc. 67,474
4,800 The McGraw-Hill Cos., Inc. 212,400
400 Meredith Corp. 19,624
1,600 New York Times Co. Class A 49,840
37,000 News Corp. Class A 598,660
2,400 Omnicom Group 191,664
60,300 Time Warner, Inc. 1,007,613
3,700 Tribune Co. 130,166
3,700 Univision Communications, Inc. Class A (a) 101,935
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
20,800 Viacom, Inc. Class B $ 666,016
26,300 Walt Disney Co. 662,234
------------
5,121,635
-----------------------------------------------------------------------------------------------------------------------------------
Metals & Mining - 0.6% 10,800 Alcoa, Inc. 282,204
900 Allegheny Technologies, Inc. 19,854
2,600 Freeport-McMoRan Copper & Gold, Inc. Class B 97,344
5,900 Newmont Mining Corp. 230,277
2,100 Nucor Corp. 95,802
1,300 Phelps Dodge Corp. 120,250
1,500 United States Steel Corp. 51,555
------------
897,286
-----------------------------------------------------------------------------------------------------------------------------------
Multi-Utilities - 0.5% 3,000 CMS Energy Corp. (a) 45,180
4,400 Dominion Resources, Inc. 322,916
3,100 Public Service Enterprise Group, Inc. 188,542
3,100 Sempra Energy 128,061
------------
684,699
-----------------------------------------------------------------------------------------------------------------------------------
Multiline Retail - 1.3% 1,000 Big Lots, Inc. (a) 13,240
800 Dillard's, Inc. Class A 18,736
3,900 Dollar General Corp. 79,404
2,300 Family Dollar Stores, Inc. 60,030
2,300 Federated Department Stores 168,544
3,700 JC Penney Co., Inc. 194,546
4,200 Kohl's Corp. (a) 234,822
3,800 The May Department Stores Co. 152,608
1,800 Nordstrom, Inc. 122,346
1,381 Sears Holdings Corp. (a) 206,971
11,200 Target Corp. 609,392
------------
1,860,639
-----------------------------------------------------------------------------------------------------------------------------------
Office Electronics - 0.1% 11,700 Xerox Corp. (a) 161,343
-----------------------------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable 1,200 Amerada Hess Corp. 127,812
Fuels - 7.4% 3,200 Anadarko Petroleum Corp. 262,880
4,400 Apache Corp. 284,240
1,000 Ashland, Inc. (a) 71,870
4,700 Burlington Resources, Inc. 259,628
26,900 Chevron Corp. 1,504,248
18,000 ConocoPhillips 1,034,820
5,900 Devon Energy Corp. 299,012
3,400 EOG Resources, Inc. 193,120
7,300 El Paso Corp. 84,096
82,000 Exxon Mobil Corp. 4,712,540
1,526 Kerr-McGee Corp. 116,449
1,600 Kinder Morgan, Inc. 133,120
4,800 Marathon Oil Corp. 256,176
4,900 Occidental Petroleum Corp. 376,957
1,000 Sunoco, Inc. 113,680
3,400 Unocal Corp. 221,170
3,200 Valero Energy Corp. 253,152
6,900 Williams Cos., Inc. 131,100
4,533 XTO Energy, Inc. 154,077
------------
10,590,147
-----------------------------------------------------------------------------------------------------------------------------------
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Paper & Forest Products - 0.4% 3,000 Georgia-Pacific Corp. $ 95,400
6,100 International Paper Co. 184,281
1,600 Louisiana-Pacific Corp. 39,328
2,200 MeadWestvaco Corp. 61,688
2,900 Weyerhaeuser Co. 184,585
------------
565,282
-----------------------------------------------------------------------------------------------------------------------------------
Personal Products - 0.6% 1,000 Alberto-Culver Co. Class B 43,330
6,300 Avon Products, Inc. 238,455
12,700 The Gillette Co. 643,001
------------
924,786
-----------------------------------------------------------------------------------------------------------------------------------
Pharmaceuticals - 7.0% 20,000 Abbott Laboratories 980,200
1,700 Allergan, Inc. 144,908
24,600 Bristol-Myers Squibb Co. 614,508
14,600 Eli Lilly & Co. 813,366
4,700 Forest Laboratories, Inc. (a) 182,595
38,200 Johnson & Johnson 2,483,000
3,000 King Pharmaceuticals, Inc. (a) 31,260
28,300 Merck & Co., Inc. 871,640
3,000 Mylan Laboratories 57,720
95,800 Pfizer, Inc. 2,642,164
19,100 Schering-Plough Corp. 364,046
1,500 Watson Pharmaceuticals, Inc. (a) 44,340
17,200 Wyeth 765,400
------------
9,995,147
-----------------------------------------------------------------------------------------------------------------------------------
Real Estate - 0.6% 1,600 Apartment Investment & Management Co. Class A 65,472
2,200 Archstone-Smith Trust 84,964
5,600 Equity Office Properties Trust 185,360
4,000 Equity Residential 147,280
2,000 Plum Creek Timber Co., Inc. 72,600
2,000 Prologis 80,480
3,100 Simon Property Group, Inc. 224,719
------------
860,875
-----------------------------------------------------------------------------------------------------------------------------------
Road & Rail - 0.5% 4,700 Burlington Northern Santa Fe Corp. 221,276
2,800 CSX Corp. 119,448
4,700 Norfolk Southern Corp. 145,512
3,300 Union Pacific Corp. 213,840
------------
700,076
-----------------------------------------------------------------------------------------------------------------------------------
Semiconductors & 4,600 Advanced Micro Devices, Inc. (a) 79,764
Semiconductor Equipment - 3.1% 4,700 Altera Corp. (a) 93,154
4,500 Analog Devices, Inc. 167,895
20,800 Applied Materials, Inc. 336,544
2,700 Applied Micro Circuits Corp. (a) 6,912
4,000 Broadcom Corp. Class A (a) 142,040
5,546 Freescale Semiconductor, Inc. Class B (a) 117,464
79,900 Intel Corp. 2,082,194
2,500 Kla-Tencor Corp. 109,250
3,800 LSI Logic Corp. (a) 32,262
4,200 Linear Technology Corp. 154,098
4,100 Maxim Integrated Products, Inc. 156,661
7,100 Micron Technology, Inc. (a) 72,491
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
4,100 National Semiconductor Corp. $ 90,323
1,900 Novellus Systems, Inc. (a) 46,949
2,300 Nvidia Corp. (a) 61,456
2,700 PMC - Sierra, Inc. (a) 25,191
2,600 Teradyne, Inc. (a) 31,122
21,100 Texas Instruments, Inc. 592,277
4,400 Xilinx, Inc. 112,200
------------
4,510,247
-----------------------------------------------------------------------------------------------------------------------------------
Software - 3.8% 6,000 Adobe Systems, Inc. 171,720
3,000 Autodesk, Inc. 103,110
2,500 BMC Software, Inc. (a) 44,875
2,200 Citrix Systems, Inc. (a) 47,652
6,900 Computer Associates International, Inc. 189,612
4,000 Compuware Corp. (a) 28,760
4,000 Electronic Arts, Inc. (a) 226,440
2,400 Intuit, Inc. (a) 108,264
1,200 Mercury Interactive Corp. (a) 46,032
129,600 Microsoft Corp. 3,219,264
6,500 Novell, Inc. (a) 40,300
58,400 Oracle Corp. (a) 770,880
2,500 Parametric Technology Corp. (a) 15,950
6,700 Siebel Systems, Inc. 59,630
8,500 Symantec Corp. (a) 184,790
5,500 Veritas Software Corp. (a) 134,200
------------
5,391,479
-----------------------------------------------------------------------------------------------------------------------------------
Specialty Retail - 2.3% 2,900 Autonation, Inc. (a) 59,508
1,000 Autozone, Inc. (a) 92,460
3,800 Bed Bath & Beyond, Inc. (a) 158,764
4,000 Best Buy Co., Inc. 274,200
2,700 Circuit City Stores, Inc. 46,683
10,500 The Gap, Inc. 207,375
27,700 Home Depot, Inc. 1,077,530
5,300 Limited Brands 113,526
9,600 Lowe's Cos., Inc. 558,912
3,500 Office Depot, Inc. (a) 79,940
1,500 OfficeMax, Inc. 44,655
2,100 RadioShack Corp. 48,657
1,500 The Sherwin-Williams Co. 70,635
10,050 Staples, Inc. 214,266
5,700 TJX Cos., Inc. 138,795
2,200 Tiffany & Co. 72,072
2,300 Toys "R" US, Inc. (a) 60,904
------------
3,318,882
-----------------------------------------------------------------------------------------------------------------------------------
Textiles, Apparel & Luxury 4,400 Coach, Inc. (a) 147,708
Goods - 0.4% 1,700 Jones Apparel Group, Inc. 52,768
1,100 Liz Claiborne, Inc. 43,736
3,100 Nike, Inc. Class B 268,460
900 Reebok International Ltd. 37,647
1,200 VF Corp. 68,664
------------
618,983
-----------------------------------------------------------------------------------------------------------------------------------
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005 (in U.S. dollars)
Shares
Industry* Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 1.7% 7,200 Countrywide Financial Corp. $ 277,992
12,400 Fannie Mae 724,160
8,700 Freddie Mac 567,501
3,900 Golden West Financial Corp. 251,082
1,100 MGIC Investment Corp. 71,742
4,200 Sovereign Bancorp, Inc. 93,828
10,900 Washington Mutual, Inc. 443,521
------------
2,429,826
-----------------------------------------------------------------------------------------------------------------------------------
Tobacco - 1.4% 26,600 Altria Group, Inc. 1,719,956
1,600 Reynolds American, Inc. 126,080
2,200 UST, Inc. 100,452
------------
1,946,488
-----------------------------------------------------------------------------------------------------------------------------------
Trading Companies & 1,000 WW Grainger, Inc. 54,790
Distributors - 0.0%
-----------------------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication 14,400 Nextel Communications, Inc. Class A (a) 465,264
Services - 0.3%
-----------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks
(Cost - $133,381,308) - 97.7% 139,893,163
===================================================================================================================================
Exchange-Traded Funds
-----------------------------------------------------------------------------------------------------------------------------------
2,395 SPDR Trust Series I 285,292
-----------------------------------------------------------------------------------------------------------------------------------
Total Exchange-Traded Funds 285,292
(Cost - $274,047) - 0.2%
===================================================================================================================================
Face Amount Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
Time Deposits - 0.2% $ 290,390 Brown Brothers Harriman & Co., 2.50% due 7/01/2005 290,390
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities 290,390
(Cost - $290,390) - 0.2%
===================================================================================================================================
Number of
Contracts Options Purchased
-----------------------------------------------------------------------------------------------------------------------------------
Call Options Purchased 136,717 S&P 500 Index, expiring November 2005 at USD
1,130.51, Broker BNP Paribas 11,246,948
98,893 S&P 500 Index, expiring November 2005 at USD
1,130.51, Broker HSBC Securities 8,135,409
-----------------------------------------------------------------------------------------------------------------------------------
Total Options Purchased
(Premiums Paid - $0.00) - 13.5% 19,382,357
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments
(Cost - $133,945,745) - 111.6% 159,851,202
-----------------------------------------------------------------------------------------------------------------------------------
Options Written
-----------------------------------------------------------------------------------------------------------------------------------
Call Options Written 205,076 S&P 500 Index, expiring November 2005 at USD
1,177.09, Broker BNP Paribas (9,693,620)
148,340 S&P 500 Index, expiring November 2005 at USD
1,176.86, Broker HSBC Securities (7,011,819)
-----------------------------------------------------------------------------------------------------------------------------------
Total Options Written
(Premiums Received - $60,000 ) - (11.6%) (16,705,439)
===================================================================================================================================
Total Investments, Net of Options Written (Cost - $133,885,745**) - 100.0% 143,145,763
Other Assets Less Liabilities - 0.0% 52,052
------------
Net Assets - 100.0% $143,197,815
============
S&P 500(R) GEARED(SM) Fund Inc.
Schedule of Investments as of June 30, 2005
* For Fund compliance purposes, "Industry" means 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.
** The cost and unrealized appreciation (depreciation) of investments, net of
options written, as of June 30, 2005, as computed for federal income tax
purposes, were as follows:
Aggregate cost $ 133,885,745
=============
Gross unrealized appreciation $ 19,356,861
Gross unrealized depreciation (10,096,843)
-------------
Net unrealized appreciation $ 9,260,018
=============
(a) Non-income producing security.
(b) Investments in companies considered to be an affiliate of the Fund (such
companies are defined as "Affiliated Companies" in Section 2(a)(3) of the
Investment Company Act of 1940) were as follows:
-------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
-------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 11,900 $ 6,108
-------------------------------------------------------------------------
Item 2 - Controls and Procedures
2(a) - Evaluation of controls
Subsequent to the filing with the Securities and Exchange Commission of
the most recent Form N-Q of the registrant for the period ended June 30,
2005, Fund management determined that the schedule of investments
included in the Form N-Q understated the value of the Fund's options
positions (the "Options"), and consequently the Fund's NAV.
After reviewing the Form N-Q and consulting with the Fund's counsel,
chief compliance officer, auditors, audit committee and independent
directors' counsel, management decided that it is appropriate to restate
the schedule of investments contained in the Form N-Q for the period
ended June 30, 2005 and to file this amended Form N-Q with the restated
schedule.
The origin of the NAV misstatement was traced to an inaccurate
application of pricing information for the Options by the registrant's
fund accounting service provider. The registrant's disclosure controls
and procedures in effect for the period ended June 30, 2005, did not
detect and correct the error. The registrant's principal executive
officer and principal financial officer, after evaluating the relevant
controls and procedures, concluded that certain changes, described in
paragraph (b), below, were appropriate and implemented those changes.
In connection with this amended filing, the registrant's principal
executive officer and principal financial officer have, within 90 days of
this amended report, evaluated the registrant's disclosure controls and
procedures currently in effect, including the changes discussed below,
and concluded that the registrant's disclosure controls and procedures
are effective and operating properly.
2(b) - Changes in Internal Control over Financial Reporting
The registrant has implemented the following changes in its internal
control over financial reporting:
1. Management has discussed with the fund accounting service provider the
cause of the error discussed above and the provider's implementations of
procedures designed to prevent and/ or detect future errors of this type.
2. The fund accounting service provider's communication process with
broker/counterparties will be formalized to ensure that option's prices
are reported in a manner that is compatible with the Fund's portfolio
accounting system.
3. The Fund's adviser and subadviser will create and maintain independent
NAV redundancy models to regularly verify the NAV reported by the fund
accounting service provider.
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
S&P 500 (R) GEARED (SM) Fund Inc.
Date: October 21, 2005
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
S&P 500 (R) GEARED (SM) Fund Inc.
Date: October 21, 2005
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
S&P 500 (R) GEARED (SM) Fund Inc.
Date: October 21, 2005