The MLP & Strategic Equity Fund Inc. Provides Update

CHICAGO--(BUSINESS WIRE)--The MLP & Strategic Equity Fund Inc. (NYSE:MTP) today announced that, in accordance with generally accepted accounting principles, it had recorded a deferred tax provision to reflect potential future tax obligations attributable to unrealized net appreciation in the fund’s investments. This deferred tax provision equals $1.05 per share and is reflected in the fund’s net asset value per share of $17.42 as of the close of trading on October 14, 2010. The recording of this deferred tax provision is not a current cash expense and does not impact the value of the fund’s investments. Similar to other closed-end funds that primarily invest in master limited partnerships (MLPs), the fund is taxed as a “C” corporation. Consequently, the fund must currently accrue for potential future tax obligations.

The deferred tax provision arises from a period of sustained increases in the fund’s net realized and unrealized investment gains in excess of available tax loss carry forwards that began during the second quarter of this year. As previously announced, Nuveen Asset Management on October 8, 2010 assumed the role of the fund’s investment adviser*.

* For a link to the announcement visit http://www.nuveen.com/Home/Documents/Default.aspx?fileId=50041

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, the Company managed more than $160 billion as of September 30, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.