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Press Release

(For Immediate Release)


S&P 500® GEAREDSM Fund Inc.

MLP & Strategic Equity Fund Inc.

(each, a “Fund” and together, the “Funds”)


IQ Investment Advisors LLC Announces

Adjournment of Special Stockholder Meeting of the Funds


NEW YORK, January 23, 2009 – IQ Investment Advisors LLC (“IQ Advisors”) announced that the special meeting of stockholders (the “Meeting”) of each of the Funds scheduled for Friday, January 23, 2009 at 9:00 am (Eastern time) has been adjourned to permit further solicitation of votes by proxy in order to achieve a quorum.

The adjourned Meeting will be held on Friday, March 6, 2009 at 9:00 am (Eastern time) at the offices of the Funds, 800 Scudders Mill Road, Plainsboro, NJ 08536. The proposals to be considered at the Meeting are to approve a new investment advisory and management agreement and a new investment subadvisory agreement for each of the Funds.

IQ Advisors serves as each Fund’s investment adviser. The shares of each Fund are quoted on the New York Stock Exchange. For stockholder related questions, please contact IQ Advisors at (877) 449-4742. You may also visit for more information about IQ Advisors and its products and services.