Press Release: Duff & Phelps Select MLP and Midstream Energy Fund Announces Board Approval to Seek Merger into Open-End Fund
Duff & Phelps Select MLP and Midstream Energy Fund Announces Board Approval to Seek Merger into Open-End Fund
HARTFORD, Conn., Feb. 4, 2021
HARTFORD, Conn., Feb. 4, 2021 /PRNewswire/ -- The Duff & Phelps Select MLP and Midstream Energy Fund Inc. (NYSE: DSE), a closed-end fund subadvised by Duff & Phelps Investment Management Co., announced today that its Board of Directors has approved fund management's recommendation to seek shareholder approval to merge DSE into the Virtus Duff & Phelps Select MLP and Energy Fund (I Shares: VLPIX), an open-end mutual fund also subadvised by Duff & Phelps with a similar investment objective and strategy. The merger would provide common shareholders of DSE with shares of VLPIX that may be redeemed on a daily basis at net asset value ("NAV").
Management has closely analyzed options for DSE and recommended the merger of DSE into VLPIX based on a review of a variety of factors, including:
Based on the information presented, the Board agreed with management that it would be in the best interests of shareholders of both funds to merge DSE into VLPIX.
The proposal to merge the fund is subject to approval by DSE shareholders. The approval of VLPIX shareholders is not required.
An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund's shares may be worth less upon their sale than what an investor paid for them. Shares of closed-end funds may trade at a premium or discount to their net asset value. For more information about the fund's investment objective and risks, please see the fund's annual report. A copy of the fund's most recent annual report may be obtained free of charge by contacting Shareholder Services at (866) 270-7788, by email at firstname.lastname@example.org, or by visiting the DSE website.
This press release contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about beliefs or expectations, are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as "expect," "estimate," "plan," "intend," "believe," "anticipate," "may," "will," "should," "could," "continue," "project," or similar statements or variations of such terms. Forward-looking statements are based on a series of expectations, assumptions, and projections; are not guarantees of future results or performance; and may involve risks and uncertainty. All forward-looking statements are as of the date of this release only; the fund undertakes no obligation to update or review any forward-looking statements. The fund can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially. You are urged to carefully consider all such factors.
DSE Fund Services
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SOURCE Duff & Phelps Select MLP and Midstream Energy Fund Inc.
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February 04, 2021 16:30 ET (21:30 GMT)