HARTFORD, Conn., March 30, 2020 /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 for the liquidation and dissolution of the fund.
The determination to seek the liquidation and dissolution of the
fund was based on an assessment of a variety of factors, including
the significant and unprecedented downturn in the MLP and midstream
energy sector, in which the fund invests, the current level of
assets, as well as a review of potential alternatives. Ultimately
it was determined that it was advisable and in the best interest of
shareholders to liquidate the fund.
The proposal to liquidate and dissolve the fund, which requires
the approval of shareholders, will be submitted for approval at the
fund's annual shareholder meeting, scheduled for May 21, 2020. Given the liquidation proposal, the
Board decided that the fund should not declare or pay a dividend
for the second quarter.
Fund Risks
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
duff@virtus.com, or by visiting the DSE website.
Forward-Looking Information
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.
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SOURCE Duff & Phelps Select MLP and Midstream Energy Fund
Inc.