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The merger of Duff & Phelps Select MLP and Midstream Energy Fund (DSE) into Virtus Duff & Phelps Select MLP and Energy Fund (VLPIX) was completed on June 25, 2021. Shareholders of DSE received 1.080565 shares of VLPIX for each share of DSE they held, based on the respective net asset values of $9.4704 for DSE and $8.7643 for VLPIX. The merged fund, now an open-end fund, continues to operate under the ticker VLPIX.
Investors are advised to consider the fund's investment objectives and risks before proceeding.
Trading in shares of Duff & Phelps Select MLP and Midstream Energy Fund (DSE) will cease after the market closes on June 21, 2021, as part of a merger with the Virtus Duff & Phelps Select MLP and Energy Fund (VLPIX). Effective June 25, 2021, DSE shareholders will receive VLPIX shares equivalent to the net asset value (NAV) of their DSE shares. This transaction is expected to be a tax-free reorganization for federal income tax purposes, with no sales charges for shareholders involved.
On May 19, 2021, Duff & Phelps Select MLP and Midstream Energy Fund (NYSE: DSE) announced that shareholders approved its merger into the Virtus Duff & Phelps Select MLP and Energy Fund (I Shares: VLPIX). The merger is set to take effect after June 25, 2021, with DSE shareholders receiving VLPIX shares at an equivalent Net Asset Value. This transaction is anticipated to be tax-free, incurring no fees for shareholders. Additionally, shareholders re-elected three directors during the annual meeting, ensuring continuity in management.
The Duff & Phelps Select MLP and Midstream Energy Fund (DSE) announced plans to merge with the Virtus Duff & Phelps Select MLP and Energy Fund (VLPIX), pending shareholder approval. This merger aims to provide DSE shareholders with VLPIX shares, redeemable daily at net asset value (NAV), ensuring no dilution. The move is intended as a tax-free reorganization, addressing shareholder concerns from a previous liquidation proposal. The merger is expected to yield cost savings and the potential for distributions, as both funds share a similar investment strategy.
Duff & Phelps Select MLP and Midstream Energy Fund (NYSE: DSE) announced a completed 1-for-10 reverse stock split, effective after November 6, 2020. The fund's shares will continue to trade under the symbol DSE on a split-adjusted basis starting November 9. While no fractional shares were issued for most shareholders, those in the dividend reinvestment program will receive cash for any fractional shares. The split does not change ownership percentages or voting power for shareholders, and it does not constitute a taxable event aside from minimal gains or losses from fractional shares.
The Duff & Phelps Select MLP and Midstream Energy Fund (NYSE: DSE) has announced a 1-for-10 reverse stock split to take place after market close on November 6, 2020. Following this action, every ten shares will convert into one, with trading on a split-adjusted basis starting November 9, 2020. This measure aims to enhance the share price to meet NYSE minimum price standards. Shareholders will not see a change in ownership percentage, except for minor effects from fractional shares. Cash payments will be made for any fractional shares.
The Duff & Phelps Select MLP and Midstream Energy Fund (NYSE: DSE) announced on July 31, 2020, that it will defer its quarterly distribution due to a decline in fund assets caused by market volatility. The decision follows a failed shareholder vote on a liquidation proposal held on July 23. The fund's management believes this deferral is in the shareholders' best interest until a sustainable level of net assets can be maintained. The fund will continue managing its investments according to its existing mandate.
On July 24, 2020, Duff & Phelps Select MLP and Midstream Energy Fund (NYSE: DSE) announced it failed to secure enough votes to approve a proposal for liquidation despite a plurality of shareholder votes. The fund’s management cited volatility in the MLP sector and non-compliance with NYSE listing standards due to share prices falling below $1.00 over 30 days. Management plans to keep the fund operational, waiving 50% of management fees effective August 1, after previously waiving all fees since March 2020. Investors are warned of risks including potential loss of principal.
