Merger of Duff & Phelps Select MLP and Midstream Energy Fund Inc. Into Virtus Duff & Phelps Select MLP and Energy Fund Completed; Share Conversion Price Announced

Rhea-AI Summary

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.

Positive

• The merger provides DSE shareholders with shares in a larger open-end fund (VLPIX), potentially enhancing liquidity and investment options.

Negative

• The conversion prices reflect a lower NAV for VLPIX ($8.7643) compared to DSE ($9.4704), indicating a loss in value for DSE shareholders.

HARTFORD, Conn., June 28, 2021 /PRNewswire/ -- The merger of Duff & Phelps Select MLP and Midstream Energy Fund Inc. (NYSE: DSE), a closed-end fund, with and into Virtus Duff & Phelps Select MLP and Energy Fund (I Shares: VLPIX) was completed as of the close of business on Friday, June 25. The merged fund continues to have the ticker "VLPIX" and CUSIP 92835M695, and as an open-end fund it continuously offers its shares which may also be redeemed on any business day of the fund as described in its prospectus.

Prior to the open of trading on the NYSE today, each share of DSE common stock converted into an equivalent dollar amount (to the nearest $0.0001) of shares of VLPIX. The conversion price was based on each fund's net asset value (NAV) per share calculated at the close of business on Friday, June 25, 2021:

DSE	$9.4704
VLPIX	$8.7643

Based upon those conversion prices, former DSE shareholders received 1.080565 shares of common stock of VLPIX for every share of DSE common stock they held at the time of the merger.

About the Fund
The Virtus Duff & Phelps Select MLP and Energy Fund seeks attractive risk-adjusted total returns by investing in North American energy infrastructure. The highly experienced portfolio team applies a disciplined, bottom-up investment process, focusing on energy midstream master limited partnerships (MLPs), general partners (GPs), and C-Corporations that own midstream oil and natural gas assets backed by long-term, fee-based contracts.

Please consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. For this and other information about any Virtus mutual fund, contact your financial representative, call 1-800-243-4361, or visit Virtus.com. Read the prospectus carefully before you invest or send money.

Distributed by VP Distributors, LLC, member FINRA and subsidiary of Virtus Investment Partners, Inc.

Investing involves risk, including possible loss of principal.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/merger-of-duff--phelps-select-mlp-and-midstream-energy-fund-inc-into-virtus-duff--phelps-select-mlp-and-energy-fund-completed-share-conversion-price-announced-301320743.html

SOURCE Virtus Investment Partners, Inc.

FAQ

What is the impact of the merger of DSE into VLPIX on shareholders?

Shareholders of DSE converted their shares into VLPIX at a conversion ratio of 1.080565, possibly impacting their investment value.

What were the net asset values of DSE and VLPIX during the merger?

The net asset value for DSE was $9.4704, while VLPIX had a NAV of $8.7643.

When was the merger between DSE and VLPIX completed?

The merger was completed on June 25, 2021.

What ticker symbol does the merged fund use?

The merged fund continues under the ticker symbol VLPIX.

How can I learn more about VLPIX and its investment objectives?

Investors can refer to the fund's prospectus, which outlines investment objectives, risks, charges, and expenses.