HARTFORD, Conn., July 31, 2020 /PRNewswire/ -- The Duff &
Phelps Select MLP and Midstream Energy Fund Inc. (NYSE: DSE),
a closed-end fund, today announced that it will defer the
declaration or payment of a quarterly distribution until further
notice.
The fund's Board of Directors decided in March that the fund
should neither declare nor pay a dividend for the second quarter
pending a vote at a July 23 meeting
of shareholders on a proposal to liquidate and dissolve the fund.
After the liquidation proposal failed to achieve the requisite
majority vote, management determined that, due to the decline in
the fund's assets as a result of recent market volatility, it is in
the best interest of shareholders that the fund not pay a quarterly
distribution until it can maintain a sustainable level of net
assets.
As previously announced, in light of the outcome of the
shareholder vote on the liquidation proposal, the fund will
continue to be managed according to its mandate, and management
will continue to review options for the fund.
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.