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Duff & Phelps Select MLP and Midstream Energy Fund Inc.

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Closed-End Fund Alternative Mid-stream energy

Duff & Phelps Select MLP and Midstream Energy Fund Inc.

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Ticker
CUSIP
Inception
Market Price
$
(as of )
Premium/Discount
%
Managed Assets
$ (as of )
Net Assets
$ (as of )
Average Daily Volume
(as of )
Shares Outstanding
Distribution Frequency

Portfolio Overview

Investment Overview

The Fund's investment objective is to seek a high level of total return resulting from a combination of current tax-deferred distributions and capital appreciation.

Under normal market conditions, the Fund will invest at least 80% of its managed assets in energy master limited partnerships ('MLPs') and midstream energy companies that are not organized as MLPs.

Management Team

Investment Partner

Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management pursues specialized investment strategies with exceptional depth of resources and expertise. Since its earliest beginnings, providing research and analysis of income producing securities to Depression-era investors, the firm's attention has been set on identifying attractive opportunities through active management and fundamental research, while managing the associated risks. Today, building on a distinguished legacy, Duff & Phelps has earned a reputation as a leader in investing in Global Listed Infrastructure, Global Listed Real Estate, and MLPs & Energy. Quality. Reliability. Specialization. Since 1932.


Learn more about Duff & Phelps Investment Management Co.

Investment Professionals

David Grumhaus

David D. Grumhaus, Jr.

President and Chief Investment Officer

Industry start date: 1989
Start date as fund Portfolio Manager: 2014

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Image - Photo - Rodney Clayton

Rodney C. Clayton, CFA

Managing Director, Portfolio Manager, and Senior Research Analyst

Industry start date: 2004
Start date as fund Portfolio Manager: 2020

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Performance & Risk

Performance

As of
As of

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

Performance reflects the deduction of Fund operating expenses. Performance does not reflect the incurrence of brokerage expenses, which typically apply to exchange traded products. Total return net of brokerage expenses would be lower than the total returns on market value shown in the table. Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of one year or less are cumulative returns.

Expenses

Portfolio

Equity Allocation (% Equity)

(as of 03/31/2021)
Diversified
32.66
 32.66%
Gathering/Processing
23.76
 23.76%
Petroleum Transportation & Storage
17.76
 17.76%
Downstream/Other
15.16
 15.16%
Natural Gas Pipelines
9.33
 9.33%
Upstream
1.33
 1.33%

Allocations are subject to change daily.

Top Holdings (% Fund)

(as of 03/31/2021)
Security
Targa Resources Corp
10.79
 10.79%
Williams Cos Inc/The
8.26
 8.26%
Mplx LP
8.21
 8.21%
Enterprise Products Partners LP
7.61
 7.61%
Energy Transfer LP
7.51
 7.51%
Cheniere Energy Inc
7.32
 7.32%
ONEOK Inc
6.13
 6.13%
Hess Midstream LP
5.96
 5.96%
Plains All American Pipeline LP
5.84
 5.84%
Genesis Energy LP
4.84
 4.84%

Holdings are subject to change.

Leverage

Assets (in millions)

(as of 03/31/2021)
Total Net Assets $20.26
Total Borrowed Debt $4.00
Total Managed Assets $24.26
Total Preferred Assets $0

Effective Leverage

(as of 03/31/2021)
Borrowed Debt 16.49%
Assets (in Millions):

Total Net Assets: includes Net Assets Applicable to Common Shareholders
Preferred Assets: consist of the value of: Auction Rate Preferred Shares, and/or Series A Cumulative Preferred Shares, and/or Mandatory Redeemable Preferred Shares.
Total Managed Assets: Total Net Assets + Preferred Assets + Borrowed Debt

Effective Leverage:

Preferred Assets: % consists of Total Preferred assets divided by Total Managed Assets.
Borrowed Debt: % is short term debt + long term debt divided Total Managed Assets
Total Effective Leverage (%) consists of Preferred Assets + Borrowed Debt, as applicable, divided by Total Managed Assets

Distributions

Ex. Dividend Date
Record Date
Payable Date
Frequency
Latest($/Share)
YTD($/Share)
Market Price Distribution Rate
(as of )

The Fund currently does not expect to pay a quarterly distribution, due to the decline in the fund’s assets as a result of recent market volatility, until it can maintain a sustainable level of net assets.

Distributions are not guaranteed and are subject to change.

Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.

Ex-Date Record Date Payable Date Total Distribution ($/Share)

You should not draw any conclusions about the Fund’s investment performance from its distributions. Please view the Fund’s Section 19a notices below, if applicable, which set forth information regarding the estimated composition of the distributions, including any portion that may constitute a return of capital.

The distribution table above is for informational purposes only and should not be used for tax reporting purposes. A Form 1099 DIV (or substitute Form 1099 DIV) will be sent to shareholders at the beginning of each year that will state the federal tax status of distributions received during the previous calendar year. Please consult a tax professional regarding specific tax matters.

Form 8937 Organizational Actions

Automatic Reinvestment Plan

This plan offers shareholders a convenient way to acquire additional shares of the fund. Registered holders will be automatically placed in the Plan. If shares are held at a brokerage firm, contact your broker about participation.

Net Asset Value vs. Market Price

Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price. The difference between the market price and the NAV (Premium/Discount) is expressed as a percentage of NAV. Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains.

Disclosures

There can be no assurance that the fund will achieve its investment objectives.

This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.

Contact your financial representative for more information, or  or call for service at 1-800-254-5197.

Risk Considerations

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
Master Limited Partnerships: Investments in MLPs may be adversely impacted by interest rates, tax law changes, regulation, or factors affecting underlying assets.
Energy Industry Concentration: The portfolio's investments are concentrated in the energy industry and presents greater risks than if the portfolio was broadly diversified over numerous sectors of the economy.
Leverage: When a portfolio is leveraged, the value of its securities may be more volatile and all other risks may be compounded.
Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio's assets as intended.
Closed-End Funds: Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase volatility.

Related Literature

Fact Sheet

Duff & Phelps Select MLP and Midstream Energy Fund Fact Sheet

Automatic Reinvestment

Duff & Phelps Select MLP and Midstream Energy Fund Inc. - Automatic Reinvestment and Cash Purchase Plan

Distributions

July 31, 2020
November 1, 2019

Holdings

Duff & Phelps Select MLP And Midstream Energy Fund Inc. Fiscal Q1 2020 Holdings
Duff & Phelps Select MLP And Midstream Energy Fund Inc. Fiscal Q3 2020 Holdings

Section 19a Notices

February 2020
November 2019
August 2019
May 2019

News Releases/Communications

February 4, 2021 - Duff & Phelps Select MLP and Midstream Energy Fund Announces Board Approval to Seek Merger into Open-End Fund
November 9, 2020 - Duff & Phelps Select MLP and Midstream Energy Fund Inc. Completes Reverse Stock Split
October 26, 2020 - Duff & Phelps Select MLP and Midstream Energy Fund Inc. Announces Reverse Stock Split
July 31, 2020 - Duff & Phelps MLP and Midstream Energy Fund Inc. Will Continue to Defer Quarterly Dividend
July 24, 2020 - Duff & Phelps Select MLP and Midstream Energy Fund Inc. Provides Update on Liquidation Proposal
May 22, 2020 - Annual Meeting Proxy Reminder Letter
May 21, 2020 - Virtus Closed End Funds Announce Results of Joint Annual Meeting & Adjournment of Duff & Phelps Select MLP and Midstream Energy Fund Annual Meeting
May 1, 2020 - Annual Meeting Proxy Reminder Letter
April 24, 2020 - Duff & Phelps Select MLP and Midstream Energy Fund Inc. Receives Continued Listing Standard Notice From NYSE
April 24, 2020 - Annual Meeting Proxy Reminder Letter
April 9, 2020 - Joint Annual Meeting of Shareholders Proxy Statement
March 30, 2020 - Duff & Phelps Select MLP and Midstream Energy Fund Inc. Announces Liquidation and Dissolution Proposal
March 24, 2020 - Duff & Phelps Select MLP and Midstream Energy Fund Inc. To Redeem All Mandatory Redeemable Preferred Shares
March 11, 2020 - Duff & Phelps Select MLP and Midstream Energy Fund Inc. To Redeem Series B Mandatory Redeemable Preferred Shares
February 3, 2020 - Duff & Phelps Select MLP and Midstream Energy Fund Announces Changes to Portfolio Management Team
November 4, 2019 - Virtus Closed End Funds Announce Results of Joint Special Meetings of Shareholders
September 3, 2019 - Special Meeting Proxy Statement
July 3, 2019 - Virtus Closed-End Funds Announce Joint Special Meetings of Shareholders
May 22, 2019 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders
April 16, 2019 - Proxy Statement
September 19, 2018 - Duff & Phelps Select Energy MLP Fund Inc. Announces Amended Investment Policy, Name Change
April 17, 2018 - Proxy Statement
February 8, 2017 - Duff & Phelps Select Energy MLP Fund Inc. Announces Private Placement of $35 Million of Mandatory Redeemable Preferred Shares
September 16, 2016 - Results of Special Meeting of Shareholders
August 8, 2016 - Special Proxy Statement
August 2, 2016 - Five Closed-End Funds Announce Changes to Board Membership

Governance

Governance and Nominating Committee Charter
Virtus Closed End Funds Audit Committee Charter
Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters

Financial Materials

DSE Annual Report
DSE Semiannual Report
2020 DSE Tax Information