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Duff & Phelps Select MLP and Midstream Energy Fund Inc.

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Closed-End Fund Equity

Duff & Phelps Select MLP and Midstream Energy Fund Inc.

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Ticker
CUSIP
Market Price
$ (as of )
Premium/Discount
%
Managed Assets
$ (as of )
Net Assets
$ (as of )
Inception

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 D. Grumhaus, Jr.

Co-Chief Investment Officer, Senior Portfolio Manager

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

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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
YTD 3 Month 1 Year 3 Years 5 Years 10 Years Since Inception

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.

Expenses

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.

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.

Fund Distributions and Managed Policy

Under the terms of the Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund.

The amounts and sources of distributions reported in Section 19(a) Notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Please note that the characterization of Fund distributions for federal income tax purposes is different from book accounting generally accepted account principles (“GAAP”). The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution History2

Ex-Date Distribution Reinvest Price Note
02/12/2020 $0.150000 3.136200
11/08/2019 $0.150000 3.407401
08/09/2019 $0.150000 4.474500

You should not necessarily draw any conclusions about the Fund’s investment performance from the amount of this distribution. Contact your financial representative for more information, or  or call Virtus Closed-End Funds for service at 1-866-270-7788.

Please view the Fund’s Section 19-a notices, which set forth information regarding the composition of the distributions, including any portion that may constitute a return of capital.

Form 8937 Organizational Actions

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 1-866-270-7788.

2 Distribution History: Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain

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.
MLPs: Investments in Master Limited Partnerships may be adversely impacted by tax law changes, regulation, or factors affecting underlying assets.
Energy Sector Concentration: The fund's investments are concentrated in the energy sector and may present more risks than if the fund were broadly diversified over numerous sectors of the economy.
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.
Market Volatility: Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

Documents & Resources

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

February 3, 2020
November 1, 2019
August 1, 2019
November 1, 2018

Section 19a Notices

February 2020
November 2019
August 2019
May 2019
February 2019
November 2018
August 2018

News Releases/Communications

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
Audit Committee Charter - DSE, VGI, ZF, ZTR
Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters

Financial Materials

DSE Annual Report
DSE Semiannual Report
2019 DSE Preferred Tax Information Letter MRP Shares
2019 DSE Tax Information