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.