DEFA14A 1 t1701745_def14a.htm DEFA14A t1701125-def14a_DIV_kill_00-regcovCOPY1 - none - 1.3671367s
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United States
Securities and Exchange Commission
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No.   )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
☐   Preliminary Proxy Statement
☐   Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☐   Definitive Proxy Statement
☒   Definitive Additional Materials
☐   Soliciting Material Pursuant to §240.14a-12
Duff  & Phelps Select Energy MLP Fund Inc.​
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check the appropriate box):
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No fee required.
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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Title of each class of securities to which transaction applies:
   
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Aggregate number of securities to which transaction applies:
   
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
   
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Total fee paid:
   
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
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Information with respect to the tax fees for Duff & Phelps Select Energy MLP Fund Inc.

The tax fees reported in Duff & Phelps Select Energy MLP Fund Inc. (DSE) proxy statement for 2016 are $145,750, which is comprised of the following:

 

    
US (federal) tax returns  $27,000 
State tax returns  $36,750 
State tax apportionment services  $82,000 

 

 

The level of DSE’s tax fees are due both to its registration as a taxable “C” corporation (as opposed to a registered investment company); and since it is almost 100% invested in master limited partnerships (“MLPs”). The MLPs issue K-1s which have a more complex tax profile than most investments and the nature of most of the MLPs’ businesses, pipelines that pass through multiple States, lead to complex issues of nexus and state tax liability. Each State has differing tax methods which can be based on three factors or some combination of factors for: (i) sales; (ii) payroll and/or (iii) property.  State apportionment services include researching each MLP annually and determining what portion of the partnership is taxable in each state and calculating the type of tax. Further, DSE as a limited partner in each of the MLP’s in which it invests must also determine the apportionment to each State. DSE considers these tax fees to have been incurred for the sole purpose of helping it comply with applicable State and Federal tax codes.