Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Virtus Duff & Phelps Select MLP and Energy Fund Class A / VLPAX |
$ |
Fund net assets (‘000s) | $ |
Total number of portfolio holdings | |
Portfolio turnover rate as of the end of the reporting period |
Common Stocks & MLP Interests | ||
Diversified | ||
Natural Gas Pipelines | ||
Liquefied Natural Gas | ||
Electric, LDC & Power | ||
Petroleum Transportation & Storage | ||
Downstream/Other | ||
Gathering/Processing | ||
Short-Term Investment | ||
Total |
(1) |
|
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Virtus Duff & Phelps Select MLP and Energy Fund Class C / VLPCX |
$ |
Fund net assets (‘000s) | $ |
Total number of portfolio holdings | |
Portfolio turnover rate as of the end of the reporting period |
Common Stocks & MLP Interests | ||
Diversified | ||
Natural Gas Pipelines | ||
Liquefied Natural Gas | ||
Electric, LDC & Power | ||
Petroleum Transportation & Storage | ||
Downstream/Other | ||
Gathering/Processing | ||
Short-Term Investment | ||
Total |
(1) |
|
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Virtus Duff & Phelps Select MLP and Energy Fund Class I / VLPIX |
$ |
Fund net assets (‘000s) | $ |
Total number of portfolio holdings | |
Portfolio turnover rate as of the end of the reporting period |
Common Stocks & MLP Interests | ||
Diversified | ||
Natural Gas Pipelines | ||
Liquefied Natural Gas | ||
Electric, LDC & Power | ||
Petroleum Transportation & Storage | ||
Downstream/Other | ||
Gathering/Processing | ||
Short-Term Investment | ||
Total |
(1) |
|
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Virtus KAR Long/Short Equity Fund Class A / VLSAX |
$ |
Fund net assets (‘000s) | $ |
Total number of portfolio holdings | |
Portfolio turnover rate as of the end of the reporting period |
Common Stocks | ||
Financials | ||
Industrials | ||
Information Technology | ||
Consumer Discretionary | ||
Health Care | ||
Communication Services | ||
Consumer Staples | ||
Securities Sold Short | ( | |
Industrials | ( |
|
Consumer Discretionary | ( |
|
Information Technology | ( |
|
Financials | ( |
|
Real Estate | ( |
|
Total |
(1) |
|
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Virtus KAR Long/Short Equity Fund Class C / VLSCX |
$ |
Fund net assets (‘000s) | $ |
Total number of portfolio holdings | |
Portfolio turnover rate as of the end of the reporting period |
Common Stocks | ||
Financials | ||
Industrials | ||
Information Technology | ||
Consumer Discretionary | ||
Health Care | ||
Communication Services | ||
Consumer Staples | ||
Securities Sold Short | ( | |
Industrials | ( |
|
Consumer Discretionary | ( |
|
Information Technology | ( |
|
Financials | ( |
|
Real Estate | ( |
|
Total |
(1) |
|
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Virtus KAR Long/Short Equity Fund Class I / VLSIX |
$ |
Fund net assets (‘000s) | $ |
Total number of portfolio holdings | |
Portfolio turnover rate as of the end of the reporting period |
Common Stocks | ||
Financials | ||
Industrials | ||
Information Technology | ||
Consumer Discretionary | ||
Health Care | ||
Communication Services | ||
Consumer Staples | ||
Securities Sold Short | ( | |
Industrials | ( |
|
Consumer Discretionary | ( |
|
Information Technology | ( |
|
Financials | ( |
|
Real Estate | ( |
|
Total |
(1) |
|
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Virtus KAR Long/Short Equity Fund Class R6 / VLSRX |
$ |
Fund net assets (‘000s) | $ |
Total number of portfolio holdings | |
Portfolio turnover rate as of the end of the reporting period |
Common Stocks | ||
Financials | ||
Industrials | ||
Information Technology | ||
Consumer Discretionary | ||
Health Care | ||
Communication Services | ||
Consumer Staples | ||
Securities Sold Short | ( | |
Industrials | ( |
|
Consumer Discretionary | ( |
|
Information Technology | ( |
|
Financials | ( |
|
Real Estate | ( |
|
Total |
(1) |
|
(b) Not applicable
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.
Item 6. Investments.
(a) | Refer to Item 7a. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant’s (semiannual) financial statements and financial highlights are as follows:
Virtus Duff & Phelps Select MLP and Energy Fund |
Virtus KAR Long/Short Equity Fund |
1 | ||
Fund | Schedule of Investments | |
2 | ||
3 | ||
5 | ||
7 | ||
8 | ||
9 | ||
11 | ||
19 |
Total Value at April 30, 2025 |
Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks & MLP Interests | $53,107 | $53,107 | |
Money Market Mutual Fund | 1,150 | 1,150 | |
Total Investments | $54,257 | $54,257 |
Total Value at April 30, 2025 |
Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $52,023 | $52,023 | |
Total Assets | 52,023 | 52,023 | |
Liabilities: | |||
Securities Sold Short: | |||
Common Stocks | (8,748) | (8,748) | |
Total Liabilities | (8,748) | (8,748) | |
Total Investments, Net of Securities Sold Short | $43,275 | $43,275 |
Duff & Phelps Select MLP and Energy Fund |
KAR Long/Short Equity Fund | ||
Assets | |||
Investment in securities at value(1) |
$54,257 | $52,023 | |
Foreign currency at value(2) |
37 | — | |
Cash |
903 | 1,038 | |
Due from broker |
— | 9,253 | |
Receivables | |||
Fund shares sold |
60 | 1 | |
Dividends and interest |
122 | 9 | |
Tax reclaims |
—(a) | — | |
Tax receivable |
1 | — | |
Prepaid Trustees’ retainer |
1 | 1 | |
Prepaid expenses |
31 | 53 | |
Other assets |
7 | 7 | |
Total assets |
55,419 | 62,385 | |
Liabilities | |||
Securities sold short at value(3) |
— | 8,748 | |
Payables | |||
Fund shares repurchased |
222 | 55 | |
Investment securities purchased |
546 | — | |
Investment advisory fees |
27 | 42 | |
Distribution and service fees |
8 | —(a) | |
Administration and accounting fees |
11 | 11 | |
Transfer agent and sub-transfer agent fees and expenses |
9 | 18 | |
Professional fees |
15 | 12 | |
Trustee deferred compensation plan |
7 | 7 | |
Interest expense and/or commitment fees |
—(a) | —(a) | |
Other accrued expenses |
21 | — | |
Total liabilities |
866 | 8,893 | |
Commitments and contingencies (Note 3D) |
— | — | |
Net Assets |
$54,553 | $53,492 | |
Net Assets Consist of: | |||
Capital paid in on shares of beneficial interest |
$41,993 | $32,959 | |
Accumulated earnings (loss) |
12,560 | 20,533 | |
Net Assets |
$54,553 | $53,492 | |
Duff & Phelps Select MLP and Energy Fund |
KAR Long/Short Equity Fund | ||
Net Assets: | |||
Class A |
$33,805 | $707 | |
Class C |
$857 | $103 | |
Class I |
$19,891 | $51,861 | |
Class R6 |
$— | $821 | |
Shares Outstanding (unlimited number of shares authorized, no par value): | |||
Class A |
2,089,138 | 43,881 | |
Class C |
53,469 | 6,735 | |
Class I |
1,241,911 | 3,166,087 | |
Class R6 |
— | 50,098 | |
Net Asset Value and Redemption Price Per Share:* | |||
Class A |
$16.18 | $16.10 | |
Class C |
$16.03 | $15.27 | |
Class I |
$16.02 | $16.38 | |
Class R6 |
$— | $16.39 | |
Maximum Offering Price Per Share (NAV/(1-5.50%)): | |||
Class A |
$17.12 | $17.04 | |
Maximum Sales Charge - Class A |
5.50% | 5.50% | |
(1) Investment in securities at cost |
$42,031 | $36,414 | |
(2) Foreign currency at cost |
$37 | $— | |
(3) Securities sold short proceeds |
$— | $12,560 |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Duff & Phelps Select MLP and Energy Fund |
KAR Long/Short Equity Fund | ||
Investment Income | |||
Dividends |
$1,127 | $224 | |
Less: return of capital distributions |
(427) | — | |
Interest |
— | 200 | |
Foreign taxes withheld |
(38) | — | |
Total investment income |
662 | 424 | |
Expenses | |||
Investment advisory fees |
238 | 365 | |
Distribution and service fees, Class A |
38 | 1 | |
Distribution and service fees, Class C |
4 | 1 | |
Administration and accounting fees |
38 | 41 | |
Transfer agent fees and expenses |
13 | 12 | |
Sub-transfer agent fees and expenses, Class A |
15 | —(a) | |
Sub-transfer agent fees and expenses, Class C |
—(a) | —(a) | |
Sub-transfer agent fees and expenses, Class I |
13 | 43 | |
Custodian fees |
—(a) | —(a) | |
Printing fees and expenses |
9 | 14 | |
Professional fees |
20 | 21 | |
Interest expense and/or commitment fees |
—(a) | —(a) | |
Registration fees |
25 | 19 | |
Trustees’ fees and expenses |
2 | 3 | |
Miscellaneous expenses |
5 | 7 | |
Total expenses |
420 | 527 | |
Dividend and interest expense on securities sold short |
— | 127 | |
Total expenses, including dividend and interest expense on securities sold short |
420 | 654 | |
Less net expenses reimbursed and/or waived by investment adviser(1) |
(73) | (73) | |
Net expenses |
347 | 581 | |
Net investment income (loss) |
315 | (157) | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Net realized gain (loss) from: | |||
Investments |
422 | 3,356 | |
Securities sold short |
— | (226) | |
Foreign currency transactions |
(1) | — | |
Net change in unrealized appreciation (depreciation) on: | |||
Investments |
240 | (8,983) | |
Securities sold short |
— | 2,268 | |
Foreign currency transactions |
—(a) | — | |
Net realized and unrealized gain (loss) on investments |
661 | (3,585) | |
Net increase (decrease) in net assets resulting from operations |
$976 | $(3,742) |
(a) | Amount is less than $500 (not in thousands). |
(1) | See Note 3D in Notes to Financial Statements. |
Duff & Phelps Select MLP and Energy Fund | KAR Long/Short Equity Fund | ||||||
Six Months Ended April 30, 2025 (Unaudited) |
Year Ended October 31, 2024 |
Six Months Ended April 30, 2025 (Unaudited) |
Year Ended October 31, 2024 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) |
$315 | $398 | $(157) | $45 | |||
Net realized gain (loss) |
421 | 4,597 | 3,130 | 5,004 | |||
Net change in unrealized appreciation (depreciation) |
240 | 6,673 | (6,715) | 7,023 | |||
Increase (decrease) in net assets resulting from operations |
976 | 11,668 | (3,742) | 12,072 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A |
(389) | (145) | (51) | (8) | |||
Class C |
(6) | (5) | (10) | (1) | |||
Class I |
(234) | (211) | (3,928) | (570) | |||
Class R6 |
— | — | (56) | (6) | |||
Return of Capital: | |||||||
Class A |
— | (313) | — | — | |||
Class C |
— | (10) | — | — | |||
Class I |
— | (455) | — | — | |||
Total dividends and distributions to shareholders |
(629) | (1,139) | (4,045) | (585) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A |
14,904 | 7,335 | (52) | (387) | |||
Class C |
139 | (6) | (21) | (25) | |||
Class I |
(3,501) | (5,647) | (832) | (19,821) | |||
Class R6 |
— | — | 129 | 59 | |||
Increase (decrease) in net assets from capital transactions |
11,542 | 1,682 | (776) | (20,174) | |||
Net increase (decrease) in net assets |
11,889 | 12,211 | (8,563) | (8,687) | |||
Net Assets | |||||||
Beginning of period |
42,664 | 30,453 | 62,055 | 70,742 | |||
End of Period |
$54,553 | $42,664 | $53,492 | $62,055 |
Net Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends from Net Investment Income |
Return of Capital | Distributions from Net Realized Gains |
Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3)(4) | Net Assets, End of Period (in thousands) |
Ratio of Net Expenses to Average Net Assets (including dividend and interest expense on securities sold short)(5)(6) |
Ratio of Gross Expenses to Average Net Assets(5)(6) |
Ratio of Net Investment Income (Loss) to Average Net Assets(5)(7) |
Portfolio Turnover Rate(2) | |||
Duff & Phelps Select MLP and Energy Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
11/1/24 to 4/30/25(8) | $15.72 | 0.09 | 0.56 | 0.65 | (0.19) | — | — | (0.19) | 0.46 | $16.18 | 4.09 % | $33,805 | 1.40 % | 1.67 % | 1.10 % | 25 % | ||
11/1/23 to 10/31/24 | 11.61 | 0.14 | 4.41 | 4.55 | (0.14) | (0.30) | — | (0.44) | 4.11 | 15.72 | 39.47 | 19,380 | 1.40 | 1.73 | 1.04 | 46 | ||
11/1/22 to 10/31/23 | 11.75 | 0.06 | 0.18 | 0.24 | (0.29) | (0.09) | — | (0.38) | (0.14) | 11.61 | 2.16 | 8,600 | 1.44 (9) | 1.73 | 0.52 | 44 | ||
11/1/21 to 10/31/22 | 9.37 | 0.04 | 2.69 | 2.73 | — | (0.35) | — | (0.35) | 2.38 | 11.75 | 29.24 | 8,668 | 1.42 (9) | 1.60 | 0.34 | 43 | ||
11/1/20 to 10/31/21 | 5.19 | (0.01) | 4.49 | 4.48 | (0.08) | (0.22) | — | (0.30) | 4.18 | 9.37 | 86.75 | 2,117 | 1.40 | 2.02 | (0.14) | 49 | ||
11/1/19 to 10/31/20 | 8.09 | 0.06 | (2.65) | (2.59) | — | (0.31) | — | (0.31) | (2.90) | 5.19 | (32.15) | 317 | 1.40 | 3.11 | 0.95 | 41 | ||
Class C | ||||||||||||||||||
11/1/24 to 4/30/25(8) | $15.57 | 0.03 | 0.55 | 0.58 | (0.12) | — | — | (0.12) | 0.46 | $16.03 | 3.74 % | $857 | 2.15 % | 2.43 % | 0.34 % | 25 % | ||
11/1/23 to 10/31/24 | 11.49 | 0.03 | 4.37 | 4.40 | (0.10) | (0.22) | — | (0.32) | 4.08 | 15.57 | 38.47 | 708 | 2.15 | 2.51 | 0.24 | 46 | ||
11/1/22 to 10/31/23 | 11.59 | (0.02) | 0.17 | 0.15 | (0.19) | (0.06) | — | (0.25) | (0.10) | 11.49 | 1.36 | 527 | 2.19 (9) | 2.50 | (0.22) | 44 | ||
11/1/21 to 10/31/22 | 9.25 | (0.02) | 2.62 | 2.60 | — | (0.26) | — | (0.26) | 2.34 | 11.59 | 28.17 | 743 | 2.16 (9) | 2.32 | (0.16) | 43 | ||
11/1/20 to 10/31/21 | 5.12 | (0.07) | 4.45 | 4.38 | (0.07) | (0.18) | — | (0.25) | 4.13 | 9.25 | 85.81 | 297 | 2.15 | 2.77 | (0.83) | 49 | ||
11/1/19 to 10/31/20 | 8.01 | 0.02 | (2.64) | (2.62) | — | (0.27) | — | (0.27) | (2.89) | 5.12 | (32.76) | 79 | 2.15 | 3.85 | 0.28 | 41 | ||
Class I | ||||||||||||||||||
11/1/24 to 4/30/25(8) | $15.54 | 0.11 | 0.56 | 0.67 | (0.19) | — | — | (0.19) | 0.48 | $16.02 | 4.29 % | $19,891 | 1.15 % | 1.45 % | 1.36 % | 25 % | ||
11/1/23 to 10/31/24 | 11.45 | 0.16 | 4.36 | 4.52 | (0.14) | (0.29) | — | (0.43) | 4.09 | 15.54 | 39.79 | 22,576 | 1.15 | 1.48 | 1.22 | 46 | ||
11/1/22 to 10/31/23 | 11.59 | 0.09 | 0.17 | 0.26 | (0.31) | (0.09) | — | (0.40) | (0.14) | 11.45 | 2.36 | 21,326 | 1.19 (9) | 1.49 | 0.76 | 44 | ||
11/1/21 to 10/31/22 | 9.22 | 0.09 | 2.62 | 2.71 | — | (0.34) | — | (0.34) | 2.37 | 11.59 | 29.48 | 25,578 | 1.17 (9) | 1.36 | 0.90 | 43 | ||
11/1/20 to 10/31/21 | 5.10 | 0.02 | 4.42 | 4.44 | (0.08) | (0.24) | — | (0.32) | 4.12 | 9.22 | 87.52 | 22,478 | 1.15 | 1.78 | 0.28 | 49 | ||
11/1/19 to 10/31/20 | 7.99 | 0.08 | (2.63) | (2.55) | — | (0.34) | — | (0.34) | (2.89) | 5.10 | (32.03) | 4,364 | 1.15 | 2.79 | 1.30 | 41 | ||
KAR Long/Short Equity Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
11/1/24 to 4/30/25(8) | $18.47 | (0.07) | (1.06) | (1.13) | — | — | (1.24) | (1.24) | (2.37) | $16.10 | (6.57) % | $707 | 2.24 % (10) | 2.50 % | (0.78) % | 10 % | ||
11/1/23 to 10/31/24 | 15.70 | (0.03) | 2.94 | 2.91 | — | — | (0.14) | (0.14) | 2.77 | 18.47 | 18.58 | 855 | 2.30 (10) | 2.29 | (0.18) | 31 | ||
11/1/22 to 10/31/23 | 15.87 | — (11) | 0.52 | 0.52 | — | — | (0.69) | (0.69) | (0.17) | 15.70 | 3.44 | 1,077 | 2.15 (10) | 2.40 | — | 13 | ||
11/1/21 to 10/31/22 | 18.99 | (0.20) | (2.85) | (3.05) | — | — | (0.07) | (0.07) | (3.12) | 15.87 | (16.18) | 1,202 | 2.19 (9)(10) | 2.31 | (1.16) | 26 | ||
11/1/20 to 10/31/21 | 16.44 | (0.29) | 2.98 | 2.69 | — | — | (0.14) | (0.14) | 2.55 | 18.99 | 16.47 | 5,578 | 2.23 (10) | 2.31 | (1.59) | 19 | ||
11/1/19 to 10/31/20 | 12.69 | (0.20) | 4.00 | 3.80 | — | — | (0.05) | (0.05) | 3.75 | 16.44 | 30.01 | 1,210 | 2.32 (10) | 2.51 | (1.34) | 33 | ||
Class C | ||||||||||||||||||
11/1/24 to 4/30/25(8) | $17.65 | (0.13) | (1.01) | (1.14) | — | — | (1.24) | (1.24) | (2.38) | $15.27 | (6.95) % | $103 | 2.99 % (10) | 3.26 % | (1.55) % | 10 % | ||
11/1/23 to 10/31/24 | 15.12 | (0.16) | 2.83 | 2.67 | — | — | (0.14) | (0.14) | 2.53 | 17.65 | 17.70 | 141 | 3.04 (10) | 3.22 | (0.93) | 31 | ||
11/1/22 to 10/31/23 | 15.41 | (0.12) | 0.52 | 0.40 | — | — | (0.69) | (0.69) | (0.29) | 15.12 | 2.73 | 144 | 2.90 (10) | 2.98 | (0.77) | 13 | ||
11/1/21 to 10/31/22 | 18.59 | (0.30) | (2.81) | (3.11) | — | — | (0.07) | (0.07) | (3.18) | 15.41 | (16.80) | 367 | 2.93 (9)(10) | 2.96 | (1.82) | 26 | ||
11/1/20 to 10/31/21 | 16.21 | (0.40) | 2.92 | 2.52 | — | — | (0.14) | (0.14) | 2.38 | 18.59 | 15.65 | 456 | 3.00 (10) | 3.01 | (2.29) | 19 | ||
11/1/19 to 10/31/20 | 12.61 | (0.28) | 3.93 | 3.65 | — | — | (0.05) | (0.05) | 3.60 | 16.21 | 29.01 | 504 | 3.09 (10) | 3.28 | (2.02) | 33 | ||
Class I | ||||||||||||||||||
11/1/24 to 4/30/25(8) | $18.76 | (0.05) | (1.08) | (1.13) | (0.01) | — | (1.24) | (1.25) | (2.38) | $16.38 | (6.44) % | $51,861 | 1.99 % (10) | 2.24 % | (0.54) % | 10 % | ||
11/1/23 to 10/31/24 | 15.91 | 0.01 | 2.98 | 2.99 | — | — | (0.14) | (0.14) | 2.85 | 18.76 | 18.84 | 60,262 | 2.04 (10) | 2.20 | 0.07 | 31 | ||
11/1/22 to 10/31/23 | 16.03 | 0.04 | 0.53 | 0.57 | — | — | (0.69) | (0.69) | (0.12) | 15.91 | 3.72 | 68,898 | 1.91 (10) | 2.02 | 0.24 | 13 | ||
11/1/21 to 10/31/22 | 19.14 | (0.14) | (2.90) | (3.04) | — | — | (0.07) | (0.07) | (3.11) | 16.03 | (15.95) | 100,256 | 1.94 (9)(10) | 2.04 | (0.83) | 26 | ||
11/1/20 to 10/31/21 | 16.53 | (0.24) | 2.99 | 2.75 | — | — | (0.14) | (0.14) | 2.61 | 19.14 | 16.75 | 153,771 | 1.98 (10) | 2.07 | (1.31) | 19 | ||
11/1/19 to 10/31/20 | 12.72 | (0.15) | 4.01 | 3.86 | — | — | (0.05) | (0.05) | 3.81 | 16.53 | 30.41 | 109,819 | 2.07 (10) | 2.30 | (1.05) | 33 |
Net Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) |
Total from Investment Operations | Dividends from Net Investment Income |
Return of Capital | Distributions from Net Realized Gains |
Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3)(4) | Net Assets, End of Period (in thousands) |
Ratio of Net Expenses to Average Net Assets (including dividend and interest expense on securities sold short)(5)(6) |
Ratio of Gross Expenses to Average Net Assets(5)(6) |
Ratio of Net Investment Income (Loss) to Average Net Assets(5)(7) |
Portfolio Turnover Rate(2) | |||
KAR Long/Short Equity Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
11/1/24 to 4/30/25(8) | $18.84 | (0.04) | (1.09) | (1.13) | (0.08) | — | (1.24) | (1.32) | (2.45) | $16.39 | (6.45) % | $821 | 1.91 % (10) | 2.09 % | (0.47) % | 10 % | ||
11/1/23 to 10/31/24 | 15.96 | 0.02 | 3.00 | 3.02 | — | — | (0.14) | (0.14) | 2.88 | 18.84 | 18.97 | 797 | 1.97 (10) | 2.06 | 0.11 | 31 | ||
11/1/22 to 10/31/23 | 16.07 | 0.05 | 0.53 | 0.58 | — | — | (0.69) | (0.69) | (0.11) | 15.96 | 3.78 | 623 | 1.83 (10) | 1.88 | 0.32 | 13 | ||
11/1/21 to 10/31/22 | 19.17 | (0.12) | (2.91) | (3.03) | — | — | (0.07) | (0.07) | (3.10) | 16.07 | (15.87) | 519 | 1.85 (9)(10) | 1.88 | (0.72) | 26 | ||
11/1/20 to 10/31/21 | 16.54 | (0.24) | 3.01 | 2.77 | — | — | (0.14) | (0.14) | 2.63 | 19.17 | 16.86 | 376 | 1.90 (10) | 1.92 | (1.30) | 19 | ||
11/1/19 to 10/31/20 | 12.73 | (0.13) | 3.99 | 3.86 | — | — | (0.05) | (0.05) | 3.81 | 16.54 | 30.39 | 132 | 2.07 (10) | 2.24 | (0.95) | 33 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report. |
(4) | Sales charges, where applicable, are not reflected in the total return calculation. |
(5) | Annualized for periods less than one year. |
(6) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(7) | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
(8) | Unaudited. |
(9) | Net expense ratio includes extraordinary proxy expenses. |
(10) | The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short for the KAR Long/Short Equity Fund for Class A are 1.80%, 1.81%, 1.80%, 1.81%, 1.80% and 1.80%, for Class C is 2.55%, 2.56%, 2.55%, 2.56%, 2.55% and 2.55%, for Class I is 1.55%, 1.56%, 1.55%, 1.56%, 1.55% and 1.55% and for Class R6 is 1.48%, 1.49%, 1.48%, 1.50%, 1.48% and 1.48% for the six months ended April 30, 2025, years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively. |
(11) | Amount is less than $0.005 per share. |
A. | Security Valuation |
The Funds’ Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). | |
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
• Level 3 – prices determined using significant unobservable inputs (including the investment adviser’s Valuation Committee’s own assumptions in determining the fair value of investments). | |
A description of the valuation techniques applied to a Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows: | |
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser’s Valuation Committee, and are generally categorized as Level 3 in the hierarchy. | |
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis. | |
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy. | |
A summary of the inputs used to value a Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT and MLP investments is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The Duff & Phelps Select MLP and Energy Fund invests in MLPs that make distributions that are primarily attributable to return of capital. The actual amounts of income, return of capital, and capital gains are only determined by each REIT and MLP after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | MLP Risk |
Investments in securities of MLPs involve risks that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner and cash flow risks. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. | |
H. | Short Sales |
Each Fund may sell securities short. A short sale is a transaction in which a Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, a Fund must borrow the security. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. On ex-dividend date, dividends on short sales are recorded as an expense to the Fund. | |
In addition, in accordance with the terms of its prime brokerage agreement, KAR Long/Short Equity Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The dividends on short sales and rebate income/fees are recorded under “Dividend and interest expense on securities sold short” on the Statements of Operations. | |
I. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York (“BNY”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At April 30, 2025, the Funds had no securities on loan. | |
J. | Segment Reporting |
Accounting Standards Codification (“ASC”) 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust’s Board of Trustees, each Fund’s Adviser acts as the respective Fund’s CODM. The CODM monitors the Fund’s operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in |
accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect any Fund’s financial position or the results of its operations. |
A. | Investment Adviser |
Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: | |
Effective January 1, 2025, Virtus Investment Advisers, LLC (“VIA”) has replaced Virtus Alternative Investment Advisers, LLC (“VAIA”) as the investment adviser to each Fund. As a result, also effective January 1, 2025, VFA’s rights and obligations under the investment advisory, subadvisory and expense limitation agreements for the Trust have been transferred to, and assumed by, VIA. Both VIA and VAIA are wholly- owned indirect subsidiaries of Virtus. No changes have been made to (i) the investment advisory fee rates payable by the Fund or (ii) the Funds’ subadviser or the portfolio managers managing the Funds. |
First $1 Billion | $1+ Billion | ||
Duff & Phelps Select MLP and Energy Fund |
0.90 % | 0.85 % | |
KAR Long/Short Equity Fund |
1.25 | 1.20 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. The subadvisers and the Funds they serve as of the end of the period are as follows: Duff & Phelps Investment Management Co., an indirect wholly-owned subsidiary of Virtus, for Duff & Phelps Select MLP and Energy Fund; and Kayne Anderson Rudnick Investment Management, LLC, an indirect wholly-owned subsidiary of Virtus, for KAR Long/Short Equity Fund. | |
C. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through February 28, 2026. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Duff & Phelps Select MLP and Energy Fund |
1.40% | 2.15% | 1.15% | N/A | ||||
KAR Long/Short Equity Fund |
1.80 | 2.55 | 1.55 | 1.48% |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending April 30: |
Expiration | ||||||||||
Fund | 2025 | 2026 | 2027 | 2028 | Total | |||||
Duff & Phelps Select MLP and Energy Fund | ||||||||||
Class A |
$ 8 | $ 28 | $ 38 | $ 41 | $ 115 | |||||
Class C |
1 | 3 | 2 | 1 | 7 | |||||
Class I |
29 | 75 | 74 | 31 | 209 |
Expiration | ||||||||||
Fund | 2025 | 2026 | 2027 | 2028 | Total | |||||
KAR Long/Short Equity Fund | ||||||||||
Class A |
$2 | $3 | $1 | $1 | $7 | |||||
Class C |
— (1) | — (1) | — (1) | — (1) | — (1) | |||||
Class I |
73 | 105 | 107 | 71 | 356 | |||||
Class R6 |
— (1) | — (1) | 1 | 1 | 2 |
(1) | Amount is less than $500 (not in thousands). |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months ended April 30, 2025, it retained net commissions of $4 for Class A shares and CDSC of $—(1) for Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
(1) Amount is less than $500 (not in thousands). | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the six months ended April 30, 2025, the Funds incurred administration fees totaling $53 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the six months ended April 30, 2025, the Funds incurred transfer agent fees totaling $24 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the six months ended April 30, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
H. | Trustee Deferred Compensation Plan |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at April 30, 2025. |
Purchases | Sales | ||
Duff & Phelps Select MLP and Energy Fund |
$24,431 | $12,692 | |
KAR Long/Short Equity Fund |
6,610 | 9,438 |
Duff & Phelps Select MLP and Energy Fund | KAR Long/Short Equity Fund | ||||||||||||||
Six Months Ended April 30, 2025 (Unaudited) |
Year Ended October 31, 2024 |
Six Months Ended April 30, 2025 (Unaudited) |
Year Ended October 31, 2024 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions |
1,373 | $23,518 | 811 | $11,576 | 3 | $59 | 4 | $57 | |||||||
Reinvestment of distributions | 23 | 389 | 30 | 448 | 3 | 51 | —(1) | 8 | |||||||
Shares repurchased and cross class conversions |
(540) | (9,003) | (349) | (4,689) | (8) | (162) | (26) | (452) | |||||||
Net Increase / (Decrease) | 856 | $14,904 | 492 | $7,335 | (2) | $(52) | (22) | $(387) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions |
14 | $234 | 9 | $119 | —(1) | $—(2) | —(1) | $4 | |||||||
Reinvestment of distributions | —(1) | 7 | 1 | 15 | 1 | 10 | —(1) | 1 | |||||||
Shares repurchased and cross class conversions |
(6) | (102) | (10) | (140) | (2) | (31) | (1) | (30) | |||||||
Net Increase / (Decrease) | 8 | $139 | — | $(6) | (1) | $(21) | (1) | $(25) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions |
210 | $3,591 | 244 | $3,284 | 52 | $918 | 621 | $10,576 | |||||||
Reinvestment of distributions | 14 | 228 | 34 | 493 | 224 | 3,912 | 33 | 568 | |||||||
Shares repurchased and cross class conversions |
(435) | (7,320) | (689) | (9,424) | (322) | (5,662) | (1,774) | (30,965) | |||||||
Net Increase / (Decrease) | (211) | $(3,501) | (411) | $(5,647) | (46) | $(832) | (1,120) | $(19,821) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions |
— | $— | — | $— | 6 | $95 | 4 | $65 | |||||||
Reinvestment of distributions | — | — | — | — | 3 | 56 | —(1) | 5 | |||||||
Shares repurchased and cross class conversions |
— | — | — | — | (1) | (22) | (1) | (11) | |||||||
Net Increase / (Decrease) | — | $— | — | $— | 8 | $129 | 3 | $59 |
(1) | Amount is less than 500 shares (not in thousands). |
(2) | Amount is less than $500 (not in thousands). |
% of Shares Outstanding |
Number of Accounts* | ||
Duff & Phelps Select MLP and Energy Fund |
19 % | 1 | |
KAR Long/Short Equity Fund |
86 | 1 |
* | None of the accounts are affiliated. |
Sector | Percentage of Total Investments | ||
Duff & Phelps Select MLP and Energy Fund |
Diversified | 39% | |
KAR Long/Short Equity Fund |
Financials | 42 | |
KAR Long/Short Equity Fund |
Industrials | 25 |
Fund | Federal Tax Cost |
Unrealized Appreciation |
Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) | ||||
Duff & Phelps Select MLP and Energy Fund |
$ 41,337 | $ 13,556 | $ (636) | $ 12,920 | ||||
KAR Long/Short Equity Fund |
38,183 | 16,612 | (2,772) | 13,840 | ||||
KAR Long/Short Equity Fund (Short sales) |
(12,560) | 4,423 | (611) | 3,812 |
8554 | 06-25 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Please refer to the Other Information Section in Item 7a.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 16. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act. |
(b) | There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.
Item 19. Exhibits.
(a)(1) |
Not applicable. | |
(a)(2) |
Not applicable. | |
(a)(3) |
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(4) |
Disclosure not required for open-end management investment companies. | |
(a)(5) |
Not applicable. | |
(b) |
Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Alternative Solutions Trust |
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) |
Date |
06/26/2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) |
Date |
06/26/2025 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer | ||
(principal financial and accounting officer) |
Date |
06/26/2025 |
* | Print the name and title of each signing officer under his or her signature. |