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Virtus Alternative Solutions Trust
2026-04-30
Virtus Duff & Phelps Select MLP and Energy Fund
Class A
VLPAX
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Select MLP and Energy Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574.
https://www.virtus.com/investor-resources/mutual-fund-documents
1‑800‑243‑1574
<div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Duff & Phelps Select MLP and Energy Fund<br/>Class A / VLPAX</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr> </table>
80
0.0140
<div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of April 30, 2026)</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>51,925</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;"><span style="white-space: nowrap;">Total number of portfolio holdings</span></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">26</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">14<span>%</span></td> </tr> </table>
51925000
26
0.14
<div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Asset Allocation<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">84</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Diversified</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">29</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Natural Gas Pipelines</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">23</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Electric, LDC & Power</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">14</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Liquefied Natural Gas</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">7</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Downstream/Other</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">5</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Petroleum Transportation & Storage</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">5</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Upstream</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">1</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Master Limited Partnerships</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">16</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Diversified</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">12</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Petroleum Transportation & Storage</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">4</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">100</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table>
<table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;"><sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of April 30, 2026.</div> </td> </tr> </table>
0.84
0.29
0.23
0.14
0.07
0.05
0.05
0.01
0.16
0.12
0.04
1
Virtus Duff & Phelps Select MLP and Energy Fund
Class I
VLPIX
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Select MLP and Energy Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574.
https://www.virtus.com/investor-resources/mutual-fund-documents
1‑800‑243‑1574
<div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Duff & Phelps Select MLP and Energy Fund<br/>Class I / VLPIX</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span></td> </tr> </table>
66
0.0115
<div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of April 30, 2026)</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>51,925</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;"><span style="white-space: nowrap;">Total number of portfolio holdings</span></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">26</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">14<span>%</span></td> </tr> </table>
51925000
26
0.14
<div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Asset Allocation<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">84</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Diversified</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">29</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Natural Gas Pipelines</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">23</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Electric, LDC & Power</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">14</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Liquefied Natural Gas</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">7</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Downstream/Other</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">5</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Petroleum Transportation & Storage</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">5</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Upstream</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">1</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Master Limited Partnerships</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">16</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Diversified</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">12</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Petroleum Transportation & Storage</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">4</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">100</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table>
<table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;"><sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of April 30, 2026.</div> </td> </tr> </table>
0.84
0.29
0.23
0.14
0.07
0.05
0.05
0.01
0.16
0.12
0.04
1
Percentage of total investments as of April 30, 2026.
Percentage of total investments as of April 30, 2026.