UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22906
Virtus Alternative Solutions Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301
(Address of principal executive offices) (Zip code)
Jennifer Fromm, Esq.
Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-4506
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
(a) | The Report to Shareholders is attached herewith. |
(b) | Not applicable. |
Virtus Duff & Phelps Select MLP and Energy Fund |
Virtus KAR Long/Short Equity Fund |
1 | ||
2 | ||
4 | ||
5 | ||
Fund | Schedule of Investments | |
6 | ||
8 | ||
10 | ||
12 | ||
13 | ||
14 | ||
16 | ||
25 |
President, Virtus Alternative Solutions Trust
Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Annualized Expense Ratio* | Expenses Paid During Period** | |||||
Duff & Phelps Select MLP and Energy Fund | ||||||||
Class A | $ 1,000.00 | $ 1,172.50 | 1.40 % | $ 7.54 | ||||
Class C | 1,000.00 | 1,167.60 | 2.15 | 11.56 | ||||
Class I | 1,000.00 | 1,172.80 | 1.15 | 6.20 | ||||
KAR Long/Short Equity Fund | ||||||||
Class A | 1,000.00 | 859.30 | 2.19 | 10.09 | ||||
Class C | 1,000.00 | 855.80 | 2.93 | 13.49 | ||||
Class I | 1,000.00 | 859.90 | 1.94 | 8.92 | ||||
Class R6 | 1,000.00 | 860.70 | 1.83 | 8.44 |
* | Annualized expense ratios include dividend expense on securities sold short and interest expense securities sold short. |
** | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (181) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Annualized Expense Ratio* | Expenses Paid During Period** | |||||
Duff & Phelps Select MLP and Energy Fund | ||||||||
Class A | $ 1,000.00 | $ 1,017.85 | 1.40 % | $ 7.01 | ||||
Class C | 1,000.00 | 1,014.13 | 2.15 | 10.74 | ||||
Class I | 1,000.00 | 1,019.09 | 1.15 | 5.76 | ||||
KAR Long/Short Equity Fund | ||||||||
Class A | 1,000.00 | 1,013.94 | 2.19 | 10.93 | ||||
Class C | 1,000.00 | 1,010.25 | 2.93 | 14.62 | ||||
Class I | 1,000.00 | 1,015.20 | 1.94 | 9.67 | ||||
Class R6 | 1,000.00 | 1,015.72 | 1.83 | 9.14 |
* | Annualized expense ratios include dividend and interest expense on securities sold short. |
** | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (181) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Gathering/Processing | 25% | |
Diversified | 24 | |
Downstream/Other | 17 | |
Liquefied Natural Gas | 12 | |
Electric, LDC & Power | 7 | |
Petroleum Transportation & Storage | 7 | |
Natural Gas Pipelines | 6 | |
Short-Term Investment | 2 | |
Total | 100% |
Common Stocks | 121% | |
Information Technology | 34% | |
Financials | 25 | |
Industrials | 16 | |
Health Care | 9 | |
Consumer Staples | 9 | |
Consumer Discretionary | 9 | |
Communication Services | 8 | |
Real Estate | 7 | |
Materials | 4 | |
Short-Term Investment | 1 | |
Securities Sold Short | (22) | |
Industrials | (10) | |
Real Estate | (4) | |
Consumer Discretionary | (4) | |
Financials | (2) | |
Consumer Staples | (2) | |
Total | 100% |
Shares | Value | ||
Common Stocks & MLP Interests—98.8% | |||
Diversified—23.7% | |||
Energy Transfer LP | 223,799 | $ 2,480 | |
Enterprise Products Partners LP | 27,610 | 715 | |
Keyera Corp. | 16,493 | 409 | |
Kinder Morgan, Inc. | 45,731 | 830 | |
MPLX LP | 33,769 | 1,093 | |
ONEOK, Inc. | 20,556 | 1,302 | |
Pembina Pipeline Corp. | 25,271 | 956 | |
7,785 | |||
Downstream/Other—17.4% | |||
Chart Industries, Inc.(1) | 3,905 | 659 | |
Enviva, Inc. | 17,593 | 1,484 | |
Marathon Petroleum Corp. | 14,554 | 1,270 | |
Phillips 66 | 7,245 | 628 | |
Valero Energy Corp. | 14,889 | 1,660 | |
5,701 | |||
Electric, LDC & Power—7.5% | |||
Entergy Corp. | 2,725 | 324 | |
NextEra Energy Partners LP | 9,500 | 633 | |
Sempra Energy | 5,009 | 808 | |
Sunnova Energy International, Inc.(1) | 20,752 | 359 | |
Sunrun, Inc.(1) | 17,318 | 346 | |
2,470 | |||
Gathering/Processing—25.6% | |||
DCP Midstream LP | 36,264 | 1,240 | |
DT Midstream, Inc. | 17,235 | 926 | |
Hess Midstream LP Class A | 42,255 | 1,243 | |
Targa Resources Corp. | 45,865 | 3,367 | |
Western Midstream Partners LP | 67,127 | 1,624 | |
8,400 | |||
Liquefied Natural Gas—12.1% | |||
Cheniere Energy, Inc. | 22,761 | 3,091 |
Shares | Value | ||
Liquefied Natural Gas—continued | |||
Golar LNG Ltd.(1) | 39,798 | $ 889 | |
3,980 | |||
Natural Gas Pipelines—5.8% | |||
Williams Cos., Inc. (The) | 55,376 | 1,899 | |
Petroleum Transportation & Storage—6.7% | |||
Enbridge, Inc. | 17,241 | 752 | |
NuStar Energy LP | 22,715 | 347 | |
Plains GP Holdings LP Class A | 98,103 | 1,096 | |
2,195 | |||
Total Common Stocks & MLP Interests (Identified Cost $26,615) | 32,430 | ||
Total Long-Term Investments—98.8% (Identified Cost $26,615) | 32,430 | ||
Short-Term Investment—1.9% | |||
Money Market Mutual Fund—1.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.239%)(2) | 631,248 | 631 | |
Total Short-Term Investment (Identified Cost $631) | 631 | ||
TOTAL INVESTMENTS—100.7% (Identified Cost $27,246) | $33,061 | ||
Other assets and liabilities, net—(0.7)% | (241) | ||
NET ASSETS—100.0% | $32,820 |
Abbreviations: | |
LP | Limited Partnership |
MLP | Master Limited Partnership |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 91% |
Canada | 6 |
Bermuda | 3 |
Total | 100% |
† % of total investments as of April 30, 2022. |
Ownership Structure (Unaudited)†,†† | |
Major Midstream Companies | 38% |
Midstream MLP | 23 |
MLP Affiliates & Other | 21 |
Embedded General Partner | 13 |
Pure Play General Partner | 3 |
Cash & Other | 2 |
Total | 100% |
† % of total investments as of April 30, 2022. |
Total Value at April 30, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks & MLP Interests | $32,430 | $32,430 | |
Money Market Mutual Fund | 631 | 631 | |
Total Investments | $33,061 | $33,061 |
Shares | Value | ||
Common Stocks—98.2% | |||
Communication Services—6.7% | |||
Alphabet, Inc. Class C(1)(2) | 2,543 | $ 5,847 | |
MediaAlpha, Inc. Class A(1) | 158,749 | 2,340 | |
8,187 | |||
Consumer Discretionary—7.2% | |||
Home Depot, Inc. (The) | 12,551 | 3,770 | |
Pool Corp. | 12,474 | 5,055 | |
8,825 | |||
Consumer Staples—7.4% | |||
Lamb Weston Holdings, Inc. | 90,688 | 5,994 | |
Monster Beverage Corp.(1) | 37,004 | 3,171 | |
9,165 | |||
Financials—20.2% | |||
Bank of Hawaii Corp. | 36,105 | 2,684 | |
Berkley (W.R.) Corp. | 73,650 | 4,897 | |
LPL Financial Holdings, Inc. | 9,194 | 1,727 | |
Moody’s Corp. | 13,905 | 4,401 | |
Primerica, Inc.(2) | 46,866 | 6,072 | |
Ryan Specialty Group Holdings, Inc. Class A(1) | 135,846 | 5,025 | |
24,806 | |||
Health Care—7.6% | |||
Cooper Cos., Inc. (The) | 11,954 | 4,316 | |
Silk Road Medical, Inc.(1) | 57,970 | 2,032 | |
Zoetis, Inc. Class A | 17,011 | 3,015 | |
9,363 | |||
Industrials—13.2% | |||
Lennox International, Inc. | 14,253 | 3,039 | |
Old Dominion Freight Line, Inc. | 16,515 | 4,626 | |
TransUnion | 39,152 | 3,427 | |
Verisk Analytics, Inc.(2) | 25,298 | 5,162 | |
16,254 | |||
Information Technology—27.9% | |||
Avalara, Inc.(1) | 16,633 | 1,265 | |
CDW Corp.(2) | 23,580 | 3,848 | |
Clearwater Analytics Holdings, Inc. Class A (1) | 267,773 | 4,697 | |
EVERTEC, Inc. | 174,516 | 6,876 | |
Intuit, Inc.(2) | 9,413 | 3,941 | |
Jack Henry & Associates, Inc.(2) | 18,735 | 3,552 |
Shares | Value | ||
Information Technology—continued | |||
nCino, Inc.(1) | 46,882 | $ 1,757 | |
Trade Desk, Inc. (The) Class A(1) | 49,470 | 2,915 | |
Visa, Inc. Class A | 25,439 | 5,422 | |
34,273 | |||
Materials—2.8% | |||
Scotts Miracle-Gro Co. (The) | 33,407 | 3,472 | |
Real Estate—5.2% | |||
Lamar Advertising Co. Class A | 57,897 | 6,392 | |
Total Common Stocks (Identified Cost $101,800) | 120,737 | ||
Total Long-Term Investments—98.2% (Identified Cost $101,800) | 120,737 | ||
Short-Term Investment—0.5% | |||
Money Market Mutual Fund—0.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.239%)(3) | 634,285 | 634 | |
Total Short-Term Investment (Identified Cost $634) | 634 | ||
TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT—98.7% (Identified Cost $102,434) | 121,371 | ||
Securities Sold Short(4)—(17.5)% | |||
Consumer Discretionary—(3.0)% | |||
H&R Block, Inc. | (74,278) | (1,936) | |
ODP Corp. (The)(5) | (41,379) | (1,781) | |
(3,717) | |||
Consumer Staples—(1.5)% | |||
Central Garden & Pet Co. Class A(5) | (43,531) | (1,801) | |
Financials—(1.7)% | |||
Focus Financial Partners, Inc. Class A(5) | (33,895) | (1,337) |
Shares | Value | ||
Financials—continued | |||
SiriusPoint Ltd.(5) | (125,000) | $ (785) | |
(2,122) | |||
Industrials—(7.9)% | |||
ACCO Brands Corp. | (208,852) | (1,531) | |
Allison Transmission Holdings, Inc. | (45,520) | (1,704) | |
ArcBest Corp. | (20,499) | (1,479) | |
Deluxe Corp. | (57,112) | (1,547) | |
KAR Auction Services, Inc.(5) | (146,422) | (2,147) | |
Werner Enterprises, Inc. | (34,393) | (1,363) | |
(9,771) | |||
Real Estate—(3.4)% | |||
Compass, Inc. Class A(1) | (84,956) | (461) | |
Paramount Group, Inc. | (192,637) | (1,832) | |
Retail Opportunity Investments Corp. | (98,974) | (1,844) | |
(4,137) | |||
Total Securities Sold Short (Proceeds $(24,230)) | (21,548) | ||
TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT—81.2% (Identified Cost $78,204) | $ 99,823 | ||
Other assets and liabilities, net—18.8% | 23,072 | ||
NET ASSETS—100.0% | $122,895 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or portion segregated as collateral for securities sold short. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | The Fund is contractually responsible to the lender for any dividends payable and interest accrued on securities while those securities are in a short position. These dividends and interest are recorded as an expense of the Fund. |
(5) | No dividend expense on security sold short. |
Total Value at April 30, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $120,737 | $120,737 | |
Money Market Mutual Fund | 634 | 634 | |
Total Assets | 121,371 | 121,371 | |
Liabilities: | |||
Securities Sold Short: | |||
Common Stocks | (21,548) | (21,548) | |
Total Liabilities | (21,548) | (21,548) | |
Total Investments | $ 99,823 | $ 99,823 |
Duff & Phelps Select MLP and Energy Fund | KAR Long/Short Equity Fund | ||
Assets | |||
Investment in securities at value(1) | $ 33,061 | $121,371 | |
Cash | 50 | 50 | |
Due from broker | — | 23,221 | |
Receivables | |||
Investment securities sold | 147 | — | |
Fund shares sold | 100 | 28 | |
Dividends and interest | 135 | 8 | |
Tax reclaims | 2 | — | |
Tax receivable | 25 | — | |
Prepaid Trustees’ retainer | — (a) | 1 | |
Prepaid expenses | 22 | 29 | |
Other assets | 3 | 10 | |
Total assets | 33,545 | 144,718 | |
Liabilities | |||
Securities sold short(2) | — | 21,548 | |
Payables | |||
Fund shares repurchased | 102 | 59 | |
Investment securities purchased | 349 | — | |
Dividend distributions | — | 4 | |
Investment advisory fees | 19 | 121 | |
Distribution and service fees | 2 | 1 | |
Administration and accounting fees | 3 | 11 | |
Transfer agent and sub-transfer agent fees and expenses | 6 | 27 | |
Professional fees | 166 | 14 | |
Trustee deferred compensation plan | 3 | 10 | |
Interest expense and/or commitment fees | — | — | |
Other accrued expenses | 75 | 28 | |
Total liabilities | 725 | 21,823 | |
Net Assets | $ 32,820 | $122,895 | |
Net Assets Consist of: | |||
Capital paid in on shares of beneficial interest | $ 142,925 | $105,497 | |
Accumulated earnings (loss) | (110,105) | 17,398 | |
Net Assets | $ 32,820 | $122,895 | |
Duff & Phelps Select MLP and Energy Fund | KAR Long/Short Equity Fund | ||
Net Assets: | |||
Class A | $ 9,052 | $ 3,325 | |
Class C | $ 529 | $ 384 | |
Class I | $ 23,239 | $ 118,559 | |
Class R6 | $ — | $ 627 | |
Shares Outstanding (unlimited number of shares authorized, no par value): | |||
Class A | 834,778 | 204,423 | |
Class C | 49,417 | 24,220 | |
Class I | 2,173,268 | 7,227,094 | |
Class R6 | — | 38,153 | |
Net Asset Value and Redemption Price Per Share:* | |||
Class A | $ 10.84 | $ 16.26 | |
Class C | $ 10.71 | $ 15.85 | |
Class I | $ 10.69 | $ 16.40 | |
Class R6 | $ — | $ 16.44 | |
Maximum Offering Price Per Share (NAV/(1-5.50%)): | |||
Class A | $ 11.47 | $ 17.21 | |
Maximum Sales Charge - Class A | 5.50% | 5.50% | |
(1) Investment in securities at cost | $ 27,246 | $ 102,434 | |
(2) Securities sold short proceeds | $ — | $ 24,230 |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
(a) | Amount is less than $500. |
Duff & Phelps Select MLP and Energy Fund | KAR Long/Short Equity Fund | ||
Investment Income | |||
Dividends | $ 652 | $ 706 | |
Less: return of capital distributions | (407) | — | |
Interest | — (1) | (18) | |
Securities lending, net of fees | — | — (1) | |
Foreign taxes withheld | (11) | — | |
Total investment income | 234 | 688 | |
Expenses | |||
Investment advisory fees | 120 | 925 | |
Distribution and service fees, Class A | 5 | 7 | |
Distribution and service fees, Class C | 2 | 2 | |
Administration and accounting fees | 17 | 76 | |
Transfer agent fees and expenses | 7 | 30 | |
Sub-transfer agent fees and expenses, Class A | 1 | 3 | |
Sub-transfer agent fees and expenses, Class C | — (1) | — | |
Sub-transfer agent fees and expenses, Class I | 10 | 95 | |
Custodian fees | — (1) | — (1) | |
Printing fees and expenses | 3 | 22 | |
Professional fees | 13 | 12 | |
Registration fees | 20 | 31 | |
Trustees’ fees and expenses | 1 | 4 | |
Miscellaneous expenses | 1 | 78 | |
Total expenses | 200 | 1,285 | |
Dividend expense and interest expense on securities sold short | — | 212 | |
Total expenses, including dividend and interest expense on securities sold short | 200 | 1,497 | |
Less net expenses reimbursed and/or waived by investment adviser | (39) | (57) | |
Net expenses | 161 | 1,440 | |
Net investment income (loss) | 73 | (752) | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Net realized gain (loss) from: | |||
Investments | 1,074 | (1,854) | |
Foreign currency transactions | — (1) | (17) | |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | 3,058 | (30,233) | |
Securities sold short | — | 10,527 | |
Foreign currency transactions | — (1) | — | |
Net realized and unrealized gain (loss) on investments | 4,132 | (21,577) | |
Net increase (decrease) in net assets resulting from operations | $4,205 | $(22,329) |
(1) | Amount is less than $500. |
Duff & Phelps Select MLP and Energy Fund | KAR Long/Short Equity Fund | ||||||
Six Months Ended April 30, 2022 (Unaudited) | Year Ended October 31, 2021 | Six Months Ended April 30, 2022 (Unaudited) | Year Ended October 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 73 | $ 32 | $ (752) | $ (1,864) | |||
Net realized gain (loss) | 1,074 | 586 | (1,871) | 687 | |||
Net change in unrealized appreciation (depreciation) | 3,058 | 4,520 | (19,706) | 21,419 | |||
Increase (decrease) in net assets resulting from operations | 4,205 | 5,138 | (22,329) | 20,242 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (122) | (14) | (23) | (24) | |||
Class C | (4) | (2) | (2) | (5) | |||
Class I | (273) | (155) | (564) | (1,030) | |||
Class R6 | — | — | (1) | (1) | |||
Return of Capital: | |||||||
Class A | — | (38) | — | — | |||
Class C | — | (5) | — | — | |||
Class I | — | (434) | — | — | |||
Total dividends and distributions to shareholders | (399) | (648) | (590) | (1,060) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 6,445 | 1,419 | (1,450) | 3,900 | |||
Class C | 174 | 135 | (5) | (114) | |||
Class I | (2,497) | 14,088 | (13,234) | 25,344 | |||
Class R6 | — | — | 322 | 204 | |||
Increase (decrease) in net assets from capital transactions | 4,122 | 15,642 | (14,367) | 29,334 | |||
Net increase (decrease) in net assets | 7,928 | 20,132 | (37,286) | 48,516 | |||
Net Assets | |||||||
Beginning of period | 24,892 | 4,760 | 160,181 | 111,665 | |||
End of Period | $ 32,820 | $ 24,892 | $ 122,895 | $ 160,181 |
THROUGHOUT EACH PERIOD
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) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets (including dividend and interest expense on securities sold short)(4) | Ratio of Gross Expenses to Average Net Assets(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Duff & Phelps Select MLP and Energy Fund | |||||||||||||||||
Class A | |||||||||||||||||
11/1/21 to 4/30/22(5) | $ 9.37 | (0.02) | 1.64 | 1.62 | (0.15) | — | — | (0.15) | 1.47 | $10.84 | 17.25 % | $ 9,052 | 1.40 % (6) | 1.65 % | (0.47) % | 17 % | |
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 (6) | 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 (6) | 3.11 | 0.95 | 41 | |
11/1/18 to 10/31/19 | 9.26 | 0.14 | (0.82) | (0.68) | (0.12) | (0.37) | — | (0.49) | (1.17) | 8.09 | (7.22) | 447 | 1.40 (6) | 2.59 | 1.56 | 82 | |
11/1/17 to 10/31/18 | 9.39 | 0.02 | 0.07 | 0.09 | (0.17) | (0.05) | — | (0.22) | (0.13) | 9.26 | 0.79 | 321 | 1.45 (7) | 2.87 | 0.21 | 29 | |
11/1/16 to 10/31/17 | 9.57 | — (8) | 0.02 | 0.02 | (0.10) | (0.10) | — | (0.20) | (0.18) | 9.39 | 0.06 | 333 | 1.55 | 4.75 | 0.01 | 32 | |
Class C | |||||||||||||||||
11/1/21 to 4/30/22(5) | $ 9.25 | (0.02) | 1.57 | 1.55 | (0.09) | — | — | (0.09) | 1.46 | $10.71 | 16.76 % | $ 529 | 2.15 % (6) | 2.41 % | (0.44) % | 17 % | |
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 (6) | 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 (6) | 3.85 | 0.28 | 41 | |
11/1/18 to 10/31/19 | 9.20 | (0.03) | (0.70) | (0.73) | (0.09) | (0.37) | — | (0.46) | (1.19) | 8.01 | (7.84) | 126 | 2.16 (6) | 3.36 | (0.32) | 82 | |
11/1/17 to 10/31/18 | 9.36 | (0.05) | 0.05 | — | (0.11) | (0.05) | — | (0.16) | (0.16) | 9.20 | (0.13) | 143 | 2.21 (7) | 3.61 | (0.55) | 29 | |
11/1/16 to 10/31/17 | 9.54 | (0.07) | 0.01 | (0.06) | (0.02) | (0.10) | — | (0.12) | (0.18) | 9.36 | (0.69) | 145 | 2.30 | 5.47 | (0.74) | 32 | |
Class I | |||||||||||||||||
11/1/21 to 4/30/22(5) | $ 9.22 | 0.04 | 1.56 | 1.60 | (0.13) | — | — | (0.13) | 1.47 | $10.69 | 17.28 % | $ 23,239 | 1.15 % (6) | 1.45 % | 0.77 % | 17 % | |
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 (6) | 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 (6) | 2.79 | 1.30 | 41 | |
11/1/18 to 10/31/19 | 9.25 | 0.05 | (0.70) | (0.65) | (0.24) | (0.37) | — | (0.61) | (1.26) | 7.99 | (6.98) | 4,255 | 1.16 (6) | 2.31 | 0.62 | 82 | |
11/1/17 to 10/31/18 | 9.40 | 0.04 | 0.07 | 0.11 | (0.21) | (0.05) | — | (0.26) | (0.15) | 9.25 | 0.99 | 4,989 | 1.21 (7) | 2.56 | 0.45 | 29 | |
11/1/16 to 10/31/17 | 9.58 | 0.03 | 0.01 | 0.04 | (0.12) | (0.10) | — | (0.22) | (0.18) | 9.40 | 0.27 | 5,056 | 1.30 | 4.46 | 0.26 | 32 | |
KAR Long/Short Equity Fund | |||||||||||||||||
Class A | |||||||||||||||||
11/1/21 to 4/30/22(5) | $18.99 | (0.11) | (2.55) | (2.66) | — | — | (0.07) | (0.07) | (2.73) | $16.26 | (14.07) % | $ 3,325 | 2.19 % (9) | 2.26 % | (1.24) % | 19 % | |
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 (9) | 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 (9) | 2.51 | (1.34) | 33 | |
12/6/18 (10) to 10/31/19 | 10.00 | (0.11) | 2.80 | 2.69 | — | — | — | — | 2.69 | 12.69 | 26.90 | 134 | 2.40 (9) | 4.26 | (1.03) | 56 | |
Class C | |||||||||||||||||
11/1/21 to 4/30/22(5) | $18.59 | (0.17) | (2.50) | (2.67) | — | — | (0.07) | (0.07) | (2.74) | $15.85 | (14.42) % | $ 384 | 2.93 % (9) | 2.94 % | (2.01) % | 19 % | |
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 (9) | 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 (9) | 3.28 | (2.02) | 33 | |
12/6/18 (10) to 10/31/19 | 10.00 | (0.18) | 2.79 | 2.61 | — | — | — | — | 2.61 | 12.61 | 26.10 | 138 | 3.15 (9) | 5.02 | (1.78) | 56 | |
Class I | |||||||||||||||||
11/1/21 to 4/30/22(5) | $19.14 | (0.09) | (2.58) | (2.67) | — | — | (0.07) | (0.07) | (2.74) | $16.40 | (14.01) % | $118,559 | 1.94 % (9) | 2.01 % | (1.01) % | 19 % | |
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 (9) | 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 (9) | 2.30 ��� | (1.05) | 33 | |
12/6/18 (10) to 10/31/19 | 10.00 | (0.10) | 2.82 | 2.72 | — | — | — | — | 2.72 | 12.72 | 27.20 | 17,813 | 2.04 (9) | 3.99 | (0.94) | 56 | |
Class R6 | |||||||||||||||||
11/1/21 to 4/30/22(5) | $19.17 | (0.09) | (2.57) | (2.66) | — | — | (0.07) | (0.07) | (2.73) | $16.44 | (13.93) % | $ 627 | 1.83 % (9) | 1.86 % | (1.00) % | 19 % | |
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 (9) | 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 (9) | 2.24 | (0.95) | 33 | |
12/6/18 (10) to 10/31/19 | 10.00 | (0.07) | 2.80 | 2.73 | — | — | — | — | 2.73 | 12.73 | 27.30 | 3,437 | 2.08 (9) | 4.00 | (0.71) | 56 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Sales charges, where applicable, are not reflected in the total return calculation. |
(4) | Annualized for periods less than one year. |
(5) | Unaudited. |
(6) | The ratio of net expenses to average net assets excluding interest expense for the Duff & Phelps Select MLP and Energy Fund for Class A are 1.40%, 1.40%, 1.40% and 1.40%, Class C is 2.15%, 2.15%, 2.15% and 2.15% and for Class I is 1.15%, 1.15%, 1.15% and 1.15% for the six months ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and October 31, 2019, respectively. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | Amount is less than $0.005 per share. |
(9) | 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%, 1.80%, 1.80% and 1.80%, for Class C is 2.55%, 2.55% 2.55% and 2.55%, for Class I is 1.55%, 1.55%, 1.55% and 1.55% and for Class R6 is 1.48%, 1.48%, 1.48% and 1.48% for the six months ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively. |
(10) | Inception date. |
Fund | Investment objective(s) | |
Duff & Phelps Select MLP and Energy Fund | Total return with a secondary objective of income. | |
KAR Long/Short Equity Fund | Seeking long-term capital appreciation. |
A. | Security Valuation |
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). |
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 is 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. | |
Certain 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 expense to each 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. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | 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 expense and interest expense on securities sold short” on the Statement of Operations. | |
H. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). 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. 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 BNYM 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 permit 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, 2022, the Funds had no securities on loan. |
A. | Investment Adviser |
Virtus Alternative Investment Advisers, Inc. (“VAIA” or 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. |
1st $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. (“Duff & Phelps”), an indirect wholly-owned subsidiary of Virtus, for Duff & Phelps Select MLP and Energy Fund; and Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect wholly-owned subsidiary of Virtus, for KAR Long/Short Equity Fund. | |
C. | Expense Limitations |
The Adviser has contractually agreed to limit Duff & Phelps Select MLP and Energy Fund’s and KAR Long/Short Equity Fund’s annual total operating expenses so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through June 26, 2023 and February 28, 2023 respectively. Following the contractual period, the Adviser may discontinue these expense reimbursement 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 period ending October 31: |
Expiration | ||||||||||
Fund | 2022 | 2023 | 2024 | 2025 | Total | |||||
Duff & Phelps Select MLP and Energy Fund | ||||||||||
Class A | $ 18 | $ 9 | $ 6 | $ 5 | $ 38 | |||||
Class C | 1 | 2 | 1 | 1 | 5 | |||||
Class I | 27 | 75 | 77 | 33 | 212 | |||||
KAR Long/Short Equity Fund | ||||||||||
Class A | 1 | 1 | 3 | 2 | 7 | |||||
Class C | 1 | 1 | — (1) | — | 2 | |||||
Class I | 88 | 140 | 126 | 55 | 409 | |||||
Class R6 | 27 | 5 | — (1) | — | 32 |
(1) | Amount is less than $500. |
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, 2022, there were $4 in commissions for Class A shares and less than $500 in CDSC for Class A shares and 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 and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual 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. | |
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, 2022, the Funds incurred administration fees totaling $93 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, 2022, the Funds incurred transfer agent fees totaling $37 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. | Trustee Compensation |
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, 2022. |
Purchases | Sales | ||
Duff & Phelps Select MLP and Energy Fund | $ 8,057 | $ 4,455 | |
KAR Long/Short Equity Fund | 32,439 | 46,164 |
Duff & Phelps Select MLP and Energy Fund | |||||||
Six Months Ended April 30, 2022 (Unaudited) | Year Ended October 31, 2021 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold | 635 | $ 6,686 | 240 | $ 2,035 | |||
Reinvestment of distributions | 11 | 121 | 5 | 48 | |||
Shares repurchased | (37) | (362) | (80) | (664) | |||
Net Increase / (Decrease) | 609 | $ 6,445 | 165 | $ 1,419 | |||
Class C | |||||||
Shares sold | 18 | $ 179 | 24 | $ 193 | |||
Reinvestment of distributions | — (1) | 3 | — (1) | 4 | |||
Shares repurchased | (1) | (8) | (7) | (62) | |||
Net Increase / (Decrease) | 17 | $ 174 | 17 | $ 135 | |||
Class I | |||||||
Shares sold | 244 | $ 2,503 | 27 | $ 212 | |||
Shares Issued-Merger(2) | — | — | 2,835 | 24,844 | |||
Reinvestment of distributions | 18 | 204 | 45 | 412 | |||
Shares repurchased | (528) | (5,204) | (1,323) | (11,380) | |||
Net Increase / (Decrease) | (266) | $ (2,497) | 1,584 | $ 14,088 |
(1) | Amount is less than $500 or 500 shares. |
(2) | See Note 11 in Notes to Financial Statements . |
KAR Long/Short Equity Fund | |||||||
Six Months Ended April 30, 2022 (Unaudited) | Year Ended October 31, 2021 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 73 | $ 1,353 | 316 | $ 5,616 | |||
Reinvestment of distributions | 1 | 23 | 1 | 24 | |||
Shares repurchased and cross class conversions | (163) | (2,826) | (97) | (1,740) | |||
Net Increase / (Decrease) | (89) | $ (1,450) | 220 | $ 3,900 | |||
Class C | |||||||
Shares sold and cross class conversions | 1 | $ 16 | 8 | $ 134 | |||
Reinvestment of distributions | — (1) | 1 | — (1) | 4 | |||
Shares repurchased and cross class conversions | (1) | (22) | (14) | (252) | |||
Net Increase / (Decrease) | — (1) | $ (5) | (6) | $ (114) | |||
Class I | |||||||
Shares sold and cross class conversions | 834 | $ 15,013 | 3,139 | $ 56,417 | |||
Reinvestment of distributions | 29 | 563 | 59 | 1,028 | |||
Shares repurchased and cross class conversions | (1,671) | (28,810) | (1,808) | (32,101) | |||
Net Increase / (Decrease) | (808) | $ (13,234) | 1,390 | $ 25,344 | |||
Class R6 | |||||||
Shares sold and cross class conversions | 18 | $ 321 | 12 | $ 204 | |||
Reinvestment of distributions | — (1) | 1 | — (1) | — (1) | |||
Net Increase / (Decrease) | 18 | $ 322 | 12 | $ 204 |
(1) | Amount is less than $500 or 500 shares. |
% of Shares Outstanding | Number of Accounts | ||
Duff & Phelps Select MLP and Energy Fund | 29% | 3 * | |
KAR Long/Short Equity Fund | 89 | 2 |
* | Includes affiliated shareholder account(s). |
Sector | Percentage of Total Investments | ||
Duff & Phelps Select MLP and Energy Fund | Gathering/Processing | 25% | |
KAR Long/Short Equity Fund | Information Technology | 34 |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
Duff & Phelps Select MLP And Energy Fund | $— (1) | $ 380 | 1.56% | 5 | ||||
KAR Long/Short Equity Fund | 1 | 4,475 | 1.08 | 4 |
(1) | Amount is less than $500. |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Duff & Phelps Select MLP and Energy Fund | $ 27,246 | $ 6,366 | $ (551) | $ 5,815 | ||||
KAR Long/Short Equity Fund | 102,434 | 24,810 | (5,873) | 18,937 | ||||
KAR Long/Short Equity Fund (Short Sales) | (24,230) | 2,780 | (98) | 2,682 |
Fund | Short-Term | Long-Term | ||
Duff & Phelps Select MLP and Energy Fund | ||||
Expires 10/31/2022 | $ 8,127 | — | ||
Expires 10/31/2023 | 15,978 | — | ||
Expires 10/31/2024 | 91,225 | — | ||
Sub Total | 115,330 | — | ||
No Expiration | 234 | $433 | ||
Total | $115,564 | $433 |
Merged Fund | Shares Outstanding | Acquiring Fund | Shares Converted | Merged Fund Net Asset Value of Converted Shares | ||||||
Duff & Phelps Select MLP and Midstream Energy Fund Inc. | 2,623,355 | Duff & Phelps Select MLP and Energy Fund | Class I | 2,834,705 | $24,844 |
Merged Fund | Net Assets | Acquiring Fund | Net Assets | |||
Duff & Phelps Select MLP and Midstream Energy Fund Inc. | $24,844 | Duff & Phelps Select MLP and Energy Fund | $9,617 |
Net investment income (loss) | $(1,023)(a) |
Net realized and unrealized gain (loss) on investments | 15,555 (b) |
Net increase (decrease) in net assets resulting from operations | $14,532 |
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8554 | 06-22 |
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. |
Not applicable.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | 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 11. | 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 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Not applicable. |
(a)(2) |
(a)(2)(1) | Not applicable. |
(a)(2)(2) | Not applicable. |
(b) |
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 | 7/1/22 |
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 | 7/1/22 |
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 | 7/1/22 |
* | Print the name and title of each signing officer under his or her signature. |