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Duff & Phelps Select MLP and Energy

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Ticker
VLPAX
CUSIP
92835M729
POP
$
(as of )
Inception
09/09/2015
Total Assets by Class
$379,988.13
(as of 06/19/2018)
Total Assets by Fund
$5,982,593.49
(as of 06/19/2018)
Morningstar Category
Energy Limited Partnership
Investment Overview

The Fund seeks attractive risk-adjusted total returns and current income by investing in U.S. energy infrastructure. The highly experienced portfolio team applies a disciplined, bottom-up investment process, focusing on energy Midstream Master Limited Partnerships (MLPs) and General Partners (GPs) that own midstream oil and natural gas assets backed by long-term, fee-based contracts.

Effective May 8, 2017 this fund changed its name from the Virtus Select MLP and Energy Fund.

Management Team

Investment Partner

Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management pursues a limited number of specialized investment strategies with exceptional depth of resources and expertise. Since their earliest beginnings, providing research and analysis of income producing securities to Depression-era investors, their attention has been set on identifying attractive opportunities and strategies, while managing the associated risks. Today, building on their distinguished legacy, Duff & Phelps has earned a reputation as a leader in investing in Global Listed Infrastructure, Global Listed Real Estate, MLPs & Energy, and International Equity. Quality. Reliability. Specialization. Since 1932.

Visit the Duff & Phelps Investment Management Co. website
Investment Professionals
David Grumhaus
David D. Grumhaus, Jr.

Executive Managing Director, Senior Portfolio Manager

Industry start date: 1989

Start date with fund: 2015

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Charles Georgas
Charles Georgas, CFA

Managing Director, Portfolio Manager

Industry start date: 1988

Start date with fund: 2015

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Key Features
Extensive Fundamental Research

Pursues attractive cash distributions and growth opportunities across the U.S. energy value chain by analyzing supply/demand trends and individual company management strength

Strong Cash Flows

Evaluates securities on their ability to deliver predictable income, particularly from MLPs, which are required to pay the bulk of their cash flow as distributions

Quality Focus

High-conviction portfolio of 50-60 securities emphasizes geographic footprints in high-quality basins of the U.S.

Portfolio Characteristics

Top Holdings (% Fund)
(as of 03/29/2018)
Security
Targa Resources Corp.
6.79
Williams Companies, Inc.
5.66
Tallgrass Energy GP LP Class A
4.37
Plains GP Holdings LP Class A
4.24
Golar LNG Limited
3.74
Antero Midstream GP LP
3.52
Kinder Morgan Inc Class P
3.43
ONEOK, Inc.
3.39
MPLX LP
3.34
Cheniere Energy, Inc.
3.19

Holdings are subject to change.

Ownership Structure (% Fund)
(as of 03/29/2018)
Midstream MLP 24.39%
Embedded General Partner 21.87%
Major Midstream Companies 16.09%
MLP Affiliate & Other 15.48%
Pure Play General Partner 10.95%
Cash 4.89%
Foreign LP 3.86%
Exchange-Traded Note 2.48%
Sector Allocation (% Equity)
(as of 03/29/2018)

Performance & Risk

Growth of $10,000 Investment
From to

This chart assumes an initial investment of $10,000 made on for Class ddd shares including any applicable sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

Performance
Quarterly
As of
Monthly
As of
YTD 3 Month 1 Year 3 Years 5 Years 10 Years Since Inception

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Sales Charge and Expenses
Risk Considerations
Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
MLPs: Investments in Master Limited Partnerships may be adversely impacted by tax law changes, regulation, or factors affecting underlying assets.
Energy Sector Concentration: The fund's investments are concentrated in the energy sector and may present more risks than if the fund were broadly diversified over numerous sectors of the economy.
Non-Diversified: The fund is non-diversified and may be more susceptible to factors negatively impacting its holdings to the extent that each security represents a larger portion of the fund's assets.
Prospectus: For additional information on risks, please see the fund's prospectus.

Documents & Resources

Marketing Materials
Virtus Duff & Phelps Select MLP and Energy Fund Fact Sheet - A
Virtus Duff & Phelps Select MLP and Energy Fund Fact Sheet - I
DPIM Market Review
Financial Materials
Virtus Alternative Solutions Trust - Statutory Prospectus
Virtus Duff & Phelps Select MLP and Energy Fund Summary Prospectus
Virtus Alternative Solutions Trust Prospectus Supplement XBRL 497E 03 19 2018
Virtus Alternative Solutions Trust - SAI
Virtus Alternative Solutions Trust - Annual Report
Virtus Alternative Solutions Trust - Semiannual Report
Virtus Duff & Phelps Select MLP and Energy - SEC 19(a) Notices
Mutual Fund Distributions
Holdings
Virtus Alternative Solutions Trust - Quarterly Report

Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus and summary prospectus contains this and other information about the fund. Please contact your financial representative, call 1-800-243-4361 or visit www.virtus.com to obtain a current prospectus and/or summary prospectus. You should read the prospectus and/or summary prospectus carefully before you invest or send money.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. NAV returns do not include the effect of any applicable sales charges. POP and w/CDSC returns include the effect of maximum applicable sales charges.

Returns for periods of less than one year are cumulative total returns.

1 Yields/Distributions: Distribution Rate (at NAV) is calculated by (a) annualizing the latest distribution for fixed income funds or funds less than 1 year old (b) summing all distributions over the preceding 12 months for all other funds, and dividing the NAV on the last business date of the period. SEC Yield represents the net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's public offering share price at the end of the 30-day period.  Gross SEC Yield represents the yield if there were no expense reimbursements.

2 Distribution History: Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain

3 Risk Statistics:  R2 is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. Beta is a quantitative measure of the volatility of a given portfolio to the overall market. Alpha is a risk adjusted measure of an investment's excess return relative to a benchmark. A positive Alpha indicates that the investment produced a return greater than expected for the risk (as measured by Beta) taken. Standard Deviation measures variability of returns around the average return for an investment fund. Higher standard deviation suggests greater risk. Risk Statistics are calculated using 36 monthly returns.

4 Characteristics: For Equity Funds: Trailing P/E: Per-share stock price divided by the latest12-months Earnings per Share; Price/Cash Flow: Per-share stock price divided by the per-share operating cash flow; Price/Book: Per-share stock price divided by the latest 12-month per-share Book Value; 3-Year EPS Growth Rate: Average of earnings per share growth for latest 3-year period. The 3-Year EPS Growth Rate is not a forecast of the fund's performance.

4 Characteristics: For Fixed Income Funds:  Effective Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's effective duration is five years, a 1% increase in interest rates would result in a 5% decline in the fund's price. Similarly, a 1% decline in interest rates would result in a 5% gain in the fund's price.

Morningstar Disclosures: 
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.

© 2018 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.