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Asset Allocation

Herzfeld

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Ticker
VHFAX
CUSIP
92828W874
POP
$
(as of )
Inception
09/05/2012
Total Assets by Class
$10,222,999.02
(as of 11/21/2017)
Total Assets by Fund
$66,371,698.65
(as of 11/21/2017)
Morningstar Category
Allocation--50% to 70% Equity
Product Overview

The Fund looks to generate attractive risk-adjusted returns by actively managing a portfolio of primarily closed-end funds.

Management Team

Investment Partners

Thomas J. Herzfeld Advisors

Thomas J. Herzfeld Advisors' investment philosophy is predicated on recognizing the recurring valuation patterns found in the closed-end fund industry and exploiting them in a systematic manner.

Visit the Thomas J. Herzfeld Advisors website
Portfolio Managers
Thomas Herzfeld
Thomas J. Herzfeld

Chairman and President

Industry start date: 1968

Start date with fund: 2012

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Eric Herzfeld
Erik M. Herzfeld

President and Portfolio Manager

Industry start date: 1998

Start date with fund: 2012

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Investment Process Highlights
Step
1

Quantitatively screen the entire closed-end fund universe for excessive or unusual discounts to Net Asset Value (NAV), which are evaluated and measured relative to the overall peer group, a subset of similar funds, and an individual fund’s historical discount and trading patterns.

Step
2

Qualitative factors further shape the portfolio by analyzing factors such as trading volatility, liquidity, anti-takeover provisions, and a variety of special situations.

Step
3

The concentrated portfolio is actively traded based on both the particulars of each underlying holding as well as portfolio and broader market risk considerations.

Portfolio Characteristics

Top Holdings (% Fund)
(as of 09/29/2017)
Security
Nexpoint Credit Strategies Fund
8.07
Eagle Point Credit Company Inc 7 % Notes 2015-31.12.20
5.83
Central Securities Corp.
4.98
Boulder Growth & Income Fund, Inc.
4.83
Tekla Healthcare Opportunities Fund
4.72
Blackrock Science & Technology Trust
4.70
MVC Capital Inc (Doing Business As MVC Capital) 7 1/4 % Notes 2013-15.1.23 Sr
3.31
Adams Natural Resources Fund, Inc.
3.20
Alpine Total Dynamic Dividend Fund
3.07
Oxford Lane Capital Corp 7 1/2 % Term Cum Pfd Shs Series -2023-
2.43

Holdings are subject to change.

Asset Allocation (% Fund)
(as of 09/29/2017)
Closed End Funds (Domestic Equity) 34.81%
Closed End Funds (Foreign Equity) 22.05%
Cash and Equivalents 19.58%
Preferred Stocks 13.36%
Closed End Funds (Domestic Bonds) 10.21%
Closed End Funds (Foreign Bonds) 0.00%
Closed End Funds (Senior Loan) 0.00%

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 Statistics3
(as of )
Fund Index
R2
Beta
Alpha
Std Dev
Risk Considerations
Closed-end Funds: Closed-end funds may trade at a discount from their net asset values, which may affect whether the fund will realize gains or losses. They may also employ leverage, which may increase volatility.
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.
Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
Foreign & Emerging Markets: Investing internationally, especially in emerging markets, involves additional risks such as currency, political, accounting, economic, and market risk.
Fund of Funds: Because the fund can invest in other funds, it indirectly bears its proportionate share of the operating expenses and management fees of the underlying fund(s).
Prospectus: For additional information on risks, please see the fund's prospectus.

Documents & Resources

Marketing Materials

Virtus Herzfeld Fund Fact Sheet
Virtus Herzfeld Fund Commentary
Herzfeld Capabilities Expertise and Experience
Quarterly Morningstar Ratings
Focus On: Virtus Herzfeld Fund
Financial Materials
Virtus Opportunities Trust Statutory Prospectus
Virtus Herzfeld Fund Summary Prospectus
Virtus Opportunities Trust Prospectus XBRL 485B 04 10 2017
Virtus Opportunities Trust SAI
Virtus Opportunities Trust Annual Report
Virtus Opportunities Trust Alternatives Semiannual Report
Mutual Fund Distributions
Holdings
Virtus Herzfeld Fund Top Holdings
Virtus Herzfeld Fund Quarterly Holdings

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 Yield (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:  Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's 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.

© 2017 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.