497

1933 Act/Rule 497(e)

March 6, 2013

VIA EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

RE: Virtus Opportunities Trust

File Nos. 033-65137 and 811-7455

To The Commission Staff:

On behalf of Virtus Opportunities Trust (the “Trust” or “Registrant”), transmitted herewith for filing under Rule 497(e) under the Securities Act of 1933 and the Investment Company Act of 1940, are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the prospectus for Virtus Multi-Sector Fixed Income Fund (the “Fund”) as filed under Rule 497(e) on March 1, 2013. The purpose of this filing is to submit the 497(e) filing dated March 1, 2013 in XBRL for the Fund.

Please contact Ann Flood at (860) 263-4746 or the undersigned at (860) 263-4791 if you have any questions concerning this filing.

Very truly yours,

/s/ Kevin J. Carr

Kevin J. Carr

cc: Ann Flood

XML

Virtus Multi-Sector Fixed Income Fund,

a series of Virtus Opportunities Trust

Supplement dated March 1, 2013 to the Summary Prospectus dated January 31, 2013,

the Statutory Prospectus dated January 31, 2013,

and the Statement of Additional Information dated January 31, 2013

IMPORTANT NOTICE TO INVESTORS

Effective March 29, 2013, the fund's name will be changed to Virtus Multi-Sector Intermediate Bond Fund. While the fund's principal investment strategies are not changing, the description of the strategies in the fund's prospectuses will be revised to more clearly describe the fund's continued focus on intermediate bonds.

Accordingly, the second paragraph under "Principal Investment Strategies" in the fund's summary prospectus and summary section of the statutory prospectus is hereby revised to read:

Under normal circumstances, the fund invests at least 80% of its assets in bonds, which are debt securities of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily intermediate-term bonds having a dollar-weighted average maturity of between three and 10 years and that are in one of the following market sectors:

▪ Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;

▪ Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets countries;

▪ Investment grade securities of U.S. and non-U.S issuers; and

▪ High yield debt instruments, including bank loans (which are generally floating rate), of U.S. and non-U.S. issuers.

The fund may invest in all or some of these sectors.

Additionally, the first and second paragraphs under "Principal Investment Strategies" on page 151 of the statutory prospectus is hereby revised to read:

Under normal circumstances, the fund invests at least 80% of its assets in bonds. "Bonds" are debt securities of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily intermediate-term bonds having a dollar-weighted average maturity of between three and 10 years and that are in one of the following market sectors:

▪ Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including CMOs, REMICs and other pass-through securities;

▪ Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets countries;

▪ Investment grade securities, which are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization, or if unrated, those that the subadviser determines, pursuant to procedures reviewed and approved by the Board of Trustees, are of comparable quality, including short-term securities, of U.S. and non-U.S. issuers;

▪ High yield debt instruments, including bank loans (which are generally floating rate), of U.S. and non-U.S. issuers.

The fund may invest in all or some of these sectors. If, after the time of investment, the rating declines, the fund is not obligated to sell the security. The fund's policy of investing 80% of its assets in bonds may be changed only upon 60 days' written notice to shareholders.

All other disclosure concerning the fund, including fees, expenses and portfolio management remains unchanged.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

VIRTUS OPPORTUNITIES TRUST

Prospectus Date

rr_ProspectusDate

Jan. 31, 2013

Supplement [Text Block]

vot13_SupplementTextBlock

Virtus Multi-Sector Fixed Income Fund,

a series of Virtus Opportunities Trust

Supplement dated March 1, 2013 to the Summary Prospectus dated January 31, 2013,

the Statutory Prospectus dated January 31, 2013,

and the Statement of Additional Information dated January 31, 2013

IMPORTANT NOTICE TO INVESTORS

Effective March 29, 2013, the fund's name will be changed to Virtus Multi-Sector Intermediate Bond Fund. While the fund's principal investment strategies are not changing, the description of the strategies in the fund's prospectuses will be revised to more clearly describe the fund's continued focus on intermediate bonds.

Accordingly, the second paragraph under "Principal Investment Strategies" in the fund's summary prospectus and summary section of the statutory prospectus is hereby revised to read:

Under normal circumstances, the fund invests at least 80% of its assets in bonds, which are debt securities of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily intermediate-term bonds having a dollar-weighted average maturity of between three and 10 years and that are in one of the following market sectors:

▪ Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;

▪ Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets countries;

▪ Investment grade securities of U.S. and non-U.S issuers; and

▪ High yield debt instruments, including bank loans (which are generally floating rate), of U.S. and non-U.S. issuers.

The fund may invest in all or some of these sectors.

Additionally, the first and second paragraphs under "Principal Investment Strategies" on page 151 of the statutory prospectus is hereby revised to read:

Under normal circumstances, the fund invests at least 80% of its assets in bonds. "Bonds" are debt securities of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily intermediate-term bonds having a dollar-weighted average maturity of between three and 10 years and that are in one of the following market sectors:

▪ Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including CMOs, REMICs and other pass-through securities;

▪ Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets countries;

▪ Investment grade securities, which are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization, or if unrated, those that the subadviser determines, pursuant to procedures reviewed and approved by the Board of Trustees, are of comparable quality, including short-term securities, of U.S. and non-U.S. issuers;

▪ High yield debt instruments, including bank loans (which are generally floating rate), of U.S. and non-U.S. issuers.

The fund may invest in all or some of these sectors. If, after the time of investment, the rating declines, the fund is not obligated to sell the security. The fund's policy of investing 80% of its assets in bonds may be changed only upon 60 days' written notice to shareholders.

All other disclosure concerning the fund, including fees, expenses and portfolio management remains unchanged.

VIRTUS MULTI-SECTOR FIXED INCOME FUND

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

vot13_SupplementTextBlock

Virtus Multi-Sector Fixed Income Fund,

a series of Virtus Opportunities Trust

Supplement dated March 1, 2013 to the Summary Prospectus dated January 31, 2013,

the Statutory Prospectus dated January 31, 2013,

and the Statement of Additional Information dated January 31, 2013

IMPORTANT NOTICE TO INVESTORS

Effective March 29, 2013, the fund's name will be changed to Virtus Multi-Sector Intermediate Bond Fund. While the fund's principal investment strategies are not changing, the description of the strategies in the fund's prospectuses will be revised to more clearly describe the fund's continued focus on intermediate bonds.

Accordingly, the second paragraph under "Principal Investment Strategies" in the fund's summary prospectus and summary section of the statutory prospectus is hereby revised to read:

Under normal circumstances, the fund invests at least 80% of its assets in bonds, which are debt securities of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily intermediate-term bonds having a dollar-weighted average maturity of between three and 10 years and that are in one of the following market sectors:

▪ Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;

▪ Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets countries;

▪ Investment grade securities of U.S. and non-U.S issuers; and

▪ High yield debt instruments, including bank loans (which are generally floating rate), of U.S. and non-U.S. issuers.

The fund may invest in all or some of these sectors.

Additionally, the first and second paragraphs under "Principal Investment Strategies" on page 151 of the statutory prospectus is hereby revised to read:

Under normal circumstances, the fund invests at least 80% of its assets in bonds. "Bonds" are debt securities of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily intermediate-term bonds having a dollar-weighted average maturity of between three and 10 years and that are in one of the following market sectors:

▪ Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including CMOs, REMICs and other pass-through securities;

▪ Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets countries;

▪ Investment grade securities, which are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization, or if unrated, those that the subadviser determines, pursuant to procedures reviewed and approved by the Board of Trustees, are of comparable quality, including short-term securities, of U.S. and non-U.S. issuers;

▪ High yield debt instruments, including bank loans (which are generally floating rate), of U.S. and non-U.S. issuers.

The fund may invest in all or some of these sectors. If, after the time of investment, the rating declines, the fund is not obligated to sell the security. The fund's policy of investing 80% of its assets in bonds may be changed only upon 60 days' written notice to shareholders.

All other disclosure concerning the fund, including fees, expenses and portfolio management remains unchanged.

XML

Document and Entity Information	12 Months Ended
	Jan. 31, 2013
Risk/Return:
Document Type	Other
Document Period End Date	Sep. 30, 2012
Registrant Name	VIRTUS OPPORTUNITIES TRUST
Central Index Key	0001005020
Amendment Flag	false
Document Creation Date	Mar. 01, 2013
Document Effective Date	Mar. 01, 2013
Prospectus Date	Jan. 31, 2013

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	VIRTUS OPPORTUNITIES TRUST
Prospectus Date	rr_ProspectusDate	Jan. 31, 2013
Document Creation Date	dei_DocumentCreationDate	Mar. 01, 2013