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Virtus Newfleet High Yield Fund

Virtus Newfleet High Yield Fund

Virtus Newfleet Core Plus Bond Fund,

Virtus Newfleet High Yield Fund and

Virtus Newfleet Senior Floating Rate Fund (each a “Fund” and together the “Funds”),

each a series of Virtus Opportunities Trust

Supplement dated December 15, 2023 to the Funds’ Summary Prospectuses

and the Virtus Opportunities Trust Statutory Prospectus applicable to the Funds, each dated January 27, 2023, as supplemented

IMPORTANT NOTICE TO INVESTORS

Effective January 1, 2024, the Funds’ investment adviser, Virtus Investment Advisers, Inc., will implement new expense limitation arrangements to further limit the Funds’ expenses. The resulting changes to the Funds’ prospectuses are described in more detail below.

Virtus Newfleet High Yield Fund

Under “Fees and Expenses” in the Fund’s summary prospectus and the summary section of the statutory prospectus, the “Shareholder Fees” and “Annual Fund Operating Expenses” tables and associated footnotes will be replaced with the following:

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Virtus Newfleet High Yield Fund	Class A	Class C		Class I	Class R6
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	3.75%	none		none	none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)	none	1.00%	[1]	none	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Virtus Newfleet High Yield Fund		Class A	Class C	Class I	Class R6
Management Fees		0.55%	0.55%	0.55%	0.55%
Distribution and Shareholder Servicing (12b-1) Fees		0.25%	1.00%	none	none
Other Expenses	[1]	0.46%	0.51%	0.53%	0.40%
Total Annual Fund Operating Expenses		1.26%	2.06%	1.08%	0.95%
Less: Fee Waiver and/or Expense Reimbursement	[2]	(0.31%)	(0.36%)	(0.38%)	(0.36%)
Total Annual Fund Operating Expenses After Expense Reimbursement	[2]	0.95%	1.70%	0.70%	0.59%

Under “Fees and Expenses,” the “Example” table will be replaced with the following:

Sold

Expense Example - Virtus Newfleet High Yield Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	468	730	1,012	1,814
Class C	273	611	1,075	2,361
Class I	72	306	559	1,283
Class R6	60	267	490	1,133

Held

Expense Example No Redemption - Virtus Newfleet High Yield Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	468	730	1,012	1,814
Class C	173	611	1,075	2,361
Class I	72	306	559	1,283
Class R6	60	267	490	1,133

Investors should retain this supplement with the Prospectuses for future reference.

[1] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.

[1] Not included in the table are extraordinary proxy expenses. If such amounts were reflected in this table, the Other Expenses would have been 0.96% for Class A Shares, 1.71% for Class C Shares, 0.71% for Class I Shares and 0.60% for Class R6 Shares.

[2] The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.95% for Class A Shares, 1.70% for Class C Shares, 0.70% for Class I Shares and 0.59% for Class R6 Shares through January 31, 2025. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, or at the time of recapture, after repayment is taken into account.