Sep. 30, 2024

Virtus Duff & Phelps Real Estate Securities Fund

Virtus Duff & Phelps Real Estate Securities Fund

Supplement dated December 17, 2024 to the Fund’s Summary Prospectus

and the Virtus Opportunities Trust Statutory Prospectus, each dated January 29, 2024, as supplemented

IMPORTANT NOTICE TO INVESTORS

Effective January 1, 2025, the Fund’s investment adviser will implement new expense limitation arrangements to further limit the Fund’s expenses. The resulting changes to the Fund’s prospectuses are described in more detail below.

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:

Fees and Expenses

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Virtus Duff & Phelps Real Estate Securities Fund	Class A Shares	Class C Shares		Class I Shares	Class R6 Shares
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)	5.50%	none		none	none
Maximum Deferred Sales Charge (as a percentage of Offering Price)	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 Duff & Phelps Real Estate Securities Fund		Class A Shares	Class C Shares	Class I Shares	Class R6 Shares
Management Fees		0.75%	0.75%	0.75%	0.75%
Distribution and Shareholder Servicing (12b-1) Fees		0.25%	1.00%	none	none
Other Expenses		0.36%	0.33%	0.37%	0.20%
Total Annual Fund Operating Expenses		1.36%	2.08%	1.12%	0.95%
Less: Fee Waiver and/or Expense Reimbursement	[1]	(0.12%)	(0.09%)	(0.13%)	(0.16%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	[1]	1.24%	1.99%	0.99%	0.79%

Example

Expense Example - Virtus Duff & Phelps Real Estate Securities Fund - USD ($)	Class A Shares	Class C Shares	Class I Shares	Class R6 Shares
1 Year	$ 669	$ 302	$ 101	$ 81
3 Years	946	643	343	287
5 Years	1,243	1,110	604	510
10 Years	$ 2,085	$ 2,403	$ 1,352	$ 1,152

Expense Example, No Redemption - Virtus Duff & Phelps Real Estate Securities Fund - USD ($)	Class A Shares	Class C Shares	Class I Shares	Class R6 Shares
1 Year	$ 669	$ 202	$ 101	$ 81
3 Years	946	643	343	287
5 Years	1,243	1,110	604	510
10 Years	$ 2,085	$ 2,403	$ 1,352	$ 1,152

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

[1] 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class I Shares and 0.79% for Class R6 Shares through January 31, 2026. Prior to January 31, 2026, only the fund’s Board may modify or terminate the expense limitation agreement. 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, and any in effect at the time of recapture, after repayment is taken into account.