Virtus Duff & Phelps Real Asset Fund, a series of Virtus Opportunities Trust
Supplement dated December 18, 2020 to the Summary Prospectuses and Statutory Prospectus,
each dated February 28, 2020, as supplemented
Supplement dated December 18, 2020 to the Summary Prospectuses and Statutory Prospectus,
each dated
Important Notice to Investors
Effective February 1, 2021, certain changes relating to sales charges and compensation to dealers will be made. These changes include lowered Sales Charges for Class A Shares of the funds and dealers will no longer need to have an aggregate value of $50,000 or more per fund CUSIP to qualify for payment of 12b-1 fees. In addition, a maximum purchase amount will be applied to purchases of Class C Shares. Please see below for details about these changes.
Summary Prospectus Changes
Beginning on February 1, 2021, in the “Shareholder Fees” table of the “Fees and Expenses” section of the summary prospectus, the Class A Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) will be 5.50%. Prior to February 1, 2021, the Class A Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) will remain 5.75%
In addition, for the same funds listed above, the “Performance Information” section of the summary prospectuses reflects the higher sales charge before it will be lowered. Therefore, if you purchase Class A Shares with the new sales charges effective February 1, 2021, the Performance Information section of the summary prospectuses may be different than what is stated in the current prospectuses.
Statutory Prospectus Changes
The following disclosure changes will be effective February 1, 2021.
In the “What arrangement is best for you?” section under “Sales Charges”, the first sentence of the Class A Shares paragraph is replaced with the following:
Class A Shares. If you purchase Class A Shares, you will pay a sales charge at the time of purchase equal to 5.50% of the offering price (5.82% of the amount invested).
In the “Sales Charge you may pay to purchase Class A Shares” section under “Sales Charges”, the table will be replaced with the following:
| Amount of Transaction at Offering Price | Sales Charge as a Percentage of Offering Price | Sales Charge as a Percentage of Amount Invested |
| Under $50,000 | 5.50% | 5.82% |
| $50,000 but under $100,000 | 4.50% | 4.71% |
| $100,000 but under $250,000 | 3.50% | 3.63% |
| $250,000 but under $500,000 | 2.50% | 2.56% |
| $500,000 but under $1,000,000 | 2.00% | 2.04% |
| $1,000,000 or more | None | None |
In the “Compensation to Dealers” section, the table will be replaced with the following:
| Amount of Transaction at Offering Price | Sales Charge as a Percentage of Offering Price | Sales Charge as a Percentage of Amount Invested | Dealer Discount as a Percentage of Offering Price |
| Under $50,000 | 5.50% | 5.82% | 4.75% |
| $50,000 but under $100,000 | 4.50% | 4.71% | 4.00% |
| $100,000 but under $250,000 | 3.50% | 3.63% | 3.00% |
| $250,000 but under $500,000 | 2.50% | 2.56% | 2.00% |
| $500,000 but under $1,000,000 | 2.00% | 2.04% | 1.75% |
| $1,000,000 or more | None | None | None |
In addition, the last sentence of the fourth paragraph under the section “Compensation to Dealers” states, “Dealers must have an aggregate value of $50,000 or more per fund CUSIP to qualify for payment.” This sentence is removed and will no longer apply.
Investors should retain this supplement with the Prospectuses for future reference.
VOT 8020 DPIMRA-FORTTrendClassA&CSalesCharges (12/2020)
Virtus FORT Trend Fund,
a series of Virtus Opportunities Trust
Supplement dated December 18, 2020 to the Statement of Additional Information (“SAI”)
dated August 31, 2020, as supplemented
Important Notice to Investors
Effective February 1, 2021, certain changes relating to sales charges and compensation to dealers will be made. These changes include lowered Sales Charges for Class A Shares of certain funds and dealers will no longer need to have an aggregate value of $50,000 or more per fund CUSIP to qualify for payment of 12b-1 fees. In addition, a maximum purchase amount will be applied to purchases of Class C Shares. Please see below for details about these changes.
In the section “Dealer Concessions” under the header “Distributor” the table will be replaced with the following:
| Amount of Transaction at Offering Price | Sales Charge as a Percentage of Offering Price | Sales Charge as a Percentage of Amount Invested | Dealer Discount as a Percentage of Offering Price |
| Under $50,000 | 5.50% | 5.82% | 4.75% |
| $50,000 but under $100,000 | 4.50% | 4.71% | 4.00% |
| $100,000 but under $250,000 | 3.50% | 3.63% | 3.00% |
| $250,000 but under $500,000 | 2.50% | 2.56% | 2.00% |
| $500,000 but under $1,000,000 | 2.00% | 2.04% | 1.75% |
| $1,000,000 or more | None | None | None |
In “Purchase, Redemption and Pricing of Shares” the section “Alternative Purchase Arrangements” under the heading “Class C Shares” the following paragraph is added to the beginning of the section:
If an investor intends to purchase greater than $999,999 of Class C shares of the fund, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. The Funds may refuse any order to purchase shares.
In the section “Performance Information” under the heading “Total Return”, the third sentence of the third paragraph is replaced with: “Calculation of cumulative total return reflects payment of the Class A Share’s maximum sales charge of 5.50% for the Funds and assumes reinvestment of all income dividends and capital gain distributions during the period.”
Investors should retain this supplement with the SAI for future reference.
VOT 8020B SAIFORTTrendClassCAutoConv (12/2020)