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Virtus Duff & Phelps Real Asset Fund

Virtus Duff & Phelps Real Asset Fund

Virtus Duff & Phelps Real Asset Fund (the “Fund”),

a series of Virtus Opportunities Trust

Supplement dated March 1, 2021, to the Summary Prospectus

and the Virtus Opportunities Trust Statutory Prospectus, each dated February 1, 2021

Important Notice to Investors

The table showing Average Annual Total Returns in the “Performance Information” section of the Fund’s summary prospectus and the summary section of the Fund’s statutory prospectus, is hereby replaced in its entirety with the following:

Average Annual Returns - Virtus Duff & Phelps Real Asset Fund	Label	1 Year	5 Years	10 Years
Class I	Return Before Taxes	(2.71%)	4.43%	2.25%
Class A	Return Before Taxes	(8.26%)	3.00%	1.42%
Class C	Return Before Taxes	(3.69%)	3.38%	1.22%
After Taxes on Distributions | Class I	Return After Taxes on Distributions	(2.82%)	3.81%	1.79%
After Taxes on Distributions and Sale of Fund Shares | Class I	Return After Taxes on Distributions and Sale of Fund Shares	(1.36%)	3.32%	1.70%
MSCI All Country World Index (net) (reflects no deduction for fees, expenses or taxes)	MSCI All Country World Index (net) (reflects no deduction for fees, expenses or taxes)	16.25%	12.26%	9.13%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	18.40%	15.22%	13.88%

Investors should retain this supplement with the

Prospectuses for future reference.