
Virtus Allocator Premium AlphaSector^SM Fund, a series of Virtus Opportunities Trust Supplement dated November 3, 2011 to the Prospectuses dated January 31, 2011, as supplemented IMPORTANT NOTICE TO INVESTORS Under "Principal Investment Strategies" on page 2 of the fund's summary prospectus and on page 2 of the statutory prospectus, the description of the types of securities in which the Alternative allocation of the fund will invest is hereby amended and replaced with the following: The Alternative allocation may be invested in ETFs representing gold, real estate and broad based equity securities. Investors should retain this supplement with the Prospectuses for future reference.

Virtus Allocator Premium AlphaSector^SM Fund,

a series of Virtus Opportunities Trust

Supplement dated November 3, 2011 to the Prospectuses

dated January 31, 2011, as supplemented

IMPORTANT NOTICE TO INVESTORS

Under "Principal Investment Strategies" on page 2 of the fund's summary prospectus and on page 2 of the statutory prospectus, the description of the types of securities in which the Alternative allocation of the fund will invest is hereby amended and replaced with the following:

The Alternative allocation may be invested in ETFs representing gold, real estate and broad based equity securities.

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