Virtus Opportunities Trust

0001193125-13-256342.txt : 20130613 0001193125-13-256342.hdr.sgml : 20130613 20130612173426 ACCESSION NUMBER: 0001193125-13-256342 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130613 DATE AS OF CHANGE: 20130612 EFFECTIVENESS DATE: 20130613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIRTUS OPPORTUNITIES TRUST CENTRAL INDEX KEY: 0001005020 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-65137 FILM NUMBER: 13909644 BUSINESS ADDRESS: STREET 1: 101 MUNSON STREET CITY: GREENFIELD STATE: MA ZIP: 01301 BUSINESS PHONE: 800-243-1574 MAIL ADDRESS: STREET 1: 100 PEARL STREET CITY: HARTFORD STATE: CT ZIP: 06103 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX OPPORTUNITIES TRUST DATE OF NAME CHANGE: 20060127 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX SENECA FUNDS DATE OF NAME CHANGE: 19990122 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FUNDS DATE OF NAME CHANGE: 19951218

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497 1 d543111d497.htm VIRTUS OPPORTUNITIES TRUST Virtus Opportunities Trust

1933 Act/Rule 497(e)

June 12, 2013

VIA EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

RE:	Virtus Opportunities Trust

File Nos. 033-65137 and 811-7455

To The Commission Staff:

On behalf of Virtus Opportunities Trust (the “Trust” or “Registrant”), transmitted herewith for filing under Rule 497(e) under the Securities Act of 1933 and the Investment Company Act of 1940, are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the prospectus for Virtus Allocator Premium AlphaSector Fund, Virtus AlphaSector Rotation Fund, Virtus Alternatives Diversifier Fund, Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, Virtus Dynamic AlphaSector Fund, Virtus Foreign Opportunities Fund, Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, Virtus Global Opportunities Fund, Virtus Global Premium AlphaSector Fund, Virtus Global Real Estate Securities Fund, Virtus Greater Asia ex Japan Opportunities Fund, Virtus Greater European Opportunities Fund, Virtus High Yield Fund, Virtus International Equity Fund, Virtus International Real Estate Securities Fund, Virtus Multi-Sector Intermediate Bond Fund, Virtus Multi-Sector Short Term Bond Fund, Virtus Premium AlphaSector Fund, Virtus Real Estate Securities Fund and Virtus Senior Floating Rate Fund (the “Funds”) as filed under Rule 497(e) on May 23, 2013. The purpose of this filing is to submit the 497(e) filing dated May 23, 2013 in XBRL for the Funds.

Please contact Ann Flood at (860) 263-4746 or the undersigned at (860) 263-4791 if you have any questions concerning this filing.

Very truly yours,

/s/ Kevin J. Carr

Kevin J. Carr

cc:

Ann Flood

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-0.0168 -0.0131 -0.0126 -0.0128 0.0166 -0.0116 0.0811 0.071 0.0662 0.0663 0.0605 0.0659 0.0678 0.062 0.0272 0.083 2012-08-08 0.163 0.152 0.1071 0.2245 0.237 0.16 0.2254 0.3058 0.28 0.2556 0.3163 0.3297 0.2296 0.328 2009-03-02 2009-03-02 2009-03-02 0.1743 0.1701 0.1232 0.236 0.2489 0.16 0.2231 0.1812 0.1658 0.1524 0.1912 0.2035 0.1694 0.1887 2009-04-21 2009-04-21 2009-04-21 0.1842 0.1792 0.1297 0.2475 0.2598 0.16 0.1912 0.164 0.1544 0.143 0.1739 0.1856 0.1745 0.1427 2009-04-21 2009-04-21 2009-04-21 0.0918 0.092 0.0682 0.1482 0.1599 0.16 0.1732 0.0582 0.0563 0.0519 0.076 0.087 0.1331 0.0533 2010-09-16 2010-09-16 2010-09-16 0.2711 0.243 0.1834 0.3398 0.3525 0.3076 0.16 -0.0049 0.0166 0.0035 0.0135 -0.008 -0.0166 -0.0011 -0.0227 -0.0381 -0.0261 -0.0189 -0.009 0.0068 -0.0279 2007-10-01 2007-10-01 2007-10-01 0.0251 0.0246 0.0189 0.0799 0.0897 0.16 0.1124 0.0085 0.0079 0.0076 0.0352 0.0449 0.0845 0.0599 2011-03-15 2011-03-15 2011-03-15 0.0557 0.0435 0.0408 0.1118 0.1231 0.16 0.16 0.0048 -0.0002 0.0025 0.0094 0.0166 0.0349 0.0482 0.0404 0.0392 0.0471 0.0621 0.0663 0.1127 0.1289 0.1289 2009-10-01 2003-08-01 2003-08-01 0.0621 0.0663 0.034 0.0305 0.0254 0.0885 0.0999 0.16 0.0696 -0.0089 -0.0125 -0.0089 -0.0045 0.0166 0.0068 0.0216 0.0181 0.0173 0.0225 0.0407 0.0421 0.0773 0.1289 0.0722 2005-11-30 2005-11-30 2009-10-01 0.0407 0.0421 0.0056 0.0048 0.0046 0.0188 0.0594 0.072 0.16 0.083 -0.0196 -0.0205 -0.0165 -0.0178 -0.0155 0.0166 0.0205 0.025 0.071 -0.015 -0.0152 -0.0116 -0.0148 -0.0135 -0.0134 0.1289 0.0256 2009-10-01 0.0486 0.0488 0.0356 0.1035 0.1147 0.16 0.1583 0.008 0.0077 0.0078 0.0338 0.0439 0.0845 0.053 2011-03-15 2011-03-15 2011-03-15 0.0373 0.0359 0.026 0.0924 0.1031 0.16 0.1004 0.0991 0.0862 0.1183 0.1293 0.1647 2010-07-01 2010-07-01 2010-07-01 0.0413 0.0302 0.0266 0.0339 0.0736 0.0849 0.0422 0.0584 0.0437 0.0411 0.0586 0.0585 0.0692 0.0595 0.0512 0.036 0.0347 0.0472 0.0473 0.0579 0.0518 0.0546 0.0525 0.0514 0.0872 0.0422 0.0815 0.0487 0.0482 0.0472 0.0573 0.0595 0.0611 0.0408 0.0397 0.0398 0.0518 0.053 0.0512 0.0606 0.0552 2006-09-29 0.1184 0.0927 0.0758 0.1109 0.1522 0.0422 0.1578 0.0532 0.0257 0.0282 0.0535 0.0535 0.0595 0.1045 0.106 0.0518 0.0606 0.0605 0.0388 0.0376 0.0644 0.0589 0.009 0.0524 2012-08-08 0.098 0.0751 0.0651 0.0899 0.1333 0.1446 0.0422 0.0724 0.0472 0.0464 0.0725 0.0728 0.0595 0.0728 0.0491 0.0481 0.069 0.0691 0.0518 0.1086 0.0564 2009-10-01 0.0572 0.0388 0.0368 0.08 0.0898 0.0422 0.0966 0.0569 0.0341 0.0349 0.0555 0.0654 0.0569 0.0648 2008-01-31 2008-01-31 2008-01-31 0.0693 0.0536 0.0447 0.0737 0.0901 0.0966 0.0849 0.0422 0.049 0.063 0.0436 0.0421 0.0624 0.0649 0.0598 0.0595 0.0453 0.0552 0.0373 0.0365 0.0524 0.0554 0.0518 0.0423 0.0776 0.0617 0.0447 0.0399 0.0499 0.0465 2008-06-06 2003-06-02 <center><b>Virtus Foreign Opportunities Fund,</b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in the fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class C</b><br/><b>Since<br/>Inception</b><br/><b>(10/10/03)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(5/15/06)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.94%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.75%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.53%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.34%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20.17%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.51%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.67%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Morgan Stanley Capital International EAFE<sup>®</sup> Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.32%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-3.69%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.18%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Real Estate Securities Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in the fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="53%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class C</b><br/><b>Since<br/>Inception</b><br/><b>(7/25/03)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(12/28/06)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.44%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.71%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.37%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.29%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.69%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.80%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.79%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.81%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.29%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">FTSE NAREIT Equity REITs Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.06%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.23%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.59%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>LOBAL</small> C<small>OMMODITIES</small> S<small>TOCK</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="75%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">    </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">    </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(3/15/11)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.67%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-5.35%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.42%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-5.47%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-4.50%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.90%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.09%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.92%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI AC World Commodity Producer Sector Capped Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.84%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-4.87%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>LOBAL</small> D<small>IVIDEND</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="64%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class A<br/>and</b><br/><b>Class C</b><br/><b>Since<br/>Inception</b><br/><b>(12/30/04)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(6/6/08)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.78%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.04%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.41%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.09%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.76%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.41%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.69%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.23%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.32%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Global Dividend Linked Benchmark (reflects no deduction of fees,<br/>expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.65%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.08%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.09%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.20%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>LOBAL</small> O<small>PPORTUNITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="64%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(8/8/12)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.54%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.78%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.68%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.59%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.26%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.62%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.30%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.72%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI AC World Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.13%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align ="right">-1.16%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.20%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>LOBAL</small> R<small>EAL</small> E<small>STATE</small> S<small>ECURITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(3/2/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30.58%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.20%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">28.00%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.71%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25.56%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31.63%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23.70%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32.97%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.96%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">FTSE EPRA/NAREIT Developed Rental Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.54%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32.80%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>REATER</small> A<small>SIA</small> <small>EX</small> J<small>APAN</small> O<small>PPORTUNITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(4/21/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.43%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.12%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.01%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.58%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.32%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.24%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23.60%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19.12%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20.35%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.94%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI AC Asia Pacific ex Japan Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.87%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:14px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>REATER</small> E<small>UROPEAN</small> O<small>PPORTUNITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(4/21/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.42%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.40%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.92%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.44%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.30%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24.75%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.39%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.56%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI Europe Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19.12%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.27%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> I<small>NTERNATIONAL</small> E<small>QUITY</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(9/16/10)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.82%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.20%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.63%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.19%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.60%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.70%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.31%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI EAFE<sup>®</sup> Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.32%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.33%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> I<small>NTERNATIONAL</small> R<small>EAL</small> E<small>STATE</small> S<small>ECURITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="73%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(10/1/07)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.27%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-3.81%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.34%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.80%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.61%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.90%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.68%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">FTSE EPRA/NAREIT Developed Rental ex U.S. Index (net) (reflects no deduction of fees,<br/>expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30.76%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.79%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund, Virtus AlphaSector<sup>SM</sup> Rotation Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Alternatives Diversifier Fund, Virtus Dynamic AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund and Virtus Premium AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(3/15/11)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.51%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.85%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.79%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.76%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.52%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.49%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Dow Jones Global Moderate Portfolio Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.99%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund, Virtus AlphaSector<sup>SM</sup> Rotation Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Alternatives Diversifier Fund, Virtus Dynamic AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund and Virtus Premium AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus AlphaSector<sup>SM</sup> Rotation Fund* </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class A<br/>and</b><br/><b>Class  C</b><br/><b>Since<br/>Inception</b><br/><b>(8/1/03)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(10/1/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.57%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.48%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.02%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.04%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.08%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.92%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.94%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.71%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.27%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">AlphaSector Rotation Linked Benchmark (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%"> </p> <p style="font-size:2px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left">*</td> <td align="left" valign="top">Note that the Supplemental Performance appearing in the fund’s current prospectuses is correct as shown in those prospectuses. </td></tr></table> <center><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund, Virtus AlphaSector<sup>SM</sup> Rotation Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Alternatives Diversifier Fund, Virtus Dynamic AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund and Virtus Premium AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>Virtus Alternatives Diversifier Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="63%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class A<br/>and</b><br/><b>Class C</b><br/><b>Since<br/>Inception</b><br/><b>(11/30/05)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(10/1/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.40%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.16%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.81%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.54%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.85%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.73%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.07%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Composite Benchmark (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.96%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.68%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.22%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund, Virtus AlphaSector<sup>SM</sup> Rotation Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Alternatives Diversifier Fund, Virtus Dynamic AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund and Virtus Premium AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus Dynamic AlphaSector<sup>SM</sup> Fund** </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(10/1/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.56%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.96%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.48%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.48%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.65%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.16%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.78%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.52%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.94%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.55%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.20%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.34%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Dynamic AlphaSector Linked Benchmark (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.56%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%"> </p> <p style="font-size:2px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left">**</td> <td align="left" valign="top">This performance information supersedes the performance information contained in the supplement dated May 17, 2013. </td></tr></table> <center><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund, Virtus AlphaSector<sup>SM</sup> Rotation Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Alternatives Diversifier Fund, Virtus Dynamic AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund and Virtus Premium AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(3/15/11)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.86%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.80%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.77%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.56%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.78%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.38%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.39%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI World Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.83%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.30%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund, Virtus AlphaSector<sup>SM</sup> Rotation Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Alternatives Diversifier Fund, Virtus Dynamic AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund and Virtus Premium AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus Premium AlphaSector<sup>SM</sup> Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(7/1/10)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.04%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.59%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.91%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.60%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.62%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.83%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.93%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.47%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus High Yield Fund, Virtus Multi-Sector Intermediate Bond Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus Senior Floating Rate Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="margin-top:12px;margin-bottom:0px"><b>Virtus Bond Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="74%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.13%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.84%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.12%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.02%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.37%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.60%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.47%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.39%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.86%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.72%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.85%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.73%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.92%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.79%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus High Yield Fund, Virtus Multi-Sector Intermediate Bond Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus Senior Floating Rate Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>Virtus High Yield Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="66%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(8/8/12)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.84%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.32%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.44%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.27%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.57%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.76%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.58%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.09%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.06%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.78%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.60%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.24%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus High Yield Fund, Virtus Multi-Sector Intermediate Bond Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus Senior Floating Rate Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>Virtus CA Tax-Exempt Bond Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="65%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(9/29/06)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.87%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.08%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.12%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.06%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays California Municipal Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.15%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.52%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus High Yield Fund, Virtus Multi-Sector Intermediate Bond Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus Senior Floating Rate Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>Virtus Multi-Sector Intermediate Bond Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(10/1/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.80%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.51%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.91%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.51%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.64%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.81%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.33%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.91%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.86%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.64%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus High Yield Fund, Virtus Multi-Sector Intermediate Bond Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus Senior Floating Rate Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p><p style="margin-top:12px;margin-bottom:0px"><b>Virtus Senior Floating Rate Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(1/31/08)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.69%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.41%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.68%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.49%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.55%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.54%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.69%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P/LSTA Leveraged Loan Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.48%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Multi-Sector Short Term Bond Fund, </b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in the fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="56%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since<br/>Inception</b><br/><b>(6/6/08)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class T</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(6/2/03)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.93%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.52%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.65%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.37%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.01%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.54%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.76%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class T</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.65%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index<br/>(reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.17%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.99%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.53%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.23%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.99%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <center><b>Virtus Foreign Opportunities Fund,</b></center> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in the fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class C</b><br/><b>Since<br/>Inception</b><br/><b>(10/10/03)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(5/15/06)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.94%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.75%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.53%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.34%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20.17%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.51%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.67%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Morgan Stanley Capital International EAFE<sup>®</sup> Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.32%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-3.69%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.18%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><br/> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in the fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="53%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class C</b><br/><b>Since<br/>Inception</b><br/><b>(7/25/03)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(12/28/06)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.44%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.71%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.37%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.29%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.69%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.80%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.79%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.81%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.29%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">FTSE NAREIT Equity REITs Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.06%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.23%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.59%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><br/> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Global Commodities Stock Fund, Virtus Global Dividend Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Opportunities Fund, Virtus Global Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater Asia ex Japan Opportunities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Greater European Opportunities Fund, Virtus International Equity Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus International Real Estate Securities Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>LOBAL</small> C<small>OMMODITIES</small> S<small>TOCK</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="75%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">    </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">    </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(3/15/11)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.67%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-5.35%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.42%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-5.47%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-4.50%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.90%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">    </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.09%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.92%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI AC World Commodity Producer Sector Capped Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.84%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-4.87%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="margin-top:12px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>LOBAL</small> D<small>IVIDEND</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="64%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class A<br/>and</b><br/><b>Class C</b><br/><b>Since<br/>Inception</b><br/><b>(12/30/04)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(6/6/08)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.78%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.04%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.41%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.09%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.76%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.41%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.69%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.23%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.32%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Global Dividend Linked Benchmark (reflects no deduction of fees,<br/>expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.65%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.08%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.09%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.20%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><p style="margin-top:0px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>LOBAL</small> O<small>PPORTUNITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="64%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(8/8/12)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.54%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.78%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.68%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.59%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.26%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.62%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.30%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.72%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI AC World Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.13%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align ="right">-1.16%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.20%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><p style="margin-top:14px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>LOBAL</small> R<small>EAL</small> E<small>STATE</small> S<small>ECURITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(3/2/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30.58%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.20%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">28.00%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.71%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25.56%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31.63%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23.70%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32.97%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.96%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">FTSE EPRA/NAREIT Developed Rental Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.54%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32.80%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><p style="margin-top:0px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>REATER</small> A<small>SIA</small> <small>EX</small> J<small>APAN</small> O<small>PPORTUNITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(4/21/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.43%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.12%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.01%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.58%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.32%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.24%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23.60%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19.12%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20.35%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.94%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI AC Asia Pacific ex Japan Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.87%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="margin-top:14px;margin-bottom:0px"><b>V<small>IRTUS</small> G<small>REATER</small> E<small>UROPEAN</small> O<small>PPORTUNITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(4/21/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.42%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.40%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.92%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.44%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.30%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24.75%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.39%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.56%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI Europe Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19.12%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.27%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/> <p style="margin-top:0px;margin-bottom:0px"><b>V<small>IRTUS</small> I<small>NTERNATIONAL</small> E<small>QUITY</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(9/16/10)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.82%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.20%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.63%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.19%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.60%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.70%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.31%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI EAFE<sup>®</sup> Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.32%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.33%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="margin-top:14px;margin-bottom:0px"><b>V<small>IRTUS</small> I<small>NTERNATIONAL</small> R<small>EAL</small> E<small>STATE</small> S<small>ECURITIES</small> F<small>UND</small> </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="73%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(10/1/07)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.27%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-3.81%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18.34%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.80%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.61%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.90%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.68%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">FTSE EPRA/NAREIT Developed Rental ex U.S. Index (net) (reflects no deduction of fees,<br/>expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30.76%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.79%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><br/> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund, Virtus AlphaSector<sup>SM</sup> Rotation Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Alternatives Diversifier Fund, Virtus Dynamic AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund and Virtus Premium AlphaSector<sup>SM</sup> Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(3/15/11)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.51%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.85%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.79%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.76%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.52%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.49%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Dow Jones Global Moderate Portfolio Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.99%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus AlphaSector<sup>SM</sup> Rotation Fund* </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class A<br/>and</b><br/><b>Class  C</b><br/><b>Since<br/>Inception</b><br/><b>(8/1/03)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(10/1/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.57%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.48%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.02%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.04%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.08%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.92%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.94%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.71%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.27%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">AlphaSector Rotation Linked Benchmark (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%"> </p> <p style="font-size:2px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left">*</td> <td align="left" valign="top">Note that the Supplemental Performance appearing in the fund’s current prospectuses is correct as shown in those prospectuses. </td></tr></table><br/><p style="margin-top:0px;margin-bottom:0px"><b>Virtus Alternatives Diversifier Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="63%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class A<br/>and</b><br/><b>Class C</b><br/><b>Since<br/>Inception</b><br/><b>(11/30/05)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(10/1/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.40%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.16%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.81%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.54%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.85%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-0.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.73%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.07%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Composite Benchmark (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.96%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.68%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.22%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus Dynamic AlphaSector<sup>SM</sup> Fund** </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(10/1/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.56%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.96%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.48%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-2.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.48%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.65%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.16%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.78%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.52%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.94%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.55%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.20%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-1.34%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Dynamic AlphaSector Linked Benchmark (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.56%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%"> </p> <p style="font-size:2px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left">**</td> <td align="left" valign="top">This performance information supersedes the performance information contained in the supplement dated May 17, 2013. </td></tr></table><br/><p style="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus Global Premium AlphaSector<sup>SM</sup> Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(3/15/11)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.86%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.80%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.77%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.56%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.78%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.38%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.39%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.45%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">MSCI World Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.83%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.30%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><b>Virtus Premium AlphaSector<sup>SM</sup> Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(7/1/10)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.04%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.59%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.91%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.60%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.62%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.83%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.31%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.93%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P 500<sup>®</sup> Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.47%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><br/> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus High Yield Fund, Virtus Multi-Sector Intermediate Bond Fund </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>and Virtus Senior Floating Rate Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in each fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="margin-top:12px;margin-bottom:0px"><b>Virtus Bond Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="74%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.13%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.84%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.12%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.02%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.37%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.60%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.47%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.39%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.86%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.72%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.85%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.73%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.92%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.79%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="margin-top:12px;margin-bottom:0px"><b>Virtus CA Tax-Exempt Bond Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="65%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(9/29/06)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.87%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.08%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.97%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.12%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.06%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays California Municipal Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.15%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.52%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><p style="margin-top:0px;margin-bottom:0px"><b>Virtus High Yield Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="66%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(8/8/12)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.84%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.32%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.44%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.27%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.57%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.76%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.58%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.82%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.09%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.35%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.06%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.89%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.78%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.45%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.60%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.24%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <p style="margin-top:14px;margin-bottom:0px"><b>Virtus Multi-Sector Intermediate Bond Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(10/1/09)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.80%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.51%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.91%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.51%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.64%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.81%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.33%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.91%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.46%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.86%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.64%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><p style="margin-top:0px;margin-bottom:0px"><b>Virtus Senior Floating Rate Fund </b></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Since</b><br/><b>Inception</b><br/><b>(1/31/08)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.69%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.88%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.41%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.68%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.49%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.55%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.54%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.69%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">S&P/LSTA Leveraged Loan Index (net) (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.48%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table><br/><br/> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>Virtus Multi-Sector Short Term Bond Fund, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>a series of Virtus Opportunities Trust </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center">Supplement dated May 22, 2013 </p> <p style="margin-top:0px;margin-bottom:0px" align="center">to the Prospectuses dated January 31, 2013 </p> <p style="margin-top:14px;margin-bottom:0px"><b>I<small>MPORTANT</small> N<small>OTICE</small> <small>TO</small> I<small>NVESTORS</small> </b></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%">The following corrects after-tax performance information for Class A Shares appearing under “Average Annual Total Returns” in the fund’s summary prospectus and the summary section of the statutory prospectus. </p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="56%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1 Year</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class I</b><br/><b>Since<br/>Inception</b><br/><b>(6/6/08)</b></td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class T</b><br/><b>Since</b><br/><b>Inception</b><br/><b>(6/2/03)</b></td> <td valign="bottom"> </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class A</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.93%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.30%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.52%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return After Taxes on Distributions and Sale of Fund Shares</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.65%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class B</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.37%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.24%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class C</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.01%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.54%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class I</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.66%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.76%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Class T</b></div></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Return Before Taxes</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.98%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.65%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Barclays U.S. Aggregate Bond Index<br/>(reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.22%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.95%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.18%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.17%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.99%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index (reflects no deduction of fees, expenses or taxes)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.53%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.23%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.47%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.99%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> 2003-10-10 2003-07-25 2011-03-15 2004-12-30 2012-08-08 2009-03-02 2009-04-21 2009-04-21 2010-09-16 2007-10-01 2011-03-15 2003-08-01 2005-11-30 2009-10-01 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Supplement Text Block Supplement [Text Block] Document [Axis] Prospectus Performance Measure [Axis] Before Taxes After Taxes on Distributions Return After Taxes on Distributions After Taxes on Distributions and Sales Return After Taxes on Distributions and Sale of Fund Shares Series [Axis] Series S000018969 [Member] Virtus Foreign Opportunities Fund VIRTUS FOREIGN OPPORTUNITIES FUND Member Share Class [Axis] Share Classes C000052519 [Member] Class A Class A,VIRTUS FOREIGN OPPORTUNITIES FUND Member C000052520 [Member] Class C Class C,VIRTUS FOREIGN OPPORTUNITIES FUND Member C000052521 [Member] Class I Class I,VIRTUS FOREIGN OPPORTUNITIES FUND Member Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, With Redemption [Table] Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption [Table] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Bar Chart Narrative [Text Block] Bar Chart [Heading] Bar Chart [Table] Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Narrative Performance [Table] Market Index Performance [Table] Performance Table Footnotes Performance Table Closing [Text Block] Shareholder Fees: Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Net Expenses (as a percentage of Assets) Net Expenses Fee Waiver or Reimbursement Fee Waiver or Reimbursement Expenses (as a percentage of Assets) Total Expenses Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Other Expenses (as a percentage of Assets): Other Expenses Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Acquired Fund Fees and Expenses Operating Expenses: Operating Expenses Column [Text] Expense Example: Expense Example, By Year, Column [Text] Column Expense Example, with Redemption, 1 Year 1 Year Expense Example, with Redemption, 3 Years 3 Years Expense Example, with Redemption, 5 Years 5 Years Expense Example, with Redemption, 10 Years 10 Years Expense Example, No Redemption: Expense Example, No Redemption, By Year, Column [Text] Column Expense Example, No Redemption, 1 Year 1 Year Expense Example, No Redemption, 3 Years 3 Years Expense Example, No Redemption, 5 Years 5 Years Expense Example, No Redemption, 10 Years 10 Years Bar Chart Table: Annual Return Caption [Text] Caption Annual Return, Column [Text] Column Annual Return, Inception Date Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Average Annual Return: Label Risk/Return Detail [Table] VIRTUS REAL ESTATE SECURITIES FUND. S000018002 [Member] Virtus Real Estate Securities Fund Virtus Global Commodities Stock Fund S000030643 [Member] Virtus Global Commodities Stock Fund VIRTUS GLOBAL DIVIDEND FUND S000018009 [Member] Virtus Global Dividend Fund VIRTUS GLOBAL OPPORTUNITIES FUND. S000018972 [Member] Virtus Global Opportunities Fund Virtus Global Real Estate Securities Fund. S000025108 [Member] Virtus Global Real Estate Securities Fund Virtus Greater Asia ex Japan Opportunities Fund. S000025109 [Member] Virtus Greater Asia ex Japan Opportunities Fund Virtus Greater European Opportunities Fund. S000025110 [Member] Virtus Greater European Opportunities Fund S000030077. S000030077 [Member] Virtus International Equity Fund VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND. S000018970 [Member] Virtus International Real Estate Securities Fund Virtus Allocator Premium AlphaSector Fund. S000031600 [Member] Virtus Allocator Premium AlphaSector Fund VIRTUS ALPHASECTOR ROTATION FUND. S000018974 [Member] Virtus AlphaSector Rotation Fund S000018976. S000018976 [Member] Virtus Alternatives Diversifier Fund S000018010. S000018010 [Member] Virtus Dynamic AlphaSector Fund S000031601. S000031601 [Member] Virtus Global Premium AlphaSector Fund S000029390. S000029390 [Member] Virtus Premium AlphaSector Fund EX-101.PRE 7 vot-20130523_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 R4.htm IDEA: XBRL DOCUMENT

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	VIRTUS OPPORTUNITIES TRUST
Prospectus Date	rr_ProspectusDate	Jan. 31, 2013
Document Creation Date	dei_DocumentCreationDate	May 23, 2013

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}else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } EXCEL 10 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]F,S'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O M=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D M/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D M('=I=&@@36EC'1087)T7V8S-S5C,V4P7V4X M,3=?-#!E-5\X8F8S7SAC-F0V.#(X86)F,PT*0V]N=&5N="U,;V-A=&EO;CH@ M9FEL93HO+R]#.B]F,S'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^5DE25%53($]04$]25%5.251)15,@5%)54U0\'0^9F%L2`R,RP-"@D),C`Q,SQS M<&%N/CPO2`R,RP-"@D),C`Q,SQS<&%N/CPO'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/&-E;G1E6QE/3-$;6%R9VEN+71O<#HQ,G!X.VUA29N8G-P.S,Q+"`R,#$S(#PO<#X@/'`@F4Z,3)P>#MM87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P M>#XF;F)S<#L\+W`^(#QT86)L92!C96QL6QE/3-$0D]21$52 M+4-/3$Q!4%-%.D-/3$Q!4%-%(&%L:6=N/3-$8V5N=&5R/B`@(#QT6QE/3-$)V)O6QE/3-$)V)O M"!S;VQI9"`C,#`P,#`P)SX\8CXQ,"9N8G-P M.UEE87)S/"]B/CPO=&0^(#QT9"!V86QI9VX],T1B;W1T;VT^)FYB6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P M)SX\8CY#;&%S'0M:6YD M96YT.BTQ+C`P96TG/CQB/D-L87-S)FYB&5S/"]D:78^/"]T9#X@/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF M;F)S<#L\+W1D/B`\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.SPO=&0^(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#XQ,BXY-"4\+W1D/B`\ M=&0@;F]W6QE/3-$)VUA&5S(&]N($1I6QE/3-$)VUA&5S/"]D:78^/"]T9#X@/'1D('9A;&EG;CTS1&)O M='1O;3XF;F)S<#LF;F)S<#L\+W1D/B`\=&0@=F%L:6=N/3-$8F]T=&]M/B9N M8G-P.SPO=&0^(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#XQ M."XY-R4\+W1D/B`\=&0@;F]W6QE/3-$)VUA&5S/"]D:78^/"]T9#X@/'1D('9A;&EG M;CTS1&)O='1O;3XF;F)S<#LF;F)S<#L\+W1D/B`\=&0@=F%L:6=N/3-$8F]T M=&]M/B9N8G-P.SPO=&0^(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R M:6=H=#XR,"XQ-R4\+W1D/B`\=&0@;F]W#MM87)G:6XM8F]T M=&]M.C!P>"!A;&EG;CTS1&-E;G1E6QE/3-$;6%R9VEN+71O<#HQ,G!X.VUA29N8G-P.S,Q+"`R,#$S(#PO<#X@/'`@F4Z,3)P>#MM87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P>#XF M;F)S<#L\+W`^(#QT86)L92!C96QL6QE/3-$0D]21$52+4-/ M3$Q!4%-%.D-/3$Q!4%-%(&%L:6=N/3-$8V5N=&5R/B`@(#QT6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CXQ,"9N8G-P.UEE M87)S/"]B/CPO=&0^(#QT9"!V86QI9VX],T1B;W1T;VT^)FYB6QE M/3-$)V)O6QE/3-$)V)O'0M:6YD96YT M.BTQ+C`P96TG/CQB/D-L87-S)FYB&5S/"]D:78^/"]T9#X@/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S M<#L\+W1D/B`\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.SPO=&0^(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#XY+C@R)3PO=&0^(#QT9"!N M;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO M=&0^(#QT9"!V86QI9VX],T1B;W1T;VT^)FYB6QE/3-$)VUA&5S(&]N M($1I6QE/3-$)VUA&5S(&]N($1I6QE/3-$)VUA&5S/"]D:78^/"]T9#X@/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S M<#LF;F)S<#L\+W1D/B`\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.SPO=&0^ M(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#XQ,2XV,R4\+W1D M/B`\=&0@;F]W6QE/3-$)VUA&5S/"]D:78^/"]T9#X@/'1D('9A;&EG;CTS1&)O='1O M;3XF;F)S<#LF;F)S<#L\+W1D/B`\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P M.SPO=&0^(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#XQ-2XV M,R4\+W1D/B`\=&0@;F]W6QE/3-$)VUA&5S/"]D:78^/"]T9#X@/'1D('9A;&EG;CTS M1&)O='1O;3XF;F)S<#LF;F)S<#L\+W1D/B`\=&0@=F%L:6=N/3-$8F]T=&]M M/B9N8G-P.SPO=&0^(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#XQ-BXX,"4\+W1D/B`\=&0@;F]W'0M:6YD96YT.BTQ+C`P96TG/E,F M86UP.U`@-3`P/'-U<#XF(S$W-#L\+W-U<#X@26YD97@@*')E9FQE8W1S(&YO M(&1E9'5C=&EO;B!O9B!F965S+"!E>'!E;G-E'0M:6YD96YT.BTQ+C`P96TG/D944T4@3D%214E4 M($5Q=6ET>2!214E4"`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`R,#$S(#PO<#X@/'`@ M#MM87)G:6XM8F]T=&]M.C!P>"!A;&EG M;CTS1&-E;G1E6QE/3-$;6%R9VEN+71O<#HQ-'!X M.VUA6QE/3-$)VUA M#MM87)G:6XM8F]T=&]M.C!P>#L@=&5X="UI;F1E;G0Z M-"4G/E1H92!F;VQL;W=I;F<@8V]R2!PF4Z,3)P>#MM87)G:6XM=&]P.C!P M>#MM87)G:6XM8F]T=&]M.C!P>#XF;F)S<#L\+W`^(#QT86)L92!C96QL6QE/3-$0D]21$52+4-/3$Q!4%-%.D-/3$Q!4%-%(&%L:6=N/3-$ M8V5N=&5R/B`@(#QT6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SX\8CY3:6YC93PO8CX\8G(O/CQB/DEN8V5P=&EO;CPO8CX\ M8G(O/CQB/B@S+S$U+S$Q*3PO8CX\+W1D/B`\=&0@=F%L:6=N/3-$8F]T=&]M M/B9N8G-P.SPO=&0^/"]T6QE/3-$)VUA'0M:6YD96YT.BTQ+C`P96TG/E)E='5R;B!" 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Document and Entity Information	12 Months Ended
Document and Entity Information	Jan. 31, 2013
Risk/Return:
Document Type	Other
Document Period End Date	Sep. 30, 2012
Registrant Name	VIRTUS OPPORTUNITIES TRUST
Central Index Key	0001005020
Amendment Flag	false
Document Creation Date	May 23, 2013
Document Effective Date	May 23, 2013
Prospectus Date	Jan. 31, 2013