497 1 t1601015.htm VIRTUS OPPORTUNITIES TRUST

Virtus Emerging Markets Small-Cap Fund, Virtus Equity Trend Fund,

Virtus Global Opportunities Fund and Virtus Real Estate Securities Fund,

each a series of Virtus Opportunities Trust

Supplement dated April 14, 2016 to the Summary and Statutory Prospectuses dated January 28, 2016

Important Notice to Investors

Virtus Emerging Markets Small-Cap Fund

The section “Performance Information” in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus, the bar chart showing Calendar Year Total Returns for Class A Shares and is hereby amended by restating the 2015 return as -16.78%.

Additionally, the table showing Average Annual Total Returns is hereby replaced in its entirety with the following:

	1 Year	Class I Since Inception (12/17/13)
Class A
Return Before Taxes	-21.57%	-11.23%
Return After Taxes on Distributions	-21.30%	-11.53%
Return After Taxes on Distributions and Sale of Fund Shares	-11.30%	-8.11%
Class C
Return Before Taxes	-17.30%	-9.25%
Class I
Return Before Taxes	-16.51%	-8.37%
S&P 500 Index (reflects no deduction of fees, expenses or taxes)	1.38%	9.23%
MSCI Emerging Markets Small Cap Index (net) (reflects no deduction of fees, expenses or taxes)	-6.85%	-2.11%

Virtus Equity Trend Fund

In the section “Management of the Funds,” the table on page 180 of the statutory prospectus under the heading “Management Fees” is hereby corrected for the fund to show the breakpoint to be $4 billion.

Virtus Global Opportunities Fund

The Average Annual Total Return table in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus is hereby amended by restating the one-year return for Class B Shares as -0.35%.

Virtus Real Estate Securities Fund

Investors should retain this supplement with the

Prospectuses for future reference.

VOT 8020 Perf (4/2016)