Virtus Emerging Markets Equity Income Fund,

a series of Virtus Opportunities Trust

Supplement dated November 1, 2016 to the Summary Prospectus dated January 28, 2016, as supplemented,

and the Virtus Opportunities Trust Statutory Prospectus, dated January 28, 2016, as supplemented

Important Notice to Investors

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A			Class C			Class I
Management Fees		1.05	%		1.05	%		1.05	%
Distribution and Shareholder Servicing (12b-1) Fees		0.25	%		1.00	%		None
Other Expenses		0.46	%		0.46	%		0.46	%
Acquired Fund Fees and Expenses		0.02	%		0.02	%		0.02	%
Total Annual Fund Operating Expenses(b)		1.78	%		2.53	%		1.53	%
Less:  Expense Reimbursement(c)		(0.16	)%		(0.16	)%		(0.16	)%
Total Annual Fund Operating Expenses After Expense Reimbursement(b)(c)		1.62	%		2.37	%		1.37	%

(b) The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.

(c) The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.60% for Class A Shares, 2.35% for Class C Shares and 1.35% for Class I Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the time such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	730	$	1,088	$	1,470	$	2,537
Class C	Sold	$	340	$	772	$	1,331	$	2,854
	Held	$	240	$	772	$	1,331	$	2,854
Class I	Sold or Held	$	139	$	468	$	819	$	1,810

In the first table in the section “More Information About Fund Expenses” on page 128 of the statutory prospectus, the row corresponding to the fund is hereby replaced with the following.

Class A Shares

Class B Shares

Class C Shares

Class I Shares

Class R6 Shares

Class T Shares

Through Date

Virtus Emerging Markets Equity Income Fund

1.60

%

N/A

2.35

%

1.35

%

N/A

N/A

January 31, 2017

In the second table in the section “More Information About Fund Expenses” on page 129 of the statutory prospectus, the row corresponding to the fund is hereby replaced with the following:

Class A Shares

Class B Shares

Class C Shares

Class I Shares

Class R6 Shares

Class T Shares

Virtus Emerging Markets Equity Income Fund**

1.77

%

N/A

2.52

%

1.52

%

N/A

N/A

^** Rates shown reflect prior expense reimbursement arrangements.

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

VOT 8020/EMEI NewExpCap (11/16) 

Virtus Emerging Markets Equity Income Fund,

a series of Virtus Opportunities Trust

Supplement dated November 1, 2016 to the Statement of

Additional Information (“SAI”) dated September 23, 2016

Important Notice to Investors

Under the heading “Investment Advisory Agreement and Expense Limitation Agreement” in the section “Investment Advisory and Other Services” on pages 86-88 of the fund’s SAI, the row in the second table corresponding to the fund is hereby replaced with the following:

Class A

Class B

Class C

Class I

Class R6

Class T

Through Date

Emerging Markets Equity Income Fund

1.60

%

N/A

2.35

%

1.35

%

N/A

N/A

January 31, 2017

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

VOT 8020B SAI/AddR6NewExpCap (11/16)