0001193125-13-061755.txt : 20130219 0001193125-13-061755.hdr.sgml : 20130219 20130215095220 ACCESSION NUMBER: 0001193125-13-061755 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130215 EFFECTIVENESS DATE: 20130215 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-65137 FILM NUMBER: 13617729 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 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07455 FILM NUMBER: 13617730 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 0001005020 S000001336 VIRTUS BOND FUND C000003572 CLASS A SAVAX C000003573 CLASS B SAVBX C000003574 CLASS C SAVCX C000003575 CLASS I SAVYX 0001005020 S000018001 VIRTUS CA TAX-EXEMPT BOND FUND C000049899 Class A CTESX C000049900 Class I CTXEX 0001005020 S000018002 VIRTUS REAL ESTATE SECURITIES FUND C000049901 Class A PHRAX C000049902 Class B PHRBX C000049903 Class C PHRCX C000049904 Class I PHRIX 0001005020 S000018005 VIRTUS HIGH YIELD FUND C000049911 Class B PHCCX C000049912 Class C PGHCX C000049913 Class A PHCHX C000119169 Class I PHCIX 0001005020 S000018007 VIRTUS MULTI-SECTOR FIXED INCOME FUND C000049915 Class A NAMFX C000049916 Class B NBMFX C000049917 Class C NCMFX C000081781 Class I VMFIX 0001005020 S000018008 VIRTUS MULTI-SECTOR SHORT TERM BOND FUND C000049918 Class A NARAX C000049919 Class B PBARX C000049920 Class C PSTCX C000049921 Class T PMSTX C000066828 Class I Shares PIMSX 0001005020 S000018009 VIRTUS GLOBAL DIVIDEND FUND C000049922 Class A PGUAX C000049923 Class C PGUCX C000066829 Class I Shares PGIUX 0001005020 S000018010 VIRTUS DYNAMIC ALPHASECTOR FUND C000049924 Class A EMNAX C000049925 Class B EMNBX C000049926 Class C EMNCX C000081782 Class I VIMNX 0001005020 S000018969 VIRTUS FOREIGN OPPORTUNITIES FUND C000052519 Class A JVIAX C000052520 Class C JVICX C000052521 Class I JVXIX 0001005020 S000018970 VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND C000052522 Class A PXRAX C000052523 Class C PXRCX C000052524 Class I PXRIX 0001005020 S000018972 VIRTUS GLOBAL OPPORTUNITIES FUND C000052528 Class A NWWOX C000052529 Class B WWOBX C000052530 Class C WWOCX C000119170 Class I WWOIX 0001005020 S000018974 VIRTUS ALPHASECTOR ROTATION FUND C000052533 Class A PWBAX C000052534 Class C PWBCX C000081783 Class I VARIX 0001005020 S000018976 VIRTUS ALTERNATIVES DIVERSIFIER FUND C000052537 Class A PDPAX C000052538 Class C PDPCX C000081785 Class I VADIX 0001005020 S000020772 VIRTUS SENIOR FLOATING RATE FUND C000058006 Class A PSFRX C000058007 Class C PFSRX C000058008 Class I PSFIX 0001005020 S000025108 Virtus Global Real Estate Securities Fund C000074732 Class A VGSAX C000074733 Class C VGSCX C000074734 Class I VGISX 0001005020 S000025109 Virtus Greater Asia ex Japan Opportunities Fund C000074735 Class A VGAAX C000074736 Class C VGACX C000074737 Class I VGAIX 0001005020 S000025110 Virtus Greater European Opportunities Fund C000074738 Class A VGEAX C000074739 Class C VGECX C000074740 Class I VGEIX 0001005020 S000029390 Virtus Premium AlphaSector Fund C000090272 Class A VAPAX C000090273 Class C VAPCX C000090274 Class I VAPIX 0001005020 S000030077 Virtus International Equity Fund C000092267 Class A VIEAX C000092268 Class C VIECX C000092269 Class I VIIEX 0001005020 S000030643 Virtus Global Commodities Stock Fund C000094976 Class A VGCAX C000094977 Class C VGCCX C000094978 Class I VGCIX 0001005020 S000031600 Virtus Allocator Premium AlphaSector Fund C000098360 Class A VAAAX C000098361 Class C VAACX C000098362 Class I VAISX 0001005020 S000031601 Virtus Global Premium AlphaSector Fund C000098363 Class A VGPAX C000098364 Class C VGPCX C000098365 Class I VGPIX 0001005020 S000038114 Virtus Emerging Markets Debt Fund C000117499 Class A VEDAX C000117500 Class C VEDCX C000117501 Class I VIEDX 0001005020 S000038115 Virtus Emerging Markets Equity Income Fund C000117502 Class A VEIAX C000117503 Class C VEICX C000117504 Class I VEIIX 0001005020 S000038116 Virtus Herzfeld Fund C000117505 Class A VHFAX C000117506 Class C VHFCX C000117507 Class I VHFIX 0001005020 S000038117 Virtus Wealth Masters Fund C000117508 Class A VWMAX C000117509 Class C VWMCX C000117510 Class I VWMIX 0001005020 S000038118 Virtus International Small-Cap Fund C000117511 Class A VISAX C000117512 Class C VCISX C000117513 Class I VIISX 0001005020 S000039392 Virtus Disciplined Select Bond Fund C000121401 Class A C000121402 Class C C000121403 Class I 0001005020 S000039393 Virtus Disciplined Equity Style Fund C000121404 Class A C000121405 Class C C000121406 Class I 0001005020 S000039394 Virtus Disciplined Select Country Fund C000121407 Class A C000121408 Class C C000121409 Class I 485BPOS 1 d458392d485bpos.htm VIRTUS OPPORTUNITIES TRUST Virtus Opportunities Trust

As filed with the Securities and Exchange Commission on February 15, 2013

File No. 033-65137

File No. 811-07455

 

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

Under the SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No. 62

and/or

REGISTRATION STATEMENT

Under the INVESTMENT COMPANY ACT OF 1940

Amendment No. 63

(Check appropriate box or boxes)

Virtus Opportunities Trust

(Exact Name of Registrant as Specified in Charter)

Area Code and Telephone Number: (800) 243-1574

101 Munson Street

Greenfield, Massachusetts 01301

(Address of Principal Executive Offices)

Kevin J. Carr, Esq.

Counsel

Virtus Investment Partners, Inc.

100 Pearl St.

Hartford, Connecticut 06103

(Name and Address of Agent for Service)

Copies of All Correspondence to:

David C. Mahaffey, Esq.

Sullivan & Worcester LLP

1666 K Street, N.W.

Washington, D.C. 20006

 

 

It is proposed that this filing will become effective (check appropriate box):

x immediately upon filing pursuant to paragraph (b)

¨ on                          pursuant to paragraph (b) of Rule 485

¨ 60 days after filing pursuant to paragraph (a)(1)

¨ on                          or at such later date as the Commission shall order pursuant to paragraph (a)(2)

¨ 75 days after filing pursuant to paragraph (a)(2)

¨ on                          pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

 


EXPLANATORY NOTE

This Post-Effective Amendment No. 62 relates to the following funds:

Virtus Allocator Premium AlphaSectorSM Fund

Virtus AlphaSectorSM Rotation Fund

Virtus Alternatives Diversifier Fund

Virtus Bond Fund

Virtus CA Tax-Exempt Bond Fund

Virtus Disciplined Equity Style Fund

Virtus Disciplined Select Bond Fund

Virtus Disciplined Select Country Fund

Virtus Dynamic AlphaSectorSM Fund

Virtus Emerging Markets Debt Fund

Virtus Emerging Markets Equity Income Fund

Virtus Foreign Opportunities Fund

Virtus Global Commodities Stock Fund

Virtus Global Dividend Fund

Virtus Global Opportunities Fund

Virtus Global Premium AlphaSectorSM Fund

Virtus Global Real Estate Securities Fund

Virtus Greater Asia ex Japan Opportunities Fund

Virtus Greater European Opportunities Fund

Virtus Herzfeld Fund

Virtus High Yield Fund

Virtus International Equity Fund

Virtus International Real Estate Securities Fund

Virtus International Small-Cap Fund

Virtus Multi-Sector Fixed Income Fund

Virtus Multi-Sector Short Term Bond Fund

Virtus Premium AlphaSectorSM Fund

Virtus Real Estate Securities Fund

Virtus Senior Floating Rate Fund

Virtus Wealth Masters Fund


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the 1940 Act, as amended, the Registrant certifies that it meets all of the requirements for effectiveness for this registration statement under Rule 485(b) of the Securities Act and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Hartford and the State of Connecticut on the 15th day of February, 2013.

 

VIRTUS OPPORTUNITIES TRUST
By:   /S/ GEORGE R. AYLWARD
    George R. Aylward
    President

Pursuant to the requirements of the Securities Act of 1933, as amended, this amendment to the registration statement has been signed below by the following persons in the capacities indicated on the 15th day of February, 2013.

 

Signature

  

Title

/S/ GEORGE R. AYLWARD   
George R. Aylward   

Trustee and President (principal executive officer)

/S/ W. PATRICK BRADLEY   
W. Patrick Bradley   

Chief Financial Officer and Treasurer

(principal financial and accounting officer)

/S/ LEROY KEITH, JR.   
Leroy Keith, Jr.*   

Trustee

/S/ PHILIP R. MCLOUGHLIN   
Philip R. McLoughlin*   

Trustee and Chairman

/S/ GERALDINE M. MCNAMARA   
Geraldine M. McNamara*   

Trustee

/S/ JAMES M. OATES   
James M. Oates*   

Trustee

/S/ RICHARD E. SEGERSON   
Richard E. Segerson*   

Trustee

/S/ FERDINAND L.J. VERDONCK   
Ferdinand L.J. Verdonck*   

Trustee

 

*By   GEORGE R. AYLWARD
 

*George R. Aylward, Attorney-in-Fact,

pursuant to a power of attorney


Exhibit Index

 

Exhibit Number

  

Description

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxomony Extension Presentation Linkbase
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vot10:GlobalDividendLinkedBenchmarkMember vot10:C000049923Member 2012-02-01 2013-01-31 0001005020 vot10:S000018974Member vot10:AlphaSectorRotationLinkedBenchmarkMember vot10:C000052534Member 2012-02-01 2013-01-31 0001005020 vot10:S000018974Member vot10:SAndPFiveHundredIndexMember vot10:C000052534Member 2012-02-01 2013-01-31 0001005020 vot10:S000018008Member vot10:BofaMerrillLynchMediumQualityCorporateBondIndexMember vot10:C000066828Member 2012-02-01 2013-01-31 pure iso4217:USD <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusAllocatorPremiumAlphaSectorFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusAllocatorPremiumAlphaSectorFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusAllocatorPremiumAlphaSectorFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusAllocatorPremiumAlphaSectorFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusGlobalRealEstateSecuritiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusGlobalRealEstateSecuritiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusGlobalRealEstateSecuritiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusGlobalRealEstateSecuritiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSFOREIGNOPPORTUNITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSFOREIGNOPPORTUNITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSFOREIGNOPPORTUNITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSFOREIGNOPPORTUNITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSALPHASECTORROTATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSALPHASECTORROTATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSALPHASECTORROTATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSALPHASECTORROTATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusGreaterAsiaexJapanOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusGreaterAsiaexJapanOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusGreaterAsiaexJapanOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusGreaterAsiaexJapanOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusGlobalCommoditiesStockFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusGlobalCommoditiesStockFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusGlobalCommoditiesStockFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusGlobalCommoditiesStockFund column period compact * ~</div> <b>Investment Objective </b> The fund has an investment objective of long-term capital appreciation. <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusGreaterEuropeanOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusGreaterEuropeanOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusGreaterEuropeanOpportunitiesFund column period compact * ~</div> <b>Fees and Expenses </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSALTERNATIVESDIVERSIFIERFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSALTERNATIVESDIVERSIFIERFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSALTERNATIVESDIVERSIFIERFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSALTERNATIVESDIVERSIFIERFUND column period compact * ~</div> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusHerzfeldFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusHerzfeldFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusHerzfeldFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSGLOBALDIVIDENDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSGLOBALDIVIDENDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSGLOBALDIVIDENDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSGLOBALDIVIDENDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSBONDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSBONDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSBONDFUND column period compact * ~</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the fund&#8217;s operating expenses remain the same and that the Class C fee waiver remains in place for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusPremiumAlphaSectorFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusPremiumAlphaSectorFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusPremiumAlphaSectorFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusPremiumAlphaSectorFund column period compact * ~</div> <b>Portfolio Turnover</b> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSCATAX-EXEMPTBONDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSCATAX-EXEMPTBONDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSCATAX-EXEMPTBONDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSCATAX-EXEMPTBONDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusDisciplinedSelectBondFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusDisciplinedSelectBondFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusDisciplinedSelectBondFund column period compact * ~</div> The Fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (&#8220;ETFs&#8221;) or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 190% of the value of its portfolio. <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSGLOBALOPPORTUNITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSGLOBALOPPORTUNITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSGLOBALOPPORTUNITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusInternationalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusInternationalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusInternationalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusDisciplinedSelectCountryFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusDisciplinedSelectCountryFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusDisciplinedSelectCountryFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusEmergingMarketsEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusEmergingMarketsEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusEmergingMarketsEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSDYNAMICALPHASECTORFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSDYNAMICALPHASECTORFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSDYNAMICALPHASECTORFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSDYNAMICALPHASECTORFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSREALESTATESECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSREALESTATESECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSREALESTATESECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSREALESTATESECURITIESFUND column period compact * ~</div> <b>Investments, Risks and Performance</b><br/><br/><b>Principal Investment Strategies</b> The fund seeks to track the AlphaSector<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup> Rotation Index (ASRX), a public index published by NASDAQ. The fund may be invested in ETFs and/or securities representing the primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index and in high-quality short-term securities. The primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index represented by the ETFs are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. <br/><br/>Allocations are based on a proprietary quantitative model that seeks to evaluate &#8220;true&#8221; underlying trends within each sector by adjusting for unwarranted price distortions and changing levels of volatility in the market. The fund has the flexibility to be invested in any combination of the sector ETFs and/or securities, a combination of sector ETFs and/or securities and high-quality short-term securities, or 100% in high-quality short-term securities. The fund may invest in a basket of securities to represent a sector if it is determined that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from tracking the AlphaSector<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup> Rotation Index and/or the model allocation if it is determined that tracking the Index and/or the model allocation is likely to violate applicable legal or regulatory restrictions or is otherwise result in adverse consequences for the fund. <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusDisciplinedEquityStyleFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusDisciplinedEquityStyleFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusDisciplinedEquityStyleFund column period compact * ~</div> <b>Principal Risks </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSSENIORFLOATINGRATEFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSSENIORFLOATINGRATEFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSSENIORFLOATINGRATEFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSSENIORFLOATINGRATEFUND column period compact * ~</div> The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Correlation to Index Risk.</b> The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Fund of Funds Risk.</b> The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Model Portfolio Risk.</b> The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Portfolio Turnover Risk.</b> The risk that the fund&#8217;s principal investment strategies will result in a consistently high portfolio turnover rate. See the &#8220;Portfolio Turnover&#8221; section above for more information about the impact that portfolio turnover can have on fund performance.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Sector Focused Investing Risk.</b> The risk that events negatively affecting an industry or market sector in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&amp;P 500&#174; Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b>U.S. Government Securities Risk.</b> The risk that U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> <b>Performance Information </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSINTERNATIONALREALESTATESECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSINTERNATIONALREALESTATESECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSINTERNATIONALREALESTATESECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSINTERNATIONALREALESTATESECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusWealthMastersFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusWealthMastersFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusWealthMastersFund column period compact * ~</div> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br/><br/> The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574. <b>Calendar year total returns for Class A Shares</b> (includes returns of a predecessor fund) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2009:&nbsp;&nbsp;&nbsp;&nbsp;14.28%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q4/2008:&nbsp;&nbsp;&nbsp;&nbsp;-17.03%</td></tr></table></div> </div> <b><a name="toc458392_2"></a>Virtus AlphaSector<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup> Rotation Fund </b> <b><a name="toc458392_3"></a>Virtus Alternatives Diversifier Fund </b> <b>Investment Objective </b> The fund is a fund of funds that has an investment objective of long-term capital appreciation. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Returns do not reflect sales charges and would be lower if they did. <br/><br/>Annual Return (%) Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSBONDFUND column period compact * ~</div> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The fund seeks to achieve its objective by investing its assets in a mix of underlying affiliated and unaffiliated mutual funds and exchange-traded funds (&#8220;ETFs&#8221;) (collectively, &#8220;underlying funds&#8221;). The fund emphasizes low correlating asset classes in order to help reduce volatility and increase return potential. Applying an innovative, institutional-level approach to investing, the fund invests in a diversified portfolio of alternative asset classes including managed futures, global real estate, global infrastructure, natural resources, commodities, currencies, and floating rate securities. Among the underlying funds in which the fund invests are equity funds that invest principally in equity securities of issuers of any capitalization, including those of foreign issuers, including emerging markets issuers. Under normal circumstances, the fund will generally invest in affiliated mutual funds where available to represent the desired asset classes, and unaffiliated mutual funds and/or ETFs to represent the desired asset classes for which affiliated mutual funds are unavailable or deemed not to be appropriate for the fund. The fund is non-diversified under federal securities laws. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total-return basis with dividends reinvested. The AlphaSector&#8482; Rotation Linked Benchmark consists of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index since September 29, 2009. Prior to September 29, 2009, its performance represents an allocation consisting of 80% S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index and 20% Barclays Capital U.S. Aggregate Bond Index. The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The indexes are unmanaged and not available for direct investment. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <b>Principal Risks </b> <b><a name="toc458392_8"></a>Virtus Disciplined Select Country Fund </b> <b><a name="toc458392_5"></a>Virtus CA Tax-Exempt Bond Fund </b> <b>Investment Objective </b> The fund has an investment objective of obtaining a high level of current income exempt from California state and local income taxes, as well as federal income tax, consistent with the preservation of capital. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. <b>Example </b> <b>Investment Objective </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund has an investment objective of capital appreciation. <b>Average Annual Total Returns </b>(for the periods ended 12/31/12; includes returns of a predecessor fund) <b>Fees and Expenses </b> <b>Portfolio Turnover </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSBONDFUNDBarChart column period compact * ~</div> <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 16% of the average value of its portfolio. 0.0575 0 0 The fund seeks current income free from federal and state income taxes by investing in municipal bonds issued in the state of California. The management team focuses on high quality California tax-exempt municipal bonds, gauging the value of a security by issue type, credit quality, and bond structure.<br/><br/>Under normal circumstances, as a matter of fundamental policy, the fund invests at least 80% of its assets in bonds, the income from which is exempt from California state income tax and federal income tax, and may invest 100% of its assets in such securities. The portion of the fund&#8217;s assets not invested in tax-exempt securities may be invested in taxable fixed income securities. Income from these investments may be subject to federal, state and local taxes. <b>Principal Risks </b> 0.0375 0 0 0 0.008 0.008 0.008 <b><a name="toc458392_4"></a>Virtus Bond Fund </b> Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.0025 <b>Investment Objective </b> 0.01 0 The fund has an investment objective of high total return from both current income and capital appreciation. 0.0057 0.0057 0.0057 <b>Fees and Expenses </b> 0.0019 0.0019 The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. 0.0019 Best Quarter: 2009-06-30 0.01 0.0181 0.1428 0.0256 Shareholder Fees (fees paid directly from your investment) 0.0156 Worst Quarter: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 2008-12-31 -0.1703 0.0159 <b>Example </b> 0.0234 0.0134 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 531 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 210% of the average value of its portfolio. <b>Portfolio Turnover </b> <b><a name="toc458392_9"></a>Virtus Dynamic AlphaSector<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup> Fund </b> <b>Investments, Risks and Performance <br /><br />Principal Investment Strategies</b> <b>Investment Objective </b> 0.005 0.01 0 The Fund&#8217;s investment objective is to seek long-term capital appreciation. <b>Fees and Expenses </b> -0.0022 Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. -0.0022 -0.0022 The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. 0.011 0.011 0.011 Shareholder Fees (fees paid directly from your investment) 0.0025 0.01 0 <b>Example </b> 0.0064 0.0064 0.0064 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after seven years. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> 0.0051 0.0051 0.0051 The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (&#8220;ETFs&#8221;) or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 165% of the average value of its portfolio. 0.025 0.0325 The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of the underlying funds in which the fund invests. The principal risks of investing in the fund are:<ul type="square"><li><blockquote><b>Affiliated Fund Risk.</b> The risk that the adviser&#8217;s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds may create a conflict of interest.</blockquote></li></ul><ul type="square"><li><blockquote><b>Allocation Risk.</b> The risk that the fund&#8217;s exposure to equities and fixed income securities, or to different asset classes, may vary from the intended allocation or may not be optimum for market conditions at a given time.</blockquote></li></ul><ul type="square"><li><blockquote><b>Fund of Funds Risk.</b> The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li></ul>The principal risks attributable to the underlying funds in which the fund invests are: <ul type="square"><li><blockquote><b>Commodity Risk.</b> The risk that investments in commodities or commodity-linked notes will subject the fund&#8217;s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.</blockquote></li></ul><ul type="square"><li><blockquote><b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul><ul type="square"><li><blockquote><b>Derivatives Risk.</b> The risk that the fund will incur a loss greater than the fund&#8217;s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract.</blockquote></li></ul><ul type="square"><li><blockquote><b>Emerging Market Investing Risk. </b>The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul><ul type="square"><li><blockquote><b>Equity Real Estate Investment Trust (REIT) Securities Risk.</b> The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund&#8217;s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.</blockquote></li></ul><ul type="square"><li><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies. </blockquote></li></ul><ul type="square"><li><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul><ul type="square"><li><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul><ul type="square"><li><blockquote><b>High Yield-High Risk Fixed Income Securities Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul><ul type="square"><li><blockquote><b>Income Risk.</b> The risk that income received from the fund will vary widely over the short- and long-term.</blockquote></li></ul><ul type="square"><li><blockquote><b>Industry/Sector Concentration Risk.</b> The risk that events negatively affecting an industry or market sector in which a fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul><ul type="square"><li><blockquote><b>Infrastructure-Related Risk.</b> The risk that the value of the fund&#8217;s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests. </blockquote></li></ul><ul type="square"><li><blockquote><b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul><ul type="square"><li><blockquote><b>Leverage Risk.</b> The risk that the value of the fund&#8217;s shares will be more volatile or that the fund will incur a loss greater than the fund&#8217;s investment in a given security when leverage is used.</blockquote></li></ul><ul type="square"><li><blockquote><b>Liquidity Risk.</b> The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.</blockquote></li></ul><ul type="square"><li><blockquote><b>Market Volatility Risk.</b> The value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li><blockquote><b>Master Limited Partnership (MLP) Risk.</b> The risk that the fund&#8217;s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLP&#8217;s underlying assets.</blockquote></li></ul><ul type="square"><li><blockquote><b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul><ul type="square"><li><blockquote><b>Preferred Stock Risk.</b> The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.</blockquote></li></ul><ul type="square"><li><blockquote><b>Short Sales Risk.</b> The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.</blockquote></li></ul><ul type="square"><li><blockquote><b>Unrated Fixed Income Securities Risk.</b> The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.</blockquote></li></ul> The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left:20px"><blockquote><b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Geographic Concentration Risk.</b> The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Long-Term Maturities/Durations Risk.</b> The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Municipal Bond Market Risk.</b> The risk that events negatively impacting a particular municipal security, or the municipal bond market in general, will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Tax-Exempt Securities Risk.</b> The risk that tax-exempt securities may not provide a higher after-tax return than taxable securities.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Unrated Securities Risk.</b> The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.</blockquote></li></ul> 0.0225 <b>Performance Information </b> 337 136 <b>Performance Information </b> -0.0029 -0.0029 -0.0029 903 776 0.0221 0.0296 0.0196 471 The fund seeks to generate high total return from both current income and capital appreciation by investing primarily in intermediate-term debt securities across 14 fixed income sectors. The fund seeks to achieve its objective by applying a time-tested approach of active sector rotation, extensive credit research and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets.<br/><br/>Under normal circumstances, the fund invests at least 80% of its assets in fixed income debt obligations of various types of issuers, to include some or all of the following:<ul type="square"><li style="margin-left: 5px"><blockquote>Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations ("CMOs"), real estate mortgage investment conduits ("REMICs"), and other pass-through securities;</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote>Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets;</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote>Investment-grade securities (primarily of U.S. issuers, secondarily of non-U.S. issuers), which generally are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization; and</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote>High-yield debt instruments, including bank loans (which are generally floating-rate).</blockquote></li></ul> <b>Principal Risks </b> 531 237 136 903 776 471 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br/><br/>The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Principal Risks </b> Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. <b>Calendar year total returns for Class A Shares</b> (includes returns of a predecessor fund) In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br/><br/>The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. Returns do not reflect sales charges and would be lower if they did. <br/><br/>Annual Return (%) <b>Calendar year total returns for Class A Shares</b> (includes returns of a predecessor fund) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 8px;"> </p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2009:&nbsp;&nbsp;&nbsp;&nbsp;12.30% </td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q4/2008:&nbsp;&nbsp;&nbsp;&nbsp;-21.63%</td></tr></table></div> </div> <b>Average Annual Total Returns </b>(for the periods ended 12/31/12; includes returns of a predecessor fund) Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left: 5px"><blockquote><b>Credit Risk. </b>The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of the security to decline.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Emerging Market Risk. </b>The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Foreign Investing Risk. </b>The risk that the prices of foreign securities in the fund's portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>High Yield-High Risk Securities (Junk Bonds) Risk. </b>The risk that the issuers of high yield-high risk securities in the fund's portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Interest Rate Risk. </b>The risk that when interest rates rise, the values of the fund's debt securities, especially those with longer maturities, will fall.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Loan Participation Risk. </b>The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Long-Term Maturities/Durations Risk. </b>The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Market Volatility Risk. </b>The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Mortgage-Backed and Asset-Backed Securities Risk. </b>The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>U.S. Government Securities Risk. </b>The risk that U.S. Government securities in the fund's portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> 800-243-1574 The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a composite benchmark. <b>Performance Information </b> The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The Alternatives Diversifier Composite Benchmark consists of: HFRX Equity Market Neutral Index (20%), UBS Global Investors (Real Estate) Index (20%), Global Infrastructure, represented by the MSCI World Infrastructure Sector Capped Index (since 9/1/2008) (15%), S&amp;P North American Natural Resources Sector Index (10%), Deutsche Bank Liquid Commodity Index (15%), Deutsche Bank G10 Currency Harvest Index (10%) and Credit Suisse Leveraged Loan Index (10%). Prior to 9/1/2008, the Global Infrastructure component was represented by a mix of MSCI US Utilities Index (65%), MSCI World Telecom Services Index (20%) and MSCI World ex US Utilities Index (15%). The indexes are unmanaged and not available for direct investment. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br /><br />The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574. 786 399 199 Restated to reflect current expenses. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. <b><a name="toc458392_7"></a>Virtus Disciplined Select Bond Fund </b> <b>Calendar year total returns for Class A Shares </b> The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. <b>Investment Objective </b> 1283 The fund has an investment objective of high total return from current income and capital appreciation. 974 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Fees and Expenses </b> <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 8px;"> </p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2009:&nbsp;&nbsp;&nbsp;&nbsp;8.13% </td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q4/2010:&nbsp;&nbsp;&nbsp;&nbsp;-4.63%</td></tr></table></div> </div> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Returns do not reflect sales charges and would be lower if they did. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. <b>Average Annual Total Returns </b>(for the periods ended 12/31/12) 50000 <b>Example </b> 1.9 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (&#8220;ETFs&#8221;) or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <b>Average Annual Total Returns </b>(for the periods ended 12/31/12; includes returns of a predecessor fund) 675 Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 0.0575 0 0 800-243-1574 The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The Barclays Capital California Municipal Bond Index measures long term investment grade, tax-exempt and fixed rate bonds issued in California. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 0 virtus.com Shareholder Fees (fees paid directly from your investment) 786 199 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1283 675 <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a composite benchmark. <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2009:&nbsp;&nbsp;&nbsp;&nbsp;5.51%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2004:&nbsp;&nbsp;&nbsp;&nbsp;-2.36%</td></tr></table></div> </div> The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left:20px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Leverage Risk.</b> The risk that the value of the fund&#8217;s shares will be more volatile or that the fund will incur a loss greater than the fund&#8217;s investment in a given security when leverage is used.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Model Portfolio Risk.</b> The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Portfolio Turnover Risk.</b> The risk that the fund&#8217;s principal investment strategies will result in a consistently high portfolio turnover rate. See the &#8220;Portfolio Turnover&#8221; section above for more information about the impact that portfolio turnover can have on fund performance.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Sector Focused Investing Risk.</b> The risk events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. To the extent the fund invests a significant portion of its portfolio in ETF representing one or more of the primary sectors of the S&amp;P 500&#174; Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>Short Sales Risk.</b> The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote><b>U.S. Government Securities Risk.</b> The risk that the U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> <b>Performance Information </b> <ul type="square"><li><blockquote><b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> 299 0.005 974 0.01 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (&#8220;ETFs&#8221;) or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. <b>Principal Risks </b> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. <b>Calendar year total returns for Class A Shares </b>(includes returns of a predecessor fund) 50000 <b>Principal Risks </b> The fund seeks to maximize total return over a full market cycle in the bond market by tactically allocating net assets among six subsectors within the broad Treasury, Treasury Inflation Protected Securities (TIPS) and Corporate classifications of the bond market as set forth below:<br/><br/><p style="PADDING-LEFT: 30px">Treasuries:</p><ul type="square"><li style="margin-left: 120px">Short term U.S. Treasury Securities (1-3 year maturities)</li><li style="margin-left: 120px">Medium term U.S. Treasury Securities (7-10 year maturities)</li><li style="margin-left: 120px">Long term U.S. Treasury securities (20+ year maturities)</li></ul><p style="PADDING-LEFT: 30px">Treasury Inflation Protected Securities: </p><ul type="square"><li style="margin-left: 120px">TIPS</li></ul><p style="PADDING-LEFT: 30px">Corporate Bonds: </p><ul type="square"><li style="margin-left: 120px">Investment Grade Corporate Bonds</li><li style="margin-left: 120px">High Yield Corporate Securities (Junk Bonds)</li></ul>Allocations are based on a quantitative model that estimates performance trends for each pairing of these six subsectors of the bond market relative to each other and uses these estimates to generate, on a weekly basis, a positive or negative signal for each of the broad Treasury, TIPS and Corporate classifications. The classifications with positive signals will receive allocations, whereas the classifications with negative signals will not.<br/><br/>Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. Under normal circumstances, the fund intends to invest at least 80% of its assets in ETFs and/or securities representative of the bond market. 0.16 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged and not available for direct investment.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 0.0045 0.0045 0.0045 0.29 0.0025 0 Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 0.0032 0.0032 0.0032 0.0011 0.0011 0.0011 2.1 0.0113 0.0188 0.0088 The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are: <ul type="square"><li><blockquote><b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul><ul type="square"><li><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul><ul type="square"><li><blockquote><b>Fund of Funds Risk.</b> The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li></ul><ul type="square"><li><blockquote><b>High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul><ul type="square"><li><blockquote><b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul><ul type="square"><li><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li><blockquote><b>Model Portfolio Risk.</b> The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.</blockquote></li></ul><ul type="square"><li><blockquote><b>Portfolio Turnover Risk.</b> The risk that the fund&#8217;s principal investment strategies will result in a consistently high portfolio turnover rate. See the &#8220;Portfolio Turnover&#8221; section above for more information about the impact that portfolio turnover can have on fund performance.</blockquote></li></ul><ul type="square"><li><blockquote><b>U.S. Government Securities Risk.</b> The risk that U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> <b>Performance Information </b> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds 0.0113 0.0186 The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0.0088 50000 Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q1/2009:&nbsp;&nbsp;&nbsp;&nbsp;5.86%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2011:&nbsp;&nbsp;&nbsp;&nbsp;-6.00%</td></tr></table></div> </div> Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. January 31, 2014 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 Estimated for current fiscal year. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0.01 50000 Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. -0.0002 After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. Returns do not reflect sales charges and would be lower if they did. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Average Annual Total Returns</b> (for the periods ended 12/31/12; includes returns of a predecessor fund) Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. Best Quarter: <b><a name="toc458392_6"></a>Virtus Disciplined Equity Style Fund </b> 2009-06-30 <b>Portfolio Turnover</b> 0.123 <b>Investment Objective </b> Worst Quarter: The fund has an investment objective of capital appreciation. -0.2163 <b>Fees and Expenses </b> 2008-12-31 The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left:20px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund's shares over short or extended periods.</blockquote></li><li style="margin-left:20px"><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li><li style="margin-left:20px"><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund's portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li><li style="margin-left:20px"><blockquote><b>Fund of Funds Risk.</b> The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li><li style="margin-left:20px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li><li style="margin-left:20px"><blockquote><b>Model Portfolio Risk.</b> The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.</blockquote></li><li style="margin-left:20px"><blockquote><b>Portfolio Turnover Risk.</b> The risk that the fund's principal investment strategies will result in a consistently high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on fund performance.</blockquote></li><li style="margin-left:20px"><blockquote><b>Small and Medium Market Capitalization Companies.</b> The risk that the fund's investments in small and medium market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</blockquote></li></ul> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. 0.0275 0 0 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0.005 0.01 0.01 684 289 90 913 585 281 1161 1006 488 0.0575 0 0 <b>Performance Information </b> 1871 2180 0.0375 0 0 The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0 0.005 0.05 0.01 0 0.0045 0.0045 0 0 0 0 0.0025 0 0.0025 0.01 0 0.0034 0.0034 0.004 0.004 0.0001 0.0001 1084 0.004 0.0105 0.008 0.0103 0.0103 0.0103 0.0168 0.0243 0.0143 January 31, 2014 0.01 0.01 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.0045 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 0.0045 0.0045 0.0045 684 189 90 50000 The fund has not had a full calendar year of operations; therefore, performance information is not shown. 913 585 281 0.01 0.0025 0.01 0 1161 1006 488 1871 2180 1084 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0.0032 0.0032 0.0032 0.01 0.01 0.01 Restated to reflect current expenses. 0.0025 0.01 0 0.0001 0.0001 0.0001 0.0001 736 346 146 0.0078 1074 0.0178 758 452 0.0178 0.0103 379 82 1435 1296 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusDisciplinedSelectCountryFund column period compact * ~</div> 782 600 255 0.0061 0.0061 0.0061 2448 2766 1713 838 444 0.0023 0.0023 0.0023 1522 990 0.0209 0.0284 0.0184 -0.0026 -0.0026 -0.0026 0.0183 0.0258 0.0158 379 82 600 255 838 444 0.01 1522 990 736 246 146 1074 758 452 1435 1296 782 2448 2766 1713 0.04 0.0357 0.0237 0.0416 0.1326 0.0236 0.0734 -0.0406 -0.2888 0.2068 0.1105 361 750 0.1055 161 0.0163 -0.0254 0.097 0.1109 0.0845 1169 856 476 0.034 581 0.0144 281 0.0094 0.0885 80 0.0999 0.16 0.0696 760 <b>Portfolio Turnover</b> 691 560 249 -0.0089 -0.0156 -0.0119 -0.0045 0.0166 261 0.0068 856 922 964 964 433 1587 1897 2095 0.0546 0.003 0.0019 0.0872 0.0422 0.0815 1.65 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 Restated to reflect current fees and expenses. 0.0487 0.0382 0.0371 0.0573 0.0595 0.0611 0.0413 0.0408 0.0347 0.0101 0.0348 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. 0.0065 0.0518 0.0339 0.053 0.0736 0.0849 0.0422 The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark. 800-243-1574 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. 0.0584 0.0396 0.037 Returns do not reflect sales charges and would be lower if they did. 0.0586 0.0585 0.0692 0.0595 Best Quarter: 2009-03-31 0.0512 0.0339 0.0327 0.0472 0.0473 0.0586 0.0579 0.0518 Worst Quarter: 2011-09-30 -0.06 750 1169 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 553 966 Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 2013-01-31 485BPOS VIRTUS OPPORTUNITIES TRUST <b>Example </b> 0001005020 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (&#8220;ETFs&#8221;) or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. 2013-01-25 476 181 181 80 560 691 560 249 <b>Portfolio Turnover </b> Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) 964 964 922 433 966 2095 1897 <b>Investments, Risks and Performance </b><br /><br /><b>Principal Investment Strategies </b> 1587 <b>Average Annual Total Returns </b> (for the periods ended 12/31/12) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2010:&nbsp;&nbsp;&nbsp;&nbsp;13.11%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2010:&nbsp;&nbsp;&nbsp;&nbsp;-12.53%</td></tr></table></div> </div> Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusDisciplinedSelectBondFund column period compact * ~</div> 0.0679 0.0423 0.0172 0.0435 0.0575 0 0 0 0.0503 Returns do not reflect sales charges and would be lower if they did. -0.0055 0.1193 0.0858 0.0552 0.0818 <b>Supplemental Performance Information </b> 2013-01-31 <b>Calendar year total returns for Class A Shares </b> false On September 29, 2009, F-Squared Investments, Inc. (&#8220;F-Squared&#8221;), an affiliate of F-Squared Institutional Advisors, LLC (&#8220;F-Squared Institutional&#8221;), became the fund&#8217;s subadviser and the fund&#8217;s principal strategies were changed to those described in the fund&#8217;s prospectus. (On January 1, 2013, F-Squared Institutional became the fund&#8217;s subadviser; however, the fund&#8217;s strategies were unaffected.) The bar chart and table below show performance only since F-Squared began as subadviser to the fund. 0.0552 0.0606 0.0512 0.01 0.05 0.0125 0 2012-09-30 The fund seeks to outperform the Russell 3000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index over a full market cycle in the U.S. equity market by tactically allocating net assets among six subsets of the U.S. equity universe that make up the Growth and Value equity styles as set forth below.<br/><br/><p style="PADDING-LEFT: 30px">Growth:</p> <ul type="square"><li style="margin-left: 120px"><blockquote>Large-Cap Growth</blockquote></li></ul> <ul type="square"><li style="margin-left: 120px"><blockquote>Mid-Cap Growth</blockquote></li></ul> <ul type="square"><li style="margin-left: 120px"><blockquote>Small-Cap Growth</blockquote></li></ul><p style="PADDING-LEFT: 30px">Value:</p> <ul type="square"><li style="margin-left: 120px"><blockquote>Large-Cap Value</blockquote></li></ul> <ul type="square"><li style="margin-left: 120px"><blockquote>Mid-Cap Value</blockquote></li></ul> <ul type="square"><li style="margin-left: 120px"><blockquote>Small-Cap Value</blockquote></li></ul> Allocations are based on a quantitative model that estimates performance trends for each pairing of these six subsets of the U.S. equity market relative to each other and uses these estimates to determine, on a weekly basis, whether the Growth or Value style is better positioned. The fund will invest assets in the equity style with the favorable aggregate score relative to the other style. The ability of the fund to outperform the Russell 3000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index will depend on, among other things, the length of time and degree to which Growth stocks outperform Value stocks or Value stocks outperform Growth stocks in the U.S. equity market.<br/><br/> Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. Under normal circumstances, the fund intends to invest at least 80% of its assets in ETFs and/or securities representative of the U.S. equity market. <b>Principal Risks </b> Best Quarter: 2009-06-30 0.0551 Worst Quarter: 2004-06-30 -0.0236 0.0189 0.0189 0.0189 0.0189 The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Fund of Funds Risk.</b> The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Growth Stocks Risk.</b> The risk that the fund&#8217;s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Model Portfolio Risk.</b> The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Portfolio Turnover Risk.</b> The risk that the fund&#8217;s principal investment strategies will result in a consistently high portfolio turnover rate. See the &#8220;Portfolio Turnover&#8221; section above for more information about the impact that portfolio turnover can have on fund performance.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Small and Medium Market Capitalization Risk.</b> The risk that the fund&#8217;s investments in small and medium market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote> <b>Value Stocks Risk.</b> The risk that the fund will underperform when value investing is out of favor or that the fund&#8217;s investments will not appreciate in value as anticipated.</blockquote></li></ul> <b>Performance Information </b> The fund has not had a full calendar year of operations; therefore, performance information is not shown. <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSALTERNATIVESDIVERSIFIERFUND column period compact * ~</div> Best Quarter: 2010-09-30 Worst Quarter: 2010-06-30 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSALTERNATIVESDIVERSIFIERFUNDBarChart column period compact * ~</div> 2009-10-01 2005-11-30 2005-11-30 The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index. 800-243-1574 virtus.com The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. Returns do not reflect sales charges and would be lower if they did. January 31, 2014 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 Estimated for current fiscal year. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0.0421 0.0421 0.0407 0.0407 0.0025 0.01 0.01 0 0.0064 0.0064 0.0064 0.0064 0.0042 0.0042 0.0042 0.0042 0.0106 0.0106 0.0106 0.0106 The fund pays transaction costs, such as commissions, when it buys and sells shares of the underlying funds (or &#8220;turns over&#8221; its portfolio). The fund does not pay transaction costs when it buys and sells shares of the underlying mutual funds. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 29% of the value of its portfolio. 0.002 0.002 0.002 0.002 <b>Investments, Risks and Performance <br/><br/>Principal Investment Strategies </b> 0.034 0.0415 0.0415 0.0315 2006-09-29 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusDisciplinedEquityStyleFund column period compact * ~</div> Best Quarter: 2009-09-30 0.0813 Worst Quarter: 2010-12-31 -0.0463 <b>Investments, Risks and Performance </b><br /><br /><b>Principal Investment Strategies </b> The fund seeks to outperform the MSCI EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index over a full market cycle by tactically allocating net assets among countries included in the MSCI EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index. In pursuing this strategy, the fund maintains an emphasis on preservation of capital.<br/><br/>Allocations are based on a quantitative model that provides a positive or negative signal, on a weekly basis, for each country evaluated. Countries with positive signals will receive allocations approximating their relative weights in the MSCI EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index. The remaining portfolio assets will be allocated to the subadviser&#8217;s &#8220;minimum volatility portfolio,&#8221; which is designed to limit downside risk. The minimum volatility portfolio is allocated equally among the four countries that, in the subadviser&#8217;s opinion, have exhibited the lowest volatility pattern historically. To mitigate concentration, geographic, and political risk, the four countries in the minimum volatility portfolio cannot be from the same geographic or political region.<br/><br/>Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. The fund may invest in issuers of any capitalization. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Estimated for current fiscal year. 0.1026 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSCATAX-EXEMPTBONDFUND column period compact * ~</div> 0.0365 898 0.1337 817 517 318 0.0742 -0.3227 1560 1461 <b>Investment Objective </b> The fund has an investment objective of long-term capital appreciation. 1261 0.2389 <b>Fees and Expenses </b> 161 971 The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. 0.1385 Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSCATAX-EXEMPTBONDFUNDBarChart column period compact * ~</div> 0.0158 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 2243 0.1201 2120 2120 <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1649 <b>Portfolio Turnover </b> 553 4048 4174 4331 3457 <b>Principal Risks </b> 0.0557 0.0072 0.0047 0.1118 0.1231 0.16 0.16 0.0048 -0.0072 -0.0044 0.0094 0.0166 0.0349 <b><a name="toc458392_10"></a>Virtus Emerging Markets Debt Fund </b> 0.0482 0.0365 0.0352 0.0471 0.0621 0.0663 0.1127 0.1289 0.0375 0 0 0 The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left:20px"><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li><li style="margin-left:20px"><blockquote><b>Equity-Linked Instruments Risk.</b> The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund&#8217;s investment.</blockquote></li><li style="margin-left:20px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li><li style="margin-left:20px"><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li><li style="margin-left:20px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> 898 417 417 318 1560 1261 1261 971 0.005 0.01 2243 2120 2120 1649 0.0216 0.0158 0.015 0.0225 0.0773 0.1289 0.0722 4048 4174 4331 3457 0.0575 0 0 0 0.0575 0 0 <b>Virtus Allocator Premium AlphaSector<sup>SM</sup> Fund </b> 0 <b>Investment Objective </b> The fund has an investment objective of capital appreciation. In pursuing this objective, the fund maintains an emphasis on preservation of capital. 0.0075 0.0075 0.0075 <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) 0.0025 0.01 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 <b>Portfolio Turnover </b> The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (&#8220;ETFs&#8221;) or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 211% of the average value of its portfolio. 0.006 0.006 0.01 0.01 0.006 0.016 0.0235 0.0135 -0.0025 -0.0025 -0.0025 0.01 0.01 2.11 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 -0.0009 0.044 -0.0009 0.0065 0.0135 0.0065 0.0065 0.021 0.011 -0.054 The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. -0.0228 0.0025 -0.0609 0.01 0 0.0905 -0.0049 -0.116 0.0041 0.0041 0.0669 0.0041 0.01 0.01 0.01 0.0131 0.0106 0.0206 <b>Example </b> <b>Performance Information </b> 0.0025 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.01 0.1289 0 0.0058 0.0058 0.0058 0.0005 0.0005 0.0005 0.0188 <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> 0.0263 0.0163 The fund allocates net assets to multiple asset classes including: U.S. Equity, International Equity, Fixed Income, and Alternative. Allocations within each asset class are based on proprietary quantitative models.<br/><br/>The U.S. Equity allocation may be invested in ETFs and/or securities representing the primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index. The primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. The International Equity allocation may be invested in ETFs and/or securities representing both developed markets (EAFE) and emerging markets. The Fixed Income allocation may be invested in ETFs and/or securities representing fixed income sectors including: high yield, investment grade corporate, mortgages, intermediate treasuries and inflation-protected treasuries (TIPS). The Alternative allocation may be invested in ETFs and/or securities representing gold, real estate and broad-based equity securities. The fund may also invest in stocks (without restriction as to market capitalization), bonds (without restriction as to credit quality) and short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from a model allocation if it is determined that tracking the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund. In times of market weakness, the fund has the ability to move partially or fully to short-term cash equivalents. <b>Principal Risks </b> The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left: 5px"><blockquote><b>Commodity Risk.</b> The risk that investments in commodities, such as gold, or commodity-linked notes will subject the fund&#8217;s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b>High Yield-High Risk Fixed Income Securities Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Model Portfolio Risk.</b> The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Portfolio Turnover Risk.</b> The risk that the fund&#8217;s principal investment strategies will result in a consistently high portfolio turnover rate. See the &#8220;Portfolio Turnover&#8221; section above for more information about the impact that portfolio turnover can have on fund performance.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b> Real Estate Investment Risk.</b> The risk that the value of the fund&#8217;s shares will be negatively affected by factors specific to the real estate market, including interest rate risk, leverage risk, property risk and management risk.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Sector Focused Investing Risk.</b> The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&amp;P 500&#174; Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>U.S. Government Securities Risk.</b> The risk that U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> <b>Performance Information </b> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br/><br/>The bar chart shows changes in the fund&#8217;s performance for its first full year of operations. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574. <b>Calendar year total returns for Class A Shares </b> 2009-10-01 2003-08-01 2003-08-01 Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) 0.0056 0.0007 0.0004 <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q1/2012:&nbsp;&nbsp;&nbsp;&nbsp;4.87%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q2/2012:&nbsp;&nbsp;&nbsp;&nbsp;-0.55%</td></tr></table></div> </div> 0.0188 0.0594 0.072 0.16 0.083 <b>Average Annual Total Returns</b> (for the periods ended 12/31/12) Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 701 309 108 The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The Dow Jones Global Moderate Portfolio Index is a benchmark that takes 60% of the risk of the global securities market. It is a total returns index that is a time-varying weighted average of stocks, bonds, and cash. The Index is the efficient allocation of stocks, bonds, and cash in a portfolio with 60% of the risk of the Dow Jones Aggressive Portfolio Index. The indexes are calculated on a total return basis with dividends reinvested. The indexes are unmanaged and not available for direct investment. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 966 646 337 1252 1108 585 755 366 2063 2390 1294 166 1132 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. 817 514 -0.0196 -0.0213 -0.0173 -0.0178 -0.0155 0.0166 0.0205 1533 1395 The bar chart shows changes in the fund&#8217;s performance for its first full year of operations. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a composite benchmark. 887 0.0575 0 0 -0.0135 -0.0152 -0.012 -0.0152 800-243-1574 -0.015 0.071 0.025 2649 virtus.com 2964 The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. 1933 -0.0134 <b>Investment Objective </b> 0.1289 0.0256 The fund has an investment objective of capital appreciation. In pursuing this objective, the fund maintains an emphasis on preservation of capital. 0.0105 Returns do not reflect sales charges and would be lower if they did. 0.0105 0.0105 <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. <b>Example </b> 0.0025 0.01 0 209 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 507 Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. 313 After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. 646 112 In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 0.009 837 0.009 710 403 1108 0.009 2390 Best Quarter: <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusAllocatorPremiumAlphaSectorFund column period compact * ~</div> 2012-03-31 0.0487 Worst Quarter: 2012-06-30 -0.0055 0.022 0.0295 701 0.0195 108 337 966 755 266 166 1252 585 1132 0.0575 817 0 514 507 213 2063 -0.0045 0 112 1294 -0.0045 -0.0045 1533 0.0175 837 1395 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusAllocatorPremiumAlphaSectorFundBarChart column period compact * ~</div> 887 710 0.025 403 0 0.015 2649 2964 1933 0.01 0.01 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSFOREIGNOPPORTUNITIESFUND column period compact * ~</div> <b>Investment Objective </b> The fund has an investment objective of capital appreciation. <b>Investment Objective </b> The fund has an investment objective of seeking total return from current income and capital appreciation. <b>Average Annual Total Returns </b>(for the periods ended 12/31/12) The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Fees and Expenses </b> 0.011 <b>Portfolio Turnover</b> 0.0681 0.011 743 Shareholder Fees (fees paid directly from your investment) 0.011 353 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 153 <b>Virtus Global Opportunities Fund </b> <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> 0.0552 0.28 0.0067 <b>Calendar year total returns for Class A Shares </b> -0.0113 0.2154 <b>Portfolio Turnover</b> -0.0074 0.0597 0.0709 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund&#8217;s portfolio turnover rate was 13% of the average value of its portfolio. -0.3102 0.16 0.0684 0.0035 0.1616 0.0575 0.0035 0.0035 <b>Investments, Risks and Performance<br/><br/>Principal Investment Strategies </b> 0.0835 0.0029 0.0029 0.0029 0.1016 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSFOREIGNOPPORTUNITIESFUNDBarChart column period compact * ~</div> 0.0202 0.0277 0.0177 <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q1/2012:&nbsp;&nbsp;&nbsp;&nbsp;6.76%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q2/2012:&nbsp;&nbsp;&nbsp;&nbsp; -1.94%</td></tr></table></div> </div> 0.0202 0.0275 0.0177 -0.0535 -0.0629 -0.0531 -0.029 -0.0192 0.0845 -0.0487 0.01 0.05 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusEmergingMarketsDebtFund column period compact * ~</div> 0.01 0.1117 <b>Principal Risks </b> 0.0025 0 0.0085 0.0085 0.0085 0.0085 0.0025 0.01 0.01 0 0.0043 0.01 0.0043 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br/><br/>The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. 0.0043 0.0043 -0.0002 <b>Calendar year total returns for Class A Shares </b>(includes returns of a predecessor fund) Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) 0.0001 0.0001 0.0001 0.0001 <b>Average Annual Total Returns</b> (for the periods ended 12/31/12; includes returns of a predecessor fund) 0.0154 0.0229 1183 0.0229 870 Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 569 0.0129 0.0478 0.0199 0.0129 The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is calculated on a total return basis with dividends reinvested. The MSCI EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The MSCI EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 0.1031 0.1145 0.16 0.0665 <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q4/2004:&nbsp;&nbsp;&nbsp;&nbsp;19.15%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q3/2008:&nbsp;&nbsp;&nbsp;&nbsp;-19.26%</td></tr></table></div> </div> 743 253 153 0.47 -0.0046 0.0004 -0.001 0.005 0.0166 -0.0108 50000 1183 870 569 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.0641 0.0579 0.0546 0.0641 0.0423 0.0609 0.0269 0.0332 -0.002 Restated to reflect current expenses. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 2011-03-15 2011-03-15 2011-03-15 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left: 5px"><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Fund of Funds Risk.</b> The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Model Portfolio Risk.</b> The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Portfolio Turnover Risk.</b> The risk that the fund&#8217;s principal investment strategies will result in a consistently high portfolio turnover rate. See the &#8220;Portfolio Turnover&#8221; section above for more information about the impact that portfolio turnover can have on fund performance.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Sector Focused Investing Risk.</b> The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&amp;P 500&#174; Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>U.S. Government Securities Risk.</b> The risk that U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> <b>Performance Information </b> The fund has not had a full calendar year of operations; therefore, performance information is not shown. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <b>Investment Objective </b> 0 0.01 0.01 The fund has an investment objective of capital appreciation. <b>Fees and Expenses </b> Under normal circumstances, the Fund invests at least 80% of its assets in fixed income (debt) securities issued by governments, government-related entities and corporations located in emerging market countries. The fund may invest without limit in high yield debt securities and related investments rated below investment grade (that is, securities not rated Baa/BBB or above by at least one nationally recognized statistical rating organization (&#8220;NRSRO&#8221;), or, if unrated, determined to be of comparable credit quality by the subadviser). Below investment grade securities are commonly referred to as &#8220;junk bonds.&#8221; These investments include, but are not limited to, instruments designed to restructure outstanding emerging market debt such as participations in loans between governments and financial institutions. The fund manages duration utilizing a duration neutral strategy. Under normal circumstances, the fund&#8217;s average duration is maintained at a level similar to that of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. As of September 30, 2012, the modified adjusted duration of the JP Morgan EMBI Global Diversified was 7.41 years. The fund is a non-diversified portfolio. <br /><br />The fund intends to invest in at least three emerging market countries, which are countries that, at the time of investment, are represented in the JP Morgan Emerging Markets Bond Index Global Diversified or categorized by the World Bank in its annual categorization as middle- or low-income. In determining &#8220;location&#8221; of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer&#8217;s assets are exposed to the economic fortunes and risks of the designated country. The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li><blockquote> <b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul> <ul type="square"><li><blockquote> <b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Geographic Concentration Risk.</b> The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall. </blockquote></li></ul> <ul type="square"><li><blockquote><b> Liquidity Risk.</b> The risk that certain securities may be difficult or impossible to sell at a time and price beneficial to the fund. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Loan Participation Risk. </b>The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> <ul type="square"><li><blockquote> <b>Unrated Fixed Income Securities Risk.</b> The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>U.S. Government Securities Risk.</b> The risk that U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States. </blockquote></li></ul> <b>Example </b> 0.1254 0.1219 0.0792 0.145 0.1847 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.16 0.1613 <b>Portfolio Turnover </b> 2009-10-01 -0.0172 -0.0174 -0.0137 -0.0126 -0.0128 0.0166 -0.0116 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSALPHASECTORROTATIONFUNDBarChart column period compact * ~</div> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 96% of the average value of its portfolio. 0.0678 0.0656 0.0602 0.0663 0.0662 0.071 0.0811 <b>Virtus Global Commodities Stock Fund</b> 0.083 0.0272 0.062 Best Quarter: 2004-12-31 0.1915 Worst Quarter: 2008-09-30 -0.1926 <b>Investments, Risks and Performance<br /><br />Principal Investment Strategies </b> January 31, 2014 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSALPHASECTORROTATIONFUNDSUPPLEMENTBarChart column period compact * ~</div> Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 Estimated for current fiscal year. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. <ul type="square"><li><blockquote> <b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> The fund offers investors exposure to commodities-related investments in markets located throughout the world, including emerging market countries. Under normal circumstances, the fund invests globally at least 80% of its assets in stocks of companies principally engaged in the base metals, precious metals, energy, and agriculture group of industries. The fund will concentrate its investments in this commodities-related group of industries. The fund is a non-diversified portfolio and will consist primarily of common and preferred stocks, but may contain commodity-related exchange-traded funds (&#8220;ETFs&#8221;) and commodities-linked notes. The fund will primarily hold securities of companies listed on global securities exchanges or quoted on established over-the-counter markets, or American Depositary Receipts (ADRs). The fund typically invests in the securities of medium to large capitalization companies, but it is not limited to investing in the securities of companies of any particular size.<br /><br />Under normal circumstances, the fund will hold at least 40% of its assets in non-U.S issuers and ETFs and/or commodities-linked notes providing exposure to non-U.S markets. The fund intends to diversify its investments among countries and normally have represented in the portfolio business activities of a number of different countries. In determining the &#8220;location&#8221; of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer&#8217;s assets are exposed to the economic fortunes and risks of the designated country. The fund has not had a full calendar year of operations; therefore, performance information is not shown. <b>Principal Risks </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSALPHASECTORROTATIONFUNDSupplemental column period compact * ~</div> 0.3016 0.2823 0.1635 0.293 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br /><br />The bar chart shows changes in the fund&#8217;s performance for its first full year of operations. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. 0.1896 768 -0.4192 378 <b>Calendar year total returns for Class A Shares </b> 180 0.2234 0.1262 1172 853 557 0.0026 <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusGlobalPremiumAlphaSectorFund column period compact * ~</div> 0.1983 1600 <b><a name="toc458392_11"></a>Virtus Emerging Markets Equity Income Fund </b> 1454 959 <b>Investment Objective </b> 2788 The fund has an investment objective of seeking capital appreciation and income. 3080 <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The MSCI AC World Commodity Producer Sector Capped Index (net) is a market capitalization weighted index that measures performance of developed and emerging market commodity producers within the energy, metals and agricultural sectors. Each of the three sectors are equally weighted within the index. The index is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.<br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund&#8217;s portfolio turnover rate was 37% of the average value of its portfolio. Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. <b>Portfolio Turnover</b> The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. The index is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment. <br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <b>Principal Risks </b> Returns do not reflect sales charges and would be lower if they did. <br/><br/>Annual Return (%) <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSDYNAMICALPHASECTORFUND column period compact * ~</div> <b>Average Annual Total Returns </b>(for the periods ended 12/31/12) 2.58 2084 2004-12-30 2004-12-30 2008-06-06 <b>Performance Information</b> 2012-08-08 The fund has not had a full calendar year of operations; therefore, performance information is not shown. Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2012:&nbsp;&nbsp;&nbsp;&nbsp;13.70%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q2/2012:&nbsp;&nbsp;&nbsp;&nbsp;-7.98%</td></tr></table></div> </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 0.1294 0.1176 0.0764 0.1897 0.16 0.2017 0.1732 The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSDYNAMICALPHASECTORFUNDBarChart column period compact * ~</div> If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The bar chart shows changes in the fund&#8217;s performance for its first full year of operations. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <b>Investment Objective </b> -0.0195 768 The fund has an investment objective of capital appreciation and current income. -0.0209 278 -0.0164 180 -0.0153 -0.0051 0.0166 -0.0369 <b>Fees and Expenses </b> 1172 853 557 The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. 0.1047 0.1003 1600 0.0924 1454 0.071 959 0.0821 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 2788 Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. 3080 2084 After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Shareholder Fees (fees paid directly from your investment) <b>Virtus Global Dividend Fund </b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> Returns do not reflect sales charges and would be lower if they did. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0934 0.0589 0.0624 0.0018 0.0445 0.0367 632 723 332 131 1033 915 715 409 The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left:20px"><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Geographic Concentration Risk.</b> The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> 1366 1225 1225 708 2304 2438 <b>Fees and Expenses </b> 2626 0.0251 0.0161 0.0105 0.0799 0.0897 0.16 0.1124 0.0085 0.0032 0.003 0.0352 0.0449 0.0845 0.0599 <b>Portfolio Turnover </b> 0.0575 0 0 1556 The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li><blockquote> <b>Commodities Concentration Risk.</b> The risk that events negatively affecting the base metals, precious metals, energy and agriculture industries in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. Since the fund concentrates its assets in commodities-related investments, the fund is more vulnerable to conditions that negatively affect commodities-related companies and investments as compared to a fund that is not significantly invested in such companies.</blockquote></li></ul> <ul type="square"><li><blockquote> <b>Commodity and Commodity-Linked Instrument Risk.</b> The risk that investments in commodities or commodity-linked notes will subject the fund&#8217;s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Emerging Market Investing Risk. </b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. </blockquote></li></ul> <ul type="square"><li><blockquote> <b> Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in small and medium-sized companies may be more volatile than investments in larger companies. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul> <ul type="square"><li><blockquote><b> Market Volatility Risk. </b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li><blockquote> <b> Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> 0 232 2003-10-10 2006-05-15 0.01 232 0.01 715 715 1225 1225 2438 2626 0.13 2011-03-15 2011-03-15 2011-03-15 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusEmergingMarketsEquityIncomeFund column period compact * ~</div> Annual Fund Operating Expenses (expenses that you pay each year as a <br/> percentage of the value of your investment) 723 131 0.0575 0.011 0 0.011 0 0.011 1033 409 0.0025 0 0.01 1366 0.01 708 0 0.0042 2304 0.0042 1556 0.0042 Shareholder Fees (fees paid directly from your investment) 0.0028 0.0028 0.0028 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0205 0.028 0.018 0.0085 0.01 0.0085 0.0085 0.0025 0.01 0 0.0034 0.0034 0.0034 -0.0003 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusGlobalPremiumAlphaSectorFund column period compact * ~</div> 0.0001 0.0001 0.0001 0.0145 0.022 0.2689 0.158 0.012 0.0863 0.2129 0.0855 0.0205 0.0277 0.018 -0.4305 0.1703 0.1601 0.0537 0.1941 <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2003:&nbsp;&nbsp;&nbsp;&nbsp;19.07%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q4/2008:&nbsp;&nbsp;&nbsp;&nbsp;-20.92%</td></tr></table></div> </div> <b><a name="toc458392_12"></a>Virtus Foreign Opportunities Fund </b> 0.0575 0 0 0 Shareholder Fees (fees paid directly from your investment) Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 3% during the third and fourth years and to 0% after the sixth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.01 0.01 <b>Portfolio Turnover</b> <b>Performance Information </b> <b>Principal Risks </b> 0.01 0.01 0.01 0.0025 0.01 0 0.0061 0.0061 0.0061 183 380 771 0.0098 0.0098 0.0098 1181 859 566 0.0284 0.0359 0.0259 1615 1464 975 -0.0026 -0.0026 -0.0026 2817 3099 0.0258 0.0333 0.0233 This fund offers investors exposure to emerging markets. The securities chosen for inclusion in the fund are those that, in the opinion of the subadviser, are high quality companies that pay above average dividends, have above average dividend growth potential, strong balance sheets and cash flow and adhere to better corporate governance. Companies selected must have the financial strength to maintain and grow their dividend payout commitments. The process is focused on identifying companies that have chosen to generate high levels of cash flow and to pay a high proportion of it to their shareholders. It is the belief of the subadviser that those companies offer the best opportunity for capital appreciation as well as superior income generation. <br /><br />Under normal circumstances, the fund invests at least 80% of its assets in equity securities of issuers located in emerging markets countries; such issuers may be of any capitalization. The equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). Emerging markets countries generally include every nation in the world except the U.S., Canada, Japan, Australia, New Zealand and most nations located in Western Europe. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining &#8220;location&#8221; of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer&#8217;s assets are exposed to the economic fortunes and risks of the designated country. 2116 The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is calculated on a total return basis with dividends reinvested. The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The MSCI ACWI Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.<br/><br/> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusGlobalPremiumAlphaSectorFund column period compact * ~</div> 0.96 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 771 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 280 183 50000 <b>Investments, Risks and Performance </b><br /><br /><b>Principal Investment Strategies </b> 1181 859 566 1615 1464 975 2817 The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. 3099 2116 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. 714 <ul type="square"><li><blockquote> <b> Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> 323 122 Under normal circumstances, the fund invests globally at least 80% of its assets in stocks of companies principally engaged in the base metals, precious metals, energy, and agriculture group of industries. The fund will concentrate its investments in this commodities-related group of industries. January 31, 2014 The bar chart shows changes in the fund&#8217;s performance for its first full year of operations. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 1007 688 381 800-243-1574 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusGlobalPremiumAlphaSectorFund column period compact * ~</div> virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. 1322 1180 660 2210 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 2534 1455 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 Estimated for current fiscal year. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. 0.0876 The fund has not had a full calendar year of operations; therefore, performance information is not shown. Returns do not reflect sales charges and would be lower if they did.<br /><br />Annual Return (%) 0.1126 Returns do not reflect sales charges and would be lower if they did. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. 821 436 In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 236 Best Quarter: 1381 1076 2012-09-30 781 0.137 Worst Quarter: 2012-06-30 -0.0798 Restated to reflect current expenses. 0.0375 0.0244 0.1035 0.16 0.1147 0.1583 714 223 122 688 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusGlobalPremiumAlphaSectorFundBarChart column period compact * ~</div> 1007 381 1322 1180 660 0.008 0.0016 0.0017 0.0338 821 0.0439 336 0.0845 0.053 236 2210 2534 1455 1381 1076 781 0.37 <b><a name="toc458392_20"></a>Virtus Herzfeld Fund </b> <b>Investment Objective </b> 0.0486 The fund has an investment objective of seeking capital appreciation and current income. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusGlobalPremiumAlphaSectorFund column period compact * ~</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> The fund invests globally in infrastructure companies involved in the energy, utility, transportation, and communications industries. Infrastructure companies are believed by the subadviser to exhibit attractive risk/return characteristics, offer moderate-to-high income and moderate growth, and are defensive in nature. <br /><br />Under normal market conditions, the fund invests at least 80% of its assets in dividend paying equity securities of infrastructure companies that are located in three or more countries, one of which will be the United States. Under normal market conditions, the fund will invest at least 25% of its assets in securities of U.S. issuers. As of September 30, 2012, the fund was invested in issuers representing approximately 13 different countries. Although the fund concentrates its investments in infrastructure companies, it may invest up to 20% of its assets in securities of issuers that are not infrastructure companies, including stocks, debt obligations, money market securities and money market mutual funds, as well as certain derivative instruments. To the extent the fund purchases non-infrastructure stocks, they may be of issuers of any capitalization. When investing in debt obligations, the fund will invest primarily in investment grade debt obligations, although it may invest in high-yield, high-risk fixed income securities (junk bonds). This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Investments, Risks and Performance<br/><br/>Principal Investment Strategies</b> The fund pays transaction costs, such as commissions, when it buys and sells shares of closed-end funds or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund&#8217;s portfolio turnover rate was 3% of the average value of its portfolio. The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li><blockquote><b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Derivatives Risk.</b> The risk that the fund will incur a loss greater than the fund&#8217;s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Equity Securities Risk. </b>The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Foreign Investing Risk. </b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments. </blockquote></li></ul> <ul type="square"><li><blockquote><b>High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. </b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Income Risk. </b> The risk that income received from the fund will vary widely over the short- and long-term. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Industry/Sector Concentration Risk. </b> The risk that events negatively affecting infrastructure companies will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. Since the fund concentrates its assets in infrastructure companies, the fund is more vulnerable to conditions that negatively affect infrastructure companies as compared to a fund that does not concentrate holdings in such companies. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Infrastructure-Related Investment Risk. </b>The risk that the value of the fund&#8217;s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Interest Rate Risk. </b>The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Market Volatility Risk. </b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Master Limited Partnership (MLP) Risk. </b> The risk that the fund&#8217;s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLPs. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Preferred Stock Risk. </b> The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid. </blockquote></li></ul> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br /><br />The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and with a composite benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. <b>Principal Risks </b> <b>Calendar year total returns for Class A Shares</b> (includes returns of a predecessor fund) Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) <b>Performance Information </b> <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 8px;"> </p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2010:&nbsp;&nbsp;&nbsp;&nbsp;16.39% </td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom"></td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2008:&nbsp;&nbsp;&nbsp;&nbsp;-16.55%</td></tr></table></div></div> The fund has not had a full calendar year of operations; therefore, performance information is not shown. 2011-03-15 2011-03-15 <b>Average Annual Total Returns </b> (for the periods ended 12/31/12; includes returns of a predecessor fund) Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies and is provided for general comparative purposes. The index is calculated on a total-return basis with dividends reinvested. The Global Dividend Linked Benchmark consists of the MSCI World Infrastructure Sector Capped Index for the period since September 1, 2008. This is a market capitalization weighted index that measures performance of global infrastructure companies by capturing broad and diversified opportunities across telecommunication, utilities, energy, transportation and social infrastructure sectors. The telecommunication infrastructure and utilities sector each represent one-third of the index weight, while energy, transportation and social infrastructure sectors have a combined weight of the remaining one-third of the index. Performance of the Global Dividend Linked Benchmark prior to September 1, 2008 represents an allocation consisting of 65% MSCI USA/Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI World ex USA/Utilities Index. The indexes are unmanaged and not available for direct investment. <br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 21% of the average value of its portfolio. 2011-03-15 0.21 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Under normal market conditions, the fund invests at least 80% of its assets in dividend paying equity securities of infrastructure companies that are located in three or more countries, one of which will be the United States. Although the fund concentrates its investments in infrastructure companies, it may invest up to 20% of its assets in securities of issuers that are not infrastructure companies, including stocks, debt obligations, money market securities and money market mutual funds, as well as certain derivative instruments. The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and with a composite benchmark that reflects the market sectors in which the fund invests. <b>Average Annual Total Returns </b>(for the periods ended 12/31/12; includes returns of a predecessor fund) Best Quarter: 800-243-1574 2012-03-31 This fund seeks to provide investors with exposure to high-quality global companies. The securities selected for inclusion in the fund are those believed by the subadviser to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles. <br /><br />Under normal circumstances, the fund invests in equity securities or equity-linked instruments of issuers located throughout the world, including issuers in emerging markets countries and issuers in the United States. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. As of September 30, 2012, the fund was invested in issuers representing approximately 15 different countries. virtus.com 0.0676 <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> Worst Quarter: 2012-06-30 The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. -0.0194 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br/><br/>The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. Returns do not reflect sales charges and would be lower if they did. <b>Performance Information </b> <b>Calendar year total returns for Class A Shares </b>(includes returns of a predecessor fund) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Returns do not reflect sales charges and would be lower if they did. <br/><br/>Annual Return (%) Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusGlobalCommoditiesStockFund column period compact * ~</div> In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Best Quarter: The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. 2010-09-30 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 73% of the average value of its portfolio. 0.1639 Worst Quarter: 2008-09-30 <b><a name="toc458392_17"></a>Virtus Global Real Estate Securities Fund </b> <b>Investment Objective </b> -0.1655 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusGlobalCommoditiesStockFundBarChart column period compact * ~</div> 0.73 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.0575 0 0 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. virtus.com 800-243-1574 The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. 0.0085 0.0085 0.0085 Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.0025 0.01 0 Returns do not reflect sales charges and would be lower if they did. 0.011 0.011 0.011 <b>Virtus Global Premium AlphaSector<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup> Fund </b> Restated to reflect current expenses. 0.0001 0.0001 0.0001 0.0221 0.0296 0.0196 Restated to reflect current expenses. Best Quarter: 786 2003-06-30 399 199 0.1907 Worst Quarter: 2008-12-31 1226 915 615 -0.2092 1692 1557 1057 2973 3280 2285 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 786 299 199 1226 915 615 1692 1557 1057 2973 3280 2285 0.01 0.01 0 0.2308 0.005 0.234 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSGLOBALOPPORTUNITIESFUND column period compact * ~</div> The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any underlying investment companies in which the fund invests. The principal risks of investing in the fund are: <ul type="square"><li><blockquote><b>Fund of Funds Risk.</b> The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li></ul><ul type="square"><li><blockquote><b>Closed-End Funds Risk.</b> The risk that closed-end funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility. Closed-end funds frequently trade at a discount from their net asset value, which may affect whether the fund will realize gain or loss upon its sale of the closed-end funds&#8217; shares. Closed-end funds may employ leverage, which also subjects the closed-end fund to increased risks such as increased volatility.</blockquote></li></ul> The principal risks attributable to the underlying investment companies in which the fund invests are:<ul type="square"><li><blockquote><b>Commodity Risk.</b> The risk that investments in commodities or commodity-linked notes will subject the fund&#8217;s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Convertible Securities Risk.</b> The fund&#8217;s investments in convertible securities subject the fund to the risks associated with both fixed-income securities and common stocks, in addition to the risk that a convertible security may be called for redemption at a time and price unfavorable to the fund.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Derivatives Risk.</b> The risk that the fund will incur a loss greater than the fund&#8217;s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract. Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage, or to attempt to increase yield.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Equity-Linked Instruments Risk.</b> The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund&#8217;s investment.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Equity Real Estate Investment Trust (REIT) Securities Risk.</b> The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund&#8217;s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Geographic Concentration Risk.</b> The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Growth Stocks Risk.</b> The risk that the fund&#8217;s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.</blockquote></li></ul> <ul type="square"><li><blockquote><b>High Yield-High Risk Fixed Income Securities Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Income Risk.</b> The risk that income received from the fund will vary widely over the short- and long-term.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Industry/Sector Concentration Risk.</b> The risk that events negatively affecting an industry or market sector in which a fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Infrastructure-Related Investment Risk.</b> The risk that the value of the fund&#8217;s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Limited Number of Investments Risk.</b> The risk that the fund&#8217;s portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund&#8217;s portfolio than would a fund holding a greater number of securities.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Liquidity Risk.</b> The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Loan Participation Risk.</b> The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Market Volatility Risk.</b> The value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Master Limited Partnership (MLP) Risk.</b> The risk that the fund&#8217;s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLP&#8217;s underlying assets.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Mortgage-Backed and Asset-Backed Securities Risk.</b> The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Municipal Bond Market Risk.</b> The risk that events negatively impacting a particular municipal security, or the municipal bond market in general, will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Preferred Stock.</b> The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Real Estate Risk.</b> The risk that the value of the fund&#8217;s shares will be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, and changes in the value of the underlying real estate and defaults by borrowers.</blockquote></li></ul><ul type="square"><li><blockquote><b>Sector Focused Investing Risk.</b> The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul><ul type="square"><li><blockquote><b>Short Sales Risk.</b> The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Tax-Exempt Securities Risk.</b> The risk that tax-exempt securities may not provide a higher after-tax return than taxable securities.</blockquote></li></ul> <ul type="square"><li><blockquote><b>Unrated Fixed Income Securities Risk.</b> The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.</blockquote></li></ul> <ul type="square"><li><blockquote><b>U.S. Government Securities Risk.</b> The risk that U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States. </blockquote></li></ul> <ul type="square"><li><blockquote><b>Value Stocks Risk.</b> The risk that the fund will underperform when value investing is out of favor or that the fund&#8217;s investments will not appreciate as anticipated.</blockquote></li></ul> Under normal circumstances, the fund invests in closed-end investment companies that primarily invest in equity and income-producing securities. The investment methodology utilizes a number of factors and consists of both a quantitative and qualitative approach to identify opportunities across the entire universe of closed-end funds. The overall investment philosophy is predicated on recognizing the recurring valuation patterns found in the closed-end fund industry and capitalizing on opportunities in a systematic manner. The strategy seeks to exploit the discount and premium spreads associated with closed-end funds. The fund may also allocate assets to other investment company structures, including exchange-traded funds (&#8220;ETFs&#8221;), equity securities, including common and preferred stocks, cash, and/or short term cash equivalents. <br/><br/>The fund primarily invests in closed-end funds whose principal investments strategies include one or more of the following:<br/><br/>Domestic Funds<ul type="square"><li style="margin-left:80px"><blockquote>Municipal Bond, Build America Bond, Government Bond, Corporate Bond, High Yield Bond</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>Equity&#8212;Sector Specific (such as Utilities, Real Estate, MLPs), Equity&#8212;Covered Call, Equity&#8212;General, Equity&#8212;Growth &amp; Income, Equity&#8212;Dividend, Equity&#8212;Tax-Advantaged, Equity&#8212;Preferreds, Equity&#8212;Convertible Bond</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>Loan Participation</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>Mortgage-Backed</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>Multi-Strategy</blockquote></li></ul>Non-U.S. Funds<ul type="square"><li style="margin-left:80px"><blockquote>Foreign Equity&#8212;Country Specific, Foreign Equity&#8212;Geographic Region, Global Equity&#8212;General, Global Equity&#8212;Growth &amp; Income, Global Equity&#8212;Dividend</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>Global Fixed Income</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>Global Multi-Strategy</blockquote></li></ul>The closed-end funds that invest in equity securities may or may not use a growth or value strategy and may include funds investing in securities of issuers of any market capitalization. Closed-end funds that invest in non-U.S issuers may include issuers in emerging markets. Closed-end funds that invest in fixed income securities may invest in securities of any credit quality, including below investment grade (so-called &#8220;junk bonds&#8221;). <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> This fund seeks to provide investors with access to high-quality international companies. The securities selected for inclusion in the fund are those that in the opinion of the subadviser are well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles. <br /><br />Under normal circumstances, at least 80% of the fund&#8217;s assets are invested in equity securities or equity-linked instruments of issuers located outside the United States, including issuers in emerging markets countries. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left:20px"><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li><li style="margin-left:20px"><blockquote> <b>Equity-Linked Instruments Risk. </b> The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund&#8217;s investment.</blockquote></li><li style="margin-left:20px"><blockquote><b> Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li><li style="margin-left:20px"><blockquote> <b>Growth Stocks Risk.</b> The risk that the fund&#8217;s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.</blockquote></li><li style="margin-left:20px"><blockquote><b> Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li><li style="margin-left:20px"><blockquote> <b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods. </blockquote></li></ul> The fund has a primary investment objective of long-term capital appreciation, with a secondary investment objective of income. <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSGLOBALOPPORTUNITIESFUND column period compact * ~</div> 0.163 0.0834 0.1283 0.2245 0.237 0.16 0.2254 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSGLOBALDIVIDENDFUND column period compact * ~</div> 0.3058 0.2731 0.2483 0.3163 0.3297 0.2296 0.328 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSGLOBALDIVIDENDFUNDBarChart column period compact * ~</div> Shareholder Fees (fees paid directly from your investment) In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 31% of the average value of its portfolio. <b>Investments, Risks and Performance<br /><br />Principal Investment Strategies</b> The fund provides global exposure to the real estate securities market, focusing exclusively on companies with a rental business profile. Rental companies derive 70% or more of total revenue from rental income and are most similar in business profile to U.S. real estate investment trusts (&#8220;REITs&#8221;). <br /><br />Under normal circumstances, the fund invests at least 80% of its assets in equity securities issued by U.S. and non-U.S companies of any capitalization that are principally engaged in the real estate industry, including common stock, preferred stock and other equity securities issued by real estate companies, such as REITs and similar REIT-like entities. The fund, under normal market conditions, will hold at least 40% of its assets in non-U.S. issuers. Additionally, the fund normally invests in real estate-related securities of issuers in developed countries; however it may invest up to 20% of its assets in issuers incorporated in emerging market countries. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws. <b>Principal Risks </b> January 31, 2014 0.03 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left:20px"><blockquote><b> Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Equity REIT Securities Risk.</b> The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund&#8217;s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Equity Securities Risk. </b>The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Foreign Investing Risk. </b>The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Geographic Concentration Risk.</b> The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Industry/Sector Concentration Risk.</b> The risk that events negatively affecting real estate securities will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> <b><a name="toc458392_19"></a>Virtus Greater European Opportunities Fund </b> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. <b>Investment Objective </b> 50000 The fund has an investment objective of long-term capital appreciation. <b>Fees and Expenses </b> Estimated for current fiscal year. The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The fund has not had a full calendar year of operations; therefore, performance information is not shown. <b>Principal Risks </b> <b>Principal Risks </b> <b>Performance Information</b> 0.0575 0 0 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br /><br />The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. <b>Calendar year total returns for Class A Shares </b> 0 Returns do not reflect sales charges and would be lower if they did. <br /><br />Annual Return (%) <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusHerzfeldFund column period compact * ~</div> 0.01 0.01 <b>Performance Information </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.01 0.01 0.01 0.0025 0.01 0 <b>Portfolio Turnover</b> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSGLOBALOPPORTUNITIESFUNDBarChart column period compact * ~</div> 0.0156 0.0156 0.0156 <b>Average Annual Total Returns </b> (for the periods ended 12/31/12) Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 0.0001 0.0001 0.0001 0.0282 0.0357 0.0257 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is calculated on a total return basis with dividends reinvested. The FTSE EPRA/NAREIT Developed Rental Index is a free-float market capitalization index measuring global real estate securities, which meet minimum size, liquidity and investment focus criteria. The FTSE EPRA/NAREIT Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment. <br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 844 460 260 1399 1094 799 1978 1850 1365 3541 3836 <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2010:&nbsp;&nbsp;&nbsp;&nbsp;17.74%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q3/2011:&nbsp;&nbsp;&nbsp;&nbsp;-16.99%</td></tr></table></div> </div> 2905 844 360 260 1399 1094 799 1978 1850 1365 3541 3836 2905 0.2573 -0.0999 0.2459 0.1743 0.1339 0.087 0.236 0.2489 0.16 0.2231 0.1812 0.1559 0.1423 0.1912 0.2035 0.1694 0.1887 <b>Investment Objective </b> <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 92% of the average value of its portfolio. <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> 0.0575 The fund is appropriate for investors seeking diversification and the potential rewards associated with investing in high-yield fixed income securities. High-yield fixed income securities are those that are rated below investment grade. The subadviser uses an investment process that focuses on adding value through issue selection, sector/industry selection and opportunistic trading. The fund will generally overweight those sectors and industries where the subadviser identifies well-valued companies whose business profiles are viewed to be improving. The subadviser attempts to maintain the duration of the fund at a level similar to that of its style benchmark, the Barclay&#8217;s Capital U.S. High Yield 2% Issuer Capped Index. Under normal circumstances, the fund invests at least 80% of its assets in high yield fixed income securities. 0 0 <b>Principal Risks </b> 0 0.0085 0.0085 0.0085 0.0025 0.01 0 <b>Example </b> 0.0063 0.0063 0.0063 This fund seeks to offer investors exposure to European market economies through well-established companies. The securities selected for inclusion in the fund are believed by the subadviser to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles. <br/><br/>Under normal circumstances, at least 80% of the fund&#8217;s assets are invested in equity securities or equity-linked instruments of issuers located in Europe, including issuers in emerging markets countries. Equity-linked securities are hybrid debt securities whose return is connected to an underlying equity, usually a stock. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the &#8220;location&#8221; of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer&#8217;s assets are exposed to the economic fortunes and risks of the designated country. The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left:20px"><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li><li style="margin-left:20px"><blockquote><b>Equity-Linked Instruments Risk.</b> The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund&#8217;s investment.</blockquote></li><li style="margin-left:20px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li><li style="margin-left:20px"><blockquote><b> Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li><li style="margin-left:20px"><blockquote><b>Geographic Concentration Risk.</b> The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li><li style="margin-left:20px"><blockquote><b> Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> 0.0001 0.0001 0.0001 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br /><br />The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. 0.0174 <b>Calendar year total returns for Class A Shares</b> 0.0249 0.0149 Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) <b>Average Annual Total Returns</b> (for the periods ended 12/31/12) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q1/2012:&nbsp;&nbsp;&nbsp;&nbsp;11.53%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q3/2011:&nbsp;&nbsp;&nbsp;&nbsp;-13.30%</td></tr></table></div> </div> The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is calculated on a total return basis with dividends reinvested. The MSCI Europe Index (net) is a free float-adjusted market capitalization weighted index measuring the equity market performance of the developed markets in Europe. The MSCI Europe Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 2009-04-21 2009-04-21 2009-04-21 0.31 Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.01 0.01 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 0.49 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. 50000 <ul type="square"><li style="margin-left:20px"><blockquote><b> Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 virtus.com 0.0575 0 Restated to reflect current expenses. 0 The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. Returns do not reflect sales charges and would be lower if they did. 0 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. 0.01 0.01 In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <b>Performance Information </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusGlobalRealEstateSecuritiesFund column period compact * ~</div> If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <b>Calendar year total returns for Class A Shares </b>(includes returns of a predecessor fund) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Best Quarter: 0.01 0.01 2012-03-31 0.01 0.1153 Worst Quarter: 2011-09-30 -0.133 742 352 152 0.0025 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusGlobalRealEstateSecuritiesFundBarChart column period compact * ~</div> 0.01 0 <b>Fees and Expenses </b> 1091 776 The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. 471 Returns do not reflect sales charges and would be lower if they did. <br/><br/>Annual Return (%) 0.0057 0.0057 0.0057 742 252 152 1091 776 471 <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0182 0.0257 1464 0.0157 1326 813 <b>Portfolio Turnover </b> 2509 2826 1779 <b>Average Annual Total Returns </b>(for the periods ended 12/31/12; includes returns of a predecessor fund) Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 1464 0 1326 0 813 0 0 2509 2826 1779 <b>Principal Risks </b> <b>Performance Information </b> 0.1842 0.1417 0.0921 0.2475 0.16 0.2598 0.1912 Best Quarter: 0.164 0.1427 0.1745 0.1856 0.1739 0.1327 Worst Quarter: 0.1443 2010-09-30 2011-09-30 Shareholder Fees (fees paid directly from your investment) 0.1774 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your <br/> investment) -0.1699 -0.0201 0.1584 Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 749 360 160 1115 799 496 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br /><br />The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. 1365 1504 855 0.0918 0.0663 0.0431 0.1482 0.1599 0.16 0.1732 0.0582 0.0454 0.0412 0.076 0.087 0.1331 0.0533 Restated to reflect current expenses. 2589 2905 1867 2009-04-21 2009-04-21 2009-04-21 2010-09-16 2010-09-16 2010-09-16 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusInternationalEquityFund column period compact * ~</div> 0.0719 0.0094 0.2564 260 799 1365 2905 <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusInternationalSmall-CapFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusInternationalSmall-CapFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusInternationalSmall-CapFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusInternationalEquityFundBarChart column period compact * ~</div> 0.0575 0 0 The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index is a market capitalization-weighted index that measures fixed rate non-investment grade debt securities of U.S. and non-U.S. corporations. No single issuer accounts for more than 2% of market cap. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment. <br/><br/> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 0.01 0.01 0 749 160 1115 496 1504 855 0.0575 0 0 0.0085 0.0085 0.0085 2589 1867 0 0.0025 0 0.01 0.0158 0.0158 0.0158 0.0268 0.0343 0.0243 0.01 0.01 <b><a name="toc458392_22"></a>Virtus International Equity Fund </b> <b>Investment Objective </b> The fund has an investment objective of long-term capital appreciation. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2009: &nbsp;&nbsp;&nbsp;&nbsp;11.27% &nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q4/2008:&nbsp;&nbsp;&nbsp;&nbsp; -14.67%</td></tr></table></div> </div> 0.92 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. <b>Example </b> 50000 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. <b>Portfolio Turnover </b> The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Principal Risks </b> Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. <b>Performance Information </b> After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <b>Virtus High Yield Fund </b> <b>Virtus Greater Asia ex Japan Opportunities Fund</b> Restated to reflect current expenses. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 40% of the average value of its portfolio. <b>Investments, Risks and Performance<br /><br />Principal Investment Strategies </b> This fund seeks to offer investors exposure to Asian market economies, with the exception of Japan, through well-established companies. The portfolio invests in what the subadviser believes to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.<br /><br />Under normal circumstances, at least 80% of the fund&#8217;s assets are invested in equity securities or equity-linked instruments of issuers located in Asia (excluding Japan), including issuers in emerging markets. Equity-linked securities are hybrid debt securities whose return is connected to an underlying equity, usually a stock. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the &#8220;location&#8221; of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer&#8217;s assets are exposed to the economic fortunes and risks of the designated country. The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li><blockquote> <b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul> <ul type="square"><li><blockquote> <b>Equity-Linked Instruments Risk. </b> The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund&#8217;s investment.</blockquote></li></ul> <ul type="square"><li><blockquote> <b> Equity Securities Risk. </b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li></ul> <ul type="square"><li><blockquote> <b> Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Geographic Concentration Risk.</b> The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Market Volatility Risk. </b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br /><br />The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. <b>Calendar year total returns for Class A Shares </b> Returns do not reflect sales charges and would be lower if they did.<br /><br />Annual Return (%) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2010:&nbsp;&nbsp;&nbsp;&nbsp;17.70%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q3/2011:&nbsp;&nbsp;&nbsp;&nbsp;-11.67%</td></tr></table></div> </div> Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. <b>Average Annual Total Returns </b>(for the periods ended 12/31/12) The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is calculated on a total return basis with dividends reinvested. The MSCI AC Asia Pacific ex Japan Index (net) is a free float-adjusted market capitalization weighted index measuring the equity market performance of developed and emerging markets in Asia (excluding Japan), as well as Australia and New Zealand. The MSCI AC Asia Pacific ex Japan Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment. <br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Returns do not reflect sales charges and would be lower if they did. 0.4 Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Best Quarter: 2010-09-30 0.177 Worst Quarter: 2011-09-30 -0.1167 The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left: 5px"><blockquote><b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Industry/Sector Concentration Risk.</b> The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in one or more industries (such as communications, consumer cyclicals and consumer non-cyclicals) or sectors, the fund is more vulnerable to conditions that negatively affect such industries or sectors as compared to a fund that is not significantly invested in such industries or sector.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Long-Term Maturities/Durations Risk.</b> The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Mortgage-Backed and Asset-Backed Securities Risk.</b> The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>U.S. Government Securities Risk.</b> The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.</blockquote></li></ul> Restated to reflect current expenses. 0.1865 0.0796 0.0175 0.0811 0.0224 -0.2391 0.3115 0.1258 0.0312 0.1619 Best Quarter: 2009-06-30 0.1127 Worst Quarter: 2008-12-31 -0.1467 0.0375 0 0 0 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusGreaterAsiaexJapanOpportunitiesFund column period compact * ~</div> 0.005 0.05 0.01 0 <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSHIGHYIELDFUND column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusGreaterAsiaexJapanOpportunitiesFundBarChart column period compact * ~</div> This fund offers investors exposure primarily to mid- to large capitalization international companies, but it is not limited to investing in the securities of companies of any particular size. The subadviser uses a value-driven, absolute return approach to investing. The subadviser&#8217;s process is a mixture of country allocation and stock selection, with a recognition that a significant portion of long-term performance and risk reduction will come from the country allocation decision. <br /><br />Under normal circumstances, the fund invests at least 80% of its assets in equity securities of issuers located outside the United States, including issuers in emerging markets countries. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the &#8220;location&#8221; of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer&#8217;s assets are exposed to the economic fortunes and risks of the designated country. The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left: 5px"><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in small and medium-sized companies may be more volatile than investments in larger companies.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Value Stocks Risk.</b> The risk that the fund will underperform when value investing is out of favor or that the fund&#8217;s investments will not appreciate in value as anticipated.</blockquote></li></ul> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br /><br />The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. 0.0065 0.0065 0.0065 0.0065 0.0025 0.01 0.01 0 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSHIGHYIELDFUND column period compact * ~</div> 0.0041 0.0041 0.0041 0.0041 0.0131 0.0206 0.0206 0.0106 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSHIGHYIELDFUND column period compact * ~</div> The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is calculated on a total return basis with dividends reinvested. The MSCI EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The MSCI EAFE<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSHIGHYIELDFUND column period compact * ~</div> 503 609 309 108 775 846 646 337 1108 1066 1108 585 1895 2197 2390 1294 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSHIGHYIELDFUNDBarChart column period compact * ~</div> 831 446 246 1359 1053 758 1913 1784 1296 3414 3712 2766 503 209 209 108 775 646 646 337 1066 1108 1108 <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSHIGHYIELDFUND column period compact * ~</div> 585 1895 2197 2390 1294 0.1184 0.0465 0.0302 0.1109 0.1522 0.0422 0.1578 0.0169 0.0195 0.0535 0.0535 0.0595 0.1045 831 346 246 1359 1053 758 1913 1784 1296 3414 3712 2766 0.0644 0.0332 0.0344 0.0605 0.0606 0.0518 0.106 <b>Calendar year total returns for Class A Shares </b> Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q1/2012:&nbsp;&nbsp;&nbsp;&nbsp;7.52%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q3/2011:&nbsp;&nbsp;&nbsp;&nbsp;-13.59%</td></tr></table></div> </div> <b>Average Annual Total Returns </b> (for the periods ended 12/31/12) 0.0589 0.009 0.0524 Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. Restated to reflect current expenses. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. 0.0375 0 0 0 0.25 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 0 0.005 0.05 0.01 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusGreaterEuropeanOpportunitiesFundBarChart column period compact * ~</div> 0.0055 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.0055 0.0055 0.0055 0.01 0.01 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. 0.01 0.0025 The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 0.01 0.0025 0.01 0.01 0 0 800-243-1574 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. 0.0093 0.0033 0.0093 0.0033 Returns do not reflect sales charges and would be lower if they did. 0.0093 0.0033 0.0033 0.0113 0.0218 0.0188 0.0293 0.0188 0.0193 0.0088 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. -0.0058 -0.0058 -0.4673 -0.0058 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusGreaterEuropeanOpportunitiesFund column period compact * ~</div> In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 0.3866 0.1883 0.0135 0.0235 0.016 -0.1086 0.3487 0.0532 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusGreaterEuropeanOpportunitiesFund column period compact * ~</div> 0.2711 0.1696 0.1102 0.3398 0.3525 0.16 0.3076 -0.0011 -0.0285 -0.0194 0.0035 0.0135 0.0166 -0.0049 338 728 137 1165 -0.0227 852 -0.0492 -0.0366 -0.0189 -0.009 0.0068 -0.0279 486 591 291 90 550 721 791 591 281 Best Quarter: 2012-08-08 974 1016 2012-03-31 852 1016 0.0752 488 Worst Quarter: 238 2011-09-30 1698 2005 -0.1359 2201 1084 728 137 2009-03-02 2009-03-02 2009-03-02 1165 550 <b>Investment Objective </b> The fund has an investment objective of capital appreciation. 486 191 191 <b>Fees and Expenses </b> 90 The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) 721 591 591 281 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 974 1016 <b>Example </b> 1016 488 2007-10-01 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1698 2005 2201 1084 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund&#8217;s portfolio turnover rate was 0% of the average value of its portfolio. 2007-10-01 2007-10-01 <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> The fund pursues capital appreciation in the small-cap international arena. The fund invests in a select group of small-cap companies believed by the subadviser to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles.<br/><br/> Under normal circumstances, the fund invests at least 80% of its assets in equity securities of non-U.S. small capitalization companies. As of the date of the Prospectus, the fund&#8217;s subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of between $75 million and $5 billion. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining &#8220;location&#8221; of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer&#8217;s assets are exposed to the economic fortunes and risks of the designated country. Equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). The fund may invest in emerging markets issuers. Generally, the fund invests in approximately 30-60 securities at any given time and invests in issuers in approximately 20 countries. <b>Principal Risks </b> 0.1793 0.0763 The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0.0119 <b>Investment Objective </b> 0.0797 0.0262 -0.2235 <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. 0.4235 <b>Performance Information </B> 0.1324 Shareholder Fees (fees paid directly from your investment) 0.0319 0.1408 0.098 0.0278 0.0181 0.0899 0.1333 0.1446 0.0422 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 <b>Example </b> 0.0378 0.0371 0.0725 0.0728 0.0595 <b>Portfolio Turnover </b> The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0.0728 0.0444 0.0434 0.069 0.0691 0.0518 <b>Principal Risks </b> 0.1086 0.0564 <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusInternationalEquityFund column period compact * ~</div> Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. January 31, 2014 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 Estimated for current fiscal year. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. <b>Portfolio Turnover </b> 2009-10-01 <b>Investment Objective </b> The fund has an investment objective of long-term capital appreciation. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. <b>Investment Objective </b> The fund has an investment objective of providing high current income while attempting to limit changes in the fund&#8217;s net asset value per share caused by interest rate changes. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. <b>Virtus Multi-Sector Short Term Bond Fund </b> <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after six years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 52% of the average value of its portfolio. <b>Portfolio Turnover</b> Shareholder Fees (fees paid directly from your investment) The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left:20px"><blockquote><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li><li style="margin-left:20px"><blockquote><b> Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li><li style="margin-left:20px"><blockquote><b> Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li><li style="margin-left:20px"><blockquote><b>Limited Number of Investments Risk.</b> The risk that the fund&#8217;s portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund&#8217;s portfolio than would a fund holding a greater number of securities.</blockquote></li><li style="margin-left:20px"><blockquote><b> Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li><li style="margin-left:20px"><blockquote><b>Small Market Capitalization Companies Risk.</b> The risk that the fund&#8217;s investments in small market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</blockquote></li></ul> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the<br/> value of your investment) <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> <b>Principal Risks </b> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0724 <b>Portfolio Turnover </b> The fund seeks to track the Premium AlphaSector<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup> Index (ASRP), a public index published by NASDAQ. The fund may be invested in ETFs and/or securities representing the primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index and high-quality short-term securities. The primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index represented are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. Allocations are based on a proprietary quantitative model that seeks to evaluate &#8220;true&#8221; underlying trends within each sector by adjusting for unwarranted price distortions and changing levels of volatility in the market. The fund has the flexibility to be invested in any combination of the sector ETFs and/or securities, a combination of sector ETFs and/or securities and high-quality short-term securities, or 100% in high-quality short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from tracking the Premium AlphaSector Index and/or the model allocation if it is determined that tracking the Index and/or the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund. <b>Principal Risks </b> <b>Investment Objective </b> The fund has an investment objective of maximizing current income while preserving capital. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left: 5px"><blockquote><b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Emerging Market Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>Mortgage-Backed and Asset-Backed Securities Risk.</b> The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote><b>U.S. Government Securities Risk.</b> The risk that the U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> <b>Principal Risks </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusInternationalSmall-CapFund column period compact * ~</div> The fund seeks current income with an emphasis on maintaining low volatility and overall short duration by investing primarily in higher quality, more liquid securities across 14 bond market sectors. The fund utilizes a value-oriented, research driven approach that seeks to strategically overweight undervalued sectors while applying strict risk controls.<br/><br />Under normal circumstances, the fund invests at least 80% of its assets in bonds, which are fixed income debt obligations of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily short-term fixed income securities having an expected dollar-weighted average maturity of three years or less and that are in one of the following market sectors:<ul type="square"><li style="margin-left: 5px"><blockquote>Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote>Debt securities issued by foreign issuers, including foreign governments and their political subdivisions, and issuers located in emerging markets;</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote>Investment-grade securities; and</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote>High yield-high risk fixed income securities (so called &#8220;junk bonds&#8221;).</blockquote></li></ul>The fund may invest in all or some of these sectors. <b>Performance Information </b> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br/><br/>The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. <b>Calendar year total returns for Class A Shares </b>(includes returns of a predecessor fund) Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) <b>Performance Information </b> <b>Performance Information </b> <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2009:&nbsp;&nbsp;&nbsp;&nbsp;10.79% &nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q4/2008:&nbsp;&nbsp;&nbsp;&nbsp;-9.05%</td></tr></table></div> </div> <b>Average Annual Total Returns </b>(for the periods ended 12/31/12; includes returns of a predecessor fund) <b>Virtus International Small-Cap Fund </b> Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index measures performance of U.S. corporate bond issues rated BBB and A by Standard and Poor&#8217;s with maturities between one and three years. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <b>Virtus International Real Estate Securities Fund </b> The fund has a primary investment objective of long-term capital appreciation, with a secondary investment objective of income. The fund provides international exposure to the real estate securities market, focusing exclusively on companies with a rental business profile. Rental companies derive 70% or more of total revenue from rental income and are most similar in business profile to U.S. real estate investment trusts (&#8220;REITs&#8221;). <br /><br />Under normal circumstances, the fund invests at least 80% of its assets in equity securities issued by non-U.S companies of any capitalization that are principally engaged in the real estate industry, including common stock, preferred stock and other equity securities issued by real estate companies, such as REITs and similar REIT-like entities. The fund may, at times, invest up to 20% of its assets in U.S. REIT securities. Additionally, the fund normally invests in real estate related securities of issuers in developed countries, however it may invest up to 20% of its assets in issuers incorporated in emerging market countries. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws. The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left: 5px"><blockquote> <b> Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Equity REIT Securities Risk.</b> The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund&#8217;s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Geographic Concentration Risk.</b> The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Industry/Sector Concentration Risk.</b> The risk that events negatively affecting real estate securities will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left: 5px"><blockquote> <b> Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br /><br />The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. <b>Calendar year total returns for Class A Shares </b> Returns do not reflect sales charges and would be lower if they did. <br/><br/>Annual Return (%) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2009:&nbsp;&nbsp;&nbsp;&nbsp;31.59%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q4/2008:&nbsp;&nbsp;&nbsp;&nbsp;-30.74%</td></tr></table></div> </div> <b>Average Annual Total Returns </b> (for the periods ended 12/31/12) Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 41% of the average value of its portfolio. 0.52 <b>Investments, Risks and Performance</b><br/><br/><b>Principal Investment Strategies </b> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. <b>Virtus Multi-Sector Fixed Income Fund</b> The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Shareholder Fees (fees paid directly from your investment) 800-243-1574 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your<br/> investment) virtus.com You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. <b>Investments, Risks and Performance </b><br /><br /><b>Principal Investment Strategies </b> The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. 50000 The fund seeks to generate high current income and total return while preserving capital by applying extensive credit research and a time-tested approach designed to capitalize on opportunities across undervalued sectors of the bond market. The portfolio seeks diversification among 14 sectors in an effort to increase return potential and reduce risk.<br /><br />Under normal circumstances, the fund invests at least 80% of its assets in the following sectors of fixed income securities: <ul type="square"><li><blockquote> Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;</blockquote></li></ul><ul type="square"><li><blockquote>Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging market countries;</blockquote></li></ul><ul type="square"><li><blockquote>Investment grade securities; and</blockquote></li></ul><ul type="square"><li><blockquote>High yield-high risk fixed income securities of U.S. issuers (so called &#8220;junk bonds&#8221;).</blockquote></li></ul>The fund may invest in all or some of these sectors. 0.41 Returns do not reflect sales charges and would be lower if they did. The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li><blockquote> <b>Credit Risk. </b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul> <ul type="square"><li><blockquote> <b>Emerging Market Risk. </b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</blockquote></li></ul> <ul type="square"><li><blockquote> <b> Foreign Investing Risk. </b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul> <ul type="square"><li><blockquote> <b> High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall. </blockquote></li></ul> <ul type="square"><li><blockquote> <b>Long-Term Maturities/Durations Risk. </b> The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.</blockquote></li></ul><ul type="square"><li><blockquote> <b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li><blockquote><b>Mortgage-Backed and Asset-Backed Securities Risk.</b> The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.</blockquote></li></ul><ul type="square"><li><blockquote><b>U.S. Government Securities Risk.</b> The risk that the U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br /><br />The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Calendar year total returns for Class A Shares </b>(includes returns of a predecessor fund) Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Returns do not reflect sales charges and would be lower if they did.<br /><br />Annual Return (%) <b>Average Annual Total Returns </b>(for the periods ended 12/31/12; includes returns of a predecessor fund) The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged and not available for direct investment.<br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <ul type="square"><li style="margin-left: 5px"><blockquote> <b> Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 0.76 Restated to reflect current expenses. virtus.com The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of the exchange-traded funds in which the fund invests. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left:20px"><blockquote><b>Correlation to Index Risk.</b> The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.</blockquote></li><li style="margin-left:20px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods.</blockquote></li><li style="margin-left:20px"><blockquote><b>Exchange-Traded Funds (ETFs) Risk.</b> The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li><li style="margin-left:20px"><blockquote><b>Fund of Funds Risk.</b> The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li><li style="margin-left:20px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li><li style="margin-left:20px"><blockquote><b>Model Portfolio Risk.</b> The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.</blockquote></li><li style="margin-left:20px"><blockquote><b>Portfolio Turnover Risk.</b> The risk that the fund&#8217;s principal investment strategies will result in a consistently high portfolio turnover rate. See the &#8220;Portfolio Turnover&#8221; section above for more information about the impact that portfolio turnover can have on fund performance.</blockquote></li><li style="margin-left:20px"><blockquote><b> Sector Focused Investing Risk.</b> The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&amp;P 500&#174; Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.</blockquote></li><li style="margin-left:20px"><blockquote><b>U.S. Government Securities Risk.</b> The risk that U.S. Government securities in the fund&#8217;s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. Returns do not reflect sales charges and would be lower if they did. 50000 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br/><br/>The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574. <b>Calendar year total returns for Class A Shares </b> <b>Investment Objective </b> If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Best Quarter: The fund has investment objectives of capital appreciation and income with approximately equal emphasis. The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index. 2009-09-30 800-243-1574 virtus.com 0.3159 The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. Worst Quarter: Returns do not reflect sales charges and would be lower if they did. 2008-12-31 -0.3074 <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2009:&nbsp;&nbsp;&nbsp;&nbsp;16.15%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q4/2008:&nbsp;&nbsp;&nbsp;&nbsp;-14.37%</td></tr></table></div> </div> Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 0.50% annually to 1% during the third year and to 0% after the third year. The deferred sales charge is imposed on Class T Shares redeemed during the first year only. Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Average Annual Total Returns </b>(for the periods ended 12/31/12) Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q1/2012:&nbsp;&nbsp;&nbsp;&nbsp;7.84%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp; Q3/2011:&nbsp;&nbsp;&nbsp;&nbsp;-9.45%</td></tr></table></div> </div> Best Quarter: 2009-06-30 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.1615 Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. Worst Quarter: Best Quarter: 2008-12-31 After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. 2009-06-30 0.1079 -0.1437 <b>Fees and Expenses </b> Worst Quarter: 2.97 2008-12-31 -0.0905 In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is calculated on a total return basis with dividends reinvested. The FTSE EPRA/NAREIT Developed Rental ex-U.S. Index is a free-float market capitalization index measuring international real estate securities, which meet minimum size, liquidity and investment focus criteria. The FTSE EPRA/NAREIT Developed Rental ex-U.S. Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment. <br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <b>Example </b> <b>Portfolio Turnover </b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 24% of the average value of its portfolio. <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSMULTI-SECTORSHORTTERMBONDFUND column period compact * ~</div> 0.0909 0.0481 <b>Investments, Risks and Performance</b><br /><br /><b>Principal Investment Strategies </b> 0.0136 0.0552 0.0315 -0.1396 0.298 0.1025 0.031 0.0939 0.0225 0 0 0 0 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSINTERNATIONALREALESTATESECURITIESFUND column period compact * ~</div> The fund offers exposure to the equity real estate investment trust (&#8220;REIT&#8221;) market utilizing a Growth at a Reasonable Price style with macroeconomic and fundamental security analysis to identify the most attractive investment candidates. The subadviser believes the value of a REIT extends beyond the value of the underlying real estate and that through fundamental research, it can uncover and exploit inefficiencies in the market.<br/><br/>Under normal circumstances, the fund invests at least 80% of its assets in publicly-traded REITs and companies that are principally engaged in the real estate industry. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws. 0.005 0.02 0 0 0.01 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSINTERNATIONALREALESTATESECURITIESFUNDBarChart column period compact * ~</div> <b>Principal Risks </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSMULTI-SECTORSHORTTERMBONDFUND column period compact * ~</div> <b>Performance Information </b> 0.0048 0.0048 0.0048 0.0048 0.0048 0.0025 0.0075 0.005 0 0.01 The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br /><br />The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. 0.0028 0.0028 0.0028 0.0028 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSMULTI-SECTORSHORTTERMBONDFUND column period compact * ~</div> 0.0028 0.0101 0.0151 0.0126 0.0076 0.0176 <b>Calendar year total returns for Class A Shares</b> (includes returns of a predecessor fund) <b>Average Annual Total Returns </b>(for the periods ended 12/31/12; includes returns of a predecessor fund) <b>Performance Information</b> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSMULTI-SECTORSHORTTERMBONDFUND column period compact * ~</div> 50000 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Restated to reflect current expenses. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The bar chart shows the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index. 800-243-1574 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSMULTI-SECTORSHORTTERMBONDFUNDBarChart column period compact * ~</div> Best Quarter: 326 301 128 78 176 2012-03-31 0.0784 Worst Quarter: 539 2011-09-30 453 400 243 528 770 755 692 422 880 -0.0945 1433 1310 1523 942 1760 <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2009:&nbsp;&nbsp;&nbsp;&nbsp;32.91%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q4/2008:&nbsp;&nbsp;&nbsp;&nbsp;-38.73%</td></tr></table></div> </div> Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. Restated to reflect current expenses. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The FTSE NAREIT Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified REITs, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. The indexes are calculated on a total return basis with dividends reinvested. The indexes are unmanaged and not available for direct investment.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSMULTI-SECTORSHORTTERMBONDFUND column period compact * ~</div> 326 151 128 78 176 Restated to reflect current expenses. 539 453 400 243 528 770 755 692 422 880 1433 1310 1523 942 1760 0.0373 0.0281 0.0183 0.0924 0.1031 0.16 0.1004 0.0958 0.0828 0.1183 0.1293 0.1647 Returns do not reflect sales charges and would be lower if they did. <br/><br/>Annual Return (%) Restated to reflect current expenses. -0.0021 0.1006 0.0693 0.025 0.0163 0.0737 0.0901 0.0966 0.0849 0.0422 0.24 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 0 0 0.0575 The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. 0.01 0.01 0 <ul type="square"><li style="margin-left:20px"><blockquote><b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 0.0595 0.0649 0.0364 0.0624 0.0379 800-243-1574 virtus.com 0.0552 0.0344 0.0336 0.0524 0.0554 0.0518 The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. 0.011 0.011 0.011 0.0025 0.01 0 0.0028 0.0028 0.0028 Best Quarter: 2009-09-30 0.3291 Worst Quarter: 2008-12-31 -0.3873 <b>Investment Objective </b> The fund has an investment objective of high total return from both current income and capital appreciation. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 731 341 140 <b>Investments, Risks and Performance<br/><br/>Principal Investment Strategies </b> 1060 742 437 <b>Portfolio Turnover </b> 1411 1270 755 2397 2716 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 56% of the average value of its portfolio. 1657 <b>Investments, Risks and Performance <br/><br/>Principal Investment Strategies </b> <b>Principal Risks </b> Returns do not reflect sales charges and would be lower if they did. 0.0617 <b>Performance Information</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br/><br/>The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. 0.3745 <b>Calendar year total returns for Class A Shares </b> 0.3316 0.1443 0.3627 -0.1607 -0.3726 0.0776 0.2801 0 0.0575 0 0.2754 731 241 140 0.0963 0.1651 1060 742 437 0 Returns do not reflect sales charges and would be lower if they did.<br/><br/>Annual Return (%) 1411 1270 755 2397 2716 1657 0.01 0.01 <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%">&nbsp;</td> <td valign="bottom" width="1%">&nbsp;</td> <td width="50%">&nbsp;</td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q2/2009:&nbsp;&nbsp;&nbsp;&nbsp;13.58%&nbsp;</td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst&nbsp;Quarter:&nbsp;&nbsp;&nbsp;&nbsp;Q3/2011:&nbsp;&nbsp;&nbsp;&nbsp;-4.16%</td></tr></table></div> </div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSMULTI-SECTORFIXEDINCOMEFUND column period compact * ~</div> <b>Average Annual Total Returns </b>(for the periods ended 12/31/12) Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. 0.0085 0.0085 0.0085 Restated to reflect current expenses. The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total-return basis. The S&amp;P/LSTA Leveraged Loan Index is a daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. On a real-time basis, the Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included in the Index represent a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. The indexes are unmanaged and not available for direct investment.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 0.0575 0 0 0 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVIRTUSMULTI-SECTORFIXEDINCOMEFUND column period compact * ~</div> The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. 2010-07-01 0.0025 2010-07-01 2010-07-01 0.01 0 0 0.01 0.05 0.01 0.0058 0.0058 0.0058 0.049 0.0453 0.0423 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVIRTUSMULTI-SECTORFIXEDINCOMEFUND column period compact * ~</div> 0.0168 0.0243 0.0143 -0.0023 -0.0023 -0.0023 0.0145 0.022 0.012 0.0074 <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVIRTUSBONDFUND column period compact * ~</div> 0.0074 0.0074 0.0074 0.0499 0.0399 0.0025 0.01 0.01 0 0.0042 0.0042 0.0042 0.0042 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSMULTI-SECTORFIXEDINCOMEFUND column period compact * ~</div> 0.0141 0.0216 0.0216 0.0116 714 323 122 710 619 319 118 1053 736 996 876 676 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSMULTI-SECTORFIXEDINCOMEFUNDBarChart column period compact * ~</div> 368 1302 1159 1159 638 2169 2303 2493 1409 430 2008-06-06 2003-06-02 <b><a name="toc458392_27"></a>Virtus Premium AlphaSector<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup> Fund </b> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVIRTUSMULTI-SECTORFIXEDINCOMEFUND column period compact * ~</div> 223 736 714 122 219 219 1053 430 676 676 1159 1159 2303 2493 <b>Investment Objective </b> The fund has an investment objective of capital appreciation. <b>Fees and Expenses </b> The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under &#8220;Sales Charges&#8221; on page 193 of the fund&#8217;s prospectus and &#8220;Alternative Purchase Arrangements&#8221; on page 57 of the fund&#8217;s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 710 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusPremiumAlphaSectorFund column period compact * ~</div> 118 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund&#8217;s portfolio turnover rate was 26% of the average value of its portfolio. 996 368 1302 638 The fund seeks to track the performance of the Horizon Kinetics ISE Wealth Index (Ticker: RCH), a public index maintained by Horizon Kinetics, LLC, the parent company of the fund&#8217;s subadviser, and published by International Securities Exchange, LLC. The index is composed of U.S.-listed companies and equity REITs managed by executives who are among the wealthiest individuals in the United States and, in many cases, have accumulated a substantial amount of their personal wealth through the companies that they manage. The issuers have market capitalizations, at time of addition to the index, in excess of $100 million (as of June 30, 2012). The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. 2169 1409 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusPremiumAlphaSectorFundBarChart column period compact * ~</div> 0.063 0.0465 <b>Performance Information </b> The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0.0982 0.088 0.0572 0.1163 0.1563 0.168 0.16 0.1806 0.0428 0.0359 0.0317 0.0472 0.0473 0.0579 0.0166 0.0545 0.1144 0.1042 0.0962 0.1125 0.071 0.1163 0.56 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.0599 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 0.1023 0.0181 0.0229 0.0159 50000 Restated to reflect current expenses. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. 800-243-1574 virtus.com The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. Returns do not reflect sales charges and would be lower if they did. Restated to reflect current expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. Best Quarter: 2009-06-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your<br/>investment) 0.1358 Worst Quarter: 2011-09-30 -0.0416 0.0275 0 0 0.005 0.01 0 0.006 0.006 0.006 0.0025 0.01 0 0.0038 <b>Investments, Risks and Performance </b><br /><br /><b>Principal Investment Strategies </b> 0.0038 0.0038 The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left:20px"><blockquote> <b> Correlation to Index</b>. The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Equity Real Estate Investment Trust (REIT) Securities Risk.</b> The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund&#8217;s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote> <b> Equity Securities Risk</b>. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies, including microcap companies may be more volatile than investments in larger companies.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Market Volatility Risk</b>. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Sector Focused Investing Risk</b>. The risk that events negatively affecting a particular market sector in which the fund focuses its investments will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. To the extent the fund focuses its assets in a particular market sector, the fund is more vulnerable to conditions that negatively affect such market sector as compared to a fund that does not focus holdings in such securities.</blockquote></li></ul> 0.0001 0.0001 0.0001 0.0124 0.0199 If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. 0.0099 The fund has not had a full calendar year of operations; therefore, performance information is not shown. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 Estimated for current fiscal year. January 31, 2014 Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. 0.1011 398 302 101 658 624 315 2006-12-28 2003-07-25 937 1073 547 1734 2317 1213 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSREALESTATESECURITIESFUNDBarChart column period compact * ~</div> <b>Virtus Wealth Masters Fund </b> The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left:20px"><blockquote><b>Equity REIT Securities Risk.</b> The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund&#8217;s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of the REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.</blockquote></li><li style="margin-left:20px"><blockquote><b>Equity Securities Risk.</b> The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund&#8217;s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li><li style="margin-left:20px"><blockquote><b>Industry/Sector Concentration Risk.</b> The risk that events negatively affecting real estate securities will cause the value of the fund&#8217;s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.</blockquote></li><li style="margin-left:20px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li><li style="margin-left:20px"><blockquote><b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund&#8217;s assets.</blockquote></li></ul> 398 202 101 658 624 315 937 1073 547 1734 2317 1213 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSREALESTATESECURITIESFUND column period compact * ~</div> 0.3732 0.0895 0.0162 0.087 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusWealthMastersFund column period compact * ~</div> 0.0572 0.0053 0.0035 0.08 0.0898 0.0422 0.0966 0.0569 0.0273 0.028 0.0555 0.0654 0.0569 0.0648 <b>Portfolio Turnover</b> <b>Principal Risks </b> <b>Virtus Real Estate Securities Fund </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund&#8217;s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund&#8217;s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left: 5px"><blockquote><b>Credit Risk.</b> The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Derivatives Risk.</b> The risk that the fund will incur a loss greater than the fund&#8217;s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund&#8217;s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk.</b> The risk that the issuers of high yield-high risk securities in the fund&#8217;s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Interest Rate Risk.</b> The risk that when interest rates rise, the values of the fund&#8217;s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Leverage Risk.</b> The risk that the value of the fund&#8217;s shares will be more volatile or that the fund will incur a loss greater than the fund&#8217;s investment in a given security when leverage is used.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Liquidity Risk.</b> The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Loan Participation Risk.</b> The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Market Volatility Risk.</b> The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul> <ul type="square"><li style="margin-left: 5px"><blockquote><b>Unrated Fixed Income Securities Risk.</b> The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.</blockquote></li></ul> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSALPHASECTORROTATIONFUND column period compact * ~</div> The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws. 0.0423 0.0609 2008-01-31 2008-01-31 2008-01-31 0.0663 0.0621 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVIRTUSSENIORFLOATINGRATEFUNDBarChart column period compact * ~</div> <b>Virtus Senior Floating Rate Fund </b> The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. The fund offers the potential for attractive total return and income by investing primarily in non-investment grade bank loans with a focus on higher quality companies within a rating tier. Using extensive credit and company analysis and monitoring, the subadviser looks for those securities with strong total return potential while maintaining an emphasis on managing risk.<br/><br/>Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans (&#8220;Senior Loans&#8221;). The fund may invest up to 15% of total assets in U.S. and non-U.S. dollar denominated foreign securities and foreign Senior Loans, including Yankee bonds. The fund may purchase derivative instruments, including, but not limited to, options, futures contracts, credit-linked notes, and swaps. <br /><br />The fund may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed). The fund may borrow for investment purposes, to meet repurchase requests and for temporary, extraordinary or emergency purposes. The fund has a primary investment objective of high current income and a secondary objective of capital growth. <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVIRTUSSENIORFLOATINGRATEFUND column period compact * ~</div> <b>Investment Objective </b> 0.0447 0.0598 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio. Returns do not reflect sales charges and would be lower if they did. <b>Investments, Risks and Performance</b><br/><br/><b>Principal Investment Strategies </b> The fund has an investment objective of long-term capital appreciation. <b>Principal Risks </b> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br/><br/>The bar chart shows changes in the fund&#8217;s performance for its first full year of operations. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. The fund allocates net assets to U.S. Equity and International Equity. Allocations within each asset class are based on proprietary quantitative models.<br/><br/>The U.S. Equity allocation may be invested in ETFs and/or securities representing the primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index. The primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index represented are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. The International Equity allocation may be invested in ETFs and/or securities representing both developed markets (EAFE) and emerging markets. The fund may also invest in stocks (without restriction as to market capitalization) and short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from a model allocation if it is determined that tracking the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund. In times of market weakness, the fund has the ability to move partially or fully to short-term cash equivalents.<br/><br/>Under normal circumstances, the fund intends to allocate at least 40% of its assets to ETFs and/or securities representative of non-U.S. markets. Through its investment in these ETFs and/or securities, the fund&#8217;s exposure to non-U.S. markets will be diversified among countries and will have represented the business activities of a number of different countries. 0.0163 0.0238 0.0138 The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws. Returns do not reflect sales charges and would be lower if they did. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. Returns do not reflect sales charges and would be lower if they did.<br /><br /> The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 47% of the average value of its portfolio. <b>Investments, Risks and Performance</b><br/><br/><b>Principal Investment Strategies </b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 49% of the average value of its portfolio. <b>Investments, Risks and Performance</b><br/><br/><b>Principal Investment Strategies </b> Returns do not reflect sales charges and would be lower if they did. The Fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (&#8220;ETFs&#8221;) or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 297% of the average value of its portfolio. <b>Investments, Risks and Performance</b><br/><br/><b>Principal Investment Strategies </b> The Fund pays transaction costs, such as commissions, when it buys and sells shares of the exchange-traded funds (&#8220;ETFs&#8221;) or securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 258% of the average value of its portfolio. <b>Performance Information </b> <b>Performance Information </b> <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> The fund seeks to achieve its investment objective by taking long and short positions in ETFs and/or stocks representing the nine primary sectors of the S&amp;P<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> 500 Index. The primary sectors of the S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. Allocations are based on a proprietary, quantitative model that seeks to evaluate trends within each sector by adjusting for changing levels of volatility in the market.<br/><br/>The fund intends to employ leverage in the form of borrowing on its long positions in circumstances where the fund has determined to take long positions representing four or more sectors. The fund intends to take short positions in sectors projected to have negative absolute performance, up to approximately 5.5% of the fund&#8217;s net assets, for each such sector. In the event that all nine sectors are projected to have negative absolute performance, the fund may take short positions worth up to 50% of the fund&#8217;s net assets, with the remainder of the fund&#8217;s assets remaining in cash and cash equivalents. The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.<br/><br/>The bar chart shows changes in the fund&#8217;s performance from year to year over a 10-year period. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574. The S&amp;P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total-return basis with dividends reinvested. The Citigroup 90-Day Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. The 90-Day Treasury Bill Index is an average of the last three three-month Treasury bill issues. The indexes are unmanaged and not available for direct investment.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Restated to reflect current expenses. The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio. 0.26 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your <br/>investment) Restated to reflect current expenses. 0.0557 0.0435 0.0408 0.1118 0.1231 0.16 0.0788 0.0728 0.0659 0.0908 0.1186 0.1289 0.1127 0.1311 -0.1253 0.0003 0.0003 0.0003 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder&#8217;s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. Restated to reflect current expenses. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Estimated for current fiscal year. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.70% for Class A Shares, 2.45% for Class C Shares and 1.45% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred. The fund's distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the fund's investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.40% for Class A Shares, 2.15% for Class C Shares and 1.15% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. Restated to reflect current expenses. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 3% during the third and fourth years and to 0% after the sixth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, 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, 2014. 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 fiscal year in which such reimbursement occurred. Management Fees exceed the contractual percentage rate because the Advisory Agreement, as amended, calculates fees based on Managed Assets rather than based on net assets although the table shows the percentage rate as applied to net assets. Managed Assets means the total assets of the fund, including any assets attributable to borrowings, minus the fund’s accrued liabilities other than such borrowings. In the future, performance fee adjustments may increase or decrease the management fee by up to +/- 1.00% of the average net assets of the fund during a rolling 36-month period (or cumulative period since the implementation of the principal investment management changes). Restated to reflect current fees and expenses. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.35% for Class A Shares, 2.10% for Class C Shares and 1.10% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.75% for Class A Shares, 2.50% for Class C Shares and 1.50% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred. Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. Restated to reflect current expenses. The fund's distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the fund's investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, 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, 2014. 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 fiscal year in which such reimbursement occurred. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Restated to reflect current expenses. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary 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, 2014. 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 fiscal year in which such reimbursement occurred. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 0.50% annually to 1% during the third year and to 0% after the third year. The deferred sales charge is imposed on Class T Shares redeemed during the first year only. Restated to reflect current expenses. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.45% for Class A Shares, 2.20% for Class C Shares and 1.20% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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. Restated to reflect current expenses. F-Squared began managing the fund on September 29, 2009. Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. 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Schedule - Annual Total Returns - Virtus Global Commodities Stock Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000137 - Schedule - Average Annual Total Returns {Transposed} {- Virtus Global Commodities Stock Fund} link:presentationLink link:calculationLink link:definitionLink 000138 - Document - Risk/Return Detail {Unlabeled} - Virtus Global Commodities Stock Fund link:presentationLink link:calculationLink link:definitionLink 000139 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Global Commodities Stock Fund link:presentationLink link:calculationLink link:definitionLink 000141 - Document - Risk/Return Summary {Unlabeled} - Virtus Global Dividend Fund link:presentationLink link:calculationLink link:definitionLink 000142 - Schedule - Shareholder Fees {- VIRTUS GLOBAL DIVIDEND FUND} link:presentationLink link:calculationLink link:definitionLink 000143 - Schedule - Annual Fund Operating Expenses {- VIRTUS GLOBAL DIVIDEND FUND} link:presentationLink link:calculationLink link:definitionLink 000144 - Schedule - Expense Example {Transposed} {- VIRTUS GLOBAL DIVIDEND FUND} link:presentationLink link:calculationLink link:definitionLink 000145 - Schedule - Expense Example, No Redemption {Transposed} {- VIRTUS GLOBAL DIVIDEND FUND} link:presentationLink link:calculationLink link:definitionLink 000146 - Schedule - Annual Total Returns - VIRTUS GLOBAL DIVIDEND FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000147 - Schedule - Average Annual Total Returns {Transposed} {- VIRTUS GLOBAL DIVIDEND FUND} link:presentationLink link:calculationLink link:definitionLink 000148 - Document - Risk/Return Detail {Unlabeled} - VIRTUS GLOBAL DIVIDEND FUND link:presentationLink link:calculationLink link:definitionLink 000149 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Global Dividend Fund link:presentationLink link:calculationLink link:definitionLink 000151 - Document - Risk/Return Summary {Unlabeled} - Virtus Global Opportunities Fund link:presentationLink link:calculationLink link:definitionLink 000152 - Schedule - Shareholder Fees {- VIRTUS GLOBAL OPPORTUNITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000153 - Schedule - Annual Fund Operating Expenses {- VIRTUS GLOBAL OPPORTUNITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000154 - Schedule - Expense Example {Transposed} {- VIRTUS GLOBAL OPPORTUNITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000155 - Schedule - Expense Example, No Redemption {Transposed} {- VIRTUS GLOBAL OPPORTUNITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000156 - Schedule - Annual Total Returns - VIRTUS GLOBAL OPPORTUNITIES FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000157 - Schedule - Average Annual Total Returns {Transposed} {- VIRTUS GLOBAL OPPORTUNITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000158 - Document - Risk/Return Detail {Unlabeled} - VIRTUS GLOBAL OPPORTUNITIES FUND link:presentationLink link:calculationLink link:definitionLink 000159 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Global Opportunities Fund link:presentationLink link:calculationLink link:definitionLink 000161 - Document - Risk/Return Summary {Unlabeled} - Virtus Global Premium AlphaSector Fund link:presentationLink link:calculationLink link:definitionLink 000162 - Schedule - Shareholder Fees {- Virtus Global Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000163 - Schedule - Annual Fund Operating Expenses {- Virtus Global Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000164 - Schedule - Expense Example {Transposed} {- Virtus Global Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000165 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus Global Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000166 - Schedule - Annual Total Returns - Virtus Global Premium AlphaSector Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000167 - Schedule - Average Annual Total Returns {Transposed} {- Virtus Global Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000168 - Document - Risk/Return Detail {Unlabeled} - Virtus Global Premium AlphaSector Fund link:presentationLink link:calculationLink link:definitionLink 000169 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Global Premium AlphaSector Fund link:presentationLink link:calculationLink link:definitionLink 000171 - Document - Risk/Return Summary {Unlabeled} - Virtus Global Real Estate Securities Fund link:presentationLink link:calculationLink link:definitionLink 000172 - Schedule - Shareholder Fees {- Virtus Global Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000173 - Schedule - Annual Fund Operating Expenses {- Virtus Global Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000174 - Schedule - Expense Example {Transposed} {- Virtus Global Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000175 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus Global Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000176 - Schedule - Annual Total Returns - Virtus Global Real Estate Securities Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000177 - Schedule - Average Annual Total Returns {Transposed} {- Virtus Global Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000178 - Document - Risk/Return Detail {Unlabeled} - Virtus Global Real Estate Securities Fund link:presentationLink link:calculationLink link:definitionLink 000179 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Global Real Estate Securities Fund link:presentationLink link:calculationLink link:definitionLink 000181 - Document - Risk/Return Summary {Unlabeled} - Virtus Greater Asia ex Japan Opportunities Fund link:presentationLink link:calculationLink link:definitionLink 000182 - Schedule - Shareholder Fees {- Virtus Greater Asia ex Japan Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000183 - Schedule - Annual Fund Operating Expenses {- Virtus Greater Asia ex Japan Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000184 - Schedule - Expense Example {Transposed} {- Virtus Greater Asia ex Japan Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000185 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus Greater Asia ex Japan Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000186 - Schedule - Annual Total Returns - Virtus Greater Asia ex Japan Opportunities Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000187 - Schedule - Average Annual Total Returns {Transposed} {- Virtus Greater Asia ex Japan Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000188 - Document - Risk/Return Detail {Unlabeled} - Virtus Greater Asia ex Japan Opportunities Fund link:presentationLink link:calculationLink link:definitionLink 000189 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Greater Asia ex Japan Opportunities Fund link:presentationLink link:calculationLink link:definitionLink 000191 - Document - Risk/Return Summary {Unlabeled} - Virtus Greater European Opportunities Fund link:presentationLink link:calculationLink link:definitionLink 000192 - Schedule - Shareholder Fees {- Virtus Greater European Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000193 - Schedule - Annual Fund Operating Expenses {- Virtus Greater European Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000194 - Schedule - Expense Example {Transposed} {- Virtus Greater European Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000195 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus Greater European Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000196 - Schedule - Annual Total Returns - Virtus Greater European Opportunities Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000197 - Schedule - Average Annual Total Returns {Transposed} {- Virtus Greater European Opportunities Fund} link:presentationLink link:calculationLink link:definitionLink 000198 - Document - Risk/Return Detail {Unlabeled} - Virtus Greater European Opportunities Fund link:presentationLink link:calculationLink link:definitionLink 000199 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Greater European Opportunities Fund link:presentationLink link:calculationLink link:definitionLink 000201 - Document - Risk/Return Summary {Unlabeled} - Virtus Herzfeld Fund link:presentationLink link:calculationLink link:definitionLink 000202 - Schedule - Shareholder Fees {- Virtus Herzfeld Fund} link:presentationLink link:calculationLink link:definitionLink 000203 - Schedule - Annual Fund Operating Expenses {- Virtus Herzfeld Fund} link:presentationLink link:calculationLink link:definitionLink 000204 - Schedule - Expense Example {Transposed} {- Virtus Herzfeld Fund} link:presentationLink link:calculationLink link:definitionLink 000205 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus Herzfeld Fund} link:presentationLink link:calculationLink link:definitionLink 000206 - Schedule - Annual Total Returns - Virtus Herzfeld Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000207 - Schedule - Average Annual Total Returns {Transposed} {- Virtus Herzfeld Fund} link:presentationLink link:calculationLink link:definitionLink 000208 - Document - Risk/Return Detail {Unlabeled} - Virtus Herzfeld Fund link:presentationLink link:calculationLink link:definitionLink 000209 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Herzfeld Fund link:presentationLink link:calculationLink link:definitionLink 000211 - Document - Risk/Return Summary {Unlabeled} - Virtus High Yield Fund link:presentationLink link:calculationLink link:definitionLink 000212 - Schedule - Shareholder Fees {- VIRTUS HIGH YIELD FUND} link:presentationLink link:calculationLink link:definitionLink 000213 - Schedule - Annual Fund Operating Expenses {- VIRTUS HIGH YIELD FUND} link:presentationLink link:calculationLink link:definitionLink 000214 - Schedule - Expense Example {Transposed} {- VIRTUS HIGH YIELD FUND} link:presentationLink link:calculationLink link:definitionLink 000215 - Schedule - Expense Example, No Redemption {Transposed} {- VIRTUS HIGH YIELD FUND} link:presentationLink link:calculationLink link:definitionLink 000216 - Schedule - Annual Total Returns - VIRTUS HIGH YIELD FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000217 - Schedule - Average Annual Total Returns {Transposed} {- VIRTUS HIGH YIELD FUND} link:presentationLink link:calculationLink link:definitionLink 000218 - Document - Risk/Return Detail {Unlabeled} - VIRTUS HIGH YIELD FUND link:presentationLink link:calculationLink link:definitionLink 000219 - Disclosure - Risk/Return Detail Data {Elements} - Virtus High Yield Fund link:presentationLink link:calculationLink link:definitionLink 000221 - Document - Risk/Return Summary {Unlabeled} - Virtus International Equity Fund link:presentationLink link:calculationLink link:definitionLink 000222 - Schedule - Shareholder Fees {- Virtus International Equity Fund} link:presentationLink link:calculationLink link:definitionLink 000223 - Schedule - Annual Fund Operating Expenses {- Virtus International Equity Fund} link:presentationLink link:calculationLink link:definitionLink 000224 - Schedule - Expense Example {Transposed} {- Virtus International Equity Fund} link:presentationLink link:calculationLink link:definitionLink 000225 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus International Equity Fund} link:presentationLink link:calculationLink link:definitionLink 000226 - Schedule - Annual Total Returns - Virtus International Equity Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000227 - Schedule - Average Annual Total Returns {Transposed} {- Virtus International Equity Fund} link:presentationLink link:calculationLink link:definitionLink 000228 - Document - Risk/Return Detail {Unlabeled} - Virtus International Equity Fund link:presentationLink link:calculationLink link:definitionLink 000229 - Disclosure - Risk/Return Detail Data {Elements} - Virtus International Equity Fund link:presentationLink link:calculationLink link:definitionLink 000231 - Document - Risk/Return Summary {Unlabeled} - Virtus International Real Estate Securities Fund link:presentationLink link:calculationLink link:definitionLink 000232 - Schedule - Shareholder Fees {- VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000233 - Schedule - Annual Fund Operating Expenses {- VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000234 - Schedule - Expense Example {Transposed} {- VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000235 - Schedule - Expense Example, No Redemption {Transposed} {- VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000236 - Schedule - Annual Total Returns - VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000237 - Schedule - Average Annual Total Returns {Transposed} {- VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000238 - Document - Risk/Return Detail {Unlabeled} - VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND link:presentationLink link:calculationLink link:definitionLink 000239 - Disclosure - Risk/Return Detail Data {Elements} - Virtus International Real Estate Securities Fund link:presentationLink link:calculationLink link:definitionLink 000241 - Document - Risk/Return Summary {Unlabeled} - Virtus International Small-Cap Fund link:presentationLink link:calculationLink link:definitionLink 000242 - Schedule - Shareholder Fees {- Virtus International Small-Cap Fund} link:presentationLink link:calculationLink link:definitionLink 000243 - Schedule - Annual Fund Operating Expenses {- Virtus International Small-Cap Fund} link:presentationLink link:calculationLink link:definitionLink 000244 - Schedule - Expense Example {Transposed} {- Virtus International Small-Cap Fund} link:presentationLink link:calculationLink link:definitionLink 000245 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus International Small-Cap Fund} link:presentationLink link:calculationLink link:definitionLink 000246 - Schedule - Annual Total Returns - Virtus International Small-Cap Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000247 - Schedule - Average Annual Total Returns {Transposed} {- Virtus International Small-Cap Fund} link:presentationLink link:calculationLink link:definitionLink 000248 - Document - Risk/Return Detail {Unlabeled} - Virtus International Small-Cap Fund link:presentationLink link:calculationLink link:definitionLink 000249 - Disclosure - Risk/Return Detail Data {Elements} - Virtus International Small-Cap Fund link:presentationLink link:calculationLink link:definitionLink 000251 - Document - Risk/Return Summary {Unlabeled} - Virtus Multi-Sector Fixed Income Fund link:presentationLink link:calculationLink link:definitionLink 000252 - Schedule - Shareholder Fees {- VIRTUS MULTI-SECTOR FIXED INCOME FUND} link:presentationLink link:calculationLink link:definitionLink 000253 - Schedule - Annual Fund Operating Expenses {- VIRTUS MULTI-SECTOR FIXED INCOME FUND} link:presentationLink link:calculationLink link:definitionLink 000254 - Schedule - Expense Example {Transposed} {- VIRTUS MULTI-SECTOR FIXED INCOME FUND} link:presentationLink link:calculationLink link:definitionLink 000255 - Schedule - Expense Example, No Redemption {Transposed} {- VIRTUS MULTI-SECTOR FIXED INCOME FUND} link:presentationLink link:calculationLink link:definitionLink 000256 - Schedule - Annual Total Returns - VIRTUS MULTI-SECTOR FIXED INCOME FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000257 - Schedule - Average Annual Total Returns {Transposed} {- VIRTUS MULTI-SECTOR FIXED INCOME FUND} link:presentationLink link:calculationLink link:definitionLink 000258 - Document - Risk/Return Detail {Unlabeled} - VIRTUS MULTI-SECTOR FIXED INCOME FUND link:presentationLink link:calculationLink link:definitionLink 000259 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Multi-Sector Fixed Income Fund link:presentationLink link:calculationLink link:definitionLink 000261 - Document - Risk/Return Summary {Unlabeled} - Virtus Multi-Sector Short Term Bond Fund link:presentationLink link:calculationLink link:definitionLink 000262 - Schedule - Shareholder Fees {- VIRTUS MULTI-SECTOR SHORT TERM BOND FUND} link:presentationLink link:calculationLink link:definitionLink 000263 - Schedule - Annual Fund Operating Expenses {- VIRTUS MULTI-SECTOR SHORT TERM BOND FUND} link:presentationLink link:calculationLink link:definitionLink 000264 - Schedule - Expense Example {Transposed} {- VIRTUS MULTI-SECTOR SHORT TERM BOND FUND} link:presentationLink link:calculationLink link:definitionLink 000265 - Schedule - Expense Example, No Redemption {Transposed} {- VIRTUS MULTI-SECTOR SHORT TERM BOND FUND} link:presentationLink link:calculationLink link:definitionLink 000266 - Schedule - Annual Total Returns - VIRTUS MULTI-SECTOR SHORT TERM BOND FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000267 - Schedule - Average Annual Total Returns {Transposed} {- VIRTUS MULTI-SECTOR SHORT TERM BOND FUND} link:presentationLink link:calculationLink link:definitionLink 000268 - Document - Risk/Return Detail {Unlabeled} - VIRTUS MULTI-SECTOR SHORT TERM BOND FUND link:presentationLink link:calculationLink link:definitionLink 000269 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Multi-Sector Short Term Bond Fund link:presentationLink link:calculationLink link:definitionLink 000271 - Document - Risk/Return Summary {Unlabeled} - Virtus Premium AlphaSector Fund link:presentationLink link:calculationLink link:definitionLink 000272 - Schedule - Shareholder Fees {- Virtus Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000273 - Schedule - Annual Fund Operating Expenses {- Virtus Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000274 - Schedule - Expense Example {Transposed} {- Virtus Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000275 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000276 - Schedule - Annual Total Returns - Virtus Premium AlphaSector Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000277 - Schedule - Average Annual Total Returns {Transposed} {- Virtus Premium AlphaSector Fund} link:presentationLink link:calculationLink link:definitionLink 000278 - Document - Risk/Return Detail {Unlabeled} - Virtus Premium AlphaSector Fund link:presentationLink link:calculationLink link:definitionLink 000279 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Premium AlphaSector Fund link:presentationLink link:calculationLink link:definitionLink 000281 - Document - Risk/Return Summary {Unlabeled} - Virtus Real Estate Securities Fund link:presentationLink link:calculationLink link:definitionLink 000282 - Schedule - Shareholder Fees {- VIRTUS REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000283 - Schedule - Annual Fund Operating Expenses {- VIRTUS REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000284 - Schedule - Expense Example {Transposed} {- VIRTUS REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000285 - Schedule - Expense Example, No Redemption {Transposed} {- VIRTUS REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000286 - Schedule - Annual Total Returns - VIRTUS REAL ESTATE SECURITIES FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000287 - Schedule - Average Annual Total Returns {Transposed} {- VIRTUS REAL ESTATE SECURITIES FUND} link:presentationLink link:calculationLink link:definitionLink 000288 - Document - Risk/Return Detail {Unlabeled} - VIRTUS REAL ESTATE SECURITIES FUND link:presentationLink link:calculationLink link:definitionLink 000289 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Real Estate Securities Fund link:presentationLink link:calculationLink link:definitionLink 000291 - Document - Risk/Return Summary {Unlabeled} - Virtus Senior Floating Rate Fund link:presentationLink link:calculationLink link:definitionLink 000292 - Schedule - Shareholder Fees {- VIRTUS SENIOR FLOATING RATE FUND} link:presentationLink link:calculationLink link:definitionLink 000293 - Schedule - Annual Fund Operating Expenses {- VIRTUS SENIOR FLOATING RATE FUND} link:presentationLink link:calculationLink link:definitionLink 000294 - Schedule - Expense Example {Transposed} {- VIRTUS SENIOR FLOATING RATE FUND} link:presentationLink link:calculationLink link:definitionLink 000295 - Schedule - Expense Example, No Redemption {Transposed} {- VIRTUS SENIOR FLOATING RATE FUND} link:presentationLink link:calculationLink link:definitionLink 000296 - Schedule - Annual Total Returns - VIRTUS SENIOR FLOATING RATE FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000297 - Schedule - Average Annual Total Returns {Transposed} {- VIRTUS SENIOR FLOATING RATE FUND} link:presentationLink link:calculationLink link:definitionLink 000298 - Document - Risk/Return Detail {Unlabeled} - VIRTUS SENIOR FLOATING RATE FUND link:presentationLink link:calculationLink link:definitionLink 000299 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Senior Floating Rate Fund link:presentationLink link:calculationLink link:definitionLink 000301 - Document - Risk/Return Summary {Unlabeled} - Virtus Wealth Masters Fund link:presentationLink link:calculationLink link:definitionLink 000302 - Schedule - Shareholder Fees {- Virtus Wealth Masters Fund} link:presentationLink link:calculationLink link:definitionLink 000303 - Schedule - Annual Fund Operating Expenses {- Virtus Wealth Masters Fund} link:presentationLink link:calculationLink link:definitionLink 000304 - Schedule - Expense Example {Transposed} {- Virtus Wealth Masters Fund} link:presentationLink link:calculationLink link:definitionLink 000305 - Schedule - Expense Example, No Redemption {Transposed} {- Virtus Wealth Masters Fund} link:presentationLink link:calculationLink link:definitionLink 000306 - Schedule - Annual Total Returns - Virtus Wealth Masters Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000307 - Schedule - Average Annual Total Returns {Transposed} {- Virtus Wealth Masters Fund} link:presentationLink link:calculationLink link:definitionLink 000308 - Document - Risk/Return Detail {Unlabeled} - Virtus Wealth Masters Fund link:presentationLink link:calculationLink link:definitionLink 000309 - Disclosure - Risk/Return Detail Data {Elements} - Virtus Wealth Masters Fund link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 5 vot10-20130125_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 6 vot10-20130125_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 7 vot10-20130125_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 8 vot10-20130125_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 9 R152.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus High Yield Fund
Virtus High Yield Fund
Investment Objective
The fund has a primary investment objective of high current income
and a secondary objective of capital growth.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus High Yield Fund
Class A
Class B
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 3.75% none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] 5.00% [2] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Annual Fund Operating Expenses Virtus High Yield Fund
Class A
Class B
Class C
Class I
Management Fees 0.65% 0.65% 0.65% 0.65%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% 1.00% none
Other Expenses [1] 0.41% 0.41% 0.41% 0.41%
Total Annual Fund Operating Expenses [1] 1.31% 2.06% 2.06% 1.06%
[1] Restated to reflect current expenses.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus High Yield Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
503 775 1,066 1,895
Class B
609 846 1,108 2,197
Class C
309 646 1,108 2,390
Class I
108 337 585 1,294
Expense Example, No Redemption Virtus High Yield Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
503 775 1,066 1,895
Class B
209 646 1,108 2,197
Class C
209 646 1,108 2,390
Class I
108 337 585 1,294
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 92% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund is appropriate for investors seeking diversification and the potential rewards associated with investing in high-yield fixed income securities. High-yield fixed income securities are those that are rated below investment grade. The subadviser uses an investment process that focuses on adding value through issue selection, sector/industry selection and opportunistic trading. The fund will generally overweight those sectors and industries where the subadviser identifies well-valued companies whose business profiles are viewed to be improving. The subadviser attempts to maintain the duration of the fund at a level similar to that of its style benchmark, the Barclay’s Capital U.S. High Yield 2% Issuer Capped Index. Under normal circumstances, the fund invests at least 80% of its assets in high yield fixed income securities.
Principal Risks
The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in one or more industries (such as communications, consumer cyclicals and consumer non-cyclicals) or sectors, the fund is more vulnerable to conditions that negatively affect such industries or sectors as compared to a fund that is not significantly invested in such industries or sector.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Long-Term Maturities/Durations Risk. The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • U.S. Government Securities Risk. The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus High Yield Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
11.84% 5.32% 6.44%    
Class A Return After Taxes on Distributions
4.65% 1.69% 3.32%    
Class A Return After Taxes on Distributions and Sale of Fund Shares
3.02% 1.95% 3.44%    
Class B
11.09% 5.35% 6.05%    
Class C
15.22% 5.35% 6.06%    
Class I
         5.89% Aug. 08, 2012
Class I Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
      0.90%  
Class I Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses or taxes)
      5.24%  
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
4.22% 5.95% 5.18%    
Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses or taxes)
15.78% 10.45% 10.60%    
The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index is a market capitalization-weighted index that measures fixed rate non-investment grade debt securities of U.S. and non-U.S. corporations. No single issuer accounts for more than 2% of market cap. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Virtus International Small-Cap Fund
Virtus International Small-Cap Fund
Investment Objective
The fund has an investment objective of capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus International Small-Cap Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus International Small-Cap Fund
Class A
Class C
Class I
Management Fees 1.00% 1.00% 1.00%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.93% 0.93% 0.93%
Total Annual Fund Operating Expenses 2.18% 2.93% 1.93%
Less: Expense Reimbursement [2] (0.58%) (0.58%) (0.58%)
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) 1.60% 2.35% 1.35%
[1] Estimated for current fiscal year.
[2] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary 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, 2014. 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 fiscal year in which such reimbursement occurred.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus International Small-Cap Fund (USD $)
1 Year
3 Years
Class A
728 1,165
Class C
338 852
Class I
137 550
Expense Example, No Redemption Virtus International Small-Cap Fund (USD $)
1 Year
3 Years
Class A
728 1,165
Class C
238 852
Class I
137 550
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 0% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund pursues capital appreciation in the small-cap international arena. The fund invests in a select group of small-cap companies believed by the subadviser to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles.

Under normal circumstances, the fund invests at least 80% of its assets in equity securities of non-U.S. small capitalization companies. As of the date of the Prospectus, the fund’s subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of between $75 million and $5 billion. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country. Equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). The fund may invest in emerging markets issuers. Generally, the fund invests in approximately 30-60 securities at any given time and invests in issuers in approximately 20 countries.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Limited Number of Investments Risk. The risk that the fund’s portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund’s portfolio than would a fund holding a greater number of securities.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Small Market Capitalization Companies Risk. The risk that the fund’s investments in small market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.
Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown.
XML 11 R121.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Global Premium AlphaSector Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Global Premium AlphaSectorSM Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation. In pursuing this objective, the fund maintains an emphasis on preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells shares of the exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 258% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 258.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund allocates net assets to U.S. Equity and International Equity. Allocations within each asset class are based on proprietary quantitative models.

The U.S. Equity allocation may be invested in ETFs and/or securities representing the primary sectors of the S&P 500® Index. The primary sectors of the S&P 500® Index represented are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. The International Equity allocation may be invested in ETFs and/or securities representing both developed markets (EAFE) and emerging markets. The fund may also invest in stocks (without restriction as to market capitalization) and short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from a model allocation if it is determined that tracking the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund. In times of market weakness, the fund has the ability to move partially or fully to short-term cash equivalents.

Under normal circumstances, the fund intends to allocate at least 40% of its assets to ETFs and/or securities representative of non-U.S. markets. Through its investment in these ETFs and/or securities, the fund’s exposure to non-U.S. markets will be diversified among countries and will have represented the business activities of a number of different countries.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. The index is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Global Premium AlphaSector Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.42% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.28% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.05% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.05% [2]
1 Year rr_ExpenseExampleYear01 771
3 Years rr_ExpenseExampleYear03 1,181
5 Years rr_ExpenseExampleYear05 1,615
10 Years rr_ExpenseExampleYear10 2,817
1 Year rr_ExpenseExampleNoRedemptionYear01 771
3 Years rr_ExpenseExampleNoRedemptionYear03 1,181
5 Years rr_ExpenseExampleNoRedemptionYear05 1,615
10 Years rr_ExpenseExampleNoRedemptionYear10 2,817
2012 rr_AnnualReturn2012 11.26%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.76%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.94%)
1 Year rr_AverageAnnualReturnYear01 4.86%
Since Inception rr_AverageAnnualReturnSinceInception 0.80%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Global Premium AlphaSector Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00% [2]
Other Expenses rr_OtherExpensesOverAssets 0.42% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.28% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.80% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.03%) [5]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.77% [2]
1 Year rr_ExpenseExampleYear01 380
3 Years rr_ExpenseExampleYear03 859
5 Years rr_ExpenseExampleYear05 1,464
10 Years rr_ExpenseExampleYear10 3,099
1 Year rr_ExpenseExampleNoRedemptionYear01 280
3 Years rr_ExpenseExampleNoRedemptionYear03 859
5 Years rr_ExpenseExampleNoRedemptionYear05 1,464
10 Years rr_ExpenseExampleNoRedemptionYear10 3,099
1 Year rr_AverageAnnualReturnYear01 10.35%
Since Inception rr_AverageAnnualReturnSinceInception 3.38%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Global Premium AlphaSector Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.42% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.28% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.80% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.80% [2]
1 Year rr_ExpenseExampleYear01 183
3 Years rr_ExpenseExampleYear03 566
5 Years rr_ExpenseExampleYear05 975
10 Years rr_ExpenseExampleYear10 2,116
1 Year rr_ExpenseExampleNoRedemptionYear01 183
3 Years rr_ExpenseExampleNoRedemptionYear03 566
5 Years rr_ExpenseExampleNoRedemptionYear05 975
10 Years rr_ExpenseExampleNoRedemptionYear10 2,116
1 Year rr_AverageAnnualReturnYear01 11.47%
Since Inception rr_AverageAnnualReturnSinceInception 4.39%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Global Premium AlphaSector Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.75%
Since Inception rr_AverageAnnualReturnSinceInception 0.16%
Virtus Global Premium AlphaSector Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.44%
Since Inception rr_AverageAnnualReturnSinceInception 0.17%
Virtus Global Premium AlphaSector Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 8.45%
Virtus Global Premium AlphaSector Fund | MSCI World Index (net)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.83%
Since Inception rr_AverageAnnualReturnSinceInception 5.30%
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
[5] The fund's distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the fund's investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation.
XML 12 R70.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus Emerging Markets Debt Fund
Virtus Emerging Markets Debt Fund
Investment Objective
The fund has an investment objective of seeking total return from current income and capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Emerging Markets Debt Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 3.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Emerging Markets Debt Fund
Class A
Class C
Class I
Management Fees 0.75% 0.75% 0.75%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.60% 0.60% 0.60%
Total Annual Fund Operating Expenses 1.60% 2.35% 1.35%
Less: Expense Reimbursement [2] (0.25%) (0.25%) (0.25%)
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) [2] 1.35% 2.10% 1.10%
[1] Estimated for current fiscal year.
[2] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.35% for Class A Shares, 2.10% for Class C Shares and 1.10% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Emerging Markets Debt Fund (USD $)
1 Year
3 Years
Class A
507 837
Class C
313 710
Class I
112 403
Expense Example, No Redemption Virtus Emerging Markets Debt Fund (USD $)
1 Year
3 Years
Class A
507 837
Class C
213 710
Class I
112 403
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 13% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its assets in fixed income (debt) securities issued by governments, government-related entities and corporations located in emerging market countries. The fund may invest without limit in high yield debt securities and related investments rated below investment grade (that is, securities not rated Baa/BBB or above by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined to be of comparable credit quality by the subadviser). Below investment grade securities are commonly referred to as “junk bonds.” These investments include, but are not limited to, instruments designed to restructure outstanding emerging market debt such as participations in loans between governments and financial institutions. The fund manages duration utilizing a duration neutral strategy. Under normal circumstances, the fund’s average duration is maintained at a level similar to that of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. As of September 30, 2012, the modified adjusted duration of the JP Morgan EMBI Global Diversified was 7.41 years. The fund is a non-diversified portfolio.

The fund intends to invest in at least three emerging market countries, which are countries that, at the time of investment, are represented in the JP Morgan Emerging Markets Bond Index Global Diversified or categorized by the World Bank in its annual categorization as middle- or low-income. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Liquidity Risk. The risk that certain securities may be difficult or impossible to sell at a time and price beneficial to the fund.
  • Loan Participation Risk. The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
  • Unrated Fixed Income Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown.
XML 13 R55.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Disciplined Select Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Disciplined Select Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of high total return from current income and capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to maximize total return over a full market cycle in the bond market by tactically allocating net assets among six subsectors within the broad Treasury, Treasury Inflation Protected Securities (TIPS) and Corporate classifications of the bond market as set forth below:

Treasuries:

  • Short term U.S. Treasury Securities (1-3 year maturities)
  • Medium term U.S. Treasury Securities (7-10 year maturities)
  • Long term U.S. Treasury securities (20+ year maturities)

Treasury Inflation Protected Securities:

  • TIPS

Corporate Bonds:

  • Investment Grade Corporate Bonds
  • High Yield Corporate Securities (Junk Bonds)
Allocations are based on a quantitative model that estimates performance trends for each pairing of these six subsectors of the bond market relative to each other and uses these estimates to generate, on a weekly basis, a positive or negative signal for each of the broad Treasury, TIPS and Corporate classifications. The classifications with positive signals will receive allocations, whereas the classifications with negative signals will not.

Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. Under normal circumstances, the fund intends to invest at least 80% of its assets in ETFs and/or securities representative of the bond market.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Virtus Disciplined Select Bond Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.57% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.19% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.81%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.22%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.59%
1 Year rr_ExpenseExampleYear01 531
3 Years rr_ExpenseExampleYear03 903
1 Year rr_ExpenseExampleNoRedemptionYear01 531
3 Years rr_ExpenseExampleNoRedemptionYear03 903
Virtus Disciplined Select Bond Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.57% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.19% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.56%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.22%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.34%
1 Year rr_ExpenseExampleYear01 337
3 Years rr_ExpenseExampleYear03 776
1 Year rr_ExpenseExampleNoRedemptionYear01 237
3 Years rr_ExpenseExampleNoRedemptionYear03 776
Virtus Disciplined Select Bond Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.57% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.19% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.56%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.22%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.34%
1 Year rr_ExpenseExampleYear01 136
3 Years rr_ExpenseExampleYear03 471
1 Year rr_ExpenseExampleNoRedemptionYear01 136
3 Years rr_ExpenseExampleNoRedemptionYear03 471
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Estimated for current fiscal year.
[3] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.40% for Class A Shares, 2.15% for Class C Shares and 1.15% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Virtus Senior Floating Rate Fund
Virtus Senior Floating Rate Fund
Investment Objective
The fund has an investment objective of high total return from both current income and capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Senior Floating Rate Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 2.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Senior Floating Rate Fund
Class A
Class C
Class I
Management Fees 0.60% 0.60% 0.60%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.38% 0.38% 0.38%
Acquired Fund Fees and Expenses [2] 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 1.24% 1.99% 0.99%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Senior Floating Rate Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
398 658 937 1,734
Class C
302 624 1,073 2,317
Class I
101 315 547 1,213
Expense Example, No Redemption Virtus Senior Floating Rate Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
398 658 937 1,734
Class C
202 624 1,073 2,317
Class I
101 315 547 1,213
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 56% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund offers the potential for attractive total return and income by investing primarily in non-investment grade bank loans with a focus on higher quality companies within a rating tier. Using extensive credit and company analysis and monitoring, the subadviser looks for those securities with strong total return potential while maintaining an emphasis on managing risk.

Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans (“Senior Loans”). The fund may invest up to 15% of total assets in U.S. and non-U.S. dollar denominated foreign securities and foreign Senior Loans, including Yankee bonds. The fund may purchase derivative instruments, including, but not limited to, options, futures contracts, credit-linked notes, and swaps.

The fund may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed). The fund may borrow for investment purposes, to meet repurchase requests and for temporary, extraordinary or emergency purposes.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Derivatives Risk. The risk that the fund will incur a loss greater than the fund’s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Leverage Risk. The risk that the value of the fund’s shares will be more volatile or that the fund will incur a loss greater than the fund’s investment in a given security when leverage is used.
  • Liquidity Risk. The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.
  • Loan Participation Risk. The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Unrated Fixed Income Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Senior Floating Rate Fund
1 Year
Since Inception
Inception Date
Class A
5.72% 5.69% Jan. 31, 2008
Class A Return After Taxes on Distributions
0.53% 2.73%  
Class A Return After Taxes on Distributions and Sale of Fund Shares
0.35% 2.80%  
Class C
8.00% 5.55% Jan. 31, 2008
Class I
8.98% 6.54% Jan. 31, 2008
Barclay's Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
4.22% 5.69%  
S&P/LSTA Leveraged Loan Index (reflects no deduction for fees, expenses or taxes)
9.66% 6.48%  
The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total-return basis. The S&P/LSTA Leveraged Loan Index is a daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. On a real-time basis, the Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included in the Index represent a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Foreign Opportunities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Foreign Opportunities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 47% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 47.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock This fund seeks to provide investors with access to high-quality international companies. The securities selected for inclusion in the fund are those that in the opinion of the subadviser are well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.

Under normal circumstances, at least 80% of the fund’s assets are invested in equity securities or equity-linked instruments of issuers located outside the United States, including issuers in emerging markets countries. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI EAFE® Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The MSCI EAFE® Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Foreign Opportunities Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.34% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.45% [2]
1 Year rr_ExpenseExampleYear01 714
3 Years rr_ExpenseExampleYear03 1,007
5 Years rr_ExpenseExampleYear05 1,322
10 Years rr_ExpenseExampleYear10 2,210
1 Year rr_ExpenseExampleNoRedemptionYear01 714
3 Years rr_ExpenseExampleNoRedemptionYear03 1,007
5 Years rr_ExpenseExampleNoRedemptionYear05 1,322
10 Years rr_ExpenseExampleNoRedemptionYear10 2,210
2003 rr_AnnualReturn2003 30.16%
2004 rr_AnnualReturn2004 28.23%
2005 rr_AnnualReturn2005 16.35%
2006 rr_AnnualReturn2006 29.30%
2007 rr_AnnualReturn2007 18.96%
2008 rr_AnnualReturn2008 (41.92%)
2009 rr_AnnualReturn2009 22.34%
2010 rr_AnnualReturn2010 12.62%
2011 rr_AnnualReturn2011 0.26%
2012 rr_AnnualReturn2012 19.83%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2004
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 19.15%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.26%)
1 Year rr_AverageAnnualReturnYear01 12.94%
5 Years rr_AverageAnnualReturnYear05 (1.95%)
10 Years rr_AverageAnnualReturnYear10 10.47%
Virtus Foreign Opportunities Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.34% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.20% [2]
1 Year rr_ExpenseExampleYear01 323
3 Years rr_ExpenseExampleYear03 688
5 Years rr_ExpenseExampleYear05 1,180
10 Years rr_ExpenseExampleYear10 2,534
1 Year rr_ExpenseExampleNoRedemptionYear01 223
3 Years rr_ExpenseExampleNoRedemptionYear03 688
5 Years rr_ExpenseExampleNoRedemptionYear05 1,180
10 Years rr_ExpenseExampleNoRedemptionYear10 2,534
1 Year rr_AverageAnnualReturnYear01 18.97%
5 Years rr_AverageAnnualReturnYear05 (1.53%)
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 9.34%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 10, 2003
Virtus Foreign Opportunities Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.34% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.20% [2]
1 Year rr_ExpenseExampleYear01 122
3 Years rr_ExpenseExampleYear03 381
5 Years rr_ExpenseExampleYear05 660
10 Years rr_ExpenseExampleYear10 1,455
1 Year rr_ExpenseExampleNoRedemptionYear01 122
3 Years rr_ExpenseExampleNoRedemptionYear03 381
5 Years rr_ExpenseExampleNoRedemptionYear05 660
10 Years rr_ExpenseExampleNoRedemptionYear10 1,455
1 Year rr_AverageAnnualReturnYear01 20.17%
5 Years rr_AverageAnnualReturnYear05 (0.51%)
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 4.45%
Inception Date rr_AverageAnnualReturnInceptionDate May 15, 2006
Virtus Foreign Opportunities Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.76%
5 Years rr_AverageAnnualReturnYear05 (2.09%)
10 Years rr_AverageAnnualReturnYear10 10.03%
Virtus Foreign Opportunities Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.64%
5 Years rr_AverageAnnualReturnYear05 (1.64%)
10 Years rr_AverageAnnualReturnYear10 9.24%
Virtus Foreign Opportunities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
10 Years rr_AverageAnnualReturnYear10 7.10%
Virtus Foreign Opportunities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 5.89%
Virtus Foreign Opportunities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 3.67%
Virtus Foreign Opportunities Fund | Morgan Stanley Capital International EAFE® Index (net) (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.32%
5 Years rr_AverageAnnualReturnYear05 (3.69%)
10 Years rr_AverageAnnualReturnYear10 8.21%
Virtus Foreign Opportunities Fund | Morgan Stanley Capital International EAFE® Index (net) (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.24%
Virtus Foreign Opportunities Fund | Morgan Stanley Capital International EAFE® Index (net) (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 0.18%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.

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XML 22 R76.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus Emerging Markets Equity Income Fund
Virtus Emerging Markets Equity Income Fund
Investment Objective
The fund has an investment objective of seeking capital appreciation and income.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Emerging Markets Equity Income Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Emerging Markets Equity Income Fund
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 [1] 0.90% 0.90% 0.90%
Total Annual Fund Operating Expenses 2.20% 2.95% 1.95%
Less: Expense Reimbursement [2] (0.45%) (0.45%) (0.45%)
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) 1.75% 2.50% 1.50%
[1] Estimated for current fiscal year.
[2] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.75% for Class A Shares, 2.50% for Class C Shares and 1.50% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Emerging Markets Equity Income Fund (USD $)
1 Year
3 Years
Class A
743 1,183
Class C
353 870
Class I
153 569
Expense Example, No Redemption Virtus Emerging Markets Equity Income Fund (USD $)
1 Year
3 Years
Class A
743 1,183
Class C
253 870
Class I
153 569
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 37% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
This fund offers investors exposure to emerging markets. The securities chosen for inclusion in the fund are those that, in the opinion of the subadviser, are high quality companies that pay above average dividends, have above average dividend growth potential, strong balance sheets and cash flow and adhere to better corporate governance. Companies selected must have the financial strength to maintain and grow their dividend payout commitments. The process is focused on identifying companies that have chosen to generate high levels of cash flow and to pay a high proportion of it to their shareholders. It is the belief of the subadviser that those companies offer the best opportunity for capital appreciation as well as superior income generation.

Under normal circumstances, the fund invests at least 80% of its assets in equity securities of issuers located in emerging markets countries; such issuers may be of any capitalization. The equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). Emerging markets countries generally include every nation in the world except the U.S., Canada, Japan, Australia, New Zealand and most nations located in Western Europe. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown.
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Virtus Premium AlphaSector Fund
Virtus Premium AlphaSectorSM Fund
Investment Objective
The fund has an investment objective of long-term capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Premium AlphaSector Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Premium AlphaSector Fund
Class A
Class C
Class I
Management Fees 1.10% 1.10% 1.10%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.28% 0.28% 0.28%
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) [1] 1.63% 2.38% 1.38%
[1] Restated to reflect current expenses.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Premium AlphaSector Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
731 1,060 1,411 2,397
Class C
341 742 1,270 2,716
Class I
140 437 755 1,657
Expense Example, No Redemption Virtus Premium AlphaSector Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
731 1,060 1,411 2,397
Class C
241 742 1,270 2,716
Class I
140 437 755 1,657
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 297% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to track the Premium AlphaSectorSM Index (ASRP), a public index published by NASDAQ. The fund may be invested in ETFs and/or securities representing the primary sectors of the S&P 500® Index and high-quality short-term securities. The primary sectors of the S&P 500® Index represented are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. Allocations are based on a proprietary quantitative model that seeks to evaluate “true” underlying trends within each sector by adjusting for unwarranted price distortions and changing levels of volatility in the market. The fund has the flexibility to be invested in any combination of the sector ETFs and/or securities, a combination of sector ETFs and/or securities and high-quality short-term securities, or 100% in high-quality short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from tracking the Premium AlphaSector Index and/or the model allocation if it is determined that tracking the Index and/or the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of the exchange-traded funds in which the fund invests. The principal risks of investing in the fund are:
  • Correlation to Index Risk. The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Premium AlphaSector Fund
1 Year
Since Inception
Inception Date
Class A Shares
3.73% 10.04% Jul. 01, 2010
Class A Shares Return After Taxes on Distributions
2.81% 9.58%  
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
1.83% 8.28%  
Class C Shares
9.24% 11.83% Jul. 01, 2010
Class I Shares
10.31% 12.93% Jul. 01, 2010
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 16.47%  
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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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 Jan. 25, 2013
XML 26 R145.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Greater European Opportunities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Greater European Opportunities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 49% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 49.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock This fund seeks to offer investors exposure to European market economies through well-established companies. The securities selected for inclusion in the fund are believed by the subadviser to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.

Under normal circumstances, at least 80% of the fund’s assets are invested in equity securities or equity-linked instruments of issuers located in Europe, including issuers in emerging markets countries. Equity-linked securities are hybrid debt securities whose return is connected to an underlying equity, usually a stock. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI Europe Index (net) is a free float-adjusted market capitalization weighted index measuring the equity market performance of the developed markets in Europe. The MSCI Europe Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Greater European Opportunities Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.58% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.68% [2]
1 Year rr_ExpenseExampleYear01 831
3 Years rr_ExpenseExampleYear03 1,359
5 Years rr_ExpenseExampleYear05 1,913
10 Years rr_ExpenseExampleYear10 3,414
1 Year rr_ExpenseExampleNoRedemptionYear01 831
3 Years rr_ExpenseExampleNoRedemptionYear03 1,359
5 Years rr_ExpenseExampleNoRedemptionYear05 1,913
10 Years rr_ExpenseExampleNoRedemptionYear10 3,414
2010 rr_AnnualReturn2010 7.19%
2011 rr_AnnualReturn2011 0.94%
2012 rr_AnnualReturn2012 25.64%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.53%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.30%)
1 Year rr_AverageAnnualReturnYear01 18.42%
Since Inception rr_AverageAnnualReturnSinceInception 16.40%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2009
Virtus Greater European Opportunities Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.58% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.43% [2]
1 Year rr_ExpenseExampleYear01 446
3 Years rr_ExpenseExampleYear03 1,053
5 Years rr_ExpenseExampleYear05 1,784
10 Years rr_ExpenseExampleYear10 3,712
1 Year rr_ExpenseExampleNoRedemptionYear01 346
3 Years rr_ExpenseExampleNoRedemptionYear03 1,053
5 Years rr_ExpenseExampleNoRedemptionYear05 1,784
10 Years rr_ExpenseExampleNoRedemptionYear10 3,712
1 Year rr_AverageAnnualReturnYear01 24.75%
Since Inception rr_AverageAnnualReturnSinceInception 17.39%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2009
Virtus Greater European Opportunities Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.58% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.43% [2]
1 Year rr_ExpenseExampleYear01 246
3 Years rr_ExpenseExampleYear03 758
5 Years rr_ExpenseExampleYear05 1,296
10 Years rr_ExpenseExampleYear10 2,766
1 Year rr_ExpenseExampleNoRedemptionYear01 246
3 Years rr_ExpenseExampleNoRedemptionYear03 758
5 Years rr_ExpenseExampleNoRedemptionYear05 1,296
10 Years rr_ExpenseExampleNoRedemptionYear10 2,766
1 Year rr_AverageAnnualReturnYear01 25.98%
Since Inception rr_AverageAnnualReturnSinceInception 18.56%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2009
Virtus Greater European Opportunities Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.17%
Since Inception rr_AverageAnnualReturnSinceInception 14.43%
Virtus Greater European Opportunities Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.21%
Since Inception rr_AverageAnnualReturnSinceInception 13.27%
Virtus Greater European Opportunities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 17.45%
Virtus Greater European Opportunities Fund | MSCI Europe Index (net) (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 19.12%
Since Inception rr_AverageAnnualReturnSinceInception 14.27%
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Emerging Markets Equity Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Emerging Markets Equity Income Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of seeking capital appreciation and income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 37% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 37.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock This fund offers investors exposure to emerging markets. The securities chosen for inclusion in the fund are those that, in the opinion of the subadviser, are high quality companies that pay above average dividends, have above average dividend growth potential, strong balance sheets and cash flow and adhere to better corporate governance. Companies selected must have the financial strength to maintain and grow their dividend payout commitments. The process is focused on identifying companies that have chosen to generate high levels of cash flow and to pay a high proportion of it to their shareholders. It is the belief of the subadviser that those companies offer the best opportunity for capital appreciation as well as superior income generation.

Under normal circumstances, the fund invests at least 80% of its assets in equity securities of issuers located in emerging markets countries; such issuers may be of any capitalization. The equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). Emerging markets countries generally include every nation in the world except the U.S., Canada, Japan, Australia, New Zealand and most nations located in Western Europe. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Virtus Emerging Markets Equity Income Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.90% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.20%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.45%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.75%
1 Year rr_ExpenseExampleYear01 743
3 Years rr_ExpenseExampleYear03 1,183
1 Year rr_ExpenseExampleNoRedemptionYear01 743
3 Years rr_ExpenseExampleNoRedemptionYear03 1,183
Virtus Emerging Markets Equity Income Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.90% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.95%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.45%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.50%
1 Year rr_ExpenseExampleYear01 353
3 Years rr_ExpenseExampleYear03 870
1 Year rr_ExpenseExampleNoRedemptionYear01 253
3 Years rr_ExpenseExampleNoRedemptionYear03 870
Virtus Emerging Markets Equity Income Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.90% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.95%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.45%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.50%
1 Year rr_ExpenseExampleYear01 153
3 Years rr_ExpenseExampleYear03 569
1 Year rr_ExpenseExampleNoRedemptionYear01 153
3 Years rr_ExpenseExampleNoRedemptionYear03 569
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Estimated for current fiscal year.
[3] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.75% for Class A Shares, 2.50% for Class C Shares and 1.50% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 28 R182.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus Multi-Sector Fixed Income Fund
Virtus Multi-Sector Fixed Income Fund
Investment Objective
The fund has an investment objective of maximizing current income while preserving capital.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Multi-Sector Fixed Income Fund
Class A
Class B
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 3.75% none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] 5.00% [2] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Annual Fund Operating Expenses Virtus Multi-Sector Fixed Income Fund
Class A
Class B
Class C
Class I
Management Fees 0.55% 0.55% 0.55% 0.55%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% 1.00% none
Other Expenses [1] 0.33% 0.33% 0.33% 0.33%
Total Annual Fund Operating Expenses [1] 1.13% 1.88% 1.88% 0.88%
[1] Restated to reflect current expenses.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Multi-Sector Fixed Income Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
486 721 974 1,698
Class B
591 791 1,016 2,005
Class C
291 591 1,016 2,201
Class I
90 281 488 1,084
Expense Example, No Redemption Virtus Multi-Sector Fixed Income Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
486 721 974 1,698
Class B
191 591 1,016 2,005
Class C
191 591 1,016 2,201
Class I
90 281 488 1,084
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 76% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to generate high current income and total return while preserving capital by applying extensive credit research and a time-tested approach designed to capitalize on opportunities across undervalued sectors of the bond market. The portfolio seeks diversification among 14 sectors in an effort to increase return potential and reduce risk.

Under normal circumstances, the fund invests at least 80% of its assets in the following sectors of fixed income securities:
  • Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;
  • Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging market countries;
  • Investment grade securities; and
  • High yield-high risk fixed income securities of U.S. issuers (so called “junk bonds”).
The fund may invest in all or some of these sectors.
Principal Risks
The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Long-Term Maturities/Durations Risk. The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • U.S. Government Securities Risk. The risk that the U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Multi-Sector Fixed Income Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
9.80% 7.24% 7.28%    
Class A Return After Taxes on Distributions
2.78% 3.78% 4.44%    
Class A Return After Taxes on Distributions and Sale of Fund Shares
1.81% 3.71% 4.34%    
Class B
8.99% 7.25% 6.90%    
Class C
13.33% 7.28% 6.91%    
Class I
14.46%       10.86% Oct. 01, 2009
Class I Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
      5.64%  
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
4.22% 5.95% 5.18%    
The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Virtus Disciplined Select Bond Fund
Virtus Disciplined Select Bond Fund
Investment Objective
The fund has an investment objective of high total return from current income and capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Disciplined Select Bond Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 3.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Disciplined Select Bond Fund
Class A
Class C
Class I
Management Fees 0.80% 0.80% 0.80%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.57% 0.57% 0.57%
Acquired Fund Fees and Expenses [1] 0.19% 0.19% 0.19%
Total Annual Fund Operating Expenses 1.81% 2.56% 1.56%
Less: Expense Reimbursement [2] (0.22%) (0.22%) (0.22%)
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) 1.59% 2.34% 1.34%
[1] Estimated for current fiscal year.
[2] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.40% for Class A Shares, 2.15% for Class C Shares and 1.15% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Disciplined Select Bond Fund (USD $)
1 Year
3 Years
Class A
531 903
Class C
337 776
Class I
136 471
Expense Example, No Redemption Virtus Disciplined Select Bond Fund (USD $)
1 Year
3 Years
Class A
531 903
Class C
237 776
Class I
136 471
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to maximize total return over a full market cycle in the bond market by tactically allocating net assets among six subsectors within the broad Treasury, Treasury Inflation Protected Securities (TIPS) and Corporate classifications of the bond market as set forth below:

Treasuries:

  • Short term U.S. Treasury Securities (1-3 year maturities)
  • Medium term U.S. Treasury Securities (7-10 year maturities)
  • Long term U.S. Treasury securities (20+ year maturities)

Treasury Inflation Protected Securities:

  • TIPS

Corporate Bonds:

  • Investment Grade Corporate Bonds
  • High Yield Corporate Securities (Junk Bonds)
Allocations are based on a quantitative model that estimates performance trends for each pairing of these six subsectors of the bond market relative to each other and uses these estimates to generate, on a weekly basis, a positive or negative signal for each of the broad Treasury, TIPS and Corporate classifications. The classifications with positive signals will receive allocations, whereas the classifications with negative signals will not.

Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. Under normal circumstances, the fund intends to invest at least 80% of its assets in ETFs and/or securities representative of the bond market.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown.
XML 32 R175.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus International Real Estate Securities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus International Real Estate Securities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has a primary investment objective of long-term capital appreciation,
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock with a secondary investment objective of income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 41% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 41.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund provides international exposure to the real estate securities market, focusing exclusively on companies with a rental business profile. Rental companies derive 70% or more of total revenue from rental income and are most similar in business profile to U.S. real estate investment trusts (“REITs”).

Under normal circumstances, the fund invests at least 80% of its assets in equity securities issued by non-U.S companies of any capitalization that are principally engaged in the real estate industry, including common stock, preferred stock and other equity securities issued by real estate companies, such as REITs and similar REIT-like entities. The fund may, at times, invest up to 20% of its assets in U.S. REIT securities. Additionally, the fund normally invests in real estate related securities of issuers in developed countries, however it may invest up to 20% of its assets in issuers incorporated in emerging market countries. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity REIT Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting real estate securities will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The FTSE EPRA/NAREIT Developed Rental ex-U.S. Index is a free-float market capitalization index measuring international real estate securities, which meet minimum size, liquidity and investment focus criteria. The FTSE EPRA/NAREIT Developed Rental ex-U.S. Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus International Real Estate Securities Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.57% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.82% [2]
1 Year rr_ExpenseExampleYear01 749
3 Years rr_ExpenseExampleYear03 1,115
5 Years rr_ExpenseExampleYear05 1,504
10 Years rr_ExpenseExampleYear10 2,589
1 Year rr_ExpenseExampleNoRedemptionYear01 749
3 Years rr_ExpenseExampleNoRedemptionYear03 1,115
5 Years rr_ExpenseExampleNoRedemptionYear05 1,504
10 Years rr_ExpenseExampleNoRedemptionYear10 2,589
2008 rr_AnnualReturn2008 (46.73%)
2009 rr_AnnualReturn2009 38.66%
2010 rr_AnnualReturn2010 18.83%
2011 rr_AnnualReturn2011 (10.86%)
2012 rr_AnnualReturn2012 34.87%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 31.59%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (30.74%)
1 Year rr_AverageAnnualReturnYear01 27.11%
5 Years rr_AverageAnnualReturnYear05 (0.11%)
Since Inception rr_AverageAnnualReturnSinceInception (2.27%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Virtus International Real Estate Securities Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.57% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.57% [2]
1 Year rr_ExpenseExampleYear01 360
3 Years rr_ExpenseExampleYear03 799
5 Years rr_ExpenseExampleYear05 1,365
10 Years rr_ExpenseExampleYear10 2,905
1 Year rr_ExpenseExampleNoRedemptionYear01 260
3 Years rr_ExpenseExampleNoRedemptionYear03 799
5 Years rr_ExpenseExampleNoRedemptionYear05 1,365
10 Years rr_ExpenseExampleNoRedemptionYear10 2,905
1 Year rr_AverageAnnualReturnYear01 33.98%
5 Years rr_AverageAnnualReturnYear05 0.35%
Since Inception rr_AverageAnnualReturnSinceInception (1.89%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Virtus International Real Estate Securities Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.57% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.57% [2]
1 Year rr_ExpenseExampleYear01 160
3 Years rr_ExpenseExampleYear03 496
5 Years rr_ExpenseExampleYear05 855
10 Years rr_ExpenseExampleYear10 1,867
1 Year rr_ExpenseExampleNoRedemptionYear01 160
3 Years rr_ExpenseExampleNoRedemptionYear03 496
5 Years rr_ExpenseExampleNoRedemptionYear05 855
10 Years rr_ExpenseExampleNoRedemptionYear10 1,867
1 Year rr_AverageAnnualReturnYear01 35.25%
5 Years rr_AverageAnnualReturnYear05 1.35%
Since Inception rr_AverageAnnualReturnSinceInception (0.90%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Virtus International Real Estate Securities Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.96%
5 Years rr_AverageAnnualReturnYear05 (2.85%)
Since Inception rr_AverageAnnualReturnSinceInception (4.92%)
Virtus International Real Estate Securities Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.02%
5 Years rr_AverageAnnualReturnYear05 (1.94%)
Since Inception rr_AverageAnnualReturnSinceInception (3.66%)
Virtus International Real Estate Securities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
Since Inception rr_AverageAnnualReturnSinceInception 0.68%
Virtus International Real Estate Securities Fund | FTSE EPRA/NAREIT Developed Rental ex-U.S. Index (net) (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 30.76%
5 Years rr_AverageAnnualReturnYear05 (0.49%)
Since Inception rr_AverageAnnualReturnSinceInception (2.79%)
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Emerging Markets Debt Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Emerging Markets Debt Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of seeking total return from current income and capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 13% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 13.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal circumstances, the Fund invests at least 80% of its assets in fixed income (debt) securities issued by governments, government-related entities and corporations located in emerging market countries. The fund may invest without limit in high yield debt securities and related investments rated below investment grade (that is, securities not rated Baa/BBB or above by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined to be of comparable credit quality by the subadviser). Below investment grade securities are commonly referred to as “junk bonds.” These investments include, but are not limited to, instruments designed to restructure outstanding emerging market debt such as participations in loans between governments and financial institutions. The fund manages duration utilizing a duration neutral strategy. Under normal circumstances, the fund’s average duration is maintained at a level similar to that of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. As of September 30, 2012, the modified adjusted duration of the JP Morgan EMBI Global Diversified was 7.41 years. The fund is a non-diversified portfolio.

The fund intends to invest in at least three emerging market countries, which are countries that, at the time of investment, are represented in the JP Morgan Emerging Markets Bond Index Global Diversified or categorized by the World Bank in its annual categorization as middle- or low-income. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Liquidity Risk. The risk that certain securities may be difficult or impossible to sell at a time and price beneficial to the fund.
  • Loan Participation Risk. The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
  • Unrated Fixed Income Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Virtus Emerging Markets Debt Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.60% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.60%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.35% [3]
1 Year rr_ExpenseExampleYear01 507
3 Years rr_ExpenseExampleYear03 837
1 Year rr_ExpenseExampleNoRedemptionYear01 507
3 Years rr_ExpenseExampleNoRedemptionYear03 837
Virtus Emerging Markets Debt Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.60% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.35%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.10% [3]
1 Year rr_ExpenseExampleYear01 313
3 Years rr_ExpenseExampleYear03 710
1 Year rr_ExpenseExampleNoRedemptionYear01 213
3 Years rr_ExpenseExampleNoRedemptionYear03 710
Virtus Emerging Markets Debt Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.60% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.35%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.10% [3]
1 Year rr_ExpenseExampleYear01 112
3 Years rr_ExpenseExampleYear03 403
1 Year rr_ExpenseExampleNoRedemptionYear01 112
3 Years rr_ExpenseExampleNoRedemptionYear03 403
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Estimated for current fiscal year.
[3] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.35% for Class A Shares, 2.10% for Class C Shares and 1.10% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Global Commodities Stock Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Global Commodities Stock Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 96% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 96.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund offers investors exposure to commodities-related investments in markets located throughout the world, including emerging market countries. Under normal circumstances, the fund invests globally at least 80% of its assets in stocks of companies principally engaged in the base metals, precious metals, energy, and agriculture group of industries. The fund will concentrate its investments in this commodities-related group of industries. The fund is a non-diversified portfolio and will consist primarily of common and preferred stocks, but may contain commodity-related exchange-traded funds (“ETFs”) and commodities-linked notes. The fund will primarily hold securities of companies listed on global securities exchanges or quoted on established over-the-counter markets, or American Depositary Receipts (ADRs). The fund typically invests in the securities of medium to large capitalization companies, but it is not limited to investing in the securities of companies of any particular size.

Under normal circumstances, the fund will hold at least 40% of its assets in non-U.S issuers and ETFs and/or commodities-linked notes providing exposure to non-U.S markets. The fund intends to diversify its investments among countries and normally have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal circumstances, the fund invests globally at least 80% of its assets in stocks of companies principally engaged in the base metals, precious metals, energy, and agriculture group of industries. The fund will concentrate its investments in this commodities-related group of industries.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Commodities Concentration Risk. The risk that events negatively affecting the base metals, precious metals, energy and agriculture industries in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in commodities-related investments, the fund is more vulnerable to conditions that negatively affect commodities-related companies and investments as compared to a fund that is not significantly invested in such companies.
  • Commodity and Commodity-Linked Instrument Risk. The risk that investments in commodities or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in small and medium-sized companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The MSCI AC World Commodity Producer Sector Capped Index (net) is a market capitalization weighted index that measures performance of developed and emerging market commodity producers within the energy, metals and agricultural sectors. Each of the three sectors are equally weighted within the index. The index is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Global Commodities Stock Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.58% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.88% [2]
1 Year rr_ExpenseExampleYear01 755
3 Years rr_ExpenseExampleYear03 1,132
5 Years rr_ExpenseExampleYear05 1,533
10 Years rr_ExpenseExampleYear10 2,649
1 Year rr_ExpenseExampleNoRedemptionYear01 755
3 Years rr_ExpenseExampleNoRedemptionYear03 1,132
5 Years rr_ExpenseExampleNoRedemptionYear05 1,533
10 Years rr_ExpenseExampleNoRedemptionYear10 2,649
2012 rr_AnnualReturn2012 6.81%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.98%)
1 Year rr_AverageAnnualReturnYear01 0.67%
Since Inception rr_AverageAnnualReturnSinceInception (5.35%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Global Commodities Stock Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.58% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.63% [2]
1 Year rr_ExpenseExampleYear01 366
3 Years rr_ExpenseExampleYear03 817
5 Years rr_ExpenseExampleYear05 1,395
10 Years rr_ExpenseExampleYear10 2,964
1 Year rr_ExpenseExampleNoRedemptionYear01 266
3 Years rr_ExpenseExampleNoRedemptionYear03 817
5 Years rr_ExpenseExampleNoRedemptionYear05 1,395
10 Years rr_ExpenseExampleNoRedemptionYear10 2,964
1 Year rr_AverageAnnualReturnYear01 5.97%
Since Inception rr_AverageAnnualReturnSinceInception (2.90%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Global Commodities Stock Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.58% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.63% [2]
1 Year rr_ExpenseExampleYear01 166
3 Years rr_ExpenseExampleYear03 514
5 Years rr_ExpenseExampleYear05 887
10 Years rr_ExpenseExampleYear10 1,933
1 Year rr_ExpenseExampleNoRedemptionYear01 166
3 Years rr_ExpenseExampleNoRedemptionYear03 514
5 Years rr_ExpenseExampleNoRedemptionYear05 887
10 Years rr_ExpenseExampleNoRedemptionYear10 1,933
1 Year rr_AverageAnnualReturnYear01 7.09%
Since Inception rr_AverageAnnualReturnSinceInception (1.92%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Global Commodities Stock Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.13%)
Since Inception rr_AverageAnnualReturnSinceInception (6.29%)
Virtus Global Commodities Stock Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.74%)
Since Inception rr_AverageAnnualReturnSinceInception (5.31%)
Virtus Global Commodities Stock Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 8.45%
Virtus Global Commodities Stock Fund | MSCI AC World Commodities Producers Sector Capped Index (net)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.84%
Since Inception rr_AverageAnnualReturnSinceInception (4.87%)
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Herzfeld Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Herzfeld Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of seeking capital appreciation and current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells shares of closed-end funds or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 3% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 3.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal circumstances, the fund invests in closed-end investment companies that primarily invest in equity and income-producing securities. The investment methodology utilizes a number of factors and consists of both a quantitative and qualitative approach to identify opportunities across the entire universe of closed-end funds. The overall investment philosophy is predicated on recognizing the recurring valuation patterns found in the closed-end fund industry and capitalizing on opportunities in a systematic manner. The strategy seeks to exploit the discount and premium spreads associated with closed-end funds. The fund may also allocate assets to other investment company structures, including exchange-traded funds (“ETFs”), equity securities, including common and preferred stocks, cash, and/or short term cash equivalents.

The fund primarily invests in closed-end funds whose principal investments strategies include one or more of the following:

Domestic Funds
  • Municipal Bond, Build America Bond, Government Bond, Corporate Bond, High Yield Bond
  • Equity—Sector Specific (such as Utilities, Real Estate, MLPs), Equity—Covered Call, Equity—General, Equity—Growth & Income, Equity—Dividend, Equity—Tax-Advantaged, Equity—Preferreds, Equity—Convertible Bond
  • Loan Participation
  • Mortgage-Backed
  • Multi-Strategy
Non-U.S. Funds
  • Foreign Equity—Country Specific, Foreign Equity—Geographic Region, Global Equity—General, Global Equity—Growth & Income, Global Equity—Dividend
  • Global Fixed Income
  • Global Multi-Strategy
The closed-end funds that invest in equity securities may or may not use a growth or value strategy and may include funds investing in securities of issuers of any market capitalization. Closed-end funds that invest in non-U.S issuers may include issuers in emerging markets. Closed-end funds that invest in fixed income securities may invest in securities of any credit quality, including below investment grade (so-called “junk bonds”).
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any underlying investment companies in which the fund invests. The principal risks of investing in the fund are:
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Closed-End Funds Risk. The risk that closed-end funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility. Closed-end funds frequently trade at a discount from their net asset value, which may affect whether the fund will realize gain or loss upon its sale of the closed-end funds’ shares. Closed-end funds may employ leverage, which also subjects the closed-end fund to increased risks such as increased volatility.
The principal risks attributable to the underlying investment companies in which the fund invests are:
  • Commodity Risk. The risk that investments in commodities or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.
  • Convertible Securities Risk. The fund’s investments in convertible securities subject the fund to the risks associated with both fixed-income securities and common stocks, in addition to the risk that a convertible security may be called for redemption at a time and price unfavorable to the fund.
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Derivatives Risk. The risk that the fund will incur a loss greater than the fund’s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract. Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage, or to attempt to increase yield.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Real Estate Investment Trust (REIT) Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Growth Stocks Risk. The risk that the fund’s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.
  • High Yield-High Risk Fixed Income Securities Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Income Risk. The risk that income received from the fund will vary widely over the short- and long-term.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting an industry or market sector in which a fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Infrastructure-Related Investment Risk. The risk that the value of the fund’s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Limited Number of Investments Risk. The risk that the fund’s portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund’s portfolio than would a fund holding a greater number of securities.
  • Liquidity Risk. The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.
  • Loan Participation Risk. The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
  • Market Volatility Risk. The value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Master Limited Partnership (MLP) Risk. The risk that the fund’s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLP’s underlying assets.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • Municipal Bond Market Risk. The risk that events negatively impacting a particular municipal security, or the municipal bond market in general, will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
  • Preferred Stock. The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.
  • Real Estate Risk. The risk that the value of the fund’s shares will be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, and changes in the value of the underlying real estate and defaults by borrowers.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Short Sales Risk. The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.
  • Tax-Exempt Securities Risk. The risk that tax-exempt securities may not provide a higher after-tax return than taxable securities.
  • Unrated Fixed Income Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
  • Value Stocks Risk. The risk that the fund will underperform when value investing is out of favor or that the fund’s investments will not appreciate as anticipated.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Virtus Herzfeld Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.61% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.98% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.84%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.26%) [4]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.58%
1 Year rr_ExpenseExampleYear01 821
3 Years rr_ExpenseExampleYear03 1,381
1 Year rr_ExpenseExampleNoRedemptionYear01 821
3 Years rr_ExpenseExampleNoRedemptionYear03 1,381
Virtus Herzfeld Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [5]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.61% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.98% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.59%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.26%) [4]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 3.33%
1 Year rr_ExpenseExampleYear01 436
3 Years rr_ExpenseExampleYear03 1,076
1 Year rr_ExpenseExampleNoRedemptionYear01 336
3 Years rr_ExpenseExampleNoRedemptionYear03 1,076
Virtus Herzfeld Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.61% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.98% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.59%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.26%) [4]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.33%
1 Year rr_ExpenseExampleYear01 236
3 Years rr_ExpenseExampleYear03 781
1 Year rr_ExpenseExampleNoRedemptionYear01 236
3 Years rr_ExpenseExampleNoRedemptionYear03 781
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Estimated for current fiscal year.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, 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, 2014. 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 fiscal year in which such reimbursement occurred.
[5] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 37 R61.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Disciplined Select Country Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Disciplined Select Country Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to outperform the MSCI EAFE® Index over a full market cycle by tactically allocating net assets among countries included in the MSCI EAFE® Index. In pursuing this strategy, the fund maintains an emphasis on preservation of capital.

Allocations are based on a quantitative model that provides a positive or negative signal, on a weekly basis, for each country evaluated. Countries with positive signals will receive allocations approximating their relative weights in the MSCI EAFE® Index. The remaining portfolio assets will be allocated to the subadviser’s “minimum volatility portfolio,” which is designed to limit downside risk. The minimum volatility portfolio is allocated equally among the four countries that, in the subadviser’s opinion, have exhibited the lowest volatility pattern historically. To mitigate concentration, geographic, and political risk, the four countries in the minimum volatility portfolio cannot be from the same geographic or political region.

Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. The fund may invest in issuers of any capitalization.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund's shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund's portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund's principal investment strategies will result in a consistently high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on fund performance.
  • Small and Medium Market Capitalization Companies. The risk that the fund's investments in small and medium market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Virtus Disciplined Select Country Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.64% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.51% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.50%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.29%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.21%
1 Year rr_ExpenseExampleYear01 786
3 Years rr_ExpenseExampleYear03 1,283
1 Year rr_ExpenseExampleNoRedemptionYear01 786
3 Years rr_ExpenseExampleNoRedemptionYear03 1,283
Virtus Disciplined Select Country Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.64% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.51% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.25%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.29%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.96%
1 Year rr_ExpenseExampleYear01 399
3 Years rr_ExpenseExampleYear03 974
1 Year rr_ExpenseExampleNoRedemptionYear01 299
3 Years rr_ExpenseExampleNoRedemptionYear03 974
Virtus Disciplined Select Country Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.64% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.51% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.25%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.29%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.96%
1 Year rr_ExpenseExampleYear01 199
3 Years rr_ExpenseExampleYear03 675
1 Year rr_ExpenseExampleNoRedemptionYear01 199
3 Years rr_ExpenseExampleNoRedemptionYear03 675
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Estimated for current fiscal year.
[3] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.70% for Class A Shares, 2.45% for Class C Shares and 1.45% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Virtus International Real Estate Securities Fund
Virtus International Real Estate Securities Fund
Investment Objective
The fund has a primary investment objective of long-term capital appreciation,
with a secondary investment objective of income.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus International Real Estate Securities Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus International Real Estate Securities Fund
Class A
Class C
Class I
Management Fees 1.00% 1.00% 1.00%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.57% 0.57% 0.57%
Total Annual Fund Operating Expenses [1] 1.82% 2.57% 1.57%
[1] Restated to reflect current expenses.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus International Real Estate Securities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
749 1,115 1,504 2,589
Class C
360 799 1,365 2,905
Class I
160 496 855 1,867
Expense Example, No Redemption Virtus International Real Estate Securities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
749 1,115 1,504 2,589
Class C
260 799 1,365 2,905
Class I
160 496 855 1,867
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 41% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund provides international exposure to the real estate securities market, focusing exclusively on companies with a rental business profile. Rental companies derive 70% or more of total revenue from rental income and are most similar in business profile to U.S. real estate investment trusts (“REITs”).

Under normal circumstances, the fund invests at least 80% of its assets in equity securities issued by non-U.S companies of any capitalization that are principally engaged in the real estate industry, including common stock, preferred stock and other equity securities issued by real estate companies, such as REITs and similar REIT-like entities. The fund may, at times, invest up to 20% of its assets in U.S. REIT securities. Additionally, the fund normally invests in real estate related securities of issuers in developed countries, however it may invest up to 20% of its assets in issuers incorporated in emerging market countries. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Principal Risks
The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity REIT Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting real estate securities will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus International Real Estate Securities Fund
1 Year
5 Years
Since Inception
Inception Date
Class A
27.11% (0.11%) (2.27%) Oct. 01, 2007
Class A Return After Taxes on Distributions
16.96% (2.85%) (4.92%)  
Class A Return After Taxes on Distributions and Sale of Fund Shares
11.02% (1.94%) (3.66%)  
Class C
33.98% 0.35% (1.89%) Oct. 01, 2007
Class I
35.25% 1.35% (0.90%) Oct. 01, 2007
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66% 0.68%  
FTSE EPRA/NAREIT Developed Rental ex-U.S. Index (net) (reflects no deduction for fees, expenses or taxes)
30.76% (0.49%) (2.79%)  
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The FTSE EPRA/NAREIT Developed Rental ex-U.S. Index is a free-float market capitalization index measuring international real estate securities, which meet minimum size, liquidity and investment focus criteria. The FTSE EPRA/NAREIT Developed Rental ex-U.S. Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
XML 40 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Allocator Premium AlphaSector Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Allocator Premium AlphaSectorSM Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation. In pursuing this objective, the fund maintains an emphasis on preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 211% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 211.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund allocates net assets to multiple asset classes including: U.S. Equity, International Equity, Fixed Income, and Alternative. Allocations within each asset class are based on proprietary quantitative models.

The U.S. Equity allocation may be invested in ETFs and/or securities representing the primary sectors of the S&P 500® Index. The primary sectors of the S&P 500® Index are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. The International Equity allocation may be invested in ETFs and/or securities representing both developed markets (EAFE) and emerging markets. The Fixed Income allocation may be invested in ETFs and/or securities representing fixed income sectors including: high yield, investment grade corporate, mortgages, intermediate treasuries and inflation-protected treasuries (TIPS). The Alternative allocation may be invested in ETFs and/or securities representing gold, real estate and broad-based equity securities. The fund may also invest in stocks (without restriction as to market capitalization), bonds (without restriction as to credit quality) and short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from a model allocation if it is determined that tracking the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund. In times of market weakness, the fund has the ability to move partially or fully to short-term cash equivalents.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Commodity Risk. The risk that investments in commodities, such as gold, or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Real Estate Investment Risk. The risk that the value of the fund’s shares will be negatively affected by factors specific to the real estate market, including interest rate risk, leverage risk, property risk and management risk.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The Dow Jones Global Moderate Portfolio Index is a benchmark that takes 60% of the risk of the global securities market. It is a total returns index that is a time-varying weighted average of stocks, bonds, and cash. The Index is the efficient allocation of stocks, bonds, and cash in a portfolio with 60% of the risk of the Dow Jones Aggressive Portfolio Index. The indexes are calculated on a total return basis with dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Allocator Premium AlphaSector Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Recapture of Previously Waived Expenses rr_Component2OtherExpensesOverAssets 0.03%
Other Expenses rr_OtherExpensesOverAssets 0.35% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.29% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.02% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.02% [2]
1 Year rr_ExpenseExampleYear01 768
3 Years rr_ExpenseExampleYear03 1,172
5 Years rr_ExpenseExampleYear05 1,600
10 Years rr_ExpenseExampleYear10 2,788
1 Year rr_ExpenseExampleNoRedemptionYear01 768
3 Years rr_ExpenseExampleNoRedemptionYear03 1,172
5 Years rr_ExpenseExampleNoRedemptionYear05 1,600
10 Years rr_ExpenseExampleNoRedemptionYear10 2,788
2012 rr_AnnualReturn2012 8.76%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.87%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.55%)
1 Year rr_AverageAnnualReturnYear01 2.51%
Since Inception rr_AverageAnnualReturnSinceInception 0.85%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Allocator Premium AlphaSector Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00% [5]
Recapture of Previously Waived Expenses rr_Component2OtherExpensesOverAssets 0.03%
Other Expenses rr_OtherExpensesOverAssets 0.35% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.29% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.77% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.02%) [5]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.75% [2]
1 Year rr_ExpenseExampleYear01 378
3 Years rr_ExpenseExampleYear03 853
5 Years rr_ExpenseExampleYear05 1,454
10 Years rr_ExpenseExampleYear10 3,080
1 Year rr_ExpenseExampleNoRedemptionYear01 278
3 Years rr_ExpenseExampleNoRedemptionYear03 853
5 Years rr_ExpenseExampleNoRedemptionYear05 1,454
10 Years rr_ExpenseExampleNoRedemptionYear10 3,080
1 Year rr_AverageAnnualReturnYear01 7.99%
Since Inception rr_AverageAnnualReturnSinceInception 3.52%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Allocator Premium AlphaSector Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Recapture of Previously Waived Expenses rr_Component2OtherExpensesOverAssets 0.03%
Other Expenses rr_OtherExpensesOverAssets 0.35% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.29% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.77% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.77% [2]
1 Year rr_ExpenseExampleYear01 180
3 Years rr_ExpenseExampleYear03 557
5 Years rr_ExpenseExampleYear05 959
10 Years rr_ExpenseExampleYear10 2,084
1 Year rr_ExpenseExampleNoRedemptionYear01 180
3 Years rr_ExpenseExampleNoRedemptionYear03 557
5 Years rr_ExpenseExampleNoRedemptionYear05 959
10 Years rr_ExpenseExampleNoRedemptionYear10 2,084
1 Year rr_AverageAnnualReturnYear01 8.97%
Since Inception rr_AverageAnnualReturnSinceInception 4.49%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 15, 2011
Virtus Allocator Premium AlphaSector Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.61%
Since Inception rr_AverageAnnualReturnSinceInception 0.32%
Virtus Allocator Premium AlphaSector Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.05%
Since Inception rr_AverageAnnualReturnSinceInception 0.30%
Virtus Allocator Premium AlphaSector Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 8.45%
Virtus Allocator Premium AlphaSector Fund | Dow Jones Global Moderate Portfolio Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.24%
Since Inception rr_AverageAnnualReturnSinceInception 5.99%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
[5] The fund's distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the fund's investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation.
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Virtus Dynamic Alphasector Fund
Virtus Dynamic AlphaSectorSM Fund
Investment Objective
The Fund’s investment objective is to seek long-term capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Dynamic Alphasector Fund
Class A
Class B
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 5.00% [2] 1.25% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 3% during the third and fourth years and to 0% after the sixth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Dynamic Alphasector Fund
Class A Shares
Class B Shares
Class C Shares
Class I Shares
Management Fees [1][2] 1.89% 1.89% 1.89% 1.89%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% 1.00% none
Dividends on Short Sales and Interest Expense [2] 0.64% 0.64% 0.64% 0.64%
Remainder of Other Expenses [2] 0.42% 0.42% 0.42% 0.42%
Total Other Expenses 1.06% 1.06% 1.06% 1.06%
Acquired Fund Fees and Expenses [3] 0.20% 0.20% 0.20% 0.20%
Total Annual Fund Operating Expenses [2] 3.40% 4.15% 4.15% 3.15%
[1] Management Fees exceed the contractual percentage rate because the Advisory Agreement, as amended, calculates fees based on Managed Assets rather than based on net assets although the table shows the percentage rate as applied to net assets. Managed Assets means the total assets of the fund, including any assets attributable to borrowings, minus the fund’s accrued liabilities other than such borrowings. In the future, performance fee adjustments may increase or decrease the management fee by up to +/- 1.00% of the average net assets of the fund during a rolling 36-month period (or cumulative period since the implementation of the principal investment management changes).
[2] Restated to reflect current fees and expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after seven years. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Dynamic Alphasector Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
898 1,560 2,243 4,048
Class B
817 1,461 2,120 4,174
Class C
517 1,261 2,120 4,331
Class I
318 971 1,649 3,457
Expense Example, No Redemption Virtus Dynamic Alphasector Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
898 1,560 2,243 4,048
Class B
417 1,261 2,120 4,174
Class C
417 1,261 2,120 4,331
Class I
318 971 1,649 3,457
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 165% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to achieve its investment objective by taking long and short positions in ETFs and/or stocks representing the nine primary sectors of the S&P® 500 Index. The primary sectors of the S&P 500® Index are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. Allocations are based on a proprietary, quantitative model that seeks to evaluate trends within each sector by adjusting for changing levels of volatility in the market.

The fund intends to employ leverage in the form of borrowing on its long positions in circumstances where the fund has determined to take long positions representing four or more sectors. The fund intends to take short positions in sectors projected to have negative absolute performance, up to approximately 5.5% of the fund’s net assets, for each such sector. In the event that all nine sectors are projected to have negative absolute performance, the fund may take short positions worth up to 50% of the fund’s net assets, with the remainder of the fund’s assets remaining in cash and cash equivalents.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Leverage Risk. The risk that the value of the fund’s shares will be more volatile or that the fund will incur a loss greater than the fund’s investment in a given security when leverage is used.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Sector Focused Investing Risk. The risk events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent the fund invests a significant portion of its portfolio in ETF representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • Short Sales Risk. The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.
  • U.S. Government Securities Risk. The risk that the U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Dynamic Alphasector Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
0.56% (1.96%) (1.35%)    
Class A Return After Taxes on Distributions
0.07% (2.13%) (1.52%)    
Class A Return After Taxes on Distributions and Sale of Fund Shares
0.04% (1.73%) (1.20%)    
Class B
1.88% (1.78%) (1.52%)    
Class C
5.94% (1.55%) (1.50%)    
Class I
7.20%       (1.34%) Oct. 01, 2009
Class I S&P 500® Index (reflects no deduction for fees, expenses or taxes)
      12.89%  
Class I Citigroup 90-Day Treasury Bill Index (reflects no deduction for fees, expenses or taxes)
      2.56%  
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66% 7.10%    
Citigroup 90-Day Treasury Bill Index (reflects no deduction for fees, expenses or taxes)
8.30% 2.05% 2.50%    
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total-return basis with dividends reinvested. The Citigroup 90-Day Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. The 90-Day Treasury Bill Index is an average of the last three three-month Treasury bill issues. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus CA Tax-Exempt Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus CA Tax-Exempt Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of obtaining a high level of current income exempt from California state and local income taxes, as well as federal income tax, consistent with the preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 16% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks current income free from federal and state income taxes by investing in municipal bonds issued in the state of California. The management team focuses on high quality California tax-exempt municipal bonds, gauging the value of a security by issue type, credit quality, and bond structure.

Under normal circumstances, as a matter of fundamental policy, the fund invests at least 80% of its assets in bonds, the income from which is exempt from California state income tax and federal income tax, and may invest 100% of its assets in such securities. The portion of the fund’s assets not invested in tax-exempt securities may be invested in taxable fixed income securities. Income from these investments may be subject to federal, state and local taxes.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Long-Term Maturities/Durations Risk. The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Municipal Bond Market Risk. The risk that events negatively impacting a particular municipal security, or the municipal bond market in general, will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Tax-Exempt Securities Risk. The risk that tax-exempt securities may not provide a higher after-tax return than taxable securities.
  • Unrated Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The Barclays Capital California Municipal Bond Index measures long term investment grade, tax-exempt and fixed rate bonds issued in California. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus CA Tax-Exempt Bond Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.34% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.05% [2]
1 Year rr_ExpenseExampleYear01 379
3 Years rr_ExpenseExampleYear03 600
5 Years rr_ExpenseExampleYear05 838
10 Years rr_ExpenseExampleYear10 1,522
1 Year rr_ExpenseExampleNoRedemptionYear01 379
3 Years rr_ExpenseExampleNoRedemptionYear03 600
5 Years rr_ExpenseExampleNoRedemptionYear05 838
10 Years rr_ExpenseExampleNoRedemptionYear10 1,522
2003 rr_AnnualReturn2003 4.00%
2004 rr_AnnualReturn2004 3.57%
2005 rr_AnnualReturn2005 2.37%
2006 rr_AnnualReturn2006 4.16%
2007 rr_AnnualReturn2007 2.36%
2008 rr_AnnualReturn2008 (4.06%)
2009 rr_AnnualReturn2009 11.05%
2010 rr_AnnualReturn2010 1.63%
2011 rr_AnnualReturn2011 11.09%
2012 rr_AnnualReturn2012 8.45%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.13%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.63%)
1 Year rr_AverageAnnualReturnYear01 5.46%
5 Years rr_AverageAnnualReturnYear05 4.87%
10 Years rr_AverageAnnualReturnYear10 4.08%
Virtus CA Tax-Exempt Bond Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.34% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.80% [2]
1 Year rr_ExpenseExampleYear01 82
3 Years rr_ExpenseExampleYear03 255
5 Years rr_ExpenseExampleYear05 444
10 Years rr_ExpenseExampleYear10 990
1 Year rr_ExpenseExampleNoRedemptionYear01 82
3 Years rr_ExpenseExampleNoRedemptionYear03 255
5 Years rr_ExpenseExampleNoRedemptionYear05 444
10 Years rr_ExpenseExampleNoRedemptionYear10 990
1 Year rr_AverageAnnualReturnYear01 8.72%
5 Years rr_AverageAnnualReturnYear05 5.73%
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 5.12%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 29, 2006
Virtus CA Tax-Exempt Bond Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.30%
5 Years rr_AverageAnnualReturnYear05 3.82%
10 Years rr_AverageAnnualReturnYear10 3.47%
Virtus CA Tax-Exempt Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.19%
5 Years rr_AverageAnnualReturnYear05 3.71%
10 Years rr_AverageAnnualReturnYear10 3.48%
Virtus CA Tax-Exempt Bond Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.22%
5 Years rr_AverageAnnualReturnYear05 5.95%
10 Years rr_AverageAnnualReturnYear10 5.18%
Virtus CA Tax-Exempt Bond Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.06%
Virtus CA Tax-Exempt Bond Fund | Barclays Capital California Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.15%
5 Years rr_AverageAnnualReturnYear05 6.11%
10 Years rr_AverageAnnualReturnYear10 5.30%
Virtus CA Tax-Exempt Bond Fund | Barclays Capital California Municipal Bond Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 5.52%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.

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Virtus Bond Fund
Virtus Bond Fund
Investment Objective
The fund has an investment objective of high total return from both current income and capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Bond Fund
Class A
Class B
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 3.75% none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] 5.00% [2] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Bond Fund
Class A
Class B
Class C
Class I
Management Fees 0.45% 0.45% 0.45% 0.45%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% 1.00% none
Other Expenses [1] 0.32% 0.32% 0.32% 0.32%
Acquired Fund Fees and Expenses [2] 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 1.03% 1.78% 1.78% 0.78%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
476 691 922 1,587
Class B
581 760 964 1,897
Class C
281 560 964 2,095
Class I
80 249 433 966
Expense Example, No Redemption Virtus Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
476 691 922 1,587
Class B
181 560 964 1,897
Class C
181 560 964 2,095
Class I
80 249 433 966
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 210% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to generate high total return from both current income and capital appreciation by investing primarily in intermediate-term debt securities across 14 fixed income sectors. The fund seeks to achieve its objective by applying a time-tested approach of active sector rotation, extensive credit research and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets.

Under normal circumstances, the fund invests at least 80% of its assets in fixed income debt obligations of various types of issuers, to include some or all of the following:
  • Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations ("CMOs"), real estate mortgage investment conduits ("REMICs"), and other pass-through securities;
  • Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets;
  • Investment-grade securities (primarily of U.S. issuers, secondarily of non-U.S. issuers), which generally are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization; and
  • High-yield debt instruments, including bank loans (which are generally floating-rate).
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of the security to decline.
  • Emerging Market Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund's portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund's portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund's debt securities, especially those with longer maturities, will fall.
  • Loan Participation Risk. The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
  • Long-Term Maturities/Durations Risk. The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund's portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Bond Fund
1 Year
5 Years
10 Years
Class A
4.13% 5.84% 5.12%
Class A Return After Taxes on Distributions
1.01% 3.96% 3.39%
Class A Return After Taxes on Distributions and Sale of Fund Shares
0.65% 3.70% 3.27%
Class B
3.39% 5.86% 4.72%
Class C
7.36% 5.85% 4.73%
Class I
8.49% 6.92% 5.79%
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
4.22% 5.95% 5.18%
The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Premium AlphaSector Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Premium AlphaSectorSM Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 297% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 297.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to track the Premium AlphaSectorSM Index (ASRP), a public index published by NASDAQ. The fund may be invested in ETFs and/or securities representing the primary sectors of the S&P 500® Index and high-quality short-term securities. The primary sectors of the S&P 500® Index represented are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. Allocations are based on a proprietary quantitative model that seeks to evaluate “true” underlying trends within each sector by adjusting for unwarranted price distortions and changing levels of volatility in the market. The fund has the flexibility to be invested in any combination of the sector ETFs and/or securities, a combination of sector ETFs and/or securities and high-quality short-term securities, or 100% in high-quality short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from tracking the Premium AlphaSector Index and/or the model allocation if it is determined that tracking the Index and/or the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of the exchange-traded funds in which the fund invests. The principal risks of investing in the fund are:
  • Correlation to Index Risk. The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Premium AlphaSector Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.28% [2]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.63% [2]
1 Year rr_ExpenseExampleYear01 731
3 Years rr_ExpenseExampleYear03 1,060
5 Years rr_ExpenseExampleYear05 1,411
10 Years rr_ExpenseExampleYear10 2,397
1 Year rr_ExpenseExampleNoRedemptionYear01 731
3 Years rr_ExpenseExampleNoRedemptionYear03 1,060
5 Years rr_ExpenseExampleNoRedemptionYear05 1,411
10 Years rr_ExpenseExampleNoRedemptionYear10 2,397
2011 rr_AnnualReturn2011 (0.21%)
2012 rr_AnnualReturn2012 10.06%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.84%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.45%)
1 Year rr_AverageAnnualReturnYear01 3.73%
Since Inception rr_AverageAnnualReturnSinceInception 10.04%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2010
Virtus Premium AlphaSector Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.28% [2]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.38% [2]
1 Year rr_ExpenseExampleYear01 341
3 Years rr_ExpenseExampleYear03 742
5 Years rr_ExpenseExampleYear05 1,270
10 Years rr_ExpenseExampleYear10 2,716
1 Year rr_ExpenseExampleNoRedemptionYear01 241
3 Years rr_ExpenseExampleNoRedemptionYear03 742
5 Years rr_ExpenseExampleNoRedemptionYear05 1,270
10 Years rr_ExpenseExampleNoRedemptionYear10 2,716
1 Year rr_AverageAnnualReturnYear01 9.24%
Since Inception rr_AverageAnnualReturnSinceInception 11.83%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2010
Virtus Premium AlphaSector Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.28% [2]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.38% [2]
1 Year rr_ExpenseExampleYear01 140
3 Years rr_ExpenseExampleYear03 437
5 Years rr_ExpenseExampleYear05 755
10 Years rr_ExpenseExampleYear10 1,657
1 Year rr_ExpenseExampleNoRedemptionYear01 140
3 Years rr_ExpenseExampleNoRedemptionYear03 437
5 Years rr_ExpenseExampleNoRedemptionYear05 755
10 Years rr_ExpenseExampleNoRedemptionYear10 1,657
1 Year rr_AverageAnnualReturnYear01 10.31%
Since Inception rr_AverageAnnualReturnSinceInception 12.93%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2010
Virtus Premium AlphaSector Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.81%
Since Inception rr_AverageAnnualReturnSinceInception 9.58%
Virtus Premium AlphaSector Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.83%
Since Inception rr_AverageAnnualReturnSinceInception 8.28%
Virtus Premium AlphaSector Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 16.47%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Virtus Disciplined Select Country Fund
Virtus Disciplined Select Country Fund
Investment Objective
The fund has an investment objective of capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Disciplined Select Country Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Disciplined Select Country Fund
Class A
Class C
Class I
Management Fees 1.10% 1.10% 1.10%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.64% 0.64% 0.64%
Acquired Fund Fees and Expenses [1] 0.51% 0.51% 0.51%
Total Annual Fund Operating Expenses 2.50% 3.25% 2.25%
Less: Expense Reimbursement [2] (0.29%) (0.29%) (0.29%)
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) 2.21% 2.96% 1.96%
[1] Estimated for current fiscal year.
[2] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.70% for Class A Shares, 2.45% for Class C Shares and 1.45% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Disciplined Select Country Fund (USD $)
1 Year
3 Years
Class A
786 1,283
Class C
399 974
Class I
199 675
Expense Example, No Redemption Virtus Disciplined Select Country Fund (USD $)
1 Year
3 Years
Class A
786 1,283
Class C
299 974
Class I
199 675
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to outperform the MSCI EAFE® Index over a full market cycle by tactically allocating net assets among countries included in the MSCI EAFE® Index. In pursuing this strategy, the fund maintains an emphasis on preservation of capital.

Allocations are based on a quantitative model that provides a positive or negative signal, on a weekly basis, for each country evaluated. Countries with positive signals will receive allocations approximating their relative weights in the MSCI EAFE® Index. The remaining portfolio assets will be allocated to the subadviser’s “minimum volatility portfolio,” which is designed to limit downside risk. The minimum volatility portfolio is allocated equally among the four countries that, in the subadviser’s opinion, have exhibited the lowest volatility pattern historically. To mitigate concentration, geographic, and political risk, the four countries in the minimum volatility portfolio cannot be from the same geographic or political region.

Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. The fund may invest in issuers of any capitalization.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund's shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund's portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund's principal investment strategies will result in a consistently high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on fund performance.
  • Small and Medium Market Capitalization Companies. The risk that the fund's investments in small and medium market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.
Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown.
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Virtus Disciplined Equity Style Fund
Virtus Disciplined Equity Style Fund
Investment Objective
The fund has an investment objective of capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Disciplined Equity Style Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Disciplined Equity Style Fund
Class A
Class C
Class I
Management Fees 1.00% 1.00% 1.00%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.61% 0.61% 0.61%
Acquired Fund Fees and Expenses [1] 0.23% 0.23% 0.23%
Total Annual Fund Operating Expenses 2.09% 2.84% 1.84%
Less: Expense Reimbursement [2] (0.26%) (0.26%) (0.26%)
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) 1.83% 2.58% 1.58%
[1] Estimated for current fiscal year.
[2] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, 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, 2014. 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 fiscal year in which such reimbursement occurred.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Disciplined Equity Style Fund (USD $)
1 Year
3 Years
Class A
750 1,169
Class C
361 856
Class I
161 553
Expense Example, No Redemption Virtus Disciplined Equity Style Fund (USD $)
1 Year
3 Years
Class A
750 1,169
Class C
261 856
Class I
161 553
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to outperform the Russell 3000® Index over a full market cycle in the U.S. equity market by tactically allocating net assets among six subsets of the U.S. equity universe that make up the Growth and Value equity styles as set forth below.

Growth:

  • Large-Cap Growth
  • Mid-Cap Growth
  • Small-Cap Growth

Value:

  • Large-Cap Value
  • Mid-Cap Value
  • Small-Cap Value
Allocations are based on a quantitative model that estimates performance trends for each pairing of these six subsets of the U.S. equity market relative to each other and uses these estimates to determine, on a weekly basis, whether the Growth or Value style is better positioned. The fund will invest assets in the equity style with the favorable aggregate score relative to the other style. The ability of the fund to outperform the Russell 3000® Index will depend on, among other things, the length of time and degree to which Growth stocks outperform Value stocks or Value stocks outperform Growth stocks in the U.S. equity market.

Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. Under normal circumstances, the fund intends to invest at least 80% of its assets in ETFs and/or securities representative of the U.S. equity market.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Growth Stocks Risk. The risk that the fund’s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Small and Medium Market Capitalization Risk. The risk that the fund’s investments in small and medium market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.
  • Value Stocks Risk. The risk that the fund will underperform when value investing is out of favor or that the fund’s investments will not appreciate in value as anticipated.
Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown.
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Virtus Multi-Sector Short Term Bond Fund
Virtus Multi-Sector Short Term Bond Fund
Investment Objective
The fund has an investment objective of providing high current income while attempting to limit changes in the fund’s net asset value per share caused by interest rate changes.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Multi-Sector Short Term Bond Fund
Class A
Class B
Class C
Class I
Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 2.25% none none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] 2.00% [2] none none 1.00% [2]
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 0.50% annually to 1% during the third year and to 0% after the third year. The deferred sales charge is imposed on Class T Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the
value of your investment)
Annual Fund Operating Expenses Virtus Multi-Sector Short Term Bond Fund
Class A
Class B
Class C
Class I
Class T
Management Fees 0.48% 0.48% 0.48% 0.48% 0.48%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 0.75% 0.50% none 1.00%
Other Expenses [1] 0.28% 0.28% 0.28% 0.28% 0.28%
Total Annual Fund Operating Expenses [1] 1.01% 1.51% 1.26% 0.76% 1.76%
[1] Restated to reflect current expenses.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after six years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Multi-Sector Short Term Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
326 539 770 1,433
Class B
301 453 755 1,310
Class C
128 400 692 1,523
Class I
78 243 422 942
Class T
176 528 880 1,760
Expense Example, No Redemption Virtus Multi-Sector Short Term Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
326 539 770 1,433
Class B
151 453 755 1,310
Class C
128 400 692 1,523
Class I
78 243 422 942
Class T
176 528 880 1,760
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 52% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks current income with an emphasis on maintaining low volatility and overall short duration by investing primarily in higher quality, more liquid securities across 14 bond market sectors. The fund utilizes a value-oriented, research driven approach that seeks to strategically overweight undervalued sectors while applying strict risk controls.

Under normal circumstances, the fund invests at least 80% of its assets in bonds, which are fixed income debt obligations of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily short-term fixed income securities having an expected dollar-weighted average maturity of three years or less and that are in one of the following market sectors:
  • Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;
  • Debt securities issued by foreign issuers, including foreign governments and their political subdivisions, and issuers located in emerging markets;
  • Investment-grade securities; and
  • High yield-high risk fixed income securities (so called “junk bonds”).
The fund may invest in all or some of these sectors.
Principal Risks
The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • U.S. Government Securities Risk. The risk that the U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Multi-Sector Short Term Bond Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
6.93% 6.30% 5.52%    
Class A Return After Taxes on Distributions
2.50% 3.79% 3.44%    
Class A Return After Taxes on Distributions and Sale of Fund Shares
1.63% 3.64% 3.36%    
Class B
7.37% 6.24% 5.24%    
Class C
9.01% 6.49% 5.54%    
Class I
9.66%       7.76% Jun. 06, 2008
Class I Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
      6.17%  
Class I B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index (reflects no deduction for fees, expenses or taxes)
      4.47%  
Class T
8.49% 5.98%    4.65% Jun. 02, 2003
Class T Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
      4.99%  
Class T B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index (reflects no deduction for fees, expenses or taxes)
      3.99%  
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
4.22% 5.95% 5.18%    
B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index (reflects no deduction for fees, expenses or taxes)
4.90% 4.53% 4.23%    
The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index measures performance of U.S. corporate bond issues rated BBB and A by Standard and Poor’s with maturities between one and three years. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus High Yield Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus High Yield Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has a primary investment objective of high current income
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock and a secondary objective of capital growth.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 92% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 92.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund is appropriate for investors seeking diversification and the potential rewards associated with investing in high-yield fixed income securities. High-yield fixed income securities are those that are rated below investment grade. The subadviser uses an investment process that focuses on adding value through issue selection, sector/industry selection and opportunistic trading. The fund will generally overweight those sectors and industries where the subadviser identifies well-valued companies whose business profiles are viewed to be improving. The subadviser attempts to maintain the duration of the fund at a level similar to that of its style benchmark, the Barclay’s Capital U.S. High Yield 2% Issuer Capped Index. Under normal circumstances, the fund invests at least 80% of its assets in high yield fixed income securities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in one or more industries (such as communications, consumer cyclicals and consumer non-cyclicals) or sectors, the fund is more vulnerable to conditions that negatively affect such industries or sectors as compared to a fund that is not significantly invested in such industries or sector.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Long-Term Maturities/Durations Risk. The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • U.S. Government Securities Risk. The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index is a market capitalization-weighted index that measures fixed rate non-investment grade debt securities of U.S. and non-U.S. corporations. No single issuer accounts for more than 2% of market cap. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus High Yield Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.41% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31% [2]
1 Year rr_ExpenseExampleYear01 503
3 Years rr_ExpenseExampleYear03 775
5 Years rr_ExpenseExampleYear05 1,066
10 Years rr_ExpenseExampleYear10 1,895
1 Year rr_ExpenseExampleNoRedemptionYear01 503
3 Years rr_ExpenseExampleNoRedemptionYear03 775
5 Years rr_ExpenseExampleNoRedemptionYear05 1,066
10 Years rr_ExpenseExampleNoRedemptionYear10 1,895
2003 rr_AnnualReturn2003 18.65%
2004 rr_AnnualReturn2004 7.96%
2005 rr_AnnualReturn2005 1.75%
2006 rr_AnnualReturn2006 8.11%
2007 rr_AnnualReturn2007 2.24%
2008 rr_AnnualReturn2008 (23.91%)
2009 rr_AnnualReturn2009 31.15%
2010 rr_AnnualReturn2010 12.58%
2011 rr_AnnualReturn2011 3.12%
2012 rr_AnnualReturn2012 16.19%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.27%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.67%)
1 Year rr_AverageAnnualReturnYear01 11.84%
5 Years rr_AverageAnnualReturnYear05 5.32%
10 Years rr_AverageAnnualReturnYear10 6.44%
Virtus High Yield Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 5.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.41% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.06% [2]
1 Year rr_ExpenseExampleYear01 609
3 Years rr_ExpenseExampleYear03 846
5 Years rr_ExpenseExampleYear05 1,108
10 Years rr_ExpenseExampleYear10 2,197
1 Year rr_ExpenseExampleNoRedemptionYear01 209
3 Years rr_ExpenseExampleNoRedemptionYear03 646
5 Years rr_ExpenseExampleNoRedemptionYear05 1,108
10 Years rr_ExpenseExampleNoRedemptionYear10 2,197
1 Year rr_AverageAnnualReturnYear01 11.09%
5 Years rr_AverageAnnualReturnYear05 5.35%
10 Years rr_AverageAnnualReturnYear10 6.05%
Virtus High Yield Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.41% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.06% [2]
1 Year rr_ExpenseExampleYear01 309
3 Years rr_ExpenseExampleYear03 646
5 Years rr_ExpenseExampleYear05 1,108
10 Years rr_ExpenseExampleYear10 2,390
1 Year rr_ExpenseExampleNoRedemptionYear01 209
3 Years rr_ExpenseExampleNoRedemptionYear03 646
5 Years rr_ExpenseExampleNoRedemptionYear05 1,108
10 Years rr_ExpenseExampleNoRedemptionYear10 2,390
1 Year rr_AverageAnnualReturnYear01 15.22%
5 Years rr_AverageAnnualReturnYear05 5.35%
10 Years rr_AverageAnnualReturnYear10 6.06%
Virtus High Yield Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.41% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.06% [2]
1 Year rr_ExpenseExampleYear01 108
3 Years rr_ExpenseExampleYear03 337
5 Years rr_ExpenseExampleYear05 585
10 Years rr_ExpenseExampleYear10 1,294
1 Year rr_ExpenseExampleNoRedemptionYear01 108
3 Years rr_ExpenseExampleNoRedemptionYear03 337
5 Years rr_ExpenseExampleNoRedemptionYear05 585
10 Years rr_ExpenseExampleNoRedemptionYear10 1,294
1 Year rr_AverageAnnualReturnYear01   
5 Years rr_AverageAnnualReturnYear05   
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 5.89%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 08, 2012
Virtus High Yield Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.65%
5 Years rr_AverageAnnualReturnYear05 1.69%
10 Years rr_AverageAnnualReturnYear10 3.32%
Virtus High Yield Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.02%
5 Years rr_AverageAnnualReturnYear05 1.95%
10 Years rr_AverageAnnualReturnYear10 3.44%
Virtus High Yield Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.22%
5 Years rr_AverageAnnualReturnYear05 5.95%
10 Years rr_AverageAnnualReturnYear10 5.18%
Virtus High Yield Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 0.90%
Virtus High Yield Fund | Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.78%
5 Years rr_AverageAnnualReturnYear05 10.45%
10 Years rr_AverageAnnualReturnYear10 10.60%
Virtus High Yield Fund | Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 5.24%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 52 R114.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus Global Premium AlphaSector Fund
Virtus Global Premium AlphaSectorSM Fund
Investment Objective
The fund has an investment objective of capital appreciation. In pursuing this objective, the fund maintains an emphasis on preservation of capital.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Global Premium AlphaSector Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Global Premium AlphaSector Fund
Class A
Class C
Class I
Management Fees 1.10% 1.10% 1.10%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% [1] none
Other Expenses [1] 0.42% 0.42% 0.42%
Acquired Fund Fees and Expenses [2] 0.28% 0.28% 0.28%
Total Annual Fund Operating Expenses [1] 2.05% 2.80% 1.80%
Less: Fee Waiver    (0.03%) [3]   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) [1] 2.05% 2.77% 1.80%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[3] The fund's distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the fund's investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Global Premium AlphaSector Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
771 1,181 1,615 2,817
Class C
380 859 1,464 3,099
Class I
183 566 975 2,116
Expense Example, No Redemption Virtus Global Premium AlphaSector Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
771 1,181 1,615 2,817
Class C
280 859 1,464 3,099
Class I
183 566 975 2,116
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells shares of the exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 258% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund allocates net assets to U.S. Equity and International Equity. Allocations within each asset class are based on proprietary quantitative models.

The U.S. Equity allocation may be invested in ETFs and/or securities representing the primary sectors of the S&P 500® Index. The primary sectors of the S&P 500® Index represented are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. The International Equity allocation may be invested in ETFs and/or securities representing both developed markets (EAFE) and emerging markets. The fund may also invest in stocks (without restriction as to market capitalization) and short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from a model allocation if it is determined that tracking the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund. In times of market weakness, the fund has the ability to move partially or fully to short-term cash equivalents.

Under normal circumstances, the fund intends to allocate at least 40% of its assets to ETFs and/or securities representative of non-U.S. markets. Through its investment in these ETFs and/or securities, the fund’s exposure to non-U.S. markets will be diversified among countries and will have represented the business activities of a number of different countries.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Global Premium AlphaSector Fund
1 Year
Since Inception
Inception Date
Class A
4.86% 0.80% Mar. 15, 2011
Class A Return After Taxes on Distributions
3.75% 0.16%  
Class A Return After Taxes on Distributions and Sale of Fund Shares
2.44% 0.17%  
Class C
10.35% 3.38% Mar. 15, 2011
Class I
11.47% 4.39% Mar. 15, 2011
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 8.45%  
MSCI World Index (net)
15.83% 5.30%  
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. The index is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
XML 53 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus Allocator Premium AlphaSector Fund
Virtus Allocator Premium AlphaSectorSM Fund
Investment Objective
The fund has an investment objective of capital appreciation. In pursuing this objective, the fund maintains an emphasis on preservation of capital.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Allocator Premium AlphaSector Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Allocator Premium AlphaSector Fund
Class A
Class C
Class I
Management Fees 1.10% 1.10% 1.10%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% [1] none
Other Expenses [2] 0.35% 0.35% 0.35%
Acquired Fund Fees and Expenses [3] 0.29% 0.29% 0.29%
Recapture of Previously Waived Expenses 0.03% 0.03% 0.03%
Total Annual Fund Operating Expenses [2] 2.02% 2.77% 1.77%
Less: Fee Waiver    (0.02%) [1]   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) [2] 2.02% 2.75% 1.77%
[1] The fund's distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the fund's investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Allocator Premium AlphaSector Fund (USD $)
1 Year
3 Year
5 Year
10 Year
Class A
768 1,172 1,600 2,788
Class C
378 853 1,454 3,080
Class I
180 557 959 2,084
Expense Example, No Redemption Virtus Allocator Premium AlphaSector Fund (USD $)
1 Year
3 Year
5 Year
10 Year
Class A
768 1,172 1,600 2,788
Class C
278 853 1,454 3,080
Class I
180 557 959 2,084
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 211% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund allocates net assets to multiple asset classes including: U.S. Equity, International Equity, Fixed Income, and Alternative. Allocations within each asset class are based on proprietary quantitative models.

The U.S. Equity allocation may be invested in ETFs and/or securities representing the primary sectors of the S&P 500® Index. The primary sectors of the S&P 500® Index are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. The International Equity allocation may be invested in ETFs and/or securities representing both developed markets (EAFE) and emerging markets. The Fixed Income allocation may be invested in ETFs and/or securities representing fixed income sectors including: high yield, investment grade corporate, mortgages, intermediate treasuries and inflation-protected treasuries (TIPS). The Alternative allocation may be invested in ETFs and/or securities representing gold, real estate and broad-based equity securities. The fund may also invest in stocks (without restriction as to market capitalization), bonds (without restriction as to credit quality) and short-term securities. The fund may invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from a model allocation if it is determined that tracking the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund. In times of market weakness, the fund has the ability to move partially or fully to short-term cash equivalents.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Commodity Risk. The risk that investments in commodities, such as gold, or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Real Estate Investment Risk. The risk that the value of the fund’s shares will be negatively affected by factors specific to the real estate market, including interest rate risk, leverage risk, property risk and management risk.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Allocator Premium AlphaSector Fund
1 Year
Since Inception
Inception Date
Class A
2.51% 0.85% Mar. 15, 2011
Class A Return After Taxes on Distributions
1.61% 0.32%  
Class A Return After Taxes on Distributions and Sale of Fund Shares
1.05% 0.30%  
Class C
7.99% 3.52% Mar. 15, 2011
Class I
8.97% 4.49% Mar. 15, 2011
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 8.45%  
Dow Jones Global Moderate Portfolio Index
11.24% 5.99%  
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The Dow Jones Global Moderate Portfolio Index is a benchmark that takes 60% of the risk of the global securities market. It is a total returns index that is a time-varying weighted average of stocks, bonds, and cash. The Index is the efficient allocation of stocks, bonds, and cash in a portfolio with 60% of the risk of the Dow Jones Aggressive Portfolio Index. The indexes are calculated on a total return basis with dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Global Opportunities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Global Opportunities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 73% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 73.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock This fund seeks to provide investors with exposure to high-quality global companies. The securities selected for inclusion in the fund are those believed by the subadviser to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.

Under normal circumstances, the fund invests in equity securities or equity-linked instruments of issuers located throughout the world, including issuers in emerging markets countries and issuers in the United States. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. As of September 30, 2012, the fund was invested in issuers representing approximately 15 different countries.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Growth Stocks Risk. The risk that the fund’s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The MSCI ACWI Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Global Opportunities Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.43% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.54% [2]
1 Year rr_ExpenseExampleYear01 723
3 Years rr_ExpenseExampleYear03 1,033
5 Years rr_ExpenseExampleYear05 1,366
10 Years rr_ExpenseExampleYear10 2,304
1 Year rr_ExpenseExampleNoRedemptionYear01 723
3 Years rr_ExpenseExampleNoRedemptionYear03 1,033
5 Years rr_ExpenseExampleNoRedemptionYear05 1,366
10 Years rr_ExpenseExampleNoRedemptionYear10 2,304
2003 rr_AnnualReturn2003 26.89%
2004 rr_AnnualReturn2004 15.80%
2005 rr_AnnualReturn2005 8.63%
2006 rr_AnnualReturn2006 21.29%
2007 rr_AnnualReturn2007 8.55%
2008 rr_AnnualReturn2008 (43.05%)
2009 rr_AnnualReturn2009 17.03%
2010 rr_AnnualReturn2010 16.01%
2011 rr_AnnualReturn2011 5.37%
2012 rr_AnnualReturn2012 19.41%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 19.07%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.92%)
1 Year rr_AverageAnnualReturnYear01 12.54%
5 Years rr_AverageAnnualReturnYear05 (1.72%)
10 Years rr_AverageAnnualReturnYear10 6.78%
Virtus Global Opportunities Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 5.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.43% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.29% [2]
1 Year rr_ExpenseExampleYear01 632
3 Years rr_ExpenseExampleYear03 915
5 Years rr_ExpenseExampleYear05 1,225
10 Years rr_ExpenseExampleYear10 2,438
1 Year rr_ExpenseExampleNoRedemptionYear01 232
3 Years rr_ExpenseExampleNoRedemptionYear03 715
5 Years rr_ExpenseExampleNoRedemptionYear05 1,225
10 Years rr_ExpenseExampleNoRedemptionYear10 2,438
1 Year rr_AverageAnnualReturnYear01 14.50%
5 Years rr_AverageAnnualReturnYear05 (1.26%)
10 Years rr_AverageAnnualReturnYear10 6.63%
Virtus Global Opportunities Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.43% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.29% [2]
1 Year rr_ExpenseExampleYear01 332
3 Years rr_ExpenseExampleYear03 715
5 Years rr_ExpenseExampleYear05 1,225
10 Years rr_ExpenseExampleYear10 2,626
1 Year rr_ExpenseExampleNoRedemptionYear01 232
3 Years rr_ExpenseExampleNoRedemptionYear03 715
5 Years rr_ExpenseExampleNoRedemptionYear05 1,225
10 Years rr_ExpenseExampleNoRedemptionYear10 2,626
1 Year rr_AverageAnnualReturnYear01 18.47%
5 Years rr_AverageAnnualReturnYear05 (1.28%)
10 Years rr_AverageAnnualReturnYear10 6.62%
Virtus Global Opportunities Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.43% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.29% [2]
1 Year rr_ExpenseExampleYear01 131
3 Years rr_ExpenseExampleYear03 409
5 Years rr_ExpenseExampleYear05 708
10 Years rr_ExpenseExampleYear10 1,556
1 Year rr_ExpenseExampleNoRedemptionYear01 131
3 Years rr_ExpenseExampleNoRedemptionYear03 409
5 Years rr_ExpenseExampleNoRedemptionYear05 708
10 Years rr_ExpenseExampleNoRedemptionYear10 1,556
1 Year rr_AverageAnnualReturnYear01   
5 Years rr_AverageAnnualReturnYear05   
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 8.30%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 08, 2012
Virtus Global Opportunities Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 12.19%
5 Years rr_AverageAnnualReturnYear05 (1.74%)
10 Years rr_AverageAnnualReturnYear10 6.56%
Virtus Global Opportunities Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.92%
5 Years rr_AverageAnnualReturnYear05 (1.37%)
10 Years rr_AverageAnnualReturnYear10 6.02%
Virtus Global Opportunities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
10 Years rr_AverageAnnualReturnYear10 7.10%
Virtus Global Opportunities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 2.72%
Virtus Global Opportunities Fund | MSCI ACWI Index (net) (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.13%
5 Years rr_AverageAnnualReturnYear05 (1.16%)
10 Years rr_AverageAnnualReturnYear10 8.11%
Virtus Global Opportunities Fund | MSCI ACWI Index (net) (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.20%
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Virtus International Equity Fund
Virtus International Equity Fund
Investment Objective
The fund has an investment objective of long-term capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus International Equity Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus International Equity Fund
Class A
Class C
Class I
Management Fees 0.85% 0.85% 0.85%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.63% 0.63% 0.63%
Acquired Fund Fees and Expenses [2] 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 1.74% 2.49% 1.49%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus International Equity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
742 1,091 1,464 2,509
Class C
352 776 1,326 2,826
Class I
152 471 813 1,779
Expense Example, No Redemption Virtus International Equity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
742 1,091 1,464 2,509
Class C
252 776 1,326 2,826
Class I
152 471 813 1,779
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
This fund offers investors exposure primarily to mid- to large capitalization international companies, but it is not limited to investing in the securities of companies of any particular size. The subadviser uses a value-driven, absolute return approach to investing. The subadviser’s process is a mixture of country allocation and stock selection, with a recognition that a significant portion of long-term performance and risk reduction will come from the country allocation decision.

Under normal circumstances, the fund invests at least 80% of its assets in equity securities of issuers located outside the United States, including issuers in emerging markets countries. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in small and medium-sized companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Value Stocks Risk. The risk that the fund will underperform when value investing is out of favor or that the fund’s investments will not appreciate in value as anticipated.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus International Equity Fund
1 Year
Since Inception
Inception Date
Class A Shares
9.18% 5.82% Sep. 16, 2010
Class A Shares Return After Taxes on Distributions
6.63% 4.54%  
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
4.31% 4.12%  
Class C Shares
14.82% 7.60% Sep. 16, 2010
Class I Shares
15.99% 8.70% Sep. 16, 2010
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 13.31%  
MSCI EAFE® Index (net) (reflects no deduction for fees, expenses or taxes)
17.32% 5.33%  
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI EAFE® Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The MSCI EAFE® Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Virtus Greater European Opportunities Fund
Virtus Greater European Opportunities Fund
Investment Objective
The fund has an investment objective of long-term capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Greater European Opportunities Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Greater European Opportunities Fund
Class A
Class C
Class I
Management Fees 0.85% 0.85% 0.85%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 1.58% 1.58% 1.58%
Total Annual Fund Operating Expenses [1] 2.68% 3.43% 2.43%
[1] Restated to reflect current expenses.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Greater European Opportunities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
831 1,359 1,913 3,414
Class C
446 1,053 1,784 3,712
Class I
246 758 1,296 2,766
Expense Example, No Redemption Virtus Greater European Opportunities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
831 1,359 1,913 3,414
Class C
346 1,053 1,784 3,712
Class I
246 758 1,296 2,766
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 49% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
This fund seeks to offer investors exposure to European market economies through well-established companies. The securities selected for inclusion in the fund are believed by the subadviser to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.

Under normal circumstances, at least 80% of the fund’s assets are invested in equity securities or equity-linked instruments of issuers located in Europe, including issuers in emerging markets countries. Equity-linked securities are hybrid debt securities whose return is connected to an underlying equity, usually a stock. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Greater European Opportunities Fund
1 Year
Since Inception
Inception Date
Class A Shares
18.42% 16.40% Apr. 21, 2009
Class A Shares Return After Taxes on Distributions
14.17% 14.43%  
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
9.21% 13.27%  
Class C Shares
24.75% 17.39% Apr. 21, 2009
Class I Shares
25.98% 18.56% Apr. 21, 2009
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 17.45%  
MSCI Europe Index (net) (reflects no deduction for fees, expenses or taxes)
19.12% 14.27%  
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI Europe Index (net) is a free float-adjusted market capitalization weighted index measuring the equity market performance of the developed markets in Europe. The MSCI Europe Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
XML 58 R181.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus International Small-Cap Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus International Small-Cap Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 0% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 0.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund pursues capital appreciation in the small-cap international arena. The fund invests in a select group of small-cap companies believed by the subadviser to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles.

Under normal circumstances, the fund invests at least 80% of its assets in equity securities of non-U.S. small capitalization companies. As of the date of the Prospectus, the fund’s subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of between $75 million and $5 billion. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country. Equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). The fund may invest in emerging markets issuers. Generally, the fund invests in approximately 30-60 securities at any given time and invests in issuers in approximately 20 countries.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Limited Number of Investments Risk. The risk that the fund’s portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund’s portfolio than would a fund holding a greater number of securities.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Small Market Capitalization Companies Risk. The risk that the fund’s investments in small market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Virtus International Small-Cap Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.93% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.18%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.58%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.60%
1 Year rr_ExpenseExampleYear01 728
3 Years rr_ExpenseExampleYear03 1,165
1 Year rr_ExpenseExampleNoRedemptionYear01 728
3 Years rr_ExpenseExampleNoRedemptionYear03 1,165
Virtus International Small-Cap Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.93% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.93%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.58%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.35%
1 Year rr_ExpenseExampleYear01 338
3 Years rr_ExpenseExampleYear03 852
1 Year rr_ExpenseExampleNoRedemptionYear01 238
3 Years rr_ExpenseExampleNoRedemptionYear03 852
Virtus International Small-Cap Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.93% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.93%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.58%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.35%
1 Year rr_ExpenseExampleYear01 137
3 Years rr_ExpenseExampleYear03 550
1 Year rr_ExpenseExampleNoRedemptionYear01 137
3 Years rr_ExpenseExampleNoRedemptionYear03 550
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Estimated for current fiscal year.
[3] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary 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, 2014. 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 fiscal year in which such reimbursement occurred.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of high total return from both current income and capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 210% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 210.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to generate high total return from both current income and capital appreciation by investing primarily in intermediate-term debt securities across 14 fixed income sectors. The fund seeks to achieve its objective by applying a time-tested approach of active sector rotation, extensive credit research and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets.

Under normal circumstances, the fund invests at least 80% of its assets in fixed income debt obligations of various types of issuers, to include some or all of the following:
  • Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations ("CMOs"), real estate mortgage investment conduits ("REMICs"), and other pass-through securities;
  • Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets;
  • Investment-grade securities (primarily of U.S. issuers, secondarily of non-U.S. issuers), which generally are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization; and
  • High-yield debt instruments, including bank loans (which are generally floating-rate).
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of the security to decline.
  • Emerging Market Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund's portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund's portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund's debt securities, especially those with longer maturities, will fall.
  • Loan Participation Risk. The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
  • Long-Term Maturities/Durations Risk. The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund's portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Bond Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.32% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.03% [2]
1 Year rr_ExpenseExampleYear01 476
3 Years rr_ExpenseExampleYear03 691
5 Years rr_ExpenseExampleYear05 922
10 Years rr_ExpenseExampleYear10 1,587
1 Year rr_ExpenseExampleNoRedemptionYear01 476
3 Years rr_ExpenseExampleNoRedemptionYear03 691
5 Years rr_ExpenseExampleNoRedemptionYear05 922
10 Years rr_ExpenseExampleNoRedemptionYear10 1,587
2003 rr_AnnualReturn2003 6.79%
2004 rr_AnnualReturn2004 4.23%
2005 rr_AnnualReturn2005 1.72%
2006 rr_AnnualReturn2006 4.35%
2007 rr_AnnualReturn2007 5.03%
2008 rr_AnnualReturn2008 (0.55%)
2009 rr_AnnualReturn2009 11.93%
2010 rr_AnnualReturn2010 8.58%
2011 rr_AnnualReturn2011 5.52%
2012 rr_AnnualReturn2012 8.18%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.51%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2004
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.36%)
1 Year rr_AverageAnnualReturnYear01 4.13%
5 Years rr_AverageAnnualReturnYear05 5.84%
10 Years rr_AverageAnnualReturnYear10 5.12%
Virtus Bond Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 5.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.32% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.78% [2]
1 Year rr_ExpenseExampleYear01 581
3 Years rr_ExpenseExampleYear03 760
5 Years rr_ExpenseExampleYear05 964
10 Years rr_ExpenseExampleYear10 1,897
1 Year rr_ExpenseExampleNoRedemptionYear01 181
3 Years rr_ExpenseExampleNoRedemptionYear03 560
5 Years rr_ExpenseExampleNoRedemptionYear05 964
10 Years rr_ExpenseExampleNoRedemptionYear10 1,897
1 Year rr_AverageAnnualReturnYear01 3.39%
5 Years rr_AverageAnnualReturnYear05 5.86%
10 Years rr_AverageAnnualReturnYear10 4.72%
Virtus Bond Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.32% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.78% [2]
1 Year rr_ExpenseExampleYear01 281
3 Years rr_ExpenseExampleYear03 560
5 Years rr_ExpenseExampleYear05 964
10 Years rr_ExpenseExampleYear10 2,095
1 Year rr_ExpenseExampleNoRedemptionYear01 181
3 Years rr_ExpenseExampleNoRedemptionYear03 560
5 Years rr_ExpenseExampleNoRedemptionYear05 964
10 Years rr_ExpenseExampleNoRedemptionYear10 2,095
1 Year rr_AverageAnnualReturnYear01 7.36%
5 Years rr_AverageAnnualReturnYear05 5.85%
10 Years rr_AverageAnnualReturnYear10 4.73%
Virtus Bond Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.32% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.78% [2]
1 Year rr_ExpenseExampleYear01 80
3 Years rr_ExpenseExampleYear03 249
5 Years rr_ExpenseExampleYear05 433
10 Years rr_ExpenseExampleYear10 966
1 Year rr_ExpenseExampleNoRedemptionYear01 80
3 Years rr_ExpenseExampleNoRedemptionYear03 249
5 Years rr_ExpenseExampleNoRedemptionYear05 433
10 Years rr_ExpenseExampleNoRedemptionYear10 966
1 Year rr_AverageAnnualReturnYear01 8.49%
5 Years rr_AverageAnnualReturnYear05 6.92%
10 Years rr_AverageAnnualReturnYear10 5.79%
Virtus Bond Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.01%
5 Years rr_AverageAnnualReturnYear05 3.96%
10 Years rr_AverageAnnualReturnYear10 3.39%
Virtus Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.65%
5 Years rr_AverageAnnualReturnYear05 3.70%
10 Years rr_AverageAnnualReturnYear10 3.27%
Virtus Bond Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.22%
5 Years rr_AverageAnnualReturnYear05 5.95%
10 Years rr_AverageAnnualReturnYear10 5.18%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 61 R197.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Multi-Sector Short Term Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Multi-Sector Short Term Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of providing high current income while attempting to limit changes in the fund’s net asset value per share caused by interest rate changes.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the
value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 52% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 52.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 0.50% annually to 1% during the third year and to 0% after the third year. The deferred sales charge is imposed on Class T Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after six years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks current income with an emphasis on maintaining low volatility and overall short duration by investing primarily in higher quality, more liquid securities across 14 bond market sectors. The fund utilizes a value-oriented, research driven approach that seeks to strategically overweight undervalued sectors while applying strict risk controls.

Under normal circumstances, the fund invests at least 80% of its assets in bonds, which are fixed income debt obligations of various types of issuers. The fund seeks to achieve its objective by investing in a diversified portfolio of primarily short-term fixed income securities having an expected dollar-weighted average maturity of three years or less and that are in one of the following market sectors:
  • Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;
  • Debt securities issued by foreign issuers, including foreign governments and their political subdivisions, and issuers located in emerging markets;
  • Investment-grade securities; and
  • High yield-high risk fixed income securities (so called “junk bonds”).
The fund may invest in all or some of these sectors.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • U.S. Government Securities Risk. The risk that the U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index measures performance of U.S. corporate bond issues rated BBB and A by Standard and Poor’s with maturities between one and three years. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Multi-Sector Short Term Bond Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.25%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.48%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.01% [2]
1 Year rr_ExpenseExampleYear01 326
3 Years rr_ExpenseExampleYear03 539
5 Years rr_ExpenseExampleYear05 770
10 Years rr_ExpenseExampleYear10 1,433
1 Year rr_ExpenseExampleNoRedemptionYear01 326
3 Years rr_ExpenseExampleNoRedemptionYear03 539
5 Years rr_ExpenseExampleNoRedemptionYear05 770
10 Years rr_ExpenseExampleNoRedemptionYear10 1,433
2003 rr_AnnualReturn2003 9.09%
2004 rr_AnnualReturn2004 4.81%
2005 rr_AnnualReturn2005 1.36%
2006 rr_AnnualReturn2006 5.52%
2007 rr_AnnualReturn2007 3.15%
2008 rr_AnnualReturn2008 (13.96%)
2009 rr_AnnualReturn2009 29.80%
2010 rr_AnnualReturn2010 10.25%
2011 rr_AnnualReturn2011 3.10%
2012 rr_AnnualReturn2012 9.39%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.79%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.05%)
1 Year rr_AverageAnnualReturnYear01 6.93%
5 Years rr_AverageAnnualReturnYear05 6.30%
10 Years rr_AverageAnnualReturnYear10 5.52%
Virtus Multi-Sector Short Term Bond Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 2.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.48%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Other Expenses rr_OtherExpensesOverAssets 0.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.51% [2]
1 Year rr_ExpenseExampleYear01 301
3 Years rr_ExpenseExampleYear03 453
5 Years rr_ExpenseExampleYear05 755
10 Years rr_ExpenseExampleYear10 1,310
1 Year rr_ExpenseExampleNoRedemptionYear01 151
3 Years rr_ExpenseExampleNoRedemptionYear03 453
5 Years rr_ExpenseExampleNoRedemptionYear05 755
10 Years rr_ExpenseExampleNoRedemptionYear10 1,310
1 Year rr_AverageAnnualReturnYear01 7.37%
5 Years rr_AverageAnnualReturnYear05 6.24%
10 Years rr_AverageAnnualReturnYear10 5.24%
Virtus Multi-Sector Short Term Bond Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.48%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses rr_OtherExpensesOverAssets 0.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.26% [2]
1 Year rr_ExpenseExampleYear01 128
3 Years rr_ExpenseExampleYear03 400
5 Years rr_ExpenseExampleYear05 692
10 Years rr_ExpenseExampleYear10 1,523
1 Year rr_ExpenseExampleNoRedemptionYear01 128
3 Years rr_ExpenseExampleNoRedemptionYear03 400
5 Years rr_ExpenseExampleNoRedemptionYear05 692
10 Years rr_ExpenseExampleNoRedemptionYear10 1,523
1 Year rr_AverageAnnualReturnYear01 9.01%
5 Years rr_AverageAnnualReturnYear05 6.49%
10 Years rr_AverageAnnualReturnYear10 5.54%
Virtus Multi-Sector Short Term Bond Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.48%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.76% [2]
1 Year rr_ExpenseExampleYear01 78
3 Years rr_ExpenseExampleYear03 243
5 Years rr_ExpenseExampleYear05 422
10 Years rr_ExpenseExampleYear10 942
1 Year rr_ExpenseExampleNoRedemptionYear01 78
3 Years rr_ExpenseExampleNoRedemptionYear03 243
5 Years rr_ExpenseExampleNoRedemptionYear05 422
10 Years rr_ExpenseExampleNoRedemptionYear10 942
1 Year rr_AverageAnnualReturnYear01 9.66%
5 Years rr_AverageAnnualReturnYear05   
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 7.76%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 06, 2008
Virtus Multi-Sector Short Term Bond Fund | Class T
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.48%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.76% [2]
1 Year rr_ExpenseExampleYear01 176
3 Years rr_ExpenseExampleYear03 528
5 Years rr_ExpenseExampleYear05 880
10 Years rr_ExpenseExampleYear10 1,760
1 Year rr_ExpenseExampleNoRedemptionYear01 176
3 Years rr_ExpenseExampleNoRedemptionYear03 528
5 Years rr_ExpenseExampleNoRedemptionYear05 880
10 Years rr_ExpenseExampleNoRedemptionYear10 1,760
1 Year rr_AverageAnnualReturnYear01 8.49%
5 Years rr_AverageAnnualReturnYear05 5.98%
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 4.65%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 02, 2003
Virtus Multi-Sector Short Term Bond Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.50%
5 Years rr_AverageAnnualReturnYear05 3.79%
10 Years rr_AverageAnnualReturnYear10 3.44%
Virtus Multi-Sector Short Term Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.63%
5 Years rr_AverageAnnualReturnYear05 3.64%
10 Years rr_AverageAnnualReturnYear10 3.36%
Virtus Multi-Sector Short Term Bond Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.22%
5 Years rr_AverageAnnualReturnYear05 5.95%
10 Years rr_AverageAnnualReturnYear10 5.18%
Virtus Multi-Sector Short Term Bond Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.17%
Virtus Multi-Sector Short Term Bond Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | Class T
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 4.99%
Virtus Multi-Sector Short Term Bond Fund | B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.90%
5 Years rr_AverageAnnualReturnYear05 4.53%
10 Years rr_AverageAnnualReturnYear10 4.23%
Virtus Multi-Sector Short Term Bond Fund | B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 4.47%
Virtus Multi-Sector Short Term Bond Fund | B of A Merrill Lynch 1-2.99 Year Medium Quality Corporate Bond Index (reflects no deduction for fees, expenses or taxes) | Class T
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 3.99%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 0.50% annually to 1% during the third year and to 0% after the third year. The deferred sales charge is imposed on Class T Shares redeemed during the first year only.
XML 62 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus CA Tax-Exempt Bond Fund
Virtus CA Tax-Exempt Bond Fund
Investment Objective
The fund has an investment objective of obtaining a high level of current income exempt from California state and local income taxes, as well as federal income tax, consistent with the preservation of capital.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus CA Tax-Exempt Bond Fund
Class A
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 2.75% none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus CA Tax-Exempt Bond Fund
Class A
Class I
Management Fees 0.45% 0.45%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% none
Other Expenses [1] 0.34% 0.34%
Acquired Fund Fees and Expenses [2] 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 1.05% 0.80%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus CA Tax-Exempt Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
379 600 838 1,522
Class I
82 255 444 990
Expense Example, No Redemption Virtus CA Tax-Exempt Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
379 600 838 1,522
Class I
82 255 444 990
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 16% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks current income free from federal and state income taxes by investing in municipal bonds issued in the state of California. The management team focuses on high quality California tax-exempt municipal bonds, gauging the value of a security by issue type, credit quality, and bond structure.

Under normal circumstances, as a matter of fundamental policy, the fund invests at least 80% of its assets in bonds, the income from which is exempt from California state income tax and federal income tax, and may invest 100% of its assets in such securities. The portion of the fund’s assets not invested in tax-exempt securities may be invested in taxable fixed income securities. Income from these investments may be subject to federal, state and local taxes.
Principal Risks
The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Long-Term Maturities/Durations Risk. The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Municipal Bond Market Risk. The risk that events negatively impacting a particular municipal security, or the municipal bond market in general, will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Tax-Exempt Securities Risk. The risk that tax-exempt securities may not provide a higher after-tax return than taxable securities.
  • Unrated Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus CA Tax-Exempt Bond Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A Shares
5.46% 4.87% 4.08%    
Class A Shares Return After Taxes on Distributions
0.30% 3.82% 3.47%    
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
0.19% 3.71% 3.48%    
Class I Shares
8.72% 5.73%    5.12% Sep. 29, 2006
Class I Shares Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
      6.06%  
Class I Shares Barclays Capital California Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
      5.52%  
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
4.22% 5.95% 5.18%    
Barclays Capital California Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
8.15% 6.11% 5.30%    
The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The Barclays Capital California Municipal Bond Index measures long term investment grade, tax-exempt and fixed rate bonds issued in California. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Virtus Global Dividend Fund
Virtus Global Dividend Fund
Investment Objective
The fund has an investment objective of capital appreciation and current income.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Global Dividend Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Global Dividend Fund
Class A
Class C
Class I
Management Fees 0.65% 0.65% 0.65%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.41% 0.41% 0.41%
Total Annual Fund Operating Expenses [1] 1.31% 2.06% 1.06%
[1] Restated to reflect current expenses.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Global Dividend Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
701 966 1,252 2,063
Class C
309 646 1,108 2,390
Class I
108 337 585 1,294
Expense Example, No Redemption Virtus Global Dividend Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
701 966 1,252 2,063
Class C
209 646 1,108 2,390
Class I
108 337 585 1,294
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 21% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund invests globally in infrastructure companies involved in the energy, utility, transportation, and communications industries. Infrastructure companies are believed by the subadviser to exhibit attractive risk/return characteristics, offer moderate-to-high income and moderate growth, and are defensive in nature.

Under normal market conditions, the fund invests at least 80% of its assets in dividend paying equity securities of infrastructure companies that are located in three or more countries, one of which will be the United States. Under normal market conditions, the fund will invest at least 25% of its assets in securities of U.S. issuers. As of September 30, 2012, the fund was invested in issuers representing approximately 13 different countries. Although the fund concentrates its investments in infrastructure companies, it may invest up to 20% of its assets in securities of issuers that are not infrastructure companies, including stocks, debt obligations, money market securities and money market mutual funds, as well as certain derivative instruments. To the extent the fund purchases non-infrastructure stocks, they may be of issuers of any capitalization. When investing in debt obligations, the fund will invest primarily in investment grade debt obligations, although it may invest in high-yield, high-risk fixed income securities (junk bonds).
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Derivatives Risk. The risk that the fund will incur a loss greater than the fund’s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Income Risk. The risk that income received from the fund will vary widely over the short- and long-term.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting infrastructure companies will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in infrastructure companies, the fund is more vulnerable to conditions that negatively affect infrastructure companies as compared to a fund that does not concentrate holdings in such companies.
  • Infrastructure-Related Investment Risk. The risk that the value of the fund’s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Master Limited Partnership (MLP) Risk. The risk that the fund’s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLPs.
  • Preferred Stock Risk. The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and with a composite benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Global Dividend Fund
1 Year
5 Years
Since Inception
Inception Date
Class A
4.78% 0.04% 6.41% Dec. 30, 2004
Class A Return After Taxes on Distributions
1.99% (0.46%) 5.79%  
Class A Return After Taxes on Distributions and Sale of Fund Shares
1.29% (0.10%) 5.46%  
Class A S&P 500® Index (reflects no deduction for fees, expenses or taxes)
    4.23%  
Class A Global Dividend Linked Benchmark (reflects no deduction for fees, expenses or taxes)
    6.09%  
Class C
10.31% 0.50% 6.41% Dec. 30, 2004
Class C S&P 500® Index (reflects no deduction for fees, expenses or taxes)
    4.23%  
Class C Global Dividend Linked Benchmark (reflects no deduction for fees, expenses or taxes)
    6.09%  
Class I
11.45%    2.69% Jun. 06, 2008
Class I S&P 500® Index (reflects no deduction for fees, expenses or taxes)
    3.32%  
Class I Global Dividend Linked Benchmark (reflects no deduction for fees, expenses or taxes)
    (0.20%)  
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66%    
Global Dividend Linked Benchmark (reflects no deduction for fees, expenses or taxes)
6.65% (1.08%)    
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies and is provided for general comparative purposes. The index is calculated on a total-return basis with dividends reinvested. The Global Dividend Linked Benchmark consists of the MSCI World Infrastructure Sector Capped Index for the period since September 1, 2008. This is a market capitalization weighted index that measures performance of global infrastructure companies by capturing broad and diversified opportunities across telecommunication, utilities, energy, transportation and social infrastructure sectors. The telecommunication infrastructure and utilities sector each represent one-third of the index weight, while energy, transportation and social infrastructure sectors have a combined weight of the remaining one-third of the index. Performance of the Global Dividend Linked Benchmark prior to September 1, 2008 represents an allocation consisting of 65% MSCI USA/Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI World ex USA/Utilities Index. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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XML 65 R227.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Wealth Masters Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Wealth Masters Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 26% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 26.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to track the performance of the Horizon Kinetics ISE Wealth Index (Ticker: RCH), a public index maintained by Horizon Kinetics, LLC, the parent company of the fund’s subadviser, and published by International Securities Exchange, LLC. The index is composed of U.S.-listed companies and equity REITs managed by executives who are among the wealthiest individuals in the United States and, in many cases, have accumulated a substantial amount of their personal wealth through the companies that they manage. The issuers have market capitalizations, at time of addition to the index, in excess of $100 million (as of June 30, 2012). The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Correlation to Index. The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.
  • Equity Real Estate Investment Trust (REIT) Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies, including microcap companies may be more volatile than investments in larger companies.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent the fund focuses its assets in a particular market sector, the fund is more vulnerable to conditions that negatively affect such market sector as compared to a fund that does not focus holdings in such securities.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Virtus Wealth Masters Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.58% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.68%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.45%
1 Year rr_ExpenseExampleYear01 714
3 Years rr_ExpenseExampleYear03 1,053
1 Year rr_ExpenseExampleNoRedemptionYear01 714
3 Years rr_ExpenseExampleNoRedemptionYear03 1,053
Virtus Wealth Masters Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.58% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.43%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.20%
1 Year rr_ExpenseExampleYear01 323
3 Years rr_ExpenseExampleYear03 736
1 Year rr_ExpenseExampleNoRedemptionYear01 223
3 Years rr_ExpenseExampleNoRedemptionYear03 736
Virtus Wealth Masters Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.58% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.43%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.20%
1 Year rr_ExpenseExampleYear01 122
3 Years rr_ExpenseExampleYear03 430
1 Year rr_ExpenseExampleNoRedemptionYear01 122
3 Years rr_ExpenseExampleNoRedemptionYear03 430
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Estimated for current fiscal year.
[3] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.45% for Class A Shares, 2.20% for Class C Shares and 1.20% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 66 R206.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus Real Estate Securities Fund
Virtus Real Estate Securities Fund
Investment Objective
The fund has investment objectives of capital appreciation and income with approximately equal emphasis.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Real Estate Securities Fund
Class A
Class B
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 5.00% [2] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Annual Fund Operating Expenses Virtus Real Estate Securities Fund
Class A
Class B
Class C
Class I
Management Fees 0.74% 0.74% 0.74% 0.74%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% 1.00% none
Other Expenses [1] 0.42% 0.42% 0.42% 0.42%
Total Annual Fund Operating Expenses [1] 1.41% 2.16% 2.16% 1.16%
[1] Restated to reflect current expenses.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Real Estate Securities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
710 996 1,302 2,169
Class B
619 876 1,159 2,303
Class C
319 676 1,159 2,493
Class I
118 368 638 1,409
Expense Example, No Redemption Virtus Real Estate Securities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
710 996 1,302 2,169
Class B
219 676 1,159 2,303
Class C
219 676 1,159 2,493
Class I
118 368 638 1,409
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund offers exposure to the equity real estate investment trust (“REIT”) market utilizing a Growth at a Reasonable Price style with macroeconomic and fundamental security analysis to identify the most attractive investment candidates. The subadviser believes the value of a REIT extends beyond the value of the underlying real estate and that through fundamental research, it can uncover and exploit inefficiencies in the market.

Under normal circumstances, the fund invests at least 80% of its assets in publicly-traded REITs and companies that are principally engaged in the real estate industry. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Principal Risks
The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Equity REIT Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of the REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting real estate securities will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Real Estate Securities Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
9.82% 4.28% 11.44%    
Class A Return After Taxes on Distributions
8.80% 3.59% 10.42%    
Class A Return After Taxes on Distributions and Sale of Fund Shares
5.72% 3.17% 9.62%    
Class B
11.63% 4.72% 11.25%    
Class C
15.63% 4.73%    10.11% Jul. 25, 2003
Class C S&P 500® Index (reflects no deduction for fees, expenses or taxes)
      5.99%  
Class C FTSE NAREIT Equity REITs Index (reflects no deduction for fees, expenses or taxes)
      10.23%  
Class I
16.80% 5.79%    1.81% Dec. 28, 2006
Class I S&P 500® Index (reflects no deduction for fees, expenses or taxes)
      2.29%  
Class I FTSE NAREIT Equity REITs Index (reflects no deduction for fees, expenses or taxes)
      1.59%  
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66% 7.10%    
FTSE NAREIT Equity REITs Index (reflects no deduction for fees, expenses or taxes)
18.06% 5.45% 11.63%    
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The FTSE NAREIT Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified REITs, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. The indexes are calculated on a total return basis with dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
XML 67 R122.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus Global Real Estate Securities Fund
Virtus Global Real Estate Securities Fund
Investment Objective
The fund has a primary investment objective of long-term capital appreciation,
with a secondary investment objective of income.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Global Real Estate Securities Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Global Real Estate Securities Fund
Class A
Class C
Class I
Management Fees 0.85% 0.85% 0.85%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 1.10% 1.10% 1.10%
Acquired Fund Fees and Expenses [2] 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 2.21% 2.96% 1.96%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Global Real Estate Securities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
786 1,226 1,692 2,973
Class C
399 915 1,557 3,280
Class I
199 615 1,057 2,285
Expense Example, No Redemption Virtus Global Real Estate Securities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
786 1,226 1,692 2,973
Class C
299 915 1,557 3,280
Class I
199 615 1,057 2,285
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund provides global exposure to the real estate securities market, focusing exclusively on companies with a rental business profile. Rental companies derive 70% or more of total revenue from rental income and are most similar in business profile to U.S. real estate investment trusts (“REITs”).

Under normal circumstances, the fund invests at least 80% of its assets in equity securities issued by U.S. and non-U.S companies of any capitalization that are principally engaged in the real estate industry, including common stock, preferred stock and other equity securities issued by real estate companies, such as REITs and similar REIT-like entities. The fund, under normal market conditions, will hold at least 40% of its assets in non-U.S. issuers. Additionally, the fund normally invests in real estate-related securities of issuers in developed countries; however it may invest up to 20% of its assets in issuers incorporated in emerging market countries. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Principal Risks
The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity REIT Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting real estate securities will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Global Real Estate Securities Fund
1 Year
Since Inception
Inception Date
Class A Shares
16.30% 30.58% Mar. 02, 2009
Class A Shares Return After Taxes on Distributions
12.83% 27.31%  
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
8.34% 24.83%  
Class C Shares
22.45% 31.63% Mar. 02, 2009
Class I Shares
23.70% 32.97% Mar. 02, 2009
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 22.96%  
FTSE EPRA/NAREIT Developed Rental Index (net) (reflects no deduction for fees, expenses or taxes)
22.54% 32.80%  
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The FTSE EPRA/NAREIT Developed Rental Index is a free-float market capitalization index measuring global real estate securities, which meet minimum size, liquidity and investment focus criteria. The FTSE EPRA/NAREIT Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
XML 68 R146.htm IDEA: XBRL DOCUMENT v2.4.0.6
Virtus Herzfeld Fund
Virtus Herzfeld Fund
Investment Objective
The fund has an investment objective of seeking capital appreciation and current income.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Herzfeld Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Herzfeld Fund
Class A
Class C
Class I
Management Fees 1.00% 1.00% 1.00%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.61% 0.61% 0.61%
Acquired Fund Fees and Expenses [2] 0.98% 0.98% 0.98%
Total Annual Fund Operating Expenses 2.84% 3.59% 2.59%
Less: Expense Reimbursement [3] (0.26%) (0.26%) (0.26%)
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) 2.58% 3.33% 2.33%
[1] Estimated for current fiscal year.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[3] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, 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, 2014. 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 fiscal year in which such reimbursement occurred.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Herzfeld Fund (USD $)
1 Year
3 Years
Class A
821 1,381
Class C
436 1,076
Class I
236 781
Expense Example, No Redemption Virtus Herzfeld Fund (USD $)
1 Year
3 Years
Class A
821 1,381
Class C
336 1,076
Class I
236 781
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells shares of closed-end funds or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 3% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
Under normal circumstances, the fund invests in closed-end investment companies that primarily invest in equity and income-producing securities. The investment methodology utilizes a number of factors and consists of both a quantitative and qualitative approach to identify opportunities across the entire universe of closed-end funds. The overall investment philosophy is predicated on recognizing the recurring valuation patterns found in the closed-end fund industry and capitalizing on opportunities in a systematic manner. The strategy seeks to exploit the discount and premium spreads associated with closed-end funds. The fund may also allocate assets to other investment company structures, including exchange-traded funds (“ETFs”), equity securities, including common and preferred stocks, cash, and/or short term cash equivalents.

The fund primarily invests in closed-end funds whose principal investments strategies include one or more of the following:

Domestic Funds
  • Municipal Bond, Build America Bond, Government Bond, Corporate Bond, High Yield Bond
  • Equity—Sector Specific (such as Utilities, Real Estate, MLPs), Equity—Covered Call, Equity—General, Equity—Growth & Income, Equity—Dividend, Equity—Tax-Advantaged, Equity—Preferreds, Equity—Convertible Bond
  • Loan Participation
  • Mortgage-Backed
  • Multi-Strategy
Non-U.S. Funds
  • Foreign Equity—Country Specific, Foreign Equity—Geographic Region, Global Equity—General, Global Equity—Growth & Income, Global Equity—Dividend
  • Global Fixed Income
  • Global Multi-Strategy
The closed-end funds that invest in equity securities may or may not use a growth or value strategy and may include funds investing in securities of issuers of any market capitalization. Closed-end funds that invest in non-U.S issuers may include issuers in emerging markets. Closed-end funds that invest in fixed income securities may invest in securities of any credit quality, including below investment grade (so-called “junk bonds”).
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any underlying investment companies in which the fund invests. The principal risks of investing in the fund are:
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Closed-End Funds Risk. The risk that closed-end funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility. Closed-end funds frequently trade at a discount from their net asset value, which may affect whether the fund will realize gain or loss upon its sale of the closed-end funds’ shares. Closed-end funds may employ leverage, which also subjects the closed-end fund to increased risks such as increased volatility.
The principal risks attributable to the underlying investment companies in which the fund invests are:
  • Commodity Risk. The risk that investments in commodities or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.
  • Convertible Securities Risk. The fund’s investments in convertible securities subject the fund to the risks associated with both fixed-income securities and common stocks, in addition to the risk that a convertible security may be called for redemption at a time and price unfavorable to the fund.
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Derivatives Risk. The risk that the fund will incur a loss greater than the fund’s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract. Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage, or to attempt to increase yield.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Real Estate Investment Trust (REIT) Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Growth Stocks Risk. The risk that the fund’s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.
  • High Yield-High Risk Fixed Income Securities Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Income Risk. The risk that income received from the fund will vary widely over the short- and long-term.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting an industry or market sector in which a fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Infrastructure-Related Investment Risk. The risk that the value of the fund’s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Limited Number of Investments Risk. The risk that the fund’s portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund’s portfolio than would a fund holding a greater number of securities.
  • Liquidity Risk. The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.
  • Loan Participation Risk. The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
  • Market Volatility Risk. The value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Master Limited Partnership (MLP) Risk. The risk that the fund’s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLP’s underlying assets.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • Municipal Bond Market Risk. The risk that events negatively impacting a particular municipal security, or the municipal bond market in general, will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
  • Preferred Stock. The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.
  • Real Estate Risk. The risk that the value of the fund’s shares will be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, and changes in the value of the underlying real estate and defaults by borrowers.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Short Sales Risk. The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.
  • Tax-Exempt Securities Risk. The risk that tax-exempt securities may not provide a higher after-tax return than taxable securities.
  • Unrated Fixed Income Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
  • Value Stocks Risk. The risk that the fund will underperform when value investing is out of favor or that the fund’s investments will not appreciate as anticipated.
Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown.
XML 69 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Jan. 31, 2013
Risk/Return:  
Document Type 485BPOS
Document Period End Date Sep. 30, 2012
Registrant Name VIRTUS OPPORTUNITIES TRUST
Central Index Key 0001005020
Amendment Flag false
Document Creation Date Jan. 25, 2013
Document Effective Date Jan. 31, 2013
Prospectus Date Jan. 31, 2013
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Virtus Global Commodities Stock Fund
Virtus Global Commodities Stock Fund
Investment Objective
The fund has an investment objective of capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Global Commodities Stock Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Global Commodities Stock Fund
Class A
Class C
Class I
Management Fees 1.00% 1.00% 1.00%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.58% 0.58% 0.58%
Acquired Fund Fees and Expenses [2] 0.05% 0.05% 0.05%
Total Annual Fund Operating Expenses [1] 1.88% 2.63% 1.63%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Global Commodities Stock Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
755 1,132 1,533 2,649
Class C
366 817 1,395 2,964
Class I
166 514 887 1,933
Expense Example, No Redemption Virtus Global Commodities Stock Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
755 1,132 1,533 2,649
Class C
266 817 1,395 2,964
Class I
166 514 887 1,933
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 96% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund offers investors exposure to commodities-related investments in markets located throughout the world, including emerging market countries. Under normal circumstances, the fund invests globally at least 80% of its assets in stocks of companies principally engaged in the base metals, precious metals, energy, and agriculture group of industries. The fund will concentrate its investments in this commodities-related group of industries. The fund is a non-diversified portfolio and will consist primarily of common and preferred stocks, but may contain commodity-related exchange-traded funds (“ETFs”) and commodities-linked notes. The fund will primarily hold securities of companies listed on global securities exchanges or quoted on established over-the-counter markets, or American Depositary Receipts (ADRs). The fund typically invests in the securities of medium to large capitalization companies, but it is not limited to investing in the securities of companies of any particular size.

Under normal circumstances, the fund will hold at least 40% of its assets in non-U.S issuers and ETFs and/or commodities-linked notes providing exposure to non-U.S markets. The fund intends to diversify its investments among countries and normally have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Commodities Concentration Risk. The risk that events negatively affecting the base metals, precious metals, energy and agriculture industries in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in commodities-related investments, the fund is more vulnerable to conditions that negatively affect commodities-related companies and investments as compared to a fund that is not significantly invested in such companies.
  • Commodity and Commodity-Linked Instrument Risk. The risk that investments in commodities or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in small and medium-sized companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Global Commodities Stock Fund
1 Year
Since Inception
Inception Date
Class A
0.67% (5.35%) Mar. 15, 2011
Class A Return After Taxes on Distributions
(1.13%) (6.29%)  
Class A Return After Taxes on Distributions and Sale of Fund Shares
(0.74%) (5.31%)  
Class C
5.97% (2.90%) Mar. 15, 2011
Class I
7.09% (1.92%) Mar. 15, 2011
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 8.45%  
MSCI AC World Commodities Producers Sector Capped Index (net)
6.84% (4.87%)  
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The MSCI AC World Commodity Producer Sector Capped Index (net) is a market capitalization weighted index that measures performance of developed and emerging market commodity producers within the energy, metals and agricultural sectors. Each of the three sectors are equally weighted within the index. The index is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

XML 73 R221.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Senior Floating Rate Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Senior Floating Rate Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of high total return from both current income and capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 56% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 56.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund offers the potential for attractive total return and income by investing primarily in non-investment grade bank loans with a focus on higher quality companies within a rating tier. Using extensive credit and company analysis and monitoring, the subadviser looks for those securities with strong total return potential while maintaining an emphasis on managing risk.

Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans (“Senior Loans”). The fund may invest up to 15% of total assets in U.S. and non-U.S. dollar denominated foreign securities and foreign Senior Loans, including Yankee bonds. The fund may purchase derivative instruments, including, but not limited to, options, futures contracts, credit-linked notes, and swaps.

The fund may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed). The fund may borrow for investment purposes, to meet repurchase requests and for temporary, extraordinary or emergency purposes.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Derivatives Risk. The risk that the fund will incur a loss greater than the fund’s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Leverage Risk. The risk that the value of the fund’s shares will be more volatile or that the fund will incur a loss greater than the fund’s investment in a given security when leverage is used.
  • Liquidity Risk. The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.
  • Loan Participation Risk. The risk that there may not be a readily available market for loan participation interests and, in some cases, the fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Unrated Fixed Income Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total-return basis. The S&P/LSTA Leveraged Loan Index is a daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. On a real-time basis, the Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included in the Index represent a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Senior Floating Rate Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.38% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.24% [2]
1 Year rr_ExpenseExampleYear01 398
3 Years rr_ExpenseExampleYear03 658
5 Years rr_ExpenseExampleYear05 937
10 Years rr_ExpenseExampleYear10 1,734
1 Year rr_ExpenseExampleNoRedemptionYear01 398
3 Years rr_ExpenseExampleNoRedemptionYear03 658
5 Years rr_ExpenseExampleNoRedemptionYear05 937
10 Years rr_ExpenseExampleNoRedemptionYear10 1,734
2009 rr_AnnualReturn2009 37.32%
2010 rr_AnnualReturn2010 8.95%
2011 rr_AnnualReturn2011 1.62%
2012 rr_AnnualReturn2012 8.70%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.58%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.16%)
1 Year rr_AverageAnnualReturnYear01 5.72%
Since Inception rr_AverageAnnualReturnSinceInception 5.69%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2008
Virtus Senior Floating Rate Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.38% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.99% [2]
1 Year rr_ExpenseExampleYear01 302
3 Years rr_ExpenseExampleYear03 624
5 Years rr_ExpenseExampleYear05 1,073
10 Years rr_ExpenseExampleYear10 2,317
1 Year rr_ExpenseExampleNoRedemptionYear01 202
3 Years rr_ExpenseExampleNoRedemptionYear03 624
5 Years rr_ExpenseExampleNoRedemptionYear05 1,073
10 Years rr_ExpenseExampleNoRedemptionYear10 2,317
1 Year rr_AverageAnnualReturnYear01 8.00%
Since Inception rr_AverageAnnualReturnSinceInception 5.55%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2008
Virtus Senior Floating Rate Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.38% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.99% [2]
1 Year rr_ExpenseExampleYear01 101
3 Years rr_ExpenseExampleYear03 315
5 Years rr_ExpenseExampleYear05 547
10 Years rr_ExpenseExampleYear10 1,213
1 Year rr_ExpenseExampleNoRedemptionYear01 101
3 Years rr_ExpenseExampleNoRedemptionYear03 315
5 Years rr_ExpenseExampleNoRedemptionYear05 547
10 Years rr_ExpenseExampleNoRedemptionYear10 1,213
1 Year rr_AverageAnnualReturnYear01 8.98%
Since Inception rr_AverageAnnualReturnSinceInception 6.54%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2008
Virtus Senior Floating Rate Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.53%
Since Inception rr_AverageAnnualReturnSinceInception 2.73%
Virtus Senior Floating Rate Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.35%
Since Inception rr_AverageAnnualReturnSinceInception 2.80%
Virtus Senior Floating Rate Fund | Barclay's Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.22%
Since Inception rr_AverageAnnualReturnSinceInception 5.69%
Virtus Senior Floating Rate Fund | S&P/LSTA Leveraged Loan Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.66%
Since Inception rr_AverageAnnualReturnSinceInception 6.48%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 74 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus AlphaSector Rotation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus AlphaSectorSM Rotation Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 190% of the value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 190.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the Class C fee waiver remains in place for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to track the AlphaSectorSM Rotation Index (ASRX), a public index published by NASDAQ. The fund may be invested in ETFs and/or securities representing the primary sectors of the S&P 500® Index and in high-quality short-term securities. The primary sectors of the S&P 500® Index represented by the ETFs are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities.

Allocations are based on a proprietary quantitative model that seeks to evaluate “true” underlying trends within each sector by adjusting for unwarranted price distortions and changing levels of volatility in the market. The fund has the flexibility to be invested in any combination of the sector ETFs and/or securities, a combination of sector ETFs and/or securities and high-quality short-term securities, or 100% in high-quality short-term securities. The fund may invest in a basket of securities to represent a sector if it is determined that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from tracking the AlphaSectorSM Rotation Index and/or the model allocation if it is determined that tracking the Index and/or the model allocation is likely to violate applicable legal or regulatory restrictions or is otherwise result in adverse consequences for the fund.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Correlation to Index Risk. The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Sector Focused Investing Risk. The risk that events negatively affecting an industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total-return basis with dividends reinvested. The AlphaSector™ Rotation Linked Benchmark consists of the S&P 500® Index since September 29, 2009. Prior to September 29, 2009, its performance represents an allocation consisting of 80% S&P 500® Index and 20% Barclays Capital U.S. Aggregate Bond Index. The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Bar Chart And Performance Table Supplemental [Heading] vot10_BarChartAndPerformanceTableSupplementalHeading Supplemental Performance Information
Performance Narrative Supplemental [Text Block] vot10_PerformanceNarrativeSupplementalTextBlock On September 29, 2009, F-Squared Investments, Inc. (“F-Squared”), an affiliate of F-Squared Institutional Advisors, LLC (“F-Squared Institutional”), became the fund’s subadviser and the fund’s principal strategies were changed to those described in the fund’s prospectus. (On January 1, 2013, F-Squared Institutional became the fund’s subadviser; however, the fund’s strategies were unaffected.) The bar chart and table below show performance only since F-Squared began as subadviser to the fund.
Bar Chart Supplemental [Heading] vot10_BarChartSupplementalHeading Calendar year total returns for Class A Shares
Bar Chart Narrative Supplemental TextBlock vot10_BarChartNarrativeSupplementalTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Performance Table Supplemental [Heading] vot10_PerformanceTableSupplementalHeading Average Annual Total Returns (for the periods ended 12/31/12)
Bar Chart Closing Supplemental TextBlock vot10_BarChartClosingSupplementalTextBlock
Performance Table Supplemental Narrative [Text Block] vot10_PerformanceTableSupplementalNarrative Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Virtus AlphaSector Rotation Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.32% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.11% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.13% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.13% [2]
1 Year rr_ExpenseExampleYear01 684
3 Years rr_ExpenseExampleYear03 913
5 Years rr_ExpenseExampleYear05 1,161
10 Years rr_ExpenseExampleYear10 1,871
1 Year rr_ExpenseExampleNoRedemptionYear01 684
3 Years rr_ExpenseExampleNoRedemptionYear03 913
5 Years rr_ExpenseExampleNoRedemptionYear05 1,161
10 Years rr_ExpenseExampleNoRedemptionYear10 1,871
2004 rr_AnnualReturn2004 10.26%
2005 rr_AnnualReturn2005 3.65%
2006 rr_AnnualReturn2006 13.37%
2007 rr_AnnualReturn2007 7.42%
2008 rr_AnnualReturn2008 (32.27%)
2009 rr_AnnualReturn2009 23.89%
2010 rr_AnnualReturn2010 13.85%
2011 rr_AnnualReturn2011 1.58%
2012 rr_AnnualReturn2012 12.01%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.28%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.03%)
Highest Quarterly Return Label Supplemental vot10_HighestQuarterlyReturnLabelSupplemental Best Quarter:
Highest Quarterly Return Date Supplemental vot10_HighestQuarterlyReturnDateSupplemental Sep. 30, 2010
Highest Quarterly Return Supplemental vot10_HighestQuarterlyReturnSupplemental 13.11%
Lowest Quarterly Return Label Supplemental vot10_LowestQuarterlyReturnLabelSupplemental Worst Quarter:
Lowest Quarterly Return Date Supplemental vot10_LowestQuarterlyReturnDateSupplemental Jun. 30, 2010
Lowest Quarterly Return Supplemental vot10_LowestQuarterlyReturnSupplemental (12.53%)
1 Year rr_AverageAnnualReturnYear01 5.57%
5 Years rr_AverageAnnualReturnYear05 0.48%
Since Inception rr_AverageAnnualReturnSinceInception 4.82%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
1 Year vot10_OneYear 5.57%
Since 9/29/2009 vot10_SinceTwentyNineSepTwoThousandNine 7.88% [4]
Virtus AlphaSector Rotation Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [5]
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00% [6]
Other Expenses rr_OtherExpensesOverAssets 0.32% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.11% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.88% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.02%) [6]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.86% [2]
1 Year rr_ExpenseExampleYear01 289
3 Years rr_ExpenseExampleYear03 585
5 Years rr_ExpenseExampleYear05 1,006
10 Years rr_ExpenseExampleYear10 2,180
1 Year rr_ExpenseExampleNoRedemptionYear01 189
3 Years rr_ExpenseExampleNoRedemptionYear03 585
5 Years rr_ExpenseExampleNoRedemptionYear05 1,006
10 Years rr_ExpenseExampleNoRedemptionYear10 2,180
1 Year rr_AverageAnnualReturnYear01 11.18%
5 Years rr_AverageAnnualReturnYear05 0.94%
Since Inception rr_AverageAnnualReturnSinceInception 4.71%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
1 Year vot10_OneYear 11.18%
Since 9/29/2009 vot10_SinceTwentyNineSepTwoThousandNine 9.08% [4]
Virtus AlphaSector Rotation Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.32% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.11% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.88% [2]
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 0.88% [2]
1 Year rr_ExpenseExampleYear01 90
3 Years rr_ExpenseExampleYear03 281
5 Years rr_ExpenseExampleYear05 488
10 Years rr_ExpenseExampleYear10 1,084
1 Year rr_ExpenseExampleNoRedemptionYear01 90
3 Years rr_ExpenseExampleNoRedemptionYear03 281
5 Years rr_ExpenseExampleNoRedemptionYear05 488
10 Years rr_ExpenseExampleNoRedemptionYear10 1,084
1 Year rr_AverageAnnualReturnYear01 12.31%
5 Years rr_AverageAnnualReturnYear05   
Since Inception rr_AverageAnnualReturnSinceInception 11.27%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2009
1 Year vot10_OneYear 12.31%
Since 10/1/2009 vot10_SinceFirstOctTwoThousandNine 11.27%
Virtus AlphaSector Rotation Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.72%
5 Years rr_AverageAnnualReturnYear05 (0.72%)
Since Inception rr_AverageAnnualReturnSinceInception 3.65%
1 Year vot10_OneYear 4.35%
Since 9/29/2009 vot10_SinceTwentyNineSepTwoThousandNine 7.28% [4]
Virtus AlphaSector Rotation Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.47%
5 Years rr_AverageAnnualReturnYear05 (0.44%)
Since Inception rr_AverageAnnualReturnSinceInception 3.52%
1 Year vot10_OneYear 4.08%
Since 9/29/2009 vot10_SinceTwentyNineSepTwoThousandNine 6.59% [4]
Virtus AlphaSector Rotation Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
1 Year vot10_OneYear 16.00%
Since 9/29/2009 vot10_SinceTwentyNineSepTwoThousandNine 11.86% [4]
Since 10/1/2009 vot10_SinceFirstOctTwoThousandNine 12.89%
Virtus AlphaSector Rotation Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.21%
Virtus AlphaSector Rotation Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.21%
Virtus AlphaSector Rotation Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 12.89%
Virtus AlphaSector Rotation Fund | AlphaSector™ Rotation Linked Benchmark (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 3.49%
Virtus AlphaSector Rotation Fund | AlphaSector™ Rotation Linked Benchmark (reflects no deduction for fees, expenses or taxes) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.63%
Virtus AlphaSector Rotation Fund | AlphaSector™ Rotation Linked Benchmark (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.63%
Virtus AlphaSector Rotation Fund | AlphaSector™ Rotation Linked Benchmark (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 12.89%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] F-Squared began managing the fund on September 29, 2009.
[5] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
[6] The fund's distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the fund's investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation.
XML 75 R189.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Multi-Sector Fixed Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Multi-Sector Fixed Income Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of maximizing current income while preserving capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 76% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 76.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to generate high current income and total return while preserving capital by applying extensive credit research and a time-tested approach designed to capitalize on opportunities across undervalued sectors of the bond market. The portfolio seeks diversification among 14 sectors in an effort to increase return potential and reduce risk.

Under normal circumstances, the fund invests at least 80% of its assets in the following sectors of fixed income securities:
  • Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities;
  • Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging market countries;
  • Investment grade securities; and
  • High yield-high risk fixed income securities of U.S. issuers (so called “junk bonds”).
The fund may invest in all or some of these sectors.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Emerging Market Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Long-Term Maturities/Durations Risk. The risk of greater price fluctuations than would be associated with securities having shorter maturities or durations.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Mortgage-Backed and Asset-Backed Securities Risk. The risk that changes in interest rates will cause both extension and prepayment risks for mortgage-backed and asset-backed securities in which the fund invests, or that an impairment of the value of collateral underlying such securities will cause the value of the securities to decrease.
  • U.S. Government Securities Risk. The risk that the U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Multi-Sector Fixed Income Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.33% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.13% [2]
1 Year rr_ExpenseExampleYear01 486
3 Years rr_ExpenseExampleYear03 721
5 Years rr_ExpenseExampleYear05 974
10 Years rr_ExpenseExampleYear10 1,698
1 Year rr_ExpenseExampleNoRedemptionYear01 486
3 Years rr_ExpenseExampleNoRedemptionYear03 721
5 Years rr_ExpenseExampleNoRedemptionYear05 974
10 Years rr_ExpenseExampleNoRedemptionYear10 1,698
2003 rr_AnnualReturn2003 17.93%
2004 rr_AnnualReturn2004 7.63%
2005 rr_AnnualReturn2005 1.19%
2006 rr_AnnualReturn2006 7.97%
2007 rr_AnnualReturn2007 2.62%
2008 rr_AnnualReturn2008 (22.35%)
2009 rr_AnnualReturn2009 42.35%
2010 rr_AnnualReturn2010 13.24%
2011 rr_AnnualReturn2011 3.19%
2012 rr_AnnualReturn2012 14.08%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.15%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.37%)
1 Year rr_AverageAnnualReturnYear01 9.80%
5 Years rr_AverageAnnualReturnYear05 7.24%
10 Years rr_AverageAnnualReturnYear10 7.28%
Virtus Multi-Sector Fixed Income Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 5.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.33% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.88% [2]
1 Year rr_ExpenseExampleYear01 591
3 Years rr_ExpenseExampleYear03 791
5 Years rr_ExpenseExampleYear05 1,016
10 Years rr_ExpenseExampleYear10 2,005
1 Year rr_ExpenseExampleNoRedemptionYear01 191
3 Years rr_ExpenseExampleNoRedemptionYear03 591
5 Years rr_ExpenseExampleNoRedemptionYear05 1,016
10 Years rr_ExpenseExampleNoRedemptionYear10 2,005
1 Year rr_AverageAnnualReturnYear01 8.99%
5 Years rr_AverageAnnualReturnYear05 7.25%
10 Years rr_AverageAnnualReturnYear10 6.90%
Virtus Multi-Sector Fixed Income Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.33% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.88% [2]
1 Year rr_ExpenseExampleYear01 291
3 Years rr_ExpenseExampleYear03 591
5 Years rr_ExpenseExampleYear05 1,016
10 Years rr_ExpenseExampleYear10 2,201
1 Year rr_ExpenseExampleNoRedemptionYear01 191
3 Years rr_ExpenseExampleNoRedemptionYear03 591
5 Years rr_ExpenseExampleNoRedemptionYear05 1,016
10 Years rr_ExpenseExampleNoRedemptionYear10 2,201
1 Year rr_AverageAnnualReturnYear01 13.33%
5 Years rr_AverageAnnualReturnYear05 7.28%
10 Years rr_AverageAnnualReturnYear10 6.91%
Virtus Multi-Sector Fixed Income Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.33% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.88% [2]
1 Year rr_ExpenseExampleYear01 90
3 Years rr_ExpenseExampleYear03 281
5 Years rr_ExpenseExampleYear05 488
10 Years rr_ExpenseExampleYear10 1,084
1 Year rr_ExpenseExampleNoRedemptionYear01 90
3 Years rr_ExpenseExampleNoRedemptionYear03 281
5 Years rr_ExpenseExampleNoRedemptionYear05 488
10 Years rr_ExpenseExampleNoRedemptionYear10 1,084
1 Year rr_AverageAnnualReturnYear01 14.46%
5 Years rr_AverageAnnualReturnYear05   
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 10.86%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2009
Virtus Multi-Sector Fixed Income Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.78%
5 Years rr_AverageAnnualReturnYear05 3.78%
10 Years rr_AverageAnnualReturnYear10 4.44%
Virtus Multi-Sector Fixed Income Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.81%
5 Years rr_AverageAnnualReturnYear05 3.71%
10 Years rr_AverageAnnualReturnYear10 4.34%
Virtus Multi-Sector Fixed Income Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.22%
5 Years rr_AverageAnnualReturnYear05 5.95%
10 Years rr_AverageAnnualReturnYear10 5.18%
Virtus Multi-Sector Fixed Income Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 5.64%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Greater Asia ex Japan Opportunities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Greater Asia ex Japan Opportunities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 40.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock This fund seeks to offer investors exposure to Asian market economies, with the exception of Japan, through well-established companies. The portfolio invests in what the subadviser believes to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.

Under normal circumstances, at least 80% of the fund’s assets are invested in equity securities or equity-linked instruments of issuers located in Asia (excluding Japan), including issuers in emerging markets. Equity-linked securities are hybrid debt securities whose return is connected to an underlying equity, usually a stock. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI AC Asia Pacific ex Japan Index (net) is a free float-adjusted market capitalization weighted index measuring the equity market performance of developed and emerging markets in Asia (excluding Japan), as well as Australia and New Zealand. The MSCI AC Asia Pacific ex Japan Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Greater Asia ex Japan Opportunities Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.56% [2]
Aquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.82% [2]
1 Year rr_ExpenseExampleYear01 844
3 Years rr_ExpenseExampleYear03 1,399
5 Years rr_ExpenseExampleYear05 1,978
10 Years rr_ExpenseExampleYear10 3,541
1 Year rr_ExpenseExampleNoRedemptionYear01 844
3 Years rr_ExpenseExampleNoRedemptionYear03 1,399
5 Years rr_ExpenseExampleNoRedemptionYear05 1,978
10 Years rr_ExpenseExampleNoRedemptionYear10 3,541
2010 rr_AnnualReturn2010 25.73%
2011 rr_AnnualReturn2011 (9.99%)
2012 rr_AnnualReturn2012 24.59%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.67%)
1 Year rr_AverageAnnualReturnYear01 17.43%
Since Inception rr_AverageAnnualReturnSinceInception 18.12%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2009
Virtus Greater Asia ex Japan Opportunities Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.56% [2]
Aquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.57% [2]
1 Year rr_ExpenseExampleYear01 460
3 Years rr_ExpenseExampleYear03 1,094
5 Years rr_ExpenseExampleYear05 1,850
10 Years rr_ExpenseExampleYear10 3,836
1 Year rr_ExpenseExampleNoRedemptionYear01 360
3 Years rr_ExpenseExampleNoRedemptionYear03 1,094
5 Years rr_ExpenseExampleNoRedemptionYear05 1,850
10 Years rr_ExpenseExampleNoRedemptionYear10 3,836
1 Year rr_AverageAnnualReturnYear01 23.60%
Since Inception rr_AverageAnnualReturnSinceInception 19.12%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2009
Virtus Greater Asia ex Japan Opportunities Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.56% [2]
Aquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.57% [2]
1 Year rr_ExpenseExampleYear01 260
3 Years rr_ExpenseExampleYear03 799
5 Years rr_ExpenseExampleYear05 1,365
10 Years rr_ExpenseExampleYear10 2,905
1 Year rr_ExpenseExampleNoRedemptionYear01 260
3 Years rr_ExpenseExampleNoRedemptionYear03 799
5 Years rr_ExpenseExampleNoRedemptionYear05 1,365
10 Years rr_ExpenseExampleNoRedemptionYear10 2,905
1 Year rr_AverageAnnualReturnYear01 24.89%
Since Inception rr_AverageAnnualReturnSinceInception 20.35%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 21, 2009
Virtus Greater Asia ex Japan Opportunities Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.39%
Since Inception rr_AverageAnnualReturnSinceInception 15.59%
Virtus Greater Asia ex Japan Opportunities Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.70%
Since Inception rr_AverageAnnualReturnSinceInception 14.23%
Virtus Greater Asia ex Japan Opportunities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 16.94%
Virtus Greater Asia ex Japan Opportunities Fund | MSCI AC Asia Pacific ex Japan Index (net) (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 22.31%
Since Inception rr_AverageAnnualReturnSinceInception 18.87%
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 78 R129.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Global Real Estate Securities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Global Real Estate Securities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has a primary investment objective of long-term capital appreciation,
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock with a secondary investment objective of income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 31.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund provides global exposure to the real estate securities market, focusing exclusively on companies with a rental business profile. Rental companies derive 70% or more of total revenue from rental income and are most similar in business profile to U.S. real estate investment trusts (“REITs”).

Under normal circumstances, the fund invests at least 80% of its assets in equity securities issued by U.S. and non-U.S companies of any capitalization that are principally engaged in the real estate industry, including common stock, preferred stock and other equity securities issued by real estate companies, such as REITs and similar REIT-like entities. The fund, under normal market conditions, will hold at least 40% of its assets in non-U.S. issuers. Additionally, the fund normally invests in real estate-related securities of issuers in developed countries; however it may invest up to 20% of its assets in issuers incorporated in emerging market countries. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity REIT Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting real estate securities will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The FTSE EPRA/NAREIT Developed Rental Index is a free-float market capitalization index measuring global real estate securities, which meet minimum size, liquidity and investment focus criteria. The FTSE EPRA/NAREIT Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Global Real Estate Securities Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.10% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.21% [2]
1 Year rr_ExpenseExampleYear01 786
3 Years rr_ExpenseExampleYear03 1,226
5 Years rr_ExpenseExampleYear05 1,692
10 Years rr_ExpenseExampleYear10 2,973
1 Year rr_ExpenseExampleNoRedemptionYear01 786
3 Years rr_ExpenseExampleNoRedemptionYear03 1,226
5 Years rr_ExpenseExampleNoRedemptionYear05 1,692
10 Years rr_ExpenseExampleNoRedemptionYear10 2,973
2010 rr_AnnualReturn2010 23.08%
2011 rr_AnnualReturn2011 0.50%
2012 rr_AnnualReturn2012 23.40%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.74%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.99%)
1 Year rr_AverageAnnualReturnYear01 16.30%
Since Inception rr_AverageAnnualReturnSinceInception 30.58%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 02, 2009
Virtus Global Real Estate Securities Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.10% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.96% [2]
1 Year rr_ExpenseExampleYear01 399
3 Years rr_ExpenseExampleYear03 915
5 Years rr_ExpenseExampleYear05 1,557
10 Years rr_ExpenseExampleYear10 3,280
1 Year rr_ExpenseExampleNoRedemptionYear01 299
3 Years rr_ExpenseExampleNoRedemptionYear03 915
5 Years rr_ExpenseExampleNoRedemptionYear05 1,557
10 Years rr_ExpenseExampleNoRedemptionYear10 3,280
1 Year rr_AverageAnnualReturnYear01 22.45%
Since Inception rr_AverageAnnualReturnSinceInception 31.63%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 02, 2009
Virtus Global Real Estate Securities Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.10% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.96% [2]
1 Year rr_ExpenseExampleYear01 199
3 Years rr_ExpenseExampleYear03 615
5 Years rr_ExpenseExampleYear05 1,057
10 Years rr_ExpenseExampleYear10 2,285
1 Year rr_ExpenseExampleNoRedemptionYear01 199
3 Years rr_ExpenseExampleNoRedemptionYear03 615
5 Years rr_ExpenseExampleNoRedemptionYear05 1,057
10 Years rr_ExpenseExampleNoRedemptionYear10 2,285
1 Year rr_AverageAnnualReturnYear01 23.70%
Since Inception rr_AverageAnnualReturnSinceInception 32.97%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 02, 2009
Virtus Global Real Estate Securities Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 12.83%
Since Inception rr_AverageAnnualReturnSinceInception 27.31%
Virtus Global Real Estate Securities Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.34%
Since Inception rr_AverageAnnualReturnSinceInception 24.83%
Virtus Global Real Estate Securities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 22.96%
Virtus Global Real Estate Securities Fund | FTSE EPRA/NAREIT Developed Rental Index (net) (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 22.54%
Since Inception rr_AverageAnnualReturnSinceInception 32.80%
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 79 R167.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus International Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus International Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 25.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock This fund offers investors exposure primarily to mid- to large capitalization international companies, but it is not limited to investing in the securities of companies of any particular size. The subadviser uses a value-driven, absolute return approach to investing. The subadviser’s process is a mixture of country allocation and stock selection, with a recognition that a significant portion of long-term performance and risk reduction will come from the country allocation decision.

Under normal circumstances, the fund invests at least 80% of its assets in equity securities of issuers located outside the United States, including issuers in emerging markets countries. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in small and medium-sized companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Value Stocks Risk. The risk that the fund will underperform when value investing is out of favor or that the fund’s investments will not appreciate in value as anticipated.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI EAFE® Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The MSCI EAFE® Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus International Equity Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.63% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.74% [2]
1 Year rr_ExpenseExampleYear01 742
3 Years rr_ExpenseExampleYear03 1,091
5 Years rr_ExpenseExampleYear05 1,464
10 Years rr_ExpenseExampleYear10 2,509
1 Year rr_ExpenseExampleNoRedemptionYear01 742
3 Years rr_ExpenseExampleNoRedemptionYear03 1,091
5 Years rr_ExpenseExampleNoRedemptionYear05 1,464
10 Years rr_ExpenseExampleNoRedemptionYear10 2,509
2011 rr_AnnualReturn2011 (2.01%)
2012 rr_AnnualReturn2012 15.84%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.52%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.59%)
1 Year rr_AverageAnnualReturnYear01 9.18%
Since Inception rr_AverageAnnualReturnSinceInception 5.82%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 16, 2010
Virtus International Equity Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.63% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.49% [2]
1 Year rr_ExpenseExampleYear01 352
3 Years rr_ExpenseExampleYear03 776
5 Years rr_ExpenseExampleYear05 1,326
10 Years rr_ExpenseExampleYear10 2,826
1 Year rr_ExpenseExampleNoRedemptionYear01 252
3 Years rr_ExpenseExampleNoRedemptionYear03 776
5 Years rr_ExpenseExampleNoRedemptionYear05 1,326
10 Years rr_ExpenseExampleNoRedemptionYear10 2,826
1 Year rr_AverageAnnualReturnYear01 14.82%
Since Inception rr_AverageAnnualReturnSinceInception 7.60%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 16, 2010
Virtus International Equity Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.63% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.49% [2]
1 Year rr_ExpenseExampleYear01 152
3 Years rr_ExpenseExampleYear03 471
5 Years rr_ExpenseExampleYear05 813
10 Years rr_ExpenseExampleYear10 1,779
1 Year rr_ExpenseExampleNoRedemptionYear01 152
3 Years rr_ExpenseExampleNoRedemptionYear03 471
5 Years rr_ExpenseExampleNoRedemptionYear05 813
10 Years rr_ExpenseExampleNoRedemptionYear10 1,779
1 Year rr_AverageAnnualReturnYear01 15.99%
Since Inception rr_AverageAnnualReturnSinceInception 8.70%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 16, 2010
Virtus International Equity Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.63%
Since Inception rr_AverageAnnualReturnSinceInception 4.54%
Virtus International Equity Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.31%
Since Inception rr_AverageAnnualReturnSinceInception 4.12%
Virtus International Equity Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 13.31%
Virtus International Equity Fund | MSCI EAFE® Index (net) (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.32%
Since Inception rr_AverageAnnualReturnSinceInception 5.33%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Disciplined Equity Style Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Disciplined Equity Style Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to outperform the Russell 3000® Index over a full market cycle in the U.S. equity market by tactically allocating net assets among six subsets of the U.S. equity universe that make up the Growth and Value equity styles as set forth below.

Growth:

  • Large-Cap Growth
  • Mid-Cap Growth
  • Small-Cap Growth

Value:

  • Large-Cap Value
  • Mid-Cap Value
  • Small-Cap Value
Allocations are based on a quantitative model that estimates performance trends for each pairing of these six subsets of the U.S. equity market relative to each other and uses these estimates to determine, on a weekly basis, whether the Growth or Value style is better positioned. The fund will invest assets in the equity style with the favorable aggregate score relative to the other style. The ability of the fund to outperform the Russell 3000® Index will depend on, among other things, the length of time and degree to which Growth stocks outperform Value stocks or Value stocks outperform Growth stocks in the U.S. equity market.

Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. Under normal circumstances, the fund intends to invest at least 80% of its assets in ETFs and/or securities representative of the U.S. equity market.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Growth Stocks Risk. The risk that the fund’s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Small and Medium Market Capitalization Risk. The risk that the fund’s investments in small and medium market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.
  • Value Stocks Risk. The risk that the fund will underperform when value investing is out of favor or that the fund’s investments will not appreciate in value as anticipated.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The fund has not had a full calendar year of operations; therefore, performance information is not shown.
Virtus Disciplined Equity Style Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.61% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.23% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.09%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.26%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.83%
1 Year rr_ExpenseExampleYear01 750
3 Years rr_ExpenseExampleYear03 1,169
1 Year rr_ExpenseExampleNoRedemptionYear01 750
3 Years rr_ExpenseExampleNoRedemptionYear03 1,169
Virtus Disciplined Equity Style Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.61% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.23% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.84%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.26%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 2.58%
1 Year rr_ExpenseExampleYear01 361
3 Years rr_ExpenseExampleYear03 856
1 Year rr_ExpenseExampleNoRedemptionYear01 261
3 Years rr_ExpenseExampleNoRedemptionYear03 856
Virtus Disciplined Equity Style Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.61% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.23% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.84%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.26%) [3]
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) rr_NetExpensesOverAssets 1.58%
1 Year rr_ExpenseExampleYear01 161
3 Years rr_ExpenseExampleYear03 553
1 Year rr_ExpenseExampleNoRedemptionYear01 161
3 Years rr_ExpenseExampleNoRedemptionYear03 553
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Estimated for current fiscal year.
[3] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, 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, 2014. 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 fiscal year in which such reimbursement occurred.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Global Dividend Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Global Dividend Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of capital appreciation and current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 21% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 21.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund invests globally in infrastructure companies involved in the energy, utility, transportation, and communications industries. Infrastructure companies are believed by the subadviser to exhibit attractive risk/return characteristics, offer moderate-to-high income and moderate growth, and are defensive in nature.

Under normal market conditions, the fund invests at least 80% of its assets in dividend paying equity securities of infrastructure companies that are located in three or more countries, one of which will be the United States. Under normal market conditions, the fund will invest at least 25% of its assets in securities of U.S. issuers. As of September 30, 2012, the fund was invested in issuers representing approximately 13 different countries. Although the fund concentrates its investments in infrastructure companies, it may invest up to 20% of its assets in securities of issuers that are not infrastructure companies, including stocks, debt obligations, money market securities and money market mutual funds, as well as certain derivative instruments. To the extent the fund purchases non-infrastructure stocks, they may be of issuers of any capitalization. When investing in debt obligations, the fund will invest primarily in investment grade debt obligations, although it may invest in high-yield, high-risk fixed income securities (junk bonds).
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the fund invests at least 80% of its assets in dividend paying equity securities of infrastructure companies that are located in three or more countries, one of which will be the United States. Although the fund concentrates its investments in infrastructure companies, it may invest up to 20% of its assets in securities of issuers that are not infrastructure companies, including stocks, debt obligations, money market securities and money market mutual funds, as well as certain derivative instruments.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Derivatives Risk. The risk that the fund will incur a loss greater than the fund’s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Income Risk. The risk that income received from the fund will vary widely over the short- and long-term.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting infrastructure companies will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in infrastructure companies, the fund is more vulnerable to conditions that negatively affect infrastructure companies as compared to a fund that does not concentrate holdings in such companies.
  • Infrastructure-Related Investment Risk. The risk that the value of the fund’s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Master Limited Partnership (MLP) Risk. The risk that the fund’s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLPs.
  • Preferred Stock Risk. The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and with a composite benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and with a composite benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies and is provided for general comparative purposes. The index is calculated on a total-return basis with dividends reinvested. The Global Dividend Linked Benchmark consists of the MSCI World Infrastructure Sector Capped Index for the period since September 1, 2008. This is a market capitalization weighted index that measures performance of global infrastructure companies by capturing broad and diversified opportunities across telecommunication, utilities, energy, transportation and social infrastructure sectors. The telecommunication infrastructure and utilities sector each represent one-third of the index weight, while energy, transportation and social infrastructure sectors have a combined weight of the remaining one-third of the index. Performance of the Global Dividend Linked Benchmark prior to September 1, 2008 represents an allocation consisting of 65% MSCI USA/Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI World ex USA/Utilities Index. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Global Dividend Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.41% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31% [2]
1 Year rr_ExpenseExampleYear01 701
3 Years rr_ExpenseExampleYear03 966
5 Years rr_ExpenseExampleYear05 1,252
10 Years rr_ExpenseExampleYear10 2,063
1 Year rr_ExpenseExampleNoRedemptionYear01 701
3 Years rr_ExpenseExampleNoRedemptionYear03 966
5 Years rr_ExpenseExampleNoRedemptionYear05 1,252
10 Years rr_ExpenseExampleNoRedemptionYear10 2,063
2005 rr_AnnualReturn2005 5.52%
2006 rr_AnnualReturn2006 28.00%
2007 rr_AnnualReturn2007 21.54%
2008 rr_AnnualReturn2008 (31.02%)
2009 rr_AnnualReturn2009 16.16%
2010 rr_AnnualReturn2010 8.35%
2011 rr_AnnualReturn2011 10.16%
2012 rr_AnnualReturn2012 11.17%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.39%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.55%)
1 Year rr_AverageAnnualReturnYear01 4.78%
5 Years rr_AverageAnnualReturnYear05 0.04%
Since Inception rr_AverageAnnualReturnSinceInception 6.41%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2004
Virtus Global Dividend Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.41% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.06% [2]
1 Year rr_ExpenseExampleYear01 309
3 Years rr_ExpenseExampleYear03 646
5 Years rr_ExpenseExampleYear05 1,108
10 Years rr_ExpenseExampleYear10 2,390
1 Year rr_ExpenseExampleNoRedemptionYear01 209
3 Years rr_ExpenseExampleNoRedemptionYear03 646
5 Years rr_ExpenseExampleNoRedemptionYear05 1,108
10 Years rr_ExpenseExampleNoRedemptionYear10 2,390
1 Year rr_AverageAnnualReturnYear01 10.31%
5 Years rr_AverageAnnualReturnYear05 0.50%
Since Inception rr_AverageAnnualReturnSinceInception 6.41%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2004
Virtus Global Dividend Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.41% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.06% [2]
1 Year rr_ExpenseExampleYear01 108
3 Years rr_ExpenseExampleYear03 337
5 Years rr_ExpenseExampleYear05 585
10 Years rr_ExpenseExampleYear10 1,294
1 Year rr_ExpenseExampleNoRedemptionYear01 108
3 Years rr_ExpenseExampleNoRedemptionYear03 337
5 Years rr_ExpenseExampleNoRedemptionYear05 585
10 Years rr_ExpenseExampleNoRedemptionYear10 1,294
1 Year rr_AverageAnnualReturnYear01 11.45%
5 Years rr_AverageAnnualReturnYear05   
Since Inception rr_AverageAnnualReturnSinceInception 2.69%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 06, 2008
Virtus Global Dividend Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.99%
5 Years rr_AverageAnnualReturnYear05 (0.46%)
Since Inception rr_AverageAnnualReturnSinceInception 5.79%
Virtus Global Dividend Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.29%
5 Years rr_AverageAnnualReturnYear05 (0.10%)
Since Inception rr_AverageAnnualReturnSinceInception 5.46%
Virtus Global Dividend Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
Virtus Global Dividend Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 4.23%
Virtus Global Dividend Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 4.23%
Virtus Global Dividend Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 3.32%
Virtus Global Dividend Fund | Global Dividend Linked Benchmark (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.65%
5 Years rr_AverageAnnualReturnYear05 (1.08%)
Virtus Global Dividend Fund | Global Dividend Linked Benchmark (reflects no deduction for fees, expenses or taxes) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.09%
Virtus Global Dividend Fund | Global Dividend Linked Benchmark (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 6.09%
Virtus Global Dividend Fund | Global Dividend Linked Benchmark (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception (0.20%)
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Virtus AlphaSector Rotation Fund
Virtus AlphaSectorSM Rotation Fund
Investment Objective
The fund has an investment objective of long-term capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus AlphaSector Rotation Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 0.50% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus AlphaSector Rotation Fund
Class A
Class C
Class I
Management Fees 0.45% 0.45% 0.45%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% [1] none
Other Expenses [2] 0.32% 0.32% 0.32%
Acquired Fund Fees and Expenses [3] 0.11% 0.11% 0.11%
Total Annual Fund Operating Expenses [2] 1.13% 1.88% 0.88%
Less: Fee Waiver    (0.02%) [1]   
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) [2] 1.13% 1.86% 0.88%
[1] The fund's distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the fund's investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the Class C fee waiver remains in place for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus AlphaSector Rotation Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
684 913 1,161 1,871
Class C
289 585 1,006 2,180
Class I
90 281 488 1,084
Expense Example, No Redemption Virtus AlphaSector Rotation Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
684 913 1,161 1,871
Class C
189 585 1,006 2,180
Class I
90 281 488 1,084
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 190% of the value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to track the AlphaSectorSM Rotation Index (ASRX), a public index published by NASDAQ. The fund may be invested in ETFs and/or securities representing the primary sectors of the S&P 500® Index and in high-quality short-term securities. The primary sectors of the S&P 500® Index represented by the ETFs are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities.

Allocations are based on a proprietary quantitative model that seeks to evaluate “true” underlying trends within each sector by adjusting for unwarranted price distortions and changing levels of volatility in the market. The fund has the flexibility to be invested in any combination of the sector ETFs and/or securities, a combination of sector ETFs and/or securities and high-quality short-term securities, or 100% in high-quality short-term securities. The fund may invest in a basket of securities to represent a sector if it is determined that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from tracking the AlphaSectorSM Rotation Index and/or the model allocation if it is determined that tracking the Index and/or the model allocation is likely to violate applicable legal or regulatory restrictions or is otherwise result in adverse consequences for the fund.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Correlation to Index Risk. The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Sector Focused Investing Risk. The risk that events negatively affecting an industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent that the fund invests a significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus AlphaSector Rotation Fund
1 Year
5 Years
Since Inception
Inception Date
Class A
5.57% 0.48% 4.82% Aug. 01, 2003
Class A Return After Taxes on Distributions
0.72% (0.72%) 3.65%  
Class A Return After Taxes on Distributions and Sale of Fund Shares
0.47% (0.44%) 3.52%  
Class A S&P 500® Index (reflects no deduction for fees, expenses or taxes)
    6.21%  
Class A AlphaSector™ Rotation Linked Benchmark (reflects no deduction for fees, expenses or taxes)
    6.63%  
Class C
11.18% 0.94% 4.71% Aug. 01, 2003
Class C S&P 500® Index (reflects no deduction for fees, expenses or taxes)
    6.21%  
Class C AlphaSector™ Rotation Linked Benchmark (reflects no deduction for fees, expenses or taxes)
    6.63%  
Class I
12.31%    11.27% Oct. 01, 2009
Class I S&P 500® Index (reflects no deduction for fees, expenses or taxes)
    12.89%  
Class I AlphaSector™ Rotation Linked Benchmark (reflects no deduction for fees, expenses or taxes)
    12.89%  
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66%    
AlphaSector™ Rotation Linked Benchmark (reflects no deduction for fees, expenses or taxes)
16.00% 3.49%    
Supplemental Performance Information
On September 29, 2009, F-Squared Investments, Inc. (“F-Squared”), an affiliate of F-Squared Institutional Advisors, LLC (“F-Squared Institutional”), became the fund’s subadviser and the fund’s principal strategies were changed to those described in the fund’s prospectus. (On January 1, 2013, F-Squared Institutional became the fund’s subadviser; however, the fund’s strategies were unaffected.) The bar chart and table below show performance only since F-Squared began as subadviser to the fund.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus AlphaSector Rotation Fund
1 Year
Since 9/29/2009
Since 10/1/2009
Class A Shares
5.57% 7.88% [1]  
Class A Shares Return After Taxes on Distributions
4.35% 7.28% [1]  
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
4.08% 6.59% [1]  
Class C Shares
11.18% 9.08% [1]  
Class I Shares
12.31%   11.27%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 11.86% [1] 12.89%
[1] F-Squared began managing the fund on September 29, 2009.
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total-return basis with dividends reinvested. The AlphaSector™ Rotation Linked Benchmark consists of the S&P 500® Index since September 29, 2009. Prior to September 29, 2009, its performance represents an allocation consisting of 80% S&P 500® Index and 20% Barclays Capital U.S. Aggregate Bond Index. The Barclays Capital U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Virtus Foreign Opportunities Fund
Virtus Foreign Opportunities Fund
Investment Objective
The fund has an investment objective of long-term capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Foreign Opportunities Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Foreign Opportunities Fund
Class A
Class C
Class I
Management Fees 0.85% 0.85% 0.85%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.34% 0.34% 0.34%
Acquired Fund Fees and Expenses [2] 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 1.45% 2.20% 1.20%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Foreign Opportunities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
714 1,007 1,322 2,210
Class C
323 688 1,180 2,534
Class I
122 381 660 1,455
Expense Example, No Redemption Virtus Foreign Opportunities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
714 1,007 1,322 2,210
Class C
223 688 1,180 2,534
Class I
122 381 660 1,455
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 47% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
This fund seeks to provide investors with access to high-quality international companies. The securities selected for inclusion in the fund are those that in the opinion of the subadviser are well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.

Under normal circumstances, at least 80% of the fund’s assets are invested in equity securities or equity-linked instruments of issuers located outside the United States, including issuers in emerging markets countries. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Foreign Opportunities Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
12.94% (1.95%) 10.47%    
Class A Return After Taxes on Distributions
11.76% (2.09%) 10.03%    
Class A Return After Taxes on Distributions and Sale of Fund Shares
7.64% (1.64%) 9.24%    
Class C
18.97% (1.53%)    9.34% Oct. 10, 2003
Class C S&P 500® Index (reflects no deduction for fees, expenses or taxes)
      5.89%  
Class C Morgan Stanley Capital International EAFE® Index (net) (reflects no deduction for fees, expenses or taxes)
      6.24%  
Class I
20.17% (0.51%)    4.45% May 15, 2006
Class I S&P 500® Index (reflects no deduction for fees, expenses or taxes)
      3.67%  
Class I Morgan Stanley Capital International EAFE® Index (net) (reflects no deduction for fees, expenses or taxes)
      0.18%  
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66% 7.10%    
Morgan Stanley Capital International EAFE® Index (net) (reflects no deduction for fees, expenses or taxes)
17.32% (3.69%) 8.21%    
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI EAFE® Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The MSCI EAFE® Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
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Virtus Global Opportunities Fund
Virtus Global Opportunities Fund
Investment Objective
The fund has an investment objective of capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Global Opportunities Fund
Class A
Class B
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 5.00% [2] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Annual Fund Operating Expenses Virtus Global Opportunities Fund
Class A
Class B
Class C
Class I
Management Fees 0.85% 0.85% 0.85% 0.85%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% 1.00% none
Other Expenses [1] 0.43% 0.43% 0.43% 0.43%
Acquired Fund Fees and Expenses [2] 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 1.54% 2.29% 2.29% 1.29%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Global Opportunities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
723 1,033 1,366 2,304
Class B
632 915 1,225 2,438
Class C
332 715 1,225 2,626
Class I
131 409 708 1,556
Expense Example, No Redemption Virtus Global Opportunities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
723 1,033 1,366 2,304
Class B
232 715 1,225 2,438
Class C
232 715 1,225 2,626
Class I
131 409 708 1,556
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 73% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
This fund seeks to provide investors with exposure to high-quality global companies. The securities selected for inclusion in the fund are those believed by the subadviser to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.

Under normal circumstances, the fund invests in equity securities or equity-linked instruments of issuers located throughout the world, including issuers in emerging markets countries and issuers in the United States. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. As of September 30, 2012, the fund was invested in issuers representing approximately 15 different countries.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Growth Stocks Risk. The risk that the fund’s investments in growth stocks will be more volatile than investments in other types of stocks, or will perform differently from the market as a whole and from other types of stocks.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Global Opportunities Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
12.54% (1.72%) 6.78%    
Class A Return After Taxes on Distributions
12.19% (1.74%) 6.56%    
Class A Return After Taxes on Distributions and Sale of Fund Shares
7.92% (1.37%) 6.02%    
Class B
14.50% (1.26%) 6.63%    
Class C
18.47% (1.28%) 6.62%    
Class I
         8.30% Aug. 08, 2012
Class I S&P 500® Index (reflects no deduction for fees, expenses or taxes)
      2.72%  
Class I MSCI ACWI Index (net) (reflects no deduction for fees, expenses or taxes)
      6.20%  
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66% 7.10%    
MSCI ACWI Index (net) (reflects no deduction for fees, expenses or taxes)
16.13% (1.16%) 8.11%    
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The MSCI ACWI Index (net) is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
XML 86 R69.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Dynamic Alphasector Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Dynamic AlphaSectorSM Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is to seek long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (“ETFs”) or securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 165% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 165.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 3% during the third and fourth years and to 0% after the sixth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current fees and expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after seven years. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to achieve its investment objective by taking long and short positions in ETFs and/or stocks representing the nine primary sectors of the S&P® 500 Index. The primary sectors of the S&P 500® Index are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. Allocations are based on a proprietary, quantitative model that seeks to evaluate trends within each sector by adjusting for changing levels of volatility in the market.

The fund intends to employ leverage in the form of borrowing on its long positions in circumstances where the fund has determined to take long positions representing four or more sectors. The fund intends to take short positions in sectors projected to have negative absolute performance, up to approximately 5.5% of the fund’s net assets, for each such sector. In the event that all nine sectors are projected to have negative absolute performance, the fund may take short positions worth up to 50% of the fund’s net assets, with the remainder of the fund’s assets remaining in cash and cash equivalents.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in which the fund invests. The principal risks of investing in the fund are:
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Leverage Risk. The risk that the value of the fund’s shares will be more volatile or that the fund will incur a loss greater than the fund’s investment in a given security when leverage is used.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Model Portfolio Risk. The risk that investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or outperform the market.
  • Portfolio Turnover Risk. The risk that the fund’s principal investment strategies will result in a consistently high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on fund performance.
  • Sector Focused Investing Risk. The risk events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent the fund invests a significant portion of its portfolio in ETF representing one or more of the primary sectors of the S&P 500® Index (such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
  • Short Sales Risk. The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.
  • U.S. Government Securities Risk. The risk that the U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total-return basis with dividends reinvested. The Citigroup 90-Day Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. The 90-Day Treasury Bill Index is an average of the last three three-month Treasury bill issues. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Dynamic Alphasector Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.89% [2],[3]
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividends on Short Sales and Interest Expense rr_Component1OtherExpensesOverAssets 0.64% [3]
Remainder of Other Expenses rr_Component3OtherExpensesOverAssets 0.42% [3]
Total Other Expenses rr_OtherExpensesOverAssets 1.06%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.20% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.40% [3]
1 Year rr_ExpenseExampleYear01 898
3 Years rr_ExpenseExampleYear03 1,560
5 Years rr_ExpenseExampleYear05 2,243
10 Years rr_ExpenseExampleYear10 4,048
1 Year rr_ExpenseExampleNoRedemptionYear01 898
3 Years rr_ExpenseExampleNoRedemptionYear03 1,560
5 Years rr_ExpenseExampleNoRedemptionYear05 2,243
10 Years rr_ExpenseExampleNoRedemptionYear10 4,048
2003 rr_AnnualReturn2003 (0.09%)
2004 rr_AnnualReturn2004 4.40%
2005 rr_AnnualReturn2005 (0.09%)
2006 rr_AnnualReturn2006 (5.40%)
2007 rr_AnnualReturn2007 (2.28%)
2008 rr_AnnualReturn2008 (6.09%)
2009 rr_AnnualReturn2009 9.05%
2010 rr_AnnualReturn2010 (0.49%)
2011 rr_AnnualReturn2011 (11.60%)
2012 rr_AnnualReturn2012 6.69%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.86%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.00%)
1 Year rr_AverageAnnualReturnYear01 0.56%
5 Years rr_AverageAnnualReturnYear05 (1.96%)
10 Years rr_AverageAnnualReturnYear10 (1.35%)
Virtus Dynamic Alphasector Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 5.00% [5]
Management Fees rr_ManagementFeesOverAssets 1.89% [2],[3]
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Dividends on Short Sales and Interest Expense rr_Component1OtherExpensesOverAssets 0.64% [3]
Remainder of Other Expenses rr_Component3OtherExpensesOverAssets 0.42% [3]
Total Other Expenses rr_OtherExpensesOverAssets 1.06%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.20% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.15% [3]
1 Year rr_ExpenseExampleYear01 817
3 Years rr_ExpenseExampleYear03 1,461
5 Years rr_ExpenseExampleYear05 2,120
10 Years rr_ExpenseExampleYear10 4,174
1 Year rr_ExpenseExampleNoRedemptionYear01 417
3 Years rr_ExpenseExampleNoRedemptionYear03 1,261
5 Years rr_ExpenseExampleNoRedemptionYear05 2,120
10 Years rr_ExpenseExampleNoRedemptionYear10 4,174
1 Year rr_AverageAnnualReturnYear01 1.88%
5 Years rr_AverageAnnualReturnYear05 (1.78%)
10 Years rr_AverageAnnualReturnYear10 (1.52%)
Virtus Dynamic Alphasector Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.25% [5]
Management Fees rr_ManagementFeesOverAssets 1.89% [2],[3]
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Dividends on Short Sales and Interest Expense rr_Component1OtherExpensesOverAssets 0.64% [3]
Remainder of Other Expenses rr_Component3OtherExpensesOverAssets 0.42% [3]
Total Other Expenses rr_OtherExpensesOverAssets 1.06%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.20% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.15% [3]
1 Year rr_ExpenseExampleYear01 517
3 Years rr_ExpenseExampleYear03 1,261
5 Years rr_ExpenseExampleYear05 2,120
10 Years rr_ExpenseExampleYear10 4,331
1 Year rr_ExpenseExampleNoRedemptionYear01 417
3 Years rr_ExpenseExampleNoRedemptionYear03 1,261
5 Years rr_ExpenseExampleNoRedemptionYear05 2,120
10 Years rr_ExpenseExampleNoRedemptionYear10 4,331
1 Year rr_AverageAnnualReturnYear01 5.94%
5 Years rr_AverageAnnualReturnYear05 (1.55%)
10 Years rr_AverageAnnualReturnYear10 (1.50%)
Virtus Dynamic Alphasector Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.89% [2],[3]
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividends on Short Sales and Interest Expense rr_Component1OtherExpensesOverAssets 0.64% [3]
Remainder of Other Expenses rr_Component3OtherExpensesOverAssets 0.42% [3]
Total Other Expenses rr_OtherExpensesOverAssets 1.06%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.20% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.15% [3]
1 Year rr_ExpenseExampleYear01 318
3 Years rr_ExpenseExampleYear03 971
5 Years rr_ExpenseExampleYear05 1,649
10 Years rr_ExpenseExampleYear10 3,457
1 Year rr_ExpenseExampleNoRedemptionYear01 318
3 Years rr_ExpenseExampleNoRedemptionYear03 971
5 Years rr_ExpenseExampleNoRedemptionYear05 1,649
10 Years rr_ExpenseExampleNoRedemptionYear10 3,457
1 Year rr_AverageAnnualReturnYear01 7.20%
5 Years rr_AverageAnnualReturnYear05   
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception (1.34%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2009
Virtus Dynamic Alphasector Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.07%
5 Years rr_AverageAnnualReturnYear05 (2.13%)
10 Years rr_AverageAnnualReturnYear10 (1.52%)
Virtus Dynamic Alphasector Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.04%
5 Years rr_AverageAnnualReturnYear05 (1.73%)
10 Years rr_AverageAnnualReturnYear10 (1.20%)
Virtus Dynamic Alphasector Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
10 Years rr_AverageAnnualReturnYear10 7.10%
Virtus Dynamic Alphasector Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 12.89%
Virtus Dynamic Alphasector Fund | Citigroup 90-Day Treasury Bill Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.30%
5 Years rr_AverageAnnualReturnYear05 2.05%
10 Years rr_AverageAnnualReturnYear10 2.50%
Virtus Dynamic Alphasector Fund | Citigroup 90-Day Treasury Bill Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 2.56%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Management Fees exceed the contractual percentage rate because the Advisory Agreement, as amended, calculates fees based on Managed Assets rather than based on net assets although the table shows the percentage rate as applied to net assets. Managed Assets means the total assets of the fund, including any assets attributable to borrowings, minus the fund’s accrued liabilities other than such borrowings. In the future, performance fee adjustments may increase or decrease the management fee by up to +/- 1.00% of the average net assets of the fund during a rolling 36-month period (or cumulative period since the implementation of the principal investment management changes).
[3] Restated to reflect current fees and expenses.
[4] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[5] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 3% during the third and fourth years and to 0% after the sixth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
XML 87 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Alternatives Diversifier Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Alternatives Diversifier Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund is a fund of funds that has an investment objective of long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells shares of the underlying funds (or “turns over” its portfolio). The fund does not pay transaction costs when it buys and sells shares of the underlying mutual funds. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 29.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund seeks to achieve its objective by investing its assets in a mix of underlying affiliated and unaffiliated mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”). The fund emphasizes low correlating asset classes in order to help reduce volatility and increase return potential. Applying an innovative, institutional-level approach to investing, the fund invests in a diversified portfolio of alternative asset classes including managed futures, global real estate, global infrastructure, natural resources, commodities, currencies, and floating rate securities. Among the underlying funds in which the fund invests are equity funds that invest principally in equity securities of issuers of any capitalization, including those of foreign issuers, including emerging markets issuers. Under normal circumstances, the fund will generally invest in affiliated mutual funds where available to represent the desired asset classes, and unaffiliated mutual funds and/or ETFs to represent the desired asset classes for which affiliated mutual funds are unavailable or deemed not to be appropriate for the fund. The fund is non-diversified under federal securities laws.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of the underlying funds in which the fund invests. The principal risks of investing in the fund are:
  • Affiliated Fund Risk. The risk that the adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds may create a conflict of interest.
  • Allocation Risk. The risk that the fund’s exposure to equities and fixed income securities, or to different asset classes, may vary from the intended allocation or may not be optimum for market conditions at a given time.
  • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
The principal risks attributable to the underlying funds in which the fund invests are:
  • Commodity Risk. The risk that investments in commodities or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.
  • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
  • Derivatives Risk. The risk that the fund will incur a loss greater than the fund’s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract.
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity Real Estate Investment Trust (REIT) Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • High Yield-High Risk Fixed Income Securities Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
  • Income Risk. The risk that income received from the fund will vary widely over the short- and long-term.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting an industry or market sector in which a fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Infrastructure-Related Risk. The risk that the value of the fund’s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests.
  • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
  • Leverage Risk. The risk that the value of the fund’s shares will be more volatile or that the fund will incur a loss greater than the fund’s investment in a given security when leverage is used.
  • Liquidity Risk. The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.
  • Market Volatility Risk. The value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Master Limited Partnership (MLP) Risk. The risk that the fund’s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLP’s underlying assets.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
  • Preferred Stock Risk. The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.
  • Short Sales Risk. The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.
  • Unrated Fixed Income Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The Alternatives Diversifier Composite Benchmark consists of: HFRX Equity Market Neutral Index (20%), UBS Global Investors (Real Estate) Index (20%), Global Infrastructure, represented by the MSCI World Infrastructure Sector Capped Index (since 9/1/2008) (15%), S&P North American Natural Resources Sector Index (10%), Deutsche Bank Liquid Commodity Index (15%), Deutsche Bank G10 Currency Harvest Index (10%) and Credit Suisse Leveraged Loan Index (10%). Prior to 9/1/2008, the Global Infrastructure component was represented by a mix of MSCI US Utilities Index (65%), MSCI World Telecom Services Index (20%) and MSCI World ex US Utilities Index (15%). The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Alternatives Diversifier Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets none
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.40% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.03% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.68% [2]
1 Year rr_ExpenseExampleYear01 736
3 Years rr_ExpenseExampleYear03 1,074
5 Years rr_ExpenseExampleYear05 1,435
10 Years rr_ExpenseExampleYear10 2,448
1 Year rr_ExpenseExampleNoRedemptionYear01 736
3 Years rr_ExpenseExampleNoRedemptionYear03 1,074
5 Years rr_ExpenseExampleNoRedemptionYear05 1,435
10 Years rr_ExpenseExampleNoRedemptionYear10 2,448
2006 rr_AnnualReturn2006 13.26%
2007 rr_AnnualReturn2007 7.34%
2008 rr_AnnualReturn2008 (28.88%)
2009 rr_AnnualReturn2009 20.68%
2010 rr_AnnualReturn2010 10.55%
2011 rr_AnnualReturn2011 (2.54%)
2012 rr_AnnualReturn2012 9.70%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 12.30%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.63%)
1 Year rr_AverageAnnualReturnYear01 3.40%
5 Years rr_AverageAnnualReturnYear05 (0.89%)
Since Inception rr_AverageAnnualReturnSinceInception 2.16%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2005
Virtus Alternatives Diversifier Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management Fees rr_ManagementFeesOverAssets none
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.40% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.03% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.43% [2]
1 Year rr_ExpenseExampleYear01 346
3 Years rr_ExpenseExampleYear03 758
5 Years rr_ExpenseExampleYear05 1,296
10 Years rr_ExpenseExampleYear10 2,766
1 Year rr_ExpenseExampleNoRedemptionYear01 246
3 Years rr_ExpenseExampleNoRedemptionYear03 758
5 Years rr_ExpenseExampleNoRedemptionYear05 1,296
10 Years rr_ExpenseExampleNoRedemptionYear10 2,766
1 Year rr_AverageAnnualReturnYear01 8.85%
5 Years rr_AverageAnnualReturnYear05 (0.45%)
Since Inception rr_AverageAnnualReturnSinceInception 2.25%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2005
Virtus Alternatives Diversifier Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets none
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.40% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.03% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.43% [2]
1 Year rr_ExpenseExampleYear01 146
3 Years rr_ExpenseExampleYear03 452
5 Years rr_ExpenseExampleYear05 782
10 Years rr_ExpenseExampleYear10 1,713
1 Year rr_ExpenseExampleNoRedemptionYear01 146
3 Years rr_ExpenseExampleNoRedemptionYear03 452
5 Years rr_ExpenseExampleNoRedemptionYear05 782
10 Years rr_ExpenseExampleNoRedemptionYear10 1,713
1 Year rr_AverageAnnualReturnYear01 9.99%
5 Years rr_AverageAnnualReturnYear05   
Since Inception rr_AverageAnnualReturnSinceInception 7.73%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2009
Virtus Alternatives Diversifier Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.44%
5 Years rr_AverageAnnualReturnYear05 (1.56%)
Since Inception rr_AverageAnnualReturnSinceInception 1.58%
Virtus Alternatives Diversifier Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.94%
5 Years rr_AverageAnnualReturnYear05 (1.19%)
Since Inception rr_AverageAnnualReturnSinceInception 1.50%
Virtus Alternatives Diversifier Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
Virtus Alternatives Diversifier Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 4.07%
Virtus Alternatives Diversifier Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 4.07%
Virtus Alternatives Diversifier Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 12.89%
Virtus Alternatives Diversifier Fund | Composite Benchmark (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.96%
5 Years rr_AverageAnnualReturnYear05 0.68%
Virtus Alternatives Diversifier Fund | Composite Benchmark (reflects no deduction for fees, expenses or taxes) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 4.21%
Virtus Alternatives Diversifier Fund | Composite Benchmark (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 4.21%
Virtus Alternatives Diversifier Fund | Composite Benchmark (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 7.22%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
[4] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Virtus Greater Asia ex Japan Opportunities Fund
Virtus Greater Asia ex Japan Opportunities Fund
Investment Objective
The fund has an investment objective of long-term capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Greater Asia ex Japan Opportunities Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Greater Asia ex Japan Opportunities Fund
Class A
Class C
Class I
Management Fees 1.00% 1.00% 1.00%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 1.56% 1.56% 1.56%
Aquired Fund Fees and Expenses [2] 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 2.82% 3.57% 2.57%
[1] Restated to reflect current expenses.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Greater Asia ex Japan Opportunities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
844 1,399 1,978 3,541
Class C
460 1,094 1,850 3,836
Class I
260 799 1,365 2,905
Expense Example, No Redemption Virtus Greater Asia ex Japan Opportunities Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
844 1,399 1,978 3,541
Class C
360 1,094 1,850 3,836
Class I
260 799 1,365 2,905
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
This fund seeks to offer investors exposure to Asian market economies, with the exception of Japan, through well-established companies. The portfolio invests in what the subadviser believes to be well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles.

Under normal circumstances, at least 80% of the fund’s assets are invested in equity securities or equity-linked instruments of issuers located in Asia (excluding Japan), including issuers in emerging markets. Equity-linked securities are hybrid debt securities whose return is connected to an underlying equity, usually a stock. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
  • Equity-Linked Instruments Risk. The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund’s investment.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
  • Geographic Concentration Risk. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart
Average Annual Total Returns (for the periods ended 12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns Virtus Greater Asia ex Japan Opportunities Fund
1 Year
Since Inception
Inception Date
Class A Shares
17.43% 18.12% Apr. 21, 2009
Class A Shares Return After Taxes on Distributions
13.39% 15.59%  
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
8.70% 14.23%  
Class C Shares
23.60% 19.12% Apr. 21, 2009
Class I Shares
24.89% 20.35% Apr. 21, 2009
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 16.94%  
MSCI AC Asia Pacific ex Japan Index (net) (reflects no deduction for fees, expenses or taxes)
22.31% 18.87%  
The S&P 500® Index is a free-float adjusted market capitalization-weighted index of 500 of the largest U.S. companies. The S&P 500® Index is calculated on a total return basis with dividends reinvested. The MSCI AC Asia Pacific ex Japan Index (net) is a free float-adjusted market capitalization weighted index measuring the equity market performance of developed and emerging markets in Asia (excluding Japan), as well as Australia and New Zealand. The MSCI AC Asia Pacific ex Japan Index (net) is calculated on a total-return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
XML 92 R213.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Virtus Real Estate Securities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Real Estate Securities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has investment objectives of capital appreciation and income with approximately equal emphasis.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 24.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder’s fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. In the case of Class B Shares, it assumes that your shares are converted to Class A Shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance

Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund offers exposure to the equity real estate investment trust (“REIT”) market utilizing a Growth at a Reasonable Price style with macroeconomic and fundamental security analysis to identify the most attractive investment candidates. The subadviser believes the value of a REIT extends beyond the value of the underlying real estate and that through fundamental research, it can uncover and exploit inefficiencies in the market.

Under normal circumstances, the fund invests at least 80% of its assets in publicly-traded REITs and companies that are principally engaged in the real estate industry. The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration The fund concentrates its assets in the real estate industry and is non-diversified under federal securities laws.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The fund may not achieve its objectives, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Equity REIT Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of the REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
  • Industry/Sector Concentration Risk. The risk that events negatively affecting real estate securities will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in real estate related securities, the fund is more vulnerable to conditions that negatively affect real estate related securities as compared to a fund that does not concentrate holdings in such securities.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock Returns do not reflect sales charges and would be lower if they did.

Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The FTSE NAREIT Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified REITs, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. The indexes are calculated on a total return basis with dividends reinvested. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Real Estate Securities Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.42% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.41% [2]
1 Year rr_ExpenseExampleYear01 710
3 Years rr_ExpenseExampleYear03 996
5 Years rr_ExpenseExampleYear05 1,302
10 Years rr_ExpenseExampleYear10 2,169
1 Year rr_ExpenseExampleNoRedemptionYear01 710
3 Years rr_ExpenseExampleNoRedemptionYear03 996
5 Years rr_ExpenseExampleNoRedemptionYear05 1,302
10 Years rr_ExpenseExampleNoRedemptionYear10 2,169
2003 rr_AnnualReturn2003 37.45%
2004 rr_AnnualReturn2004 33.16%
2005 rr_AnnualReturn2005 14.43%
2006 rr_AnnualReturn2006 36.27%
2007 rr_AnnualReturn2007 (16.07%)
2008 rr_AnnualReturn2008 (37.26%)
2009 rr_AnnualReturn2009 28.01%
2010 rr_AnnualReturn2010 27.54%
2011 rr_AnnualReturn2011 9.63%
2012 rr_AnnualReturn2012 16.51%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 32.91%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (38.73%)
1 Year rr_AverageAnnualReturnYear01 9.82%
5 Years rr_AverageAnnualReturnYear05 4.28%
10 Years rr_AverageAnnualReturnYear10 11.44%
Virtus Real Estate Securities Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 5.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.42% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.16% [2]
1 Year rr_ExpenseExampleYear01 619
3 Years rr_ExpenseExampleYear03 876
5 Years rr_ExpenseExampleYear05 1,159
10 Years rr_ExpenseExampleYear10 2,303
1 Year rr_ExpenseExampleNoRedemptionYear01 219
3 Years rr_ExpenseExampleNoRedemptionYear03 676
5 Years rr_ExpenseExampleNoRedemptionYear05 1,159
10 Years rr_ExpenseExampleNoRedemptionYear10 2,303
1 Year rr_AverageAnnualReturnYear01 11.63%
5 Years rr_AverageAnnualReturnYear05 4.72%
10 Years rr_AverageAnnualReturnYear10 11.25%
Virtus Real Estate Securities Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.42% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.16% [2]
1 Year rr_ExpenseExampleYear01 319
3 Years rr_ExpenseExampleYear03 676
5 Years rr_ExpenseExampleYear05 1,159
10 Years rr_ExpenseExampleYear10 2,493
1 Year rr_ExpenseExampleNoRedemptionYear01 219
3 Years rr_ExpenseExampleNoRedemptionYear03 676
5 Years rr_ExpenseExampleNoRedemptionYear05 1,159
10 Years rr_ExpenseExampleNoRedemptionYear10 2,493
1 Year rr_AverageAnnualReturnYear01 15.63%
5 Years rr_AverageAnnualReturnYear05 4.73%
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 10.11%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 25, 2003
Virtus Real Estate Securities Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.42% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.16% [2]
1 Year rr_ExpenseExampleYear01 118
3 Years rr_ExpenseExampleYear03 368
5 Years rr_ExpenseExampleYear05 638
10 Years rr_ExpenseExampleYear10 1,409
1 Year rr_ExpenseExampleNoRedemptionYear01 118
3 Years rr_ExpenseExampleNoRedemptionYear03 368
5 Years rr_ExpenseExampleNoRedemptionYear05 638
10 Years rr_ExpenseExampleNoRedemptionYear10 1,409
1 Year rr_AverageAnnualReturnYear01 16.80%
5 Years rr_AverageAnnualReturnYear05 5.79%
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 1.81%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 28, 2006
Virtus Real Estate Securities Fund | Return After Taxes on Distributions | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.80%
5 Years rr_AverageAnnualReturnYear05 3.59%
10 Years rr_AverageAnnualReturnYear10 10.42%
Virtus Real Estate Securities Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.72%
5 Years rr_AverageAnnualReturnYear05 3.17%
10 Years rr_AverageAnnualReturnYear10 9.62%
Virtus Real Estate Securities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
10 Years rr_AverageAnnualReturnYear10 7.10%
Virtus Real Estate Securities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 5.99%
Virtus Real Estate Securities Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 2.29%
Virtus Real Estate Securities Fund | FTSE NAREIT Equity REITs Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.06%
5 Years rr_AverageAnnualReturnYear05 5.45%
10 Years rr_AverageAnnualReturnYear10 11.63%
Virtus Real Estate Securities Fund | FTSE NAREIT Equity REITs Index (reflects no deduction for fees, expenses or taxes) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 10.23%
Virtus Real Estate Securities Fund | FTSE NAREIT Equity REITs Index (reflects no deduction for fees, expenses or taxes) | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Since Inception rr_AverageAnnualReturnSinceInception 1.59%
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] Restated to reflect current expenses.
[3] The maximum deferred sales charge is imposed on Class B Shares redeemed during the first year; thereafter, it decreases 1% annually to 2% during the fourth and fifth years and to 0% after the fifth year. The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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Virtus Wealth Masters Fund
Virtus Wealth Masters Fund
Investment Objective
The fund has an investment objective of capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Virtus Wealth Masters Fund
Class A
Class C
Class I
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
[1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
[2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Virtus Wealth Masters Fund
Class A
Class C
Class I
Management Fees 0.85% 0.85% 0.85%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.58% 0.58% 0.58%
Total Annual Fund Operating Expenses 1.68% 2.43% 1.43%
Less: Expense Reimbursement [2] (0.23%) (0.23%) (0.23%)
Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (if Any) 1.45% 2.20% 1.20%
[1] Estimated for current fiscal year.
[2] The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.45% for Class A Shares, 2.20% for Class C Shares and 1.20% for Class I Shares through January 31, 2014. 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 fiscal year in which such reimbursement occurred.
Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Virtus Wealth Masters Fund (USD $)
1 Year
3 Years
Class A
714 1,053
Class C
323 736
Class I
122 430
Expense Example, No Redemption Virtus Wealth Masters Fund (USD $)
1 Year
3 Years
Class A
714 1,053
Class C
223 736
Class I
122 430
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 26% of the average value of its portfolio.
Investments, Risks and Performance

Principal Investment Strategies
The fund seeks to track the performance of the Horizon Kinetics ISE Wealth Index (Ticker: RCH), a public index maintained by Horizon Kinetics, LLC, the parent company of the fund’s subadviser, and published by International Securities Exchange, LLC. The index is composed of U.S.-listed companies and equity REITs managed by executives who are among the wealthiest individuals in the United States and, in many cases, have accumulated a substantial amount of their personal wealth through the companies that they manage. The issuers have market capitalizations, at time of addition to the index, in excess of $100 million (as of June 30, 2012). The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
Principal Risks
The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:
  • Correlation to Index. The risk that the performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.
  • Equity Real Estate Investment Trust (REIT) Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
  • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies, including microcap companies may be more volatile than investments in larger companies.
  • Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
  • Sector Focused Investing Risk. The risk that events negatively affecting a particular market sector in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. To the extent the fund focuses its assets in a particular market sector, the fund is more vulnerable to conditions that negatively affect such market sector as compared to a fund that does not focus holdings in such securities.
Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown.
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    Virtus Alternatives Diversifier Fund
    Virtus Alternatives Diversifier Fund
    Investment Objective
    The fund is a fund of funds that has an investment objective of long-term capital appreciation.
    Fees and Expenses
    The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information.
    Shareholder Fees (fees paid directly from your investment)
    Shareholder Fees Virtus Alternatives Diversifier Fund
    Class A
    Class C
    Class I
    Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
    Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) 1.00% [1] 1.00% [2] none
    [1] Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made.
    [2] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
    Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses Virtus Alternatives Diversifier Fund
    Class A
    Class C
    Class I
    Management Fees none none none
    Distribution and Shareholder Servicing (12b-1) Fees 0.25% 1.00% none
    Other Expenses [1] 0.40% 0.40% 0.40%
    Acquired Fund Fees and Expenses [2] 1.03% 1.03% 1.03%
    Total Annual Fund Operating Expenses [1] 1.68% 2.43% 1.43%
    [1] Restated to reflect current expenses.
    [2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expense 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.
    Example
    This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
    Expense Example Virtus Alternatives Diversifier Fund (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Class A
    736 1,074 1,435 2,448
    Class C
    346 758 1,296 2,766
    Class I
    146 452 782 1,713
    Expense Example, No Redemption Virtus Alternatives Diversifier Fund (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Class A
    736 1,074 1,435 2,448
    Class C
    246 758 1,296 2,766
    Class I
    146 452 782 1,713
    Portfolio Turnover
    The fund pays transaction costs, such as commissions, when it buys and sells shares of the underlying funds (or “turns over” its portfolio). The fund does not pay transaction costs when it buys and sells shares of the underlying mutual funds. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the value of its portfolio.
    Investments, Risks and Performance

    Principal Investment Strategies
    The fund seeks to achieve its objective by investing its assets in a mix of underlying affiliated and unaffiliated mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”). The fund emphasizes low correlating asset classes in order to help reduce volatility and increase return potential. Applying an innovative, institutional-level approach to investing, the fund invests in a diversified portfolio of alternative asset classes including managed futures, global real estate, global infrastructure, natural resources, commodities, currencies, and floating rate securities. Among the underlying funds in which the fund invests are equity funds that invest principally in equity securities of issuers of any capitalization, including those of foreign issuers, including emerging markets issuers. Under normal circumstances, the fund will generally invest in affiliated mutual funds where available to represent the desired asset classes, and unaffiliated mutual funds and/or ETFs to represent the desired asset classes for which affiliated mutual funds are unavailable or deemed not to be appropriate for the fund. The fund is non-diversified under federal securities laws.
    Principal Risks
    The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of the underlying funds in which the fund invests. The principal risks of investing in the fund are:
    • Affiliated Fund Risk. The risk that the adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds may create a conflict of interest.
    • Allocation Risk. The risk that the fund’s exposure to equities and fixed income securities, or to different asset classes, may vary from the intended allocation or may not be optimum for market conditions at a given time.
    • Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
    The principal risks attributable to the underlying funds in which the fund invests are:
    • Commodity Risk. The risk that investments in commodities or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.
    • Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.
    • Derivatives Risk. The risk that the fund will incur a loss greater than the fund’s investment in, or will experience greater share price volatility as a result of investing in, a derivative contract.
    • Emerging Market Investing Risk. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
    • Equity Real Estate Investment Trust (REIT) Securities Risk. The risk that, in addition to the risks associated with investing in the real estate industry, the value of the fund’s shares will be negatively affected by factors specific to investing through a pooled vehicle, such as through poor management of a REIT or REIT-like entity, concentration risk, or other risks typically associated with investing in small or medium market capitalization companies.
    • Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.
    • Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.
    • Foreign Investing Risk. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
    • High Yield-High Risk Fixed Income Securities Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.
    • Income Risk. The risk that income received from the fund will vary widely over the short- and long-term.
    • Industry/Sector Concentration Risk. The risk that events negatively affecting an industry or market sector in which a fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.
    • Infrastructure-Related Risk. The risk that the value of the fund’s shares will decrease as a result of conditions, such as general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses, and changes in interest rates, negatively affecting the infrastructure companies in which the fund invests.
    • Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.
    • Leverage Risk. The risk that the value of the fund’s shares will be more volatile or that the fund will incur a loss greater than the fund’s investment in a given security when leverage is used.
    • Liquidity Risk. The risk that certain securities may be difficult or impossible to sell at the time and price beneficial to the fund.
    • Market Volatility Risk. The value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
    • Master Limited Partnership (MLP) Risk. The risk that the fund’s investments in MLP units will be negatively impacted by tax law changes, regulatory developments or other factors affecting the MLP’s underlying assets.
    • Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.
    • Preferred Stock Risk. The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.
    • Short Sales Risk. The risk that a fund may experience a loss if the price of a borrowed security increases between the date of a short sale and the date on which the fund replaces the security.
    • Unrated Fixed Income Securities Risk. The risk that the subadviser will be unable to accurately assess the quality of an unrated fixed income security, so that the fund invests in a security with greater risk than intended, or that the liquidity of unrated fixed income securities in which the fund invests will be hindered, making it difficult for the fund to sell them.
    Performance Information
    The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

    The bar chart shows changes in the fund’s performance from year to year over the life of the fund. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a composite benchmark. Updated performance information is available at virtus.com or by calling 800-243-1574.
    Calendar year total returns for Class A Shares (includes returns of a predecessor fund)
    Returns do not reflect sales charges and would be lower if they did.

    Annual Return (%)
    Bar Chart
    Average Annual Total Returns (for the periods ended 12/31/12; includes returns of a predecessor fund)
    Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
    Average Annual Total Returns Virtus Alternatives Diversifier Fund
    1 Year
    5 Years
    Since Inception
    Inception Date
    Class A
    3.40% (0.89%) 2.16% Nov. 30, 2005
    Class A Return After Taxes on Distributions
    1.44% (1.56%) 1.58%  
    Class A Return After Taxes on Distributions and Sale of Fund Shares
    0.94% (1.19%) 1.50%  
    Class A S&P 500® Index (reflects no deduction for fees, expenses or taxes)
        4.07%  
    Class A Composite Benchmark (reflects no deduction for fees, expenses or taxes)
        4.21%  
    Class C
    8.85% (0.45%) 2.25% Nov. 30, 2005
    Class C S&P 500® Index (reflects no deduction for fees, expenses or taxes)
        4.07%  
    Class C Composite Benchmark (reflects no deduction for fees, expenses or taxes)
        4.21%  
    Class I
    9.99%    7.73% Oct. 01, 2009
    Class I S&P 500® Index (reflects no deduction for fees, expenses or taxes)
        12.89%  
    Class I Composite Benchmark (reflects no deduction for fees, expenses or taxes)
        7.22%  
    S&P 500® Index (reflects no deduction for fees, expenses or taxes)
    16.00% 1.66%    
    Composite Benchmark (reflects no deduction for fees, expenses or taxes)
    6.96% 0.68%    
    The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The Alternatives Diversifier Composite Benchmark consists of: HFRX Equity Market Neutral Index (20%), UBS Global Investors (Real Estate) Index (20%), Global Infrastructure, represented by the MSCI World Infrastructure Sector Capped Index (since 9/1/2008) (15%), S&P North American Natural Resources Sector Index (10%), Deutsche Bank Liquid Commodity Index (15%), Deutsche Bank G10 Currency Harvest Index (10%) and Credit Suisse Leveraged Loan Index (10%). Prior to 9/1/2008, the Global Infrastructure component was represented by a mix of MSCI US Utilities Index (65%), MSCI World Telecom Services Index (20%) and MSCI World ex US Utilities Index (15%). The indexes are unmanaged and not available for direct investment.

    After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.