XML 13 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 Jun. 11, 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 is available from your financial advisor and under “Sales Charges” on page 198 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 91 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 (i) within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund; and (ii) on 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).
At least 65% of the fund’s assets will be invested in investment-grade securities, which are securities rated, at the time of investment, within the four highest rating categories of a nationally recognized statistical rating organization, or if unrated, those that the subadviser determines, pursuant to procedures reviewed and approved by the Board of Trustees, are of comparable quality. The fund may invest up to 35% of its total assets in securities rated below investment grade at time of purchase. The fund may continue to hold securities whose credit quality falls below investment grade.
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
Best Quarter:    Q2/2009:    5.51%    Worst Quarter:     Q2/2004:    -2.36% 
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 3.02%
5 Years rr_AverageAnnualReturnYear05 4.37%
10 Years rr_AverageAnnualReturnYear10 3.60%
VIRTUS BOND FUND | Return After Taxes on Distributions and Sale of Fund Shares | Class A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.66%
5 Years rr_AverageAnnualReturnYear05 4.11%
10 Years rr_AverageAnnualReturnYear10 3.47%
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 (i) within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund; and (ii) on 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.