XML 48 R194.htm IDEA: XBRL DOCUMENT

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Sep. 30, 2014

Registrant Name

dei_EntityRegistrantName

VIRTUS OPPORTUNITIES TRUST

Central Index Key

dei_EntityCentralIndexKey

0001005020

dei_AmendmentFlag

false

dei_TradingSymbol

VOT

Document Creation Date

dei_DocumentCreationDate

Jan. 26, 2015

Document Effective Date

dei_DocumentEffectiveDate

Jan. 28, 2015

Prospectus Date

rr_ProspectusDate

Jan. 28, 2015

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 the 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 214 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 108 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 44% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

Expenses Deferred Charges [Text Block]

rr_ExpensesDeferredChargesTextBlock

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

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 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 less than $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.

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. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The redemption by one or more large shareholders or groups of shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund including by accelerating the realization of capital gains and increasing the fund's transaction costs. The principal risks of investing in the fund are:

>

Depositary Receipts Risk. The risk that investments in foreign companies through depositary receipts will expose the fund to the same risks as direct investment in securities of foreign issuers.

>

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 a particular style or in small or medium-sized companies may enhance that risk.

>

Foreign Investing Risks. 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 currency fluctuations or 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.

>

Preferred Stock Risk. The risk that a preferred stock will decline in price, fail to pay dividends when expected, or be illiquid.

>

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 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. 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.

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:

Q1/2013:

11.51%

Worst Quarter:

Q4/2014:

-6.30%

Performance Table Heading

rr_PerformanceTableHeading

Average Annual Total Returns (for the periods ended 12/31/14)

Performance Table Does Reflect Sales Loads

rr_PerformanceTableDoesReflectSalesLoads

Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.

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 MSCI AC World Index ex U.S. Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets, excluding the U.S. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and is 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 Small-Cap Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

dei_TradingSymbol

VISAX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

Maximum Deferred Sales Charge (as a percentage)

rr_MaximumDeferredSalesChargeOverOther

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

^[1]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

rr_AnnualReturn2013

rr_AnnualReturn2014

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Best Quarter:

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Mar. 31, 2013

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter:

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Dec. 31, 2014

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

rr_AverageAnnualReturnLabel

Return Before Taxes

rr_AverageAnnualReturnYear01

Since Inception

rr_AverageAnnualReturnSinceInception

rr_AverageAnnualReturnInceptionDate

Sep. 05, 2012

Virtus International Small-Cap Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

dei_TradingSymbol

VCISX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage)

rr_MaximumDeferredSalesChargeOverOther

^[2]

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

^[1]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

rr_AverageAnnualReturnLabel

Return Before Taxes

rr_AverageAnnualReturnYear01

Since Inception

rr_AverageAnnualReturnSinceInception

rr_AverageAnnualReturnInceptionDate

Sep. 05, 2012

Virtus International Small-Cap Fund | Class I

Risk/Return:

rr_RiskReturnAbstract

dei_TradingSymbol

VIISX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage)

rr_MaximumDeferredSalesChargeOverOther

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

^[1]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

rr_AverageAnnualReturnLabel

Return Before Taxes

rr_AverageAnnualReturnYear01

Since Inception

rr_AverageAnnualReturnSinceInception

rr_AverageAnnualReturnInceptionDate

Sep. 05, 2012

Virtus International Small-Cap Fund | Class R6

Risk/Return:

rr_RiskReturnAbstract

dei_TradingSymbol

VRISX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage)

rr_MaximumDeferredSalesChargeOverOther

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

^[3]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

^[1]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

rr_AverageAnnualReturnLabel

Returns Before Taxes

Since Inception

rr_AverageAnnualReturnSinceInception

rr_AverageAnnualReturnInceptionDate

Nov. 12, 2014

Virtus International Small-Cap Fund | Return After Taxes on Distributions | Class A

Risk/Return:

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

rr_AverageAnnualReturnYear01

Since Inception

rr_AverageAnnualReturnSinceInception

rr_AverageAnnualReturnInceptionDate

Sep. 05, 2012

Virtus International Small-Cap Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A

Risk/Return:

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

rr_AverageAnnualReturnYear01

Since Inception

rr_AverageAnnualReturnSinceInception

rr_AverageAnnualReturnInceptionDate

Sep. 05, 2012

Virtus International Small-Cap Fund | MSCI All Country World ex U.S. Small Cap Index (net)

Risk/Return:

rr_RiskReturnAbstract

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

rr_AverageAnnualReturnYear01

Since Inception

rr_AverageAnnualReturnSinceInception

rr_AverageAnnualReturnInceptionDate

Sep. 05, 2012

Virtus International Small-Cap Fund | MSCI All Country World ex U.S. Small Cap Index (net) | Class R6

Risk/Return:

rr_RiskReturnAbstract

Since Inception

rr_AverageAnnualReturnSinceInception

rr_AverageAnnualReturnInceptionDate

Nov. 12, 2014

[1]	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.
[2]	The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
[3]	Estimated for current fiscal year, as annualized.