XML 25 R42.htm IDEA: XBRL DOCUMENT v2.4.1.9
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type 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
Amendment Flag dei_AmendmentFlag false
Trading Symbol 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 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 investment objectives 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 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 funds prospectus and Alternative Purchase Arrangements on page 108 of the funds 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 funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 7% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 7.00%rr_PortfolioTurnoverRate
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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 50,000rr_ExpenseBreakpointMinimumInvestmentRequiredAmount
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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 funds 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; however, the fund may invest up to 20% of its net assets in below investment grade tax-exempt municipal bonds. Below investment grade tax-exempt municipal bonds are considered high-yield/high-risk fixed income securities.
 
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 funds 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 objective, and it is not intended to be a complete investment program. The value of the funds 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 funds 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:
>
  • 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 issuers 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 funds shares to decrease, perhaps significantly.
>
  • High-Yield/High-Risk Fixed Income Securities (Junk Bond) Risk. The risk that issuers of high-yield/high-risk securities in the funds 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 funds 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 funds 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, or that the tax-exempt status of such securities may be lost or limited.
>
  • 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 funds 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 funds 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 funds performance from year to year over a 10-year period. The table shows how the funds 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 funds performance from year to year over a 10-year period. The table shows how the funds 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 funds 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
Best Quarter:
Q3/2009:
8.13%
Worst Quarter:
Q4/2010:
-4.63%
 
Performance Table Heading rr_PerformanceTableHeading
Average Annual Total Returns (for the periods ended 12/31/14; includes returns of a predecessor fund)
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 investors 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 U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The Barclays 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 investors 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  
Trading Symbol dei_TradingSymbol CTESX
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.75%rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice
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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%rr_ManagementFeesOverAssets
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Distribution and Shareholder Servicing (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%rr_DistributionAndService12b1FeesOverAssets
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Total Other Expenses rr_OtherExpensesOverAssets 0.41%rr_OtherExpensesOverAssets
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Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.11%rr_ExpensesOverAssets
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1 Year rr_ExpenseExampleYear01 385rr_ExpenseExampleYear01
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3 Years rr_ExpenseExampleYear03 618rr_ExpenseExampleYear03
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5 Years rr_ExpenseExampleYear05 870rr_ExpenseExampleYear05
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10 Years rr_ExpenseExampleYear10 1,590rr_ExpenseExampleYear10
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1 Year rr_ExpenseExampleNoRedemptionYear01 385rr_ExpenseExampleNoRedemptionYear01
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3 Years rr_ExpenseExampleNoRedemptionYear03 618rr_ExpenseExampleNoRedemptionYear03
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10 Years rr_ExpenseExampleNoRedemptionYear10 1,590rr_ExpenseExampleNoRedemptionYear10
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2005 rr_AnnualReturn2005 2.37%rr_AnnualReturn2005
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2006 rr_AnnualReturn2006 4.16%rr_AnnualReturn2006
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2007 rr_AnnualReturn2007 2.36%rr_AnnualReturn2007
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2008 rr_AnnualReturn2008 (4.06%)rr_AnnualReturn2008
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2009 rr_AnnualReturn2009 11.05%rr_AnnualReturn2009
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2010 rr_AnnualReturn2010 1.63%rr_AnnualReturn2010
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2011 rr_AnnualReturn2011 11.09%rr_AnnualReturn2011
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2012 rr_AnnualReturn2012 8.45%rr_AnnualReturn2012
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2013 rr_AnnualReturn2013 (2.84%)rr_AnnualReturn2013
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2014 rr_AnnualReturn2014 10.25%rr_AnnualReturn2014
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Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel
Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.13%rr_BarChartHighestQuarterlyReturn
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Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel
Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.63%)rr_BarChartLowestQuarterlyReturn
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Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 7.22%rr_AverageAnnualReturnYear01
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5 Years rr_AverageAnnualReturnYear05 4.99%rr_AverageAnnualReturnYear05
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10 Years rr_AverageAnnualReturnYear10 4.02%rr_AverageAnnualReturnYear10
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VIRTUS CA TAX-EXEMPT BOND FUND | Class I  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CTXEX
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%rr_ManagementFeesOverAssets
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Distribution and Shareholder Servicing (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Total Other Expenses rr_OtherExpensesOverAssets 0.41%rr_OtherExpensesOverAssets
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Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.86%rr_ExpensesOverAssets
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1 Year rr_ExpenseExampleYear01 88rr_ExpenseExampleYear01
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3 Years rr_ExpenseExampleYear03 274rr_ExpenseExampleYear03
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5 Years rr_ExpenseExampleYear05 477rr_ExpenseExampleYear05
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10 Years rr_ExpenseExampleYear10 1,061rr_ExpenseExampleYear10
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Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 10.36%rr_AverageAnnualReturnYear01
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5 Years rr_AverageAnnualReturnYear05 5.81%rr_AverageAnnualReturnYear05
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10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 4.77%rr_AverageAnnualReturnSinceInception
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Inception Date rr_AverageAnnualReturnInceptionDate Sep. 29, 2006
VIRTUS CA TAX-EXEMPT BOND FUND | Return After Taxes on Distributions | Class A  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 6.42%rr_AverageAnnualReturnYear01
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VIRTUS CA TAX-EXEMPT BOND FUND | After Taxes on Distributions and Sales | Class A  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 6.23%rr_AverageAnnualReturnYear01
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VIRTUS CA TAX-EXEMPT BOND FUND | Barclays U.S. Aggregate Bond Index  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes
(reflects no deduction for fees, expenses or taxes)
Label rr_AverageAnnualReturnLabel Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 5.97%rr_AverageAnnualReturnYear01
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VIRTUS CA TAX-EXEMPT BOND FUND | Barclays U.S. Aggregate Bond Index | Class I  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
Since Inception rr_AverageAnnualReturnSinceInception 5.04%rr_AverageAnnualReturnSinceInception
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Inception Date rr_AverageAnnualReturnInceptionDate Sep. 29, 2006
VIRTUS CA TAX-EXEMPT BOND FUND | Barclays California Municipal Bond Index  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes
(reflects no deduction for fees, expenses or taxes)
Label rr_AverageAnnualReturnLabel Barclays California Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 9.96%rr_AverageAnnualReturnYear01
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VIRTUS CA TAX-EXEMPT BOND FUND | Barclays California Municipal Bond Index | Class I  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Barclays California Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
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