v3.25.4
Label Element Value
Virtus KAR Small-Mid Cap Value Fund  
Risk/Return: oef_RiskReturnAbstract  
Risk/Return [Heading] oef_RiskReturnHeading Virtus KAR Small-Mid Cap Value Fund
Objective [Heading] oef_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] oef_ObjectivePrimaryTextBlock

The fund seeks an investment objective of long-term capital appreciation.
Expense Heading [Optional Text] oef_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] oef_ExpenseNarrativeTextBlock

The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 77 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”
Shareholder Fees Caption [Optional Text] oef_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Optional Text] oef_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] oef_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] oef_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 20% of the average value of its portfolio.

Portfolio Turnover, Rate oef_PortfolioTurnoverRate 20.00%
Expense Breakpoint Discounts [Text] oef_ExpenseBreakpointDiscounts You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.
Expense Breakpoint, Minimum Investment Required [Amount] oef_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example [Heading] oef_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] oef_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 or continued to hold them. 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 expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] oef_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] oef_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] oef_StrategyNarrativeTextBlock

The fund pursues long-term capital appreciation in the small and medium market capitalization sectors while seeking to incur less risk than the small- and mid-cap value markets. The fund invests in a select group of small and mid-market capitalization companies believed by the subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). Under normal circumstances, the fund invests at least 80% of its assets in common stocks of small and medium market capitalization companies. As of the date of this Prospectus, the fund’s subadviser considers small and medium market capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations within the range of companies included in

the Russell 2500TM Value Index on a rolling three-year basis. On this basis, as of September 30, 2025, the total market capitalization range of companies included in the Russell 2500TM Value Index over the past three years was $43,500 to $58.5 billion. Generally, the fund invests in approximately 25 to 35 securities at any given time.

The subadviser’s sell discipline seeks to dispose of holdings that, among other things, are the subject of negative developments individually or as an industry, or as necessary to provide funding for new holdings the subadviser deems more attractive.
Strategy Portfolio Concentration [Text] oef_StrategyPortfolioConcentration Under normal circumstances, the fund invests at least 80% of its assets in common stocks of small and medium market capitalization companies.
Bar Chart and Performance Table [Heading] oef_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] oef_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 style-specific index 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] oef_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide some indication of the potential risks of investing in the fund.
Performance Additional Market Index [Text] oef_PerformanceAdditionalMarketIndex The Russell 2500TM Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment.
Performance Availability Phone [Text] oef_PerformanceAvailabilityPhone 800-243-1574
Performance Availability Website Address [Text] oef_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] oef_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] oef_BarChartHeading Calendar year total returns for Class I Shares 
Bar Chart Does Not Reflect Sales Loads [Text] oef_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges applicable to other share classes and would be lower if they did.
Bar Chart Closing [Text Block] oef_BarChartClosingTextBlock
      

Best Quarter:

2023, Q4:

12.42%

Worst Quarter:

2022, Q1:

-11.90%
Performance Table Heading oef_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/25)
Index No Deduction for Fees, Expenses, or Taxes [Text] oef_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate oef_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. After-tax returns are shown only for Class I 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.
Performance Table Not Relevant to Tax Deferred oef_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] oef_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I Shares; after-tax returns for other classes will vary.
Performance Table Closing [Text Block] oef_PerformanceTableClosingTextBlock

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell 2500TM Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. 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 I 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.

Virtus KAR Small-Mid Cap Value Fund | Principal Risks  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

Principal Risks

The fund may not achieve its objective(s), 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 principal risks of investing in the fund are identified below.
Virtus KAR Small-Mid Cap Value Fund | Risk Lose Money [Member]  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock 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.
Virtus KAR Small-Mid Cap Value Fund | Equity Securities Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Equity Securities Risk: The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.
Virtus KAR Small-Mid Cap Value Fund | Limited Number of Investments Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Limited Number of Investments Risk: Because the fund may have a limited number of securities, it may be more susceptible to factors adversely affecting its securities than a fund with a greater number of securities.
Virtus KAR Small-Mid Cap Value Fund | Market Volatility Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Market Volatility Risk: The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.
Virtus KAR Small-Mid Cap Value Fund | Small and Medium Market Capitalization Companies Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Small and Medium Market Capitalization Companies Risk: The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.
Virtus KAR Small-Mid Cap Value Fund | Value Stocks Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Value Stocks Risk: The fund may underperform when value investing is out of favor or the fund’s investments may not appreciate in value as anticipated.
Virtus KAR Small-Mid Cap Value Fund | Foreign Investing Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Foreign Investing Risk: Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.
Virtus KAR Small-Mid Cap Value Fund | Depositary Receipts Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Depositary Receipts Risk: Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.
Virtus KAR Small-Mid Cap Value Fund | Redemption Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Redemption Risk: One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s NAV and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.
Virtus KAR Small-Mid Cap Value Fund | Currency Rate Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Currency Rate Risk: Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.
Virtus KAR Small-Mid Cap Value Fund | FT Wilshire 5000 Index  
Risk/Return: oef_RiskReturnAbstract  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel FT Wilshire 5000 Index
Average Annual Return, Percent oef_AvgAnnlRtrPct 17.13%
Average Annual Return, Percent oef_AvgAnnlRtrPct 11.02%
Performance Inception Date oef_PerfInceptionDate Aug. 03, 2021
Virtus KAR Small-Mid Cap Value Fund | Russell 2500® Value Index  
Risk/Return: oef_RiskReturnAbstract  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Russell 2500® Value Index
Average Annual Return, Percent oef_AvgAnnlRtrPct 12.73%
Average Annual Return, Percent oef_AvgAnnlRtrPct 6.70%
Performance Inception Date oef_PerfInceptionDate Aug. 03, 2021
Virtus KAR Small-Mid Cap Value Fund | Class A Shares  
Risk/Return: oef_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol VKSDX
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) oef_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Deferred Sales Charge (as a percentage of Offering Price) oef_MaximumDeferredSalesChargeOverOfferingPrice 0.00%
Management Fees (as a percentage of Assets) oef_ManagementFeesOverAssets 0.65%
Distribution and Service (12b-1) Fees oef_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses (as a percentage of Assets): oef_OtherExpensesOverAssets 1.66%
Expenses (as a percentage of Assets) oef_ExpensesOverAssets 2.56%
Fee Waiver or Reimbursement oef_FeeWaiverOrReimbursementOverAssets (1.39%) [1]
Net Expenses (as a percentage of Assets) oef_NetExpensesOverAssets 1.17% [1]
Expense Example, with Redemption, 1 Year oef_ExpenseExampleYear01 $ 663
Expense Example, with Redemption, 3 Years oef_ExpenseExampleYear03 1,177
Expense Example, with Redemption, 5 Years oef_ExpenseExampleYear05 1,718
Expense Example, with Redemption, 10 Years oef_ExpenseExampleYear10 3,187
Expense Example, No Redemption, 1 Year oef_ExpenseExampleNoRedemptionYear01 663
Expense Example, No Redemption, 3 Years oef_ExpenseExampleNoRedemptionYear03 1,177
Expense Example, No Redemption, 5 Years oef_ExpenseExampleNoRedemptionYear05 1,718
Expense Example, No Redemption, 10 Years oef_ExpenseExampleNoRedemptionYear10 $ 3,187
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return Before Taxes
Average Annual Return, Percent oef_AvgAnnlRtrPct (9.13%)
Average Annual Return, Percent oef_AvgAnnlRtrPct (0.90%)
Performance Inception Date oef_PerfInceptionDate Aug. 03, 2021
Virtus KAR Small-Mid Cap Value Fund | Class I Shares  
Risk/Return: oef_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol VKSFX
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) oef_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.00%
Maximum Deferred Sales Charge (as a percentage of Offering Price) oef_MaximumDeferredSalesChargeOverOfferingPrice 0.00%
Management Fees (as a percentage of Assets) oef_ManagementFeesOverAssets 0.65%
Distribution and Service (12b-1) Fees oef_DistributionAndService12b1FeesOverAssets 0.00%
Other Expenses (as a percentage of Assets): oef_OtherExpensesOverAssets 1.78%
Expenses (as a percentage of Assets) oef_ExpensesOverAssets 2.43%
Fee Waiver or Reimbursement oef_FeeWaiverOrReimbursementOverAssets (1.51%) [1]
Net Expenses (as a percentage of Assets) oef_NetExpensesOverAssets 0.92% [1]
Expense Example, with Redemption, 1 Year oef_ExpenseExampleYear01 $ 94
Expense Example, with Redemption, 3 Years oef_ExpenseExampleYear03 613
Expense Example, with Redemption, 5 Years oef_ExpenseExampleYear05 1,159
Expense Example, with Redemption, 10 Years oef_ExpenseExampleYear10 2,651
Expense Example, No Redemption, 1 Year oef_ExpenseExampleNoRedemptionYear01 94
Expense Example, No Redemption, 3 Years oef_ExpenseExampleNoRedemptionYear03 613
Expense Example, No Redemption, 5 Years oef_ExpenseExampleNoRedemptionYear05 1,159
Expense Example, No Redemption, 10 Years oef_ExpenseExampleNoRedemptionYear10 $ 2,651
Bar Chart, Year to Date Return oef_BarChartYearToDateReturn none
Highest Quarterly Return, Label [Optional Text] oef_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date oef_BarChartHighestQuarterlyReturnDate Dec. 31, 2023
Highest Quarterly Return oef_BarChartHighestQuarterlyReturn 12.42%
Lowest Quarterly Return, Label [Optional Text] oef_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date oef_BarChartLowestQuarterlyReturnDate Mar. 31, 2022
Lowest Quarterly Return oef_BarChartLowestQuarterlyReturn (11.90%)
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return Before Taxes
Average Annual Return, Percent oef_AvgAnnlRtrPct (3.61%)
Average Annual Return, Percent oef_AvgAnnlRtrPct 0.62%
Annual Return [Percent] oef_AnnlRtrPct (20.43%)
Annual Return [Percent] oef_AnnlRtrPct 16.95%
Annual Return [Percent] oef_AnnlRtrPct 10.26%
Annual Return [Percent] oef_AnnlRtrPct (3.61%)
Performance Inception Date oef_PerfInceptionDate Aug. 03, 2021
Virtus KAR Small-Mid Cap Value Fund | Class I Shares | After Taxes on Distributions  
Risk/Return: oef_RiskReturnAbstract  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Return, Percent oef_AvgAnnlRtrPct (3.67%)
Average Annual Return, Percent oef_AvgAnnlRtrPct 0.49%
Performance Inception Date oef_PerfInceptionDate Aug. 03, 2021
Virtus KAR Small-Mid Cap Value Fund | Class I Shares | After Taxes on Distributions and Sales  
Risk/Return: oef_RiskReturnAbstract  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Return, Percent oef_AvgAnnlRtrPct (2.10%)
Average Annual Return, Percent oef_AvgAnnlRtrPct 0.47%
Performance Inception Date oef_PerfInceptionDate Aug. 03, 2021
Virtus KAR Small-Mid Cap Value Fund | Class R6 Shares  
Risk/Return: oef_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol VKSGX
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) oef_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.00%
Maximum Deferred Sales Charge (as a percentage of Offering Price) oef_MaximumDeferredSalesChargeOverOfferingPrice 0.00%
Management Fees (as a percentage of Assets) oef_ManagementFeesOverAssets 0.65%
Distribution and Service (12b-1) Fees oef_DistributionAndService12b1FeesOverAssets 0.00%
Other Expenses (as a percentage of Assets): oef_OtherExpensesOverAssets 1.64%
Expenses (as a percentage of Assets) oef_ExpensesOverAssets 2.29%
Fee Waiver or Reimbursement oef_FeeWaiverOrReimbursementOverAssets (1.47%) [1]
Net Expenses (as a percentage of Assets) oef_NetExpensesOverAssets 0.82% [1]
Expense Example, with Redemption, 1 Year oef_ExpenseExampleYear01 $ 84
Expense Example, with Redemption, 3 Years oef_ExpenseExampleYear03 574
Expense Example, with Redemption, 5 Years oef_ExpenseExampleYear05 1,091
Expense Example, with Redemption, 10 Years oef_ExpenseExampleYear10 2,511
Expense Example, No Redemption, 1 Year oef_ExpenseExampleNoRedemptionYear01 84
Expense Example, No Redemption, 3 Years oef_ExpenseExampleNoRedemptionYear03 574
Expense Example, No Redemption, 5 Years oef_ExpenseExampleNoRedemptionYear05 1,091
Expense Example, No Redemption, 10 Years oef_ExpenseExampleNoRedemptionYear10 $ 2,511
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return Before Taxes
Average Annual Return, Percent oef_AvgAnnlRtrPct (3.56%)
Average Annual Return, Percent oef_AvgAnnlRtrPct 0.70%
Performance Inception Date oef_PerfInceptionDate Aug. 03, 2021
[1]

The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.17% for Class A Shares, 0.92% for Class I Shares and 0.82% for Class R6 Shares through January 31, 2027. Prior to January 31, 2027, only the fund’s Board may modify or terminate the expense limitation agreement. 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 and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account.