v3.26.3
Label Element Value
Virtus KAR Health Sciences Fund  
Risk/Return: oef_RiskReturnAbstract  
Risk/Return [Heading] oef_RiskReturnHeading Virtus KAR Health Sciences Fund
Objective [Heading] oef_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] oef_ObjectivePrimaryTextBlock

The fund seeks 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 93 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 13% of the average value of its portfolio.

Portfolio Turnover, Rate oef_PortfolioTurnoverRate 13.00%
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 health sciences-related companies. The fund invests in a select group of health science-related companies believed by the fund’s subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive.

Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related companies. As of the date of this prospectus, the fund considers health sciences-related companies to include companies that design, manufacture or sell products or services used for or in connection with healthcare, medicine or life sciences. The fund will invest primarily in common stocks and other equity securities. Although the fund may invest in companies of any market capitalization, the fund does not currently intend to invest more than 15% of its assets in

companies with market capitalizations below $1 billion. The fund may invest in U.S. and non-U.S. companies. The fund may invest in securities issued in initial public offerings (IPOs). Generally, the fund invests in approximately 25 to 40 securities at any given time.
Summary of Definition of Rule 35d-1 Term in Fund Name [Text Block] fnd_NmRule35d1TermDfnSmryTextBlock As of the date of this prospectus, the fund considers health sciences-related companies to include companies that design, manufacture or sell products or services used for or in connection with healthcare, medicine or life sciences.
Rule 35d-1 Eighty Percent Investment Policy [Text Block] fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related companies.
Strategy Portfolio Concentration [Text] oef_StrategyPortfolioConcentration Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related 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 current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.

The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a 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 3000® Health Care Index is a free float-adjusted market capitalization-weighted index of companies involved in medical services or healthcare in the Russell 3000® Index, which includes the largest 3,000 US companies as determined by total market capitalization. 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 Institutional Class 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:

2019, Q4:

16.54%

Worst Quarter:

2020, Q1:

-11.80%

Year to Date (9/30/2026):

1.17%
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 Institutional Class 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.
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 Institutional Class Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher oef_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 Closing [Text Block] oef_PerformanceTableClosingTextBlock

The Wilshire 5000 Total Market Index (formerly known as 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 3000® Health Care Index is a free float-adjusted market capitalization-weighted index of companies involved in medical services or healthcare in the Russell 3000® Index, which includes the largest 3,000 US companies as determined by total market capitalization. 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 Institutional Class 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 KAR Health Sciences 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. In addition, you will also be subject to the risks associated with the principal investment strategies of any closed-end funds and ETFs in which the fund invests. 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 (in alphabetical order after the first six risks).
Virtus KAR Health Sciences 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 Health Sciences 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 Health Sciences Fund | Issuer Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Issuer Risk: The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.
Virtus KAR Health Sciences 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 Health Sciences Fund | Focused Investment Risk (Health Sciences-Related Risk)  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Focused Investment Risk (Health Sciences-Related Risk): To the extent the fund focuses its investments on a limited number of issuers, sectors, industries or geographic regions, it may be subject to increased risk and volatility. Risks affecting companies in the health sciences sector include new government regulations or changes to existing regulations, changes in government subsidy and reimbursement levels and product or service approvals, rapid obsolescence of products or services, dramatic fluctuations of economic prospects and healthcare-related liability issues.
Virtus KAR Health Sciences 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 Health Sciences 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 Health Sciences 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 Health Sciences Fund | IPO Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> IPO Risk: Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.
Virtus KAR Health Sciences Fund | Liquidity Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
Virtus KAR Health Sciences Fund | Portfolio Turnover Risk  
Risk/Return: oef_RiskReturnAbstract  
Risk [Text Block] oef_RiskTextBlock

> Portfolio Turnover Risk: The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.
Virtus KAR Health Sciences 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 net asset value 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 Health Sciences 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.

Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.
Virtus KAR Health Sciences Fund | Wilshire 5000 Total Market Index  
Risk/Return: oef_RiskReturnAbstract  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Wilshire 5000 Total Market Index
Average Annual Return, Percent oef_AvgAnnlRtrPct 17.13%
Average Annual Return, Percent oef_AvgAnnlRtrPct 13.40%
Average Annual Return, Percent oef_AvgAnnlRtrPct 14.45%
Virtus KAR Health Sciences Fund | Russell 3000® Health Care Index  
Risk/Return: oef_RiskReturnAbstract  
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Russell 3000® Health Care Index
Average Annual Return, Percent oef_AvgAnnlRtrPct 14.56%
Average Annual Return, Percent oef_AvgAnnlRtrPct 6.31%
Average Annual Return, Percent oef_AvgAnnlRtrPct 9.54%
Virtus KAR Health Sciences Fund | Class A Shares  
Risk/Return: oef_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol RAGHX
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 0.80%
Distribution and Service (12b-1) Fees oef_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses (as a percentage of Assets): oef_OtherExpensesOverAssets 0.36%
Expenses (as a percentage of Assets) oef_ExpensesOverAssets 1.41%
Fee Waiver or Reimbursement oef_FeeWaiverOrReimbursementOverAssets 0.00% [1]
Net Expenses (as a percentage of Assets) oef_NetExpensesOverAssets 1.41% [1]
Expense Example, with Redemption, 1 Year oef_ExpenseExampleYear01 $ 686
Expense Example, with Redemption, 3 Years oef_ExpenseExampleYear03 972
Expense Example, with Redemption, 5 Years oef_ExpenseExampleYear05 1,279
Expense Example, with Redemption, 10 Years oef_ExpenseExampleYear10 2,148
Expense Example, No Redemption, 1 Year oef_ExpenseExampleNoRedemptionYear01 686
Expense Example, No Redemption, 3 Years oef_ExpenseExampleNoRedemptionYear03 972
Expense Example, No Redemption, 5 Years oef_ExpenseExampleNoRedemptionYear05 1,279
Expense Example, No Redemption, 10 Years oef_ExpenseExampleNoRedemptionYear10 $ 2,148
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return Before Taxes
Average Annual Return, Percent oef_AvgAnnlRtrPct 1.33%
Average Annual Return, Percent oef_AvgAnnlRtrPct 2.35%
Average Annual Return, Percent oef_AvgAnnlRtrPct 6.21%
Virtus KAR Health Sciences Fund | Institutional Class Shares  
Risk/Return: oef_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol HLHIX
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 0.80%
Distribution and Service (12b-1) Fees oef_DistributionAndService12b1FeesOverAssets 0.00%
Other Expenses (as a percentage of Assets): oef_OtherExpensesOverAssets 0.33%
Expenses (as a percentage of Assets) oef_ExpensesOverAssets 1.13%
Fee Waiver or Reimbursement oef_FeeWaiverOrReimbursementOverAssets (0.08%) [1]
Net Expenses (as a percentage of Assets) oef_NetExpensesOverAssets 1.05% [1]
Expense Example, with Redemption, 1 Year oef_ExpenseExampleYear01 $ 107
Expense Example, with Redemption, 3 Years oef_ExpenseExampleYear03 351
Expense Example, with Redemption, 5 Years oef_ExpenseExampleYear05 615
Expense Example, with Redemption, 10 Years oef_ExpenseExampleYear10 1,367
Expense Example, No Redemption, 1 Year oef_ExpenseExampleNoRedemptionYear01 107
Expense Example, No Redemption, 3 Years oef_ExpenseExampleNoRedemptionYear03 351
Expense Example, No Redemption, 5 Years oef_ExpenseExampleNoRedemptionYear05 615
Expense Example, No Redemption, 10 Years oef_ExpenseExampleNoRedemptionYear10 $ 1,367
Year to Date Return, Label [Optional Text] oef_YearToDateReturnLabel Year to Date
Bar Chart, Year to Date Return, Date oef_BarChartYearToDateReturnDate Sep. 30, 2026
Bar Chart, Year to Date Return oef_BarChartYearToDateReturn 1.17%
Highest Quarterly Return, Label [Optional Text] oef_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date oef_BarChartHighestQuarterlyReturnDate Dec. 31, 2019
Highest Quarterly Return oef_BarChartHighestQuarterlyReturn 16.54%
Lowest Quarterly Return, Label [Optional Text] oef_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date oef_BarChartLowestQuarterlyReturnDate Mar. 31, 2020
Lowest Quarterly Return oef_BarChartLowestQuarterlyReturn (11.80%)
Average Annual Return, Label [Optional Text] oef_AverageAnnualReturnLabel Return Before Taxes
Average Annual Return, Percent oef_AvgAnnlRtrPct 7.60%
Average Annual Return, Percent oef_AvgAnnlRtrPct 3.81%
Average Annual Return, Percent oef_AvgAnnlRtrPct 7.15%
Annual Return [Percent] oef_AnnlRtrPct 14.06%
Annual Return [Percent] oef_AnnlRtrPct 25.74%
Annual Return [Percent] oef_AnnlRtrPct (11.57%)
Annual Return [Percent] oef_AnnlRtrPct 2.84%
Annual Return [Percent] oef_AnnlRtrPct (2.01%)
Annual Return [Percent] oef_AnnlRtrPct 7.60%
Virtus KAR Health Sciences Fund | Institutional Class 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 7.60%
Average Annual Return, Percent oef_AvgAnnlRtrPct 2.23%
Average Annual Return, Percent oef_AvgAnnlRtrPct 5.30%
Virtus KAR Health Sciences Fund | Institutional Class 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 4.50%
Average Annual Return, Percent oef_AvgAnnlRtrPct 2.68%
Average Annual Return, Percent oef_AvgAnnlRtrPct 5.26%
[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 (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.05% for Institutional Class Shares through October 31, 2027. Prior to October 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.