# EDGAR Filing Document

**Accession Number:** 0000034273
**File Stem:** 0000930413-25-003646
**Filing Date:** 2025-12
**Character Count:** 13963
**Document Hash:** ec71f1ec7bfd262dfec4a67f7cbb30eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003646.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0000930413-25-003646

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**EFFECTIVENESS DATE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS EQUITY TRUST
- **CENTRAL INDEX KEY:** 0000034273

**ORGANIZATION NAME:**
- **EIN:** 036066130
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-16590
- **FILM NUMBER:** 251570140

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STEET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX EQUITY TRUST
- **DATE OF NAME CHANGE:** 20040628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX ABERDEEN WORLDWIDE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 19981215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX WORLDWIDE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 19940505

## Series and Classes Contracts Data

### Virtus KAR Equity Income Fund (Series ID: S000021177)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | PDIAX         | C000060285 |
| Class C    | PGICX         | C000060287 |
| Class I    | PXIIX         | C000060288 |
| Class R6   | VECRX         | C000199782 |

---

### Virtus KAR Small-Mid Cap Growth Fund (Series ID: S000070232)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class C    | VCKSX         | C000223336 |
| Class I    | VIKSX         | C000223337 |
| Class R6   | VRKSX         | C000223338 |
| Class A    | VAKSX         | C000223339 |

---

## Series and Classes Contracts Data

### Virtus KAR Equity Income Fund (Series ID: S000021177)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060285 | Class A      | PDIAX           |
| C000060287 | Class C      | PGICX           |
| C000060288 | Class I      | PXIIX           |
| C000199782 | Class R6     | VECRX           |

### Virtus KAR Small-Mid Cap Growth Fund (Series ID: S000070232)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223336 | Class C      | VCKSX           |
| C000223337 | Class I      | VIKSX           |
| C000223338 | Class R6     | VRKSX           |
| C000223339 | Class A      | VAKSX           |

?xml version='1.0' encoding='ASCII'?

#### Virtus KAR Equity Income Fund

#### (the "Fund"),

#### a series of Virtus Equity Trust
Supplement dated December 15, 2025 to the Fund's Summary Prospectus

and the Virtus Equity Trust Statutory Prospectus, each dated January 28, 2025, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2026, the Fund's investment adviser will implement new expense limitation arrangements to further limit the expenses of the Fund's Class A Shares, Class C Shares and Class I Shares. The resulting changes to the Fund's prospectuses are described in more detail below.

-- End of Supplement Text --

Under "Fees and Expenses" in the Fund's summary prospectus and the summary section of the statutory prospectus, the "Shareholder Fees" and "Annual Fund Operating Expenses" tables and associated footnotes will be replaced with the following:

#### Fees and Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Investment Advisory Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses<sup>(b)</sup> | 0.37% | 0.44% | 0.36% | 0.29% |
| Total Annual Fund Operating Expenses | 1.37% | 2.19% | 1.11% | 1.04% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | (0.23)% | (0.30)% | (0.22)% | (0.26)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | 1.14% | 1.89% | 0.89% | 0.78% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) Estimated for current fiscal year, as annualized.

(c) 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 1.14% for
Class A Shares, 1.89% for Class C Shares, 0.89% for Class I Shares and 0.78% for Class R6 Shares through
September 12, 2027. Prior to September 12, 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.

Under "Fees and Expenses," the "Example" table will be replaced with the following:

#### Example

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $660 | $924 | $1224 | $2074 |
| Class C  | Sold | $292 | $636 | $1128 | $2484 |
|  | Held | $192 | $636 | $1128 | $2484 |
| Class I  | Sold or Held | $91 | $315 | $575 | $1318 |
| Class R6  | Sold or Held | $80 | $287 | $531 | $1231 |

---

-- End of Supplement Data --

------

In the first table in the section "More Information About Fund Expenses" on page 55 of the statutory prospectus, the row corresponding to the Fund will be replaced with the following and an associated footnote will appear after the table as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A Shares** | **Class C Shares** | **Class I Shares** | **Class R6 Shares** |
| Virtus KAR Equity Income Fund<sup>(\*\*)</sup> | 1.14% | 1.89% | 0.89% | 0.78% |

---

<sup>(\*\*)</sup> Contractual through September 12, 2027.

#### Investors should retain this supplement with the Prospectuses for future reference.
VET 8019 KAR Equity Income Expense Cap Reduction (12/25)

------

#### Virtus KAR Small-Mid Cap Growth Fund

#### (the "Fund"),

#### a series of Virtus Equity Trust
Supplement dated December 15, 2025 to the Fund's Summary Prospectus

and the Virtus Equity Trust Statutory Prospectus, each dated January 28, 2025, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2026, the Fund's investment adviser will implement new expense limitation arrangements to further limit the expenses of the Fund and will extend the term of the expense limitation arrangements for all of the Fund's classes of shares. The resulting changes to the Fund's prospectuses are described in more detail below.

-- End of Supplement Text --

Under "Fees and Expenses" in the Fund's summary prospectus and the summary section of the statutory prospectus, the "Shareholder Fees" and "Annual Fund Operating Expenses" tables and associated footnotes will be replaced with the following:

#### Fees and Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Investment Advisory Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses<sup>(b)</sup> | 1.12% | 1.06% | 1.09% | 0.96% |
| Total Annual Fund Operating Expenses | 2.12% | 2.81% | 1.84% | 1.71% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | (0.92)% | (0.86)% | (0.89)% | (0.82)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | 1.20% | 1.95% | 0.95% | 0.89% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) Not included in the table are extraordinary expenses. If such amounts were reflected
in this table, the Other Expenses would have been 1.13% for Class A Shares, 1.07% for Class C Shares,
1.10% for Class I Shares and 0.97% for Class R6 Shares.

(c) 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 1.20% for
Class A Shares, 1.95% for Class C Shares, 0.95% for Class I Shares and 0.89% 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.

Under "Fees and Expenses," the "Example" table will be replaced with the following:

#### Example

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $666 | $1086 | $1539 | $2792 |
| Class C  | Sold | $298 | $783 | $1401 | $3070 |
|  | Held | $198 | $783 | $1401 | $3070 |
| Class I  | Sold or Held | $97 | $485 | $906 | $2079 |
| Class R6  | Sold or Held | $91 | $451 | $844 | $1945 |

---

-- End of Supplement Data --

------

In the first table in the section "More Information About Fund Expenses" on page 55 of the statutory prospectus, the row corresponding to the Fund will be replaced with the following and an associated footnote will appear after the table as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A Shares** | **Class C Shares** | **Class I Shares** | **Class R6 Shares** |
| Virtus KAR Small-Mid Cap Growth Fund<sup>(\*\*\*)</sup> | 1.20% | 1.95% | 0.95% | 0.89% |

---

<sup>(\*\*\*)</sup> Contractual through January 31, 2027.

#### Investors should retain this supplement with the Prospectuses for future reference.
VET 8019 KAR SMID Growth Expense Cap Reduction (12/25)

------

#### Virtus KAR Equity Income Fund and Virtus KAR Small-Mid Cap Growth Fund

#### (the "Funds"),

#### each a series of Virtus Equity Trust
Supplement dated December 15, 2025 to the

Virtus Equity Trust Statement of Additional Information ("SAI"),

dated January 28, 2025, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2026, the Funds' investment adviser will implement new expense limitation arrangements to further limit the expenses of the Funds. The resulting changes to the Funds' SAI are described in more detail below.

In the table listing expense limitation arrangements beginning on page 63 of the Funds' SAI, the rows corresponding to the Funds will be replaced with the following and associated footnotes will appear after the table as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Equity Income Fund<sup>(1)</sup> | 1.14% | 1.89% | 0.89% | 0.78% |
| Small-Mid Cap Growth Fund<sup>(2)</sup> | 1.20% | 1.95% | 0.95% | 0.89% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Contractual through September 12, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Contractual through January 31, 2027.

#### Investors should retain this supplement with the SAI for future reference.
VET 8019B KAR SMID Growth and Equity Income Expense Cap Reduction (12/25)

------