# EDGAR Filing Document

**Accession Number:** 0000034273
**File Stem:** 0001193125-25-306344
**Filing Date:** 2025-12
**Character Count:** 847751
**Document Hash:** 759bc3e4799dfeb240ab8bb926e21a41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306344.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306344

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00945
- **FILM NUMBER:** 251545877

**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 Small-Cap Growth Fund (Series ID: S000021170)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060263 | Class A      | PSGAX           |
| C000060264 | Class C      | PSGCX           |
| C000060265 | Class I      | PXSGX           |
| C000199780 | Class R6     | VRSGX           |

### Virtus KAR Small-Cap Core Fund (Series ID: S000021172)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060269 | Class A      | PKSAX           |
| C000060271 | Class C      | PKSCX           |
| C000060272 | Class I      | PKSFX           |
| C000148845 | Class R6     | VSCRX           |

### Virtus KAR Capital Growth Fund (Series ID: S000021173)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060273 | Class A      | PSTAX           |
| C000060275 | Class C      | SSTFX           |
| C000060276 | Class I      | PLXGX           |
| C000199781 | Class R6     | VCGRX           |

### 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 TACTICAL ALLOCATION FUND (Series ID: S000021179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060291 | Class A      | NAINX           |
| C000060293 | Class C      | POICX           |
| C000211088 | Class I      | VTAIX           |
| C000224195 | Class R6     | VTARX           |

### Virtus KAR Mid-Cap Growth Fund (Series ID: S000021180)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060294 | Class A      | PHSKX           |
| C000060296 | Class C      | PSKCX           |
| C000060297 | Class I      | PICMX           |
| C000199783 | Class R6     | VRMGX           |

### Virtus KAR Small-Cap Value Fund (Series ID: S000021181)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060298 | Class A      | PQSAX           |
| C000060299 | Class C      | PQSCX           |
| C000060300 | Class I      | PXQSX           |
| C000176670 | Class R6     | VQSRX           |

### Virtus KAR Mid-Cap Core Fund (Series ID: S000025925)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077895 | Class A      | VMACX           |
| C000077896 | Class C      | VMCCX           |
| C000077897 | Class I      | VIMCX           |
| C000199784 | Class R6     | VRMCX           |

### Virtus KAR Small-Mid Cap Core Fund (Series ID: S000061485)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000199118 | Class A      | VKSAX           |
| C000199119 | Class C      | VKSCX           |
| C000199120 | Class I      | VKSIX           |
| C000199121 | Class R6     | VKSRX           |

### Virtus SGA Global Growth Fund (Series ID: S000064774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209768 | Class I      | SGAPX           |
| C000209769 | Class R6     | SGARX           |
| C000209770 | Class A      | SGAAX           |
| C000209771 | Class C      | SGACX           |

### 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           |

### Virtus KAR Small-Mid Cap Value Fund (Series ID: S000072656)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229069 | Class R6     | VKSGX           |
| C000229070 | Class A      | VKSDX           |
| C000229071 | Class C      | VKSEX           |
| C000229072 | Class I      | VKSFX           |

?xml version='1.0' encoding='ASCII'? Virtus Equity Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-00945

#### Virtus Equity Trust
(Exact name of registrant as specified in charter)

------

101 Munson Street

Greenfield, MA 01301-9668

------

Jennifer Fromm, Esq.

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### (800)-243-1574

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025

------

 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Capital Growth Fund
Class A / PSTAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Capital Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Capital Growth Fund<br>Class A / PSTAX | $127 | 1.20% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 11.28%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 25.53%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in consumer staples, as well as an underweight in energy, contributed to performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Stock selection in consumer discretionary, as well as stock selection in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Amphenol, NVIDIA, Netflix, Shopify, and Meta Platforms. The biggest detractors from performance during the period were The Trade Desk, Fair Isaac, Zoetis, Gartner, and Danaher. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks.<br>|
| NVIDIA<br>| Positive<br>| NVIDIA is a technology company that designs and manufactures computer graphics processors (GPUs), chipsets, and multimedia software for a wide range of markets. The company's stock performance was remarkable, underpinned by explosive demand for AI infrastructure. The company's dominance in GPU architecture and expanding software stack drove outsized earnings growth during the period.<br>|
| The Trade Desk<br>| Negative<br>| The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels.<br>|
| Fair Issac | Negative | Fair Isaac is an analytics software company known for its FICO score. The company's performance was challenged by slowing demand for credit scoring products and increased competition in analytics platforms. Elevated spending on research and development also pressured the company's profitability during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10751816.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Capital Growth Fund (Class A/PSTAX) at NAV<sup>(1)</sup>** | 11.28% | 8.02% | 13.91% |
| **Virtus KAR Capital Growth Fund (Class A/PSTAX) at POP<sup>(2),(3)</sup>** | 5.16% | 6.81% | 13.26% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 1000<sup>®</sup> Growth Index** | 25.53% | 17.58% | 18.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$688708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 30% |
| Consumer Discretionary | 19% |
| Communication Services | 16% |
| Financials | 12% |
| Health Care | 10% |
| Industrials | 9% |
| Materials | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8174 Virtus KAR Capital Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Capital Growth Fund
Class C / SSTFX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Capital Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Capital Growth Fund<br>Class C / SSTFX | $211 | 2.01% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 10.44%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 25.53%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in consumer staples, as well as an underweight in energy, contributed to performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Stock selection in consumer discretionary, as well as stock selection in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Amphenol, NVIDIA, Netflix, Shopify, and Meta Platforms. The biggest detractors from performance during the period were The Trade Desk, Fair Isaac, Zoetis, Gartner, and Danaher. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks.<br>|
| NVIDIA<br>| Positive<br>| NVIDIA is a technology company that designs and manufactures computer graphics processors (GPUs), chipsets, and multimedia software for a wide range of markets. The company's stock performance was remarkable, underpinned by explosive demand for AI infrastructure. The company's dominance in GPU architecture and expanding software stack drove outsized earnings growth during the period.<br>|
| The Trade Desk<br>| Negative<br>| The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels.<br>|
| Fair Issac | Negative | Fair Isaac is an analytics software company known for its FICO score. The company's performance was challenged by slowing demand for credit scoring products and increased competition in analytics platforms. Elevated spending on research and development also pressured the company's profitability during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10751859.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Capital Growth Fund (Class C/SSTFX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 10.44% | 7.15% | 13.00% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 1000<sup>®</sup> Growth Index** | 25.53% | 17.58% | 18.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$688708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 30% |
| Consumer Discretionary | 19% |
| Communication Services | 16% |
| Financials | 12% |
| Health Care | 10% |
| Industrials | 9% |
| Materials | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8175 Virtus KAR Capital Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Capital Growth Fund
Class I / PLXGX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Capital Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Capital Growth Fund<br>Class I / PLXGX | $104 | 0.98% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 11.58%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 25.53%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in consumer staples, as well as an underweight in energy, contributed to performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Stock selection in consumer discretionary, as well as stock selection in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Amphenol, NVIDIA, Netflix, Shopify, and Meta Platforms. The biggest detractors from performance during the period were The Trade Desk, Fair Isaac, Zoetis, Gartner, and Danaher. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks.<br>|
| NVIDIA<br>| Positive<br>| NVIDIA is a technology company that designs and manufactures computer graphics processors (GPUs), chipsets, and multimedia software for a wide range of markets. The company's stock performance was remarkable, underpinned by explosive demand for AI infrastructure. The company's dominance in GPU architecture and expanding software stack drove outsized earnings growth during the period.<br>|
| The Trade Desk<br>| Negative<br>| The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels.<br>|
| Fair Issac | Negative | Fair Isaac is an analytics software company known for its FICO score. The company's performance was challenged by slowing demand for credit scoring products and increased competition in analytics platforms. Elevated spending on research and development also pressured the company's profitability during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10751902.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Capital Growth Fund (Class I/PLXGX) at NAV<sup>(1)</sup>** | 11.58% | 8.25% | 14.10% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 1000<sup>®</sup> Growth Index** | 25.53% | 17.58% | 18.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$688708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 30% |
| Consumer Discretionary | 19% |
| Communication Services | 16% |
| Financials | 12% |
| Health Care | 10% |
| Industrials | 9% |
| Materials | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8176 Virtus KAR Capital Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Capital Growth Fund
Class R6 / VCGRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Capital Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Capital Growth Fund<br>Class R6 / VCGRX | $77 | 0.73% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 11.85%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 25.53%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in consumer staples, as well as an underweight in energy, contributed to performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Stock selection in consumer discretionary, as well as stock selection in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Amphenol, NVIDIA, Netflix, Shopify, and Meta Platforms. The biggest detractors from performance during the period were The Trade Desk, Fair Isaac, Zoetis, Gartner, and Danaher. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks.<br>|
| NVIDIA<br>| Positive<br>| NVIDIA is a technology company that designs and manufactures computer graphics processors (GPUs), chipsets, and multimedia software for a wide range of markets. The company's stock performance was remarkable, underpinned by explosive demand for AI infrastructure. The company's dominance in GPU architecture and expanding software stack drove outsized earnings growth during the period.<br>|
| The Trade Desk<br>| Negative<br>| The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels.<br>|
| Fair Issac | Negative | Fair Isaac is an analytics software company known for its FICO score. The company's performance was challenged by slowing demand for credit scoring products and increased competition in analytics platforms. Elevated spending on research and development also pressured the company's profitability during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (January 30, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10751945.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Capital Growth Fund (Class R6/VCGRX) at NAV<sup>(1)</sup>** | 11.85% | 8.53% | 11.84% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.32% |
| **Russell 1000<sup>®</sup> Growth Index** | 25.53% | 17.58% | 17.79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$688708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 30% |
| Consumer Discretionary | 19% |
| Communication Services | 16% |
| Financials | 12% |
| Health Care | 10% |
| Industrials | 9% |
| Materials | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8177 Virtus KAR Capital Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Equity Income Fund
Class A / PDIAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Equity Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Equity Income Fund<br>Class A / PDIAX | $132 | 1.26% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 9.43%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46%. The Russell 1000<sup>®</sup> Value Index and the MSCI USA High Dividend Yield Index (net), which serve as the style specific indexes, returned 9.44% and 4.98%, respectively. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The index is calculated on a total return basis with net dividends reinvested; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and an overweight in information technology, as well as stock selection and an underweight in health care, contributed to performance relative to the Russell 1000<sup>®</sup> Value Index for the fiscal year. Stock selection and an underweight in financials, as well as stock selection and an underweight in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Broadcom, BAE Systems, Amphenol, Zurich Insurance Group, and Cisco Systems. The biggest detractors from performance during the period were Eastman Chemical Company, Merck, Watsco, Flowers Foods, and Omnicom Group. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Broadcom<br>| Positive<br>| Broadcom is a global technology company that designs, develops, and supplies both semiconductor and infrastructure software solutions. The company's stock outperformed due to the general bullishness around artificial intelligence (AI) stocks, as well as the company's progress in partnering with hyperscalers to develop their in-house AI chips. Hyperscalers are companies that provide cloud computing and data management services to large organizations.<br>|
| BAE Systems<br>| Positive<br>| BAE Systems is a global defense, security, and aerospace company that provides products and services across air, land, sea, space, and cyber domains. The company benefited from an increase in global defense spending. BAE raised its full-year earnings guidance during the period, and the combination of a multi-decade order backlog and the company's consistent execution drove investor confidence about the business.<br>|
| Eastman Chemical Company<br>| Negative<br>| Eastman, a global specialty materials company, faced headwinds in growing its business, including weak consumer demand. The company's specialty chemicals segment struggled to gain meaningful traction and deliver consistent results. Given our diminished confidence in the business's long-term outlook, we exited our position.<br>|
| Merck | Negative | Merck, a global health care company, struggled during the reporting period. Concerns about its Keytruda and Gardasil drugs hindered the company's performance. Given the uncertainty that developed and the longer-than-expected timeframe to get the business growing again, we sold our shares in June. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

Effective April 28, 2025 the style-specific benchmark changed from the MSCI USA High Dividend Yield Index (net) to the Russell 1000<sup>®</sup> Value Index. The new benchmark is a more suitable representation of the Fund's investment strategy.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Equity Income Fund (Class A/PDIAX) at NAV<sup>(1)</sup>** | 9.43% | 9.59% | 10.35% |
| **Virtus KAR Equity Income Fund (Class A/PDIAX) at POP<sup>(2),(3)</sup>** | 3.42% | 8.35% | 9.73% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 1000<sup>®</sup> Value Index** | 9.44% | 13.88% | 10.72% |
| **MSCI USA High Dividend Yield Index (net)** | 4.98% | 10.13% | 9.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$170775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 20% |
| Information Technology | 17% |
| Industrials | 16% |
| Health Care | 11% |
| Consumer Staples | 10% |
| Utilities | 9% |
| Consumer Discretionary | 5% |
| Other (includes securities lending collateral) | 12% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective as of the close of business on September 12, 2025, Virtus KAR Global Quality Dividend Fund, formerly a series of Virtus Equity Trust, was merged with and into Virtus KAR Equity Income Fund, a separate series of Virtus Equity Trust.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8187 Virtus KAR Equity Income Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Equity Income Fund
Class C / PGICX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Equity Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Equity Income Fund<br>Class C / PGICX | $209 | 2.00% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 8.66%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46%. The Russell 1000<sup>®</sup> Value Index and the MSCI USA High Dividend Yield Index (net), which serve as the style specific indexes, returned 9.44% and 4.98%, respectively. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The index is calculated on a total return basis with net dividends reinvested; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and an overweight in information technology, as well as stock selection and an underweight in health care, contributed to performance relative to the Russell 1000<sup>®</sup> Value Index for the fiscal year. Stock selection and an underweight in financials, as well as stock selection and an underweight in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Broadcom, BAE Systems, Amphenol, Zurich Insurance Group, and Cisco Systems. The biggest detractors from performance during the period were Eastman Chemical Company, Merck, Watsco, Flowers Foods, and Omnicom Group. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Broadcom<br>| Positive<br>| Broadcom is a global technology company that designs, develops, and supplies both semiconductor and infrastructure software solutions. The company's stock outperformed due to the general bullishness around artificial intelligence (AI) stocks, as well as the company's progress in partnering with hyperscalers to develop their in-house AI chips. Hyperscalers are companies that provide cloud computing and data management services to large organizations.<br>|
| BAE Systems<br>| Positive<br>| BAE Systems is a global defense, security, and aerospace company that provides products and services across air, land, sea, space, and cyber domains. The company benefited from an increase in global defense spending. BAE raised its full-year earnings guidance during the period, and the combination of a multi-decade order backlog and the company's consistent execution drove investor confidence about the business.<br>|
| Eastman Chemical Company<br>| Negative<br>| Eastman, a global specialty materials company, faced headwinds in growing its business, including weak consumer demand. The company's specialty chemicals segment struggled to gain meaningful traction and deliver consistent results. Given our diminished confidence in the business's long-term outlook, we exited our position.<br>|
| Merck | Negative | Merck, a global health care company, struggled during the reporting period. Concerns about its Keytruda and Gardasil drugs hindered the company's performance. Given the uncertainty that developed and the longer-than-expected timeframe to get the business growing again, we sold our shares in June. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

Effective April 28, 2025 the style-specific benchmark changed from the MSCI USA High Dividend Yield Index (net) to the Russell 1000<sup>®</sup> Value Index. The new benchmark is a more suitable representation of the Fund's investment strategy.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753063.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Equity Income Fund (Class C/PGICX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 8.66% | 8.77% | 9.53% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 1000<sup>®</sup> Value Index** | 9.44% | 13.88% | 10.72% |
| **MSCI USA High Dividend Yield Index (net)** | 4.98% | 10.13% | 9.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$170775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 20% |
| Information Technology | 17% |
| Industrials | 16% |
| Health Care | 11% |
| Consumer Staples | 10% |
| Utilities | 9% |
| Consumer Discretionary | 5% |
| Other (includes securities lending collateral) | 12% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

Effective as of the close of business on September 12, 2025, Virtus KAR Global Quality Dividend Fund, formerly a series of Virtus Equity Trust, was merged with and into Virtus KAR Equity Income Fund, a separate series of Virtus Equity Trust.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8188 Virtus KAR Equity Income Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Equity Income Fund
Class I / PXIIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Equity Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Equity Income Fund<br>Class I / PXIIX | $106 | 1.01% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 9.78%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46%. The Russell 1000<sup>®</sup> Value Index and the MSCI USA High Dividend Yield Index (net), which serve as the style specific indexes, returned 9.44% and 4.98%, respectively. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The index is calculated on a total return basis with net dividends reinvested; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and an overweight in information technology, as well as stock selection and an underweight in health care, contributed to performance relative to the Russell 1000<sup>®</sup> Value Index for the fiscal year. Stock selection and an underweight in financials, as well as stock selection and an underweight in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Broadcom, BAE Systems, Amphenol, Zurich Insurance Group, and Cisco Systems. The biggest detractors from performance during the period were Eastman Chemical Company, Merck, Watsco, Flowers Foods, and Omnicom Group. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Broadcom<br>| Positive<br>| Broadcom is a global technology company that designs, develops, and supplies both semiconductor and infrastructure software solutions. The company's stock outperformed due to the general bullishness around artificial intelligence (AI) stocks, as well as the company's progress in partnering with hyperscalers to develop their in-house AI chips. Hyperscalers are companies that provide cloud computing and data management services to large organizations.<br>|
| BAE Systems<br>| Positive<br>| BAE Systems is a global defense, security, and aerospace company that provides products and services across air, land, sea, space, and cyber domains. The company benefited from an increase in global defense spending. BAE raised its full-year earnings guidance during the period, and the combination of a multi-decade order backlog and the company's consistent execution drove investor confidence about the business.<br>|
| Eastman Chemical Company<br>| Negative<br>| Eastman, a global specialty materials company, faced headwinds in growing its business, including weak consumer demand. The company's specialty chemicals segment struggled to gain meaningful traction and deliver consistent results. Given our diminished confidence in the business's long-term outlook, we exited our position.<br>|
| Merck | Negative | Merck, a global health care company, struggled during the reporting period. Concerns about its Keytruda and Gardasil drugs hindered the company's performance. Given the uncertainty that developed and the longer-than-expected timeframe to get the business growing again, we sold our shares in June. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

Effective April 28, 2025 the style-specific benchmark changed from the MSCI USA High Dividend Yield Index (net) to the Russell 1000<sup>®</sup> Value Index. The new benchmark is a more suitable representation of the Fund's investment strategy.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10753106.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Equity Income Fund (Class I/PXIIX) at NAV<sup>(1)</sup>** | 9.78% | 9.87% | 10.63% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 1000<sup>®</sup> Value Index** | 9.44% | 13.88% | 10.72% |
| **MSCI USA High Dividend Yield Index (net)** | 4.98% | 10.13% | 9.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$170775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 20% |
| Information Technology | 17% |
| Industrials | 16% |
| Health Care | 11% |
| Consumer Staples | 10% |
| Utilities | 9% |
| Consumer Discretionary | 5% |
| Other (includes securities lending collateral) | 12% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective as of the close of business on September 12, 2025, Virtus KAR Global Quality Dividend Fund, formerly a series of Virtus Equity Trust, was merged with and into Virtus KAR Equity Income Fund, a separate series of Virtus Equity Trust.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8189 Virtus KAR Equity Income Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Equity Income Fund
Class R6 / VECRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Equity Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Equity Income Fund<br>Class R6 / VECRX | $104 | 0.99% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 9.83%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46%. The Russell 1000<sup>®</sup> Value Index and the MSCI USA High Dividend Yield Index (net), which serve as the style specific indexes, returned 9.44% and 4.98%, respectively. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The index is calculated on a total return basis with net dividends reinvested; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and an overweight in information technology, as well as stock selection and an underweight in health care, contributed to performance relative to the Russell 1000<sup>®</sup> Value Index for the fiscal year. Stock selection and an underweight in financials, as well as stock selection and an underweight in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Broadcom, BAE Systems, Amphenol, Zurich Insurance Group, and Cisco Systems. The biggest detractors from performance during the period were Eastman Chemical Company, Merck, Watsco, Flowers Foods, and Omnicom Group. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Broadcom<br>| Positive<br>| Broadcom is a global technology company that designs, develops, and supplies both semiconductor and infrastructure software solutions. The company's stock outperformed due to the general bullishness around artificial intelligence (AI) stocks, as well as the company's progress in partnering with hyperscalers to develop their in-house AI chips. Hyperscalers are companies that provide cloud computing and data management services to large organizations.<br>|
| BAE Systems<br>| Positive<br>| BAE Systems is a global defense, security, and aerospace company that provides products and services across air, land, sea, space, and cyber domains. The company benefited from an increase in global defense spending. BAE raised its full-year earnings guidance during the period, and the combination of a multi-decade order backlog and the company's consistent execution drove investor confidence about the business.<br>|
| Eastman Chemical Company<br>| Negative<br>| Eastman, a global specialty materials company, faced headwinds in growing its business, including weak consumer demand. The company's specialty chemicals segment struggled to gain meaningful traction and deliver consistent results. Given our diminished confidence in the business's long-term outlook, we exited our position.<br>|
| Merck | Negative | Merck, a global health care company, struggled during the reporting period. Concerns about its Keytruda and Gardasil drugs hindered the company's performance. Given the uncertainty that developed and the longer-than-expected timeframe to get the business growing again, we sold our shares in June. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (January 30, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

Effective April 28, 2025 the style-specific benchmark changed from the MSCI USA High Dividend Yield Index (net) to the Russell 1000<sup>®</sup> Value Index. The new benchmark is a more suitable representation of the Fund's investment strategy.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10753149.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Equity Income Fund (Class R6/VECRX) at NAV<sup>(1)</sup>** | 9.83% | 9.91% | 8.22% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.32% |
| **Russell 1000<sup>®</sup> Value Index** | 9.44% | 13.88% | 9.88% |
| **MSCI USA High Dividend Yield Index (net)** | 4.98% | 10.13% | 7.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$170775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 20% |
| Information Technology | 17% |
| Industrials | 16% |
| Health Care | 11% |
| Consumer Staples | 10% |
| Utilities | 9% |
| Consumer Discretionary | 5% |
| Other (includes securities lending collateral) | 12% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective July 28, 2025, a new expense limitation of 0.78% went into effect for Class R6 shares.

Effective as of the close of business on September 12, 2025, Virtus KAR Global Quality Dividend Fund, formerly a series of Virtus Equity Trust, was merged with and into Virtus KAR Equity Income Fund, a separate series of Virtus Equity Trust.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8190 Virtus KAR Equity Income Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Mid-Cap Core Fund
Class A / VMACX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap Core Fund<br>Class A / VMACX | $119 | 1.20% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned (1.08)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell Midcap<sup>®</sup> Index, which serves as the style-specific index, returned 11.11%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of medium-capitalization stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the index and no individual company has a weight greater than 22.5% of the index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in materials, as well as an underweight in real estate, contributed to performance relative to the Russell Midcap<sup>®</sup> Index for the fiscal year. Stock selection and an underweight in health care, as well as stock selection and an overweight in industrials, detracted from performance. The biggest contributors to performance for the 12-month period were Houlihan Lokey, Teledyne Technologies, LPL Financial, HEICO, and EMCOR Group. The biggest detractors from performance during the period were Cooper Companies, Align Technology, Exponent, FactSet Research Systems, and Old Dominion Freight Line. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Houlihan Lokey<br>| Positive<br>| Houlihan Lokey, a global investment bank, saw sustained demand for financial advisory services, with broad-based growth in fees and profits.<br>|
| Teledyne Technologies<br>| Positive<br>| Teledyne Technologies provides technologies to sense, transmit and analyze information across industrial growth markets including aerospace and defense, factory automation, environmental monitoring, electronics design and development, medical imaging, and pharmaceutical research, among others. The company experienced double-digit revenue growth during the reporting period.<br>|
| Cooper Companies<br>| Negative<br>| Cooper Companies is a global medical device company. The product mix in the company's lens segment created pressure on profit margins, and slightly lower market growth in contact lenses created weakness in the company's stock price.<br>|
| Align Technology | Negative | Align Technology is a medical device company that designs, manufactures, and markets digital treatment solutions for orthodontics and restorative dentistry. Consumer sensitivity to interest rates has temporarily driven many patients to less costly brackets and wires, but fittings for aligners were up and the demand in the market continued to be solid. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752160.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Mid-Cap Core Fund (Class A/VMACX) at NAV<sup>(1)</sup>** | (1.08)% | 9.34% | 11.87% |
| **Virtus KAR Mid-Cap Core Fund (Class A/VMACX) at POP<sup>(2),(3)</sup>** | (6.52)% | 8.11% | 11.24% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell Midcap<sup>®</sup> Index** | 11.11% | 12.66% | 11.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2685250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$18991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 44% |
| Financials | 22% |
| Information Technology | 15% |
| Consumer Discretionary | 9% |
| Health Care | 9% |
| Short-Term Investment | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8219 Virtus KAR Mid-Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Mid-Cap Core Fund
Class C / VMCCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap Core Fund<br>Class C / VMCCX | $193 | 1.95% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (1.82)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell Midcap<sup>®</sup> Index, which serves as the style-specific index, returned 11.11%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of medium-capitalization stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the index and no individual company has a weight greater than 22.5% of the index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in materials, as well as an underweight in real estate, contributed to performance relative to the Russell Midcap<sup>®</sup> Index for the fiscal year. Stock selection and an underweight in health care, as well as stock selection and an overweight in industrials, detracted from performance. The biggest contributors to performance for the 12-month period were Houlihan Lokey, Teledyne Technologies, LPL Financial, HEICO, and EMCOR Group. The biggest detractors from performance during the period were Cooper Companies, Align Technology, Exponent, FactSet Research Systems, and Old Dominion Freight Line. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Houlihan Lokey<br>| Positive<br>| Houlihan Lokey, a global investment bank, saw sustained demand for financial advisory services, with broad-based growth in fees and profits.<br>|
| Teledyne Technologies<br>| Positive<br>| Teledyne Technologies provides technologies to sense, transmit and analyze information across industrial growth markets including aerospace and defense, factory automation, environmental monitoring, electronics design and development, medical imaging, and pharmaceutical research, among others. The company experienced double-digit revenue growth during the reporting period.<br>|
| Cooper Companies<br>| Negative<br>| Cooper Companies is a global medical device company. The product mix in the company's lens segment created pressure on profit margins, and slightly lower market growth in contact lenses created weakness in the company's stock price.<br>|
| Align Technology | Negative | Align Technology is a medical device company that designs, manufactures, and markets digital treatment solutions for orthodontics and restorative dentistry. Consumer sensitivity to interest rates has temporarily driven many patients to less costly brackets and wires, but fittings for aligners were up and the demand in the market continued to be solid. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752203.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Mid-Cap Core Fund (Class C/VMCCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (1.82)% | 8.52% | 11.04% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell Midcap<sup>®</sup> Index** | 11.11% | 12.66% | 11.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2685250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$18991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 44% |
| Financials | 22% |
| Information Technology | 15% |
| Consumer Discretionary | 9% |
| Health Care | 9% |
| Short-Term Investment | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8220 Virtus KAR Mid-Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Mid-Cap Core Fund
Class I / VIMCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap Core Fund<br>Class I / VIMCX | $95 | 0.95% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned (0.84)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell Midcap<sup>®</sup> Index, which serves as the style-specific index, returned 11.11%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of medium-capitalization stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the index and no individual company has a weight greater than 22.5% of the index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in materials, as well as an underweight in real estate, contributed to performance relative to the Russell Midcap<sup>®</sup> Index for the fiscal year. Stock selection and an underweight in health care, as well as stock selection and an overweight in industrials, detracted from performance. The biggest contributors to performance for the 12-month period were Houlihan Lokey, Teledyne Technologies, LPL Financial, HEICO, and EMCOR Group. The biggest detractors from performance during the period were Cooper Companies, Align Technology, Exponent, FactSet Research Systems, and Old Dominion Freight Line. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Houlihan Lokey<br>| Positive<br>| Houlihan Lokey, a global investment bank, saw sustained demand for financial advisory services, with broad-based growth in fees and profits.<br>|
| Teledyne Technologies<br>| Positive<br>| Teledyne Technologies provides technologies to sense, transmit and analyze information across industrial growth markets including aerospace and defense, factory automation, environmental monitoring, electronics design and development, medical imaging, and pharmaceutical research, among others. The company experienced double-digit revenue growth during the reporting period.<br>|
| Cooper Companies<br>| Negative<br>| Cooper Companies is a global medical device company. The product mix in the company's lens segment created pressure on profit margins, and slightly lower market growth in contact lenses created weakness in the company's stock price.<br>|
| Align Technology | Negative | Align Technology is a medical device company that designs, manufactures, and markets digital treatment solutions for orthodontics and restorative dentistry. Consumer sensitivity to interest rates has temporarily driven many patients to less costly brackets and wires, but fittings for aligners were up and the demand in the market continued to be solid. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10752246.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Mid-Cap Core Fund (Class I/VIMCX) at NAV<sup>(1)</sup>** | (0.84)% | 9.61% | 12.15% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell Midcap<sup>®</sup> Index** | 11.11% | 12.66% | 11.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2685250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$18991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 44% |
| Financials | 22% |
| Information Technology | 15% |
| Consumer Discretionary | 9% |
| Health Care | 9% |
| Short-Term Investment | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8221 Virtus KAR Mid-Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Mid-Cap Core Fund
Class R6 / VRMCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap Core Fund<br>Class R6 / VRMCX | $87 | 0.87% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned (0.75)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell Midcap<sup>®</sup> Index, which serves as the style-specific index, returned 11.11%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of medium-capitalization stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the index and no individual company has a weight greater than 22.5% of the index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in materials, as well as an underweight in real estate, contributed to performance relative to the Russell Midcap<sup>®</sup> Index for the fiscal year. Stock selection and an underweight in health care, as well as stock selection and an overweight in industrials, detracted from performance. The biggest contributors to performance for the 12-month period were Houlihan Lokey, Teledyne Technologies, LPL Financial, HEICO, and EMCOR Group. The biggest detractors from performance during the period were Cooper Companies, Align Technology, Exponent, FactSet Research Systems, and Old Dominion Freight Line. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Houlihan Lokey<br>| Positive<br>| Houlihan Lokey, a global investment bank, saw sustained demand for financial advisory services, with broad-based growth in fees and profits.<br>|
| Teledyne Technologies<br>| Positive<br>| Teledyne Technologies provides technologies to sense, transmit and analyze information across industrial growth markets including aerospace and defense, factory automation, environmental monitoring, electronics design and development, medical imaging, and pharmaceutical research, among others. The company experienced double-digit revenue growth during the reporting period.<br>|
| Cooper Companies<br>| Negative<br>| Cooper Companies is a global medical device company. The product mix in the company's lens segment created pressure on profit margins, and slightly lower market growth in contact lenses created weakness in the company's stock price.<br>|
| Align Technology | Negative | Align Technology is a medical device company that designs, manufactures, and markets digital treatment solutions for orthodontics and restorative dentistry. Consumer sensitivity to interest rates has temporarily driven many patients to less costly brackets and wires, but fittings for aligners were up and the demand in the market continued to be solid. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (January 30, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10752289.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Mid-Cap Core Fund (Class R6/VRMCX) at NAV<sup>(1)</sup>** | (0.75)% | 9.70% | 9.49% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.32% |
| **Russell Midcap<sup>®</sup> Index** | 11.11% | 12.66% | 9.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2685250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$18991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 44% |
| Financials | 22% |
| Information Technology | 15% |
| Consumer Discretionary | 9% |
| Health Care | 9% |
| Short-Term Investment | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8222 Virtus KAR Mid-Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Mid-Cap Growth Fund
Class A / PHSKX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap Growth Fund<br>Class A / PHSKX | $126 | 1.26% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 0.23%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell Midcap<sup>®</sup> Growth Index, which serves as the style-specific index, returned 22.02%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in consumer staples, as well as an underweight in materials, contributed to performance relative to the Russell Midcap<sup>®</sup> Growth Index for the fiscal year. Stock selection in information technology, as well as stock selection and an underweight in consumer discretionary, detracted from performance. The biggest contributors to performance for the 12-month period were Amphenol, Cloudflare, Celsius, MercadoLibre, and IDEXX Laboratories. The biggest detractors from performance during the period were Gartner, The Trade Desk, Vertex, Freshpet, and Fair Isaac. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks.<br>|
| Cloudflare<br>| Positive<br>| Cloudflare provides security, performance, and reliability for internet-based properties through a global network. Cloudflare's results reflected strong execution across its product portfolio. The company demonstrated an ability to scale up its customer base while maintaining high gross profit margins.<br>|
| Gartner<br>| Negative<br>| Gartner is a research and advisory company that provides technology-related insights, analysis, and consulting to business leaders to help them make strategic decisions. Gartner's results were impacted by weaker client retention and slower growth in consulting revenues.<br>|
| The Trade Desk | Negative | The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752332.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Mid-Cap Growth Fund (Class A/PHSKX) at NAV<sup>(1)</sup>** | 0.23% | 0.98% | 12.87% |
| **Virtus KAR Mid-Cap Growth Fund (Class A/PHSKX) at POP<sup>(2),(3)</sup>** | (5.28)% | (0.16)% | 12.23% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell Midcap<sup>®</sup> Growth Index** | 22.02% | 11.26% | 13.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$928453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$8516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 31% |
| Consumer Discretionary | 20% |
| Health Care | 15% |
| Industrials | 14% |
| Financials | 9% |
| Consumer Staples | 5% |
| Communication Services | 4% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8223 Virtus KAR Mid-Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Mid-Cap Growth Fund
Class C / PSKCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap Growth Fund<br>Class C / PSKCX | $203 | 2.04% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (0.53)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell Midcap<sup>®</sup> Growth Index, which serves as the style-specific index, returned 22.02%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in consumer staples, as well as an underweight in materials, contributed to performance relative to the Russell Midcap<sup>®</sup> Growth Index for the fiscal year. Stock selection in information technology, as well as stock selection and an underweight in consumer discretionary, detracted from performance. The biggest contributors to performance for the 12-month period were Amphenol, Cloudflare, Celsius, MercadoLibre, and IDEXX Laboratories. The biggest detractors from performance during the period were Gartner, The Trade Desk, Vertex, Freshpet, and Fair Isaac. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks.<br>|
| Cloudflare<br>| Positive<br>| Cloudflare provides security, performance, and reliability for internet-based properties through a global network. Cloudflare's results reflected strong execution across its product portfolio. The company demonstrated an ability to scale up its customer base while maintaining high gross profit margins.<br>|
| Gartner<br>| Negative<br>| Gartner is a research and advisory company that provides technology-related insights, analysis, and consulting to business leaders to help them make strategic decisions. Gartner's results were impacted by weaker client retention and slower growth in consulting revenues.<br>|
| The Trade Desk | Negative | The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752375.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Mid-Cap Growth Fund (Class C/PSKCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (0.53)% | 0.19% | 12.00% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell Midcap<sup>®</sup> Growth Index** | 22.02% | 11.26% | 13.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$928453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$8516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 31% |
| Consumer Discretionary | 20% |
| Health Care | 15% |
| Industrials | 14% |
| Financials | 9% |
| Consumer Staples | 5% |
| Communication Services | 4% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8224 Virtus KAR Mid-Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Mid-Cap Growth Fund
Class I / PICMX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap Growth Fund<br>Class I / PICMX | $103 | 1.03% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 0.48%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell Midcap<sup>®</sup> Growth Index, which serves as the style-specific index, returned 22.02%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in consumer staples, as well as an underweight in materials, contributed to performance relative to the Russell Midcap<sup>®</sup> Growth Index for the fiscal year. Stock selection in information technology, as well as stock selection and an underweight in consumer discretionary, detracted from performance. The biggest contributors to performance for the 12-month period were Amphenol, Cloudflare, Celsius, MercadoLibre, and IDEXX Laboratories. The biggest detractors from performance during the period were Gartner, The Trade Desk, Vertex, Freshpet, and Fair Isaac. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks.<br>|
| Cloudflare<br>| Positive<br>| Cloudflare provides security, performance, and reliability for internet-based properties through a global network. Cloudflare's results reflected strong execution across its product portfolio. The company demonstrated an ability to scale up its customer base while maintaining high gross profit margins.<br>|
| Gartner<br>| Negative<br>| Gartner is a research and advisory company that provides technology-related insights, analysis, and consulting to business leaders to help them make strategic decisions. Gartner's results were impacted by weaker client retention and slower growth in consulting revenues.<br>|
| The Trade Desk | Negative | The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10752418.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Mid-Cap Growth Fund (Class I/PICMX) at NAV<sup>(1)</sup>** | 0.48% | 1.21% | 13.12% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell Midcap<sup>®</sup> Growth Index** | 22.02% | 11.26% | 13.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$928453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$8516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 31% |
| Consumer Discretionary | 20% |
| Health Care | 15% |
| Industrials | 14% |
| Financials | 9% |
| Consumer Staples | 5% |
| Communication Services | 4% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8225 Virtus KAR Mid-Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Mid-Cap Growth Fund
Class R6 / VRMGX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap Growth Fund<br>Class R6 / VRMGX | $83 | 0.83% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 0.68%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell Midcap<sup>®</sup> Growth Index, which serves as the style-specific index, returned 22.02%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in consumer staples, as well as an underweight in materials, contributed to performance relative to the Russell Midcap<sup>®</sup> Growth Index for the fiscal year. Stock selection in information technology, as well as stock selection and an underweight in consumer discretionary, detracted from performance. The biggest contributors to performance for the 12-month period were Amphenol, Cloudflare, Celsius, MercadoLibre, and IDEXX Laboratories. The biggest detractors from performance during the period were Gartner, The Trade Desk, Vertex, Freshpet, and Fair Isaac. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks.<br>|
| Cloudflare<br>| Positive<br>| Cloudflare provides security, performance, and reliability for internet-based properties through a global network. Cloudflare's results reflected strong execution across its product portfolio. The company demonstrated an ability to scale up its customer base while maintaining high gross profit margins.<br>|
| Gartner<br>| Negative<br>| Gartner is a research and advisory company that provides technology-related insights, analysis, and consulting to business leaders to help them make strategic decisions. Gartner's results were impacted by weaker client retention and slower growth in consulting revenues.<br>|
| The Trade Desk | Negative | The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (January 30, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10752461.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Mid-Cap Growth Fund (Class R6/VRMGX) at NAV<sup>(1)</sup>** | 0.68% | 1.41% | 10.15% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.32% |
| **Russell Midcap<sup>®</sup> Growth Index** | 22.02% | 11.26% | 11.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$928453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$8516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 31% |
| Consumer Discretionary | 20% |
| Health Care | 15% |
| Industrials | 14% |
| Financials | 9% |
| Consumer Staples | 5% |
| Communication Services | 4% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8226 Virtus KAR Mid-Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Core Fund
Class A / PKSAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Core Fund<br>Class A / PKSAX | $127 | 1.29% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned (2.76)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Index, which serves as the style-specific index, returned 10.76%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and an overweight in consumer discretionary, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Index for the fiscal year. Stock selection in industrials, as well as stock selection and an underweight in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were EMCOR Group, Watts Water Technologies, RBC Bearings, Acushnet, and Rightmove. The biggest detractors from performance during the period were FTI Consulting, Landstar System, CorVel, UFP Technologies, and FactSet Research Systems. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| EMCOR Group<br>| Positive<br>| EMCOR Group, a global leader in commercial mechanical and electrical construction and facilities services, reported solid operating results. The company benefited from strong demand for its U.S. construction services from data center buildouts as well as other end markets.<br>|
| Watts Water Technologies<br>| Positive<br>| Watts Water Technologies is a manufacturing company that produces valves for plumbing and heating. The company's stock price benefited from reporting organic growth driven by customers placing orders ahead of anticipated tariffs.<br>|
| FTI Consulting<br>| Negative<br>| FTI Consulting, a global business advisory firm, underperformed after the company reported a quarter with flat revenues due to certain segments growing while others declined. The company also saw lower net profit margins due to higher compensation costs.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752504.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Core Fund (Class A/PKSAX) at NAV<sup>(1)</sup>** | (2.76)% | 12.53% | 15.82% |
| **Virtus KAR Small-Cap Core Fund (Class A/PKSAX) at POP<sup>(2),(3)</sup>** | (8.11)% | 11.26% | 15.17% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Index** | 10.76% | 11.56% | 9.77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2099410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$16525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 27% |
| Consumer Discretionary | 11% |
| Materials | 5% |
| Communication Services | 4% |
| Health Care | 4% |
| Information Technology | 2% |
| Other (includes short-term investment) | 4% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8227 Virtus KAR Small-Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Core Fund
Class C / PKSCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Core Fund<br>Class C / PKSCX | $196 | 1.99% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (3.44)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Index, which serves as the style-specific index, returned 10.76%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and an overweight in consumer discretionary, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Index for the fiscal year. Stock selection in industrials, as well as stock selection and an underweight in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were EMCOR Group, Watts Water Technologies, RBC Bearings, Acushnet, and Rightmove. The biggest detractors from performance during the period were FTI Consulting, Landstar System, CorVel, UFP Technologies, and FactSet Research Systems. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| EMCOR Group<br>| Positive<br>| EMCOR Group, a global leader in commercial mechanical and electrical construction and facilities services, reported solid operating results. The company benefited from strong demand for its U.S. construction services from data center buildouts as well as other end markets.<br>|
| Watts Water Technologies<br>| Positive<br>| Watts Water Technologies is a manufacturing company that produces valves for plumbing and heating. The company's stock price benefited from reporting organic growth driven by customers placing orders ahead of anticipated tariffs.<br>|
| FTI Consulting<br>| Negative<br>| FTI Consulting, a global business advisory firm, underperformed after the company reported a quarter with flat revenues due to certain segments growing while others declined. The company also saw lower net profit margins due to higher compensation costs.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752547.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Core Fund (Class C/PKSCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (3.44)% | 11.72% | 14.98% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Index** | 10.76% | 11.56% | 9.77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2099410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$16525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 27% |
| Consumer Discretionary | 11% |
| Materials | 5% |
| Communication Services | 4% |
| Health Care | 4% |
| Information Technology | 2% |
| Other (includes short-term investment) | 4% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8228 Virtus KAR Small-Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Core Fund
Class I / PKSFX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Core Fund<br>Class I / PKSFX | $99 | 1.00% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned (2.48)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Index, which serves as the style-specific index, returned 10.76%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and an overweight in consumer discretionary, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Index for the fiscal year. Stock selection in industrials, as well as stock selection and an underweight in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were EMCOR Group, Watts Water Technologies, RBC Bearings, Acushnet, and Rightmove. The biggest detractors from performance during the period were FTI Consulting, Landstar System, CorVel, UFP Technologies, and FactSet Research Systems. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| EMCOR Group<br>| Positive<br>| EMCOR Group, a global leader in commercial mechanical and electrical construction and facilities services, reported solid operating results. The company benefited from strong demand for its U.S. construction services from data center buildouts as well as other end markets.<br>|
| Watts Water Technologies<br>| Positive<br>| Watts Water Technologies is a manufacturing company that produces valves for plumbing and heating. The company's stock price benefited from reporting organic growth driven by customers placing orders ahead of anticipated tariffs.<br>|
| FTI Consulting<br>| Negative<br>| FTI Consulting, a global business advisory firm, underperformed after the company reported a quarter with flat revenues due to certain segments growing while others declined. The company also saw lower net profit margins due to higher compensation costs.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10752590.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Core Fund (Class I/PKSFX) at NAV<sup>(1)</sup>** | (2.48)% | 12.84% | 16.13% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Index** | 10.76% | 11.56% | 9.77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2099410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$16525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 27% |
| Consumer Discretionary | 11% |
| Materials | 5% |
| Communication Services | 4% |
| Health Care | 4% |
| Information Technology | 2% |
| Other (includes short-term investment) | 4% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8229 Virtus KAR Small-Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Core Fund
Class R6 / VSCRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Core Fund<br>Class R6 / VSCRX | $91 | 0.92% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned (2.41)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Index, which serves as the style-specific index, returned 10.76%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and an overweight in consumer discretionary, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Index for the fiscal year. Stock selection in industrials, as well as stock selection and an underweight in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were EMCOR Group, Watts Water Technologies, RBC Bearings, Acushnet, and Rightmove. The biggest detractors from performance during the period were FTI Consulting, Landstar System, CorVel, UFP Technologies, and FactSet Research Systems. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| EMCOR Group<br>| Positive<br>| EMCOR Group, a global leader in commercial mechanical and electrical construction and facilities services, reported solid operating results. The company benefited from strong demand for its U.S. construction services from data center buildouts as well as other end markets.<br>|
| Watts Water Technologies<br>| Positive<br>| Watts Water Technologies is a manufacturing company that produces valves for plumbing and heating. The company's stock price benefited from reporting organic growth driven by customers placing orders ahead of anticipated tariffs.<br>|
| FTI Consulting<br>| Negative<br>| FTI Consulting, a global business advisory firm, underperformed after the company reported a quarter with flat revenues due to certain segments growing while others declined. The company also saw lower net profit margins due to higher compensation costs.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10752633.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Core Fund (Class R6/VSCRX) at NAV<sup>(1)</sup>** | (2.41)% | 12.93% | 16.23% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Index** | 10.76% | 11.56% | 9.77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2099410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$16525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 27% |
| Consumer Discretionary | 11% |
| Materials | 5% |
| Communication Services | 4% |
| Health Care | 4% |
| Information Technology | 2% |
| Other (includes short-term investment) | 4% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8230 Virtus KAR Small-Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Growth Fund
Class A / PSGAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Growth Fund<br>Class A / PSGAX | $128 | 1.39% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned (16.21)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 13.56%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in health care, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Growth Index for the fiscal year. Stock selection in information technology, as well as stock selection in financials, detracted from performance. The biggest contributors to performance for the 12-month period were Ollie's Bargain Outlet, Rightmove, AppFolio, PriceSmart, and U.S. Physical Therapy. The biggest detractors from performance during the period were Endava, Morningstar, Onestream, Triumph Financial, and SPS Commerce. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ollie's Bargain Outlet<br>| Positive<br>| Ollie's Bargain Outlet is a discount retailer. The company's unique business model of offering exceptional value on brand-name products resonated well with cost-conscious consumers during the period. This drove an increase in comparable store sales and an accelerating pace of store expansion.<br>|
| Rightmove<br>| Positive<br>| Rightmove, a property website in the U.K., reported strong growth in its core marketplace business driven by pricing, product expansion, and a resilient housing market in the U.K.<br>|
| Endava<br>| Negative<br>| Endava is a provider of near-shore technology services. The company's performance was negatively impacted by clients' technological uncertainty and delayed enterprise information technology (IT) spending, particularly in European markets.<br>|
| Morningstar | Negative | Morningstar, an investment research firm, faced obstacles that dampened the growth of its various product licenses during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752676.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Growth Fund (Class A/PSGAX) at NAV<sup>(1)</sup>** | (16.21)% | (1.50)% | 12.48% |
| **Virtus KAR Small-Cap Growth Fund (Class A/PSGAX) at POP<sup>(2),(3)</sup>** | (20.82)% | (2.61)% | 11.84% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.56% | 8.41% | 9.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1670906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$19717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 31% |
| Information Technology | 23% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Industrials | 11% |
| Health Care | 6% |
| Consumer Staples | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8231 Virtus KAR Small-Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Growth Fund
Class C / PSGCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Growth Fund<br>Class C / PSGCX | $193 | 2.11% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (16.81)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 13.56%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in health care, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Growth Index for the fiscal year. Stock selection in information technology, as well as stock selection in financials, detracted from performance. The biggest contributors to performance for the 12-month period were Ollie's Bargain Outlet, Rightmove, AppFolio, PriceSmart, and U.S. Physical Therapy. The biggest detractors from performance during the period were Endava, Morningstar, Onestream, Triumph Financial, and SPS Commerce. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ollie's Bargain Outlet<br>| Positive<br>| Ollie's Bargain Outlet is a discount retailer. The company's unique business model of offering exceptional value on brand-name products resonated well with cost-conscious consumers during the period. This drove an increase in comparable store sales and an accelerating pace of store expansion.<br>|
| Rightmove<br>| Positive<br>| Rightmove, a property website in the U.K., reported strong growth in its core marketplace business driven by pricing, product expansion, and a resilient housing market in the U.K.<br>|
| Endava<br>| Negative<br>| Endava is a provider of near-shore technology services. The company's performance was negatively impacted by clients' technological uncertainty and delayed enterprise information technology (IT) spending, particularly in European markets.<br>|
| Morningstar | Negative | Morningstar, an investment research firm, faced obstacles that dampened the growth of its various product licenses during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752719.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Growth Fund (Class C/PSGCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (16.81)% | (2.21)% | 11.66% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.56% | 8.41% | 9.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1670906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$19717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 31% |
| Information Technology | 23% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Industrials | 11% |
| Health Care | 6% |
| Consumer Staples | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8232 Virtus KAR Small-Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Growth Fund
Class I / PXSGX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Growth Fund<br>Class I / PXSGX | $103 | 1.12% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned (15.98)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 13.56%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in health care, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Growth Index for the fiscal year. Stock selection in information technology, as well as stock selection in financials, detracted from performance. The biggest contributors to performance for the 12-month period were Ollie's Bargain Outlet, Rightmove, AppFolio, PriceSmart, and U.S. Physical Therapy. The biggest detractors from performance during the period were Endava, Morningstar, Onestream, Triumph Financial, and SPS Commerce. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ollie's Bargain Outlet<br>| Positive<br>| Ollie's Bargain Outlet is a discount retailer. The company's unique business model of offering exceptional value on brand-name products resonated well with cost-conscious consumers during the period. This drove an increase in comparable store sales and an accelerating pace of store expansion.<br>|
| Rightmove<br>| Positive<br>| Rightmove, a property website in the U.K., reported strong growth in its core marketplace business driven by pricing, product expansion, and a resilient housing market in the U.K.<br>|
| Endava<br>| Negative<br>| Endava is a provider of near-shore technology services. The company's performance was negatively impacted by clients' technological uncertainty and delayed enterprise information technology (IT) spending, particularly in European markets.<br>|
| Morningstar | Negative | Morningstar, an investment research firm, faced obstacles that dampened the growth of its various product licenses during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10752762.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Growth Fund (Class I/PXSGX) at NAV<sup>(1)</sup>** | (15.98)% | (1.24)% | 12.77% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.56% | 8.41% | 9.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1670906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$19717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 31% |
| Information Technology | 23% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Industrials | 11% |
| Health Care | 6% |
| Consumer Staples | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8233 Virtus KAR Small-Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Growth Fund
Class R6 / VRSGX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Growth Fund<br>Class R6 / VRSGX | $93 | 1.01% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned (15.91)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 13.56%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in health care, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Growth Index for the fiscal year. Stock selection in information technology, as well as stock selection in financials, detracted from performance. The biggest contributors to performance for the 12-month period were Ollie's Bargain Outlet, Rightmove, AppFolio, PriceSmart, and U.S. Physical Therapy. The biggest detractors from performance during the period were Endava, Morningstar, Onestream, Triumph Financial, and SPS Commerce. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ollie's Bargain Outlet<br>| Positive<br>| Ollie's Bargain Outlet is a discount retailer. The company's unique business model of offering exceptional value on brand-name products resonated well with cost-conscious consumers during the period. This drove an increase in comparable store sales and an accelerating pace of store expansion.<br>|
| Rightmove<br>| Positive<br>| Rightmove, a property website in the U.K., reported strong growth in its core marketplace business driven by pricing, product expansion, and a resilient housing market in the U.K.<br>|
| Endava<br>| Negative<br>| Endava is a provider of near-shore technology services. The company's performance was negatively impacted by clients' technological uncertainty and delayed enterprise information technology (IT) spending, particularly in European markets.<br>|
| Morningstar | Negative | Morningstar, an investment research firm, faced obstacles that dampened the growth of its various product licenses during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (January 30, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10752805.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Small-Cap Growth Fund (Class R6/VRSGX) at NAV<sup>(1)</sup>** | (15.91)% | (1.15)% | 6.80% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.32% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.56% | 8.41% | 7.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1670906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$19717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 31% |
| Information Technology | 23% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Industrials | 11% |
| Health Care | 6% |
| Consumer Staples | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8234 Virtus KAR Small-Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Value Fund
Class A / PQSAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Value Fund<br>Class A / PQSAX | $121 | 1.22% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned (0.88)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 7.88%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in energy, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Value Index for the fiscal year. Stock selection and an underweight in materials, as well as stock selection and an underweight in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were Construction Partners, Armstrong World Industries, Houlihan Lokey, The Cheesecake Factory, and JBT Marel. The biggest detractors from performance during the period were Azenta, Landstar System, Albany International, Watsco, and CSW Industrials. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Construction Partners<br>| Positive<br>| Construction Partners, a leading civil infrastructure company, benefited from robust revenue growth and better profitability driven by strong road infrastructure spending and significant acquisition activity.<br>|
| Armstong World Industries<br>| Positive<br>| Armstrong World Industries is a global designer and manufacturer of innovative ceiling and wall system solutions for commercial and residential buildings. The company reported better-than-expected operating results despite challenging market conditions during the reporting period.<br>|
| Azenta<br>| Negative<br>| Azenta is a provider of life sciences services. While the company's core business was solid during the reporting period, its acquisition strategy raised concerns about whether the new management team would be able to successfully turn the business around. As a result, we exited our position.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752848.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Value Fund (Class A/PQSAX) at NAV<sup>(1)</sup>** | (0.88)% | 7.24% | 9.09% |
| **Virtus KAR Small-Cap Value Fund (Class A/PQSAX) at POP<sup>(2),(3)</sup>** | (6.33)% | 6.04% | 8.47% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Value Index** | 7.88% | 14.59% | 9.23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$759907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 41% |
| Financials | 29% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Health Care | 4% |
| Materials | 4% |
| Real Estate | 3% |
| Other (includes short-term investment) | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8237 Virtus KAR Small-Cap Value Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Value Fund
Class C / PQSCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Value Fund<br>Class C / PQSCX | $197 | 1.99% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (1.66)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 7.88%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in energy, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Value Index for the fiscal year. Stock selection and an underweight in materials, as well as stock selection and an underweight in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were Construction Partners, Armstrong World Industries, Houlihan Lokey, The Cheesecake Factory, and JBT Marel. The biggest detractors from performance during the period were Azenta, Landstar System, Albany International, Watsco, and CSW Industrials. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Construction Partners<br>| Positive<br>| Construction Partners, a leading civil infrastructure company, benefited from robust revenue growth and better profitability driven by strong road infrastructure spending and significant acquisition activity.<br>|
| Armstong World Industries<br>| Positive<br>| Armstrong World Industries is a global designer and manufacturer of innovative ceiling and wall system solutions for commercial and residential buildings. The company reported better-than-expected operating results despite challenging market conditions during the reporting period.<br>|
| Azenta<br>| Negative<br>| Azenta is a provider of life sciences services. While the company's core business was solid during the reporting period, its acquisition strategy raised concerns about whether the new management team would be able to successfully turn the business around. As a result, we exited our position.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10752891.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Value Fund (Class C/PQSCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (1.66)% | 6.43% | 8.27% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Value Index** | 7.88% | 14.59% | 9.23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$759907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 41% |
| Financials | 29% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Health Care | 4% |
| Materials | 4% |
| Real Estate | 3% |
| Other (includes short-term investment) | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8238 Virtus KAR Small-Cap Value Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Value Fund
Class I / PXQSX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Value Fund<br>Class I / PXQSX | $99 | 0.99% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned (0.67)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 7.88%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in energy, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Value Index for the fiscal year. Stock selection and an underweight in materials, as well as stock selection and an underweight in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were Construction Partners, Armstrong World Industries, Houlihan Lokey, The Cheesecake Factory, and JBT Marel. The biggest detractors from performance during the period were Azenta, Landstar System, Albany International, Watsco, and CSW Industrials. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Construction Partners<br>| Positive<br>| Construction Partners, a leading civil infrastructure company, benefited from robust revenue growth and better profitability driven by strong road infrastructure spending and significant acquisition activity.<br>|
| Armstong World Industries<br>| Positive<br>| Armstrong World Industries is a global designer and manufacturer of innovative ceiling and wall system solutions for commercial and residential buildings. The company reported better-than-expected operating results despite challenging market conditions during the reporting period.<br>|
| Azenta<br>| Negative<br>| Azenta is a provider of life sciences services. While the company's core business was solid during the reporting period, its acquisition strategy raised concerns about whether the new management team would be able to successfully turn the business around. As a result, we exited our position.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10752934.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Value Fund (Class I/PXQSX) at NAV<sup>(1)</sup>** | (0.67)% | 7.51% | 9.36% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **Russell 2000<sup>®</sup> Value Index** | 7.88% | 14.59% | 9.23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$759907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 41% |
| Financials | 29% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Health Care | 4% |
| Materials | 4% |
| Real Estate | 3% |
| Other (includes short-term investment) | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8239 Virtus KAR Small-Cap Value Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Cap Value Fund
Class R6 / VQSRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Value Fund<br>Class R6 / VQSRX | $89 | 0.89% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned (0.58)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 7.88%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in energy, as well as an underweight in real estate, contributed to performance relative to the Russell 2000<sup>®</sup> Value Index for the fiscal year. Stock selection and an underweight in materials, as well as stock selection and an underweight in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were Construction Partners, Armstrong World Industries, Houlihan Lokey, The Cheesecake Factory, and JBT Marel. The biggest detractors from performance during the period were Azenta, Landstar System, Albany International, Watsco, and CSW Industrials. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Construction Partners<br>| Positive<br>| Construction Partners, a leading civil infrastructure company, benefited from robust revenue growth and better profitability driven by strong road infrastructure spending and significant acquisition activity.<br>|
| Armstong World Industries<br>| Positive<br>| Armstrong World Industries is a global designer and manufacturer of innovative ceiling and wall system solutions for commercial and residential buildings. The company reported better-than-expected operating results despite challenging market conditions during the reporting period.<br>|
| Azenta<br>| Negative<br>| Azenta is a provider of life sciences services. While the company's core business was solid during the reporting period, its acquisition strategy raised concerns about whether the new management team would be able to successfully turn the business around. As a result, we exited our position.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (November 3, 2016). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10752977.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Small-Cap Value Fund (Class R6/VQSRX) at NAV<sup>(1)</sup>** | (0.58)% | 7.58% | 9.12% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 15.51% |
| **Russell 2000<sup>®</sup> Value Index** | 7.88% | 14.59% | 9.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$759907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 41% |
| Financials | 29% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Health Care | 4% |
| Materials | 4% |
| Real Estate | 3% |
| Other (includes short-term investment) | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8240 Virtus KAR Small-Cap Value Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Core Fund
Class A / VKSAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Core Fund<br>Class A / VKSAX | $122 | 1.24% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned (3.05)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Index, which serves as the style-specific index, returned 10.16%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ Index is a free float-adjusted market capitalization-weighted index of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in financials, as well as an underweight in real estate, contributed to performance relative to the Russell 2500™ Index for the fiscal year. Stock selection in industrials, as well as stock selection in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were Interactive Brokers Group, W. R. Berkley, LPL Financial, Allegion Public, and Zurn Elkay Water Solutions. The biggest detractors from performance during the period were Cooper Companies, Charles River Laboratories International, Teradyne, Saia, and Exponent. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Interactive Brokers Group<br>| Positive<br>| Interactive Brokers Group, a global electronic brokerage firm, posted strong performance, supported by consistent client account growth, client equity growth, and elevated trading activity.<br>|
| W. R. Berkley<br>| Positive<br>| Underwriting profitability for W. R. Berkley, a global insurance holding company, remained excellent and premium growth was healthy despite rate pressure in the property market.<br>|
| Cooper Companies<br>| Negative<br>| Cooper Companies is a global medical device company. The product mix in the company's lens segment created pressure on profit margins, and slightly lower market growth in contact lenses created weakness in the company's stock price.<br>|
| Charles River Laboratories International | Negative | Charles River Laboratories is a leading drug discovery and non-clinical development company. Structural changes in the contract research organizations (CRO) industry combined with ongoing biotech funding issues have created uncertainty in the company's investment thesis. We sold the Fund's shares earlier this year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class A shares from inception (March 7, 2018) including any applicable sales charges or fees. It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753364.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Core Fund (Class A/VKSAX) at NAV<sup>(1)</sup>** | (3.05)% | 7.11% | 10.03% |
| **Virtus KAR Small-Mid Cap Core Fund (Class A/VKSAX) at POP<sup>(2),(3)</sup>** | (8.38)% | 5.90% | 9.21% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.93% |
| **Russell 2500™ Index** | 10.16% | 12.09% | 8.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2145975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$15807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Financials | 21% |
| Consumer Discretionary | 20% |
| Information Technology | 20% |
| Health Care | 5% |
| Consumer Staples | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8242 Virtus KAR Small-Mid Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Core Fund
Class C / VKSCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Core Fund<br>Class C / VKSCX | $196 | 2.00% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (3.81)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Index, which serves as the style-specific index, returned 10.16%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ Index is a free float-adjusted market capitalization-weighted index of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in financials, as well as an underweight in real estate, contributed to performance relative to the Russell 2500™ Index for the fiscal year. Stock selection in industrials, as well as stock selection in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were Interactive Brokers Group, W. R. Berkley, LPL Financial, Allegion Public, and Zurn Elkay Water Solutions. The biggest detractors from performance during the period were Cooper Companies, Charles River Laboratories International, Teradyne, Saia, and Exponent. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Interactive Brokers Group<br>| Positive<br>| Interactive Brokers Group, a global electronic brokerage firm, posted strong performance, supported by consistent client account growth, client equity growth, and elevated trading activity.<br>|
| W. R. Berkley<br>| Positive<br>| Underwriting profitability for W. R. Berkley, a global insurance holding company, remained excellent and premium growth was healthy despite rate pressure in the property market.<br>|
| Cooper Companies<br>| Negative<br>| Cooper Companies is a global medical device company. The product mix in the company's lens segment created pressure on profit margins, and slightly lower market growth in contact lenses created weakness in the company's stock price.<br>|
| Charles River Laboratories International | Negative | Charles River Laboratories is a leading drug discovery and non-clinical development company. Structural changes in the contract research organizations (CRO) industry combined with ongoing biotech funding issues have created uncertainty in the company's investment thesis. We sold the Fund's shares earlier this year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class C shares from inception (March 7, 2018). It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753407.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Core Fund (Class C/VKSCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (3.81)% | 6.30% | 9.20% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.93% |
| **Russell 2500™ Index** | 10.16% | 12.09% | 8.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2145975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$15807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Financials | 21% |
| Consumer Discretionary | 20% |
| Information Technology | 20% |
| Health Care | 5% |
| Consumer Staples | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8243 Virtus KAR Small-Mid Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Core Fund
Class I / VKSIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Core Fund<br>Class I / VKSIX | $97 | 0.98% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned (2.81)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Index, which serves as the style-specific index, returned 10.16%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ Index is a free float-adjusted market capitalization-weighted index of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in financials, as well as an underweight in real estate, contributed to performance relative to the Russell 2500™ Index for the fiscal year. Stock selection in industrials, as well as stock selection in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were Interactive Brokers Group, W. R. Berkley, LPL Financial, Allegion Public, and Zurn Elkay Water Solutions. The biggest detractors from performance during the period were Cooper Companies, Charles River Laboratories International, Teradyne, Saia, and Exponent. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Interactive Brokers Group<br>| Positive<br>| Interactive Brokers Group, a global electronic brokerage firm, posted strong performance, supported by consistent client account growth, client equity growth, and elevated trading activity.<br>|
| W. R. Berkley<br>| Positive<br>| Underwriting profitability for W. R. Berkley, a global insurance holding company, remained excellent and premium growth was healthy despite rate pressure in the property market.<br>|
| Cooper Companies<br>| Negative<br>| Cooper Companies is a global medical device company. The product mix in the company's lens segment created pressure on profit margins, and slightly lower market growth in contact lenses created weakness in the company's stock price.<br>|
| Charles River Laboratories International | Negative | Charles River Laboratories is a leading drug discovery and non-clinical development company. Structural changes in the contract research organizations (CRO) industry combined with ongoing biotech funding issues have created uncertainty in the company's investment thesis. We sold the Fund's shares earlier this year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class I shares from inception (March 7, 2018). It assumes a $100,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10753450.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Core Fund (Class I/VKSIX) at NAV<sup>(1)</sup>** | (2.81)% | 7.39% | 10.32% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.93% |
| **Russell 2500™ Index** | 10.16% | 12.09% | 8.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2145975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$15807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Financials | 21% |
| Consumer Discretionary | 20% |
| Information Technology | 20% |
| Health Care | 5% |
| Consumer Staples | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8244 Virtus KAR Small-Mid Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Core Fund
Class R6 / VKSRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Core Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Core Fund<br>Class R6 / VKSRX | $88 | 0.89% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned (2.70)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Index, which serves as the style-specific index, returned 10.16%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ Index is a free float-adjusted market capitalization-weighted index of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in financials, as well as an underweight in real estate, contributed to performance relative to the Russell 2500™ Index for the fiscal year. Stock selection in industrials, as well as stock selection in information technology, detracted from performance. The biggest contributors to performance for the 12-month period were Interactive Brokers Group, W. R. Berkley, LPL Financial, Allegion Public, and Zurn Elkay Water Solutions. The biggest detractors from performance during the period were Cooper Companies, Charles River Laboratories International, Teradyne, Saia, and Exponent. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Interactive Brokers Group<br>| Positive<br>| Interactive Brokers Group, a global electronic brokerage firm, posted strong performance, supported by consistent client account growth, client equity growth, and elevated trading activity.<br>|
| W. R. Berkley<br>| Positive<br>| Underwriting profitability for W. R. Berkley, a global insurance holding company, remained excellent and premium growth was healthy despite rate pressure in the property market.<br>|
| Cooper Companies<br>| Negative<br>| Cooper Companies is a global medical device company. The product mix in the company's lens segment created pressure on profit margins, and slightly lower market growth in contact lenses created weakness in the company's stock price.<br>|
| Charles River Laboratories International | Negative | Charles River Laboratories is a leading drug discovery and non-clinical development company. Structural changes in the contract research organizations (CRO) industry combined with ongoing biotech funding issues have created uncertainty in the company's investment thesis. We sold the Fund's shares earlier this year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (March 7, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10753493.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Core Fund (Class R6/VKSRX) at NAV<sup>(1)</sup>** | (2.70)% | 7.47% | 10.40% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 13.93% |
| **Russell 2500™ Index** | 10.16% | 12.09% | 8.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2145975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$15807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Financials | 21% |
| Consumer Discretionary | 20% |
| Information Technology | 20% |
| Health Care | 5% |
| Consumer Staples | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8245 Virtus KAR Small-Mid Cap Core Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Growth Fund
Class A / VAKSX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Growth Fund<br>Class A / VAKSX | $129 | 1.30% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned (1.09)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Growth Index, which serves as the style-specific index, returned 12.62%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in consumer staples, as well as stock selection and an underweight in consumer discretionary, contributed to performance relative to the Russell 2500™ Growth Index for the fiscal year. Stock selection in industrials and in financials detracted from performance. The biggest contributors to performance for the 12-month period were Celsius, HEICO, Teledyne Technologies, Ollie's Bargain Outlet, and Rightmove. The biggest detractors from performance during the period were FactSet Research Systems, Saia, POOLCORP, TransUnion, and Tyler Technologies. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Celsius<br>| Positive<br>| Celsius is a global beverage company that develops, markets, and distributes functional energy drinks. The company produced exceptional performance fueled by sustained momentum in the energy drink category and the successful integration of its recent acquisition.<br>|
| HEICO<br>| Positive<br>| HEICO designs, manufactures, and sells aerospace, defense, and electronics products and services. Solid organic growth in both of HEICO's business segments, combined with successful integrations of acquired companies, helped increase profit margins.<br>|
| FactSet Research Systems<br>| Negative<br>| FactSet, a financial data, analytics, and technology company, faced challenges due to lower profit margins from increased technology investment and slower client expansion, particularly in European markets.<br>|
| Saia | Negative | Saia is a transportation company that provides less-than-truckload (LTL), non-asset truckload, and third-party logistics services across North America. The sluggish trucking market put downward pressure on the company's revenue and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class A shares from inception (December 8, 2020) including any applicable sales charges or fees. It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753708.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Growth Fund (Class A/VAKSX) at NAV<sup>(1)</sup>** | (1.09)% | 1.88% |
| **Virtus KAR Small-Mid Cap Growth Fund (Class A/VAKSX) at POP<sup>(2),(3)</sup>** | (6.53)% | 0.69% |
| **FT Wilshire 5000 Index** | 17.46% | 13.80% |
| **Russell 2500™ Growth Index** | 12.62% | 3.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$7570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 33% |
| Information Technology | 20% |
| Health Care | 15% |
| Financials | 13% |
| Consumer Discretionary | 7% |
| Communication Services | 7% |
| Consumer Staples | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8246 Virtus KAR Small-Mid Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Growth Fund
Class C / VCKSX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Growth Fund<br>Class C / VCKSX | $203 | 2.05% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (1.77)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Growth Index, which serves as the style-specific index, returned 12.62%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in consumer staples, as well as stock selection and an underweight in consumer discretionary, contributed to performance relative to the Russell 2500™ Growth Index for the fiscal year. Stock selection in industrials and in financials detracted from performance. The biggest contributors to performance for the 12-month period were Celsius, HEICO, Teledyne Technologies, Ollie's Bargain Outlet, and Rightmove. The biggest detractors from performance during the period were FactSet Research Systems, Saia, POOLCORP, TransUnion, and Tyler Technologies. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Celsius<br>| Positive<br>| Celsius is a global beverage company that develops, markets, and distributes functional energy drinks. The company produced exceptional performance fueled by sustained momentum in the energy drink category and the successful integration of its recent acquisition.<br>|
| HEICO<br>| Positive<br>| HEICO designs, manufactures, and sells aerospace, defense, and electronics products and services. Solid organic growth in both of HEICO's business segments, combined with successful integrations of acquired companies, helped increase profit margins.<br>|
| FactSet Research Systems<br>| Negative<br>| FactSet, a financial data, analytics, and technology company, faced challenges due to lower profit margins from increased technology investment and slower client expansion, particularly in European markets.<br>|
| Saia | Negative | Saia is a transportation company that provides less-than-truckload (LTL), non-asset truckload, and third-party logistics services across North America. The sluggish trucking market put downward pressure on the company's revenue and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class C shares from inception (December 8, 2020). It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753751.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Growth Fund (Class C/VCKSX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (1.77)% | 1.14% |
| **FT Wilshire 5000 Index** | 17.46% | 13.80% |
| **Russell 2500™ Growth Index** | 12.62% | 3.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$7570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 33% |
| Information Technology | 20% |
| Health Care | 15% |
| Financials | 13% |
| Consumer Discretionary | 7% |
| Communication Services | 7% |
| Consumer Staples | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8247 Virtus KAR Small-Mid Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Growth Fund
Class I / VIKSX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Growth Fund<br>Class I / VIKSX | $105 | 1.05% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned (0.81)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Growth Index, which serves as the style-specific index, returned 12.62%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in consumer staples, as well as stock selection and an underweight in consumer discretionary, contributed to performance relative to the Russell 2500™ Growth Index for the fiscal year. Stock selection in industrials and in financials detracted from performance. The biggest contributors to performance for the 12-month period were Celsius, HEICO, Teledyne Technologies, Ollie's Bargain Outlet, and Rightmove. The biggest detractors from performance during the period were FactSet Research Systems, Saia, POOLCORP, TransUnion, and Tyler Technologies. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Celsius<br>| Positive<br>| Celsius is a global beverage company that develops, markets, and distributes functional energy drinks. The company produced exceptional performance fueled by sustained momentum in the energy drink category and the successful integration of its recent acquisition.<br>|
| HEICO<br>| Positive<br>| HEICO designs, manufactures, and sells aerospace, defense, and electronics products and services. Solid organic growth in both of HEICO's business segments, combined with successful integrations of acquired companies, helped increase profit margins.<br>|
| FactSet Research Systems<br>| Negative<br>| FactSet, a financial data, analytics, and technology company, faced challenges due to lower profit margins from increased technology investment and slower client expansion, particularly in European markets.<br>|
| Saia | Negative | Saia is a transportation company that provides less-than-truckload (LTL), non-asset truckload, and third-party logistics services across North America. The sluggish trucking market put downward pressure on the company's revenue and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class I shares from inception (December 8, 2020). It assumes a $100,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10753794.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Growth Fund (Class I/VIKSX) at NAV<sup>(1)</sup>** | (0.81)% | 2.15% |
| **FT Wilshire 5000 Index** | 17.46% | 13.80% |
| **Russell 2500™ Growth Index** | 12.62% | 3.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$7570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 33% |
| Information Technology | 20% |
| Health Care | 15% |
| Financials | 13% |
| Consumer Discretionary | 7% |
| Communication Services | 7% |
| Consumer Staples | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8248 Virtus KAR Small-Mid Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Growth Fund
Class R6 / VRKSX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Growth Fund<br>Class R6 / VRKSX | $99 | 0.99% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned (0.71)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Growth Index, which serves as the style-specific index, returned 12.62%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 2,500 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in consumer staples, as well as stock selection and an underweight in consumer discretionary, contributed to performance relative to the Russell 2500™ Growth Index for the fiscal year. Stock selection in industrials and in financials detracted from performance. The biggest contributors to performance for the 12-month period were Celsius, HEICO, Teledyne Technologies, Ollie's Bargain Outlet, and Rightmove. The biggest detractors from performance during the period were FactSet Research Systems, Saia, POOLCORP, TransUnion, and Tyler Technologies. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Celsius<br>| Positive<br>| Celsius is a global beverage company that develops, markets, and distributes functional energy drinks. The company produced exceptional performance fueled by sustained momentum in the energy drink category and the successful integration of its recent acquisition.<br>|
| HEICO<br>| Positive<br>| HEICO designs, manufactures, and sells aerospace, defense, and electronics products and services. Solid organic growth in both of HEICO's business segments, combined with successful integrations of acquired companies, helped increase profit margins.<br>|
| FactSet Research Systems<br>| Negative<br>| FactSet, a financial data, analytics, and technology company, faced challenges due to lower profit margins from increased technology investment and slower client expansion, particularly in European markets.<br>|
| Saia | Negative | Saia is a transportation company that provides less-than-truckload (LTL), non-asset truckload, and third-party logistics services across North America. The sluggish trucking market put downward pressure on the company's revenue and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (December 8, 2020). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10753837.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Growth Fund (Class R6/VRKSX) at NAV<sup>(1)</sup>** | (0.71)% | 2.21% |
| **FT Wilshire 5000 Index** | 17.46% | 13.80% |
| **Russell 2500™ Growth Index** | 12.62% | 3.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$7570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 33% |
| Information Technology | 20% |
| Health Care | 15% |
| Financials | 13% |
| Consumer Discretionary | 7% |
| Communication Services | 7% |
| Consumer Staples | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8249 Virtus KAR Small-Mid Cap Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Value Fund
Class A / VKSDX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Value Fund<br>Class A / VKSDX | $115 | 1.17% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned (2.59)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Value Index, which serves as the style-specific index, returned 9.00%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ 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. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in real estate, as well as an overweight and stock selection in financials, contributed to performance relative to the Russell 2500™ Value Index for the fiscal year. Stock selection and an underweight in information technology, as well as stock selection and an overweight in industrials, detracted from performance. The biggest contributors to performance for the 12-month period were Armstrong World Industries, LPL Financial, W. R. Berkley, RBC Bearings, and Zurn Elkay Water Solutions. The biggest detractors from performance during the period were Teradyne, Landstar System, TransUnion, H.B. Fuller Company, and CorVel. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Armstrong World Industries<br>| Positive<br>| Armstrong World Industries, a global designer and manufacturer of innovative ceiling and wall system solutions for commercial and residential buildings, reported better-than-expected operating results despite challenging market conditions.<br>|
| LPL Financial<br>| Positive<br>| LPL Financial, a large, independent broker-dealer and wealth management firm, benefited from net new advisor market share gains and resilient asset flows despite economic and market volatility.<br>|
| Teradyne<br>| Negative<br>| Teradyne designs, develops, and manufactures automated test equipment and advanced robotics systems. The company's stock underperformed due to weaker demand for testers for mobility, automotive, and industrial applications as customers evaluated tariff impacts on demand for chips.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class A shares from inception (August 3, 2021) including any applicable sales charges or fees. It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753880.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Value Fund (Class A/VKSDX) at NAV<sup>(1)</sup>** | (2.59)% | 0.92% |
| **Virtus KAR Small-Mid Cap Value Fund (Class A/VKSDX) at POP<sup>(2),(3)</sup>** | (7.95)% | (0.44)% |
| **FT Wilshire 5000 Index** | 17.46% | 11.11% |
| **Russell 2500™ Value Index** | 9.00% | 6.32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 42% |
| Financials | 23% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |
| Information Technology | 3% |
| Real Estate | 3% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8250 Virtus KAR Small-Mid Cap Value Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Value Fund
Class C / VKSEX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Value Fund<br>Class C / VKSEX | $189 | 1.92% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (3.45)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Value Index, which serves as the style-specific index, returned 9.00%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ 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. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in real estate, as well as an overweight and stock selection in financials, contributed to performance relative to the Russell 2500™ Value Index for the fiscal year. Stock selection and an underweight in information technology, as well as stock selection and an overweight in industrials, detracted from performance. The biggest contributors to performance for the 12-month period were Armstrong World Industries, LPL Financial, W. R. Berkley, RBC Bearings, and Zurn Elkay Water Solutions. The biggest detractors from performance during the period were Teradyne, Landstar System, TransUnion, H.B. Fuller Company, and CorVel. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Armstrong World Industries<br>| Positive<br>| Armstrong World Industries, a global designer and manufacturer of innovative ceiling and wall system solutions for commercial and residential buildings, reported better-than-expected operating results despite challenging market conditions.<br>|
| LPL Financial<br>| Positive<br>| LPL Financial, a large, independent broker-dealer and wealth management firm, benefited from net new advisor market share gains and resilient asset flows despite economic and market volatility.<br>|
| Teradyne<br>| Negative<br>| Teradyne designs, develops, and manufactures automated test equipment and advanced robotics systems. The company's stock underperformed due to weaker demand for testers for mobility, automotive, and industrial applications as customers evaluated tariff impacts on demand for chips.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class C shares from inception (August 3, 2021). It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753923.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Value Fund (Class C/VKSEX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (3.45)% | 0.14% |
| **FT Wilshire 5000 Index** | 17.46% | 11.11% |
| **Russell 2500™ Value Index** | 9.00% | 6.32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 42% |
| Financials | 23% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |
| Information Technology | 3% |
| Real Estate | 3% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8251 Virtus KAR Small-Mid Cap Value Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Value Fund
Class I / VKSFX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Value Fund<br>Class I / VKSFX | $91 | 0.92% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned (2.51)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Value Index, which serves as the style-specific index, returned 9.00%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ 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. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in real estate, as well as an overweight and stock selection in financials, contributed to performance relative to the Russell 2500™ Value Index for the fiscal year. Stock selection and an underweight in information technology, as well as stock selection and an overweight in industrials, detracted from performance. The biggest contributors to performance for the 12-month period were Armstrong World Industries, LPL Financial, W. R. Berkley, RBC Bearings, and Zurn Elkay Water Solutions. The biggest detractors from performance during the period were Teradyne, Landstar System, TransUnion, H.B. Fuller Company, and CorVel. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Armstrong World Industries<br>| Positive<br>| Armstrong World Industries, a global designer and manufacturer of innovative ceiling and wall system solutions for commercial and residential buildings, reported better-than-expected operating results despite challenging market conditions.<br>|
| LPL Financial<br>| Positive<br>| LPL Financial, a large, independent broker-dealer and wealth management firm, benefited from net new advisor market share gains and resilient asset flows despite economic and market volatility.<br>|
| Teradyne<br>| Negative<br>| Teradyne designs, develops, and manufactures automated test equipment and advanced robotics systems. The company's stock underperformed due to weaker demand for testers for mobility, automotive, and industrial applications as customers evaluated tariff impacts on demand for chips.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class I shares from inception (August 3, 2021). It assumes a $100,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10753966.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Value Fund (Class I/VKSFX) at NAV<sup>(1)</sup>** | (2.51)% | 1.15% |
| **FT Wilshire 5000 Index** | 17.46% | 11.11% |
| **Russell 2500™ Value Index** | 9.00% | 6.32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 42% |
| Financials | 23% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |
| Information Technology | 3% |
| Real Estate | 3% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8252 Virtus KAR Small-Mid Cap Value Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus KAR Small-Mid Cap Value Fund
Class R6 / VKSGX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Mid Cap Value Fund<br>Class R6 / VKSGX | $81 | 0.82% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned (2.37)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the Russell 2500™ Value Index, which serves as the style-specific index, returned 9.00%. 

* 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, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2500™ 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. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. An underweight in real estate, as well as an overweight and stock selection in financials, contributed to performance relative to the Russell 2500™ Value Index for the fiscal year. Stock selection and an underweight in information technology, as well as stock selection and an overweight in industrials, detracted from performance. The biggest contributors to performance for the 12-month period were Armstrong World Industries, LPL Financial, W. R. Berkley, RBC Bearings, and Zurn Elkay Water Solutions. The biggest detractors from performance during the period were Teradyne, Landstar System, TransUnion, H.B. Fuller Company, and CorVel. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Armstrong World Industries<br>| Positive<br>| Armstrong World Industries, a global designer and manufacturer of innovative ceiling and wall system solutions for commercial and residential buildings, reported better-than-expected operating results despite challenging market conditions.<br>|
| LPL Financial<br>| Positive<br>| LPL Financial, a large, independent broker-dealer and wealth management firm, benefited from net new advisor market share gains and resilient asset flows despite economic and market volatility.<br>|
| Teradyne<br>| Negative<br>| Teradyne designs, develops, and manufactures automated test equipment and advanced robotics systems. The company's stock underperformed due to weaker demand for testers for mobility, automotive, and industrial applications as customers evaluated tariff impacts on demand for chips.<br>|
| Landstar System | Negative | Landstar System uses a network of independent agents, third-party providers and employees to provide integrated transportation management solutions. The anemic trucking market continued to put downward pressure on the company's revenues and profits. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (August 3, 2021). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10754009.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Small-Mid Cap Value Fund (Class R6/VKSGX) at NAV<sup>(1)</sup>** | (2.37)% | 1.25% |
| **FT Wilshire 5000 Index** | 17.46% | 11.11% |
| **Russell 2500™ Value Index** | 9.00% | 6.32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 42% |
| Financials | 23% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |
| Information Technology | 3% |
| Real Estate | 3% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8253 Virtus KAR Small-Mid Cap Value Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus SGA Global Growth Fund
Class A / SGAAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus SGA Global Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Global Growth Fund<br>Class A / SGAAX | $127 | 1.26% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 2.36%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the MSCI All Country World Growth Index (net), which serves as the style-specific index, returned 22.21%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Growth Index (net) measures the market performance of companies with higher growth values in developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while sector allocation effects are purely a byproduct of our fundamental, bottom-up investment process. The Fund underperformed the MSCI All Country World Index (net) (the "Index") for the period. Within the Index, short-term beneficiaries of artificial intelligence (AI) data center capacity buildout outperformed, while factors correlated with our approach, such as quality and sales stability, lagged. Stock selection within the health care, information technology, financials, consumer discretionary, and industrials sectors detracted most from relative returns. Sector allocations contributed to relative returns, driven by an overweight exposure to information technology, an underweight exposure to consumer staples, and a lack of exposure to materials, energy, and real estate. The Fund's overweight in health care detracted. The five largest contributors to Fund performance were Nvidia, Microsoft, Amazon, Taiwan Semiconductor Manufacturing, and Meta. The five largest detractors from Fund performance were ICON, Novo Nordisk, UnitedHealth, Danaher, and Infosys. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Nvidia<br>| Positive<br>| The company continued to benefit from the buildout of infrastructure to support AI.<br>|
| Microsoft<br>| Positive<br>| Continued strong revenue growth from Azure, Microsoft's cloud computing platform, as well as strength across business segments reflected demand for both AI and non-AI workloads.<br>|
| ICON<br>| Negative<br>| ICON is a global contract research organization that provides outsourced clinical development and health care intelligence services to pharmaceutical, biotechnology, and medical device companies. Limited visibility into a recovery in customer demand weighed on the stock during the reporting period.<br>|
| Novo Nordisk | Negative | Unlicensed production of Novo Nordisk's weight loss drugs by direct-to-consumer pharmacies, as well as the disclosure of potential risks for new drugs in development, led to the deterioration of growth expectations for the company. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753536.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA Global Growth Fund (Class A/SGAAX) at NAV<sup>(1)</sup>** | 2.36% | 5.04% | 11.22% |
| **Virtus SGA Global Growth Fund (Class A/SGAAX) at POP<sup>(2),(3)</sup>** | (3.27)% | 3.86% | 10.59% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **MSCI All Country World Growth Index (net)** | 22.21% | 13.25% | 14.34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$221517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 37% |
| Financials | 18% |
| Consumer Discretionary | 15% |
| Health Care | 10% |
| Communication Services | 10% |
| Industrials | 8% |
| Securities Lending Collateral | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8353 Virtus SGA Global Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus SGA Global Growth Fund
Class C / SGACX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus SGA Global Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Global Growth Fund<br>Class C / SGACX | $203 | 2.01% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 1.60%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the MSCI All Country World Growth Index (net), which serves as the style-specific index, returned 22.21%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Growth Index (net) measures the market performance of companies with higher growth values in developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while sector allocation effects are purely a byproduct of our fundamental, bottom-up investment process. The Fund underperformed the MSCI All Country World Index (net) (the "Index") for the period. Within the Index, short-term beneficiaries of artificial intelligence (AI) data center capacity buildout outperformed, while factors correlated with our approach, such as quality and sales stability, lagged. Stock selection within the health care, information technology, financials, consumer discretionary, and industrials sectors detracted most from relative returns. Sector allocations contributed to relative returns, driven by an overweight exposure to information technology, an underweight exposure to consumer staples, and a lack of exposure to materials, energy, and real estate. The Fund's overweight in health care detracted. The five largest contributors to Fund performance were Nvidia, Microsoft, Amazon, Taiwan Semiconductor Manufacturing, and Meta. The five largest detractors from Fund performance were ICON, Novo Nordisk, UnitedHealth, Danaher, and Infosys. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Nvidia<br>| Positive<br>| The company continued to benefit from the buildout of infrastructure to support AI.<br>|
| Microsoft<br>| Positive<br>| Continued strong revenue growth from Azure, Microsoft's cloud computing platform, as well as strength across business segments reflected demand for both AI and non-AI workloads.<br>|
| ICON<br>| Negative<br>| ICON is a global contract research organization that provides outsourced clinical development and health care intelligence services to pharmaceutical, biotechnology, and medical device companies. Limited visibility into a recovery in customer demand weighed on the stock during the reporting period.<br>|
| Novo Nordisk | Negative | Unlicensed production of Novo Nordisk's weight loss drugs by direct-to-consumer pharmacies, as well as the disclosure of potential risks for new drugs in development, led to the deterioration of growth expectations for the company. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753579.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA Global Growth Fund (Class C/SGACX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 1.60% | 4.26% | 10.38% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **MSCI All Country World Growth Index (net)** | 22.21% | 13.25% | 14.34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$221517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 37% |
| Financials | 18% |
| Consumer Discretionary | 15% |
| Health Care | 10% |
| Communication Services | 10% |
| Industrials | 8% |
| Securities Lending Collateral | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8354 Virtus SGA Global Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus SGA Global Growth Fund
Class I / SGAPX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus SGA Global Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Global Growth Fund<br>Class I / SGAPX | $102 | 1.01% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 2.60%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the MSCI All Country World Growth Index (net), which serves as the style-specific index, returned 22.21%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Growth Index (net) measures the market performance of companies with higher growth values in developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while sector allocation effects are purely a byproduct of our fundamental, bottom-up investment process. The Fund underperformed the MSCI All Country World Index (net) (the "Index") for the period. Within the Index, short-term beneficiaries of artificial intelligence (AI) data center capacity buildout outperformed, while factors correlated with our approach, such as quality and sales stability, lagged. Stock selection within the health care, information technology, financials, consumer discretionary, and industrials sectors detracted most from relative returns. Sector allocations contributed to relative returns, driven by an overweight exposure to information technology, an underweight exposure to consumer staples, and a lack of exposure to materials, energy, and real estate. The Fund's overweight in health care detracted. The five largest contributors to Fund performance were Nvidia, Microsoft, Amazon, Taiwan Semiconductor Manufacturing, and Meta. The five largest detractors from Fund performance were ICON, Novo Nordisk, UnitedHealth, Danaher, and Infosys. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Nvidia<br>| Positive<br>| The company continued to benefit from the buildout of infrastructure to support AI.<br>|
| Microsoft<br>| Positive<br>| Continued strong revenue growth from Azure, Microsoft's cloud computing platform, as well as strength across business segments reflected demand for both AI and non-AI workloads.<br>|
| ICON<br>| Negative<br>| ICON is a global contract research organization that provides outsourced clinical development and health care intelligence services to pharmaceutical, biotechnology, and medical device companies. Limited visibility into a recovery in customer demand weighed on the stock during the reporting period.<br>|
| Novo Nordisk | Negative | Unlicensed production of Novo Nordisk's weight loss drugs by direct-to-consumer pharmacies, as well as the disclosure of potential risks for new drugs in development, led to the deterioration of growth expectations for the company. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10753665.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA Global Growth Fund (Class I/SGAPX) at NAV<sup>(1)</sup>** | 2.60% | 5.30% | 11.39% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **MSCI All Country World Growth Index (net)** | 22.21% | 13.25% | 14.34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$221517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 37% |
| Financials | 18% |
| Consumer Discretionary | 15% |
| Health Care | 10% |
| Communication Services | 10% |
| Industrials | 8% |
| Securities Lending Collateral | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8355 Virtus SGA Global Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus SGA Global Growth Fund
Class R6 / SGARX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus SGA Global Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Global Growth Fund<br>Class R6 / SGARX | $92 | 0.91% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 2.68%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the MSCI All Country World Growth Index (net), which serves as the style-specific index, returned 22.21%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Growth Index (net) measures the market performance of companies with higher growth values in developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while sector allocation effects are purely a byproduct of our fundamental, bottom-up investment process. The Fund underperformed the MSCI All Country World Index (net) (the "Index") for the period. Within the Index, short-term beneficiaries of artificial intelligence (AI) data center capacity buildout outperformed, while factors correlated with our approach, such as quality and sales stability, lagged. Stock selection within the health care, information technology, financials, consumer discretionary, and industrials sectors detracted most from relative returns. Sector allocations contributed to relative returns, driven by an overweight exposure to information technology, an underweight exposure to consumer staples, and a lack of exposure to materials, energy, and real estate. The Fund's overweight in health care detracted. The five largest contributors to Fund performance were Nvidia, Microsoft, Amazon, Taiwan Semiconductor Manufacturing, and Meta. The five largest detractors from Fund performance were ICON, Novo Nordisk, UnitedHealth, Danaher, and Infosys. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Nvidia<br>| Positive<br>| The company continued to benefit from the buildout of infrastructure to support AI.<br>|
| Microsoft<br>| Positive<br>| Continued strong revenue growth from Azure, Microsoft's cloud computing platform, as well as strength across business segments reflected demand for both AI and non-AI workloads.<br>|
| ICON<br>| Negative<br>| ICON is a global contract research organization that provides outsourced clinical development and health care intelligence services to pharmaceutical, biotechnology, and medical device companies. Limited visibility into a recovery in customer demand weighed on the stock during the reporting period.<br>|
| Novo Nordisk | Negative | Unlicensed production of Novo Nordisk's weight loss drugs by direct-to-consumer pharmacies, as well as the disclosure of potential risks for new drugs in development, led to the deterioration of growth expectations for the company. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10753622.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA Global Growth Fund (Class R6/SGARX) at NAV<sup>(1)</sup>** | 2.68% | 5.48% | 11.68% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **MSCI All Country World Growth Index (net)** | 22.21% | 13.25% | 14.34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$221517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 37% |
| Financials | 18% |
| Consumer Discretionary | 15% |
| Health Care | 10% |
| Communication Services | 10% |
| Industrials | 8% |
| Securities Lending Collateral | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8356 Virtus SGA Global Growth Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus Tactical Allocation Fund
Class A / NAINX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Tactical Allocation Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Tactical Allocation Fund<br>Class A / NAINX | $102 | 0.99% |

---

#### Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC (Domestic and International Equity Portfolio) and Newfleet Asset Management (Fixed Income Portfolio)
* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 7.04%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), which serve as the broad-based securities market indexes, returned 2.88% and 17.27%, respectively. The MSCI All Country World ex USA Small Mid Cap Index (net) and the Russell 1000<sup>®</sup> Growth Index, which serve as the style specific indexes, returned 17.23% and 25.53%, respectively. Virtus Tactical Allocation Series Linked Benchmark, a hypothetical composite benchmark that reflects a hypothetical asset allocation among market sectors for the Series, returned 15.17%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (ACWI) (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the index and no individual company has a weight greater than 22.5% of the index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Virtus Tactical Allocation Fund Linked Benchmark consists of 45% Russell 1000<sup>®</sup> Growth Index (a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies, calculated on a total return basis with dividends reinvested), 15% MSCI ACWI ex USA SMID Cap Index (a free float-adjusted market capitalization-weighted index that measures mid- and small-cap foreign market equity performance, calculated on a total return basis with net dividends reinvested), and 40% Bloomberg U.S. Aggregate Bond Index (an index that measures the U.S. investment grade fixed rate bond market, calculated on a total return basis). Performance of the Virtus Tactical Allocation Fund Linked Benchmark between September 7, 2016 and June 3, 2019 represents an allocation consisting of 45% Russell 1000<sup>®</sup> Growth Index, 15% MSCI EAFE<sup>®</sup> Index, and 40% Bloomberg U.S. Aggregate Bond Index. Prior to September 7, 2016, the allocation consisted of 50% S&P 500<sup>®</sup> Index and 50% Bloomberg U.S. Aggregate Bond Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
In the Fund's U.S. equity portfolio, underweight positions in consumer staples and energy contributed to performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Stock selection and an overweight in industrials, as well as stock selection in consumer discretionary, detracted from performance. In the Fund's international equity portfolio, stock selection in health care and an underweight in real estate contributed to performance relative to the MSCI All Country World ex USA SMID Cap Index (net) for the fiscal year. Stock selection in information technology, as well as stock selection and an overweight in communication services, detracted from performance. In the Fund's fixed income portfolio, sector allocation and issue selection contributed to performance relative to the Bloomberg U.S. Aggregate Bond Index for the 12-month period. The portfolio's yield curve positioning (a measure of the portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance relative to the benchmark during the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>The Trade Desk | Positive<br>Negative | Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks<br>The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels. |
| Haw Par<br>FDM Group | Positive<br>Negative | Haw Par is an investment holding company listed in Singapore. The company announced a substantial special dividend in the first quarter of 2025, which bolstered share performance.<br>FDM Group is a U.K.-based information technology (IT) services company. The company experienced a period of weak demand following a surge in demand for IT services during the COVID-19 pandemic. |
| Underweighting U.S. Treasuries<br>U.S. Treasuries yield curve positioning | Positive<br>Negative | The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors posted positive returns during the period. Spread sectors are investments other than risk-free government debt.<br>More of the Fund's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753192.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Tactical Allocation Fund (Class A/NAINX) at NAV<sup>(1)</sup>** | 7.04% | 5.01% | 8.42% |
| **Virtus Tactical Allocation Fund (Class A/NAINX) at POP<sup>(2),(3)</sup>** | 1.15% | 3.83% | 7.81% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 17.23% | 9.67% | 8.03% |
| **Russell 1000<sup>®</sup> Growth Index** | 25.53% | 17.58% | 18.83% |
| **Tactical Allocation Fund Linked Benchmark** | 15.17% | 9.25% | 10.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$634528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 27% |  |
| Corporate Bonds and Notes |  | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | 3% |  |
| Affiliated Mutual Funds |  | 13% |
| Mortgage-Backed Securities |  | 6% |
| U.S. Government Securities |  | 5% |
| Foreign Government Securities |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8384 Virtus Tactical Allocation Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus Tactical Allocation Fund
Class C / POICX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Tactical Allocation Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Tactical Allocation Fund<br>Class C / POICX | $180 | 1.75% |

---

#### Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC (Domestic and International Equity Portfolio) and Newfleet Asset Management (Fixed Income Portfolio)
* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 6.23%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), which serve as the broad-based securities market indexes, returned 2.88% and 17.27%, respectively. The MSCI All Country World ex USA Small Mid Cap Index (net) and the Russell 1000<sup>®</sup> Growth Index, which serve as the style specific indexes, returned 17.23% and 25.53%, respectively. Virtus Tactical Allocation Series Linked Benchmark, a hypothetical composite benchmark that reflects a hypothetical asset allocation among market sectors for the Series, returned 15.17%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (ACWI) (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the index and no individual company has a weight greater than 22.5% of the index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Virtus Tactical Allocation Fund Linked Benchmark consists of 45% Russell 1000<sup>®</sup> Growth Index (a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies, calculated on a total return basis with dividends reinvested), 15% MSCI ACWI ex USA SMID Cap Index (a free float-adjusted market capitalization-weighted index that measures mid- and small-cap foreign market equity performance, calculated on a total return basis with net dividends reinvested), and 40% Bloomberg U.S. Aggregate Bond Index (an index that measures the U.S. investment grade fixed rate bond market, calculated on a total return basis). Performance of the Virtus Tactical Allocation Fund Linked Benchmark between September 7, 2016 and June 3, 2019 represents an allocation consisting of 45% Russell 1000<sup>®</sup> Growth Index, 15% MSCI EAFE<sup>®</sup> Index, and 40% Bloomberg U.S. Aggregate Bond Index. Prior to September 7, 2016, the allocation consisted of 50% S&P 500<sup>®</sup> Index and 50% Bloomberg U.S. Aggregate Bond Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
In the Fund's U.S. equity portfolio, underweight positions in consumer staples and energy contributed to performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Stock selection and an overweight in industrials, as well as stock selection in consumer discretionary, detracted from performance. In the Fund's international equity portfolio, stock selection in health care and an underweight in real estate contributed to performance relative to the MSCI All Country World ex USA SMID Cap Index (net) for the fiscal year. Stock selection in information technology, as well as stock selection and an overweight in communication services, detracted from performance. In the Fund's fixed income portfolio, sector allocation and issue selection contributed to performance relative to the Bloomberg U.S. Aggregate Bond Index for the 12-month period. The portfolio's yield curve positioning (a measure of the portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance relative to the benchmark during the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>The Trade Desk | Positive<br>Negative | Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks<br>The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels. |
| Haw Par<br>FDM Group | Positive<br>Negative | Haw Par is an investment holding company listed in Singapore. The company announced a substantial special dividend in the first quarter of 2025, which bolstered share performance.<br>FDM Group is a U.K.-based information technology (IT) services company. The company experienced a period of weak demand following a surge in demand for IT services during the COVID-19 pandemic. |
| Underweighting U.S. Treasuries<br>U.S. Treasuries yield curve positioning | Positive<br>Negative | The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors posted positive returns during the period. Spread sectors are investments other than risk-free government debt.<br>More of the Fund's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g35320chartimages_10753235.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Tactical Allocation Fund (Class C/POICX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 6.23% | 4.22% | 7.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 17.23% | 9.67% | 8.03% |
| **Russell 1000<sup>®</sup> Growth Index** | 25.53% | 17.58% | 18.83% |
| **Tactical Allocation Fund Linked Benchmark** | 15.17% | 9.25% | 10.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$634528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 27% |  |
| Corporate Bonds and Notes |  | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | 3% |  |
| Affiliated Mutual Funds |  | 13% |
| Mortgage-Backed Securities |  | 6% |
| U.S. Government Securities |  | 5% |
| Foreign Government Securities |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8385 Virtus Tactical Allocation Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus Tactical Allocation Fund
Class I / VTAIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Tactical Allocation Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Tactical Allocation Fund<br>Class I / VTAIX | $79 | 0.76% |

---

#### Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC (Domestic and International Equity Portfolio) and Newfleet Asset Management (Fixed Income Portfolio)
* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 7.22%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), which serve as the broad-based securities market indexes, returned 2.88% and 17.27%, respectively. The MSCI All Country World ex USA Small Mid Cap Index (net) and the Russell 1000<sup>®</sup> Growth Index, which serve as the style specific indexes, returned 17.23% and 25.53%, respectively. Virtus Tactical Allocation Series Linked Benchmark, a hypothetical composite benchmark that reflects a hypothetical asset allocation among market sectors for the Series, returned 15.17%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (ACWI) (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the index and no individual company has a weight greater than 22.5% of the index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Virtus Tactical Allocation Fund Linked Benchmark consists of 45% Russell 1000<sup>®</sup> Growth Index (a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies, calculated on a total return basis with dividends reinvested), 15% MSCI ACWI ex USA SMID Cap Index (a free float-adjusted market capitalization-weighted index that measures mid- and small-cap foreign market equity performance, calculated on a total return basis with net dividends reinvested), and 40% Bloomberg U.S. Aggregate Bond Index (an index that measures the U.S. investment grade fixed rate bond market, calculated on a total return basis). Performance of the Virtus Tactical Allocation Fund Linked Benchmark between September 7, 2016 and June 3, 2019 represents an allocation consisting of 45% Russell 1000<sup>®</sup> Growth Index, 15% MSCI EAFE<sup>®</sup> Index, and 40% Bloomberg U.S. Aggregate Bond Index. Prior to September 7, 2016, the allocation consisted of 50% S&P 500<sup>®</sup> Index and 50% Bloomberg U.S. Aggregate Bond Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
In the Fund's U.S. equity portfolio, underweight positions in consumer staples and energy contributed to performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Stock selection and an overweight in industrials, as well as stock selection in consumer discretionary, detracted from performance. In the Fund's international equity portfolio, stock selection in health care and an underweight in real estate contributed to performance relative to the MSCI All Country World ex USA SMID Cap Index (net) for the fiscal year. Stock selection in information technology, as well as stock selection and an overweight in communication services, detracted from performance. In the Fund's fixed income portfolio, sector allocation and issue selection contributed to performance relative to the Bloomberg U.S. Aggregate Bond Index for the 12-month period. The portfolio's yield curve positioning (a measure of the portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance relative to the benchmark during the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>The Trade Desk | Positive<br>Negative | Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks<br>The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels. |
| Haw Par<br>FDM Group | Positive<br>Negative | Haw Par is an investment holding company listed in Singapore. The company announced a substantial special dividend in the first quarter of 2025, which bolstered share performance.<br>FDM Group is a U.K.-based information technology (IT) services company. The company experienced a period of weak demand following a surge in demand for IT services during the COVID-19 pandemic. |
| Underweighting U.S. Treasuries<br>U.S. Treasuries yield curve positioning | Positive<br>Negative | The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors posted positive returns during the period. Spread sectors are investments other than risk-free government debt.<br>More of the Fund's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class I shares from inception (January 29, 2019). It assumes a $100,000 initial investment from inception, in appropriate broad-based securities market indexes and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g35320chartimages_10753278.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Tactical Allocation Fund (Class I/VTAIX) at NAV<sup>(1)</sup>** | 7.22% | 5.24% | 9.73% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 13.21% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 17.23% | 9.67% | 8.55% |
| **Russell 1000<sup>®</sup> Growth Index** | 25.53% | 17.58% | 21.23% |
| **Tactical Allocation Fund Linked Benchmark** | 15.17% | 9.25% | 11.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$634528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 27% |  |
| Corporate Bonds and Notes |  | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | 3% |  |
| Affiliated Mutual Funds |  | 13% |
| Mortgage-Backed Securities |  | 6% |
| U.S. Government Securities |  | 5% |
| Foreign Government Securities |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8386 Virtus Tactical Allocation Fund

![Virtus_FC_Logo](g35320images_29491.jpg)

## Virtus Tactical Allocation Fund
Class R6 / VTARX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Tactical Allocation Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Tactical Allocation Fund<br>Class R6 / VTARX | $62 | 0.60% |

---

#### Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC (Domestic and International Equity Portfolio) and Newfleet Asset Management (Fixed Income Portfolio)
* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 7.41%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), which serve as the broad-based securities market indexes, returned 2.88% and 17.27%, respectively. The MSCI All Country World ex USA Small Mid Cap Index (net) and the Russell 1000<sup>®</sup> Growth Index, which serve as the style specific indexes, returned 17.23% and 25.53%, respectively. Virtus Tactical Allocation Series Linked Benchmark, a hypothetical composite benchmark that reflects a hypothetical asset allocation among market sectors for the Series, returned 15.17%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (ACWI) (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the index and no individual company has a weight greater than 22.5% of the index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Virtus Tactical Allocation Fund Linked Benchmark consists of 45% Russell 1000<sup>®</sup> Growth Index (a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies, calculated on a total return basis with dividends reinvested), 15% MSCI ACWI ex USA SMID Cap Index (a free float-adjusted market capitalization-weighted index that measures mid- and small-cap foreign market equity performance, calculated on a total return basis with net dividends reinvested), and 40% Bloomberg U.S. Aggregate Bond Index (an index that measures the U.S. investment grade fixed rate bond market, calculated on a total return basis). Performance of the Virtus Tactical Allocation Fund Linked Benchmark between September 7, 2016 and June 3, 2019 represents an allocation consisting of 45% Russell 1000<sup>®</sup> Growth Index, 15% MSCI EAFE<sup>®</sup> Index, and 40% Bloomberg U.S. Aggregate Bond Index. Prior to September 7, 2016, the allocation consisted of 50% S&P 500<sup>®</sup> Index and 50% Bloomberg U.S. Aggregate Bond Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
In the Fund's U.S. equity portfolio, underweight positions in consumer staples and energy contributed to performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Stock selection and an overweight in industrials, as well as stock selection in consumer discretionary, detracted from performance. In the Fund's international equity portfolio, stock selection in health care and an underweight in real estate contributed to performance relative to the MSCI All Country World ex USA SMID Cap Index (net) for the fiscal year. Stock selection in information technology, as well as stock selection and an overweight in communication services, detracted from performance. In the Fund's fixed income portfolio, sector allocation and issue selection contributed to performance relative to the Bloomberg U.S. Aggregate Bond Index for the 12-month period. The portfolio's yield curve positioning (a measure of the portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance relative to the benchmark during the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>The Trade Desk | Positive<br>Negative | Amphenol, a provider of high-technology interconnect, sensor, and antenna solutions, saw strong demand for its products in the artificial intelligence (AI)-related buildout of data centers. The company also saw strong growth elsewhere in its business, particularly in defense, industrial, and communication networks<br>The Trade Desk is a technology company that provides a platform for advertisers to buy digital media using a programmatic advertising model. The company's shares declined due to cautious spending by advertisers and increased competition in programmatic channels. |
| Haw Par<br>FDM Group | Positive<br>Negative | Haw Par is an investment holding company listed in Singapore. The company announced a substantial special dividend in the first quarter of 2025, which bolstered share performance.<br>FDM Group is a U.K.-based information technology (IT) services company. The company experienced a period of weak demand following a surge in demand for IT services during the COVID-19 pandemic. |
| Underweighting U.S. Treasuries<br>U.S. Treasuries yield curve positioning | Positive<br>Negative | The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors posted positive returns during the period. Spread sectors are investments other than risk-free government debt.<br>More of the Fund's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (October 20, 2020). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market indexes and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g35320chartimages_10753321.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus Tactical Allocation Fund (Class R6/VTARX) at NAV<sup>(1)</sup>** | 7.41% | 4.76% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.40)% |
| **MSCI All Country World Index (net)** | 17.27% | 13.09% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 17.23% | 9.18% |
| **Russell 1000<sup>®</sup> Growth Index** | 25.53% | 17.20% |
| **Tactical Allocation Fund Linked Benchmark** | 15.17% | 9.04% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$634528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 27% |  |
| Corporate Bonds and Notes |  | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | 3% |  |
| Affiliated Mutual Funds |  | 13% |
| Mortgage-Backed Securities |  | 6% |
| U.S. Government Securities |  | 5% |
| Foreign Government Securities |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g35320images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8387 Virtus Tactical Allocation Fund

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit **.** 

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an "audit committee financial expert" serving on its Audit Committee.

---

| | |
|:---|:---|
| (a)(2) | The Registrant's Board of Trustees has determined that each of Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." Each such individual is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.  |

---

(a)(3) Not applicable.

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for fiscal years ended September 30, 2025 and September 30, 2024 are $253,797 and $249,624, respectively.

------

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item for fiscal years ended September 30, 2025 and September 30, 2024 are $0 and $40,332, respectively. Such audit-related fees include out of pocket expenses.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning for fiscal years ended September 30, 2025 and September 30, 2024 are $48,123 and $96,446, respectively.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income tax returns.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are for fiscal years ended September 30, 2025 and September 30, 2024 are $0 and $0, respectively.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Board of Trustees of Virtus Equity Trust (the "Fund") has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis ("general pre-approval").

The Audit Committee has determined that the Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.

------

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal years ended September 30, 2025 and September 30, 2024 are $48,123 and $136,778, respectively.

(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Please refer to Item 7(a).

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (annual) financial statements and financial highlights are as follows:

------

ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS EQUITY TRUST**

![](g35320img864fdc701.gif)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Virtus KAR Capital Growth Fund |
| Virtus KAR Equity Income Fund |
| Virtus KAR Mid-Cap Core Fund |
| Virtus KAR Mid-Cap Growth Fund |
| Virtus KAR Small-Cap Core Fund |
| Virtus KAR Small-Cap Growth Fund |
| Virtus KAR Small-Cap Value Fund |
| Virtus KAR Small-Mid Cap Core Fund |
| Virtus KAR Small-Mid Cap Growth Fund |
| Virtus KAR Small-Mid Cap Value Fund |
| Virtus SGA Global Growth Fund |
| Virtus Tactical Allocation Fund |

---

**Not FDIC Insured • No Bank Guarantee • May Lose Value**

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_KIT-TOC-KeyInvestmentTerms-321_1) | 1 |
| [Schedules of Investments](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-321_1) |  |
| [Virtus KAR Capital Growth Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-321_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-321_1)[KAR Capital Growth Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-321_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-321_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-321_1) | 2 |
| [Virtus KAR Equity Income Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-328_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-328_1)[KAR Equity Income Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-328_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-328_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-328_1) | 3 |
| [Virtus KAR Mid-Cap Core Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-323_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-323_1)[KAR Mid-Cap Core Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-323_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-323_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-323_1) | 5 |
| [Virtus KAR Mid-Cap Growth Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-324_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-324_1)[KAR Mid-Cap Growth Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-324_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-324_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-324_1) | 6 |
| [Virtus KAR Small-Cap Core Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-325_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-325_1)[KAR Small-Cap Core Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-325_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-325_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-325_1) | 7 |
| [Virtus KAR Small-Cap Growth Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-326_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-326_1)[KAR Small-Cap Growth Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-326_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-326_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-326_1) | 8 |
| [Virtus KAR Small-Cap Value Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-327_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-327_1)[KAR Small-Cap Value Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-327_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-327_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-327_1) | 9 |
| [Virtus KAR Small-Mid Cap Core Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3305_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3305_1)[KAR Small-Mid Cap Core Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3305_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3305_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3305_1) | 10 |
| [Virtus KAR Small-Mid Cap Growth Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3631_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3631_1)[KAR Small-Mid Cap Growth Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3631_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3631_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3631_1) | 11 |
| [Virtus KAR Small-Mid Cap Value Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3870_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3870_1)[KAR Small-Mid Cap Value Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3870_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3870_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3870_1) | 12 |
| [Virtus SGA Global Growth Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3319_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3319_1)[SGA Global Growth Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3319_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3319_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-3319_1) | 13 |
| [Virtus Tactical Allocation Fund (](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-330_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-330_1)[Tactical Allocation Fund](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-330_1)["](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-330_1)[)](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOI-TOC-ScheduleofInvestments-330_1) | 14 |
| [Statements of Assets and Liabilities](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SAL-SAL-Headerfooter-321_1) | 20 |
| [Statements of Operations](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOP-SOP-Headerfooter-321_1) | 26 |
| [Statements of Changes in Net Assets](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_SOC-SOC-HeaderFooter-321_1) | 29 |
| [Financial Highlights](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_FIHI-FIHI-Headerfooter-321_1) | 35 |
| [Notes to Financial Statements](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_NTF-TOC-NTF-321_1) | 44 |
| [Report of Independent Registered Public Accounting Firm](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_RIRPA-TOC-ReportofAccountingFirm-321_1) | 65 |
| [Other Information](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_OI-TOC-OtherInformation-321_1) | 66 |
| [Tax Information Notice](#xx_c3c3a232-fb5f-45d6-8a4d-b797cf0fce7c_TIN-TOC-TIN-321_1) | 67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Proxy Voting Procedures and Voting Record (Form N-PX)**<br> The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been <br> approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these <br> procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period <br> ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the <br> Securities and Exchange Commission's (the "SEC") website at https://www.sec.gov.<br>**PORTFOLIO HOLDINGS INFORMATION**<br> The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of <br> each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <br> https://www.sec.gov.<br>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

**VIRTUS EQUITY TRUST**

**KEY INVESTMENT TERMS (Unaudited)**

**September 30, 2025**

**American Depositary Receipt ("ADR")**

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

**Asset-Backed Securities ("ABS")**

Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.

**Designated Activity Company ("DAC")**

A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limited liability.

**Exchange-Traded Fund ("ETF")**

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

**Federal Reserve ("Fed")**

The Central Bank of the U.S., the Fed is responsible for controlling money supply, interest rates and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and all national and state banks that are part of the system.

**Real Estate Investment Trust ("REIT")**

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

**Secured Overnight Financing Rate ("SOFR")**

SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

**Sponsored ADR** 

An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange.

------

**KAR Capital Growth Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.4%** | **Common Stocks—98.4%** | **Common Stocks—98.4%** |
| **Communication Services—16.1%** | **Communication Services—16.1%** |  |
| Alphabet, Inc. Class A | 115477 | &nbsp;&nbsp; $28073 |
| Meta Platforms, Inc. Class A | 61369 | &nbsp;&nbsp; 45068 |
| Netflix, Inc.<sup>(1)</sup> <br>| 21697 | &nbsp;&nbsp; 26013 |
| Trade Desk, Inc. (The) <br> Class A<sup>(1)</sup> <br>| 242225 | &nbsp;&nbsp; 11871 |
|  |  | &nbsp;&nbsp; 111025 |
| **Consumer Discretionary—18.9%** | **Consumer Discretionary—18.9%** |  |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 189404 | &nbsp;&nbsp; 41587 |
| Hermes International SCA <br> Unsponsored ADR<br>| 51134 | &nbsp;&nbsp; 12534 |
| Home Depot, Inc. (The) | 26944 | &nbsp;&nbsp; 10917 |
| Marriott International, Inc. <br> Class A<br>| 68134 | &nbsp;&nbsp; 17745 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 6371 | &nbsp;&nbsp; 14889 |
| NIKE, Inc. Class B | 116289 | &nbsp;&nbsp; 8109 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> <br>| 224715 | &nbsp;&nbsp; 24227 |
|  |  | &nbsp;&nbsp; 130008 |
| **Financials—12.1%** | **Financials—12.1%** |  |
| Block, Inc. Class A<sup>(1)</sup> <br>| 102656 | &nbsp;&nbsp; 7419 |
| Progressive Corp. (The) | 77184 | &nbsp;&nbsp; 19061 |
| S&P Global, Inc. | 30738 | &nbsp;&nbsp; 14960 |
| Visa, Inc. Class A | 122262 | &nbsp;&nbsp; 41738 |
|  |  | &nbsp;&nbsp; 83178 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—9.5%** | **Health Care—9.5%** |  |
| Danaher Corp. | 59776 | &nbsp;&nbsp; $11851 |
| Eli Lilly & Co. | 21195 | &nbsp;&nbsp; 16172 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> <br>| 20895 | &nbsp;&nbsp; 13350 |
| Intuitive Surgical, Inc.<sup>(1)</sup> <br>| 24557 | &nbsp;&nbsp; 10983 |
| Zoetis, Inc. Class A | 91398 | &nbsp;&nbsp; 13373 |
|  |  | &nbsp;&nbsp; 65729 |
| **Industrials—9.1%** | **Industrials—9.1%** |  |
| Equifax, Inc. | 37251 | &nbsp;&nbsp; 9556 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 15190 | &nbsp;&nbsp; 22732 |
| Paycom Software, Inc. | 29403 | &nbsp;&nbsp; 6120 |
| Uber Technologies, Inc.<sup>(1)</sup> <br>| 246410 | &nbsp;&nbsp; 24141 |
|  |  | &nbsp;&nbsp; 62549 |
| **Information Technology—29.0%** | **Information Technology—29.0%** |  |
| Amphenol Corp. Class A | 389970 | &nbsp;&nbsp; 48259 |
| Cadence Design Systems, <br> Inc.<sup>(1)</sup> <br>| 50555 | &nbsp;&nbsp; 17758 |
| NVIDIA Corp. | 300058 | &nbsp;&nbsp; 55985 |
| ServiceNow, Inc.<sup>(1)</sup> <br>| 19978 | &nbsp;&nbsp; 18385 |
| Shopify, Inc. Class A<sup>(1)</sup> <br>| 157683 | &nbsp;&nbsp; 23433 |
| Snowflake, Inc. Class A<sup>(1)</sup> <br>| 95323 | &nbsp;&nbsp; 21500 |
| Workday, Inc. Class A<sup>(1)</sup> <br>| 60550 | &nbsp;&nbsp; 14576 |
|  |  | &nbsp;&nbsp; 199896 |
| **Materials—1.9%** | **Materials—1.9%** |  |
| Ecolab, Inc. | 47781 | &nbsp;&nbsp; 13085 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—1.8%** | **Real Estate—1.8%** |  |
| CoStar Group, Inc.<sup>(1)</sup> <br>| 144464 | &nbsp;&nbsp; $12188 |
| **Total Common Stocks** <br>**(Identified Cost $267,552)** | **Total Common Stocks** <br>**(Identified Cost $267,552)** | &nbsp;&nbsp; **677658** |
| **Total Long-Term** <br> **Investments—98.4%** <br>**(Identified Cost $267,552)** | **Total Long-Term** <br> **Investments—98.4%** <br>**(Identified Cost $267,552)** | &nbsp;&nbsp; **677658** |
| **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $267,552)** | **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $267,552)** | &nbsp;&nbsp; **$677658** |
| Other assets and liabilities, net—1.6% | Other assets and liabilities, net—1.6% | &nbsp;&nbsp; 11050 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$688708** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| S&P | Standard & Poor's |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $677658 | &nbsp;&nbsp;&nbsp;&nbsp; $677658 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $677658 | &nbsp;&nbsp;&nbsp;&nbsp; $677658 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Equity Income Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.1%** | **Common Stocks—99.1%** | **Common Stocks—99.1%** |
| **Communication Services—1.9%** | **Communication Services—1.9%** |  |
| Verizon Communications, <br> Inc.<br>| 74441 | &nbsp;&nbsp; $3272 |
| **Consumer Discretionary—4.8%** | **Consumer Discretionary—4.8%** |  |
| Compass Group plc <br> Sponsored ADR<br>| 126902 | &nbsp;&nbsp; 4360 |
| TJX Cos., Inc. (The) | 26904 | &nbsp;&nbsp; 3889 |
|  |  | &nbsp;&nbsp; 8249 |
| **Consumer Staples—10.3%** | **Consumer Staples—10.3%** |  |
| Coca-Cola Co. (The) | 76033 | &nbsp;&nbsp; 5043 |
| Kimberly-Clark Corp. | 33978 | &nbsp;&nbsp; 4225 |
| Procter & Gamble Co. (The) | 17725 | &nbsp;&nbsp; 2723 |
| Walmart, Inc. | 53602 | &nbsp;&nbsp; 5524 |
|  |  | &nbsp;&nbsp; 17515 |
| **Energy—1.9%** | **Energy—1.9%** |  |
| TotalEnergies SE | 10300 | &nbsp;&nbsp; 626 |
| TotalEnergies SE Sponsored <br> ADR<sup>(1)</sup> <br>| 43985 | &nbsp;&nbsp; 2625 |
|  |  | &nbsp;&nbsp; 3251 |
| **Financials—20.0%** | **Financials—20.0%** |  |
| Bank of New York Mellon <br> Corp. (The)<br>| 54561 | &nbsp;&nbsp; 5945 |
| Broadridge Financial <br> Solutions, Inc.<br>| 13431 | &nbsp;&nbsp; 3199 |
| Marsh & McLennan Cos., <br> Inc.<br>| 14051 | &nbsp;&nbsp; 2832 |
| PNC Financial Services <br> Group, Inc. (The)<br>| 36674 | &nbsp;&nbsp; 7369 |
| Prudential Financial, Inc. | 18537 | &nbsp;&nbsp; 1923 |
| T. Rowe Price Group, Inc. | 47655 | &nbsp;&nbsp; 4891 |
| Zurich Insurance Group AG | 2213 | &nbsp;&nbsp; 1575 |
| Zurich Insurance Group AG <br> ADR<sup>(1)</sup> <br>| 181234 | &nbsp;&nbsp; 6483 |
|  |  | &nbsp;&nbsp; 34217 |
| **Health Care—10.9%** | **Health Care—10.9%** |  |
| AbbVie, Inc. | 34405 | &nbsp;&nbsp; 7966 |
| Gilead Sciences, Inc. | 28183 | &nbsp;&nbsp; 3128 |
| Johnson & Johnson | 15724 | &nbsp;&nbsp; 2916 |
| Medtronic plc | 47495 | &nbsp;&nbsp; 4523 |
|  |  | &nbsp;&nbsp; 18533 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—16.1%** | **Industrials—16.1%** |  |
| BAE Systems plc | 43400 | &nbsp;&nbsp; $1202 |
| BAE Systems plc Sponsored <br> ADR<br>| 45005 | &nbsp;&nbsp; 5028 |
| Eaton Corp. plc | 6373 | &nbsp;&nbsp; 2385 |
| Fastenal Co. | 80045 | &nbsp;&nbsp; 3925 |
| Paychex, Inc. | 27582 | &nbsp;&nbsp; 3496 |
| Snap-on, Inc. | 11045 | &nbsp;&nbsp; 3828 |
| Trane Technologies plc | 5628 | &nbsp;&nbsp; 2375 |
| Watsco, Inc. | 12810 | &nbsp;&nbsp; 5179 |
|  |  | &nbsp;&nbsp; 27418 |
| **Information Technology—17.4%** | **Information Technology—17.4%** |  |
| Amphenol Corp. Class A | 27401 | &nbsp;&nbsp; 3391 |
| Applied Materials, Inc. | 12575 | &nbsp;&nbsp; 2575 |
| Broadcom, Inc. | 19940 | &nbsp;&nbsp; 6578 |
| Cisco Systems, Inc. | 61746 | &nbsp;&nbsp; 4225 |
| International Business <br> Machines Corp.<br>| 20113 | &nbsp;&nbsp; 5675 |
| Microsoft Corp. | 9311 | &nbsp;&nbsp; 4823 |
| Texas Instruments, Inc. | 13773 | &nbsp;&nbsp; 2530 |
|  |  | &nbsp;&nbsp; 29797 |
| **Materials—2.8%** | **Materials—2.8%** |  |
| Linde plc | 10115 | &nbsp;&nbsp; 4804 |
| **Real Estate—4.4%** | **Real Estate—4.4%** |  |
| Getty Realty Corp. | 105906 | &nbsp;&nbsp; 2842 |
| Lamar Advertising Co. <br> Class A<br>| 38616 | &nbsp;&nbsp; 4727 |
|  |  | &nbsp;&nbsp; 7569 |
| **Utilities—8.6%** | **Utilities—8.6%** |  |
| Fortis, Inc. | 169244 | &nbsp;&nbsp; 8587 |
| Southern Co. (The) | 63775 | &nbsp;&nbsp; 6044 |
|  |  | &nbsp;&nbsp; 14631 |
| **Total Common Stocks** <br>**(Identified Cost $132,146)** | **Total Common Stocks** <br>**(Identified Cost $132,146)** | &nbsp;&nbsp; **169256** |
| **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $132,146)** | **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $132,146)** | &nbsp;&nbsp; **169256** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—1.3%** | **Securities Lending Collateral—1.3%** | **Securities Lending Collateral—1.3%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(2)(3)</sup> <br>| 2180693 | &nbsp;&nbsp; $2181 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $2,181)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $2,181)** | &nbsp;&nbsp; **2181** |
| **TOTAL INVESTMENTS—100.4%** <br>**(Identified Cost $134,327)** | **TOTAL INVESTMENTS—100.4%** <br>**(Identified Cost $134,327)** | &nbsp;&nbsp; **$171437** |
| Other assets and liabilities, net—(0.4)% | Other assets and liabilities, net—(0.4)% | &nbsp;&nbsp; (662)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$170775** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| All or a portion of security is on loan. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|
| <sup>(3)</sup> <br>| Represents security purchased with cash collateral <br> received for securities on loan.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 82<br> %<br>|
| United Kingdom | 6 |
| Canada | 5 |
| Switzerland | 5 |
| France | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Equity Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $169256 | &nbsp;&nbsp;&nbsp;&nbsp; $169256 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 2181 | &nbsp;&nbsp;&nbsp;&nbsp; 2181 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $171437 | &nbsp;&nbsp;&nbsp;&nbsp; $171437 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

*See Notes to Financial Statements*

------

**KAR Mid-Cap Core Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.4%** | **Common Stocks—97.4%** | **Common Stocks—97.4%** |
| **Consumer Discretionary—9.2%** | **Consumer Discretionary—9.2%** |  |
| Domino's Pizza, Inc. | 201218 | &nbsp;&nbsp; $86868 |
| Pool Corp. | 261680 | &nbsp;&nbsp; 81139 |
| Ross Stores, Inc. | 520641 | &nbsp;&nbsp; 79340 |
|  |  | &nbsp;&nbsp; 247347 |
| **Financials—21.3%** | **Financials—21.3%** |  |
| Broadridge Financial <br> Solutions, Inc.<br>| 316018 | &nbsp;&nbsp; 75266 |
| Brown & Brown, Inc. | 620070 | &nbsp;&nbsp; 58156 |
| FactSet Research Systems, <br> Inc.<br>| 156517 | &nbsp;&nbsp; 44841 |
| Hamilton Lane, Inc. <br> Class A<br>| 543864 | &nbsp;&nbsp; 73307 |
| Houlihan Lokey, Inc. <br> Class A<br>| 778589 | &nbsp;&nbsp; 159860 |
| LPL Financial Holdings, <br> Inc.<br>| 238023 | &nbsp;&nbsp; 79188 |
| MSCI, Inc. Class A | 142613 | &nbsp;&nbsp; 80920 |
|  |  | &nbsp;&nbsp; 571538 |
| **Health Care—8.6%** | **Health Care—8.6%** |  |
| Align Technology, Inc.<sup>(1)</sup> <br>| 411178 | &nbsp;&nbsp; 51488 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> <br>| 1131639 | &nbsp;&nbsp; 77585 |
| West Pharmaceutical <br> Services, Inc.<br>| 389001 | &nbsp;&nbsp; 102046 |
|  |  | &nbsp;&nbsp; 231119 |
| **Industrials—43.1%** | **Industrials—43.1%** |  |
| Advanced Drainage <br> Systems, Inc.<br>| 598963 | &nbsp;&nbsp; 83076 |
| Allegion plc | 371313 | &nbsp;&nbsp; 65852 |
| AMETEK, Inc. | 738581 | &nbsp;&nbsp; 138853 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| EMCOR Group, Inc. | 128033 | &nbsp;&nbsp; $83163 |
| Equifax, Inc. | 411033 | &nbsp;&nbsp; 105442 |
| Exponent, Inc. | 787307 | &nbsp;&nbsp; 54702 |
| HEICO Corp. Class A | 591154 | &nbsp;&nbsp; 150206 |
| Lennox International, Inc. | 125018 | &nbsp;&nbsp; 66180 |
| Nordson Corp. | 247128 | &nbsp;&nbsp; 56086 |
| Old Dominion Freight Line, <br> Inc.<br>| 489265 | &nbsp;&nbsp; 68879 |
| Pentair plc | 923822 | &nbsp;&nbsp; 102323 |
| Verisk Analytics, Inc. <br> Class A<br>| 273978 | &nbsp;&nbsp; 68908 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 570290 | &nbsp;&nbsp; 114326 |
|  |  | &nbsp;&nbsp; 1157996 |
| **Information Technology—15.2%** | **Information Technology—15.2%** |  |
| Bentley Systems, Inc. <br> Class B<br>| 1098161 | &nbsp;&nbsp; 56533 |
| Monolithic Power <br> Systems, Inc.<br>| 160738 | &nbsp;&nbsp; 147982 |
| Teledyne Technologies, <br> Inc.<sup>(1)</sup> <br>| 238795 | &nbsp;&nbsp; 139944 |
| Universal Display Corp. | 437423 | &nbsp;&nbsp; 62827 |
|  |  | &nbsp;&nbsp; 407286 |
| **Total Common Stocks** <br>**(Identified Cost $1,916,783)** | **Total Common Stocks** <br>**(Identified Cost $1,916,783)** | &nbsp;&nbsp; **2615286** |
| **Total Long-Term** <br> **Investments—97.4%** <br>**(Identified Cost $1,916,783)** | **Total Long-Term** <br> **Investments—97.4%** <br>**(Identified Cost $1,916,783)** | &nbsp;&nbsp; **2615286** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.6%** | **Short-Term Investment—0.6%** | **Short-Term Investment—0.6%** |
| **Money Market Mutual Fund—0.6%** | **Money Market Mutual Fund—0.6%** | **Money Market Mutual Fund—0.6%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 4.041%)<sup>(2)</sup> <br>| 16712981 | &nbsp;&nbsp; $16713 |
| **Total Short-Term Investment** <br>**(Identified Cost $16,713)** | **Total Short-Term Investment** <br>**(Identified Cost $16,713)** | &nbsp;&nbsp; **16713** |
| **TOTAL INVESTMENTS—98.0%** <br>**(Identified Cost $1,933,496)** | **TOTAL INVESTMENTS—98.0%** <br>**(Identified Cost $1,933,496)** | &nbsp;&nbsp; **$2631999** |
| Other assets and liabilities, net—2.0% | Other assets and liabilities, net—2.0% | &nbsp;&nbsp; 53251 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$2685250** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $2615286 | &nbsp;&nbsp;&nbsp;&nbsp; $2615286 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16713 | &nbsp;&nbsp;&nbsp;&nbsp; 16713 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $2631999 | &nbsp;&nbsp;&nbsp;&nbsp; $2631999 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Mid-Cap Growth Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.8%** | **Common Stocks—99.8%** | **Common Stocks—99.8%** |
| **Communication Services—4.2%** | **Communication Services—4.2%** |  |
| Reddit, Inc. Class A<sup>(1)</sup> <br>| 76414 | &nbsp;&nbsp; $17575 |
| Trade Desk, Inc. (The) <br> Class A<sup>(1)</sup> <br>| 447422 | &nbsp;&nbsp; 21928 |
|  |  | &nbsp;&nbsp; 39503 |
| **Consumer Discretionary—19.6%** | **Consumer Discretionary—19.6%** |  |
| Domino's Pizza, Inc. | 45746 | &nbsp;&nbsp; 19749 |
| Global-e Online Ltd.<sup>(1)</sup> <br>| 694575 | &nbsp;&nbsp; 24838 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 19159 | &nbsp;&nbsp; 44773 |
| On Holding AG Class A<sup>(1)</sup> <br>| 611567 | &nbsp;&nbsp; 25900 |
| Pool Corp. | 67154 | &nbsp;&nbsp; 20823 |
| Rollins, Inc. | 366774 | &nbsp;&nbsp; 21544 |
| TopBuild Corp.<sup>(1)</sup> <br>| 61684 | &nbsp;&nbsp; 24110 |
|  |  | &nbsp;&nbsp; 181737 |
| **Consumer Staples—4.9%** | **Consumer Staples—4.9%** |  |
| Celsius Holdings, Inc.<sup>(1)</sup> <br>| 614270 | &nbsp;&nbsp; 35314 |
| Freshpet, Inc.<sup>(1)</sup> <br>| 186362 | &nbsp;&nbsp; 10271 |
|  |  | &nbsp;&nbsp; 45585 |
| **Financials—8.6%** | **Financials—8.6%** |  |
| Goosehead Insurance, Inc. <br> Class A<br>| 346239 | &nbsp;&nbsp; 25767 |
| Houlihan Lokey, Inc. Class A | 158813 | &nbsp;&nbsp; 32608 |
| Toast, Inc. Class A<sup>(1)</sup> <br>| 585980 | &nbsp;&nbsp; 21394 |
|  |  | &nbsp;&nbsp; 79769 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—14.9%** | **Health Care—14.9%** |  |
| HealthEquity, Inc.<sup>(1)</sup> <br>| 246392 | &nbsp;&nbsp; $23351 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> <br>| 46918 | &nbsp;&nbsp; 29975 |
| Insulet Corp.<sup>(1)</sup> <br>| 104184 | &nbsp;&nbsp; 32165 |
| Mettler-Toledo International, <br> Inc.<sup>(1)</sup> <br>| 19477 | &nbsp;&nbsp; 23910 |
| West Pharmaceutical <br> Services, Inc.<br>| 111085 | &nbsp;&nbsp; 29141 |
|  |  | &nbsp;&nbsp; 138542 |
| **Industrials—13.9%** | **Industrials—13.9%** |  |
| Comfort Systems USA, Inc. | 34069 | &nbsp;&nbsp; 28113 |
| Copart, Inc.<sup>(1)</sup> <br>| 499116 | &nbsp;&nbsp; 22445 |
| Equifax, Inc. | 118107 | &nbsp;&nbsp; 30298 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 20169 | &nbsp;&nbsp; 30183 |
| Paycom Software, Inc. | 85349 | &nbsp;&nbsp; 17765 |
|  |  | &nbsp;&nbsp; 128804 |
| **Information Technology—31.3%** | **Information Technology—31.3%** |  |
| Amphenol Corp. Class A | 590456 | &nbsp;&nbsp; 73069 |
| Cloudflare, Inc. Class A<sup>(1)</sup> <br>| 316504 | &nbsp;&nbsp; 67919 |
| Datadog, Inc. Class A<sup>(1)</sup> <br>| 162902 | &nbsp;&nbsp; 23197 |
| Gartner, Inc.<sup>(1)</sup> <br>| 101771 | &nbsp;&nbsp; 26752 |
| Monolithic Power Systems, <br> Inc.<br>| 30215 | &nbsp;&nbsp; 27817 |
| PTC, Inc.<sup>(1)</sup> <br>| 120869 | &nbsp;&nbsp; 24539 |
| Trimble, Inc.<sup>(1)</sup> <br>| 313333 | &nbsp;&nbsp; 25584 |
| Vertex, Inc. Class A<sup>(1)</sup> <br>| 881925 | &nbsp;&nbsp; 21863 |
|  |  | &nbsp;&nbsp; 290740 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—2.4%** | **Real Estate—2.4%** |  |
| CoStar Group, Inc.<sup>(1)</sup> <br>| 260633 | &nbsp;&nbsp; $21989 |
| **Total Common Stocks** <br>**(Identified Cost $530,266)** | **Total Common Stocks** <br>**(Identified Cost $530,266)** | &nbsp;&nbsp; **926669** |
| **Total Long-Term** <br> **Investments—99.8%** <br>**(Identified Cost $530,266)** | **Total Long-Term** <br> **Investments—99.8%** <br>**(Identified Cost $530,266)** | &nbsp;&nbsp; **926669** |
| **TOTAL INVESTMENTS—99.8%** <br>**(Identified Cost $530,266)** | **TOTAL INVESTMENTS—99.8%** <br>**(Identified Cost $530,266)** | &nbsp;&nbsp; **$926669** |
| Other assets and liabilities, net—0.2% | Other assets and liabilities, net—0.2% | &nbsp;&nbsp; 1784 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$928453** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 90<br> %<br>|
| Brazil | 5 |
| Switzerland | 3 |
| Israel | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $926669 | &nbsp;&nbsp;&nbsp;&nbsp; $926669 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $926669 | &nbsp;&nbsp;&nbsp;&nbsp; $926669 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

*See Notes to Financial Statements*

------

**KAR Small-Cap Core Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—93.5%** | **Common Stocks—93.5%** | **Common Stocks—93.5%** |
| **Communication Services—4.0%** | **Communication Services—4.0%** |  |
| Rightmove plc | 8925590 | &nbsp;&nbsp; $85061 |
| **Consumer Discretionary—10.3%** | **Consumer Discretionary—10.3%** |  |
| Acushnet Holdings Corp. | 1294401 | &nbsp;&nbsp; 101598 |
| Installed Building <br> Products, Inc.<br>| 325010 | &nbsp;&nbsp; 80167 |
| LCI Industries | 364020 | &nbsp;&nbsp; 33908 |
|  |  | &nbsp;&nbsp; 215673 |
| **Financials—26.3%** | **Financials—26.3%** |  |
| Artisan Partners Asset <br> Management, Inc. <br> Class A<br>| 1220387 | &nbsp;&nbsp; 52965 |
| BancFirst Corp. | 560809 | &nbsp;&nbsp; 70914 |
| FactSet Research Systems, <br> Inc.<br>| 125640 | &nbsp;&nbsp; 35995 |
| First Hawaiian, Inc. | 2703728 | &nbsp;&nbsp; 67133 |
| Jack Henry & Associates, <br> Inc.<br>| 309223 | &nbsp;&nbsp; 46053 |
| Moelis & Co. Class A | 1223917 | &nbsp;&nbsp; 87290 |
| Primerica, Inc. | 494287 | &nbsp;&nbsp; 137209 |
| RLI Corp. | 831853 | &nbsp;&nbsp; 54253 |
|  |  | &nbsp;&nbsp; 551812 |
| **Health Care—3.9%** | **Health Care—3.9%** |  |
| CorVel Corp.<sup>(1)</sup> <br>| 1065040 | &nbsp;&nbsp; 82455 |
| **Industrials—42.3%** | **Industrials—42.3%** |  |
| Donaldson Co., Inc. | 637338 | &nbsp;&nbsp; 52166 |
| EMCOR Group, Inc. | 106015 | &nbsp;&nbsp; 68861 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| FTI Consulting, Inc.<sup>(1)</sup> <br>| 609294 | &nbsp;&nbsp; $98493 |
| Graco, Inc. | 845110 | &nbsp;&nbsp; 71801 |
| Kadant, Inc. | 238690 | &nbsp;&nbsp; 71029 |
| Kforce, Inc. | 436052 | &nbsp;&nbsp; 13073 |
| Landstar System, Inc. | 567532 | &nbsp;&nbsp; 69557 |
| RBC Bearings, Inc.<sup>(1)</sup> <br>| 199303 | &nbsp;&nbsp; 77786 |
| Simpson Manufacturing <br> Co., Inc.<br>| 817497 | &nbsp;&nbsp; 136898 |
| Toro Co. (The) | 1397589 | &nbsp;&nbsp; 106496 |
| Watts Water Technologies, <br> Inc. Class A<br>| 438500 | &nbsp;&nbsp; 122464 |
|  |  | &nbsp;&nbsp; 888624 |
| **Information Technology—2.3%** | **Information Technology—2.3%** |  |
| Manhattan Associates, <br> Inc.<sup>(1)</sup> <br>| 238386 | &nbsp;&nbsp; 48864 |
| **Materials—4.4%** | **Materials—4.4%** |  |
| Hawkins, Inc. | 143366 | &nbsp;&nbsp; 26196 |
| UFP Industries, Inc. | 698745 | &nbsp;&nbsp; 65326 |
|  |  | &nbsp;&nbsp; 91522 |
| **Total Common Stocks** <br>**(Identified Cost $1,114,778)** | **Total Common Stocks** <br>**(Identified Cost $1,114,778)** | &nbsp;&nbsp; **1964011** |
| **Total Long-Term** <br> **Investments—93.5%** <br>**(Identified Cost $1,114,778)** | **Total Long-Term** <br> **Investments—93.5%** <br>**(Identified Cost $1,114,778)** | &nbsp;&nbsp; **1964011** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—3.9%** | **Short-Term Investment—3.9%** | **Short-Term Investment—3.9%** |
| **Money Market Mutual Fund—3.9%** | **Money Market Mutual Fund—3.9%** | **Money Market Mutual Fund—3.9%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 4.041%)<sup>(2)</sup> <br>| 81789127 | &nbsp;&nbsp; $81789 |
| **Total Short-Term Investment** <br>**(Identified Cost $81,789)** | **Total Short-Term Investment** <br>**(Identified Cost $81,789)** | &nbsp;&nbsp; **81789** |
| **TOTAL INVESTMENTS—97.4%** <br>**(Identified Cost $1,196,567)** | **TOTAL INVESTMENTS—97.4%** <br>**(Identified Cost $1,196,567)** | &nbsp;&nbsp; **$2045800** |
| Other assets and liabilities, net—2.6% | Other assets and liabilities, net—2.6% | &nbsp;&nbsp; 53610 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$2099410** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1964011 | &nbsp;&nbsp;&nbsp;&nbsp; $1964011 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 81789 | &nbsp;&nbsp;&nbsp;&nbsp; 81789 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $2045800 | &nbsp;&nbsp;&nbsp;&nbsp; $2045800 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Small-Cap Growth Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.2%** | **Common Stocks—99.2%** | **Common Stocks—99.2%** |
| **Communication Services—13.7%** | **Communication Services—13.7%** |  |
| Auto Trader Group plc | 11717307 | &nbsp;&nbsp; $124209 |
| Rightmove plc | 10984901 | &nbsp;&nbsp; 104686 |
|  |  | &nbsp;&nbsp; 228895 |
| **Consumer Discretionary—14.0%** | **Consumer Discretionary—14.0%** |  |
| Dream Finders Homes, Inc. <br> Class A<sup>(1)</sup> <br>| 3102325 | &nbsp;&nbsp; 80412 |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(1)</sup> <br>| 596499 | &nbsp;&nbsp; 76590 |
| Revolve Group, Inc. <br> Class A<sup>(1)</sup> <br>| 2931299 | &nbsp;&nbsp; 62437 |
| Smith Douglas Homes <br> Corp. Class A<sup>(1)</sup> <br>| 810820 | &nbsp;&nbsp; 14319 |
|  |  | &nbsp;&nbsp; 233758 |
| **Consumer Staples—1.5%** | **Consumer Staples—1.5%** |  |
| PriceSmart, Inc. | 207340 | &nbsp;&nbsp; 25128 |
| **Financials—30.8%** | **Financials—30.8%** |  |
| FactSet Research Systems, <br> Inc.<br>| 42589 | &nbsp;&nbsp; 12201 |
| Goosehead Insurance, Inc. <br> Class A<br>| 946115 | &nbsp;&nbsp; 70410 |
| Kinsale Capital Group, Inc. | 176069 | &nbsp;&nbsp; 74875 |
| Morningstar, Inc. | 459526 | &nbsp;&nbsp; 106615 |
| Ryan Specialty Holdings, <br> Inc. Class A<br>| 1460449 | &nbsp;&nbsp; 82311 |
| ServisFirst Bancshares, <br> Inc.<br>| 1282667 | &nbsp;&nbsp; 103293 |
| Triumph Financial, Inc.<sup>(1)(2)</sup> <br>| 1303659 | &nbsp;&nbsp; 65235 |
|  |  | &nbsp;&nbsp; 514940 |
| **Health Care—5.8%** | **Health Care—5.8%** |  |
| National Research Corp.<sup>(2)</sup> <br>| 1809145 | &nbsp;&nbsp; 23121 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| U.S. Physical Therapy, <br> Inc.<sup>(2)</sup> <br>| 866801 | &nbsp;&nbsp; $73635 |
|  |  | &nbsp;&nbsp; 96756 |
| **Industrials—10.9%** | **Industrials—10.9%** |  |
| AAON, Inc. | 794537 | &nbsp;&nbsp; 74242 |
| Enerpac Tool Group Corp. <br> Class A<br>| 2217632 | &nbsp;&nbsp; 90923 |
| Omega Flex, Inc.<sup>(2)</sup> <br>| 544729 | &nbsp;&nbsp; 16987 |
|  |  | &nbsp;&nbsp; 182152 |
| **Information Technology—22.5%** | **Information Technology—22.5%** |  |
| Appfolio, Inc. Class A<sup>(1)</sup> <br>| 371429 | &nbsp;&nbsp; 102388 |
| Endava plc Sponsored <br> ADR<sup>(1)(2)</sup> <br>| 3756400 | &nbsp;&nbsp; 34183 |
| nCino, Inc.<sup>(1)</sup> <br>| 3526171 | &nbsp;&nbsp; 95594 |
| Novanta, Inc.<sup>(1)</sup> <br>| 233000 | &nbsp;&nbsp; 23335 |
| NVE Corp. | 113690 | &nbsp;&nbsp; 7421 |
| Onestream, Inc. Class A<sup>(1)</sup> <br>| 4101675 | &nbsp;&nbsp; 75594 |
| SPS Commerce, Inc.<sup>(1)</sup> <br>| 351095 | &nbsp;&nbsp; 36563 |
|  |  | &nbsp;&nbsp; 375078 |
| **Total Common Stocks** <br>**(Identified Cost $1,299,393)** | **Total Common Stocks** <br>**(Identified Cost $1,299,393)** | &nbsp;&nbsp; **1656707** |
| **Total Long-Term** <br> **Investments—99.2%** <br>**(Identified Cost $1,299,393)** | **Total Long-Term** <br> **Investments—99.2%** <br>**(Identified Cost $1,299,393)** | &nbsp;&nbsp; **1656707** |
| **TOTAL INVESTMENTS—99.2%** <br>**(Identified Cost $1,299,393)** | **TOTAL INVESTMENTS—99.2%** <br>**(Identified Cost $1,299,393)** | &nbsp;&nbsp; **$1656707** |
| Other assets and liabilities, net—0.8% | Other assets and liabilities, net—0.8% | &nbsp;&nbsp; 14199 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1670906** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Affiliated investment. See Note 3H in Notes to <br> Financial Statements.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 84<br> %<br>|
| United Kingdom | 16 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1656707 | &nbsp;&nbsp;&nbsp;&nbsp; $1656707 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1656707 | &nbsp;&nbsp;&nbsp;&nbsp; $1656707 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Small-Cap Value Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—96.4%** | **Common Stocks—96.4%** | **Common Stocks—96.4%** |
| **Consumer Discretionary—13.0%** | **Consumer Discretionary—13.0%** |  |
| Cheesecake Factory, Inc. <br> (The)<br>| 625467 | &nbsp;&nbsp; $34176 |
| Choice Hotels International, <br> Inc.<br>| 179518 | &nbsp;&nbsp; 19192 |
| SiteOne Landscape Supply, <br> Inc.<sup>(1)</sup> <br>| 154817 | &nbsp;&nbsp; 19940 |
| Thor Industries, Inc. | 246823 | &nbsp;&nbsp; 25593 |
|  |  | &nbsp;&nbsp; 98901 |
| **Consumer Staples—4.9%** | **Consumer Staples—4.9%** |  |
| National Beverage Corp.<sup>(1)</sup> <br>| 470333 | &nbsp;&nbsp; 17365 |
| WD-40 Co. | 102107 | &nbsp;&nbsp; 20176 |
|  |  | &nbsp;&nbsp; 37541 |
| **Financials—28.0%** | **Financials—28.0%** |  |
| Bank of Hawaii Corp. | 406862 | &nbsp;&nbsp; 26707 |
| EVERTEC, Inc. | 716827 | &nbsp;&nbsp; 24214 |
| First Financial Bankshares, <br> Inc.<br>| 675257 | &nbsp;&nbsp; 22722 |
| Houlihan Lokey, Inc. Class A | 240050 | &nbsp;&nbsp; 49287 |
| Jack Henry & Associates, <br> Inc.<br>| 75623 | &nbsp;&nbsp; 11263 |
| Primerica, Inc. | 128696 | &nbsp;&nbsp; 35725 |
| RLI Corp. | 308382 | &nbsp;&nbsp; 20113 |
| Stock Yards Bancorp, Inc. | 327793 | &nbsp;&nbsp; 22942 |
|  |  | &nbsp;&nbsp; 212973 |
| **Health Care—3.5%** | **Health Care—3.5%** |  |
| Prestige Consumer <br> Healthcare, Inc.<sup>(1)</sup> <br>| 427886 | &nbsp;&nbsp; 26700 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—39.5%** | **Industrials—39.5%** |  |
| Albany International Corp. <br> Class A<br>| 196209 | &nbsp;&nbsp; $10458 |
| Armstrong World <br> Industries, Inc.<br>| 248124 | &nbsp;&nbsp; 48635 |
| Construction Partners, Inc. <br> Class A<sup>(1)</sup> <br>| 394330 | &nbsp;&nbsp; 50080 |
| CSW Industrials, Inc. | 90810 | &nbsp;&nbsp; 22044 |
| Hillman Solutions Corp.<sup>(1)</sup> <br>| 2938705 | &nbsp;&nbsp; 26977 |
| JBT Marel Corp. | 234526 | &nbsp;&nbsp; 32939 |
| Landstar System, Inc. | 146494 | &nbsp;&nbsp; 17954 |
| RBC Bearings, Inc.<sup>(1)</sup> <br>| 91376 | &nbsp;&nbsp; 35663 |
| UniFirst Corp. | 125052 | &nbsp;&nbsp; 20908 |
| Watsco, Inc. | 85884 | &nbsp;&nbsp; 34723 |
|  |  | &nbsp;&nbsp; 300381 |
| **Information Technology—1.4%** | **Information Technology—1.4%** |  |
| Badger Meter, Inc. | 59034 | &nbsp;&nbsp; 10542 |
| **Materials—3.4%** | **Materials—3.4%** |  |
| HB Fuller Co. | 431344 | &nbsp;&nbsp; 25570 |
| **Real Estate—2.7%** | **Real Estate—2.7%** |  |
| Getty Realty Corp. | 748372 | &nbsp;&nbsp; 20079 |
| **Total Common Stocks** <br>**(Identified Cost $413,947)** | **Total Common Stocks** <br>**(Identified Cost $413,947)** | &nbsp;&nbsp; **732687** |
| **Total Long-Term** <br> **Investments—96.4%** <br>**(Identified Cost $413,947)** | **Total Long-Term** <br> **Investments—96.4%** <br>**(Identified Cost $413,947)** | &nbsp;&nbsp; **732687** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.3%** | **Short-Term Investment—0.3%** | **Short-Term Investment—0.3%** |
| **Money Market Mutual Fund—0.3%** | **Money Market Mutual Fund—0.3%** | **Money Market Mutual Fund—0.3%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(2)</sup> <br>| 2503546 | &nbsp;&nbsp; $2504 |
| **Total Short-Term Investment** <br>**(Identified Cost $2,504)** | **Total Short-Term Investment** <br>**(Identified Cost $2,504)** | &nbsp;&nbsp; **2504** |
| **TOTAL INVESTMENTS—96.7%** <br>**(Identified Cost $416,451)** | **TOTAL INVESTMENTS—96.7%** <br>**(Identified Cost $416,451)** | &nbsp;&nbsp; **$735191** |
| Other assets and liabilities, net—3.3% | Other assets and liabilities, net—3.3% | &nbsp;&nbsp; 24716 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$759907** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $732687 | &nbsp;&nbsp;&nbsp;&nbsp; $732687 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2504 | &nbsp;&nbsp;&nbsp;&nbsp; 2504 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $735191 | &nbsp;&nbsp;&nbsp;&nbsp; $735191 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

*See Notes to Financial Statements*

------

**KAR Small-Mid Cap Core Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.1%** | **Common Stocks—99.1%** | **Common Stocks—99.1%** |
| **Consumer Discretionary—20.3%** | **Consumer Discretionary—20.3%** |  |
| Bright Horizons Family <br> Solutions, Inc.<sup>(1)</sup> <br>| 482752 | &nbsp;&nbsp; $52412 |
| Choice Hotels International, <br> Inc.<br>| 476514 | &nbsp;&nbsp; 50944 |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(1)</sup> <br>| 486762 | &nbsp;&nbsp; 62500 |
| Pool Corp. | 234442 | &nbsp;&nbsp; 72694 |
| Rollins, Inc. | 1443376 | &nbsp;&nbsp; 84784 |
| SiteOne Landscape Supply, <br> Inc.<sup>(1)</sup> <br>| 341632 | &nbsp;&nbsp; 44002 |
| Thor Industries, Inc. | 662727 | &nbsp;&nbsp; 68718 |
|  |  | &nbsp;&nbsp; 436054 |
| **Consumer Staples—2.6%** | **Consumer Staples—2.6%** |  |
| BJ's Wholesale Club <br> Holdings, Inc.<sup>(1)</sup> <br>| 601513 | &nbsp;&nbsp; 56091 |
| **Financials—20.4%** | **Financials—20.4%** |  |
| Hamilton Lane, Inc. Class A | 292857 | &nbsp;&nbsp; 39474 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 1903016 | &nbsp;&nbsp; 130946 |
| Jack Henry & Associates, <br> Inc.<br>| 379902 | &nbsp;&nbsp; 56579 |
| LPL Financial Holdings, Inc. | 303188 | &nbsp;&nbsp; 100868 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| W. R. Berkley Corp. | 1429499 | &nbsp;&nbsp; $109528 |
|  |  | &nbsp;&nbsp; 437395 |
| **Health Care—4.7%** | **Health Care—4.7%** |  |
| Chemed Corp. | 89479 | &nbsp;&nbsp; 40064 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> <br>| 907719 | &nbsp;&nbsp; 62233 |
|  |  | &nbsp;&nbsp; 102297 |
| **Industrials—31.2%** | **Industrials—31.2%** |  |
| Allegion plc | 579984 | &nbsp;&nbsp; 102860 |
| Equifax, Inc. | 290097 | &nbsp;&nbsp; 74419 |
| Exponent, Inc. | 508471 | &nbsp;&nbsp; 35328 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 19432 | &nbsp;&nbsp; 29081 |
| Lennox International, Inc. | 127323 | &nbsp;&nbsp; 67400 |
| Nordson Corp. | 309087 | &nbsp;&nbsp; 70147 |
| Saia, Inc.<sup>(1)</sup> <br>| 188484 | &nbsp;&nbsp; 56425 |
| UL Solutions, Inc. Class A | 996014 | &nbsp;&nbsp; 70577 |
| Watsco, Inc. | 170898 | &nbsp;&nbsp; 69094 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 1992081 | &nbsp;&nbsp; 93688 |
|  |  | &nbsp;&nbsp; 669019 |
| **Information Technology—19.9%** | **Information Technology—19.9%** |  |
| Bentley Systems, Inc. <br> Class B<br>| 1935098 | &nbsp;&nbsp; 99619 |
| ServiceTitan, Inc. Class A<sup>(1)</sup> <br>| 359757 | &nbsp;&nbsp; 36274 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Teledyne Technologies, <br> Inc.<sup>(1)</sup> <br>| 150842 | &nbsp;&nbsp; $88399 |
| Trimble, Inc.<sup>(1)</sup> <br>| 720180 | &nbsp;&nbsp; 58803 |
| Universal Display Corp. | 561385 | &nbsp;&nbsp; 80632 |
| Zebra Technologies Corp. <br> Class A<sup>(1)</sup> <br>| 212306 | &nbsp;&nbsp; 63089 |
|  |  | &nbsp;&nbsp; 426816 |
| **Total Common Stocks** <br>**(Identified Cost $1,701,356)** | **Total Common Stocks** <br>**(Identified Cost $1,701,356)** | &nbsp;&nbsp; **2127672** |
| **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $1,701,356)** | **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $1,701,356)** | &nbsp;&nbsp; **2127672** |
| **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $1,701,356)** | **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $1,701,356)** | &nbsp;&nbsp; **$2127672** |
| Other assets and liabilities, net—0.9% | Other assets and liabilities, net—0.9% | &nbsp;&nbsp; 18303 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$2145975** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $2127672 | &nbsp;&nbsp;&nbsp;&nbsp; $2127672 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $2127672 | &nbsp;&nbsp;&nbsp;&nbsp; $2127672 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Small-Mid Cap Growth Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—95.8%** | **Common Stocks—95.8%** | **Common Stocks—95.8%** |
| **Communication Services—6.9%** | **Communication Services—6.9%** |  |
| Auto Trader Group plc <br> Unsponsored ADR<br>| 52103 | &nbsp;&nbsp; $136 |
| Rightmove plc Unsponsored <br> ADR<br>| 20240 | &nbsp;&nbsp; 384 |
|  |  | &nbsp;&nbsp; 520 |
| **Consumer Discretionary—7.1%** | **Consumer Discretionary—7.1%** |  |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(1)</sup> <br>| 2503 | &nbsp;&nbsp; 322 |
| Pool Corp. | 688 | &nbsp;&nbsp; 213 |
|  |  | &nbsp;&nbsp; 535 |
| **Consumer Staples—4.4%** | **Consumer Staples—4.4%** |  |
| Celsius Holdings, Inc.<sup>(1)</sup> <br>| 5827 | &nbsp;&nbsp; 335 |
| **Financials—12.1%** | **Financials—12.1%** |  |
| FactSet Research Systems, <br> Inc.<br>| 541 | &nbsp;&nbsp; 155 |
| Jack Henry & Associates, Inc. | 1227 | &nbsp;&nbsp; 183 |
| Moelis & Co. Class A | 3849 | &nbsp;&nbsp; 274 |
| Ryan Specialty Holdings, Inc. <br> Class A<br>| 5430 | &nbsp;&nbsp; 306 |
|  |  | &nbsp;&nbsp; 918 |
| **Health Care—14.5%** | **Health Care—14.5%** |  |
| Certara, Inc.<sup>(1)</sup> <br>| 13555 | &nbsp;&nbsp; 166 |
| HealthEquity, Inc.<sup>(1)</sup> <br>| 3407 | &nbsp;&nbsp; 323 |
| LeMaitre Vascular, Inc. | 3212 | &nbsp;&nbsp; 281 |
| West Pharmaceutical <br> Services, Inc.<br>| 1245 | &nbsp;&nbsp; 326 |
|  |  | &nbsp;&nbsp; 1096 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—32.0%** | **Industrials—32.0%** |  |
| AAON, Inc. | 3083 | &nbsp;&nbsp; $288 |
| Advanced Drainage Systems, <br> Inc.<br>| 1551 | &nbsp;&nbsp; 215 |
| Enerpac Tool Group Corp. <br> Class A<br>| 5380 | &nbsp;&nbsp; 221 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 142 | &nbsp;&nbsp; 213 |
| HEICO Corp. Class A | 1508 | &nbsp;&nbsp; 383 |
| Saia, Inc.<sup>(1)</sup> <br>| 821 | &nbsp;&nbsp; 246 |
| Simpson Manufacturing Co., <br> Inc.<br>| 1436 | &nbsp;&nbsp; 240 |
| TransUnion | 2117 | &nbsp;&nbsp; 177 |
| UL Solutions, Inc. Class A | 2693 | &nbsp;&nbsp; 191 |
| Verisk Analytics, Inc. Class A | 980 | &nbsp;&nbsp; 246 |
|  |  | &nbsp;&nbsp; 2420 |
| **Information Technology—18.8%** | **Information Technology—18.8%** |  |
| Bentley Systems, Inc. Class B | 5875 | &nbsp;&nbsp; 302 |
| Descartes Systems Group, <br> Inc. (The)<sup>(1)</sup> <br>| 2158 | &nbsp;&nbsp; 203 |
| nCino, Inc.<sup>(1)</sup> <br>| 10304 | &nbsp;&nbsp; 279 |
| Teledyne Technologies, Inc.<sup>(1)</sup> <br>| 571 | &nbsp;&nbsp; 335 |
| Tyler Technologies, Inc.<sup>(1)</sup> <br>| 586 | &nbsp;&nbsp; 307 |
|  |  | &nbsp;&nbsp; 1426 |
| **Total Common Stocks** <br>**(Identified Cost $5,731)** | **Total Common Stocks** <br>**(Identified Cost $5,731)** | &nbsp;&nbsp; **7250** |
| **Total Long-Term** <br> **Investments—95.8%** <br>**(Identified Cost $5,731)** | **Total Long-Term** <br> **Investments—95.8%** <br>**(Identified Cost $5,731)** | &nbsp;&nbsp; **7250** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** |
| **Money Market Mutual Fund—0.4%** | **Money Market Mutual Fund—0.4%** | **Money Market Mutual Fund—0.4%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(2)</sup> <br>| 30718 | &nbsp;&nbsp; $31 |
| **Total Short-Term Investment** <br>**(Identified Cost $31)** | **Total Short-Term Investment** <br>**(Identified Cost $31)** | &nbsp;&nbsp; **31** |
| **TOTAL INVESTMENTS—96.2%** <br>**(Identified Cost $5,762)** | **TOTAL INVESTMENTS—96.2%** <br>**(Identified Cost $5,762)** | &nbsp;&nbsp; **$7281** |
| Other assets and liabilities, net—3.8% | Other assets and liabilities, net—3.8% | &nbsp;&nbsp; 289 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$7570** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 93<br> %<br>|
| United Kingdom | 7 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $7250 | &nbsp;&nbsp;&nbsp;&nbsp; $7250 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $7281 | &nbsp;&nbsp;&nbsp;&nbsp; $7281 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Small-Mid Cap Value Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.0%** | **Common Stocks—99.0%** | **Common Stocks—99.0%** |
| **Consumer Discretionary—12.4%** | **Consumer Discretionary—12.4%** |  |
| Gentex Corp. | 6797 | &nbsp;&nbsp; $192 |
| Murphy USA, Inc. | 388 | &nbsp;&nbsp; 151 |
| Pool Corp. | 634 | &nbsp;&nbsp; 197 |
| Thor Industries, Inc. | 1440 | &nbsp;&nbsp; 149 |
|  |  | &nbsp;&nbsp; 689 |
| **Consumer Staples—7.9%** | **Consumer Staples—7.9%** |  |
| BJ's Wholesale Club Holdings, <br> Inc.<sup>(1)</sup> <br>| 1902 | &nbsp;&nbsp; 177 |
| National Beverage Corp.<sup>(1)</sup> <br>| 3167 | &nbsp;&nbsp; 117 |
| WD-40 Co. | 726 | &nbsp;&nbsp; 144 |
|  |  | &nbsp;&nbsp; 438 |
| **Financials—22.9%** | **Financials—22.9%** |  |
| Bank of Hawaii Corp. | 2035 | &nbsp;&nbsp; 133 |
| Broadridge Financial <br> Solutions, Inc.<br>| 679 | &nbsp;&nbsp; 162 |
| First Financial Bankshares, <br> Inc.<br>| 3081 | &nbsp;&nbsp; 104 |
| Houlihan Lokey, Inc. Class A | 1003 | &nbsp;&nbsp; 206 |
| Jack Henry & Associates, Inc. | 1188 | &nbsp;&nbsp; 177 |
| LPL Financial Holdings, Inc. | 639 | &nbsp;&nbsp; 212 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| W. R. Berkley Corp. | 3598 | &nbsp;&nbsp; $276 |
|  |  | &nbsp;&nbsp; 1270 |
| **Health Care—5.3%** | **Health Care—5.3%** |  |
| CorVel Corp.<sup>(1)</sup> <br>| 1662 | &nbsp;&nbsp; 128 |
| Prestige Consumer <br> Healthcare, Inc.<sup>(1)</sup> <br>| 2688 | &nbsp;&nbsp; 168 |
|  |  | &nbsp;&nbsp; 296 |
| **Industrials—41.1%** | **Industrials—41.1%** |  |
| Armstrong World Industries, <br> Inc.<br>| 1314 | &nbsp;&nbsp; 258 |
| CACI International, Inc. <br> Class A<sup>(1)</sup> <br>| 505 | &nbsp;&nbsp; 252 |
| Graco, Inc. | 2380 | &nbsp;&nbsp; 202 |
| JBT Marel Corp. | 977 | &nbsp;&nbsp; 137 |
| Kadant, Inc. | 552 | &nbsp;&nbsp; 164 |
| Landstar System, Inc. | 1062 | &nbsp;&nbsp; 130 |
| RBC Bearings, Inc.<sup>(1)</sup> <br>| 638 | &nbsp;&nbsp; 249 |
| Toro Co. (The) | 2871 | &nbsp;&nbsp; 219 |
| TransUnion | 3060 | &nbsp;&nbsp; 257 |
| Watsco, Inc. | 503 | &nbsp;&nbsp; 203 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 4577 | &nbsp;&nbsp; 215 |
|  |  | &nbsp;&nbsp; 2286 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—3.4%** | **Information Technology—3.4%** |  |
| Zebra Technologies Corp. <br> Class A<sup>(1)</sup> <br>| 632 | &nbsp;&nbsp; $188 |
| **Materials—3.0%** | **Materials—3.0%** |  |
| HB Fuller Co. | 2775 | &nbsp;&nbsp; 165 |
| **Real Estate—3.0%** | **Real Estate—3.0%** |  |
| Lamar Advertising Co. Class A | 1375 | &nbsp;&nbsp; 168 |
| **Total Common Stocks** <br>**(Identified Cost $4,569)** | **Total Common Stocks** <br>**(Identified Cost $4,569)** | &nbsp;&nbsp; **5500** |
| **Total Long-Term** <br> **Investments—99.0%** <br>**(Identified Cost $4,569)** | **Total Long-Term** <br> **Investments—99.0%** <br>**(Identified Cost $4,569)** | &nbsp;&nbsp; **5500** |
| **TOTAL INVESTMENTS—99.0%** <br>**(Identified Cost $4,569)** | **TOTAL INVESTMENTS—99.0%** <br>**(Identified Cost $4,569)** | &nbsp;&nbsp; **$5500** |
| Other assets and liabilities, net—1.0% | Other assets and liabilities, net—1.0% | &nbsp;&nbsp; 56 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$5556** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $5500 | &nbsp;&nbsp;&nbsp;&nbsp; $5500 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $5500 | &nbsp;&nbsp;&nbsp;&nbsp; $5500 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

*See Notes to Financial Statements*

------

**SGA Global Growth Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.6%** | **Common Stocks—99.6%** | **Common Stocks—99.6%** |
| **Communication Services—10.1%** | **Communication Services—10.1%** |  |
| Alphabet, Inc. Class C | 28471 | &nbsp;&nbsp; $6934 |
| Meta Platforms, Inc. Class A | 10314 | &nbsp;&nbsp; 7575 |
| Universal Music Group N.V. | 271376 | &nbsp;&nbsp; 7825 |
|  |  | &nbsp;&nbsp; 22334 |
| **Consumer Discretionary—14.7%** | **Consumer Discretionary—14.7%** |  |
| Alibaba Group Holding Ltd. | 174632 | &nbsp;&nbsp; 3972 |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 58176 | &nbsp;&nbsp; 12774 |
| Chipotle Mexican Grill, Inc. <br> Class A<sup>(1)</sup> <br>| 156318 | &nbsp;&nbsp; 6126 |
| Fast Retailing Co., Ltd. | 14663 | &nbsp;&nbsp; 4466 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 2239 | &nbsp;&nbsp; 5232 |
|  |  | &nbsp;&nbsp; 32570 |
| **Financials—18.3%** | **Financials—18.3%** |  |
| Adyen N.V.<sup>(1)</sup> <br>| 2846 | &nbsp;&nbsp; 4561 |
| AIA Group Ltd. | 491148 | &nbsp;&nbsp; 4711 |
| Aon plc Class A | 12510 | &nbsp;&nbsp; 4461 |
| HDFC Bank Ltd. ADR | 256716 | &nbsp;&nbsp; 8769 |
| S&P Global, Inc. | 14433 | &nbsp;&nbsp; 7025 |
| Visa, Inc. Class A | 32307 | &nbsp;&nbsp; 11029 |
|  |  | &nbsp;&nbsp; 40556 |
| **Health Care—10.6%** | **Health Care—10.6%** |  |
| Alcon AG | 71999 | &nbsp;&nbsp; 5364 |
| Danaher Corp. | 23871 | &nbsp;&nbsp; 4733 |
| STERIS plc | 28051 | &nbsp;&nbsp; 6941 |
| UnitedHealth Group, Inc. | 18700 | &nbsp;&nbsp; 6457 |
|  |  | &nbsp;&nbsp; 23495 |
| **Industrials—8.3%** | **Industrials—8.3%** |  |
| Canadian Pacific Kansas <br> City Ltd.<br>| 73140 | &nbsp;&nbsp; 5448 |
| Experian plc | 117302 | &nbsp;&nbsp; 5872 |
| Waste Management, Inc. | 31968 | &nbsp;&nbsp; 7059 |
|  |  | &nbsp;&nbsp; 18379 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—37.6%** | **Information Technology—37.6%** |  |
| ARM Holdings plc ADR<sup>(1)</sup> <br>| 32098 | &nbsp;&nbsp; $4541 |
| Gartner, Inc.<sup>(1)</sup> <br>| 18133 | &nbsp;&nbsp; 4767 |
| Infosys Ltd. Sponsored <br> ADR<sup>(2)</sup> <br>| 272719 | &nbsp;&nbsp; 4437 |
| Intuit, Inc. | 14510 | &nbsp;&nbsp; 9909 |
| Microsoft Corp. | 28423 | &nbsp;&nbsp; 14722 |
| NVIDIA Corp. | 56845 | &nbsp;&nbsp; 10606 |
| Salesforce, Inc. | 27539 | &nbsp;&nbsp; 6527 |
| SAP SE Sponsored ADR | 21053 | &nbsp;&nbsp; 5626 |
| ServiceNow, Inc.<sup>(1)</sup> <br>| 7136 | &nbsp;&nbsp; 6567 |
| Synopsys, Inc.<sup>(1)</sup> <br>| 13794 | &nbsp;&nbsp; 6806 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd.<br>| 206087 | &nbsp;&nbsp; 8824 |
|  |  | &nbsp;&nbsp; 83332 |
| **Total Common Stocks** <br>**(Identified Cost $150,765)** | **Total Common Stocks** <br>**(Identified Cost $150,765)** | &nbsp;&nbsp; **220666** |
| **Total Long-Term** <br> **Investments—99.6%** <br>**(Identified Cost $150,765)** | **Total Long-Term** <br> **Investments—99.6%** <br>**(Identified Cost $150,765)** | &nbsp;&nbsp; **220666** |
| **Securities Lending Collateral—2.0%** | **Securities Lending Collateral—2.0%** | **Securities Lending Collateral—2.0%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(3)(4)</sup> <br>| 4459205 | &nbsp;&nbsp; 4459 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $4,459)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $4,459)** | &nbsp;&nbsp; **4459** |
| **TOTAL INVESTMENTS—101.6%** <br>**(Identified Cost $155,224)** | **TOTAL INVESTMENTS—101.6%** <br>**(Identified Cost $155,224)** | &nbsp;&nbsp; **$225125** |
| Other assets and liabilities, net—(1.6)% | Other assets and liabilities, net—(1.6)% | &nbsp;&nbsp; (3608)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$221517** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |
| S&P | Standard & Poor's |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| All or a portion of security is on loan. |
| <sup>(3)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|
| <sup>(4)</sup> <br>| Represents security purchased with cash collateral <br> received for securities on loan.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 63<br> %<br>|
| India | 6 |
| Netherlands | 6 |
| United Kingdom | 4 |
| Taiwan | 4 |
| China | 4 |
| Ireland | 3 |
| Other | 10 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $220666 | &nbsp;&nbsp;&nbsp;&nbsp; $220666 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 4459 | &nbsp;&nbsp;&nbsp;&nbsp; 4459 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $225125 | &nbsp;&nbsp;&nbsp;&nbsp; $225125 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—5.2%** | **U.S. Government Securities—5.2%** | **U.S. Government Securities—5.2%** |
| U.S. Treasury Bonds |  |  |
| 3.000%, 8/15/48 | $4330 | &nbsp;&nbsp; $3256 |
| 2.000%, 2/15/50 | 2045 | &nbsp;&nbsp; 1223 |
| 1.375%, 8/15/50 | 12795 | &nbsp;&nbsp; 6433 |
| 1.875%, 2/15/51 | 5255 | &nbsp;&nbsp; 3002 |
| 2.250%, 2/15/52 | 35 | &nbsp;&nbsp; 22 |
| 2.875%, 5/15/52 | 2335 | &nbsp;&nbsp; 1666 |
| 3.625%, 2/15/53 | 425 | &nbsp;&nbsp; 351 |
| 3.625%, 5/15/53 | 3840 | &nbsp;&nbsp; 3171 |
| 4.125%, 8/15/53 | 940 | &nbsp;&nbsp; 850 |
| 4.250%, 2/15/54 | 6645 | &nbsp;&nbsp; 6134 |
| 4.625%, 5/15/54 | 3870 | &nbsp;&nbsp; 3802 |
| 4.500%, 11/15/54 | 1885 | &nbsp;&nbsp; 1815 |
| U.S. Treasury Notes |  |  |
| 4.375%, 12/31/29 | 1070 | &nbsp;&nbsp; 1098 |
| 4.250%, 11/15/34 | 495 | &nbsp;&nbsp; 500 |
| **Total U.S. Government Securities** <br>**(Identified Cost $43,031)** | **Total U.S. Government Securities** <br>**(Identified Cost $43,031)** | &nbsp;&nbsp; **33323** |
| **Foreign Government Securities—1.5%** | **Foreign Government Securities—1.5%** | **Foreign Government Securities—1.5%** |
| Abu Dhabi Government <br> International Bond 144A <br>3.125%, 9/30/49<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 119 |
| Brazil Notas do Tesouro <br> Nacional Series F <br>10.000%, 1/1/31<br>| 2930 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 482 |
| Costa Rica Government |  |  |
| 144A <br>6.550%, 4/3/34<sup>(2)</sup> <br>| 65 | &nbsp;&nbsp; 70 |
| 144A <br>7.300%, 11/13/54<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 44 |
| Czech Republic <br> Government Bond <br>1.750%, 6/23/32<br>| 11350 <br><sup>CZK</sup><br>| &nbsp;&nbsp; 467 |
| Dominican Republic 144A <br>4.875%, 9/23/32<sup>(2)</sup> <br>| 417 | &nbsp;&nbsp; 400 |
| Federative Republic of <br> Brazil<br>|  |  |
| <br>6.000%, 10/20/33 | 395 | &nbsp;&nbsp; 404 |
| <br>7.250%, 1/12/56 | 66 | &nbsp;&nbsp; 67 |
| Honduras Government <br> 144A <br>8.625%, 11/27/34<sup>(2)</sup> <br>| 88 | &nbsp;&nbsp; 97 |
| Hungary Government <br> International Bond<br>|  |  |
| 144A <br>6.250%, 9/22/32<sup>(2)</sup> <br>| 275 | &nbsp;&nbsp; 295 |
| 144A <br>5.500%, 3/26/36<sup>(2)</sup> <br>| 98 | &nbsp;&nbsp; 99 |
| Kingdom of Jordan 144A <br>5.850%, 7/7/30<sup>(2)</sup> <br>| 97 | &nbsp;&nbsp; 97 |
| Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 97 |
| Malaysia Government Bond <br>2.632%, 4/15/31<br>| 2020 <br><sup>MYR</sup><br>| &nbsp;&nbsp; 463 |
| Mex Bonos Desarr <br>8.500%, 5/31/29<br>| 8610 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 476 |
| Republic of Angola 144A <br>8.000%, 11/26/29<sup>(2)</sup> <br>| 163 | &nbsp;&nbsp; 158 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 125 | &nbsp;&nbsp; 134 |
| <br>8.000%, 11/14/35 | 142 | &nbsp;&nbsp; 153 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| <br>8.750%, 11/14/53 | $57 | &nbsp;&nbsp; $63 |
| Republic of El Salvador |  |  |
| 144A <br>8.625%, 2/28/29<sup>(2)</sup> <br>| 82 | &nbsp;&nbsp; 87 |
| RegS <br>7.650%, 6/15/35<sup>(3)</sup> <br>| 72 | &nbsp;&nbsp; 73 |
| Republic of Guatemala <br> 144A <br>6.600%, 6/13/36<sup>(2)</sup> <br>| 72 | &nbsp;&nbsp; 76 |
| Republic of Indonesia |  |  |
| <br>5.600%, 1/15/35 | 65 | &nbsp;&nbsp; 69 |
| <br>5.100%, 2/10/54 | 252 | &nbsp;&nbsp; 241 |
| Republic of Ivory Coast |  |  |
| 144A <br>7.625%, 1/30/33<sup>(2)</sup> <br>| 213 | &nbsp;&nbsp; 222 |
| 144A <br>8.250%, 1/30/37<sup>(2)</sup> <br>| 120 | &nbsp;&nbsp; 125 |
| Republic of Kenya |  |  |
| 144A <br>9.750%, 2/16/31<sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 59 |
| 144A <br>9.500%, 3/5/36<sup>(2)</sup> <br>| 76 | &nbsp;&nbsp; 78 |
| Republic of Nigeria 144A <br>10.375%, 12/9/34<sup>(2)</sup> <br>| 163 | &nbsp;&nbsp; 181 |
| Republic of Panama <br>8.000%, 3/1/38<br>| 219 | &nbsp;&nbsp; 250 |
| Republic of Peru <br>5.375%, 2/8/35<br>| 240 | &nbsp;&nbsp; 245 |
| Republic of Philippines <br>4.750%, 3/5/35<br>| 314 | &nbsp;&nbsp; 317 |
| Republic of Poland |  |  |
| <br>4.875%, 10/4/33 | 275 | &nbsp;&nbsp; 278 |
| <br>5.125%, 9/18/34 | 67 | &nbsp;&nbsp; 68 |
| Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(2)</sup> <br>| 76 | &nbsp;&nbsp; 82 |
| Republic of South Africa |  |  |
| <br>4.850%, 9/30/29 | 121 | &nbsp;&nbsp; 120 |
| <br>5.875%, 6/22/30 | 135 | &nbsp;&nbsp; 138 |
| <br>5.650%, 9/27/47 | 35 | &nbsp;&nbsp; 28 |
| <br>8.750%, 2/28/48 | 9600 <br><sup>ZAR</sup><br>| &nbsp;&nbsp; 480 |
| Republic of Turkiye |  |  |
| <br>7.250%, 5/29/32 | 140 | &nbsp;&nbsp; 146 |
| <br>7.625%, 5/15/34 | 340 | &nbsp;&nbsp; 360 |
| <br>6.625%, 2/17/45 | 80 | &nbsp;&nbsp; 72 |
| Republica Orient Uruguay <br>5.100%, 6/18/50<br>| 302 | &nbsp;&nbsp; 286 |
| Romania Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 194 | &nbsp;&nbsp; 199 |
| 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 85 | &nbsp;&nbsp; 91 |
| 144A <br>6.625%, 5/16/36<sup>(2)</sup> <br>| 94 | &nbsp;&nbsp; 95 |
| Saudi International Bond |  |  |
| 144A <br>4.875%, 7/18/33<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 162 |
| 144A <br>5.625%, 1/13/35<sup>(2)</sup> <br>| 134 | &nbsp;&nbsp; 143 |
| 144A <br>4.500%, 10/26/46<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 95 |
| United Mexican States |  |  |
| <br>6.000%, 5/7/36 | 245 | &nbsp;&nbsp; 251 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| <br>6.625%, 1/29/38 | $200 | &nbsp;&nbsp; $210 |
| Uzbekistan International <br> Bond 144A <br>6.900%, 2/28/32<sup>(2)</sup> <br>| 45 | &nbsp;&nbsp; 48 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $9,206)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $9,206)** | &nbsp;&nbsp; **9560** |
| **Mortgage-Backed Securities—5.3%** | **Mortgage-Backed Securities—5.3%** | **Mortgage-Backed Securities—5.3%** |
| **Agency—5.3%** | **Agency—5.3%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #A46224 <br>5.000%, 7/1/35<br>| 29 | &nbsp;&nbsp; 30 |
| Pool #A62213 <br>6.000%, 6/1/37<br>| 53 | &nbsp;&nbsp; 56 |
| Pool #SD5594 <br>5.500%, 7/1/53<br>| 1029 | &nbsp;&nbsp; 1042 |
| Pool #SD5856 <br>3.500%, 1/1/54<br>| 2886 | &nbsp;&nbsp; 2640 |
| Pool #SD8309 <br>6.000%, 3/1/53<br>| 3076 | &nbsp;&nbsp; 3155 |
| Pool #SD8350 <br>6.000%, 8/1/53<br>| 882 | &nbsp;&nbsp; 903 |
| Pool #SD8383 <br>5.500%, 12/1/53<br>| 1133 | &nbsp;&nbsp; 1145 |
| Pool #SD8418 <br>4.500%, 4/1/54<br>| 2301 | &nbsp;&nbsp; 2232 |
| Federal National Mortgage <br> Association<br>|  |  |
| Pool #254549 <br>6.000%, 12/1/32<br>| 7 | &nbsp;&nbsp; 8 |
| Pool #310041 <br>6.500%, 5/1/37<br>| 66 | &nbsp;&nbsp; 70 |
| Pool #735061 <br>6.000%, 11/1/34<br>| 65 | &nbsp;&nbsp; 68 |
| Pool #880117 <br>5.500%, 4/1/36<br>| 2 | &nbsp;&nbsp; 2 |
| Pool #909092 <br>6.000%, 9/1/37<br>| 4 | &nbsp;&nbsp; 4 |
| Pool #909175 <br>5.500%, 4/1/38<br>| 44 | &nbsp;&nbsp; 46 |
| Pool #909220 <br>6.000%, 8/1/38<br>| 27 | &nbsp;&nbsp; 29 |
| Pool #929625 <br>5.500%, 6/1/38<br>| 52 | &nbsp;&nbsp; 54 |
| Pool #938574 <br>5.500%, 9/1/36<br>| 35 | &nbsp;&nbsp; 36 |
| Pool #972569 <br>5.000%, 3/1/38<br>| 45 | &nbsp;&nbsp; 46 |
| Pool #CB6857 <br>4.500%, 8/1/53<br>| 907 | &nbsp;&nbsp; 884 |
| Pool #FA0685 <br>6.000%, 1/1/55<br>| 2473 | &nbsp;&nbsp; 2529 |
| Pool #FA1378 <br>4.000%, 3/1/55<br>| 2631 | &nbsp;&nbsp; 2486 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 2383 | &nbsp;&nbsp; 2440 |
| Pool #FA2472 <br>5.000%, 4/1/54<br>| 1278 | &nbsp;&nbsp; 1271 |

---

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| $1543 | &nbsp;&nbsp; $1537 |
| Pool #FS6679 <br>6.000%, 12/1/53<br>| 1506 | &nbsp;&nbsp; 1543 |
| Pool #FS7751 <br>4.000%, 3/1/53<br>| 2140 | &nbsp;&nbsp; 2017 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 639 | &nbsp;&nbsp; 657 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 1338 | &nbsp;&nbsp; 1334 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 918 | &nbsp;&nbsp; 894 |
| Pool #MA4980 <br>6.000%, 4/1/53<br>| 1442 | &nbsp;&nbsp; 1482 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 849 | &nbsp;&nbsp; 857 |
| Pool #MA5385 <br>4.000%, 6/1/54<br>| 2191 | &nbsp;&nbsp; 2066 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $33,323)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $33,323)** | &nbsp;&nbsp; **33563** |
| **Corporate Bonds and Notes—10.0%** | **Corporate Bonds and Notes—10.0%** | **Corporate Bonds and Notes—10.0%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| Charter Communications <br> Operating LLC <br> 4.800%, 3/1/50<br>| 325 | &nbsp;&nbsp; 257 |
| Interpublic Group of Cos., <br> Inc. (The) <br> 5.375%, 6/15/33<br>| 225 | &nbsp;&nbsp; 230 |
| Sprint Capital Corp. <br> 8.750%, 3/15/32<br>| 340 | &nbsp;&nbsp; 414 |
|  |  | &nbsp;&nbsp; 901 |
| **Consumer Discretionary—0.3%** | **Consumer Discretionary—0.3%** |  |
| Ashtead Capital, Inc. 144A <br>5.950%, 10/15/33<sup>(2)</sup> <br>| 375 | &nbsp;&nbsp; 396 |
| Dick's Sporting Goods, Inc. <br> 4.100%, 1/15/52<br>| 510 | &nbsp;&nbsp; 380 |
| DR Horton, Inc. <br> 5.500%, 10/15/35<br>| 365 | &nbsp;&nbsp; 379 |
| Ford Motor Co. <br> 3.250%, 2/12/32<br>| 286 | &nbsp;&nbsp; 250 |
| Meritage Homes Corp. <br> 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| 191 | &nbsp;&nbsp; 186 |
| Sodexo, Inc. 144A <br>5.800%, 8/15/35<sup>(2)</sup> <br>| 465 | &nbsp;&nbsp; 487 |
|  |  | &nbsp;&nbsp; 2078 |
| **Consumer Staples—0.4%** | **Consumer Staples—0.4%** |  |
| Alimentation Couche-Tard, <br> Inc. 144A <br>5.077%, 9/29/35<sup>(2)</sup> <br>| 465 | &nbsp;&nbsp; 465 |
| BAT Capital Corp. <br> 7.750%, 10/19/32<br>| 330 | &nbsp;&nbsp; 386 |
| Mars, Inc. 144A <br>5.200%, 3/1/35<sup>(2)</sup> <br>| 475 | &nbsp;&nbsp; 485 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Philip Morris International, <br> Inc. 4.900%, 11/1/34<br>| $460 | &nbsp;&nbsp; $464 |
| Pilgrim's Pride Corp. <br> 6.250%, 7/1/33<br>| 463 | &nbsp;&nbsp; 494 |
|  |  | &nbsp;&nbsp; 2294 |
| **Energy—1.3%** | **Energy—1.3%** |  |
| BP Capital Markets plc <br> 4.875% <sup>(4)</sup> <br>| 580 | &nbsp;&nbsp; 576 |
| Columbia Pipelines <br> Operating Co. LLC<br>|  |  |
| <br>144A <br> 6.036%, 11/15/33<sup>(2)</sup> <br>| 230 | &nbsp;&nbsp; 245 |
| <br>144A 5.439%, 2/15/35<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp; 229 |
| Diamondback Energy, Inc. <br> 5.900%, 4/18/64<br>| 385 | &nbsp;&nbsp; 371 |
| DT Midstream, Inc. 144A <br>4.375%, 6/15/31<sup>(2)</sup> <br>| 360 | &nbsp;&nbsp; 348 |
| Enbridge, Inc. <br> 8.500%, 1/15/84<br>| 510 | &nbsp;&nbsp; 583 |
| EOG Resources, Inc. |  |  |
| 5.350%, 1/15/36 | 100 | &nbsp;&nbsp; 103 |
| 5.650%, 12/1/54 | 385 | &nbsp;&nbsp; 385 |
| Flex Intermediate <br> Holdco LLC 144A <br>3.363%, 6/30/31<sup>(2)</sup> <br>| 785 | &nbsp;&nbsp; 722 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(2)</sup> <br>| 475 | &nbsp;&nbsp; 488 |
| HF Sinclair Corp. <br> 6.250%, 1/15/35<br>| 380 | &nbsp;&nbsp; 397 |
| Kinder Morgan Energy <br> Partners LP <br> 7.500%, 11/15/40<br>| 445 | &nbsp;&nbsp; 522 |
| Occidental Petroleum Corp. |  |  |
| 5.550%, 10/1/34 | 235 | &nbsp;&nbsp; 239 |
| 6.200%, 3/15/40 | 340 | &nbsp;&nbsp; 346 |
| Pertamina Persero PT <br> 144A <br>6.450%, 5/30/44<sup>(2)</sup> <br>| 370 | &nbsp;&nbsp; 397 |
| Petroleos Mexicanos |  |  |
| 6.500%, 3/13/27 | 207 | &nbsp;&nbsp; 209 |
| 5.950%, 1/28/31 | 102 | &nbsp;&nbsp; 99 |
| 7.690%, 1/23/50 | 12 | &nbsp;&nbsp; 11 |
| 6.950%, 1/28/60 | 11 | &nbsp;&nbsp; 9 |
| Petronas Capital Ltd. 144A <br>5.848%, 4/3/55<sup>(2)</sup> <br>| 163 | &nbsp;&nbsp; 173 |
| Reliance Industries Ltd. <br> 144A <br>2.875%, 1/12/32<sup>(2)</sup> <br>| 310 | &nbsp;&nbsp; 281 |
| Saudi Arabian Oil Co. 144A <br>5.250%, 7/17/34<sup>(2)</sup> <br>| 355 | &nbsp;&nbsp; 365 |
| Sempra Infrastructure <br> Partners LP 144A <br>3.250%, 1/15/32<sup>(2)</sup> <br>| 729 | &nbsp;&nbsp; 647 |
| Western Midstream <br> Operating LP <br> 5.250%, 2/1/50<br>| 345 | &nbsp;&nbsp; 300 |
|  |  | &nbsp;&nbsp; 8045 |
| **Financials—4.7%** | **Financials—4.7%** |  |
| AerCap Ireland Capital DAC <br> 6.950%, 3/10/55<br>| 229 | &nbsp;&nbsp; 240 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Allianz SE 144A <br>6.350%, 9/6/53<sup>(2)</sup> <br>| $400 | &nbsp;&nbsp; $429 |
| Allstate Corp. (The) Series <br> B (3 month Term SOFR + <br> 3.200%)7.411%, 8/15/53<sup>(5)</sup> <br>| 230 | &nbsp;&nbsp; 230 |
| Ally Financial, Inc. <br> 5.543%, 1/17/31<br>| 385 | &nbsp;&nbsp; 392 |
| American Express Co. <br> 5.625%, 7/28/34<br>| 670 | &nbsp;&nbsp; 700 |
| Apollo Debt Solutions BDC <br> 6.900%, 4/13/29<br>| 360 | &nbsp;&nbsp; 378 |
| Apollo Global <br> Management, Inc. <br> 6.000%, 12/15/54<br>| 475 | &nbsp;&nbsp; 472 |
| Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(2)</sup> <br>| 745 | &nbsp;&nbsp; 678 |
| Australia & New Zealand <br> Banking Group Ltd. <br> 144A <br>5.816%, 6/18/36<sup>(2)</sup> <br>| 350 | &nbsp;&nbsp; 363 |
| Avolon Holdings Funding <br> Ltd. 144A <br>5.750%, 11/15/29<sup>(2)</sup> <br>| 470 | &nbsp;&nbsp; 488 |
| Bank of America Corp. |  |  |
| 2.687%, 4/22/32 | 245 | &nbsp;&nbsp; 223 |
| 2.972%, 2/4/33 | 408 | &nbsp;&nbsp; 372 |
| 5.518%, 10/25/35 | 475 | &nbsp;&nbsp; 487 |
| Barclays plc <br> 7.437%, 11/2/33<br>| 355 | &nbsp;&nbsp; 407 |
| BlackRock Funding, Inc. <br> 5.250%, 3/14/54<br>| 485 | &nbsp;&nbsp; 473 |
| Blackstone Private Credit <br> Fund 6.000%, 11/22/34<br>| 370 | &nbsp;&nbsp; 379 |
| Blue Owl Finance LLC <br> 3.125%, 6/10/31<br>| 610 | &nbsp;&nbsp; 555 |
| BNSF Funding Trust I <br> 6.613%, 12/15/55<br>| 380 | &nbsp;&nbsp; 380 |
| BPCE S.A. 144A <br>7.003%, 10/19/34<sup>(2)</sup> <br>| 535 | &nbsp;&nbsp; 597 |
| Brookfield Asset <br> Management Ltd. <br> 5.795%, 4/24/35<br>| 325 | &nbsp;&nbsp; 340 |
| Capital One Financial Corp. |  |  |
| 2.359%, 7/29/32 | 388 | &nbsp;&nbsp; 335 |
| 6.377%, 6/8/34 | 105 | &nbsp;&nbsp; 114 |
| Capital Power <br> U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(2)</sup> <br>| 275 | &nbsp;&nbsp; 288 |
| Charles Schwab Corp. <br> (The)<br>|  |  |
| 6.136%, 8/24/34 | 195 | &nbsp;&nbsp; 212 |
| Series H 4.000%<sup>(4)</sup> <br>| 260 | &nbsp;&nbsp; 244 |
| Citigroup, Inc. |  |  |
| 6.270%, 11/17/33 | 690 | &nbsp;&nbsp; 753 |
| 6.174%, 5/25/34 | 379 | &nbsp;&nbsp; 403 |
| Corebridge Financial, Inc. <br> 6.375%, 9/15/54<br>| 565 | &nbsp;&nbsp; 580 |
| Deutsche Bank AG <br> 5.403%, 9/11/35<br>| 475 | &nbsp;&nbsp; 484 |

---

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| $350 | &nbsp;&nbsp; $342 |
| EMD Finance LLC 144A <br>5.000%, 10/15/35<sup>(2)</sup> <br>| 460 | &nbsp;&nbsp; 460 |
| F&G Annuities & Life, Inc. <br> 6.500%, 6/4/29<br>| 385 | &nbsp;&nbsp; 401 |
| Fifth Third Bancorp <br> 4.337%, 4/25/33<br>| 355 | &nbsp;&nbsp; 346 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp; 264 |
| Foundry JV Holdco LLC <br> 144A <br>5.875%, 1/25/34<sup>(2)</sup> <br>| 235 | &nbsp;&nbsp; 245 |
| Global Atlantic Fin Co. <br> 144A <br>7.950%, 6/15/33<sup>(2)</sup> <br>| 197 | &nbsp;&nbsp; 228 |
| Goldman Sachs Group, Inc. <br> (The) 5.330%, 7/23/35<br>| 665 | &nbsp;&nbsp; 685 |
| HA Sustainable <br> Infrastructure Capital, <br> Inc. 6.375%, 7/1/34<br>| 450 | &nbsp;&nbsp; 458 |
| Huntington Bancshares, <br> Inc.<br>|  |  |
| 5.709%, 2/2/35 | 340 | &nbsp;&nbsp; 354 |
| 6.141%, 11/18/39 | 235 | &nbsp;&nbsp; 245 |
| Icon Investments Six DAC <br> 6.000%, 5/8/34<br>| 400 | &nbsp;&nbsp; 420 |
| Imperial Brands Finance <br> plc 144A <br>5.875%, 7/1/34<sup>(2)</sup> <br>| 345 | &nbsp;&nbsp; 361 |
| JH North America <br> Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(2)</sup> <br>| 475 | &nbsp;&nbsp; 487 |
| JPMorgan Chase & Co. |  |  |
| 2.956%, 5/13/31 | 230 | &nbsp;&nbsp; 216 |
| 5.717%, 9/14/33 | 495 | &nbsp;&nbsp; 523 |
| 1.953%, 2/4/32 | 635 | &nbsp;&nbsp; 561 |
| KeyCorp 6.401%, 3/6/35 | 600 | &nbsp;&nbsp; 651 |
| M&T Bank Corp. <br> 5.400%, 7/30/35<br>| 375 | &nbsp;&nbsp; 378 |
| Morgan Stanley |  |  |
| 6.342%, 10/18/33 | 120 | &nbsp;&nbsp; 132 |
| 5.250%, 4/21/34 | 165 | &nbsp;&nbsp; 170 |
| 5.424%, 7/21/34 | 115 | &nbsp;&nbsp; 120 |
| 5.948%, 1/19/38 | 249 | &nbsp;&nbsp; 261 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 792 | &nbsp;&nbsp; 756 |
| National Rural Utilities <br> Cooperative Finance <br> Corp. (3 month Term <br> SOFR + <br> 3.172%)7.482%, 4/30/43<sup>(5)</sup> <br>| 319 | &nbsp;&nbsp; 318 |
| NatWest Group plc <br> 6.475%, 6/1/34<br>| 390 | &nbsp;&nbsp; 410 |
| NextEra Energy Capital <br> Holdings, Inc. <br> 6.500%, 8/15/55<br>| 445 | &nbsp;&nbsp; 471 |
| Nippon Life Insurance Co. |  |  |
| <br>144A 6.250%, 9/13/53<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 212 |
| <br>144A 6.500%, 4/30/55<sup>(2)</sup> <br>| 75 | &nbsp;&nbsp; 81 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Northern Trust Corp. <br> 3.375%, 5/8/32<br>| $590 | &nbsp;&nbsp; $578 |
| PNC Financial Services <br> Group, Inc. (The) <br> 5.575%, 1/29/36<br>| 455 | &nbsp;&nbsp; 475 |
| Prudential Financial, Inc. |  |  |
| 5.125%, 3/1/52 | 179 | &nbsp;&nbsp; 180 |
| 6.750%, 3/1/53 | 285 | &nbsp;&nbsp; 307 |
| Reinsurance Group of <br> America, Inc. <br> 6.650%, 9/15/55<br>| 390 | &nbsp;&nbsp; 409 |
| Societe Generale S.A. 144A <br>6.066%, 1/19/35<sup>(2)</sup> <br>| 415 | &nbsp;&nbsp; 436 |
| South Bow USA <br> Infrastructure <br> Holdings LLC<br>|  |  |
| 5.584%, 10/1/34 | 240 | &nbsp;&nbsp; 241 |
| 6.176%, 10/1/54 | 95 | &nbsp;&nbsp; 93 |
| State Street Corp. |  |  |
| 6.123%, 11/21/34 | 110 | &nbsp;&nbsp; 119 |
| Series I 6.700%<sup>(4)</sup> <br>| 240 | &nbsp;&nbsp; 250 |
| Stellantis Finance U.S., Inc. <br> 144A <br>6.450%, 3/18/35<sup>(2)</sup> <br>| 340 | &nbsp;&nbsp; 349 |
| Sumitomo Life Insurance <br> Co. 144A <br>5.875%, 9/10/55<sup>(2)</sup> <br>| 460 | &nbsp;&nbsp; 468 |
| Toll Brothers Finance Corp. <br> 5.600%, 6/15/35<br>| 240 | &nbsp;&nbsp; 246 |
| Toronto-Dominion Bank <br> (The) 8.125%, 10/31/82<br>| 440 | &nbsp;&nbsp; 465 |
| Transurban Finance Co. Pty <br> Ltd. 144A <br>4.924%, 3/24/36<sup>(2)</sup> <br>| 465 | &nbsp;&nbsp; 462 |
| U.S. Bancorp <br> 5.424%, 2/12/36<br>| 475 | &nbsp;&nbsp; 492 |
| UBS Group AG |  |  |
| <br>144A 9.250%<sup>(2)(4)</sup> <br>| 35 | &nbsp;&nbsp; 42 |
| <br>144A 4.988%, 8/5/33<sup>(2)</sup> <br>| 550 | &nbsp;&nbsp; 556 |
| Wells Fargo & Co. |  |  |
| 6.491%, 10/23/34 | 445 | &nbsp;&nbsp; 494 |
| Series BB 3.900%<sup>(4)</sup> <br>| 490 | &nbsp;&nbsp; 485 |
|  |  | &nbsp;&nbsp; 29699 |
| **Health Care—0.7%** | **Health Care—0.7%** |  |
| Amgen, Inc. <br> 5.650%, 3/2/53<br>| 432 | &nbsp;&nbsp; 431 |
| CVS Health Corp. <br> 5.050%, 3/25/48<br>| 600 | &nbsp;&nbsp; 534 |
| DENTSPLY SIRONA, Inc. <br> 3.250%, 6/1/30<br>| 975 | &nbsp;&nbsp; 897 |
| HCA, Inc. |  |  |
| 5.450%, 9/15/34 | 235 | &nbsp;&nbsp; 241 |
| 5.250%, 6/15/49 | 415 | &nbsp;&nbsp; 380 |
| IQVIA, Inc. 6.250%, 2/1/29 | 440 | &nbsp;&nbsp; 463 |
| Par Pharmaceutical, Inc. <br> Escrow 144A <br>0.000% <sup>(2)(6)</sup> <br>| 185 | &nbsp;&nbsp; — |
| Royalty Pharma plc |  |  |
| 5.400%, 9/2/34 | 325 | &nbsp;&nbsp; 332 |
| 3.350%, 9/2/51 | 330 | &nbsp;&nbsp; 221 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Smith & Nephew plc <br> 5.400%, 3/20/34<br>| $450 | &nbsp;&nbsp; $464 |
| Universal Health Services, <br> Inc. 2.650%, 1/15/32<br>| 510 | &nbsp;&nbsp; 444 |
| Viatris, Inc. 144A <br>2.300%, 6/22/27<sup>(2)</sup> <br>| 1 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 4408 |
| **Industrials—0.8%** | **Industrials—0.8%** |  |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| 575 | &nbsp;&nbsp; 575 |
| Aviation Capital Group LLC <br> 144A <br>3.500%, 11/1/27<sup>(2)</sup> <br>| 350 | &nbsp;&nbsp; 344 |
| Boeing Co. (The) <br> 5.930%, 5/1/60<br>| 525 | &nbsp;&nbsp; 525 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 497 | &nbsp;&nbsp; 451 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 505 | &nbsp;&nbsp; 462 |
| DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(2)</sup> <br>| 105 | &nbsp;&nbsp; 121 |
| Ingersoll Rand, Inc. <br> 5.700%, 8/14/33<br>| 460 | &nbsp;&nbsp; 489 |
| L3Harris Technologies, Inc. <br> 5.400%, 7/31/33<br>| 480 | &nbsp;&nbsp; 500 |
| New York State Electric & <br> Gas Corp. 144A <br>5.850%, 8/15/33<sup>(2)</sup> <br>| 320 | &nbsp;&nbsp; 341 |
| Regal Rexnord Corp. <br> 6.400%, 4/15/33<br>| 539 | &nbsp;&nbsp; 579 |
| United Airlines <br> Pass-Through Trust <br> 2023-1, <br> A5.800%, 7/15/37<br>| 258 | &nbsp;&nbsp; 267 |
| United Airlines <br> Pass-Through-Trust <br> 2024-1, <br> AA5.450%, 8/15/38<br>| 24 | &nbsp;&nbsp; 25 |
| Veralto Corp. <br> 5.450%, 9/18/33<br>| 420 | &nbsp;&nbsp; 439 |
|  |  | &nbsp;&nbsp; 5118 |
| **Information Technology—0.5%** | **Information Technology—0.5%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| 5.950%, 8/4/33 | 445 | &nbsp;&nbsp; 467 |
| <br>144A 4.000%, 7/1/29<sup>(2)</sup> <br>| 215 | &nbsp;&nbsp; 210 |
| Broadcom, Inc. 144A <br>3.137%, 11/15/35<sup>(2)</sup> <br>| 570 | &nbsp;&nbsp; 493 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(2)</sup> <br>| 595 | &nbsp;&nbsp; 562 |
| Marvell Technology, Inc. <br> 5.450%, 7/15/35<br>| 465 | &nbsp;&nbsp; 479 |
| Oracle Corp. |  |  |
| 6.900%, 11/9/52 | 215 | &nbsp;&nbsp; 239 |
| 5.550%, 2/6/53 | 122 | &nbsp;&nbsp; 116 |
| 3.850%, 4/1/60 | 140 | &nbsp;&nbsp; 96 |

---

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Roper Technologies, Inc. <br> 5.100%, 9/15/35<br>| $465 | &nbsp;&nbsp; $469 |
|  |  | &nbsp;&nbsp; 3131 |
| **Materials—0.4%** | **Materials—0.4%** |  |
| Bayport Polymers LLC <br> 144A <br>5.140%, 4/14/32<sup>(2)</sup> <br>| 580 | &nbsp;&nbsp; 572 |
| Berry Global, Inc. <br> 5.650%, 1/15/34<br>| 440 | &nbsp;&nbsp; 459 |
| Corp. Nacional del Cobre <br> de Chile 144A <br>5.950%, 1/8/34<sup>(2)</sup> <br>| 350 | &nbsp;&nbsp; 366 |
| Glencore Funding LLC <br> 144A <br>2.850%, 4/27/31<sup>(2)</sup> <br>| 505 | &nbsp;&nbsp; 463 |
| Smurfit Kappa Treasury <br> ULC 5.777%, 4/3/54<br>| 410 | &nbsp;&nbsp; 418 |
| Sonoco Products Co. <br> 5.000%, 9/1/34<br>| 360 | &nbsp;&nbsp; 356 |
|  |  | &nbsp;&nbsp; 2634 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| Black Hills Corp. <br> 6.150%, 5/15/34<br>| 570 | &nbsp;&nbsp; 609 |
| Brooklyn Union Gas Co. <br> (The) 144A <br>4.866%, 8/5/32<sup>(2)</sup> <br>| 595 | &nbsp;&nbsp; 588 |
| CMS Energy Corp. <br> 4.750%, 6/1/50<br>| 615 | &nbsp;&nbsp; 600 |
| Dominion Energy, Inc. |  |  |
| 6.200%, 2/15/56 | 270 | &nbsp;&nbsp; 272 |
| Series B 7.000%, 6/1/54 | 280 | &nbsp;&nbsp; 303 |
| Electricite de France S.A. <br> 144A <br>6.900%, 5/23/53<sup>(2)</sup> <br>| 425 | &nbsp;&nbsp; 474 |
| Enel Finance International <br> N.V. 144A <br>7.500%, 10/14/32<sup>(2)</sup> <br>| 400 | &nbsp;&nbsp; 461 |
| Entergy Corp. <br> 7.125%, 12/1/54<br>| 590 | &nbsp;&nbsp; 616 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(2)</sup> <br>| 433 | &nbsp;&nbsp; 479 |
| Puget Energy, Inc. <br> 4.224%, 3/15/32<br>| 640 | &nbsp;&nbsp; 613 |
| Southern California Edison <br> Co. 6.000%, 1/15/34<br>| 355 | &nbsp;&nbsp; 372 |
|  |  | &nbsp;&nbsp; 5387 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $61,952)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $61,952)** | &nbsp;&nbsp; **63695** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—62.8%** | **Common Stocks—62.8%** | **Common Stocks—62.8%** |
| **Communication Services—10.4%** | **Communication Services—10.4%** |  |
| Alphabet, Inc. Class A | 36591 | &nbsp;&nbsp; 8895 |
| Auto Trader Group plc | 336984 | &nbsp;&nbsp; 3572 |
| Baltic Classifieds Group plc | 1783443 | &nbsp;&nbsp; 7436 |
| Dayamitra Telekomunikasi <br> PT<br>| 48932000 | &nbsp;&nbsp; 1703 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| Hemnet Group AB | 161854 | &nbsp;&nbsp; $4071 |
| Infrastrutture Wireless <br> Italiane SpA<br>| 237527 | &nbsp;&nbsp; 2791 |
| Meta Platforms, Inc. <br> Class A<br>| 19459 | &nbsp;&nbsp; 14290 |
| Netflix, Inc.<sup>(7)</sup> <br>| 6846 | &nbsp;&nbsp; 8208 |
| oOh!media Ltd. | 4254860 | &nbsp;&nbsp; 4195 |
| Rightmove plc | 549900 | &nbsp;&nbsp; 5241 |
| Sarana Menara Nusantara <br> Tbk PT<br>| 42934000 | &nbsp;&nbsp; 1507 |
| Trade Desk, Inc. (The) <br> Class A<sup>(7)</sup> <br>| 77222 | &nbsp;&nbsp; 3785 |
|  |  | &nbsp;&nbsp; 65694 |
| **Consumer Discretionary—8.8%** | **Consumer Discretionary—8.8%** |  |
| Allegro.eu S.A.<sup>(7)</sup> <br>| 275225 | &nbsp;&nbsp; 2695 |
| Amazon.com, Inc.<sup>(7)</sup> <br>| 58835 | &nbsp;&nbsp; 12918 |
| Bright Horizons Family <br> Solutions, Inc.<sup>(7)</sup> <br>| 13416 | &nbsp;&nbsp; 1457 |
| Choice Hotels <br> International, Inc.<br>| 13284 | &nbsp;&nbsp; 1420 |
| Hermes International SCA <br> Unsponsored ADR<br>| 16302 | &nbsp;&nbsp; 3996 |
| Home Depot, Inc. (The) | 8704 | &nbsp;&nbsp; 3527 |
| Marriott International, Inc. <br> Class A<br>| 21836 | &nbsp;&nbsp; 5687 |
| MercadoLibre, Inc.<sup>(7)</sup> <br>| 1913 | &nbsp;&nbsp; 4470 |
| NIKE, Inc. Class B | 37414 | &nbsp;&nbsp; 2609 |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(7)</sup> <br>| 13099 | &nbsp;&nbsp; 1682 |
| O'Reilly Automotive, Inc.<sup>(7)</sup> <br>| 72710 | &nbsp;&nbsp; 7839 |
| Pool Corp. | 6539 | &nbsp;&nbsp; 2027 |
| Rollins, Inc. | 40496 | &nbsp;&nbsp; 2379 |
| SiteOne Landscape Supply, <br> Inc.<sup>(7)</sup> <br>| 9516 | &nbsp;&nbsp; 1226 |
| Thor Industries, Inc. | 18516 | &nbsp;&nbsp; 1920 |
|  |  | &nbsp;&nbsp; 55852 |
| **Consumer Staples—1.0%** | **Consumer Staples—1.0%** |  |
| Anhui Gujing Distillery Co., <br> Ltd. Class B<br>| 190600 | &nbsp;&nbsp; 2645 |
| BJ's Wholesale Club <br> Holdings, Inc.<sup>(7)</sup> <br>| 16553 | &nbsp;&nbsp; 1544 |
| Heineken Malaysia Bhd | 478300 | &nbsp;&nbsp; 2421 |
|  |  | &nbsp;&nbsp; 6610 |
| **Energy—0.4%** | **Energy—0.4%** |  |
| Pason Systems, Inc. | 308809 | &nbsp;&nbsp; 2681 |
| **Financials—9.3%** | **Financials—9.3%** |  |
| AJ Bell plc | 844538 | &nbsp;&nbsp; 6150 |
| Block, Inc. Class A<sup>(7)</sup> <br>| 32112 | &nbsp;&nbsp; 2321 |
| Caixa Seguridade <br> Participacoes S.A.<br>| 2074636 | &nbsp;&nbsp; 5874 |
| FinecoBank Banca Fineco <br> SpA<br>| 187289 | &nbsp;&nbsp; 4047 |
| Hamilton Lane, Inc. <br> Class A<br>| 7967 | &nbsp;&nbsp; 1074 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 52219 | &nbsp;&nbsp; 3593 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Jack Henry & Associates, <br> Inc.<br>| 10589 | &nbsp;&nbsp; $1577 |
| LPL Financial Holdings, <br> Inc.<br>| 8419 | &nbsp;&nbsp; 2801 |
| Moltiply Group SpA | 51303 | &nbsp;&nbsp; 2500 |
| Mortgage Advice Bureau <br> Holdings Ltd.<br>| 168832 | &nbsp;&nbsp; 1630 |
| Progressive Corp. (The) | 24414 | &nbsp;&nbsp; 6029 |
| Qualitas Controladora SAB <br> de C.V.<br>| 74544 | &nbsp;&nbsp; 680 |
| S&P Global, Inc. | 10077 | &nbsp;&nbsp; 4905 |
| Visa, Inc. Class A | 38249 | &nbsp;&nbsp; 13057 |
| W. R. Berkley Corp. | 39352 | &nbsp;&nbsp; 3015 |
|  |  | &nbsp;&nbsp; 59253 |
| **Health Care—5.3%** | **Health Care—5.3%** |  |
| As One Corp. | 256300 | &nbsp;&nbsp; 4255 |
| Chemed Corp. | 2507 | &nbsp;&nbsp; 1122 |
| Cooper Cos., Inc. (The)<sup>(7)</sup> <br>| 25395 | &nbsp;&nbsp; 1741 |
| Danaher Corp. | 19750 | &nbsp;&nbsp; 3916 |
| Eli Lilly & Co. | 6618 | &nbsp;&nbsp; 5050 |
| Haw Par Corp., Ltd. | 494700 | &nbsp;&nbsp; 5446 |
| IDEXX Laboratories, Inc.<sup>(7)</sup> <br>| 6599 | &nbsp;&nbsp; 4216 |
| Intuitive Surgical, Inc.<sup>(7)</sup> <br>| 8044 | &nbsp;&nbsp; 3597 |
| Zoetis, Inc. Class A | 29229 | &nbsp;&nbsp; 4277 |
|  |  | &nbsp;&nbsp; 33620 |
| **Industrials—10.7%** | **Industrials—10.7%** |  |
| Allegion plc | 15915 | &nbsp;&nbsp; 2823 |
| Epiroc AB Class B | 186027 | &nbsp;&nbsp; 3505 |
| Equifax, Inc. | 20146 | &nbsp;&nbsp; 5168 |
| Exponent, Inc. | 14133 | &nbsp;&nbsp; 982 |
| Fair Isaac Corp.<sup>(7)</sup> <br>| 5416 | &nbsp;&nbsp; 8105 |
| Haitian International <br> Holdings Ltd.<br>| 1300006 | &nbsp;&nbsp; 3582 |
| Howden Joinery Group plc | 324982 | &nbsp;&nbsp; 3687 |
| Knorr-Bremse AG | 23479 | &nbsp;&nbsp; 2201 |
| Lennox International, Inc. | 3462 | &nbsp;&nbsp; 1833 |
| MEITEC Group Holdings, <br> Inc.<br>| 117500 | &nbsp;&nbsp; 2536 |
| MISUMI Group, Inc. | 160400 | &nbsp;&nbsp; 2502 |
| MTU Aero Engines AG | 9752 | &nbsp;&nbsp; 4476 |
| NICE Information Service <br> Co., Ltd.<br>| 143029 | &nbsp;&nbsp; 1420 |
| Nordson Corp. | 8620 | &nbsp;&nbsp; 1956 |
| Paycom Software, Inc. | 9158 | &nbsp;&nbsp; 1906 |
| S-1 Corp. | 54645 | &nbsp;&nbsp; 3275 |
| Saia, Inc.<sup>(7)</sup> <br>| 5005 | &nbsp;&nbsp; 1498 |
| Uber Technologies, Inc.<sup>(7)</sup> <br>| 78833 | &nbsp;&nbsp; 7723 |
| UL Solutions, Inc. Class A | 27183 | &nbsp;&nbsp; 1926 |
| VAT Group AG | 5594 | &nbsp;&nbsp; 2209 |
| Watsco, Inc. | 4731 | &nbsp;&nbsp; 1913 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 55514 | &nbsp;&nbsp; 2611 |
|  |  | &nbsp;&nbsp; 67837 |
| **Information Technology—14.5%** | **Information Technology—14.5%** |  |
| Alten S.A. | 40547 | &nbsp;&nbsp; 3328 |
| Amphenol Corp. Class A | 124211 | &nbsp;&nbsp; 15371 |
| Bentley Systems, Inc. <br> Class B<br>| 54228 | &nbsp;&nbsp; 2792 |

---

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Bouvet ASA | 488091 | &nbsp;&nbsp; $3223 |
| Cadence Design Systems, <br> Inc.<sup>(7)</sup> <br>| 16405 | &nbsp;&nbsp; 5763 |
| Kainos Group plc | 121419 | &nbsp;&nbsp; 1542 |
| NVIDIA Corp. | 97228 | &nbsp;&nbsp; 18141 |
| Riken Keiki Co., Ltd. | 98300 | &nbsp;&nbsp; 2077 |
| ServiceNow, Inc.<sup>(7)</sup> <br>| 6531 | &nbsp;&nbsp; 6010 |
| ServiceTitan, Inc. <br> Class A<sup>(7)</sup> <br>| 9771 | &nbsp;&nbsp; 985 |
| SHIFT, Inc.<sup>(7)</sup> <br>| 164100 | &nbsp;&nbsp; 1387 |
| Shopify, Inc. Class A<sup>(7)</sup> <br>| 51025 | &nbsp;&nbsp; 7583 |
| Snowflake, Inc. Class A<sup>(7)</sup> <br>| 31500 | &nbsp;&nbsp; 7105 |
| Sopra Steria Group | 20907 | &nbsp;&nbsp; 3972 |
| Teledyne Technologies, <br> Inc.<sup>(7)</sup> <br>| 4090 | &nbsp;&nbsp; 2397 |
| Trimble, Inc.<sup>(7)</sup> <br>| 19648 | &nbsp;&nbsp; 1604 |
| Universal Display Corp. | 15381 | &nbsp;&nbsp; 2209 |
| Workday, Inc. Class A<sup>(7)</sup> <br>| 19367 | &nbsp;&nbsp; 4662 |
| Zebra Technologies Corp. <br> Class A<sup>(7)</sup> <br>| 6095 | &nbsp;&nbsp; 1811 |
|  |  | &nbsp;&nbsp; 91962 |
| **Materials—1.8%** | **Materials—1.8%** |  |
| Corp. Moctezuma SAB de <br> C.V.<br>| 943523 | &nbsp;&nbsp; 4229 |
| Ecolab, Inc. | 14816 | &nbsp;&nbsp; 4058 |
| Forterra plc | 640795 | &nbsp;&nbsp; 1613 |
| Ibstock plc | 710066 | &nbsp;&nbsp; 1329 |
|  |  | &nbsp;&nbsp; 11229 |
| **Real Estate—0.6%** | **Real Estate—0.6%** |  |
| CoStar Group, Inc.<sup>(7)</sup> <br>| 46310 | &nbsp;&nbsp; 3907 |
| **Total Common Stocks** <br>**(Identified Cost $248,043)** | **Total Common Stocks** <br>**(Identified Cost $248,043)** | &nbsp;&nbsp; **398645** |
| **Affiliated Mutual Funds—13.0%** | **Affiliated Mutual Funds—13.0%** | **Affiliated Mutual Funds—13.0%** |
| **Fixed Income Funds—13.0%** | **Fixed Income Funds—13.0%** |  |
| Virtus Newfleet ABS <br> MACS<sup>(8)(9)</sup> <br>| 2373054 | &nbsp;&nbsp; 23659 |
| Virtus Newfleet CMBS <br> MACS<sup>(8)(9)</sup> <br>| 1160421 | &nbsp;&nbsp; 11662 |
| Virtus Newfleet Floating <br> Rate MACS<sup>(8)(9)</sup> <br>| 956158 | &nbsp;&nbsp; 9351 |
| Virtus Newfleet High Yield <br> MACS<sup>(8)(9)</sup> <br>| 965094 | &nbsp;&nbsp; 9584 |
| Virtus Newfleet RMBS <br> MACS<sup>(8)(9)</sup> <br>| 2767093 | &nbsp;&nbsp; 28003 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $82,196)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $82,196)** | &nbsp;&nbsp; **82259** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Virtus Newfleet ABS/MBS <br> ETF<sup>(8)(9)</sup> <br>| 95902 | &nbsp;&nbsp; $2333 |
| **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $2,344)** | **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $2,344)** | &nbsp;&nbsp; **2333** |
| **Total Long-Term** <br> **Investments—98.2%** <br>**(Identified Cost $480,095)** | **Total Long-Term** <br> **Investments—98.2%** <br>**(Identified Cost $480,095)** | &nbsp;&nbsp; **623378** |
| **TOTAL INVESTMENTS—98.2%** <br>**(Identified Cost $480,095)** | **TOTAL INVESTMENTS—98.2%** <br>**(Identified Cost $480,095)** | &nbsp;&nbsp; **$623378** |
| Other assets and liabilities, net—1.8% | Other assets and liabilities, net—1.8% | &nbsp;&nbsp; 11150 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$634528** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ADR | American Depositary Receipt |
| BDC | Business Development Companies |
| CMBS | Commercial Mortgage-Backed Securities |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MACS | Managed Account Completion Shares |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported <br> in thousands.<br>|
| <sup>(2)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> September 30, 2025, these securities amounted to <br> a value of $24,688 or 3.9% of net assets.<br>|
| <sup>(3)</sup> <br>| Regulation S security. Security is offered and sold <br> outside of the United States; therefore, it is exempt <br> from registration with the SEC under Rules 903 and <br> 904 of the Securities Act of 1933.<br>|
| <sup>(4)</sup> <br>| No contractual maturity date. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(5)</sup> Variable rate security. Rate disclosed is as of September 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. 

<sup>(6)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. 

<sup>(7)</sup> Non-income producing.

<sup>(8)</sup> Affiliated investment. See Note 3H in Notes to Financial Statements. 

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 75<br> %<br>|
| United Kingdom | 5 |
| Japan | 2 |
| France | 2 |
| Brazil | 2 |
| Italy | 2 |
| Germany | 1 |
| Other | 11 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $33323 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $33323 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 9560 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9560 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 33563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33563 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 63695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63695 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 398645 | &nbsp;&nbsp;&nbsp;&nbsp; 398645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2333 | &nbsp;&nbsp;&nbsp;&nbsp; 2333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp; 82259 | &nbsp;&nbsp;&nbsp;&nbsp; 82259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $623378 | &nbsp;&nbsp;&nbsp;&nbsp; $483237 | &nbsp;&nbsp;&nbsp;&nbsp; $140141 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended September 30, 2025.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)** 

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Capital** <br>**Growth Fund**<br>| **KAR Equity** <br>**Income Fund**<br>| **KAR Mid-Cap** <br>**Core Fund**<br>| **KAR Mid-Cap** <br>**Growth Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $677658 | &nbsp;&nbsp; $171437 | &nbsp;&nbsp; $2631999 | &nbsp;&nbsp; $926669 |
| Cash  | &nbsp;&nbsp; 11897 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 55545 | &nbsp;&nbsp; 7550 |
| Receivables |  |  |  |  |
| Fund shares sold  | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 3262 | &nbsp;&nbsp; 292 |
| Dividends | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 161 |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; 308 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 16 |
| Prepaid expenses  | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 18 |
| Other assets  | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 153 |
| Total assets | &nbsp;&nbsp; 689936 | &nbsp;&nbsp; 173378 | &nbsp;&nbsp; 2692384 | &nbsp;&nbsp; 934859 |
| **Liabilities** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 4130 | &nbsp;&nbsp; 5138 |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 2181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 1513 | &nbsp;&nbsp; 585 |
| Distribution and service fees  | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 84 |
| Administration and accounting fees | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 111 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 226 |
| Professional fees  | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 30 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 153 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5 |
| Other accrued expenses | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 74 |
| Total liabilities | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 2603 | &nbsp;&nbsp; 7134 | &nbsp;&nbsp; 6406 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $688708 | &nbsp;&nbsp; $170775 | &nbsp;&nbsp; $2685250 | &nbsp;&nbsp; $928453 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $234917 | &nbsp;&nbsp; $130473 | &nbsp;&nbsp; $1921434 | &nbsp;&nbsp; $331908 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 453791 | &nbsp;&nbsp; 40302 | &nbsp;&nbsp; 763816 | &nbsp;&nbsp; 596545 |
| **Net Assets** | &nbsp;&nbsp; $688708 | &nbsp;&nbsp; $170775 | &nbsp;&nbsp; $2685250 | &nbsp;&nbsp; $928453 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $619840 | &nbsp;&nbsp; $131700 | &nbsp;&nbsp; $160713 | &nbsp;&nbsp; $247229 |
| Class C | &nbsp;&nbsp; $2512 | &nbsp;&nbsp; $2518 | &nbsp;&nbsp; $70393 | &nbsp;&nbsp; $38166 |
| Class I | &nbsp;&nbsp; $37637 | &nbsp;&nbsp; $18515 | &nbsp;&nbsp; $2296119 | &nbsp;&nbsp; $587543 |
| Class R6 | &nbsp;&nbsp; $28719 | &nbsp;&nbsp; $18042 | &nbsp;&nbsp; $158025 | &nbsp;&nbsp; $55515 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 28787017 | &nbsp;&nbsp; 5910006 | &nbsp;&nbsp; 2709144 | &nbsp;&nbsp; 4122977 |
| Class C | &nbsp;&nbsp; 220414 | &nbsp;&nbsp; 136465 | &nbsp;&nbsp; 1343079 | &nbsp;&nbsp; 854495 |
| Class I | &nbsp;&nbsp; 1619431 | &nbsp;&nbsp; 834497 | &nbsp;&nbsp; 37365783 | &nbsp;&nbsp; 9340633 |
| Class R6 | &nbsp;&nbsp; 1197417 | &nbsp;&nbsp; 821583 | &nbsp;&nbsp; 2554986 | &nbsp;&nbsp; 869262 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $22.28 | &nbsp;&nbsp; $59.32 | &nbsp;&nbsp; $59.96 |
| Class C | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $52.41 | &nbsp;&nbsp; $44.66 |
| Class I | &nbsp;&nbsp; $23.24 | &nbsp;&nbsp; $22.19 | &nbsp;&nbsp; $61.45 | &nbsp;&nbsp; $62.90 |
| Class R6 | &nbsp;&nbsp; $23.98 | &nbsp;&nbsp; $21.96 | &nbsp;&nbsp; $61.85 | &nbsp;&nbsp; $63.86 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Capital**<br> **Growth Fund**<br>| **KAR Equity**<br> **Income Fund**<br>| **KAR Mid-Cap**<br> **Core Fund**<br>| **KAR Mid-Cap**<br> **Growth Fund**<br>|
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $22.78 | &nbsp;&nbsp; $23.58 | &nbsp;&nbsp; $62.77 | &nbsp;&nbsp; $63.45 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $267552 | &nbsp;&nbsp; $134327 | &nbsp;&nbsp; $1933496 | &nbsp;&nbsp; $530266 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2085 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap** <br>**Core Fund**<br>| **KAR Small-Cap** <br>**Growth Fund**<br>| **KAR Small-Cap** <br>**Value Fund**<br>| **KAR Small-Mid** <br>**Cap Core Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $2045800 | &nbsp;&nbsp; $1443546 | &nbsp;&nbsp; $735191 | &nbsp;&nbsp; $2127672 |
| Investment in affiliates at value<sup>(2)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 213161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 1191 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash  | &nbsp;&nbsp; 56005 | &nbsp;&nbsp; 16167 | &nbsp;&nbsp; 24039 | &nbsp;&nbsp; 19678 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2958 | &nbsp;&nbsp; 1161 | &nbsp;&nbsp; — |
| Fund shares sold  | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 2565 |
| Dividends | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 327 |
| Securities lending income | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 37 |
| Prepaid expenses  | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 16 |
| Other assets  | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 347 |
| Total assets | &nbsp;&nbsp; 2103618 | &nbsp;&nbsp; 1679966 | &nbsp;&nbsp; 761635 | &nbsp;&nbsp; 2150642 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 1853 | &nbsp;&nbsp; 6429 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 2263 |
| Investment advisory fees  | &nbsp;&nbsp; 1336 | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 1288 |
| Distribution and service fees  | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 53 |
| Administration and accounting fees | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 229 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 380 |
| Professional fees  | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 33 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 347 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 6 |
| Other accrued expenses | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 68 |
| Total liabilities | &nbsp;&nbsp; 4208 | &nbsp;&nbsp; 9060 | &nbsp;&nbsp; 1728 | &nbsp;&nbsp; 4667 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $2099410 | &nbsp;&nbsp; $1670906 | &nbsp;&nbsp; $759907 | &nbsp;&nbsp; $2145975 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $1001886 | &nbsp;&nbsp; $1024972 | &nbsp;&nbsp; $412506 | &nbsp;&nbsp; $1735742 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 1097524 | &nbsp;&nbsp; 645934 | &nbsp;&nbsp; 347401 | &nbsp;&nbsp; 410233 |
| **Net Assets** | &nbsp;&nbsp; $2099410 | &nbsp;&nbsp; $1670906 | &nbsp;&nbsp; $759907 | &nbsp;&nbsp; $2145975 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $182119 | &nbsp;&nbsp; $271816 | &nbsp;&nbsp; $88271 | &nbsp;&nbsp; $69115 |
| Class C | &nbsp;&nbsp; $27701 | &nbsp;&nbsp; $38691 | &nbsp;&nbsp; $9832 | &nbsp;&nbsp; $46106 |
| Class I | &nbsp;&nbsp; $1368928 | &nbsp;&nbsp; $1211113 | &nbsp;&nbsp; $621677 | &nbsp;&nbsp; $1807526 |
| Class R6 | &nbsp;&nbsp; $520662 | &nbsp;&nbsp; $149286 | &nbsp;&nbsp; $40127 | &nbsp;&nbsp; $223228 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 3569300 | &nbsp;&nbsp; 10414777 | &nbsp;&nbsp; 3542248 | &nbsp;&nbsp; 3451980 |
| Class C | &nbsp;&nbsp; 755828 | &nbsp;&nbsp; 1943672 | &nbsp;&nbsp; 414306 | &nbsp;&nbsp; 2438904 |
| Class I | &nbsp;&nbsp; 24481067 | &nbsp;&nbsp; 43695155 | &nbsp;&nbsp; 24840272 | &nbsp;&nbsp; 88600359 |
| Class R6 | &nbsp;&nbsp; 9264824 | &nbsp;&nbsp; 5327790 | &nbsp;&nbsp; 1595890 | &nbsp;&nbsp; 10882962 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $51.02 | &nbsp;&nbsp; $26.10 | &nbsp;&nbsp; $24.92 | &nbsp;&nbsp; $20.02 |
| Class C | &nbsp;&nbsp; $36.65 | &nbsp;&nbsp; $19.91 | &nbsp;&nbsp; $23.73 | &nbsp;&nbsp; $18.90 |
| Class I | &nbsp;&nbsp; $55.92 | &nbsp;&nbsp; $27.72 | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $20.40 |
| Class R6 | &nbsp;&nbsp; $56.20 | &nbsp;&nbsp; $28.02 | &nbsp;&nbsp; $25.14 | &nbsp;&nbsp; $20.51 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap**<br> **Core Fund**<br>| **KAR Small-Cap**<br> **Growth Fund**<br>| **KAR Small-Cap**<br> **Value Fund**<br>| **KAR Small-Mid**<br> **Cap Core Fund**<br>|
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $53.99 | &nbsp;&nbsp; $27.62 | &nbsp;&nbsp; $26.37 | &nbsp;&nbsp; $21.19 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $1196567 | &nbsp;&nbsp; $970279 | &nbsp;&nbsp; $416451 | &nbsp;&nbsp; $1701356 |
| <sup>(2)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $329114 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Mid** <br>**Cap Growth Fund**<br>| **KAR Small-Mid Cap** <br> **Value Fund**<br>| **SGA Global Growth** <br> **Fund**<br>| **Tactical** <br>**Allocation Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $7281 | &nbsp;&nbsp; $5500 | &nbsp;&nbsp; $225125 | &nbsp;&nbsp; $538786 |
| Investment in affiliates at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84592 |
| Foreign currency at value<sup>(4)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 |
| Cash  | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 867 | &nbsp;&nbsp; 9089 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1502 |
| Fund shares sold  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 85 |
| Dividends and interest | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 2091 |
| Receivable from adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 99 |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — |
| Tax receivable  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61 | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 11 |
| Prepaid expenses  | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 24 |
| Other assets  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 102 |
| Total assets | &nbsp;&nbsp; 7629 | &nbsp;&nbsp; 5609 | &nbsp;&nbsp; 226585 | &nbsp;&nbsp; 636438 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 444 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 703 |
| Foreign capital gains tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4459 | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 248 |
| Distribution and service fees  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 130 |
| Administration and accounting fees | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 79 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 93 |
| Professional fees  | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 34 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 102 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| Other accrued expenses | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 75 |
| Total liabilities | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 5068 | &nbsp;&nbsp; 1910 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $7570 | &nbsp;&nbsp; $5556 | &nbsp;&nbsp; $221517 | &nbsp;&nbsp; $634528 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $6643 | &nbsp;&nbsp; $4955 | &nbsp;&nbsp; $130010 | &nbsp;&nbsp; $445918 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 91507 | &nbsp;&nbsp; 188610 |
| **Net Assets** | &nbsp;&nbsp; $7570 | &nbsp;&nbsp; $5556 | &nbsp;&nbsp; $221517 | &nbsp;&nbsp; $634528 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $484 | &nbsp;&nbsp; $1381 | &nbsp;&nbsp; $100476 | &nbsp;&nbsp; $603217 |
| Class C | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $113 | &nbsp;&nbsp; $4354 | &nbsp;&nbsp; $6181 |
| Class I | &nbsp;&nbsp; $3234 | &nbsp;&nbsp; $896 | &nbsp;&nbsp; $41248 | &nbsp;&nbsp; $23632 |
| Class R6 | &nbsp;&nbsp; $3830 | &nbsp;&nbsp; $3166 | &nbsp;&nbsp; $75439 | &nbsp;&nbsp; $1498 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 44251 | &nbsp;&nbsp; 135200 | &nbsp;&nbsp; 4283389 | &nbsp;&nbsp; 53683040 |
| Class C | &nbsp;&nbsp; 2073 | &nbsp;&nbsp; 11193 | &nbsp;&nbsp; 211922 | &nbsp;&nbsp; 534947 |
| Class I | &nbsp;&nbsp; 291766 | &nbsp;&nbsp; 87332 | &nbsp;&nbsp; 1719568 | &nbsp;&nbsp; 2109657 |
| Class R6 | &nbsp;&nbsp; 344733 | &nbsp;&nbsp; 307061 | &nbsp;&nbsp; 2993209 | &nbsp;&nbsp; 133984 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Mid**<br> **Cap Growth Fund**<br>| **KAR Small-Mid Cap** <br> **Value Fund**<br>| **SGA Global Growth** <br> **Fund**<br>| **Tactical**<br> **Allocation Fund**<br>|
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $10.94 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $23.46 | &nbsp;&nbsp; $11.24 |
| Class C | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $20.55 | &nbsp;&nbsp; $11.56 |
| Class I | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $23.99 | &nbsp;&nbsp; $11.20 |
| Class R6 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $10.31 | &nbsp;&nbsp; $25.20 | &nbsp;&nbsp; $11.18 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $24.83 | &nbsp;&nbsp; $11.89 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $5762 | &nbsp;&nbsp; $4569 | &nbsp;&nbsp; $155224 | &nbsp;&nbsp; $395555 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4348 | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84540 |
| <sup>(4)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7)** 

**YEAR ENDED September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Capital** <br>**Growth Fund**<br>| **KAR Equity** <br>**Income Fund**<br>| **KAR Mid-Cap** <br>**Core Fund**<br>| **KAR Mid-Cap** <br>**Growth Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $3291 | &nbsp;&nbsp;&nbsp; $3853 | &nbsp;&nbsp;&nbsp; $24525 | &nbsp;&nbsp;&nbsp; $6794 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 3291 | &nbsp;&nbsp;&nbsp; 3771 | &nbsp;&nbsp;&nbsp; 24525 | &nbsp;&nbsp;&nbsp; 6794 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 4618 | &nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp; 21012 | &nbsp;&nbsp;&nbsp; 8588 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 682 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp; 443 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 676 | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 2778 | &nbsp;&nbsp;&nbsp; 1167 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp; 524 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 210 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 50 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2363 | &nbsp;&nbsp;&nbsp; 804 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 97 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 61 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 9 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 75 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; 103 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 93 |
| Total expenses | &nbsp;&nbsp;&nbsp; 7842 | &nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp; 29574 | &nbsp;&nbsp;&nbsp; 12908 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (218)<br>| &nbsp;&nbsp;&nbsp; (2021)<br>| &nbsp;&nbsp;&nbsp; (72)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 7826 | &nbsp;&nbsp;&nbsp; 1572 | &nbsp;&nbsp;&nbsp; 27553 | &nbsp;&nbsp;&nbsp; 12836 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; (4535)<br>| &nbsp;&nbsp;&nbsp; 2199 | &nbsp;&nbsp;&nbsp; (3028)<br>| &nbsp;&nbsp;&nbsp; (6042)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 49617 | &nbsp;&nbsp;&nbsp; 7986 | &nbsp;&nbsp;&nbsp; 104092 | &nbsp;&nbsp;&nbsp; 290716 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 26044 | &nbsp;&nbsp;&nbsp; 1764 | &nbsp;&nbsp;&nbsp; (129596)<br>| &nbsp;&nbsp;&nbsp; (288056)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 75661 | &nbsp;&nbsp;&nbsp; 9711 | &nbsp;&nbsp;&nbsp; (25504)<br>| &nbsp;&nbsp;&nbsp; 2660 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $71126 | &nbsp;&nbsp;&nbsp; $11910 | &nbsp;&nbsp;&nbsp; $(28532)<br>| &nbsp;&nbsp;&nbsp; $(3382)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)**

**YEAR ENDED September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap** <br>**Core Fund**<br>| **KAR Small-Cap** <br>**Growth Fund**<br>| **KAR Small-Cap** <br>**Value Fund**<br>| **KAR Small-Mid** <br>**Cap Core Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $32482 | &nbsp;&nbsp;&nbsp; $10592 | &nbsp;&nbsp;&nbsp; $11427 | &nbsp;&nbsp;&nbsp; $21107 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10888 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 32483 | &nbsp;&nbsp;&nbsp; 21482 | &nbsp;&nbsp;&nbsp; 11427 | &nbsp;&nbsp;&nbsp; 21107 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 16525 | &nbsp;&nbsp;&nbsp; 19717 | &nbsp;&nbsp;&nbsp; 5574 | &nbsp;&nbsp;&nbsp; 15807 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 178 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 484 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp; 2183 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 930 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 69 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 52 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp; 1917 | &nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp; 1647 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 136 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 91 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 16 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 115 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 168 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 109 |
| Total expenses | &nbsp;&nbsp;&nbsp; 22619 | &nbsp;&nbsp;&nbsp; 28059 | &nbsp;&nbsp;&nbsp; 8168 | &nbsp;&nbsp;&nbsp; 21989 |
| Plus net expenses recaptured<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 22619 | &nbsp;&nbsp;&nbsp; 28059 | &nbsp;&nbsp;&nbsp; 8168 | &nbsp;&nbsp;&nbsp; 21989 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 9864 | &nbsp;&nbsp;&nbsp; (6577)<br>| &nbsp;&nbsp;&nbsp; 3259 | &nbsp;&nbsp;&nbsp; (882)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 238804 | &nbsp;&nbsp;&nbsp; 509076 | &nbsp;&nbsp;&nbsp; 32789 | &nbsp;&nbsp;&nbsp; (6823)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (68792)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (306073)<br>| &nbsp;&nbsp;&nbsp; (570293)<br>| &nbsp;&nbsp;&nbsp; (40468)<br>| &nbsp;&nbsp;&nbsp; (56003)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (237349)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (67264)<br>| &nbsp;&nbsp;&nbsp; (367349)<br>| &nbsp;&nbsp;&nbsp; (7679)<br>| &nbsp;&nbsp;&nbsp; (62826)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(57400)<br>| &nbsp;&nbsp;&nbsp; $(373926)<br>| &nbsp;&nbsp;&nbsp; $(4420)<br>| &nbsp;&nbsp;&nbsp; $(63708)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)**

**YEAR ENDED September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Mid** <br>**Cap Growth Fund**<br>| **KAR Small-Mid Cap** <br> **Value Fund**<br>| **SGA Global Growth** <br> **Fund**<br>| **Tactical** <br>**Allocation Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $47 | &nbsp;&nbsp;&nbsp; $78 | &nbsp;&nbsp;&nbsp; $2153 | &nbsp;&nbsp;&nbsp; $6051 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3213 |
| Interest  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8905 |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 18 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 3 |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp; (328)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 2082 | &nbsp;&nbsp;&nbsp; 17862 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 2111 | &nbsp;&nbsp;&nbsp; 3539 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 1528 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 71 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 660 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 376 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 272 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 7 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 26 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 2 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 11 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 51 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 60 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 45 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 51 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 173 |
| Total expenses | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 3221 | &nbsp;&nbsp;&nbsp; 6876 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (325)<br>| &nbsp;&nbsp;&nbsp; (506)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp; 6370 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (814)<br>| &nbsp;&nbsp;&nbsp; 11492 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 27042 | &nbsp;&nbsp;&nbsp; 69607 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (32)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp; (20818)<br>| &nbsp;&nbsp;&nbsp; (38016)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 24 |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; (218)<br>| &nbsp;&nbsp;&nbsp; 6265 | &nbsp;&nbsp;&nbsp; 31634 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(99)<br>| &nbsp;&nbsp;&nbsp; $(198)<br>| &nbsp;&nbsp;&nbsp; $5451 | &nbsp;&nbsp;&nbsp; $43126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)** 

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Capital Growth Fund** | **KAR Capital Growth Fund** | **KAR Equity Income Fund** | **KAR Equity Income Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(4535)<br>| &nbsp;&nbsp;&nbsp; $(4026)<br>| &nbsp;&nbsp;&nbsp; $2199 | &nbsp;&nbsp;&nbsp; $3398 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 49617 | &nbsp;&nbsp;&nbsp; 85044 | &nbsp;&nbsp;&nbsp; 7935 | &nbsp;&nbsp;&nbsp; 62 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 26044 | &nbsp;&nbsp;&nbsp; 110866 | &nbsp;&nbsp;&nbsp; 1776 | &nbsp;&nbsp;&nbsp; 21844 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 71126 | &nbsp;&nbsp;&nbsp; 191884 | &nbsp;&nbsp;&nbsp; 11910 | &nbsp;&nbsp;&nbsp; 25304 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (76313)<br>| &nbsp;&nbsp;&nbsp; (30989)<br>| &nbsp;&nbsp;&nbsp; (6504)<br>| &nbsp;&nbsp;&nbsp; (2813)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (569)<br>| &nbsp;&nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp; (73)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (4298)<br>| &nbsp;&nbsp;&nbsp; (1702)<br>| &nbsp;&nbsp;&nbsp; (846)<br>| &nbsp;&nbsp;&nbsp; (348)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp;&nbsp; (93)<br>| &nbsp;&nbsp;&nbsp; (647)<br>| &nbsp;&nbsp;&nbsp; (66)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (81370)<br>| &nbsp;&nbsp;&nbsp; (33000)<br>| &nbsp;&nbsp;&nbsp; (8140)<br>| &nbsp;&nbsp;&nbsp; (3300)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 26231 | &nbsp;&nbsp;&nbsp; (28936)<br>| &nbsp;&nbsp;&nbsp; 19133 | &nbsp;&nbsp;&nbsp; (10430)<br>|
| Class C | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; (277)<br>| &nbsp;&nbsp;&nbsp; (1099)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; (1641)<br>| &nbsp;&nbsp;&nbsp; 4759 | &nbsp;&nbsp;&nbsp; (3995)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 26512 | &nbsp;&nbsp;&nbsp; (460)<br>| &nbsp;&nbsp;&nbsp; 15417 | &nbsp;&nbsp;&nbsp; (31)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 53420 | &nbsp;&nbsp;&nbsp; (31000)<br>| &nbsp;&nbsp;&nbsp; 39032 | &nbsp;&nbsp;&nbsp; (15555)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 43176 | &nbsp;&nbsp;&nbsp; 127884 | &nbsp;&nbsp;&nbsp; 42802 | &nbsp;&nbsp;&nbsp; 6449 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 645532 | &nbsp;&nbsp;&nbsp; 517648 | &nbsp;&nbsp;&nbsp; 127973 | &nbsp;&nbsp;&nbsp; 121524 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $688708 | &nbsp;&nbsp;&nbsp; $645532 | &nbsp;&nbsp;&nbsp; $170775 | &nbsp;&nbsp;&nbsp; $127973 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Growth Fund** | **KAR Mid-Cap Growth Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(3028)<br>| &nbsp;&nbsp;&nbsp; $(588)<br>| &nbsp;&nbsp;&nbsp; $(6042)<br>| &nbsp;&nbsp;&nbsp; $(8369)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 104092 | &nbsp;&nbsp;&nbsp; (21494)<br>| &nbsp;&nbsp;&nbsp; 290716 | &nbsp;&nbsp;&nbsp; 72213 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (129596)<br>| &nbsp;&nbsp;&nbsp; 501392 | &nbsp;&nbsp;&nbsp; (288056)<br>| &nbsp;&nbsp;&nbsp; 192812 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (28532)<br>| &nbsp;&nbsp;&nbsp; 479310 | &nbsp;&nbsp;&nbsp; (3382)<br>| &nbsp;&nbsp;&nbsp; 256656 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3110)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1931)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (46634)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1485)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (53160)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3598)<br>| &nbsp;&nbsp;&nbsp; 30526 | &nbsp;&nbsp;&nbsp; (52445)<br>| &nbsp;&nbsp;&nbsp; (57446)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (10778)<br>| &nbsp;&nbsp;&nbsp; 6751 | &nbsp;&nbsp;&nbsp; (11963)<br>| &nbsp;&nbsp;&nbsp; (12621)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (208455)<br>| &nbsp;&nbsp;&nbsp; 514122 | &nbsp;&nbsp;&nbsp; (354782)<br>| &nbsp;&nbsp;&nbsp; (272513)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 30305 | &nbsp;&nbsp;&nbsp; 67286 | &nbsp;&nbsp;&nbsp; (33814)<br>| &nbsp;&nbsp;&nbsp; (18290)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (192526)<br>| &nbsp;&nbsp;&nbsp; 618685 | &nbsp;&nbsp;&nbsp; (453004)<br>| &nbsp;&nbsp;&nbsp; (360870)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (221058)<br>| &nbsp;&nbsp;&nbsp; 1044835 | &nbsp;&nbsp;&nbsp; (456386)<br>| &nbsp;&nbsp;&nbsp; (104214)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2906308 | &nbsp;&nbsp;&nbsp; 1861473 | &nbsp;&nbsp;&nbsp; 1384839 | &nbsp;&nbsp;&nbsp; 1489053 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $2685250 | &nbsp;&nbsp;&nbsp; $2906308 | &nbsp;&nbsp;&nbsp; $928453 | &nbsp;&nbsp;&nbsp; $1384839 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap Core Fund** | **KAR Small-Cap Core Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $9864 | &nbsp;&nbsp;&nbsp; $4852 | &nbsp;&nbsp;&nbsp; $(6577)<br>| &nbsp;&nbsp;&nbsp; $(13161)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 238809 | &nbsp;&nbsp;&nbsp; 89114 | &nbsp;&nbsp;&nbsp; 440286 | &nbsp;&nbsp;&nbsp; 245730 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (306073)<br>| &nbsp;&nbsp;&nbsp; 449916 | &nbsp;&nbsp;&nbsp; (807635)<br>| &nbsp;&nbsp;&nbsp; 191502 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (57400)<br>| &nbsp;&nbsp;&nbsp; 543882 | &nbsp;&nbsp;&nbsp; (373926)<br>| &nbsp;&nbsp;&nbsp; 424071 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7620)<br>| &nbsp;&nbsp;&nbsp; (6955)<br>| &nbsp;&nbsp;&nbsp; (38925)<br>| &nbsp;&nbsp;&nbsp; (22312)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2889)<br>| &nbsp;&nbsp;&nbsp; (3314)<br>| &nbsp;&nbsp;&nbsp; (11641)<br>| &nbsp;&nbsp;&nbsp; (8920)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (57662)<br>| &nbsp;&nbsp;&nbsp; (51419)<br>| &nbsp;&nbsp;&nbsp; (196358)<br>| &nbsp;&nbsp;&nbsp; (129035)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (23246)<br>| &nbsp;&nbsp;&nbsp; (17940)<br>| &nbsp;&nbsp;&nbsp; (20536)<br>| &nbsp;&nbsp;&nbsp; (11533)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (91417)<br>| &nbsp;&nbsp;&nbsp; (79628)<br>| &nbsp;&nbsp;&nbsp; (267460)<br>| &nbsp;&nbsp;&nbsp; (171800)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8618 | &nbsp;&nbsp;&nbsp; 1801 | &nbsp;&nbsp;&nbsp; (34751)<br>| &nbsp;&nbsp;&nbsp; (47438)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (25126)<br>| &nbsp;&nbsp;&nbsp; (14225)<br>| &nbsp;&nbsp;&nbsp; (41932)<br>| &nbsp;&nbsp;&nbsp; (39398)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (28140)<br>| &nbsp;&nbsp;&nbsp; 42006 | &nbsp;&nbsp;&nbsp; (506835)<br>| &nbsp;&nbsp;&nbsp; (536070)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (32060)<br>| &nbsp;&nbsp;&nbsp; 89611 | &nbsp;&nbsp;&nbsp; (27781)<br>| &nbsp;&nbsp;&nbsp; (19117)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (76708)<br>| &nbsp;&nbsp;&nbsp; 119193 | &nbsp;&nbsp;&nbsp; (611299)<br>| &nbsp;&nbsp;&nbsp; (642023)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (225525)<br>| &nbsp;&nbsp;&nbsp; 583447 | &nbsp;&nbsp;&nbsp; (1252685)<br>| &nbsp;&nbsp;&nbsp; (389752)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2324935 | &nbsp;&nbsp;&nbsp; 1741488 | &nbsp;&nbsp;&nbsp; 2923591 | &nbsp;&nbsp;&nbsp; 3313343 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $2099410 | &nbsp;&nbsp;&nbsp; $2324935 | &nbsp;&nbsp;&nbsp; $1670906 | &nbsp;&nbsp;&nbsp; $2923591 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap Value Fund** | **KAR Small-Cap Value Fund** | **KAR Small-Mid Cap Core Fund** | **KAR Small-Mid Cap Core Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3259 | &nbsp;&nbsp;&nbsp; $5313 | &nbsp;&nbsp;&nbsp; $(882)<br>| &nbsp;&nbsp;&nbsp; $(55)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 32789 | &nbsp;&nbsp;&nbsp; 30538 | &nbsp;&nbsp;&nbsp; (6823)<br>| &nbsp;&nbsp;&nbsp; 9496 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (40468)<br>| &nbsp;&nbsp;&nbsp; 130873 | &nbsp;&nbsp;&nbsp; (56003)<br>| &nbsp;&nbsp;&nbsp; 406686 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (4420)<br>| &nbsp;&nbsp;&nbsp; 166724 | &nbsp;&nbsp;&nbsp; (63708)<br>| &nbsp;&nbsp;&nbsp; 416127 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4424)<br>| &nbsp;&nbsp;&nbsp; (2756)<br>| &nbsp;&nbsp;&nbsp; (312)<br>| &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; (495)<br>| &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp;&nbsp; (227)<br>| &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (29484)<br>| &nbsp;&nbsp;&nbsp; (18627)<br>| &nbsp;&nbsp;&nbsp; (7911)<br>| &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (2258)<br>| &nbsp;&nbsp;&nbsp; (1611)<br>| &nbsp;&nbsp;&nbsp; (980)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (36661)<br>| &nbsp;&nbsp;&nbsp; (23310)<br>| &nbsp;&nbsp;&nbsp; (9430)<br>| &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (6963)<br>| &nbsp;&nbsp;&nbsp; (5979)<br>| &nbsp;&nbsp;&nbsp; (218)<br>| &nbsp;&nbsp;&nbsp; 5030 |
| Class C | &nbsp;&nbsp;&nbsp; (1478)<br>| &nbsp;&nbsp;&nbsp; (2541)<br>| &nbsp;&nbsp;&nbsp; (2125)<br>| &nbsp;&nbsp;&nbsp; 5184 |
| Class I | &nbsp;&nbsp;&nbsp; 40553 | &nbsp;&nbsp;&nbsp; (72469)<br>| &nbsp;&nbsp;&nbsp; (6619)<br>| &nbsp;&nbsp;&nbsp; 342025 |
| Class R6 | &nbsp;&nbsp;&nbsp; (9716)<br>| &nbsp;&nbsp;&nbsp; (4918)<br>| &nbsp;&nbsp;&nbsp; 2183 | &nbsp;&nbsp;&nbsp; 123762 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 22396 | &nbsp;&nbsp;&nbsp; (85907)<br>| &nbsp;&nbsp;&nbsp; (6779)<br>| &nbsp;&nbsp;&nbsp; 476001 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (18685)<br>| &nbsp;&nbsp;&nbsp; 57507 | &nbsp;&nbsp;&nbsp; (79917)<br>| &nbsp;&nbsp;&nbsp; 892128 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 778592 | &nbsp;&nbsp;&nbsp; 721085 | &nbsp;&nbsp;&nbsp; 2225892 | &nbsp;&nbsp;&nbsp; 1333764 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $759907 | &nbsp;&nbsp;&nbsp; $778592 | &nbsp;&nbsp;&nbsp; $2145975 | &nbsp;&nbsp;&nbsp; $2225892 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Value Fund** | **KAR Small-Mid Cap Value Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(36)<br>| &nbsp;&nbsp;&nbsp; $(36)<br>| &nbsp;&nbsp;&nbsp; $20 | &nbsp;&nbsp;&nbsp; $38 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp; (418)<br>| &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; (324)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp; 2091 | &nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp; 1675 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (99)<br>| &nbsp;&nbsp;&nbsp; 1637 | &nbsp;&nbsp;&nbsp; (198)<br>| &nbsp;&nbsp;&nbsp; 1389 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (6)<br>|
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (29)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; (44)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp; (3021)<br>| &nbsp;&nbsp;&nbsp; (182)<br>| &nbsp;&nbsp;&nbsp; 107 |
| Class C | &nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 1 |
| Class I | &nbsp;&nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; (210)<br>| &nbsp;&nbsp;&nbsp; (249)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (375)<br>| &nbsp;&nbsp;&nbsp; (411)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; (2856)<br>| &nbsp;&nbsp;&nbsp; (760)<br>| &nbsp;&nbsp;&nbsp; (552)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (475)<br>| &nbsp;&nbsp;&nbsp; (1219)<br>| &nbsp;&nbsp;&nbsp; (994)<br>| &nbsp;&nbsp;&nbsp; 793 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 8045 | &nbsp;&nbsp;&nbsp; 9264 | &nbsp;&nbsp;&nbsp; 6550 | &nbsp;&nbsp;&nbsp; 5757 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $7570 | &nbsp;&nbsp;&nbsp; $8045 | &nbsp;&nbsp;&nbsp; $5556 | &nbsp;&nbsp;&nbsp; $6550 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SGA Global Growth Fund** | **SGA Global Growth Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(814)<br>| &nbsp;&nbsp;&nbsp; $(386)<br>| &nbsp;&nbsp;&nbsp; $11492 | &nbsp;&nbsp;&nbsp; $9077 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 27065 | &nbsp;&nbsp;&nbsp; 79065 | &nbsp;&nbsp;&nbsp; 69573 | &nbsp;&nbsp;&nbsp; 65726 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (20800)<br>| &nbsp;&nbsp;&nbsp; (40161)<br>| &nbsp;&nbsp;&nbsp; (37939)<br>| &nbsp;&nbsp;&nbsp; 81849 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 5451 | &nbsp;&nbsp;&nbsp; 38518 | &nbsp;&nbsp;&nbsp; 43126 | &nbsp;&nbsp;&nbsp; 156652 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (24772)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (74974)<br>| &nbsp;&nbsp;&nbsp; (13092)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1560)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; (119)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (17042)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2903)<br>| &nbsp;&nbsp;&nbsp; (577)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (18891)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp; (42)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (62265)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (78913)<br>| &nbsp;&nbsp;&nbsp; (13830)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp; 89250 | &nbsp;&nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp; (58035)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2169)<br>| &nbsp;&nbsp;&nbsp; 3235 | &nbsp;&nbsp;&nbsp; (1253)<br>| &nbsp;&nbsp;&nbsp; (3358)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (50373)<br>| &nbsp;&nbsp;&nbsp; 72993 | &nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp; (3905)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (9506)<br>| &nbsp;&nbsp;&nbsp; 24193 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (296)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (60733)<br>| &nbsp;&nbsp;&nbsp; 189671 | &nbsp;&nbsp;&nbsp; 2724 | &nbsp;&nbsp;&nbsp; (65594)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (117547)<br>| &nbsp;&nbsp;&nbsp; 228189 | &nbsp;&nbsp;&nbsp; (33063)<br>| &nbsp;&nbsp;&nbsp; 77228 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 339064 | &nbsp;&nbsp;&nbsp; 110875 | &nbsp;&nbsp;&nbsp; 667591 | &nbsp;&nbsp;&nbsp; 590363 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $221517 | &nbsp;&nbsp;&nbsp; $339064 | &nbsp;&nbsp;&nbsp; $634528 | &nbsp;&nbsp;&nbsp; $667591 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliates**<sup>(1)</sup> <br>| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> <br>| **Portfolio Turnover Rate**<sup>(3)</sup> <br>|
| **KAR Capital Growth** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $22.07  | (0.15)  | 2.44  | 2.29  | —  | (2.83)  | (2.83)  | —  | (0.54)  | $21.53  | 11.28% | $619840  | 1.20 % <sup>(8)</sup> <br>| 1.20 %  | (0.70) %  | 12 %  |
| 10/1/23 to 9/30/24 | 16.91  | (0.13)  | 6.39  | 6.26  | —  | (1.10)  | (1.10)  | —  | 5.16  | 22.07  | 38.53  | 603965  | 1.21 <sup>(8)</sup> <br>| 1.21  | (0.68)  | 14  |
| 10/1/22 to 9/30/23 | 16.87  | (0.08)  | 3.43  | 3.35  | —  | (3.31)  | (3.31)  | —  | 0.04  | 16.91  | 23.25  | 483990  | 1.22 <sup>(8)</sup> <br>| 1.22  | (0.45)  | 12  |
| 10/1/21 to 9/30/22 | 28.64  | (0.14)  | (9.51)  | (9.65)  | —  | (2.12)  | (2.12)  | —  | (11.77)  | 16.87  | (36.54)  | 435925  | 1.20 <sup>(8)(9)</sup> <br>| 1.20  | (0.63)  | 13  |
| 10/1/20 to 9/30/21 | 24.20  | (0.22)  | 5.49  | 5.27  | —  | (0.83)  | (0.83)  | —  | 4.44  | 28.64  | 21.98  | 736713  | 1.20 <sup>(8)</sup> <br>| 1.20  | (0.83)  | 8  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $13.05  | (0.17)  | 1.35  | 1.18  | —  | (2.83)  | (2.83)  | —  | (1.65)  | $11.40  | 10.44% | $2512  | 2.01 % <sup>(8)</sup> <br>| 2.01 %  | (1.51) %  | 12 %  |
| 10/1/23 to 9/30/24 | 10.48  | (0.18)  | 3.85  | 3.67  | —  | (1.10)  | (1.10)  | —  | 2.57  | 13.05  | 37.37  | 2731  | 2.02 <sup>(8)</sup> <br>| 2.02  | (1.50)  | 14  |
| 10/1/22 to 9/30/23 | 11.73  | (0.14)  | 2.20  | 2.06  | —  | (3.31)  | (3.31)  | —  | (1.25)  | 10.48  | 22.24  | 2136  | 2.06 <sup>(8)</sup> <br>| 2.06  | (1.29)  | 12  |
| 10/1/21 to 9/30/22 | 20.70  | (0.25)  | (6.60)  | (6.85)  | —  | (2.12)  | (2.12)  | —  | (8.97)  | 11.73  | (37.07)  | 2914  | 2.01 <sup>(8)(9)</sup> <br>| 2.01  | (1.48)  | 13  |
| 10/1/20 to 9/30/21 | 17.83  | (0.32)  | 4.02  | 3.70  | —  | (0.83)  | (0.83)  | —  | 2.87  | 20.70  | 21.00  | 9252  | 2.01 <sup>(8)</sup> <br>| 2.01  | (1.63)  | 8  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $23.55  | (0.11)  | 2.63  | 2.52  | —  | (2.83)  | (2.83)  | —  | (0.31)  | $23.24  | 11.58% | $37637  | 0.98 % <sup>(8)</sup> <br>| 0.98 %  | (0.48) %  | 12 %  |
| 10/1/23 to 9/30/24 | 17.95  | (0.10)  | 6.80  | 6.70  | —  | (1.10)  | (1.10)  | —  | 5.60  | 23.55  | 38.76  | 37254  | 0.99 <sup>(8)</sup> <br>| 0.99  | (0.46)  | 14  |
| 10/1/22 to 9/30/23 | 17.67  | (0.04)  | 3.63  | 3.59  | —  | (3.31)  | (3.31)  | —  | 0.28  | 17.95  | 23.60  | 29960  | 1.00 <sup>(8)</sup> <br>| 1.00  | (0.23)  | 12  |
| 10/1/21 to 9/30/22 | 29.86  | (0.11)  | (9.96)  | (10.07)  | —  | (2.12)  | (2.12)  | —  | (12.19)  | 17.67  | (36.45)  | 30739  | 1.01 <sup>(8)(9)</sup> <br>| 1.01  | (0.44)  | 13  |
| 10/1/20 to 9/30/21 | 25.15  | (0.18)  | 5.72  | 5.54  | —  | (0.83)  | (0.83)  | —  | 4.71  | 29.86  | 22.23  | 59565  | 1.00 <sup>(8)</sup> <br>| 1.00  | (0.63)  | 8  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $24.16  | (0.06)  | 2.71  | 2.65  | —  | (2.83)  | (2.83)  | —  | (0.18)  | $23.98  | 11.85% | $28719  | 0.73 %  | 0.90 %  | (0.23) %  | 12 %  |
| 10/1/23 to 9/30/24 | 18.34  | (0.04)  | 6.96  | 6.92  | —  | (1.10)  | (1.10)  | —  | 5.82  | 24.16  | 39.15  | 1582  | 0.73  | 0.90  | (0.20)  | 14  |
| 10/1/22 to 9/30/23 | 17.95  | — <sup>(10)</sup> <br>| 3.70  | 3.70  | —  | (3.31)  | (3.31)  | —  | 0.39  | 18.34  | 23.88  | 1562  | 0.73  | 0.91  | 0.03  | 12  |
| 10/1/21 to 9/30/22 | 30.22  | (0.04)  | (10.11)  | (10.15)  | —  | (2.12)  | (2.12)  | —  | (12.27)  | 17.95  | (36.27)  | 1243  | 0.74 <sup>(9)</sup> <br>| 0.92  | (0.15)  | 13  |
| 10/1/20 to 9/30/21 | 25.38  | (0.11)  | 5.78  | 5.67  | —  | (0.83)  | (0.83)  | —  | 4.84  | 30.22  | 22.55  | 810  | 0.73  | 0.91  | (0.38)  | 8  |
| **KAR Equity Income** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.68  | 0.37  | 1.59  | 1.96  | (0.88)  | (0.48)  | (1.36)  | —  | 0.60  | $22.28  | 9.43% | $131700  | 1.26 % <sup>(11)</sup> <br>| 1.43 %  | 1.71 %  | 47 % <sup>(12)</sup> <br>|
| 10/1/23 to 9/30/24 | 18.14  | 0.54  | 3.52  | 4.06  | (0.52)  | —  | (0.52)  | —  | 3.54  | 21.68  | 22.81  | 109508  | 1.20  | 1.35  | 2.75  | 17  |
| 10/1/22 to 9/30/23 | 18.25  | 0.52  | 0.50  | 1.02  | (0.47)  | (0.66)  | (1.13)  | —  | (0.11)  | 18.14  | 5.19  | 101277  | 1.19  | 1.33  | 2.71  | 27  |
| 10/1/21 to 9/30/22 | 20.46  | 0.47  | (1.80)  | (1.33)  | (0.44)  | (0.44)  | (0.88)  | —  | (2.21)  | 18.25  | (7.01)  | 104120  | 1.22 <sup>(9)</sup> <br>| 1.34  | 2.26  | 22  |
| 10/1/20 to 9/30/21 | 23.03  | 0.47  | 3.57  | 4.04  | (0.27)  | (6.34)  | (6.61)  | —  | (2.57)  | 20.46  | 20.23  | 122518  | 1.23 <sup>(9)</sup> <br>| 1.36  | 2.21  | 25  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $18.09  | 0.17  | 1.33  | 1.50  | (0.66)  | (0.48)  | (1.14)  | —  | 0.36  | $18.45  | 8.66% | $2518  | 2.00 % <sup>(11)</sup> <br>| 2.23 %  | 0.97 %  | 47 % <sup>(12)</sup> <br>|
| 10/1/23 to 9/30/24 | 15.20  | 0.33  | 2.93  | 3.26  | (0.37)  | —  | (0.37)  | —  | 2.89  | 18.09  | 21.82  | 2756  | 1.95  | 2.16  | 2.03  | 17  |
| 10/1/22 to 9/30/23 | 15.55  | 0.32  | 0.44  | 0.76  | (0.45)  | (0.66)  | (1.11)  | —  | (0.35)  | 15.20  | 4.40  | 3350  | 1.94  | 2.12  | 1.97  | 27  |
| 10/1/21 to 9/30/22 | 17.47  | 0.26  | (1.52)  | (1.26)  | (0.22)  | (0.44)  | (0.66)  | —  | (1.92)  | 15.55  | (7.67)  | 3395  | 1.97 <sup>(9)</sup> <br>| 2.12  | 1.50  | 22  |
| 10/1/20 to 9/30/21 | 20.51  | 0.28  | 3.12  | 3.40  | (0.10)  | (6.34)  | (6.44)  | —  | (3.04)  | 17.47  | 19.31  | 4303  | 1.97 <sup>(9)</sup> <br>| 2.13  | 1.52  | 25  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **KAR Equity Income** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.62  | 0.42  | 1.59  | 2.01  | (0.96)  | (0.48)  | (1.44)  | —  | 0.57  | $22.19  | 9.78% | $18515  | 1.01 % <sup>(11)</sup> <br>| 1.17 %  | 1.97 %  | 47 % <sup>(12)</sup> <br>|
| 10/1/23 to 9/30/24 | 18.02  | 0.58  | 3.50  | 4.08  | (0.48)  | —  | (0.48)  | —  | 3.60  | 21.62  | 23.06  | 13432  | 0.95  | 1.10  | 3.02  | 17  |
| 10/1/22 to 9/30/23 | 18.21  | 0.57  | 0.50  | 1.07  | (0.60)  | (0.66)  | (1.26)  | —  | (0.19)  | 18.02  | 5.47  | 14965  | 0.94  | 1.09  | 2.99  | 27  |
| 10/1/21 to 9/30/22 | 20.41  | 0.51  | (1.78)  | (1.27)  | (0.49)  | (0.44)  | (0.93)  | —  | (2.20)  | 18.21  | (6.74)  | 25923  | 0.99 <sup>(9)</sup> <br>| 1.10  | 2.48  | 22  |
| 10/1/20 to 9/30/21 | 23.00  | 0.52  | 3.56  | 4.08  | (0.33)  | (6.34)  | (6.67)  | —  | (2.59)  | 20.41  | 20.49  | 11819  | 0.98 <sup>(9)</sup> <br>| 1.11  | 2.43  | 25  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.47  | 0.38  | 1.63  | 2.01  | (1.04)  | (0.48)  | (1.52)  | —  | 0.49  | $21.96  | 9.83% | $18042  | 0.99 % <sup>(11)(13)</sup> <br>| 1.17 %  | 1.77 %  | 47 % <sup>(12)</sup> <br>|
| 10/1/23 to 9/30/24 | 17.98  | 0.59  | 3.49  | 4.08  | (0.59)  | —  | (0.59)  | —  | 3.49  | 21.47  | 23.17  | 2277  | 0.91  | 1.02  | 3.03  | 17  |
| 10/1/22 to 9/30/23 | 18.13  | 0.58  | 0.49  | 1.07  | (0.56)  | (0.66)  | (1.22)  | —  | (0.15)  | 17.98  | 5.49  | 1932  | 0.90  | 1.00  | 3.03  | 27  |
| 10/1/21 to 9/30/22 | 20.35  | 0.52  | (1.78)  | (1.26)  | (0.52)  | (0.44)  | (0.96)  | —  | (2.22)  | 18.13  | (6.74)  | 1674  | 0.94 <sup>(9)</sup> <br>| 1.03  | 2.54  | 22  |
| 10/1/20 to 9/30/21 | 22.96  | 0.51  | 3.57  | 4.08  | (0.35)  | (6.34)  | (6.69)  | —  | (2.61)  | 20.35  | 20.55  | 1162  | 0.94 <sup>(9)</sup> <br>| 1.03  | 2.44  | 25  |
| **KAR Mid-Cap Core** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $59.97  | (0.19)  | (0.46)  | (0.65)  | —  | —  | —  | —  | (0.65)  | $59.32  | (1.08) % | $160713  | 1.20 %  | 1.27 %  | (0.32) %  | 16 %  |
| 10/1/23 to 9/30/24 | 50.46  | (0.13)  | 10.97  | 10.84  | —  | (1.33)  | (1.33)  | —  | 9.51  | 59.97  | 21.82  | 166293  | 1.20  | 1.29  | (0.23)  | 17  |
| 10/1/22 to 9/30/23 | 41.93  | (0.05)  | 8.69  | 8.64  | —  | (0.11)  | (0.11)  | —  | 8.53  | 50.46  | 20.63  | 111714  | 1.21 <sup>(9)</sup> <br>| 1.32  | (0.11)  | 21  |
| 10/1/21 to 9/30/22 | 54.03  | (0.22)  | (10.95)  | (11.17)  | —  | (0.93)  | (0.93)  | —  | (12.10)  | 41.93  | (21.10)  | 72404  | 1.21 <sup>(9)</sup> <br>| 1.31  | (0.44)  | 20  |
| 10/1/20 to 9/30/21 | 39.93  | (0.29)  | 14.71  | 14.42  | —  | (0.32)  | (0.32)  | —  | 14.10  | 54.03  | 36.25  | 86713  | 1.20  | 1.31  | (0.58)  | 15  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $53.38  | (0.56)  | (0.41)  | (0.97)  | —  | —  | —  | —  | (0.97)  | $52.41  | (1.82) % | $70393  | 1.95 %  | 2.03 %  | (1.08) %  | 16 %  |
| 10/1/23 to 9/30/24 | 45.38  | (0.48)  | 9.81  | 9.33  | —  | (1.33)  | (1.33)  | —  | 8.00  | 53.38  | 20.91  | 82803  | 1.95  | 2.04  | (0.98)  | 17  |
| 10/1/22 to 9/30/23 | 38.00  | (0.38)  | 7.87  | 7.49  | —  | (0.11)  | (0.11)  | —  | 7.38  | 45.38  | 19.73  | 64053  | 1.96 <sup>(9)</sup> <br>| 2.07  | (0.87)  | 21  |
| 10/1/21 to 9/30/22 | 49.42  | (0.54)  | (9.95)  | (10.49)  | —  | (0.93)  | (0.93)  | —  | (11.42)  | 38.00  | (21.70)  | 53041  | 1.96 <sup>(9)</sup> <br>| 2.07  | (1.19)  | 20  |
| 10/1/20 to 9/30/21 | 36.82  | (0.61)  | 13.53  | 12.92  | —  | (0.32)  | (0.32)  | —  | 12.60  | 49.42  | 35.23  | 67627  | 1.95  | 2.06  | (1.33)  | 15  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $61.97  | (0.04)  | (0.48)  | (0.52)  | —  | —  | —  | —  | (0.52)  | $61.45  | (0.84) % | $2296119  | 0.95 %  | 1.02 %  | (0.07) %  | 16 %  |
| 10/1/23 to 9/30/24 | 51.97  | 0.01  | 11.32  | 11.33  | —  | (1.33)  | (1.33)  | —  | 10.00  | 61.97  | 22.13  | 2528865  | 0.95  | 1.03  | 0.02  | 17  |
| 10/1/22 to 9/30/23 | 43.07  | 0.07  | 8.94  | 9.01  | —  | (0.11)  | (0.11)  | —  | 8.90  | 51.97  | 20.94  | 1639765  | 0.96 <sup>(9)</sup> <br>| 1.07  | 0.14  | 21  |
| 10/1/21 to 9/30/22 | 55.34  | (0.09)  | (11.25)  | (11.34)  | —  | (0.93)  | (0.93)  | —  | (12.27)  | 43.07  | (20.91)  | 1065078  | 0.96 <sup>(9)</sup> <br>| 1.06  | (0.18)  | 20  |
| 10/1/20 to 9/30/21 | 40.79  | (0.17)  | 15.04  | 14.87  | —  | (0.32)  | (0.32)  | —  | 14.55  | 55.34  | 36.59  | 1188000  | 0.95  | 1.05  | (0.33)  | 15  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $62.32  | 0.01  | (0.48)  | (0.47)  | —  | —  | —  | —  | (0.47)  | $61.85  | (0.75) % | $158025  | 0.87 %  | 0.93 %  | 0.02 %  | 16 %  |
| 10/1/23 to 9/30/24 | 52.21  | 0.06  | 11.38  | 11.44  | —  | (1.33)  | (1.33)  | —  | 10.11  | 62.32  | 22.24  | 128347  | 0.87  | 0.94  | 0.11  | 17  |
| 10/1/22 to 9/30/23 | 43.24  | 0.11  | 8.97  | 9.08  | —  | (0.11)  | (0.11)  | —  | 8.97  | 52.21  | 21.02  | 45941  | 0.88 <sup>(9)</sup> <br>| 0.97  | 0.21  | 21  |
| 10/1/21 to 9/30/22 | 55.51  | (0.06)  | (11.28)  | (11.34)  | —  | (0.93)  | (0.93)  | —  | (12.27)  | 43.24  | (20.84)  | 28499  | 0.88 <sup>(9)</sup> <br>| 0.97  | (0.12)  | 20  |
| 10/1/20 to 9/30/21 | 40.89  | (0.12)  | 15.06  | 14.94  | —  | (0.32)  | (0.32)  | —  | 14.62  | 55.51  | 36.67  | 55370  | 0.87  | 0.97  | (0.24)  | 15  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **KAR Mid-Cap Growth** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $59.82  | (0.41)  | 0.55  | 0.14  | —  | —  | —  | —  | 0.14  | $59.96  | 0.23% | $247229  | 1.26 % <sup>(8)</sup> <br>| 1.26 %  | (0.69) %  | 27 %  |
| 10/1/23 to 9/30/24 | 50.22  | (0.40)  | 10.00  | 9.60  | —  | —  | —  | —  | 9.60  | 59.82  | 19.12  | 299317  | 1.27 <sup>(8)</sup> <br>| 1.27  | (0.73)  | 13  |
| 10/1/22 to 9/30/23 | 43.47  | (0.30)  | 7.05  | 6.75  | —  | —  | —  | —  | 6.75  | 50.22  | 15.53  | 302747  | 1.25 <sup>(8)</sup> <br>| 1.25  | (0.61)  | 13  |
| 10/1/21 to 9/30/22 | 71.37  | (0.42)  | (26.44)  | (26.86)  | —  | (1.04)  | (1.04)  | — <sup>(10)</sup> <br>| (27.90)  | 43.47  | (38.15) <sup>(14)</sup> <br>| 301043  | 1.25 <sup>(8)(9)</sup> <br>| 1.25  | (0.73)  | 12  |
| 10/1/20 to 9/30/21 | 58.05  | (0.62)  | 14.01  | 13.39  | —  | (0.07)  | (0.07)  | —  | 13.32  | 71.37  | 23.07  | 579817  | 1.24 <sup>(8)</sup> <br>| 1.24  | (0.91)  | 17  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $44.90  | (0.65)  | 0.41  | (0.24)  | —  | —  | —  | —  | (0.24)  | $44.66  | (0.53) % | $38166  | 2.04 % <sup>(8)</sup> <br>| 2.04 %  | (1.46) %  | 27 %  |
| 10/1/23 to 9/30/24 | 37.99  | (0.63)  | 7.54  | 6.91  | —  | —  | —  | —  | 6.91  | 44.90  | 18.19  | 50587  | 2.04 <sup>(8)</sup> <br>| 2.04  | (1.50)  | 13  |
| 10/1/22 to 9/30/23 | 33.14  | (0.51)  | 5.36  | 4.85  | —  | —  | —  | —  | 4.85  | 37.99  | 14.63  | 54318  | 2.03 <sup>(8)</sup> <br>| 2.03  | (1.39)  | 13  |
| 10/1/21 to 9/30/22 | 55.11  | (0.68)  | (20.25)  | (20.93)  | —  | (1.04)  | (1.04)  | — <sup>(10)</sup> <br>| (21.97)  | 33.14  | (38.65) <sup>(14)</sup> <br>| 59318  | 2.05 <sup>(8)(9)</sup> <br>| 2.05  | (1.53)  | 12  |
| 10/1/20 to 9/30/21 | 45.18  | (0.87)  | 10.87  | 10.00  | —  | (0.07)  | (0.07)  | —  | 9.93  | 55.11  | 22.13  | 141256  | 1.99 <sup>(8)</sup> <br>| 1.99  | (1.66)  | 17  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $62.60  | (0.27)  | 0.57  | 0.30  | —  | —  | —  | —  | 0.30  | $62.90  | 0.48% | $587543  | 1.03 % <sup>(8)</sup> <br>| 1.03 %  | (0.44) %  | 27 %  |
| 10/1/23 to 9/30/24 | 52.43  | (0.29)  | 10.46  | 10.17  | —  | —  | —  | —  | 10.17  | 62.60  | 19.40  | 945836  | 1.03 <sup>(8)</sup> <br>| 1.03  | (0.50)  | 13  |
| 10/1/22 to 9/30/23 | 45.29  | (0.20)  | 7.34  | 7.14  | —  | —  | —  | —  | 7.14  | 52.43  | 15.77  | 1041379  | 1.02 <sup>(8)</sup> <br>| 1.02  | (0.39)  | 13  |
| 10/1/21 to 9/30/22 | 74.14  | (0.30)  | (27.51)  | (27.81)  | —  | (1.04)  | (1.04)  | — <sup>(10)</sup> <br>| (28.85)  | 45.29  | (38.00) <sup>(14)</sup> <br>| 1134777  | 1.01 <sup>(8)(9)</sup> <br>| 1.01  | (0.50)  | 12  |
| 10/1/20 to 9/30/21 | 60.16  | (0.47)  | 14.52  | 14.05  | —  | (0.07)  | (0.07)  | —  | 13.98  | 74.14  | 23.35  | 2499830  | 1.00 <sup>(8)</sup> <br>| 1.00  | (0.66)  | 17  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $63.43  | (0.15)  | 0.58  | 0.43  | —  | —  | —  | —  | 0.43  | $63.86  | 0.68% | $55515  | 0.83 %  | 0.93 %  | (0.24) %  | 27 %  |
| 10/1/23 to 9/30/24 | 53.02  | (0.17)  | 10.58  | 10.41  | —  | —  | —  | —  | 10.41  | 63.43  | 19.63  | 89099  | 0.83  | 0.92  | (0.30)  | 13  |
| 10/1/22 to 9/30/23 | 45.71  | (0.10)  | 7.41  | 7.31  | —  | —  | —  | —  | 7.31  | 53.02  | 15.99  | 90609  | 0.82  | 0.91  | (0.19)  | 13  |
| 10/1/21 to 9/30/22 | 74.68  | (0.20)  | (27.73)  | (27.93)  | —  | (1.04)  | (1.04)  | — <sup>(10)</sup> <br>| (28.97)  | 45.71  | (37.89) <sup>(14)</sup> <br>| 89056  | 0.84 <sup>(9)</sup> <br>| 0.90  | (0.34)  | 12  |
| 10/1/20 to 9/30/21 | 60.49  | (0.36)  | 14.62  | 14.26  | —  | (0.07)  | (0.07)  | —  | 14.19  | 74.68  | 23.57  | 208915  | 0.83  | 0.89  | (0.50)  | 17  |
| **KAR Small-Cap Core** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $54.70  | 0.10  | (1.55)  | (1.45)  | (0.03)  | (2.20)  | (2.23)  | —  | (3.68)  | $51.02  | (2.76) % | $182119  | 1.29 %  | 1.29 %  | 0.18 %  | 13 %  |
| 10/1/23 to 9/30/24 | 43.66  | — <sup>(10)</sup> <br>| 13.12  | 13.12  | (0.21)  | (1.87)  | (2.08)  | —  | 11.04  | 54.70  | 30.83  | 186407  | 1.27  | 1.27  | — <sup>(15)</sup> <br>| 5  |
| 10/1/22 to 9/30/23 | 37.42  | 0.08  | 8.84  | 8.92  | (0.07)  | (2.61)  | (2.68)  | —  | 6.24  | 43.66  | 24.88  | 146983  | 1.27  | 1.27  | 0.20  | 10  |
| 10/1/21 to 9/30/22 | 47.98  | — <sup>(10)</sup> <br>| (4.72)  | (4.72)  | —  | (5.84)  | (5.84)  | —  | (10.56)  | 37.42  | (11.73)  | 117382  | 1.27 <sup>(9)</sup> <br>| 1.27  | — <sup>(15)</sup> <br>| 9  |
| 10/1/20 to 9/30/21 | 40.21  | (0.11)  | 11.25  | 11.14  | —  | (3.37)  | (3.37)  | —  | 7.77  | 47.98  | 28.68  | 140807  | 1.26  | 1.26  | (0.23)  | 16  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $40.16  | (0.20)  | (1.11)  | (1.31)  | —  | (2.20)  | (2.20)  | —  | (3.51)  | $36.65  | (3.44) % | $27701  | 1.99 %  | 1.99 %  | (0.52) %  | 13 %  |
| 10/1/23 to 9/30/24 | 32.61  | (0.26)  | 9.71  | 9.45  | (0.03)  | (1.87)  | (1.90)  | —  | 7.55  | 40.16  | 29.88  | 57270  | 1.99  | 1.99  | (0.72)  | 5  |
| 10/1/22 to 9/30/23 | 28.70  | (0.16)  | 6.68  | 6.52  | —  | (2.61)  | (2.61)  | —  | 3.91  | 32.61  | 23.98  | 59235  | 1.99  | 1.99  | (0.52)  | 10  |
| 10/1/21 to 9/30/22 | 38.35  | (0.24)  | (3.57)  | (3.81)  | —  | (5.84)  | (5.84)  | —  | (9.65)  | 28.70  | (12.37)  | 58911  | 2.00 <sup>(9)</sup> <br>| 2.00  | (0.73)  | 9  |
| 10/1/20 to 9/30/21 | 32.95  | (0.35)  | 9.12  | 8.77  | —  | (3.37)  | (3.37)  | —  | 5.40  | 38.35  | 27.74  | 84992  | 1.99  | 1.99  | (0.93)  | 16  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **KAR Small-Cap Core** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $59.66  | 0.27  | (1.69)  | (1.42)  | (0.12)  | (2.20)  | (2.32)  | —  | (3.74)  | $55.92  | (2.48) % | $1368928  | 1.00 %  | 1.00 %  | 0.47 %  | 13 %  |
| 10/1/23 to 9/30/24 | 47.37  | 0.14  | 14.29  | 14.43  | (0.27)  | (1.87)  | (2.14)  | —  | 12.29  | 59.66  | 31.21  | 1491926  | 1.01  | 1.01  | 0.27  | 5  |
| 10/1/22 to 9/30/23 | 40.33  | 0.21  | 9.55  | 9.76  | (0.11)  | (2.61)  | (2.72)  | —  | 7.04  | 47.37  | 25.20  | 1146747  | 1.00  | 1.00  | 0.47  | 10  |
| 10/1/21 to 9/30/22 | 51.22  | 0.12  | (5.11)  | (4.99)  | (0.06)  | (5.84)  | (5.90)  | —  | (10.89)  | 40.33  | (11.51)  | 1008114  | 1.01 <sup>(9)</sup> <br>| 1.01  | 0.26  | 9  |
| 10/1/20 to 9/30/21 | 42.67  | 0.02  | 11.96  | 11.98  | (0.06)  | (3.37)  | (3.43)  | —  | 8.55  | 51.22  | 29.03  | 1278711  | 1.00  | 1.00  | 0.05  | 16  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $59.98  | 0.32  | (1.70)  | (1.38)  | (0.20)  | (2.20)  | (2.40)  | —  | (3.78)  | $56.20  | (2.41) % | $520662  | 0.92 %  | 0.92 %  | 0.55 %  | 13 %  |
| 10/1/23 to 9/30/24 | 47.62  | 0.19  | 14.36  | 14.55  | (0.32)  | (1.87)  | (2.19)  | —  | 12.36  | 59.98  | 31.31  | 589332  | 0.92  | 0.92  | 0.36  | 5  |
| 10/1/22 to 9/30/23 | 40.53  | 0.25  | 9.60  | 9.85  | (0.15)  | (2.61)  | (2.76)  | —  | 7.09  | 47.62  | 25.30  | 388523  | 0.92  | 0.92  | 0.55  | 10  |
| 10/1/21 to 9/30/22 | 51.45  | 0.16  | (5.12)  | (4.96)  | (0.12)  | (5.84)  | (5.96)  | —  | (10.92)  | 40.53  | (11.42)  | 320196  | 0.93 <sup>(9)</sup> <br>| 0.93  | 0.35  | 9  |
| 10/1/20 to 9/30/21 | 42.84  | 0.06  | 12.02  | 12.08  | (0.10)  | (3.37)  | (3.47)  | —  | 8.61  | 51.45  | 29.14  | 421653  | 0.92  | 0.92  | 0.12  | 16  |
| **KAR Small-Cap** <br> **Growth Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $34.50  | (0.15)  | (4.82)  | (4.97)  | —  | (3.43)  | (3.43)  | —  | (8.40)  | $26.10  | (16.21) % | $271816  | 1.39 % <sup>(8)</sup> <br>| 1.39 %  | (0.49) %  | 18 %  |
| 10/1/23 to 9/30/24 | 31.53  | (0.20)  | 4.93  | 4.73  | —  | (1.76)  | (1.76)  | —  | 2.97  | 34.50  | 15.66  | 402782  | 1.38 <sup>(8)</sup> <br>| 1.38  | (0.63)  | 21  |
| 10/1/22 to 9/30/23 | 32.27  | (0.20)  | 4.50  | 4.30  | —  | (5.04)  | (5.04)  | —  | (0.74)  | 31.53  | 15.15  | 416428  | 1.36 <sup>(8)</sup> <br>| 1.36  | (0.62)  | 7  |
| 10/1/21 to 9/30/22 | 53.81  | (0.37)  | (14.19)  | (14.56)  | —  | (6.98)  | (6.98)  | —  | (21.54)  | 32.27  | (31.04)  | 432185  | 1.34 <sup>(8)(9)</sup> <br>| 1.34  | (0.87)  | 12  |
| 10/1/20 to 9/30/21 | 49.00  | (0.52)  | 10.49  | 9.97  | —  | (5.16)  | (5.16)  | —  | 4.81  | 53.81  | 20.46  | 793106  | 1.34 <sup>(8)</sup> <br>| 1.34  | (0.97)  | 11  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $27.29  | (0.29)  | (3.66)  | (3.95)  | —  | (3.43)  | (3.43)  | —  | (7.38)  | $19.91  | (16.81) % | $38691  | 2.11 % <sup>(8)</sup> <br>| 2.11 %  | (1.20) %  | 18 %  |
| 10/1/23 to 9/30/24 | 25.47  | (0.34)  | 3.92  | 3.58  | —  | (1.76)  | (1.76)  | —  | 1.82  | 27.29  | 14.83  | 103291  | 2.10 <sup>(8)</sup> <br>| 2.10  | (1.36)  | 21  |
| 10/1/22 to 9/30/23 | 27.18  | (0.35)  | 3.68  | 3.33  | —  | (5.04)  | (5.04)  | —  | (1.71)  | 25.47  | 14.31  | 136793  | 2.08 <sup>(8)</sup> <br>| 2.08  | (1.36)  | 7  |
| 10/1/21 to 9/30/22 | 46.72  | (0.58)  | (11.98)  | (12.56)  | —  | (6.98)  | (6.98)  | —  | (19.54)  | 27.18  | (31.52)  | 163204  | 2.07 <sup>(8)(9)</sup> <br>| 2.07  | (1.61)  | 12  |
| 10/1/20 to 9/30/21 | 43.40  | (0.79)  | 9.27  | 8.48  | —  | (5.16)  | (5.16)  | —  | 3.32  | 46.72  | 19.60  | 319371  | 2.05 <sup>(8)</sup> <br>| 2.05  | (1.68)  | 11  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $36.34  | (0.07)  | (5.12)  | (5.19)  | —  | (3.43)  | (3.43)  | —  | (8.62)  | $27.72  | (15.98) % | $1211113  | 1.12 % <sup>(8)</sup> <br>| 1.12 %  | (0.21) %  | 18 %  |
| 10/1/23 to 9/30/24 | 33.04  | (0.12)  | 5.18  | 5.06  | —  | (1.76)  | (1.76)  | —  | 3.30  | 36.34  | 15.96  | 2189638  | 1.11 <sup>(8)</sup> <br>| 1.11  | (0.36)  | 21  |
| 10/1/22 to 9/30/23 | 33.50  | (0.12)  | 4.70  | 4.58  | —  | (5.04)  | (5.04)  | —  | (0.46)  | 33.04  | 15.47  | 2534160  | 1.09 <sup>(8)</sup> <br>| 1.09  | (0.36)  | 7  |
| 10/1/21 to 9/30/22 | 55.46  | (0.27)  | (14.71)  | (14.98)  | —  | (6.98)  | (6.98)  | —  | (21.96)  | 33.50  | (30.85)  | 2778744  | 1.08 <sup>(8)(9)</sup> <br>| 1.08  | (0.62)  | 12  |
| 10/1/20 to 9/30/21 | 50.25  | (0.38)  | 10.75  | 10.37  | —  | (5.16)  | (5.16)  | —  | 5.21  | 55.46  | 20.77  | 5346986  | 1.07 <sup>(8)</sup> <br>| 1.07  | (0.70)  | 11  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $36.67  | (0.04)  | (5.18)  | (5.22)  | —  | (3.43)  | (3.43)  | —  | (8.65)  | $28.02  | (15.91) % | $149286  | 1.01 % <sup>(8)</sup> <br>| 1.01 %  | (0.11) %  | 18 %  |
| 10/1/23 to 9/30/24 | 33.29  | (0.08)  | 5.22  | 5.14  | —  | (1.76)  | (1.76)  | —  | 3.38  | 36.67  | 16.08  | 227880  | 1.00 <sup>(8)</sup> <br>| 1.00  | (0.25)  | 21  |
| 10/1/22 to 9/30/23 | 33.68  | (0.08)  | 4.73  | 4.65  | —  | (5.04)  | (5.04)  | —  | (0.39)  | 33.29  | 15.61  | 225962  | 0.99 <sup>(8)</sup> <br>| 0.99  | (0.23)  | 7  |
| 10/1/21 to 9/30/22 | 55.68  | (0.22)  | (14.80)  | (15.02)  | —  | (6.98)  | (6.98)  | —  | (22.00)  | 33.68  | (30.80)  | 140696  | 0.99 <sup>(8)(9)</sup> <br>| 0.99  | (0.51)  | 12  |
| 10/1/20 to 9/30/21 | 50.39  | (0.32)  | 10.77  | 10.45  | —  | (5.16)  | (5.16)  | —  | 5.29  | 55.68  | 20.88  | 205549  | 0.98 <sup>(8)</sup> <br>| 0.98  | (0.58)  | 11  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **KAR Small-Cap** <br> **Value Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $26.30  | 0.05  | (0.25)  | (0.20)  | (0.12)  | (1.06)  | (1.18)  | —  | (1.38)  | $24.92  | (0.88) % | $88271  | 1.22 % <sup>(8)</sup> <br>| 1.22 %  | 0.21 %  | 12 %  |
| 10/1/23 to 9/30/24 | 21.74  | 0.12  | 5.13  | 5.25  | (0.12)  | (0.57)  | (0.69)  | —  | 4.56  | 26.30  | 24.49  | 100388  | 1.21 <sup>(8)</sup> <br>| 1.21  | 0.50  | 6  |
| 10/1/22 to 9/30/23 | 20.31  | 0.12  | 1.98  | 2.10  | (0.09)  | (0.58)  | (0.67)  | —  | 1.43  | 21.74  | 10.42  | 88472  | 1.21 <sup>(8)</sup> <br>| 1.21  | 0.53  | 11  |
| 10/1/21 to 9/30/22 | 27.28  | 0.05  | (6.53)  | (6.48)  | (0.02)  | (0.47)  | (0.49)  | —  | (6.97)  | 20.31  | (24.26)  | 90204  | 1.21 <sup>(8)(9)</sup> <br>| 1.21  | 0.19  | 9  |
| 10/1/20 to 9/30/21 | 19.97  | 0.04  | 7.42  | 7.46  | (0.15)  | —  | (0.15)  | —  | 7.31  | 27.28  | 37.45  | 130975  | 1.20 <sup>(8)</sup> <br>| 1.20  | 0.14  | 13  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $25.17  | (0.14)  | (0.24)  | (0.38)  | —  | (1.06)  | (1.06)  | —  | (1.44)  | $23.73  | (1.66) % | $9832  | 1.99 % <sup>(8)</sup> <br>| 1.99 %  | (0.55) %  | 12 %  |
| 10/1/23 to 9/30/24 | 20.88  | (0.06)  | 4.92  | 4.86  | —  | (0.57)  | (0.57)  | —  | 4.29  | 25.17  | 23.56  | 11994  | 1.98 <sup>(8)</sup> <br>| 1.98  | (0.28)  | 6  |
| 10/1/22 to 9/30/23 | 19.59  | (0.05)  | 1.92  | 1.87  | —  | (0.58)  | (0.58)  | —  | 1.29  | 20.88  | 9.59  | 12289  | 1.97 <sup>(8)</sup> <br>| 1.97  | (0.23)  | 11  |
| 10/1/21 to 9/30/22 | 26.51  | (0.14)  | (6.31)  | (6.45)  | —  | (0.47)  | (0.47)  | —  | (6.92)  | 19.59  | (24.84)  | 13446  | 1.98 <sup>(8)(9)</sup> <br>| 1.98  | (0.58)  | 9  |
| 10/1/20 to 9/30/21 | 19.44  | (0.16)  | 7.24  | 7.08  | (0.01)  | —  | (0.01)  | —  | 7.07  | 26.51  | 36.44  | 21623  | 1.96 <sup>(8)</sup> <br>| 1.96  | (0.60)  | 13  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $26.42  | 0.11  | (0.25)  | (0.14)  | (0.19)  | (1.06)  | (1.25)  | —  | (1.39)  | $25.03  | (0.67) % | $621677  | 0.99 % <sup>(8)</sup> <br>| 0.99 %  | 0.45 %  | 12 %  |
| 10/1/23 to 9/30/24 | 21.80  | 0.18  | 5.16  | 5.34  | (0.15)  | (0.57)  | (0.72)  | —  | 4.62  | 26.42  | 24.87  | 614613  | 0.96 <sup>(8)</sup> <br>| 0.96  | 0.74  | 6  |
| 10/1/22 to 9/30/23 | 20.36  | 0.17  | 1.98  | 2.15  | (0.13)  | (0.58)  | (0.71)  | —  | 1.44  | 21.80  | 10.65  | 572969  | 0.98 <sup>(8)</sup> <br>| 0.98  | 0.78  | 11  |
| 10/1/21 to 9/30/22 | 27.30  | 0.11  | (6.54)  | (6.43)  | (0.04)  | (0.47)  | (0.51)  | —  | (6.94)  | 20.36  | (24.08)  | 756418  | 0.98 <sup>(8)(9)</sup> <br>| 0.98  | 0.42  | 9  |
| 10/1/20 to 9/30/21 | 19.97  | 0.10  | 7.43  | 7.53  | (0.20)  | —  | (0.20)  | —  | 7.33  | 27.30  | 37.83  | 1190498  | 0.96 <sup>(8)</sup> <br>| 0.96  | 0.38  | 13  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $26.51  | 0.14  | (0.26)  | (0.12)  | (0.19)  | (1.06)  | (1.25)  | —  | (1.37)  | $25.14  | (0.58) % | $40127  | 0.89 % <sup>(8)</sup> <br>| 0.89 %  | 0.55 %  | 12 %  |
| 10/1/23 to 9/30/24 | 21.91  | 0.20  | 5.18  | 5.38  | (0.21)  | (0.57)  | (0.78)  | —  | 4.60  | 26.51  | 24.94  | 51597  | 0.90 <sup>(8)</sup> <br>| 0.90  | 0.82  | 6  |
| 10/1/22 to 9/30/23 | 20.39  | 0.19  | 1.99  | 2.18  | (0.08)  | (0.58)  | (0.66)  | —  | 1.52  | 21.91  | 10.78  | 47355  | 0.89 <sup>(8)</sup> <br>| 0.89  | 0.85  | 11  |
| 10/1/21 to 9/30/22 | 27.33  | 0.13  | (6.55)  | (6.42)  | (0.05)  | (0.47)  | (0.52)  | —  | (6.94)  | 20.39  | (24.03)  | 34066  | 0.89 <sup>(8)(9)</sup> <br>| 0.89  | 0.52  | 9  |
| 10/1/20 to 9/30/21 | 20.00  | 0.12  | 7.43  | 7.55  | (0.22)  | —  | (0.22)  | —  | 7.33  | 27.33  | 37.85  | 81914  | 0.89 <sup>(8)</sup> <br>| 0.89  | 0.46  | 13  |
| **KAR Small-Mid Cap** <br> **Core Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $20.74  | (0.06)  | (0.57)  | (0.63)  | —  | (0.09)  | (0.09)  | —  | (0.72)  | $20.02  | (3.05) % | $69115  | 1.24 % <sup>(8)</sup> <br>| 1.24 %  | (0.28) %  | 15 %  |
| 10/1/23 to 9/30/24 | 16.49  | (0.04)  | 4.29  | 4.25  | —  | —  | —  | —  | 4.25  | 20.74  | 25.77  | 71957  | 1.25 <sup>(8)</sup> <br>| 1.25  | (0.24)  | 7  |
| 10/1/22 to 9/30/23 | 13.53  | (0.05)  | 3.01  | 2.96  | —  | —  | —  | —  | 2.96  | 16.49  | 21.88  | 52713  | 1.26 <sup>(8)(16)</sup> <br>| 1.26  | (0.29)  | 18  |
| 10/1/21 to 9/30/22 | 18.67  | (0.10)  | (4.82)  | (4.92)  | —  | (0.22)  | (0.22)  | —  | (5.14)  | 13.53  | (26.69)  | 34319  | 1.31 <sup>(8)(9)(16)</sup> <br>| 1.27  | (0.60)  | 19  |
| 10/1/20 to 9/30/21 | 14.43  | (0.14)  | 4.38  | 4.24  | —  | —  | —  | —  | 4.24  | 18.67  | 29.38  | 48485  | 1.30  | 1.30  | (0.77)  | 7  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $19.74  | (0.20)  | (0.55)  | (0.75)  | —  | (0.09)  | (0.09)  | —  | (0.84)  | $18.90  | (3.81) % | $46106  | 2.00 % <sup>(8)</sup> <br>| 2.00 %  | (1.04) %  | 15 %  |
| 10/1/23 to 9/30/24 | 15.81  | (0.18)  | 4.11  | 3.93  | —  | —  | —  | —  | 3.93  | 19.74  | 24.86  | 50413  | 2.01 <sup>(8)</sup> <br>| 2.01  | (1.00)  | 7  |
| 10/1/22 to 9/30/23 | 13.07  | (0.16)  | 2.90  | 2.74  | —  | —  | —  | —  | 2.74  | 15.81  | 20.96  | 35836  | 2.04 <sup>(8)(16)</sup> <br>| 2.03  | (1.07)  | 18  |
| 10/1/21 to 9/30/22 | 18.18  | (0.22)  | (4.67)  | (4.89)  | —  | (0.22)  | (0.22)  | —  | (5.11)  | 13.07  | (27.25)  | 26271  | 2.04 <sup>(8)(9)(16)</sup> <br>| 2.03  | (1.33)  | 19  |
| 10/1/20 to 9/30/21 | 14.16  | (0.27)  | 4.29  | 4.02  | —  | —  | —  | —  | 4.02  | 18.18  | 28.39  | 30401  | 2.05 <sup>(8)(16)</sup> <br>| 2.03  | (1.52)  | 7  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **KAR Small-Mid Cap** <br> **Core** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.08  | — <sup>(10)</sup> <br>| (0.59)  | (0.59)  | —  | (0.09)  | (0.09)  | —  | (0.68)  | $20.40  | (2.81) % | $1807526  | 0.98 % <sup>(8)</sup> <br>| 0.98 %  | (0.02) %  | 15 %  |
| 10/1/23 to 9/30/24 | 16.71  | — <sup>(10)</sup> <br>| 4.37  | 4.37  | —  | —  | —  | —  | 4.37  | 21.08  | 26.15  | 1875537  | 0.99 <sup>(8)</sup> <br>| 0.99  | 0.02  | 7  |
| 10/1/22 to 9/30/23 | 13.68  | (0.01)  | 3.04  | 3.03  | —  | —  | —  | —  | 3.03  | 16.71  | 22.15  | 1178304  | 1.01 <sup>(8)(16)</sup> <br>| 1.01  | (0.04)  | 18  |
| 10/1/21 to 9/30/22 | 18.82  | (0.05)  | (4.87)  | (4.92)  | —  | (0.22)  | (0.22)  | —  | (5.14)  | 13.68  | (26.47)  | 877405  | 1.02 <sup>(8)(9)</sup> <br>| 1.02  | (0.31)  | 19  |
| 10/1/20 to 9/30/21 | 14.51  | (0.09)  | 4.40  | 4.31  | — <sup>(10)</sup> <br>| —  | — <sup>(10)</sup> <br>| —  | 4.31  | 18.82  | 29.72  | 1168320  | 1.02 <sup>(8)(16)</sup> <br>| 1.01  | (0.49)  | 7  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.17  | 0.01  | (0.58)  | (0.57)  | —  | (0.09)  | (0.09)  | —  | (0.66)  | $20.51  | (2.70) % | $223228  | 0.89 % <sup>(8)</sup> <br>| 0.89 %  | 0.07 %  | 15 %  |
| 10/1/23 to 9/30/24 | 16.78  | 0.02  | 4.37  | 4.39  | —  | —  | —  | —  | 4.39  | 21.17  | 26.16  | 227985  | 0.90 <sup>(8)</sup> <br>| 0.90  | 0.11  | 7  |
| 10/1/22 to 9/30/23 | 13.71  | 0.01  | 3.06  | 3.07  | —  | —  | —  | —  | 3.07  | 16.78  | 22.39  | 66911  | 0.92 <sup>(8)(16)</sup> <br>| 0.92  | 0.09  | 18  |
| 10/1/21 to 9/30/22 | 18.87  | (0.05)  | (4.89)  | (4.94)  | —  | (0.22)  | (0.22)  | —  | (5.16)  | 13.71  | (26.51)  | 14051  | 0.98 <sup>(8)(9)(16)</sup> <br>| 0.93  | (0.28)  | 19  |
| 10/1/20 to 9/30/21 | 14.54  | (0.08)  | 4.42  | 4.34  | (0.01)  | —  | (0.01)  | —  | 4.33  | 18.87  | 29.82  | 16335  | 0.97 <sup>(8)(16)</sup> <br>| 0.92  | (0.44)  | 7  |
| **KAR Small-Mid Cap** <br> **Growth Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $11.06  | (0.08)  | (0.04)  | (0.12)  | —  | —  | —  | —  | (0.12)  | $10.94  | (1.09) % | $484  | 1.30 %  | 2.26 %  | (0.73) %  | 24 %  |
| 10/1/23 to 9/30/24 | 9.10  | (0.07)  | 2.03  | 1.96  | —  | —  | —  | —  | 1.96  | 11.06  | 21.54  | 613  | 1.31 <sup>(17)</sup> <br>| 2.13  | (0.75)  | 37  |
| 10/1/22 to 9/30/23 | 7.73  | (0.06)  | 1.43  | 1.37  | —  | —  | —  | —  | 1.37  | 9.10  | 17.72  | 3321  | 1.30  | 2.25  | (0.61)  | 14  |
| 10/1/21 to 9/30/22 | 10.70  | (0.10)  | (2.87)  | (2.97)  | —  | —  | —  | —  | (2.97)  | 7.73  | (27.76)  | 435  | 1.31 <sup>(9)</sup> <br>| 2.77  | (1.04)  | 27  |
| 12/8/20<sup>(18)</sup> to 9/30/21 | 10.00  | (0.09)  | 0.79  | 0.70  | —  | —  | —  | —  | 0.70  | 10.70  | 7.00  | 725  | 1.30  | 4.06  | (1.05)  | 14 <sup>(19)</sup> <br>|
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.75  | (0.17)  | (0.02)  | (0.19)  | —  | —  | —  | —  | (0.19)  | $10.56  | (1.77) % | $22  | 2.05 %  | 3.08 %  | (1.58) %  | 24 %  |
| 10/1/23 to 9/30/24 | 8.91  | (0.13)  | 1.97  | 1.84  | —  | —  | —  | —  | 1.84  | 10.75  | 20.65  | 126  | 2.06 <sup>(17)</sup> <br>| 2.82  | (1.35)  | 37  |
| 10/1/22 to 9/30/23 | 7.63  | (0.12)  | 1.40  | 1.28  | —  | —  | —  | —  | 1.28  | 8.91  | 16.78  | 101  | 2.05  | 2.92  | (1.45)  | 14  |
| 10/1/21 to 9/30/22 | 10.63  | (0.16)  | (2.84)  | (3.00)  | —  | —  | —  | —  | (3.00)  | 7.63  | (28.22)  | 98  | 2.06 <sup>(9)</sup> <br>| 3.44  | (1.77)  | 27  |
| 12/8/20<sup>(18)</sup> to 9/30/21 | 10.00  | (0.15)  | 0.78  | 0.63  | —  | —  | —  | —  | 0.63  | 10.63  | 6.30  | 119  | 2.05  | 4.88  | (1.82)  | 14 <sup>(19)</sup> <br>|
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $11.17  | (0.05)  | (0.04)  | (0.09)  | —  | —  | —  | —  | (0.09)  | $11.08  | (0.81) % | $3234  | 1.05 %  | 2.05 %  | (0.47) %  | 24 %  |
| 10/1/23 to 9/30/24 | 9.17  | (0.04)  | 2.04  | 2.00  | —  | —  | —  | —  | 2.00  | 11.17  | 21.81  | 3501  | 1.06 <sup>(17)</sup> <br>| 1.85  | (0.36)  | 37  |
| 10/1/22 to 9/30/23 | 7.77  | (0.04)  | 1.44  | 1.40  | —  | —  | —  | —  | 1.40  | 9.17  | 18.02  | 2715  | 1.05  | 1.98  | (0.42)  | 14  |
| 10/1/21 to 9/30/22 | 10.72  | (0.07)  | (2.88)  | (2.95)  | —  | —  | —  | —  | (2.95)  | 7.77  | (27.52)  | 1940  | 1.06 <sup>(9)</sup> <br>| 2.58  | (0.76)  | 27  |
| 12/8/20<sup>(18)</sup> to 9/30/21 | 10.00  | (0.07)  | 0.79  | 0.72  | —  | —  | —  | —  | 0.72  | 10.72  | 7.20  | 1998  | 1.05  | 3.83  | (0.79)  | 14 <sup>(19)</sup> <br>|
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $11.19  | (0.04)  | (0.04)  | (0.08)  | —  | —  | —  | —  | (0.08)  | $11.11  | (0.71) % | $3830  | 0.99 %  | 1.92 %  | (0.40) %  | 24 %  |
| 10/1/23 to 9/30/24 | 9.18  | (0.03)  | 2.04  | 2.01  | —  | —  | —  | —  | 2.01  | 11.19  | 21.90  | 3805  | 1.00 <sup>(17)</sup> <br>| 1.72  | (0.30)  | 37  |
| 10/1/22 to 9/30/23 | 7.78  | (0.03)  | 1.43  | 1.40  | —  | —  | —  | —  | 1.40  | 9.18  | 17.99  | 3127  | 0.99  | 1.86  | (0.38)  | 14  |
| 10/1/21 to 9/30/22 | 10.73  | (0.07)  | (2.88)  | (2.95)  | —  | —  | —  | —  | (2.95)  | 7.78  | (27.49)  | 2664  | 1.00 <sup>(9)</sup> <br>| 2.45  | (0.71)  | 27  |
| 12/8/20<sup>(18)</sup> to 9/30/21 | 10.00  | (0.07)  | 0.80  | 0.73  | —  | —  | —  | —  | 0.73  | 10.73  | 7.30  | 3241  | 0.99  | 3.79  | (0.76)  | 14 <sup>(19)</sup> <br>|

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **KAR Small-Mid Cap** <br> **Value Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.53  | 0.01  | (0.28)  | (0.27)  | (0.04)  | —  | (0.04)  | —  | (0.31)  | $10.22  | (2.59) % | $1381  | 1.17 %  | 2.56 %  | 0.11 %  | 20 %  |
| 10/1/23 to 9/30/24 | 8.49  | 0.04  | 2.04  | 2.08  | (0.04)  | —  | (0.04)  | —  | 2.04  | 10.53  | 24.61  | 1615  | 1.17  | 2.29  | 0.38  | 8  |
| 10/1/22 to 9/30/23 | 7.77  | 0.05  | 0.72  | 0.77  | (0.05)  | —  | (0.05)  | —  | 0.72  | 8.49  | 9.96  | 1207  | 1.17  | 2.20  | 0.56  | 15  |
| 10/1/21 to 9/30/22 | 9.64  | 0.03  | (1.88)  | (1.85)  | (0.02)  | —  | (0.02)  | —  | (1.87)  | 7.77  | (19.25)  | 698  | 1.20 <sup>(9)</sup> <br>| 4.12  | 0.29  | 19  |
| 8/3/21<sup>(18)</sup> to 9/30/21 | 10.00  | — <sup>(10)</sup> <br>| (0.36)  | (0.36)  | —  | —  | —  | —  | (0.36)  | 9.64  | (3.60)  | 127  | 1.17  | 12.81  | 0.09  | 0  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.42  | (0.07)  | (0.29)  | (0.36)  | —  | —  | —  | —  | (0.36)  | $10.06  | (3.45) % | $113  | 1.92 %  | 3.32 %  | (0.65) %  | 20 %  |
| 10/1/23 to 9/30/24 | 8.42  | (0.04)  | 2.04  | 2.00  | —  | —  | —  | —  | 2.00  | 10.42  | 23.75  | 110  | 1.92  | 3.05  | (0.38)  | 8  |
| 10/1/22 to 9/30/23 | 7.71  | (0.02)  | 0.73  | 0.71  | —  | —  | —  | —  | 0.71  | 8.42  | 9.21  | 87  | 1.92  | 2.96  | (0.20)  | 15  |
| 10/1/21 to 9/30/22 | 9.63  | (0.04)  | (1.88)  | (1.92)  | —  | —  | —  | —  | (1.92)  | 7.71  | (19.94)  | 80  | 1.93 <sup>(9)</sup> <br>| 4.86  | (0.46)  | 19  |
| 8/3/21<sup>(18)</sup> to 9/30/21 | 10.00  | (0.01)  | (0.36)  | (0.37)  | —  | —  | —  | —  | (0.37)  | 9.63  | (3.70)  | 99  | 1.92  | 13.87  | (0.71)  | 0  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.58  | 0.04  | (0.30)  | (0.26)  | (0.06)  | —  | (0.06)  | —  | (0.32)  | $10.26  | (2.51) % | $896  | 0.92 %  | 2.43 %  | 0.35 %  | 20 %  |
| 10/1/23 to 9/30/24 | 8.52  | 0.06  | 2.07  | 2.13  | (0.07)  | —  | (0.07)  | —  | 2.06  | 10.58  | 25.07  | 1142  | 0.92  | 2.17  | 0.61  | 8  |
| 10/1/22 to 9/30/23 | 7.76  | 0.07  | 0.73  | 0.80  | (0.04)  | —  | (0.04)  | —  | 0.76  | 8.52  | 10.29  | 1150  | 0.92  | 2.07  | 0.81  | 15  |
| 10/1/21 to 9/30/22 | 9.64  | 0.04  | (1.87)  | (1.83)  | (0.05)  | —  | (0.05)  | —  | (1.88)  | 7.76  | (19.10)  | 413  | 0.94 <sup>(9)</sup> <br>| 3.89  | 0.47  | 19  |
| 8/3/21<sup>(18)</sup> to 9/30/21 | 10.00  | — <sup>(10)</sup> <br>| (0.36)  | (0.36)  | —  | —  | —  | —  | (0.36)  | 9.64  | (3.60)  | 97  | 0.92  | 12.88  | 0.29  | 0  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.63  | 0.05  | (0.30)  | (0.25)  | (0.07)  | —  | (0.07)  | —  | (0.32)  | $10.31  | (2.37) % | $3166  | 0.82 %  | 2.29 %  | 0.46 %  | 20 %  |
| 10/1/23 to 9/30/24 | 8.56  | 0.07  | 2.08  | 2.15  | (0.08)  | —  | (0.08)  | —  | 2.07  | 10.63  | 25.18  | 3683  | 0.82  | 2.01  | 0.72  | 8  |
| 10/1/22 to 9/30/23 | 7.78  | 0.08  | 0.73  | 0.81  | (0.03)  | —  | (0.03)  | —  | 0.78  | 8.56  | 10.37  | 3313  | 0.82  | 1.92  | 0.90  | 15  |
| 10/1/21 to 9/30/22 | 9.65  | 0.06  | (1.89)  | (1.83)  | (0.04)  | —  | (0.04)  | —  | (1.87)  | 7.78  | (19.09)  | 2719  | 0.83 <sup>(9)</sup> <br>| 3.83  | 0.63  | 19  |
| 8/3/21<sup>(18)</sup> to 9/30/21 | 10.00  | 0.01  | (0.36)  | (0.35)  | —  | —  | —  | —  | (0.35)  | 9.65  | (3.50)  | 2604  | 0.82  | 12.82  | 0.47  | 0  |
| **SGA Global Growth** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $29.16  | (0.11)  | 0.63  | 0.52  | —  | (6.22)  | (6.22)  | —  | (5.70)  | $23.46  | 2.36% | $100476  | 1.26 % <sup>(20)</sup> <br>| 1.37 %  | (0.46) %  | 37 %  |
| 10/1/23 to 9/30/24 | 23.54  | (0.09)  | 5.71  | 5.62  | —  | —  | —  | —  | 5.62  | 29.16  | 23.87  | 121754  | 1.27 <sup>(20)(21)</sup> <br>| 1.45  | (0.32)  | 32 <sup>(22)</sup> <br>|
| 10/1/22 to 9/30/23 | 19.49  | (0.11)  | 4.70  | 4.59  | —  | (0.54)  | (0.54)  | —  | 4.05  | 23.54  | 23.95  | 22363  | 1.34 <sup>(21)</sup> <br>| 1.46  | (0.48)  | 24  |
| 10/1/21 to 9/30/22 | 30.69  | (0.18)  | (8.97)  | (9.15)  | —  | (2.05)  | (2.05)  | —  | (11.20)  | 19.49  | (31.91)  | 18375  | 1.39 <sup>(9)</sup> <br>| 1.45  | (0.71)  | 37  |
| 10/1/20 to 9/30/21 | 26.54  | (0.24)  | 5.33  | 5.09  | —  | (0.94)  | (0.94)  | —  | 4.15  | 30.69  | 19.49  | 34690  | 1.38  | 1.47  | (0.79)  | 40  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $26.48  | (0.26)  | 0.55  | 0.29  | —  | (6.22)  | (6.22)  | —  | (5.93)  | $20.55  | 1.60% | $4354  | 2.01 % <sup>(20)</sup> <br>| 2.13 %  | (1.22) %  | 37 %  |
| 10/1/23 to 9/30/24 | 21.54  | (0.27)  | 5.21  | 4.94  | —  | —  | —  | —  | 4.94  | 26.48  | 22.93  | 7994  | 2.02 <sup>(20)(21)</sup> <br>| 2.17  | (1.11)  | 32 <sup>(22)</sup> <br>|
| 10/1/22 to 9/30/23 | 18.01  | (0.26)  | 4.33  | 4.07  | —  | (0.54)  | (0.54)  | —  | 3.53  | 21.54  | 23.01  | 3726  | 2.09 <sup>(21)</sup> <br>| 2.18  | (1.25)  | 24  |
| 10/1/21 to 9/30/22 | 28.71  | (0.35)  | (8.30)  | (8.65)  | —  | (2.05)  | (2.05)  | —  | (10.70)  | 18.01  | (32.40)  | 3767  | 2.14 <sup>(8)(9)(16)</sup> <br>| 2.14  | (1.47)  | 37  |
| 10/1/20 to 9/30/21 | 25.06  | (0.43)  | 5.02  | 4.59  | —  | (0.94)  | (0.94)  | —  | 3.65  | 28.71  | 18.62  | 7326  | 2.13  | 2.14  | (1.54)  | 40  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **SGA Global Growth** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $29.62  | (0.06)  | 0.65  | 0.59  | —  | (6.22)  | (6.22)  | —  | (5.63)  | $23.99  | 2.60% | $41248  | 1.01 % <sup>(20)</sup> <br>| 1.13 %  | (0.24) %  | 37 %  |
| 10/1/23 to 9/30/24 | 23.85  | (0.02)  | 5.79  | 5.77  | —  | —  | —  | —  | 5.77  | 29.62  | 24.19  | 107559  | 1.02 <sup>(20)(21)</sup> <br>| 1.19  | (0.08)  | 32 <sup>(22)</sup> <br>|
| 10/1/22 to 9/30/23 | 19.69  | (0.06)  | 4.76  | 4.70  | —  | (0.54)  | (0.54)  | —  | 4.16  | 23.85  | 24.27  | 24356  | 1.09 <sup>(21)</sup> <br>| 1.19  | (0.26)  | 24  |
| 10/1/21 to 9/30/22 | 30.91  | (0.12)  | (9.05)  | (9.17)  | —  | (2.05)  | (2.05)  | —  | (11.22)  | 19.69  | (31.74)  | 33241  | 1.14 <sup>(9)</sup> <br>| 1.18  | (0.47)  | 37  |
| 10/1/20 to 9/30/21 | 26.66  | (0.16)  | 5.35  | 5.19  | —  | (0.94)  | (0.94)  | —  | 4.25  | 30.91  | 19.78  | 53546  | 1.13  | 1.15  | (0.52)  | 40  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $30.78  | (0.03)  | 0.67  | 0.64  | —  | (6.22)  | (6.22)  | —  | (5.58)  | $25.20  | 2.68% | $75439  | 0.91 % <sup>(20)</sup> <br>| 1.04 %  | (0.11) %  | 37 %  |
| 10/1/23 to 9/30/24 | 24.75  | — <sup>(10)</sup> <br>| 6.03  | 6.03  | —  | —  | —  | —  | 6.03  | 30.78  | 24.36  | 101757  | 0.90 <sup>(20)</sup> <br>| 1.04  | — <sup>(15)</sup> <br>| 32 <sup>(22)</sup> <br>|
| 10/1/22 to 9/30/23 | 20.38  | (0.01)  | 4.92  | 4.91  | —  | (0.54)  | (0.54)  | —  | 4.37  | 24.75  | 24.49  | 60430  | 0.90  | 1.06  | (0.05)  | 24  |
| 10/1/21 to 9/30/22 | 31.85  | (0.06)  | (9.36)  | (9.42)  | —  | (2.05)  | (2.05)  | —  | (11.47)  | 20.38  | (31.58)  | 54339  | 0.91 <sup>(9)</sup> <br>| 1.04  | (0.22)  | 37  |
| 10/1/20 to 9/30/21 | 27.38  | (0.10)  | 5.51  | 5.41  | —  | (0.94)  | (0.94)  | —  | 4.47  | 31.85  | 20.07  | 80122  | 0.90  | 1.03  | (0.31)  | 40  |
| **Tactical Allocation** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $11.94  | 0.20  | 0.54  | 0.74  | (0.21)  | (1.23)  | (1.44)  | —  | (0.70)  | $11.24  | 7.04% | $603217  | 0.99 % <sup>(20)</sup> <br>| 1.07 %  | 1.78 %  | 46 %  |
| 10/1/23 to 9/30/24 | 9.53  | 0.15  | 2.50  | 2.65  | (0.16)  | (0.08)  | (0.24)  | —  | 2.41  | 11.94  | 28.01  | 634143  | 0.99  | 1.07  | 1.42  | 37  |
| 10/1/22 to 9/30/23 | 8.89  | 0.12  | 1.22  | 1.34  | (0.12)  | (0.58)  | (0.70)  | —  | 0.64  | 9.53  | 15.81  | 557103  | 0.99  | 1.07  | 1.26  | 23  |
| 10/1/21 to 9/30/22 | 13.86  | 0.07  | (4.06)  | (3.99)  | (0.07)  | (0.91)  | (0.98)  | —  | (4.97)  | 8.89  | (31.03)  | 542371  | 1.00 <sup>(9)</sup> <br>| 1.06  | 0.60  | 24  |
| 10/1/20 to 9/30/21 | 12.10  | 0.04  | 1.97  | 2.01  | (0.05)  | (0.20)  | (0.25)  | —  | 1.76  | 13.86  | 16.69  | 869209  | 1.01 <sup>(9)</sup> <br>| 1.07  | 0.30  | 46  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $12.23  | 0.12  | 0.56  | 0.68  | (0.12)  | (1.23)  | (1.35)  | —  | (0.67)  | $11.56  | 6.23% | $6181  | 1.75 % <sup>(20)</sup> <br>| 1.88 %  | 1.01 %  | 46 %  |
| 10/1/23 to 9/30/24 | 9.75  | 0.07  | 2.56  | 2.63  | (0.07)  | (0.08)  | (0.15)  | —  | 2.48  | 12.23  | 27.08  | 7866  | 1.75  | 1.87  | 0.65  | 37  |
| 10/1/22 to 9/30/23 | 9.08  | 0.05  | 1.24  | 1.29  | (0.04)  | (0.58)  | (0.62)  | —  | 0.67  | 9.75  | 14.92  | 9183  | 1.75  | 1.87  | 0.49  | 23  |
| 10/1/21 to 9/30/22 | 14.19  | (0.03)  | (4.15)  | (4.18)  | (0.02)  | (0.91)  | (0.93)  | —  | (5.11)  | 9.08  | (31.56)  | 12326  | 1.76 <sup>(9)</sup> <br>| 1.87  | (0.22)  | 24  |
| 10/1/20 to 9/30/21 | 12.44  | (0.06)  | 2.02  | 1.96  | (0.01)  | (0.20)  | (0.21)  | —  | 1.75  | 14.19  | 15.82  | 33401  | 1.77 <sup>(9)</sup> <br>| 1.88  | (0.46)  | 46  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $11.91  | 0.22  | 0.54  | 0.76  | (0.24)  | (1.23)  | (1.47)  | —  | (0.71)  | $11.20  | 7.22% | $23632  | 0.76 % <sup>(20)</sup> <br>| 0.87 %  | 2.02 %  | 46 %  |
| 10/1/23 to 9/30/24 | 9.50  | 0.18  | 2.49  | 2.67  | (0.18)  | (0.08)  | (0.26)  | —  | 2.41  | 11.91  | 28.39  | 24000  | 0.76  | 0.87  | 1.65  | 37  |
| 10/1/22 to 9/30/23 | 8.86  | 0.14  | 1.22  | 1.36  | (0.14)  | (0.58)  | (0.72)  | —  | 0.64  | 9.50  | 16.11  | 22540  | 0.76  | 0.86  | 1.49  | 23  |
| 10/1/21 to 9/30/22 | 13.82  | 0.09  | (4.05)  | (3.96)  | (0.09)  | (0.91)  | (1.00)  | —  | (4.96)  | 8.86  | (30.90)  | 25520  | 0.77 <sup>(9)</sup> <br>| 0.86  | 0.80  | 24  |
| 10/1/20 to 9/30/21 | 12.07  | 0.07  | 1.96  | 2.03  | (0.08)  | (0.20)  | (0.28)  | —  | 1.75  | 13.82  | 16.88  | 51887  | 0.78 <sup>(9)</sup> <br>| 0.86  | 0.55  | 46  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $11.89  | 0.24  | 0.54  | 0.78  | (0.26)  | (1.23)  | (1.49)  | —  | (0.71)  | $11.18  | 7.41% | $1498  | 0.60 % <sup>(20)</sup> <br>| 0.76 %  | 2.17 %  | 46 %  |
| 10/1/23 to 9/30/24 | 9.49  | 0.20  | 2.48  | 2.68  | (0.20)  | (0.08)  | (0.28)  | —  | 2.40  | 11.89  | 28.52  | 1582  | 0.60  | 0.76  | 1.83  | 37  |
| 10/1/22 to 9/30/23 | 8.87  | 0.15  | 1.22  | 1.37  | (0.17)  | (0.58)  | (0.75)  | —  | 0.62  | 9.49  | 16.26  | 1537  | 0.60  | 0.77  | 1.57  | 23  |
| 10/1/21 to 9/30/22 | 13.83  | 0.11  | (4.05)  | (3.94)  | (0.11)  | (0.91)  | (1.02)  | —  | (4.96)  | 8.87  | (30.73)  | 75  | 0.61 <sup>(9)</sup> <br>| 0.70  | 1.00  | 24  |
| 10/20/20<sup>(18)</sup> to <br> 9/30/21<br>| 12.48  | 0.09  | 1.55  | 1.64  | (0.09)  | (0.20)  | (0.29)  | —  | 1.35  | 13.83  | 13.23  | 112  | 0.62 <sup>(9)</sup> <br>| 0.86  | 0.70  | 46 <sup>(19)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | |
|:---|:---|
| **Footnote Legend:**  | **Footnote Legend:**  |
| (1) | Calculated using average shares outstanding.  |
| (2) | Sales charges, where applicable, are not reflected in the total return calculation. |
| (3) | Not annualized for periods less than one year.  |
| (4) | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| (5) | Annualized for periods less than one year. |
| (6) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation <br> of this ratio.<br>|
| (7) | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| (8) | The share class is currently under its expense limitation.  |
| (9) | Net expense ratio includes extraordinary proxy expenses. |
| (10) | Amount is less than $0.005 per share. |
| (11) | Net expense ratio includes reorganization expenses. |
| (12) | The cost of purchases and proceeds from sales related to the merger excluded from the portfolio turnover were $15,742 and $17,276, respectively. Please see <br> Note 12 in Notes to Financial Statements.<br>|
| (13) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| (14) | Payment from affiliates had no impact on total return. |
| (15) | Amount is less than 0.005%. |
| (16) | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
| (17) | Ratios of total expenses excluding interest expense on borrowings for the year ended September 30, 2024, were 1.30% (Class A), 2.05% (Class C), 1.05% <br> (Class I) and 0.99% (Class R6).<br>|
| (18) | Inception date. |
| (19) | Portfolio turnover is representative of the Fund for the entire period. |
| (20) | Net expense ratio includes extraordinary European Union tax reclaim expenses. |
| (21) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| (22) | The cost of purchases and proceeds from sales related to the merger excluded from the portfolio turnover were $201,512 and $200,030, respectively. Please see <br> Note 12 in Notes to Financial Statements.<br>|

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025**

**Note 1. Organization**

Virtus Equity Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, the Trust is comprised of 12 funds (each a "Fund" or collectively, the "Funds"), each reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds are diversified. *There is no guarantee that a Fund will achieve its objective(s).*

All of the Funds offer Class A shares, Class C shares, Class I shares and Class R6 shares.

Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 1% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Class I shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I shares. Class I shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

**Note 2. Significant Accounting Policies**

**($ reported in thousands)** 

The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Security Valuation** 

The Funds' Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to a Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Security Transactions and Investment Income**

Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Income Taxes**

Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Funds believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, may reduce the amount of foreign taxes, if any, that a Fund could elect to pass-through- to its shareholders from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Fund were previously pass-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders).

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the IRS for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Distributions to Shareholders**

Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Expenses**

Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used.

In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Foreign Currency Transactions**

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Payment-In-Kind Securities**

Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**When-Issued Purchases and Forward Commitments (Delayed Delivery)**

Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**Leveraged Loans**

Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle.

&nbsp;&nbsp;&nbsp;&nbsp;**J.**

**Securities Lending**

The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan.

Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At September 30, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Value of** <br>**Securities** <br>**on Loan**<br>| **Cash** <br>**Collateral** <br>**Received**<sup>(1)</sup> <br>| **Net** <br>**Amount**<sup>(2)</sup> <br>|
| KAR Equity Income Fund | &nbsp;&nbsp; $2085 | &nbsp;&nbsp; $2085 | &nbsp;&nbsp; $—<br>|
| SGA Global Growth Fund | &nbsp;&nbsp; 4348 | &nbsp;&nbsp; 4348 | &nbsp;&nbsp; —<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments. 

<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of September 30, 2025 for the Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment of** <br>**Cash Collateral**<br>| **Overnight** <br>**and** <br>**Continuous**<br>|
| KAR Equity Income Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; $2181 |
| SGA Global Growth Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 4459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**K.**

**Segment Reporting**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective

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**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

**Note 3. Investment Advisory Fees and Related Party Transactions**

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser") (formerly known as Virtus Investment Advisers, Inc.), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadvisers.

As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| KAR Small-Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **First $400 Million** | **$400+ Million through** <br>**$1 Billion**<br>| **$1+ Billion** |
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.80% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First $500 Million** | **$500+ Million** |
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion** |
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.70% |
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.75  | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65  | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.80  | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion through** <br>**$2 Billion**<br>| **$2+ Billion** |
| KAR Capital Growth Fund | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.60% |
| KAR Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.75  | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65  |
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.80  | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.70  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.55  | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.45  |

---

During the year ended September 30, 2025, the Tactical Allocation Fund invested a portion of its assets in affiliated mutual and exchange-traded funds. In order to avoid any duplication of advisory fees, the Adviser voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by the Fund on the assets in the affiliated funds. For the year ended September 30, 2025, the waiver amounted to $5 for the Tactical Allocation Fund. This waiver was in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and is included in the Statements of Operations in "Less expenses reimbursed and/or waived by investment adviser."

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**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Subadvisers**

The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the year is as follows:

---

| |
|:---|
| **Fund** |
| KAR Capital Growth Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Equity Income Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Mid-Cap Core Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Mid-Cap Growth Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Small-Cap Core Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Small-Cap Growth Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Small-Cap Value Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Small-Mid Cap Core Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Small-Mid Cap Growth Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| KAR Small-Mid Cap Value Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| SGA Global Growth Fund <br> &nbsp;&nbsp;&nbsp; SGA<sup>(2)</sup> <br>|
| Tactical Allocation Fund (Equity Portfolios)<br> &nbsp;&nbsp;&nbsp; KAR<sup>(1)</sup> <br>|
| Tactical Allocation Fund (Fixed Income Portfolio)<br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(3)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(2)</sup> Sustainable Growth Advisers, LP ("SGA"), an indirect, majority-owned subsidiary of Virtus.

<sup>(3)</sup> Newfleet Asset Management ("Newfleet"), a division of Virtus Fixed Income Advisers, LLC ("VFIA"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Expense Limitations**

The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2026, and KAR Equity Income Fund through September 12, 2027. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C**  | **Class I** | **Class R6** |
| KAR Capital Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| KAR Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78 <br><sup>(1)</sup><br>|
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| KAR Small-Cap Core Fund | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Effective July 28, 2025. For the period October 1, 2024 through July 27, 2025, the expense cap for Class R6 shares was 0.91%.

The exclusions include front-end or contingent deferred loads, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Expense Recapture**

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending September 30:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| KAR Capital Growth Fund |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; $3<br>| &nbsp;&nbsp;&nbsp; $3<br>| &nbsp;&nbsp;&nbsp; $16<br>| &nbsp;&nbsp;&nbsp; $22<br>|

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| KAR Equity Income Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $153<br>| &nbsp;&nbsp;&nbsp; $156<br>| &nbsp;&nbsp;&nbsp; $181<br>| &nbsp;&nbsp;&nbsp; $490<br>|
| Class C | &nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 19<br>|
| Class I | &nbsp;&nbsp;&nbsp; 38<br>| &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 80<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 15<br>|
| KAR Mid-Cap Core Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 104<br>| &nbsp;&nbsp;&nbsp; 127<br>| &nbsp;&nbsp;&nbsp; 117<br>| &nbsp;&nbsp;&nbsp; 348<br>|
| Class C | &nbsp;&nbsp;&nbsp; 69<br>| &nbsp;&nbsp;&nbsp; 65<br>| &nbsp;&nbsp;&nbsp; 58<br>| &nbsp;&nbsp;&nbsp; 192<br>|
| Class I | &nbsp;&nbsp;&nbsp; 1471<br>| &nbsp;&nbsp;&nbsp; 1764<br>| &nbsp;&nbsp;&nbsp; 1763<br>| &nbsp;&nbsp;&nbsp; 4998<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 29<br>| &nbsp;&nbsp;&nbsp; 53<br>| &nbsp;&nbsp;&nbsp; 83<br>| &nbsp;&nbsp;&nbsp; 165<br>|
| KAR Mid-Cap Growth Fund |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; 80<br>| &nbsp;&nbsp;&nbsp; 81<br>| &nbsp;&nbsp;&nbsp; 72<br>| &nbsp;&nbsp;&nbsp; 233<br>|
| KAR Small-Mid Cap Growth Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 40<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 3<br>|
| Class I | &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 24<br>| &nbsp;&nbsp;&nbsp; 35<br>| &nbsp;&nbsp;&nbsp; 80<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 26<br>| &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 36<br>| &nbsp;&nbsp;&nbsp; 87<br>|
| KAR Small-Mid Cap Value Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 49<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 4<br>|
| Class I | &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 39<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 35<br>| &nbsp;&nbsp;&nbsp; 42<br>| &nbsp;&nbsp;&nbsp; 50<br>| &nbsp;&nbsp;&nbsp; 127<br>|
| SGA Global Growth Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 26<br>| &nbsp;&nbsp;&nbsp; 143<br>| &nbsp;&nbsp;&nbsp; 124<br>| &nbsp;&nbsp;&nbsp; 293<br>|
| Class C | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp; 20<br>|
| Class I | &nbsp;&nbsp;&nbsp; 26<br>| &nbsp;&nbsp;&nbsp; 126<br>| &nbsp;&nbsp;&nbsp; 82<br>| &nbsp;&nbsp;&nbsp; 234<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 102<br>| &nbsp;&nbsp;&nbsp; 137<br>| &nbsp;&nbsp;&nbsp; 112<br>| &nbsp;&nbsp;&nbsp; 351<br>|
| Tactical Allocation Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 474<br>| &nbsp;&nbsp;&nbsp; 471<br>| &nbsp;&nbsp;&nbsp; 465<br>| &nbsp;&nbsp;&nbsp; 1410<br>|
| Class C | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 32<br>|
| Class I | &nbsp;&nbsp;&nbsp; 24<br>| &nbsp;&nbsp;&nbsp; 26<br>| &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 75<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 5<br>|

---

During the year ended September 30, 2025, the Adviser recaptured expenses previously waived for the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class I** | **Class R6** |
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; —<br>&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; —<br>&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Distributor**

VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the year ended September 30, 2025, it retained net commissions of $172 for Class A shares and CDSC of $2 and $25 for Class A shares and Class C shares, respectively.

In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%<sup>(1)</sup> for Class A shares and 1.00%<sup>(1)</sup><sup>(2)</sup> for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Some of the Funds invest in ETFs. In addition to the fees listed, the Funds bear their proportionate shares of any distribution and shareholder servicing fees of the ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Funds' distributor has contractually agreed to waive its 12b-1 fees applicable to Class C shares to the extent that the Funds' investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the Fund to exceed the limits set forth in applicable law or regulation.

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Administrator and Transfer Agent**

Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.

For the year ended September 30, 2025, the Funds incurred administration fees totaling $12,511 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly.

For the year ended September 30, 2025, the Funds incurred transfer agent fees totaling $5,602 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Affiliated Shareholders**

At September 30, 2025, Virtus and its affiliates held significant shares of the following Fund, which may be redeemed at any time, that aggregated to the following:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Aggregate Net** <br>**Asset Value**<br>|
| KAR Small-Mid Cap Value Fund |  |  |
| Class C | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $101 |
| Class R6 | &nbsp;&nbsp;&nbsp; 306571 | &nbsp;&nbsp;&nbsp; 3161 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Investments with Affiliates**

The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

A summary of the Tactical Allocation Fund's total long-term and short-term purchases and sales of the respective shares of the affiliated investments<sup>(1)</sup> during the year ended September 30, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** |
| **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS/MBS <br> ETF<sup>(3)</sup><br>| $— | $2343 | $— | $— | $(10)<br>| $2333 | 95902 | $44 | $— |
| **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** | **Affiliated Mutual Funds—12.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS <br> MACS<sup>(3)</sup><br>|  | 25584 | 1852 | (— )<sup>(4)</sup><br>| (73)<br>| 23659 | 2373054 | 800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet CMBS <br> MACS<sup>(3)</sup><br>|  | 17147 | 5570 | 15 | 70 | 11662 | 1160421 | 498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Floating <br> Rate MACS<sup>(3)</sup><br>|  | 18972 | 9328 | (88)<br>| (205)<br>| 9351 | 956158 | 391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet High Yield <br> MACS<sup>(3)</sup><br>|  | 10687 | 1018 | (25)<br>| (60)<br>| 9584 | 965094 | 479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet RMBS <br> MACS<sup>(3)</sup><br>|  | 38265 | 10659 | 66 | 331 | 28003 | 2767093 | 1001 |  |
|  | $— | $110655 | $28427 | $(32)<br>| $63 | $82259 |  | $3169 | $— |
| Total | $— | $112998 | $28427 | $(32)<br>| $53 | $84592 |  | $3213 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The Tactical Allocation Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At September 30, 2025, the Fund was the owner of record of 69% of the Virtus Newfleet Residential Mortgage-Backed Securities Fund, 68% of the Virtus Newfleet Commercial Mortgage-Backed Securities Completion Fund, 62% of the Virtus Newfleet Asset-Backed Securities Completion Fund, 60% of the Virtus Newfleet Floating Rate Completion Fund, 44% of the Virtus Newfleet High Yield Completion Fund and the owner of record of less than 10% of the Virtus Newfleet ABS/MBS ETF. 

<sup>(2)</sup> Includes reinvested dividends from income and capital gain distributions.

<sup>(3)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(4)</sup> Amount is less than $500 (not in thousands).

Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which a Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Fund is deemed to exercise, directly or indirectly, a certain level of control over the company.

A summary of the KAR Small-Cap Growth Fund's total long-term and short-term purchases and sales of the respective shares of the affiliated investments during the year ended September 30, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases** | **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** |
| **Common Stocks—12.8%** | **Common Stocks—12.8%** | **Common Stocks—12.8%** | **Common Stocks—12.8%** | **Common Stocks—12.8%** | **Common Stocks—12.8%** | **Common Stocks—12.8%** | **Common Stocks—12.8%** | **Common Stocks—12.8%** | **Common Stocks—12.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, <br> Inc.<sup>(1)</sup><br>| $123679 | $6331 | $13335 | $(2162)<br>| $(60742)<br>| $— |  | $— | $— |
| Endava plc<sup>(2)</sup> | 57792 | 59799 | 13358 | (36269)<br>| (33781)<br>| 34183 | 3756400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group <br> Corp.<sup>(1)</sup><br>| 137459 |  | 45497 | 5109 | (19454)<br>|  |  | 131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, <br> Inc.<sup>(1)</sup><br>| 133960 |  | 55581 | 26274 | (63237)<br>|  |  | 7642 |  |
| Holley, Inc.<sup>(3)</sup> | 18276 |  | 13899 | (35460)<br>| 31083 |  |  |  |  |
| National Research Corp. | 45903 |  | 3103 | (4213)<br>| (15466)<br>| 23121 | 1809145 | 940 |  |
| Omega Flex, Inc. | 37931 | 184 | 7451 | (5329)<br>| (8348)<br>| 16987 | 544729 | 881 |  |
| Onestream, Inc.<sup>(1)</sup> | 100778 | 42620 | 19308 | (5059)<br>| (20135)<br>|  |  |  |  |
| Revolve Group, Inc.<sup>(1)</sup> | 79834 | 17562 | 29203 | (2858)<br>| 2224 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith Douglas Homes <br> Corp.<sup>(1)</sup><br>| 48885 |  | 9538 | (3558)<br>| (18622)<br>|  |  |  |  |
| Triumph Financial, Inc.<sup>(2)</sup> | 136384 |  | 30676 | (500)<br>| (39973)<br>| 65235 | 1303659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, <br> Inc.<sup>(4)</sup><br>|  | 31425 | 23530 | (4767)<br>| 9102 | 73635 | 866801 | 1294 |  |
| Total | $920881 | $157921 | $264479 | $(68792)<br>| $(237349)<br>| $213161 |  | $10888 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Issuer is not an affiliated investment of the Fund at September 30, 2025.

<sup>(2)</sup> Non-income producing.

<sup>(3)</sup> Security was not an investment of the Fund at September 30, 2025.

<sup>(4)</sup> Issuer was not an affiliated investment of the Fund at September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**Trustee Deferred Compensation Plan** 

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at September 30, 2025.

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Note 4. Purchases and Sales of Securities**

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| KAR Capital Growth Fund | &nbsp;&nbsp;&nbsp; $75865<br>| &nbsp;&nbsp;&nbsp; $113577<br>|
| KAR Equity Income Fund | &nbsp;&nbsp;&nbsp; 62797<br>| &nbsp;&nbsp;&nbsp; 60260<br>|
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp; 432408<br>| &nbsp;&nbsp;&nbsp; 625640<br>|
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 310992<br>| &nbsp;&nbsp;&nbsp; 754967<br>|
| KAR Small-Cap Core Fund | &nbsp;&nbsp;&nbsp; 260071<br>| &nbsp;&nbsp;&nbsp; 372782<br>|
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 405677<br>| &nbsp;&nbsp;&nbsp; 1261733<br>|
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 87735<br>| &nbsp;&nbsp;&nbsp; 107173<br>|
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp; 360825<br>| &nbsp;&nbsp;&nbsp; 322442<br>|
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; 1846<br>| &nbsp;&nbsp;&nbsp; 1993<br>|
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp; 1180<br>| &nbsp;&nbsp;&nbsp; 1676<br>|
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; 97815<br>| &nbsp;&nbsp;&nbsp; 219331<br>|
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; 308972<br>| &nbsp;&nbsp;&nbsp; 278870<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; $21490<br>| &nbsp;&nbsp;&nbsp; $13052<br>|

---

**Note 5. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Capital Growth Fund** | **KAR Capital Growth Fund** | **KAR Capital Growth Fund** | **KAR Capital Growth Fund** | **KAR Equity Income Fund** | **KAR Equity Income Fund** | **KAR Equity Income Fund** | **KAR Equity Income Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 751 | &nbsp;&nbsp; $14694 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; $8932 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; $2568 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; $1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 24312 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 3555 | &nbsp;&nbsp; 71427 | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 28943 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 6148 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (2891) <br>| &nbsp;&nbsp; (59890) <br>| &nbsp;&nbsp; (3364) <br>| &nbsp;&nbsp; (66811) <br>| &nbsp;&nbsp; (653) <br>| &nbsp;&nbsp; (13895) <br>| &nbsp;&nbsp; (761) <br>| &nbsp;&nbsp; (14831) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; $26231 | &nbsp;&nbsp; (1245)<br>| &nbsp;&nbsp; $(28936)<br>| &nbsp;&nbsp; 858 | &nbsp;&nbsp; $19133 | &nbsp;&nbsp; (531)<br>| &nbsp;&nbsp; $(10430)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; $507 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; $674 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $144 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (85) <br>| &nbsp;&nbsp; (987) <br>| &nbsp;&nbsp; (71) <br>| &nbsp;&nbsp; (852) <br>| &nbsp;&nbsp; (52) <br>| &nbsp;&nbsp; (923) <br>| &nbsp;&nbsp; (86) <br>| &nbsp;&nbsp; (1393) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $37 | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; $(277)<br>| &nbsp;&nbsp; (68)<br>| &nbsp;&nbsp; $(1099)<br>|

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Capital Growth Fund** | **KAR Capital Growth Fund** | **KAR Capital Growth Fund** | **KAR Capital Growth Fund** | **KAR Equity Income Fund** | **KAR Equity Income Fund** | **KAR Equity Income Fund** | **KAR Equity Income Fund** |
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 227 | &nbsp;&nbsp; $5026 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; $4219 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; $1181 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; $1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 5399 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 1626 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (379) <br>| &nbsp;&nbsp; (8546) <br>| &nbsp;&nbsp; (370) <br>| &nbsp;&nbsp; (7486) <br>| &nbsp;&nbsp; (127) <br>| &nbsp;&nbsp; (2665) <br>| &nbsp;&nbsp; (290) <br>| &nbsp;&nbsp; (5548) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 38 | &nbsp;&nbsp; $590 | &nbsp;&nbsp; (87)<br>| &nbsp;&nbsp; $(1641)<br>| &nbsp;&nbsp; 213 | &nbsp;&nbsp; $4759 | &nbsp;&nbsp; (209)<br>| &nbsp;&nbsp; $(3995)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1258 | &nbsp;&nbsp; $29406 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; $13236 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; $294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 2877 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (134) <br>| &nbsp;&nbsp; (3084) <br>| &nbsp;&nbsp; (33) <br>| &nbsp;&nbsp; (739) <br>| &nbsp;&nbsp; (61) <br>| &nbsp;&nbsp; (1335) <br>| &nbsp;&nbsp; (20) <br>| &nbsp;&nbsp; (389) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 1133 | &nbsp;&nbsp; $26512 | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; $(460)<br>| &nbsp;&nbsp; 716 | &nbsp;&nbsp; $15417 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; $(31)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Growth Fund** | **KAR Mid-Cap Growth Fund** | **KAR Mid-Cap Growth Fund** | **KAR Mid-Cap Growth Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 664 | &nbsp;&nbsp; $38928 | &nbsp;&nbsp; 1082 | &nbsp;&nbsp; $59428 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; $12797 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; $21169 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (728) <br>| &nbsp;&nbsp; (42526) <br>| &nbsp;&nbsp; (581) <br>| &nbsp;&nbsp; (32002) <br>| &nbsp;&nbsp; (1098) <br>| &nbsp;&nbsp; (65242) <br>| &nbsp;&nbsp; (1423) <br>| &nbsp;&nbsp; (78615) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (64)<br>| &nbsp;&nbsp; $(3598)<br>| &nbsp;&nbsp; 559 | &nbsp;&nbsp; $30526 | &nbsp;&nbsp; (881)<br>| &nbsp;&nbsp; $(52445)<br>| &nbsp;&nbsp; (1025)<br>| &nbsp;&nbsp; $(57446)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; $11607 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; $18218 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; $1180 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; $2543 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1931 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (432) <br>| &nbsp;&nbsp; (22385) <br>| &nbsp;&nbsp; (272) <br>| &nbsp;&nbsp; (13398) <br>| &nbsp;&nbsp; (298) <br>| &nbsp;&nbsp; (13143) <br>| &nbsp;&nbsp; (365) <br>| &nbsp;&nbsp; (15164) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (208)<br>| &nbsp;&nbsp; $(10778)<br>| &nbsp;&nbsp; 140 | &nbsp;&nbsp; $6751 | &nbsp;&nbsp; (272)<br>| &nbsp;&nbsp; $(11963)<br>| &nbsp;&nbsp; (303)<br>| &nbsp;&nbsp; $(12621)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 9950 | &nbsp;&nbsp; $597915 | &nbsp;&nbsp; 18805 | &nbsp;&nbsp; $1059809 | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; $90398 | &nbsp;&nbsp; 2769 | &nbsp;&nbsp; $158751 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 46371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (13395) <br>| &nbsp;&nbsp; (806370) <br>| &nbsp;&nbsp; (10392) <br>| &nbsp;&nbsp; (592058) <br>| &nbsp;&nbsp; (7216) <br>| &nbsp;&nbsp; (445180) <br>| &nbsp;&nbsp; (7522) <br>| &nbsp;&nbsp; (431264) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (3445)<br>| &nbsp;&nbsp; $(208455)<br>| &nbsp;&nbsp; 9256 | &nbsp;&nbsp; $514122 | &nbsp;&nbsp; (5768)<br>| &nbsp;&nbsp; $(354782)<br>| &nbsp;&nbsp; (4753)<br>| &nbsp;&nbsp; $(272513)<br>|

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Core Fund** | **KAR Mid-Cap Growth Fund** | **KAR Mid-Cap Growth Fund** | **KAR Mid-Cap Growth Fund** | **KAR Mid-Cap Growth Fund** |
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1229 | &nbsp;&nbsp; $74993 | &nbsp;&nbsp; 1498 | &nbsp;&nbsp; $85698 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; $21698 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; $21506 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (734) <br>| &nbsp;&nbsp; (44688) <br>| &nbsp;&nbsp; (341) <br>| &nbsp;&nbsp; (19681) <br>| &nbsp;&nbsp; (878) <br>| &nbsp;&nbsp; (55512) <br>| &nbsp;&nbsp; (673) <br>| &nbsp;&nbsp; (39796) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 495 | &nbsp;&nbsp; $30305 | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; $67286 | &nbsp;&nbsp; (535)<br>| &nbsp;&nbsp; $(33814)<br>| &nbsp;&nbsp; (304)<br>| &nbsp;&nbsp; $(18290)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap Core Fund** | **KAR Small-Cap Core Fund** | **KAR Small-Cap Core Fund** | **KAR Small-Cap Core Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** | **KAR Small-Cap Growth Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 599 | &nbsp;&nbsp; $31265 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; $16692 | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; $54477 | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; $62443 |
| Reinvestment of distributions | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 7120 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 6462 | &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 34828 | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 19845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (573) <br>| &nbsp;&nbsp; (29767) <br>| &nbsp;&nbsp; (437) <br>| &nbsp;&nbsp; (21353) <br>| &nbsp;&nbsp; (4148) <br>| &nbsp;&nbsp; (124056) <br>| &nbsp;&nbsp; (4164) <br>| &nbsp;&nbsp; (129726) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 162 | &nbsp;&nbsp; $8618 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; $1801 | &nbsp;&nbsp; (1259)<br>| &nbsp;&nbsp; $(34751)<br>| &nbsp;&nbsp; (1531)<br>| &nbsp;&nbsp; $(47438)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; $658 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; $1294 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; $4224 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; $8787 |
| Reinvestment of distributions | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 2887 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 3308 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 11459 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 8852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (764) <br>| &nbsp;&nbsp; (28671) <br>| &nbsp;&nbsp; (522) <br>| &nbsp;&nbsp; (18827) <br>| &nbsp;&nbsp; (2491) <br>| &nbsp;&nbsp; (57615) <br>| &nbsp;&nbsp; (2297) <br>| &nbsp;&nbsp; (57037) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (670)<br>| &nbsp;&nbsp; $(25126)<br>| &nbsp;&nbsp; (391)<br>| &nbsp;&nbsp; $(14225)<br>| &nbsp;&nbsp; (1842)<br>| &nbsp;&nbsp; $(41932)<br>| &nbsp;&nbsp; (1585)<br>| &nbsp;&nbsp; $(39398)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 2387 | &nbsp;&nbsp; $136364 | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; $172752 | &nbsp;&nbsp; 8626 | &nbsp;&nbsp; $275540 | &nbsp;&nbsp; 14844 | &nbsp;&nbsp; $487435 |
| Reinvestment of distributions | &nbsp;&nbsp; 911 | &nbsp;&nbsp; 52306 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 46872 | &nbsp;&nbsp; 5398 | &nbsp;&nbsp; 182246 | &nbsp;&nbsp; 3654 | &nbsp;&nbsp; 118750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (3824) <br>| &nbsp;&nbsp; (216810) <br>| &nbsp;&nbsp; (3353) <br>| &nbsp;&nbsp; (177618) <br>| &nbsp;&nbsp; (30580) <br>| &nbsp;&nbsp; (964621) <br>| &nbsp;&nbsp; (34944) <br>| &nbsp;&nbsp; (1142255) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (526)<br>| &nbsp;&nbsp; $(28140)<br>| &nbsp;&nbsp; 801 | &nbsp;&nbsp; $42006 | &nbsp;&nbsp; (16556)<br>| &nbsp;&nbsp; $(506835)<br>| &nbsp;&nbsp; (16446)<br>| &nbsp;&nbsp; $(536070)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1112 | &nbsp;&nbsp; $63432 | &nbsp;&nbsp; 2714 | &nbsp;&nbsp; $145485 | &nbsp;&nbsp; 1687 | &nbsp;&nbsp; $53689 | &nbsp;&nbsp; 2123 | &nbsp;&nbsp; $69788 |
| Reinvestment of distributions | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 12659 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 8306 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 13121 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 8348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1893) <br>| &nbsp;&nbsp; (108151) <br>| &nbsp;&nbsp; (1208) <br>| &nbsp;&nbsp; (64180) <br>| &nbsp;&nbsp; (2959) <br>| &nbsp;&nbsp; (94591) <br>| &nbsp;&nbsp; (2952) <br>| &nbsp;&nbsp; (97253) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (561)<br>| &nbsp;&nbsp; $(32060)<br>| &nbsp;&nbsp; 1667 | &nbsp;&nbsp; $89611 | &nbsp;&nbsp; (887)<br>| &nbsp;&nbsp; $(27781)<br>| &nbsp;&nbsp; (574)<br>| &nbsp;&nbsp; $(19117)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap Value Fund** | **KAR Small-Cap Value Fund** | **KAR Small-Cap Value Fund** | **KAR Small-Cap Value Fund** | **KAR Small-Mid Cap Core Fund** | **KAR Small-Mid Cap Core Fund** | **KAR Small-Mid Cap Core Fund** | **KAR Small-Mid Cap Core Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 448 | &nbsp;&nbsp; $11453 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; $7340 | &nbsp;&nbsp; 761 | &nbsp;&nbsp; $15349 | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; $21068 |
| Reinvestment of distributions | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 4256 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 2657 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (888) <br>| &nbsp;&nbsp; (22672) <br>| &nbsp;&nbsp; (669) <br>| &nbsp;&nbsp; (15976) <br>| &nbsp;&nbsp; (794) <br>| &nbsp;&nbsp; (15878) <br>| &nbsp;&nbsp; (862) <br>| &nbsp;&nbsp; (16038) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (274)<br>| &nbsp;&nbsp; $(6963)<br>| &nbsp;&nbsp; (254)<br>| &nbsp;&nbsp; $(5979)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; $(218)<br>| &nbsp;&nbsp; 273 | &nbsp;&nbsp; $5030 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; $1478 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; $878 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; $5129 | &nbsp;&nbsp; 858 | &nbsp;&nbsp; $15094 |
| Reinvestment of distributions | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (142) <br>| &nbsp;&nbsp; (3451) <br>| &nbsp;&nbsp; (165) <br>| &nbsp;&nbsp; (3735) <br>| &nbsp;&nbsp; (395) <br>| &nbsp;&nbsp; (7481) <br>| &nbsp;&nbsp; (570) <br>| &nbsp;&nbsp; (9910) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; $(1478)<br>| &nbsp;&nbsp; (112)<br>| &nbsp;&nbsp; $(2541)<br>| &nbsp;&nbsp; (115)<br>| &nbsp;&nbsp; $(2125)<br>| &nbsp;&nbsp; 288 | &nbsp;&nbsp; $5184 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 6427 | &nbsp;&nbsp; $164948 | &nbsp;&nbsp; 3320 | &nbsp;&nbsp; $79250 | &nbsp;&nbsp; 25350 | &nbsp;&nbsp; $517791 | &nbsp;&nbsp; 37795 | &nbsp;&nbsp; $703032 |
| Reinvestment of distributions | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 26542 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 16664 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 7895 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (5882) <br>| &nbsp;&nbsp; (150937) <br>| &nbsp;&nbsp; (7034) <br>| &nbsp;&nbsp; (168383) <br>| &nbsp;&nbsp; (26120) <br>| &nbsp;&nbsp; (532305) <br>| &nbsp;&nbsp; (19305) <br>| &nbsp;&nbsp; (361007) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; $40553 | &nbsp;&nbsp; (3017)<br>| &nbsp;&nbsp; $(72469)<br>| &nbsp;&nbsp; (385)<br>| &nbsp;&nbsp; $(6619)<br>| &nbsp;&nbsp; 18490 | &nbsp;&nbsp; $342025 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 322 | &nbsp;&nbsp; $7818 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; $6676 | &nbsp;&nbsp; 3031 | &nbsp;&nbsp; $61700 | &nbsp;&nbsp; 7973 | &nbsp;&nbsp; $146263 |
| Reinvestment of distributions | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 887 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (715) <br>| &nbsp;&nbsp; (18659) <br>| &nbsp;&nbsp; (516) <br>| &nbsp;&nbsp; (12254) <br>| &nbsp;&nbsp; (2959) <br>| &nbsp;&nbsp; (60404) <br>| &nbsp;&nbsp; (1193) <br>| &nbsp;&nbsp; (22501) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (349)<br>| &nbsp;&nbsp; $(9716)<br>| &nbsp;&nbsp; (215)<br>| &nbsp;&nbsp; $(4918)<br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; $2183 | &nbsp;&nbsp; 6780 | &nbsp;&nbsp; $123762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Value Fund** | **KAR Small-Mid Cap Value Fund** | **KAR Small-Mid Cap Value Fund** | **KAR Small-Mid Cap Value Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; $185 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; $1113 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; $107 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (28) <br>| &nbsp;&nbsp; (304) <br>| &nbsp;&nbsp; (426) <br>| &nbsp;&nbsp; (4134) <br>| &nbsp;&nbsp; (19) <br>| &nbsp;&nbsp; (196) <br>| &nbsp;&nbsp; (— ) <sup>(1)</sup><br>| &nbsp;&nbsp; (1) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; $(119)<br>| &nbsp;&nbsp; (310)<br>| &nbsp;&nbsp; $(3021)<br>| &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; $(182)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; $107 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (10) <br>| &nbsp;&nbsp; (102) <br>| &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; (— ) <sup>(1)</sup><br>| &nbsp;&nbsp; (— ) <sup>(2)</sup><br>| &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; (10) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; $(98)<br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 |

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Growth Fund** | **KAR Small-Mid Cap Value Fund** | **KAR Small-Mid Cap Value Fund** | **KAR Small-Mid Cap Value Fund** | **KAR Small-Mid Cap Value Fund** |
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; $981 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; $1240 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; $322 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (108) <br>| &nbsp;&nbsp; (1190) <br>| &nbsp;&nbsp; (110) <br>| &nbsp;&nbsp; (1070) <br>| &nbsp;&nbsp; (28) <br>| &nbsp;&nbsp; (291) <br>| &nbsp;&nbsp; (63) <br>| &nbsp;&nbsp; (579) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; $(209)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; $(210)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; $(249)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $63 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $6 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (— ) <sup>(1)</sup><br>| &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; (8) <br>| &nbsp;&nbsp; (72) <br>| &nbsp;&nbsp; (41) <br>| &nbsp;&nbsp; (386) <br>| &nbsp;&nbsp; (41) <br>| &nbsp;&nbsp; (420) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $50 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp; (40)<br>| &nbsp;&nbsp; $(375)<br>| &nbsp;&nbsp; (40)<br>| &nbsp;&nbsp; $(411)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SGA Global Growth Fund** | **SGA Global Growth Fund** | **SGA Global Growth Fund** | **SGA Global Growth Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 171 | &nbsp;&nbsp; $4140 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; $3731 | &nbsp;&nbsp; 526 | &nbsp;&nbsp; $5766 | &nbsp;&nbsp; 517 | &nbsp;&nbsp; $5488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3696 | &nbsp;&nbsp; 102096 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; 23135 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6627 | &nbsp;&nbsp; 70444 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 12103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1076) <br>| &nbsp;&nbsp; (25960) <br>| &nbsp;&nbsp; (610) <br>| &nbsp;&nbsp; (16577) <br>| &nbsp;&nbsp; (6562) <br>| &nbsp;&nbsp; (73095) <br>| &nbsp;&nbsp; (7007) <br>| &nbsp;&nbsp; (75626) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 108 | &nbsp;&nbsp; $1315 | &nbsp;&nbsp; 3226 | &nbsp;&nbsp; $89250 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; $3115 | &nbsp;&nbsp; (5380)<br>| &nbsp;&nbsp; $(58035)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; $159 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $121 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; $384 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; $353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 5774 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 826 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (174) <br>| &nbsp;&nbsp; (3879) <br>| &nbsp;&nbsp; (107) <br>| &nbsp;&nbsp; (2660) <br>| &nbsp;&nbsp; (218) <br>| &nbsp;&nbsp; (2463) <br>| &nbsp;&nbsp; (342) <br>| &nbsp;&nbsp; (3830) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; $(2169)<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; $3235 | &nbsp;&nbsp; (108)<br>| &nbsp;&nbsp; $(1253)<br>| &nbsp;&nbsp; (299)<br>| &nbsp;&nbsp; $(3358)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 369 | &nbsp;&nbsp; $9947 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; $12242 | &nbsp;&nbsp; 796 | &nbsp;&nbsp; $8783 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; $4293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3136 | &nbsp;&nbsp; 87854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 17031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 2864 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (3012) <br>| &nbsp;&nbsp; (77351) <br>| &nbsp;&nbsp; (972) <br>| &nbsp;&nbsp; (27103) <br>| &nbsp;&nbsp; (971) <br>| &nbsp;&nbsp; (10799) <br>| &nbsp;&nbsp; (814) <br>| &nbsp;&nbsp; (8768) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1912)<br>| &nbsp;&nbsp; $(50373)<br>| &nbsp;&nbsp; 2611 | &nbsp;&nbsp; $72993 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; $848 | &nbsp;&nbsp; (357)<br>| &nbsp;&nbsp; $(3905)<br>|

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SGA Global Growth Fund** | **SGA Global Growth Fund** | **SGA Global Growth Fund** | **SGA Global Growth Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** | **Tactical Allocation Fund** |
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; $1211 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; $2697 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; $201 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; $281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2261 | &nbsp;&nbsp; 65779 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 17563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1079) <br>| &nbsp;&nbsp; (28280) <br>| &nbsp;&nbsp; (1490) <br>| &nbsp;&nbsp; (44283) <br>| &nbsp;&nbsp; (35) <br>| &nbsp;&nbsp; (385) <br>| &nbsp;&nbsp; (59) <br>| &nbsp;&nbsp; (616) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (313)<br>| &nbsp;&nbsp; $(9506)<br>| &nbsp;&nbsp; 865 | &nbsp;&nbsp; $24193 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp; $(296)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

<sup>(2)</sup> Amount is less than $500 (not in thousands).

**Note 6. 10% Shareholders**

As of September 30, 2025, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | **% of Shares** <br>**Outstanding**<br>| **Number of** <br>**Accounts**<br>|
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp; 4 |
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 1 |
| KAR Small-Cap Core Fund | &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 1 |
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 1 |
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 35<br>| &nbsp;&nbsp;&nbsp; 2 |
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp; 38<br>| &nbsp;&nbsp;&nbsp; 2 |
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; 68<br>| &nbsp;&nbsp;&nbsp; 2 <br><sup>\*</sup><br>|
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp; 86<br>| &nbsp;&nbsp;&nbsp; 3 <br><sup>\*</sup><br>|
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes affiliated shareholder account(s).

**Note 7. Credit and Market Risk and Asset Concentration**

Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance.

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of a Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or subadvisers to accurately predict risk.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At September 30, 2025, the following Funds held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
|  | **Sector** | **Percentage of** <br>**Total Investments**<br>|
| KAR Capital Growth Fund | Information Technology | &nbsp;&nbsp;&nbsp; 30% |
| KAR Mid-Cap Core Fund | Industrials | &nbsp;&nbsp;&nbsp; 44 |
| KAR Mid-Cap Growth Fund | Information Technology | &nbsp;&nbsp;&nbsp; 31 |
| KAR Small-Cap Core Fund | Financials | &nbsp;&nbsp;&nbsp; 27 |
| KAR Small-Cap Core Fund | Industrials | &nbsp;&nbsp;&nbsp; 43 |
| KAR Small-Cap Growth Fund | Financials | &nbsp;&nbsp;&nbsp; 31 |
| KAR Small-Cap Value Fund | Financials | &nbsp;&nbsp;&nbsp; 29 |
| KAR Small-Cap Value Fund | Industrials | &nbsp;&nbsp;&nbsp; 41 |
| KAR Small-Mid Cap Core Fund | Industrials | &nbsp;&nbsp;&nbsp; 31 |
| KAR Small-Mid Cap Growth Fund | Industrials | &nbsp;&nbsp;&nbsp; 33 |
| KAR Small-Mid Cap Value Fund | Industrials | &nbsp;&nbsp;&nbsp; 42 |
| SGA Global Growth Fund | Information Technology | &nbsp;&nbsp;&nbsp; 37 |

---

**Note 8. Indemnifications**

Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

**Note 9. Restricted Securities**

**($ reported in thousands)**

Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

At September 30, 2025, the Funds did not hold any securities that were restricted.

**Note 10. Redemption Facility**

**($ reported in thousands)**

The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

Credit Agreement will terminate on July 2, 2026. The Credit Agreement allows the Funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. Each Fund, that is a party to the Credit Agreement is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of a SOFR or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended September 30, 2025, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

The following Funds had outstanding loans during the year. The borrowings were valued at cost, which approximates fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Interest** <br>**Incurred on** <br>**Borrowing**<br>| **Average** <br>**Borrowing**<br>| **Weighted Average** <br>**Interest Rate**<br>| **Days** <br>**Outstanding**<br>|
| KAR Capital Growth Fund | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $3900 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5.40% | &nbsp;&nbsp;&nbsp; 1 |
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; — <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp; 1 |
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp; 1 |
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4308 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp; 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

**Note 11. Federal Income Tax Information**

**($ reported in thousands)**

At September 30, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| KAR Capital Growth Fund | &nbsp;&nbsp;&nbsp; $267946<br>| $414750 | $(5038) <br>| $409712<br>|
| KAR Equity Income Fund | &nbsp;&nbsp;&nbsp; 134695<br>| 38883 | (2141) <br>| 36742<br>|
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp; 1942683<br>| 832596 | (143280) <br>| 689316<br>|
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 537393<br>| 419137 | (29861) <br>| 389276<br>|
| KAR Small-Cap Core Fund | &nbsp;&nbsp;&nbsp; 1196567<br>| 897887 | (48654) <br>| 849233<br>|
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 1326752<br>| 642689 | (312734) <br>| 329955<br>|
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 417129<br>| 333998 | (15936) <br>| 318062<br>|
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp; 1701958<br>| 511769 | (86055) <br>| 425714<br>|
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; 5812<br>| 1741 | (272) <br>| 1469<br>|
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp; 4587<br>| 1174 | (261) <br>| 913<br>|
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; 156143<br>| 75520 | (6538) <br>| 68982<br>|
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; 483280<br>| 162558 | (22460) <br>| 140098<br>|

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended September 30, 2025, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| KAR Equity Income Fund | $— | $924 |
| KAR Small-Mid Cap Growth Fund | 250 | 204 |
| KAR Small-Mid Cap Value Fund | 44 | 269 |
| Tactical Allocation Fund | 23059 |  |

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Late Year** <br>**Ordinary** <br>**Losses** <br>**Deferred**<br>| **Post-October** <br>**Capital Loss** <br>**Deferred**<br>| **Capital Loss** <br>**Deferred**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Capital Growth <br> Fund<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $47392 | &nbsp;&nbsp; $3202<br>| &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Equity Income <br> Fund<br>| &nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 4154 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 924<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Mid-Cap Core <br> Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76699 | &nbsp;&nbsp; 1765<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Mid-Cap Growth <br> Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 210697 | &nbsp;&nbsp; 3275<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Small-Cap Core <br> Fund<br>| &nbsp;&nbsp;&nbsp; 11283 | &nbsp;&nbsp;&nbsp; 237356 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Small-Cap Growth <br> Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 316267 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Small-Cap Value <br> Fund<br>| &nbsp;&nbsp;&nbsp; 4270 | &nbsp;&nbsp;&nbsp; 25195 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Small-Mid Cap <br> Core Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 425<br>| &nbsp;&nbsp; 14708<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Small-Mid Cap <br> Growth Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 56<br>| &nbsp;&nbsp; 32<br>| &nbsp;&nbsp; 454<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Small-Mid Cap <br> Value Fund<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 11<br>| &nbsp;&nbsp; 313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA Global Growth <br> Fund<br>| &nbsp;&nbsp;&nbsp; 5339 | &nbsp;&nbsp;&nbsp; 17184 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tactical Allocation <br> Fund<br>| &nbsp;&nbsp;&nbsp; 4499 | &nbsp;&nbsp;&nbsp; 67162 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 23059<br>|

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the fiscal periods ended September 30, 2025 and 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gains**<br>| **Total** |
| KAR Capital Growth Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $81370<br>| &nbsp;&nbsp;&nbsp; $81370<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 33000<br>| &nbsp;&nbsp;&nbsp; 33000<br>|
| KAR Equity Income Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 5260<br>| &nbsp;&nbsp;&nbsp; 2880<br>| &nbsp;&nbsp;&nbsp; 8140<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 3300<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 3300<br>|
| KAR Mid-Cap Core Fund |  |  |  |
| 9/30/24 | &nbsp;&nbsp;&nbsp; 24<br>| &nbsp;&nbsp;&nbsp; 53136<br>| &nbsp;&nbsp;&nbsp; 53160<br>|
| KAR Small-Cap Core Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 5227<br>| &nbsp;&nbsp;&nbsp; 86190<br>| &nbsp;&nbsp;&nbsp; 91417<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 10628<br>| &nbsp;&nbsp;&nbsp; 69000<br>| &nbsp;&nbsp;&nbsp; 79628<br>|
| KAR Small-Cap Growth Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 267460<br>| &nbsp;&nbsp;&nbsp; 267460<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 171800<br>| &nbsp;&nbsp;&nbsp; 171800<br>|
| KAR Small-Cap Value Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 6031<br>| &nbsp;&nbsp;&nbsp; 30630<br>| &nbsp;&nbsp;&nbsp; 36661<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 4800<br>| &nbsp;&nbsp;&nbsp; 18510<br>| &nbsp;&nbsp;&nbsp; 23310<br>|
| KAR Small-Mid Cap Core Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 6165<br>| &nbsp;&nbsp;&nbsp; 3265<br>| &nbsp;&nbsp;&nbsp; 9430<br>|

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary**<br> **Income**<br>| **Long-Term**<br> **Capital Gains**<br>| **Total** |
| KAR Small-Mid Cap Value Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; $36<br>| &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $36<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 44<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 44<br>|
| SGA Global Growth Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 3589<br>| &nbsp;&nbsp;&nbsp; 58676<br>| &nbsp;&nbsp;&nbsp; 62265<br>|
| Tactical Allocation Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 14913<br>| &nbsp;&nbsp;&nbsp; 64000<br>| &nbsp;&nbsp;&nbsp; 78913<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 9200<br>| &nbsp;&nbsp;&nbsp; 4630<br>| &nbsp;&nbsp;&nbsp; 13830<br>|

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

**Note 12. Reorganization**

**($ reported in thousands)**

**<u>KAR Equity Income Fund</u>**

On June 20, 2025, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") with respect to Virtus KAR Global Quality Dividend Fund, (the "Acquired Fund"), a series of the Virtus Equity Trust, and the Virtus KAR Equity Income Fund (the "Acquiring Fund"), which provided for the transfer of all of the assets of the Acquired Fund for shares of the Acquiring Fund and the assumption of the liabilities of the Acquired Fund. The purpose of the transaction was to allow shareholders of all of the funds to own shares of a larger combined fund and to allow shareholders of the Acquired Fund to own shares of a fund with a similar investment objective and style as, and potentially lower expenses than, the Acquired Fund. The reorganization was accomplished by a tax-free exchange of shares on September 12, 2025. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Shares Outstanding** | **Shares Converted** | **Acquired Fund Net** <br>**Asset Value of** <br>**Converted Shares**<br>|
| Class A Shares | &nbsp;&nbsp;&nbsp; 1386 | &nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp; $24312 |
| Class C Shares | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 359 |
| Class I Shares | &nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 5399 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 2877 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Acquired Fund** <br>**Net Assets**<br>| **Acquired Fund Unrealized** <br>**Appreciation (Depreciation)**<br>| **Acquiring** <br>**Fund Net Assets**<br>|
| $32947 | $9193 | $137162 |

---

The net assets of the Acquiring Fund immediately following the acquisition were $170,110.

Assuming the acquisition had been completed on October 1, 2024, the KAR Equity Income Fund's pro-forma results of operations for the year ended September 30, 2025 would have been as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $2920<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; 11843<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; $14763 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> $2,200, as reported in the Statement of Operations, plus $720 net investment loss from the Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> $9,711, as reported in the Statement of Operations, plus $2,132 net realized and unrealized gain (loss) on investments from Acquired Fund pre-merger.

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

Because the Acquired Fund and the Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the Acquired Fund that have been included in the Acquiring Fund's Statement of Operations since September 12, 2025.

**<u>SGA Global Growth Fund</u>**

On November 15, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") with respect to Virtus Vontobel Global Opportunities Fund, (the "Acquired Fund"), a series of the Virtus Opportunities Trust, and the Virtus SGA Global Growth Fund (the "Acquiring Fund"), which provided for the transfer of all of the assets of the Acquired Fund for shares of the Acquiring Fund and the assumption of the liabilities of the Acquired Fund. The purpose of the transaction was to allow shareholders of all of the funds to own shares of a larger combined fund and to allow shareholders of the Acquired Fund to own shares of a fund with a similar investment objective and style as, and potentially lower expenses than, the Acquired Fund. The reorganization was accomplished by a tax-free exchange of shares on March 8, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Shares Outstanding** | **Shares Converted** | **Acquired Fund Net** <br>**Asset Value of** <br>**Converted Shares**<br>|
| Class A Shares | &nbsp;&nbsp;&nbsp; 6269 | &nbsp;&nbsp;&nbsp; 3696 | &nbsp;&nbsp;&nbsp; $102096 |
| Class C Shares | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 5774 |
| Class I Shares | &nbsp;&nbsp;&nbsp; 5328 | &nbsp;&nbsp;&nbsp; 3136 | &nbsp;&nbsp;&nbsp; 87854 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp; 3949 | &nbsp;&nbsp;&nbsp; 2261 | &nbsp;&nbsp;&nbsp; 65780 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Acquired Fund** <br>**Net Assets**<br>| **Acquired Fund Unrealized** <br>**Appreciation (Depreciation)**<br>| **Acquiring** <br>**Fund Net Assets**<br>|
| $261504 | $108574 | $129294 |

---

The net assets of the Acquiring Fund immediately following the acquisition were $390,798.

Assuming the acquisition had been completed on October 1, 2023, the SGA Global Growth Fund's pro-forma results of operations for the year ended September 30, 2024 would have been as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $(484)<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; 77558<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; $77074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> $(386), as reported in the Statement of Operations, plus $(98) net investment loss from the Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> $38,904, as reported in the Statement of Operations, plus $38,654 net realized and unrealized gain (loss) on investments from Acquired Fund pre-merger.

Because the Acquired Fund and the Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the Acquired Fund that have been included in the Acquiring Fund's Statement of Operations since March 8, 2024.

**Note 13. Regulatory Matters and Litigation**

From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

**Note 14. Recent Accounting Pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

**Note 15. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that the following are subsequent events requiring recognition or disclosure in these financial statements.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Funds will no longer be available for purchase by new or existing shareholders, except by existing shareholders through qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

On January 26, 2026, Class C of each of KAR Small-Mid Cap Growth Fund and KAR Small-Mid Cap Value Fund will be eliminated as a share class and existing Class C shares of those Funds will be converted to Class A shares of each respective Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service. Please refer to each Fund's Prospectuses for any differences between share classes, including sales charge structure, expenses and other options.

------

![](g35320img4735b8822.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Virtus Equity Trust and Shareholders of Virtus KAR Capital Growth Fund, Virtus KAR Equity Income Fund, Virtus KAR Mid-Cap Core Fund, Virtus KAR Mid-Cap Growth Fund, Virtus KAR Small-Cap Core Fund, Virtus KAR Small-Cap Growth Fund, Virtus KAR Small-Cap Value Fund, Virtus KAR Small-Mid Cap Core Fund, Virtus KAR Small-Mid Cap Growth Fund, Virtus KAR Small-Mid Cap Value Fund, Virtus SGA Global Growth Fund, and Virtus Tactical Allocation Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus KAR Capital Growth Fund, Virtus KAR Equity Income Fund, Virtus KAR Mid-Cap Core Fund, Virtus KAR Mid-Cap Growth Fund, Virtus KAR Small-Cap Core Fund, Virtus KAR Small-Cap Growth Fund, Virtus KAR Small-Cap Value Fund, Virtus KAR Small-Mid Cap Core Fund, Virtus KAR Small-Mid Cap Growth Fund, Virtus KAR Small-Mid Cap Value Fund, Virtus SGA Global Growth Fund, and Virtus Tactical Allocation Fund (constituting Virtus Equity Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

November 21, 2025

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

------

**VIRTUS EQUITY TRUST**

**OTHER INFORMATION** 

**September 30, 2025**

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants** 

None

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

For the year ended September 30, 2025, the Funds incurred independent Trustee's fees totaling $1,008 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

**FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract**

None

------

**VIRTUS EQUITY TRUST**

**TAX INFORMATION NOTICE (Unaudited)**

**September 30, 2025**

The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Funds will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended September 30, 2025, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Qualified** <br>**Dividend** <br>**Income %** <br>**(non-corporate** <br>**shareholder)**<br>| **Dividend** <br>**Received** <br>**Deduction %** <br>**(corporate** <br>**shareholders)**<br>| **Long-Term** <br>**Capital Gain** <br>**Distributions ($)**<br>|
| KAR Capital Growth Fund | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49447<br>|
| KAR Equity Income Fund | 100.00 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7034<br>|
| KAR Mid-Cap Core Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76699<br>|
| KAR Mid-Cap Growth Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 217585<br>|
| KAR Small-Cap Core Fund | 100.00 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 237358<br>|
| KAR Small-Cap Growth Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 445104<br>|
| KAR Small-Cap Value Fund | 100.00 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30333<br>|
| KAR Small-Mid Cap Core Fund | 100.00 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1308<br>|
| KAR Small-Mid Cap Growth Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| KAR Small-Mid Cap Value Fund | 100.00 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| SGA Global Growth Fund | 32.91 | &nbsp;&nbsp;&nbsp;&nbsp; 15.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20840<br>|
| Tactical Allocation Fund | 29.00 | &nbsp;&nbsp;&nbsp;&nbsp; 9.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 68505<br>|

---

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**THIS PAGE INTENTIONALLY BLANK.**

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**VIRTUS EQUITY TRUST**

101 Munson Street

Greenfield, MA 01301-9668

**Trustees**

Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

**Investment Adviser**

Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Principal Underwriter**

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Administrator and Transfer Agent**

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Custodian**

The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

------

![](g35320imge7a0ef633.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

8015 11-25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Refer to the Other Information Section in Item 7(a).

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and

------

reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.
(a)(1) [The registrant's Code of Ethics is attached hereto](d35320dex99codeeth.htm).

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d35320dex99cert.htm)  |

---

(a)(4) Disclosure not required for open-end management investment companies..

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d35320dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) Virtus Equity Trust | (Registrant) Virtus Equity Trust |
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

Date   <u>12/2/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

Date   <u>12/2/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

Date   <u>12/1/2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the
Securities and Exchange Commission (the "1940 Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the "Advisers Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under
the 1940 Act (collectively, the "Fund's 1940 Act Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the
Board that are not "interested persons" of the Fund (the "Independen <u>t</u> Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act
Code of Ethics, the "1940 Act Codes of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under the 1940 Act (collectively, the "Fund Policies"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

<sup>1</sup> Virtus Investment Advisers, LLC; Virtus Alternative Investment Advisers, LLC; Virtus Capital Advisers, LLC; AlphaSimplex Group, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Management LLC; Sustainable Growth Advisers, LP; Virtus Advisers, LLC; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2025.1) 

Tab 2

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The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or non-nominal gift by the Senior
Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Adviser or Virtus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

Tab 2

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**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business
and financial operations of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the
Board, the Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations
reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations and potential violations will be reported to the applicable Fund Board after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or
preventive action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Tab 2

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**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

Tab 2

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Equity Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:<u>12/02/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Equity Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:<u>12/01/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, George R. Aylward, President of Virtus Equity Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date:<u>12/02/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Equity Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date:<u>12/01/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---