# EDGAR Filing Document

**Accession Number:** 0000034273
**File Stem:** 0000930413-23-000237
**Filing Date:** 2023-1
**Character Count:** 24575
**Document Hash:** 535f4088e10afafd91a9fcf1e268d452
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000237.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0000930413-23-000237

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS EQUITY TRUST
- **CENTRAL INDEX KEY:** 0000034273
- **IRS NUMBER:** 036066130
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-16590
- **FILM NUMBER:** 23560029

**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 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           |

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| | | | |
|:---|:---|:---|:---|
| Summary Prospectus January 27, 2023 | Summary Prospectus January 27, 2023 | Summary Prospectus January 27, 2023 | Summary Prospectus January 27, 2023 |
| Virtus SGA Global Growth Fund | Virtus SGA Global Growth Fund | Virtus SGA Global Growth Fund | Virtus SGA Global Growth Fund |
| **A: SGAAX** | **C: SGACX** | **I: SGAPX** | **R6: SGARX** |

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Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, statement of additional information ("SAI"), and other information about the fund online at virtus.com/investor-center/mutual-fund-documents.<br> You can also get this information at no cost by calling 800-243-1574 or by sending an e-mail to: virtus.investment.partners@virtus.com. If you purchase shares of the fund through a broker-dealer or other financial intermediary such as a bank, the prospectus and other information will also be available from your financial intermediary.<br> The fund's prospectus and SAI both dated January 27, 2023, are incorporated by reference into this Summary Prospectus.<br>

#### Investment Objective
The fund has an investment objective of long-term capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 92 of the fund's prospectus; (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers;" and (iv) under "Alternative Purchase Arrangements" on page 97 of the fund's SAI.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **&nbsp;&nbsp;&nbsp;&nbsp;Class I** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **&nbsp;&nbsp;&nbsp;&nbsp;Class I** | **Class R6** |
| Management Fees | 0.80% | 0.80% | 0.80% | 0.80% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.39% | 0.33% | 0.36% | 0.23% |
| Total Annual Fund Operating Expenses | 1.44% | 2.13% | 1.16% | 1.03% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | (0.11)% | (0.05)% | (0.08)% | (0.13)% |
| Total Annual Fund Operating Expenses After Expense Reimbursement<sup>(b)(c)</sup> | 1.33% | 2.08% | 1.08% | 0.90% |

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

(b) The fund's investment
 adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or
 contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit
 or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual
 or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such
 expenses do not exceed 1.33% for Class A Shares, 2.08% for Class C Shares, 1.08% for Class I Shares and 0.90% for Class R6 Shares through
 January 31, 2024. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time.
 Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period
 of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed
 its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is
 taken into account.

(c) Not included in the table
 are extraordinary proxy expenses. If such amounts were reflected in this table, the Total Annual Fund Operating Expenses After Expense
 Reduction/Reimbursement would have been 1.34% for Class A Shares, 2.09% for Class C Shares, 1.09% for Class I Shares and 0.91% for Class
 R6 Shares.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $678 | $970 | $1284 | $2170 |
| Class C  | Sold | $311 | $662 | $1140 | $2458 |
|  | Held | $211 | $662 | $1140 | $2458 |
| Class I  | Sold or Held | $110 | $361 | $631 | $1402 |
| Class R6  | Sold or Held | $92 | $315 | $556 | $1248 |

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#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal period, the fund's portfolio turnover rate was 37% of the average value of its portfolio.

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund will invest in securities of issuers located throughout the world, including the United States ("U.S."). Under normal circumstances, the fund will invest primarily in equity securities, with at least 40% of the fund's net assets in issuers organized, headquartered or doing a substantial amount of business outside the U.S. As of the date of this prospectus, the fund's subadviser, Sustainable Growth Advisers, LP ("SGA"), considers an issuer that has at least 50% of its assets or derives at least 50% of its revenue from business outside the U.S. as doing a substantial amount of business outside the U.S. The fund may invest up to 25% of its net assets in the securities of companies located in countries included in the MSCI Emerging Markets Index.

SGA uses an investment process to identify companies that it believes have a high degree of predictability, strong profitability and above average earnings and cash flow growth. SGA selects investments for the fund's portfolio that it believes have superior long-term earnings prospects and attractive valuation. To the extent consistent with the fund's investment objective and strategies, the subadviser will consider as an element of its investment research and decision making processes for the fund any environmental, social and/or governance ("ESG") factors that the subadviser believes may influence risks and opportunities of companies under consideration. However, the pursuit of ESG-related goals is not the fund's investment objective, nor one of its investment strategies. Therefore, ESG factors by themselves are not expected to determine investment decisions for the fund. The fund's equity investments may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, and depositary receipts. The fund may invest in companies of all market capitalizations, but will generally invest in large and medium capitalization companies and convertible securities of any duration. As of the date of this prospectus, the fund's subadviser considers large and medium sized companies to be those with market capitalizations over $25 billion and from $5 billion to $25 billion, respectively, at the time of purchase. The fund will allocate its assets among various regions and countries (but no fewer than three non-U.S. countries). From time to time, the fund may have a significant portion of its assets invested in the securities of companies in only a few countries and one or a few regions. Although the fund seeks investments across a number of sectors, from time to time, the fund may have significant positions in particular sectors.

SGA may trade foreign currency forward contracts or currency futures in an attempt to reduce the fund's risk exposure to adverse fluctuations in currency exchange rates.

SGA will sell a portfolio holding when it believes the security's fundamentals deteriorate, its valuation is no longer attractive, or a better investment opportunity arises.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below.

> ***Equity Securities Risk.*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Foreign Investing Risk.*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Emerging Market Risk.*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.

> ***Sector Focused Investing Risk.*** Events negatively affecting a particular market sector in which the fund focuses its investments may cause the value of the fund's shares to decrease, perhaps significantly.

> ***Geographic Concentration Risk.*** A fund that focuses its investments in a particular geographic location will be sensitive to financial, economic, political and other events negatively affecting that location and may cause the value of the fund to decrease, perhaps significantly.

> ***Convertible Securities Risk.*** The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/or price unfavorable to the fund.

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> ***Credit Risk.*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk.*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk.*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***ESG Risk.*** The fund's consideration of ESG factors could cause the fund to perform differently from other funds. While the subadviser believes that the integration of ESG factors into the fund's investment process has the potential to contribute to performance, ESG factors may not be considered for every investment decision and there is no guarantee that the integration of ESG factors will result in better performance.

> ***Growth Stocks Risk.*** The fund's investments in growth stocks may be more volatile than investments in other types of stocks, or may perform differently from the market as a whole and from other types of stocks.

> ***Large Market Capitalization Companies Risk.*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

> ***Market Volatility Risk.*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g. Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Medium Market Capitalization Companies Risk.*** The fund's investments in medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Preferred Stocks Risk.*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Redemption Risk.*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken.

#### Performance Information
The fund is the successor of American Beacon SGA Global Growth Fund, a series of American Beacon Funds ("Predecessor Fund"), resulting from a reorganization of the Predecessor Fund with and into the fund, which occurred on May 3, 2019. The fund has adopted the past performance of the Predecessor Fund as its own. The performance shown below represents the performance of the Predecessor Fund directly since October 4, 2013, and the returns of an earlier predecessor from December 31, 2011 to October 4, 2013 that was adopted by the Predecessor Fund. The Predecessor Fund and the fund have identical investment objectives and strategies.

The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the Predecessor Fund's performance from year to year over the life of the fund. The table shows how the Predecessor Fund's average annual returns compare to those of two broad-based securities market indexes. Updated performance information is available at virtus.com or by calling 800-243-1574.

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| |
|:---|
| **Calendar year total returns for Class I Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

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![PerformanceBarChartData(2014:1.05, 2015:7.71, 2016:4.07, 2017:32.77, 2018:-3.13, 2019:32.44, 2020:30.93, 2021:8.02, 2022:-25.9)](img_15a8bc371c8f4.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 25.43% | Worst Quarter: | 2022, Q2: | -19.33% |

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**Average Annual Total Returns** (for the periods ended 12/31/22; includes returns of a predecessor fund)

Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Since <br>Inception** |
|  | **1 Year** | **5 Years** | **10 Years** | **(10/4/2013)** |
| Class I Shares |  |  |  |  |
| Return Before Taxes | -25.90% | 6.10% |  | 8.60% |
| Return After Taxes on Distributions | -26.35% | 5.15% |  | 7.65% |
| Return After Taxes on Distributions and Sale of Fund Shares | -15.01% | 4.73% |  | 6.81% |
| Class A Shares |  |  |  |  |
| Return Before Taxes | -30.15% | 4.73% |  | 7.82% |
| Class C Shares |  |  |  |  |
| Return Before Taxes | -26.65% | 5.12% |  | 7.66% |
| Class R6 Shares |  |  |  |  |
| Return Before Taxes | -25.71% | 6.39% | 9.58% |  |
| MSCI All Country World Index (net) (reflects no deduction for fees, expenses or taxes) | -18.36% | 5.23% | 7.98% | 7.03% |
| MSCI All Country World Growth Index (net) (reflects no deduction for fees, expenses or taxes) | -28.61% | 6.37% | 9.20% | 8.34% |

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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 MSCI All Country World Growth Index (net) is designed to measure the equity market performance of companies with higher growth values in developed and emerging markets. The indexes are calculated on a total return basis with net dividends reinvested. The indexes are unmanaged, and are not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class I Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, Inc. ("VIA").

The fund's subadviser is Sustainable Growth Advisers, LP ("SGA"), an affiliate of VIA.

#### Portfolio Management
> ***Hrishikesh Gupta,*** Analyst, Portfolio Manager, Principal and a member of the Investment Committee at SGA. Mr. Gupta has served as a Portfolio Manager of the fund since January 2021.

> ***Kishore Rao,*** Analyst, Portfolio Manager, Principal and a member of the Investment Committee at SGA. Mr. Rao has served as a Portfolio Manager of the fund since July 2022.

> ***Robert L. Rohn,*** Portfolio Manager and co-founder of SGA. Mr. Rohn has served as a Portfolio Manager of the fund and its predecessor funds since inception in December 2010.

#### Purchase and Sale of Fund Shares
Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Class I Shares, the minimum initial purchase is $100,000; there is no minimum for additional purchases.

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

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companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares.

Ask your financial professional or visit your financial intermediary's website for more information.

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<br> Virtus Mutual Funds<br>P.O. Box 9874<br>Providence, RI 02940-8074 8641 1-23

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