# EDGAR Filing Document

**Accession Number:** 0000034273
**File Stem:** 0001193125-26-253157
**Filing Date:** 2026-6
**Character Count:** 518609
**Document Hash:** 92c4915de756ef15ea74146dc2a73d4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-253157.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001193125-26-253157

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00945
- **FILM NUMBER:** 261055059

**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   |
|:---|:---|:---|
| 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           |
| 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:

#### March 31, 2026

------

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

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Capital Growth Fund
Class A / PSTAX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Capital Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $56 | 1.21% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$567191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | |
|:---|:---|
| Information Technology | 40% |
| Communication Services | 15 |
| Consumer Discretionary | 13 |
| Financials | 11 |
| Health Care | 11 |
| Industrials | 10 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8174 Virtus KAR Capital Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Capital Growth Fund
Class C / SSTFX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Capital Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $94 | 2.03% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$567191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | |
|:---|:---|
| Information Technology | 40% |
| Communication Services | 15 |
| Consumer Discretionary | 13 |
| Financials | 11 |
| Health Care | 11 |
| Industrials | 10 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8175 Virtus KAR Capital Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Capital Growth Fund
Class I / PLXGX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Capital Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $46 | 0.99% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$567191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | |
|:---|:---|
| Information Technology | 40% |
| Communication Services | 15 |
| Consumer Discretionary | 13 |
| Financials | 11 |
| Health Care | 11 |
| Industrials | 10 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8176 Virtus KAR Capital Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Capital Growth Fund
Class R6 / VCGRX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Capital Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $34 | 0.73% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$567191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | |
|:---|:---|
| Information Technology | 40% |
| Communication Services | 15 |
| Consumer Discretionary | 13 |
| Financials | 11 |
| Health Care | 11 |
| Industrials | 10 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8177 Virtus KAR Capital Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Equity Income Fund
Class A / PDIAX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Equity Income Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $59 | 1.17% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$161994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Industrials | 17% |
| Information Technology | 16 |
| Financials | 16 |
| Health Care | 10 |
| Consumer Staples | 9 |
| Utilities | 9 |
| Real Estate | 6 |
| Other (includes securities lending collateral) | 17 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 1.14% went into effect for Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8187 Virtus KAR Equity Income Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Equity Income Fund
Class C / PGICX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Equity Income Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $97 | 1.92% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$161994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Industrials | 17% |
| Information Technology | 16 |
| Financials | 16 |
| Health Care | 10 |
| Consumer Staples | 9 |
| Utilities | 9 |
| Real Estate | 6 |
| Other (includes securities lending collateral) | 17 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 1.89% went into effect for Class C shares.

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8188 Virtus KAR Equity Income Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Equity Income Fund
Class I / PXIIX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Equity Income Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $47 | 0.92% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$161994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Industrials | 17% |
| Information Technology | 16 |
| Financials | 16 |
| Health Care | 10 |
| Consumer Staples | 9 |
| Utilities | 9 |
| Real Estate | 6 |
| Other (includes securities lending collateral) | 17 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 0.89% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8189 Virtus KAR Equity Income Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Equity Income Fund
Class R6 / VECRX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Equity Income Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $39 | 0.78% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$161994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Industrials | 17% |
| Information Technology | 16 |
| Financials | 16 |
| Health Care | 10 |
| Consumer Staples | 9 |
| Utilities | 9 |
| Real Estate | 6 |
| Other (includes securities lending collateral) | 17 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8190 Virtus KAR Equity Income Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $58 | 1.20% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1943968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Industrials | 48% |
| Financials | 20 |
| Information Technology | 13 |
| Health Care | 10 |
| Consumer Discretionary | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8219 Virtus KAR Mid-Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $94 | 1.95% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1943968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Industrials | 48% |
| Financials | 20 |
| Information Technology | 13 |
| Health Care | 10 |
| Consumer Discretionary | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8220 Virtus KAR Mid-Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $46 | 0.95% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1943968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Industrials | 48% |
| Financials | 20 |
| Information Technology | 13 |
| Health Care | 10 |
| Consumer Discretionary | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8221 Virtus KAR Mid-Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $42 | 0.87% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1943968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Industrials | 48% |
| Financials | 20 |
| Information Technology | 13 |
| Health Care | 10 |
| Consumer Discretionary | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8222 Virtus KAR Mid-Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $60 | 1.33% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$433400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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 | 31% |
| Industrials | 19 |
| Consumer Discretionary | 17 |
| Health Care | 15 |
| Financials | 8 |
| Communication Services | 5 |
| Consumer Staples | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8223 Virtus KAR Mid-Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $96 | 2.11% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$433400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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 | 31% |
| Industrials | 19 |
| Consumer Discretionary | 17 |
| Health Care | 15 |
| Financials | 8 |
| Communication Services | 5 |
| Consumer Staples | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8224 Virtus KAR Mid-Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $50 | 1.09% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$433400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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 | 31% |
| Industrials | 19 |
| Consumer Discretionary | 17 |
| Health Care | 15 |
| Financials | 8 |
| Communication Services | 5 |
| Consumer Staples | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8225 Virtus KAR Mid-Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $38 | 0.84% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$433400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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 | 31% |
| Industrials | 19 |
| Consumer Discretionary | 17 |
| Health Care | 15 |
| Financials | 8 |
| Communication Services | 5 |
| Consumer Staples | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8226 Virtus KAR Mid-Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $65 | 1.30% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1798559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

---

| | |
|:---|:---|
| Industrials | 48% |
| Financials | 25 |
| Consumer Discretionary | 15 |
| Materials | 6 |
| Health Care | 3 |
| Information Technology | 1 |
| Short-Term Investment | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8227 Virtus KAR Small-Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $100 | 2.01% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1798559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

---

| | |
|:---|:---|
| Industrials | 48% |
| Financials | 25 |
| Consumer Discretionary | 15 |
| Materials | 6 |
| Health Care | 3 |
| Information Technology | 1 |
| Short-Term Investment | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8228 Virtus KAR Small-Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $51 | 1.02% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1798559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

---

| | |
|:---|:---|
| Industrials | 48% |
| Financials | 25 |
| Consumer Discretionary | 15 |
| Materials | 6 |
| Health Care | 3 |
| Information Technology | 1 |
| Short-Term Investment | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8229 Virtus KAR Small-Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $46 | 0.92% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1798559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

---

| | |
|:---|:---|
| Industrials | 48% |
| Financials | 25 |
| Consumer Discretionary | 15 |
| Materials | 6 |
| Health Care | 3 |
| Information Technology | 1 |
| Short-Term Investment | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8230 Virtus KAR Small-Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $67 | 1.46% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$822512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 27 |
| Consumer Discretionary | 19 |
| Health Care | 11 |
| Information Technology | 8 |
| Consumer Staples | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8231 Virtus KAR Small-Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $100 | 2.20% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$822512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 27 |
| Consumer Discretionary | 19 |
| Health Care | 11 |
| Information Technology | 8 |
| Consumer Staples | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8232 Virtus KAR Small-Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $54 | 1.19% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$822512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 27 |
| Consumer Discretionary | 19 |
| Health Care | 11 |
| Information Technology | 8 |
| Consumer Staples | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8233 Virtus KAR Small-Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $48 | 1.06% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$822512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 27 |
| Consumer Discretionary | 19 |
| Health Care | 11 |
| Information Technology | 8 |
| Consumer Staples | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8234 Virtus KAR Small-Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Value Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $61 | 1.23% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$600804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 27 |
| Consumer Discretionary | 12 |
| Consumer Staples | 6 |
| Materials | 4 |
| Health Care | 4 |
| Real Estate | 3 |
| Other (includes short-term investment) | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8237 Virtus KAR Small-Cap Value Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Value Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $99 | 2.01% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$600804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 27 |
| Consumer Discretionary | 12 |
| Consumer Staples | 6 |
| Materials | 4 |
| Health Care | 4 |
| Real Estate | 3 |
| Other (includes short-term investment) | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8238 Virtus KAR Small-Cap Value Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Value Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $49 | 1.00% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$600804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 27 |
| Consumer Discretionary | 12 |
| Consumer Staples | 6 |
| Materials | 4 |
| Health Care | 4 |
| Real Estate | 3 |
| Other (includes short-term investment) | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8239 Virtus KAR Small-Cap Value Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Value Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $44 | 0.89% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$600804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 27 |
| Consumer Discretionary | 12 |
| Consumer Staples | 6 |
| Materials | 4 |
| Health Care | 4 |
| Real Estate | 3 |
| Other (includes short-term investment) | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8240 Virtus KAR Small-Cap Value Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $59 | 1.25% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1430015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Industrials | 32% |
| Financials | 21 |
| Consumer Discretionary | 20 |
| Information Technology | 18 |
| Health Care | 6 |
| Consumer Staples | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8242 Virtus KAR Small-Mid Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $94 | 2.01% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1430015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Industrials | 32% |
| Financials | 21 |
| Consumer Discretionary | 20 |
| Information Technology | 18 |
| Health Care | 6 |
| Consumer Staples | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8243 Virtus KAR Small-Mid Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $47 | 1.00% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1430015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Industrials | 32% |
| Financials | 21 |
| Consumer Discretionary | 20 |
| Information Technology | 18 |
| Health Care | 6 |
| Consumer Staples | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8244 Virtus KAR Small-Mid Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Core Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $42 | 0.90% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1430015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Industrials | 32% |
| Financials | 21 |
| Consumer Discretionary | 20 |
| Information Technology | 18 |
| Health Care | 6 |
| Consumer Staples | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8245 Virtus KAR Small-Mid Cap Core Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $58 | 1.26% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &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>**

---

| | |
|:---|:---|
| Industrials | 34% |
| Health Care | 22 |
| Information Technology | 14 |
| Financials | 13 |
| Consumer Discretionary | 10 |
| Communication Services | 4 |
| Consumer Staples | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 1.20% went into effect for Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8246 Virtus KAR Small-Mid Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Small-Mid Cap Growth Fund
Class I / VIKSX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $46 | 1.01% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &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>**

---

| | |
|:---|:---|
| Industrials | 34% |
| Health Care | 22 |
| Information Technology | 14 |
| Financials | 13 |
| Consumer Discretionary | 10 |
| Communication Services | 4 |
| Consumer Staples | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 0.95% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8248 Virtus KAR Small-Mid Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Small-Mid Cap Growth Fund
Class R6 / VRKSX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $43 | 0.94% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &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>**

---

| | |
|:---|:---|
| Industrials | 34% |
| Health Care | 22 |
| Information Technology | 14 |
| Financials | 13 |
| Consumer Discretionary | 10 |
| Communication Services | 4 |
| Consumer Staples | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 0.89% went into effect for Class R6 shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8249 Virtus KAR Small-Mid Cap Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Small-Mid Cap Value Fund
Class A / VKSDX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Value Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $57 | 1.17% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 21 |
| Consumer Discretionary | 11 |
| Consumer Staples | 8 |
| Materials | 6 |
| Health Care | 5 |
| Real Estate | 3 |
| Other | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8250 Virtus KAR Small-Mid Cap Value Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Small-Mid Cap Value Fund
Class I / VKSFX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Value Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $45 | 0.92% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 21 |
| Consumer Discretionary | 11 |
| Consumer Staples | 8 |
| Materials | 6 |
| Health Care | 5 |
| Real Estate | 3 |
| Other | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8252 Virtus KAR Small-Mid Cap Value Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus KAR Small-Mid Cap Value Fund
Class R6 / VKSGX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Small-Mid Cap Value Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $40 | 0.82% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrials | 43% |
| Financials | 21 |
| Consumer Discretionary | 11 |
| Consumer Staples | 8 |
| Materials | 6 |
| Health Care | 5 |
| Real Estate | 3 |
| Other | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8253 Virtus KAR Small-Mid Cap Value Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus SGA Global Growth Fund
Class A / SGAAX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus SGA Global Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $59 | 1.26% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$152158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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>**

---

| | |
|:---|:---|
| Information Technology | 34% |
| Financials | 21 |
| Consumer Discretionary | 15 |
| Communication Services | 14 |
| Industrials | 9 |
| Health Care | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8353 Virtus SGA Global Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus SGA Global Growth Fund
Class C / SGACX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus SGA Global Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $93 | 2.01% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$152158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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>**

---

| | |
|:---|:---|
| Information Technology | 34% |
| Financials | 21 |
| Consumer Discretionary | 15 |
| Communication Services | 14 |
| Industrials | 9 |
| Health Care | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8354 Virtus SGA Global Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus SGA Global Growth Fund
Class I / SGAPX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus SGA Global Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $47 | 1.01% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$152158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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>**

---

| | |
|:---|:---|
| Information Technology | 34% |
| Financials | 21 |
| Consumer Discretionary | 15 |
| Communication Services | 14 |
| Industrials | 9 |
| Health Care | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8355 Virtus SGA Global Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus SGA Global Growth Fund
Class R6 / SGARX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus SGA Global Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $42 | 0.91% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$152158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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>**

---

| | |
|:---|:---|
| Information Technology | 34% |
| Financials | 21 |
| Consumer Discretionary | 15 |
| Communication Services | 14 |
| Industrials | 9 |
| Health Care | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8356 Virtus SGA Global Growth Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus Tactical Allocation Fund
Class A / NAINX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Tactical Allocation Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $48 | 0.99% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$547567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &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>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 60.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 21 |  |
| Corporate Bonds and Notes |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | 4 |  |
| Affiliated Mutual Funds |  | 14 |
| Mortgage-Backed Securities |  | 7 |
| U.S. Government Securities |  | 6 |
| Foreign Government Securities |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8384 Virtus Tactical Allocation Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus Tactical Allocation Fund
Class C / POICX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Tactical Allocation Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $84 | 1.75% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$547567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &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>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 60.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 21 |  |
| Corporate Bonds and Notes |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | 4 |  |
| Affiliated Mutual Funds |  | 14 |
| Mortgage-Backed Securities |  | 7 |
| U.S. Government Securities |  | 6 |
| Foreign Government Securities |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8385 Virtus Tactical Allocation Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus Tactical Allocation Fund
Class I / VTAIX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Tactical Allocation Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $37 | 0.76% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$547567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &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>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 60.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 21 |  |
| Corporate Bonds and Notes |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | 4 |  |
| Affiliated Mutual Funds |  | 14 |
| Mortgage-Backed Securities |  | 7 |
| U.S. Government Securities |  | 6 |
| Foreign Government Securities |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8386 Virtus Tactical Allocation Fund

![Virtus_FC_Logo](g57989images_30801.jpg)

## Virtus Tactical Allocation Fund
Class R6 / VTARX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Tactical Allocation Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $29 | 0.60% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$547567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &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>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 60.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 21 |  |
| Corporate Bonds and Notes |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | 4 |  |
| Affiliated Mutual Funds |  | 14 |
| Mortgage-Backed Securities |  | 7 |
| U.S. Government Securities |  | 6 |
| Foreign Government Securities |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57989images_30963.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.

8387 Virtus Tactical Allocation Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.
Response not required for semi-annual report.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) 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 (semiannual) financial statements and financial highlights are as follows:

------

SEMI-ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS EQUITY TRUST**

![](g57989img355123f21.gif)

March 31, 2026

&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_3e44dee5-0883-489a-8ec0-04758c983490_KIT-TOC-KeyInvestmentTerms-321_1) | 1 |
| [Schedules of Investments](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-321_1) |  |
| [Virtus KAR Capital Growth Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-321_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-321_1)[KAR Capital Growth Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-321_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-321_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-321_1) | 2 |
| [Virtus KAR Equity Income Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-328_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-328_1)[KAR Equity Income Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-328_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-328_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-328_1) | 3 |
| [Virtus KAR Mid-Cap Core Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-323_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-323_1)[KAR Mid-Cap Core Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-323_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-323_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-323_1) | 4 |
| [Virtus KAR Mid-Cap Growth Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-324_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-324_1)[KAR Mid-Cap Growth Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-324_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-324_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-324_1) | 5 |
| [Virtus KAR Small-Cap Core Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-325_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-325_1)[KAR Small-Cap Core Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-325_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-325_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-325_1) | 6 |
| [Virtus KAR Small-Cap Growth Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-326_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-326_1)[KAR Small-Cap Growth Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-326_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-326_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-326_1) | 7 |
| [Virtus KAR Small-Cap Value Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-327_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-327_1)[KAR Small-Cap Value Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-327_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-327_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-327_1) | 8 |
| [Virtus KAR Small-Mid Cap Core Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3305_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3305_1)[KAR Small-Mid Cap Core Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3305_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3305_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3305_1) | 9 |
| [Virtus KAR Small-Mid Cap Growth Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3631_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3631_1)[KAR Small-Mid Cap Growth Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3631_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3631_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3631_1) | 10 |
| [Virtus KAR Small-Mid Cap Value Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3870_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3870_1)[KAR Small-Mid Cap Value Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3870_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3870_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3870_1) | 11 |
| [Virtus SGA Global Growth Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3319_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3319_1)[SGA Global Growth Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3319_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3319_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-3319_1) | 12 |
| [Virtus Tactical Allocation Fund (](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-330_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-330_1)[Tactical Allocation Fund](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-330_1)["](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-330_1)[)](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOI-TOC-ScheduleofInvestments-330_1) | 13 |
| [Statements of Assets and Liabilities](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SAL-SAL-Headerfooter-321_1) | 19 |
| [Statements of Operations](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOP-SOP-Headerfooter-321_1) | 25 |
| [Statements of Changes in Net Assets](#xx_3e44dee5-0883-489a-8ec0-04758c983490_SOC-SOC-HeaderFooter-321_1) | 28 |
| [Financial Highlights](#xx_3e44dee5-0883-489a-8ec0-04758c983490_FIHI-FIHI-Headerfooter-321_1) | 34 |
| [Notes to Financial Statements](#xx_3e44dee5-0883-489a-8ec0-04758c983490_NTF-TOC-NTF-321_1) | 44 |
| [Other Information](#xx_3e44dee5-0883-489a-8ec0-04758c983490_OI-TOC-OtherInformation-321_1) | 65 |

---

&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)**

**March 31, 2026**

**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.

**Business Development Company ("BDC")**

**Credit Default Swap ("CDS")**

A CDS is a financial derivative contract that shifts the credit risk of a fixed income product to a counterparty in exchange for a premium. The buyer of the CDS makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, may expect to receive a payoff if the asset defaults.

**Commercial Mortgage-Backed Securities ("CMBS")** 

CMBS are fixed-income investment products, similar to bonds, backed by mortgages on commercial properties (offices, retail, hotels) rather than residential homes. These loans are pooled together, transferred to a trust, and sold to investors as securities, providing liquidity to the real estate market.

**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.

**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.

**Residential Mortgage-Backed Securities ("RMBS")**

RMBS are investment instruments secured by a pool of residential home loans (mortgages). Banks bundle these loans and sell them to investors, providing regular interest and principal payments. They are divided into risk-based tranches, with either government-backed (Agency) or private (Non-Agency) guarantees.

**Secured Overnight Financing Rate ("SOFR")**

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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.3%** | **Common Stocks—99.3%** | **Common Stocks—99.3%** |
| **Communication Services—14.6%** | **Communication Services—14.6%** |  |
| Alphabet, Inc. Class A | 115477 | &nbsp;&nbsp; $33207 |
| Meta Platforms, Inc. Class A | 40469 | &nbsp;&nbsp; 23153 |
| Netflix, Inc.<sup>(1)</sup> <br>| 157806 | &nbsp;&nbsp; 15173 |
| Reddit, Inc. Class A<sup>(1)</sup> <br>| 85719 | &nbsp;&nbsp; 11542 |
|  |  | &nbsp;&nbsp; 83075 |
| **Consumer Discretionary—12.9%** | **Consumer Discretionary—12.9%** |  |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 172073 | &nbsp;&nbsp; 35838 |
| Hermes International SCA <br> Unsponsored ADR<br>| 51134 | &nbsp;&nbsp; 9701 |
| Marriott International, Inc. <br> Class A<br>| 51181 | &nbsp;&nbsp; 16740 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 6371 | &nbsp;&nbsp; 11015 |
|  |  | &nbsp;&nbsp; 73294 |
| **Financials—11.5%** | **Financials—11.5%** |  |
| Progressive Corp. (The) | 77184 | &nbsp;&nbsp; 15301 |
| S&P Global, Inc. | 30738 | &nbsp;&nbsp; 13074 |
| Visa, Inc. Class A | 122262 | &nbsp;&nbsp; 36953 |
|  |  | &nbsp;&nbsp; 65328 |
| **Health Care—10.7%** | **Health Care—10.7%** |  |
| Danaher Corp. | 46658 | &nbsp;&nbsp; 8846 |
| Eli Lilly & Co. | 19359 | &nbsp;&nbsp; 17806 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> <br>| 20895 | &nbsp;&nbsp; $11741 |
| Intuitive Surgical, Inc.<sup>(1)</sup> <br>| 24557 | &nbsp;&nbsp; 11320 |
| Medline, Inc. Class A<sup>(1)</sup> <br>| 241572 | &nbsp;&nbsp; 10750 |
|  |  | &nbsp;&nbsp; 60463 |
| **Industrials—9.6%** | **Industrials—9.6%** |  |
| Comfort Systems USA, Inc. | 10692 | &nbsp;&nbsp; 14744 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 15190 | &nbsp;&nbsp; 16216 |
| Karman Holdings, Inc.<sup>(1)</sup> <br>| 149237 | &nbsp;&nbsp; 11946 |
| Uber Technologies, Inc.<sup>(1)</sup> <br>| 160134 | &nbsp;&nbsp; 11519 |
|  |  | &nbsp;&nbsp; 54425 |
| **Information Technology—40.0%** | **Information Technology—40.0%** |  |
| Amphenol Corp. Class A | 348595 | &nbsp;&nbsp; 44045 |
| ARM Holdings plc ADR<sup>(1)</sup> <br>| 72912 | &nbsp;&nbsp; 11030 |
| Cadence Design Systems, <br> Inc.<sup>(1)</sup> <br>| 50555 | &nbsp;&nbsp; 14048 |
| Cloudflare, Inc. Class A<sup>(1)</sup> <br>| 92230 | &nbsp;&nbsp; 19031 |
| Datadog, Inc. Class A<sup>(1)</sup> <br>| 92633 | &nbsp;&nbsp; 10935 |
| KLA Corp. | 8415 | &nbsp;&nbsp; 12390 |
| Monolithic Power Systems, <br> Inc.<br>| 14120 | &nbsp;&nbsp; 15438 |
| NVIDIA Corp. | 300058 | &nbsp;&nbsp; 52330 |
| ServiceNow, Inc.<sup>(1)</sup> <br>| 99890 | &nbsp;&nbsp; 10444 |
| Shopify, Inc. Class A<sup>(1)</sup> <br>| 157683 | &nbsp;&nbsp; 18704 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Snowflake, Inc. Class A<sup>(1)</sup> <br>| 121573 | &nbsp;&nbsp; $18336 |
|  |  | &nbsp;&nbsp; 226731 |
| **Total Common Stocks** <br>**(Identified Cost $313,040)** | **Total Common Stocks** <br>**(Identified Cost $313,040)** | &nbsp;&nbsp; **563316** |
| **Total Long-Term** <br> **Investments—99.3%** <br>**(Identified Cost $313,040)** | **Total Long-Term** <br> **Investments—99.3%** <br>**(Identified Cost $313,040)** | &nbsp;&nbsp; **563316** |
| **TOTAL INVESTMENTS—99.3%** <br>**(Identified Cost $313,040)** | **TOTAL INVESTMENTS—99.3%** <br>**(Identified Cost $313,040)** | &nbsp;&nbsp; **$563316** |
| Other assets and liabilities, net—0.7% | Other assets and liabilities, net—0.7% | &nbsp;&nbsp; 3875 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$567191** |

---

&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. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $563316 | &nbsp;&nbsp;&nbsp;&nbsp; $563316 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $563316 | &nbsp;&nbsp;&nbsp;&nbsp; $563316 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.8%** | **Common Stocks—98.8%** | **Common Stocks—98.8%** |
| **Communication Services—3.3%** | **Communication Services—3.3%** |  |
| Verizon Communications, <br> Inc.<br>| 105736 | &nbsp;&nbsp; $5308 |
| **Consumer Discretionary—4.8%** | **Consumer Discretionary—4.8%** |  |
| Compass Group plc <br> Sponsored ADR<br>| 138336 | &nbsp;&nbsp; 3846 |
| TJX Cos., Inc. (The) | 24882 | &nbsp;&nbsp; 3973 |
|  |  | &nbsp;&nbsp; 7819 |
| **Consumer Staples—9.4%** | **Consumer Staples—9.4%** |  |
| Coca-Cola Co. (The) | 70264 | &nbsp;&nbsp; 5344 |
| Procter & Gamble Co. (The) | 26316 | &nbsp;&nbsp; 3801 |
| Walmart, Inc. | 49505 | &nbsp;&nbsp; 6152 |
|  |  | &nbsp;&nbsp; 15297 |
| **Energy—2.8%** | **Energy—2.8%** |  |
| TotalEnergies SE<sup>(1)</sup> <br>| 49472 | &nbsp;&nbsp; 4501 |
| **Financials—16.2%** | **Financials—16.2%** |  |
| Bank of New York Mellon <br> Corp. (The)<br>| 50288 | &nbsp;&nbsp; 5966 |
| Broadridge Financial <br> Solutions, Inc.<br>| 12389 | &nbsp;&nbsp; 2013 |
| Marsh & McLennan Cos., <br> Inc.<br>| 12978 | &nbsp;&nbsp; 2251 |
| PNC Financial Services <br> Group, Inc. (The)<br>| 33905 | &nbsp;&nbsp; 7055 |
| Prudential Financial, Inc. | 17115 | &nbsp;&nbsp; 1672 |
| Zurich Insurance Group AG <br> ADR<br>| 206565 | &nbsp;&nbsp; 7335 |
|  |  | &nbsp;&nbsp; 26292 |
| **Health Care—10.2%** | **Health Care—10.2%** |  |
| AbbVie, Inc. | 25754 | &nbsp;&nbsp; 5601 |
| Gilead Sciences, Inc. | 26025 | &nbsp;&nbsp; 3627 |
| Johnson & Johnson | 14415 | &nbsp;&nbsp; 3524 |
| Medtronic plc | 43377 | &nbsp;&nbsp; 3759 |
|  |  | &nbsp;&nbsp; 16511 |
| **Industrials—17.4%** | **Industrials—17.4%** |  |
| BAE Systems plc | 26614 | &nbsp;&nbsp; 780 |
| BAE Systems plc Sponsored <br> ADR<br>| 44622 | &nbsp;&nbsp; 5198 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Caterpillar, Inc. | 3853 | &nbsp;&nbsp; $2730 |
| Eaton Corp. plc | 9933 | &nbsp;&nbsp; 3553 |
| Fastenal Co. | 73951 | &nbsp;&nbsp; 3431 |
| Parker-Hannifin Corp. | 2608 | &nbsp;&nbsp; 2335 |
| Snap-on, Inc. | 10204 | &nbsp;&nbsp; 3706 |
| Trane Technologies plc | 5194 | &nbsp;&nbsp; 2165 |
| Watsco, Inc. | 11826 | &nbsp;&nbsp; 4302 |
|  |  | &nbsp;&nbsp; 28200 |
| **Information Technology—16.4%** | **Information Technology—16.4%** |  |
| Amphenol Corp. Class A | 21088 | &nbsp;&nbsp; 2664 |
| Applied Materials, Inc. | 11614 | &nbsp;&nbsp; 3970 |
| Broadcom, Inc. | 14958 | &nbsp;&nbsp; 4630 |
| Cisco Systems, Inc. | 57061 | &nbsp;&nbsp; 4427 |
| International Business <br> Machines Corp.<br>| 18514 | &nbsp;&nbsp; 4488 |
| Microsoft Corp. | 10455 | &nbsp;&nbsp; 3870 |
| Texas Instruments, Inc. | 12843 | &nbsp;&nbsp; 2493 |
|  |  | &nbsp;&nbsp; 26542 |
| **Materials—3.4%** | **Materials—3.4%** |  |
| Linde plc | 11154 | &nbsp;&nbsp; 5530 |
| **Real Estate—6.0%** | **Real Estate—6.0%** |  |
| Getty Realty Corp. | 97819 | &nbsp;&nbsp; 3111 |
| Lamar Advertising Co. <br> Class A<br>| 51658 | &nbsp;&nbsp; 6543 |
|  |  | &nbsp;&nbsp; 9654 |
| **Utilities—8.9%** | **Utilities—8.9%** |  |
| Fortis, Inc. | 156134 | &nbsp;&nbsp; 8710 |
| Southern Co. (The) | 58639 | &nbsp;&nbsp; 5660 |
|  |  | &nbsp;&nbsp; 14370 |
| **Total Common Stocks** <br>**(Identified Cost $120,411)** | **Total Common Stocks** <br>**(Identified Cost $120,411)** | &nbsp;&nbsp; **160024** |
| **Total Long-Term** <br> **Investments—98.8%** <br>**(Identified Cost $120,411)** | **Total Long-Term** <br> **Investments—98.8%** <br>**(Identified Cost $120,411)** | &nbsp;&nbsp; **160024** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—2.8%** | **Securities Lending Collateral—2.8%** | **Securities Lending Collateral—2.8%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 3.531%)<sup>(2)(3)</sup> <br>| 4533074 | &nbsp;&nbsp; $4533 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $4,533)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $4,533)** | &nbsp;&nbsp; **4533** |
| **TOTAL INVESTMENTS—101.6%** <br>**(Identified Cost $124,944)** | **TOTAL INVESTMENTS—101.6%** <br>**(Identified Cost $124,944)** | &nbsp;&nbsp; **$164557** |
| Other assets and liabilities, net—(1.6)% | Other assets and liabilities, net—(1.6)% | &nbsp;&nbsp; (2563)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$161994** |

---

&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**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 82<br> %<br>|
| United Kingdom | 6 |
| Canada | 5 |
| Switzerland | 4 |
| France | 3 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $160024 | &nbsp;&nbsp;&nbsp;&nbsp; $159244 | &nbsp;&nbsp;&nbsp;&nbsp; $780 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 4533 | &nbsp;&nbsp;&nbsp;&nbsp; 4533 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $164557 | &nbsp;&nbsp;&nbsp;&nbsp; $163777 | &nbsp;&nbsp;&nbsp;&nbsp; $780 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Mid-Cap Core Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.3%** | **Common Stocks—99.3%** | **Common Stocks—99.3%** |
| **Consumer Discretionary—9.0%** | **Consumer Discretionary—9.0%** |  |
| Pool Corp. | 210892 | &nbsp;&nbsp; $42670 |
| Rollins, Inc. | 920248 | &nbsp;&nbsp; 49150 |
| Ross Stores, Inc. | 388206 | &nbsp;&nbsp; 84097 |
|  |  | &nbsp;&nbsp; 175917 |
| **Financials—19.5%** | **Financials—19.5%** |  |
| Broadridge Financial <br> Solutions, Inc.<br>| 249160 | &nbsp;&nbsp; 40483 |
| Brown & Brown, Inc. | 488590 | &nbsp;&nbsp; 31861 |
| Hamilton Lane, Inc. Class A | 567684 | &nbsp;&nbsp; 56428 |
| Houlihan Lokey, Inc. Class A | 608178 | &nbsp;&nbsp; 87347 |
| Jack Henry & Associates, Inc. | 299332 | &nbsp;&nbsp; 47306 |
| LPL Financial Holdings, Inc. | 181961 | &nbsp;&nbsp; 54739 |
| MSCI, Inc. Class A | 111756 | &nbsp;&nbsp; 60238 |
|  |  | &nbsp;&nbsp; 378402 |
| **Health Care—10.1%** | **Health Care—10.1%** |  |
| Align Technology, Inc.<sup>(1)</sup> <br>| 326597 | &nbsp;&nbsp; 55988 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> <br>| 890921 | &nbsp;&nbsp; 63701 |
| West Pharmaceutical <br> Services, Inc.<br>| 304317 | &nbsp;&nbsp; 76274 |
|  |  | &nbsp;&nbsp; 195963 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—47.9%** | **Industrials—47.9%** |  |
| Advanced Drainage Systems, <br> Inc.<br>| 469389 | &nbsp;&nbsp; $64367 |
| Allegion plc | 289026 | &nbsp;&nbsp; 41993 |
| AMETEK, Inc. | 575341 | &nbsp;&nbsp; 123330 |
| C.H. Robinson Worldwide, <br> Inc.<br>| 300320 | &nbsp;&nbsp; 49874 |
| EMCOR Group, Inc. | 98549 | &nbsp;&nbsp; 72760 |
| Equifax, Inc. | 319475 | &nbsp;&nbsp; 57528 |
| Exponent, Inc. | 625965 | &nbsp;&nbsp; 40844 |
| HEICO Corp. Class A | 333049 | &nbsp;&nbsp; 70303 |
| Lennox International, Inc. | 98197 | &nbsp;&nbsp; 45576 |
| Nordson Corp. | 193087 | &nbsp;&nbsp; 51373 |
| Old Dominion Freight Line, <br> Inc.<br>| 370398 | &nbsp;&nbsp; 72376 |
| Pentair plc | 718012 | &nbsp;&nbsp; 62546 |
| Verisk Analytics, Inc. Class A | 350044 | &nbsp;&nbsp; 66421 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 448969 | &nbsp;&nbsp; 112202 |
|  |  | &nbsp;&nbsp; 931493 |
| **Information Technology—12.8%** | **Information Technology—12.8%** |  |
| Monolithic Power Systems, <br> Inc.<br>| 94758 | &nbsp;&nbsp; 103604 |
| Teledyne Technologies, Inc.<sup>(1)</sup> <br>| 185000 | &nbsp;&nbsp; 111927 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Universal Display Corp. | 356905 | &nbsp;&nbsp; $32714 |
|  |  | &nbsp;&nbsp; 248245 |
| **Total Common Stocks** <br>**(Identified Cost $1,436,094)** | **Total Common Stocks** <br>**(Identified Cost $1,436,094)** | &nbsp;&nbsp; **1930020** |
| **Total Long-Term** <br> **Investments—99.3%** <br>**(Identified Cost $1,436,094)** | **Total Long-Term** <br> **Investments—99.3%** <br>**(Identified Cost $1,436,094)** | &nbsp;&nbsp; **1930020** |
| **TOTAL INVESTMENTS—99.3%** <br>**(Identified Cost $1,436,094)** | **TOTAL INVESTMENTS—99.3%** <br>**(Identified Cost $1,436,094)** | &nbsp;&nbsp; **$1930020** |
| Other assets and liabilities, net—0.7% | Other assets and liabilities, net—0.7% | &nbsp;&nbsp; 13948 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1943968** |

---

&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. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1930020 | &nbsp;&nbsp;&nbsp;&nbsp; $1930020 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1930020 | &nbsp;&nbsp;&nbsp;&nbsp; $1930020 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.4%** | **Common Stocks—99.4%** | **Common Stocks—99.4%** |
| **Communication Services—4.8%** | **Communication Services—4.8%** |  |
| New York Times Co. (The) <br> Class A<br>| 158548 | &nbsp;&nbsp; $13275 |
| Reddit, Inc. Class A<sup>(1)</sup> <br>| 56757 | &nbsp;&nbsp; 7642 |
|  |  | &nbsp;&nbsp; 20917 |
| **Consumer Discretionary—16.6%** | **Consumer Discretionary—16.6%** |  |
| Domino's Pizza, Inc. | 26137 | &nbsp;&nbsp; 9378 |
| Global-e Online Ltd.<sup>(1)</sup> <br>| 264931 | &nbsp;&nbsp; 8173 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 10946 | &nbsp;&nbsp; 18926 |
| On Holding AG Class A<sup>(1)</sup> <br>| 349390 | &nbsp;&nbsp; 11886 |
| Rollins, Inc. | 209534 | &nbsp;&nbsp; 11191 |
| TopBuild Corp.<sup>(1)</sup> <br>| 35242 | &nbsp;&nbsp; 12381 |
|  |  | &nbsp;&nbsp; 71935 |
| **Consumer Staples—4.3%** | **Consumer Staples—4.3%** |  |
| Celsius Holdings, Inc.<sup>(1)</sup> <br>| 350934 | &nbsp;&nbsp; 12451 |
| Freshpet, Inc.<sup>(1)</sup> <br>| 106464 | &nbsp;&nbsp; 6277 |
|  |  | &nbsp;&nbsp; 18728 |
| **Financials—8.3%** | **Financials—8.3%** |  |
| Goosehead Insurance, Inc. <br> Class A<sup>(1)</sup> <br>| 197804 | &nbsp;&nbsp; 8438 |
| Houlihan Lokey, Inc. Class A | 90729 | &nbsp;&nbsp; 13031 |
| Toast, Inc. Class A<sup>(1)</sup> <br>| 539870 | &nbsp;&nbsp; 14312 |
|  |  | &nbsp;&nbsp; 35781 |
| **Health Care—15.2%** | **Health Care—15.2%** |  |
| HealthEquity, Inc.<sup>(1)</sup> <br>| 140768 | &nbsp;&nbsp; 11764 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> <br>| 26808 | &nbsp;&nbsp; 15063 |
| Insulet Corp.<sup>(1)</sup> <br>| 59523 | &nbsp;&nbsp; 12490 |
| Medline, Inc. Class A<sup>(1)</sup> <br>| 242184 | &nbsp;&nbsp; 10777 |
| West Pharmaceutical <br> Services, Inc.<br>| 63465 | &nbsp;&nbsp; 15907 |
|  |  | &nbsp;&nbsp; 66001 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—19.1%** | **Industrials—19.1%** |  |
| Comfort Systems USA, Inc. | 19467 | &nbsp;&nbsp; $26845 |
| Copart, Inc.<sup>(1)</sup> <br>| 285143 | &nbsp;&nbsp; 9467 |
| Equifax, Inc. | 67478 | &nbsp;&nbsp; 12151 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 11523 | &nbsp;&nbsp; 12301 |
| Old Dominion Freight Line, <br> Inc.<br>| 49167 | &nbsp;&nbsp; 9607 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 48929 | &nbsp;&nbsp; 12228 |
|  |  | &nbsp;&nbsp; 82599 |
| **Information Technology—31.1%** | **Information Technology—31.1%** |  |
| Amphenol Corp. Class A | 247113 | &nbsp;&nbsp; 31223 |
| Cloudflare, Inc. Class A<sup>(1)</sup> <br>| 180825 | &nbsp;&nbsp; 37311 |
| Datadog, Inc. Class A<sup>(1)</sup> <br>| 93065 | &nbsp;&nbsp; 10986 |
| Everpure, Inc. Class A<sup>(1)</sup> <br>| 152794 | &nbsp;&nbsp; 9021 |
| Monolithic Power Systems, <br> Inc.<br>| 17263 | &nbsp;&nbsp; 18875 |
| PTC, Inc.<sup>(1)</sup> <br>| 69055 | &nbsp;&nbsp; 9840 |
| Trimble, Inc.<sup>(1)</sup> <br>| 179004 | &nbsp;&nbsp; 11676 |
| Vertex, Inc. Class A<sup>(1)</sup> <br>| 503837 | &nbsp;&nbsp; 5991 |
|  |  | &nbsp;&nbsp; 134923 |
| **Total Common Stocks** <br>**(Identified Cost $310,979)** | **Total Common Stocks** <br>**(Identified Cost $310,979)** | &nbsp;&nbsp; **430884** |
| **Total Long-Term** <br> **Investments—99.4%** <br>**(Identified Cost $310,979)** | **Total Long-Term** <br> **Investments—99.4%** <br>**(Identified Cost $310,979)** | &nbsp;&nbsp; **430884** |
| **TOTAL INVESTMENTS—99.4%** <br>**(Identified Cost $310,979)** | **TOTAL INVESTMENTS—99.4%** <br>**(Identified Cost $310,979)** | &nbsp;&nbsp; **$430884** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp; 2516 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$433400** |

---

&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**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 91<br> %<br>|
| Brazil | 4 |
| Switzerland | 3 |
| Israel | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $430884 | &nbsp;&nbsp;&nbsp;&nbsp; $430884 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $430884 | &nbsp;&nbsp;&nbsp;&nbsp; $430884 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**KAR Small-Cap Core Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—95.0%** | **Common Stocks—95.0%** | **Common Stocks—95.0%** |
| **Consumer Discretionary—14.4%** | **Consumer Discretionary—14.4%** |  |
| Acushnet Holdings Corp. | 1063401 | &nbsp;&nbsp; $99407 |
| Installed Building <br> Products, Inc.<br>| 280010 | &nbsp;&nbsp; 74245 |
| LCI Industries | 298020 | &nbsp;&nbsp; 36650 |
| Pool Corp. | 240017 | &nbsp;&nbsp; 48562 |
|  |  | &nbsp;&nbsp; 258864 |
| **Financials—24.4%** | **Financials—24.4%** |  |
| Artisan Partners Asset <br> Management, Inc. <br> Class A<br>| 1021387 | &nbsp;&nbsp; 37168 |
| BancFirst Corp. | 478809 | &nbsp;&nbsp; 51951 |
| First Hawaiian, Inc. | 2266728 | &nbsp;&nbsp; 55852 |
| Jack Henry & Associates, <br> Inc.<br>| 433455 | &nbsp;&nbsp; 68503 |
| Moelis & Co. Class A | 1002917 | &nbsp;&nbsp; 57166 |
| Primerica, Inc. | 426287 | &nbsp;&nbsp; 106777 |
| RLI Corp. | 1071832 | &nbsp;&nbsp; 61137 |
|  |  | &nbsp;&nbsp; 438554 |
| **Health Care—2.7%** | **Health Care—2.7%** |  |
| CorVel Corp.<sup>(1)</sup> <br>| 882869 | &nbsp;&nbsp; 48249 |
| **Industrials—46.6%** | **Industrials—46.6%** |  |
| Donaldson Co., Inc. | 534338 | &nbsp;&nbsp; 45349 |
| EMCOR Group, Inc. | 90015 | &nbsp;&nbsp; 66459 |
| FTI Consulting, Inc.<sup>(1)</sup> <br>| 534294 | &nbsp;&nbsp; 94447 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Graco, Inc. | 712110 | &nbsp;&nbsp; $60280 |
| Kadant, Inc. | 199690 | &nbsp;&nbsp; 58380 |
| Kforce, Inc. | 348052 | &nbsp;&nbsp; 10177 |
| Landstar System, Inc. | 472732 | &nbsp;&nbsp; 75784 |
| RBC Bearings, Inc.<sup>(1)</sup> <br>| 171803 | &nbsp;&nbsp; 93310 |
| Simpson Manufacturing <br> Co., Inc.<br>| 672399 | &nbsp;&nbsp; 115397 |
| Toro Co. (The) | 1187589 | &nbsp;&nbsp; 110968 |
| Watts Water Technologies, <br> Inc. Class A<br>| 368500 | &nbsp;&nbsp; 106972 |
|  |  | &nbsp;&nbsp; 837523 |
| **Information Technology—1.5%** | **Information Technology—1.5%** |  |
| Manhattan Associates, <br> Inc.<sup>(1)</sup> <br>| 198386 | &nbsp;&nbsp; 26409 |
| **Materials—5.4%** | **Materials—5.4%** |  |
| Hawkins, Inc. | 287519 | &nbsp;&nbsp; 44163 |
| UFP Industries, Inc. | 586745 | &nbsp;&nbsp; 54051 |
|  |  | &nbsp;&nbsp; 98214 |
| **Total Common Stocks** <br>**(Identified Cost $967,424)** | **Total Common Stocks** <br>**(Identified Cost $967,424)** | &nbsp;&nbsp; **1707813** |
| **Total Long-Term** <br> **Investments—95.0%** <br>**(Identified Cost $967,424)** | **Total Long-Term** <br> **Investments—95.0%** <br>**(Identified Cost $967,424)** | &nbsp;&nbsp; **1707813** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—2.1%** | **Short-Term Investment—2.1%** | **Short-Term Investment—2.1%** |
| **Money Market Mutual Fund—2.1%** | **Money Market Mutual Fund—2.1%** | **Money Market Mutual Fund—2.1%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 3.531%)<sup>(2)</sup> <br>| 37894541 | &nbsp;&nbsp; $37895 |
| **Total Short-Term Investment** <br>**(Identified Cost $37,895)** | **Total Short-Term Investment** <br>**(Identified Cost $37,895)** | &nbsp;&nbsp; **37895** |
| **TOTAL INVESTMENTS—97.1%** <br>**(Identified Cost $1,005,319)** | **TOTAL INVESTMENTS—97.1%** <br>**(Identified Cost $1,005,319)** | &nbsp;&nbsp; **$1745708** |
| Other assets and liabilities, net—2.9% | Other assets and liabilities, net—2.9% | &nbsp;&nbsp; 52851 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1798559** |

---

&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 March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1707813 | &nbsp;&nbsp;&nbsp;&nbsp; $1707813 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 37895 | &nbsp;&nbsp;&nbsp;&nbsp; 37895 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1745708 | &nbsp;&nbsp;&nbsp;&nbsp; $1745708 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**KAR Small-Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—95.4%** | **Common Stocks—95.4%** | **Common Stocks—95.4%** |
| **Consumer Discretionary—17.6%** | **Consumer Discretionary—17.6%** |  |
| Dream Finders Homes, Inc. <br> Class A<sup>(1)</sup> <br>| 2100325 | &nbsp;&nbsp; $29236 |
| GigaCloud Technology, Inc. <br> Class A<sup>(1)</sup> <br>| 639373 | &nbsp;&nbsp; 29015 |
| Installed Building Products, <br> Inc.<br>| 103304 | &nbsp;&nbsp; 27391 |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(1)</sup> <br>| 332299 | &nbsp;&nbsp; 30585 |
| Revolve Group, Inc. <br> Class A<sup>(1)</sup> <br>| 845448 | &nbsp;&nbsp; 19116 |
| Smith Douglas Homes Corp. <br> Class A<sup>(1)</sup> <br>| 770159 | &nbsp;&nbsp; 9858 |
|  |  | &nbsp;&nbsp; 145201 |
| **Consumer Staples—4.6%** | **Consumer Staples—4.6%** |  |
| BBB Foods, Inc. Class A<sup>(1)</sup> <br>| 548271 | &nbsp;&nbsp; 19392 |
| PriceSmart, Inc. | 121340 | &nbsp;&nbsp; 18262 |
|  |  | &nbsp;&nbsp; 37654 |
| **Financials—29.0%** | **Financials—29.0%** |  |
| Goosehead Insurance, Inc. <br> Class A<sup>(1)</sup> <br>| 906071 | &nbsp;&nbsp; 38653 |
| Kinsale Capital Group, Inc. | 118807 | &nbsp;&nbsp; 40592 |
| Morningstar, Inc. | 85983 | &nbsp;&nbsp; 14535 |
| Ryan Specialty Holdings, <br> Inc. Class A<br>| 1161142 | &nbsp;&nbsp; 39177 |
| ServisFirst Bancshares, Inc. | 738667 | &nbsp;&nbsp; 53797 |
| Triumph Financial, Inc.<sup>(1)</sup> <br>| 861659 | &nbsp;&nbsp; 51406 |
|  |  | &nbsp;&nbsp; 238160 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—10.3%** | **Health Care—10.3%** |  |
| iRadimed Corp. | 139503 | &nbsp;&nbsp; $13429 |
| National Research <br> Corp.<sup>(2)(3)</sup> <br>| 1708009 | &nbsp;&nbsp; 29002 |
| U.S. Physical Therapy, Inc. | 563088 | &nbsp;&nbsp; 42209 |
|  |  | &nbsp;&nbsp; 84640 |
| **Industrials—25.9%** | **Industrials—25.9%** |  |
| AAON, Inc. | 471037 | &nbsp;&nbsp; 38978 |
| Alliance Laundry Holdings, <br> Inc.<sup>(1)</sup> <br>| 1992842 | &nbsp;&nbsp; 41332 |
| Enerpac Tool Group Corp. <br> Class A<br>| 1280132 | &nbsp;&nbsp; 46686 |
| FTI Consulting, Inc.<sup>(1)</sup> <br>| 153951 | &nbsp;&nbsp; 27214 |
| Omega Flex, Inc. | 300572 | &nbsp;&nbsp; 9330 |
| Toro Co. (The) | 528398 | &nbsp;&nbsp; 49373 |
|  |  | &nbsp;&nbsp; 212913 |
| **Information Technology—8.0%** | **Information Technology—8.0%** |  |
| Appfolio, Inc. Class A<sup>(1)</sup> <br>| 212629 | &nbsp;&nbsp; 33557 |
| nCino, Inc.<sup>(1)</sup> <br>| 1909171 | &nbsp;&nbsp; 28599 |
| NVE Corp. | 62190 | &nbsp;&nbsp; 4074 |
|  |  | &nbsp;&nbsp; 66230 |
| **Total Common Stocks** <br>**(Identified Cost $721,715)** | **Total Common Stocks** <br>**(Identified Cost $721,715)** | &nbsp;&nbsp; **784798** |
| **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $721,715)** | **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $721,715)** | &nbsp;&nbsp; **784798** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.0%** | **Securities Lending Collateral—0.0%** | **Securities Lending Collateral—0.0%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 3.531%)<sup>(4)(5)</sup> <br>| 96254 | &nbsp;&nbsp; $96 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $96)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $96)** | &nbsp;&nbsp; **96** |
| **TOTAL INVESTMENTS—95.4%** <br>**(Identified Cost $721,811)** | **TOTAL INVESTMENTS—95.4%** <br>**(Identified Cost $721,811)** | &nbsp;&nbsp; **$784894** |
| Other assets and liabilities, net—4.6% | Other assets and liabilities, net—4.6% | &nbsp;&nbsp; 37618 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$822512** |

---

&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 4H in Notes to <br> Financial Statements.<br>|
| <sup>(3)</sup> <br>| All or a portion of security is on loan. |
| <sup>(4)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|
| <sup>(5)</sup> <br>| Represents security purchased with cash collateral <br> received for securities on loan.<br>|

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $784798 | &nbsp;&nbsp;&nbsp;&nbsp; $784798 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $784894 | &nbsp;&nbsp;&nbsp;&nbsp; $784894 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**KAR Small-Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.6%** | **Common Stocks—97.6%** | **Common Stocks—97.6%** |
| **Consumer Discretionary—12.0%** | **Consumer Discretionary—12.0%** |  |
| Cheesecake Factory, Inc. <br> (The)<br>| 429989 | &nbsp;&nbsp; $23542 |
| Choice Hotels International, <br> Inc.<br>| 155518 | &nbsp;&nbsp; 16096 |
| SiteOne Landscape Supply, <br> Inc.<sup>(1)</sup> <br>| 124117 | &nbsp;&nbsp; 16521 |
| Thor Industries, Inc. | 200523 | &nbsp;&nbsp; 16020 |
|  |  | &nbsp;&nbsp; 72179 |
| **Consumer Staples—6.0%** | **Consumer Staples—6.0%** |  |
| National Beverage Corp.<sup>(1)</sup> <br>| 370333 | &nbsp;&nbsp; 12462 |
| WD-40 Co. | 114107 | &nbsp;&nbsp; 23271 |
|  |  | &nbsp;&nbsp; 35733 |
| **Financials—26.1%** | **Financials—26.1%** |  |
| Bank of Hawaii Corp. | 343862 | &nbsp;&nbsp; 25532 |
| EVERTEC, Inc. | 576827 | &nbsp;&nbsp; 16278 |
| First Financial Bankshares, <br> Inc.<br>| 598757 | &nbsp;&nbsp; 17633 |
| Houlihan Lokey, Inc. Class A | 194550 | &nbsp;&nbsp; 27941 |
| Jack Henry & Associates, <br> Inc.<br>| 68623 | &nbsp;&nbsp; 10845 |
| Primerica, Inc. | 108596 | &nbsp;&nbsp; 27201 |
| RLI Corp. | 245382 | &nbsp;&nbsp; 13997 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Stock Yards Bancorp, Inc. | 262793 | &nbsp;&nbsp; $17421 |
|  |  | &nbsp;&nbsp; 156848 |
| **Health Care—3.6%** | **Health Care—3.6%** |  |
| Prestige Consumer <br> Healthcare, Inc.<sup>(1)</sup> <br>| 368886 | &nbsp;&nbsp; 21864 |
| **Industrials—41.9%** | **Industrials—41.9%** |  |
| Alliance Laundry Holdings, <br> Inc.<sup>(1)</sup> <br>| 778997 | &nbsp;&nbsp; 16156 |
| Armstrong World <br> Industries, Inc.<br>| 167009 | &nbsp;&nbsp; 27523 |
| Brady Corp. Class A | 203435 | &nbsp;&nbsp; 16527 |
| Construction Partners, Inc. <br> Class A<sup>(1)</sup> <br>| 307830 | &nbsp;&nbsp; 34206 |
| CSW Industrials, Inc. | 70210 | &nbsp;&nbsp; 18295 |
| Hillman Solutions Corp.<sup>(1)</sup> <br>| 2355705 | &nbsp;&nbsp; 19599 |
| JBT Marel Corp. | 183026 | &nbsp;&nbsp; 23404 |
| Landstar System, Inc. | 110394 | &nbsp;&nbsp; 17697 |
| RBC Bearings, Inc.<sup>(1)</sup> <br>| 65620 | &nbsp;&nbsp; 35640 |
| UniFirst Corp. | 67390 | &nbsp;&nbsp; 16955 |
| Watsco, Inc. | 70384 | &nbsp;&nbsp; 25605 |
|  |  | &nbsp;&nbsp; 251607 |
| **Information Technology—1.1%** | **Information Technology—1.1%** |  |
| Badger Meter, Inc. | 45034 | &nbsp;&nbsp; 6861 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—3.7%** | **Materials—3.7%** |  |
| HB Fuller Co. | 356344 | &nbsp;&nbsp; $21979 |
| **Real Estate—3.2%** | **Real Estate—3.2%** |  |
| Getty Realty Corp. | 604372 | &nbsp;&nbsp; 19219 |
| **Total Common Stocks** <br>**(Identified Cost $342,311)** | **Total Common Stocks** <br>**(Identified Cost $342,311)** | &nbsp;&nbsp; **586290** |
| **Total Long-Term** <br> **Investments—97.6%** <br>**(Identified Cost $342,311)** | **Total Long-Term** <br> **Investments—97.6%** <br>**(Identified Cost $342,311)** | &nbsp;&nbsp; **586290** |
| **TOTAL INVESTMENTS—97.6%** <br>**(Identified Cost $342,311)** | **TOTAL INVESTMENTS—97.6%** <br>**(Identified Cost $342,311)** | &nbsp;&nbsp; **$586290** |
| Other assets and liabilities, net—2.4% | Other assets and liabilities, net—2.4% | &nbsp;&nbsp; 14514 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$600804** |

---

&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 March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $586290 | &nbsp;&nbsp;&nbsp;&nbsp; $586290 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $586290 | &nbsp;&nbsp;&nbsp;&nbsp; $586290 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**KAR Small-Mid Cap Core Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ 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—19.6%** | **Consumer Discretionary—19.6%** |  |
| Bright Horizons Family <br> Solutions, Inc.<sup>(1)</sup> <br>| 538698 | &nbsp;&nbsp; $44243 |
| Choice Hotels International, <br> Inc.<br>| 354098 | &nbsp;&nbsp; 36649 |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(1)</sup> <br>| 361716 | &nbsp;&nbsp; 33292 |
| Pool Corp. | 174214 | &nbsp;&nbsp; 35249 |
| Rollins, Inc. | 1072578 | &nbsp;&nbsp; 57286 |
| SiteOne Landscape Supply, <br> Inc.<sup>(1)</sup> <br>| 253869 | &nbsp;&nbsp; 33793 |
| Thor Industries, Inc. | 492478 | &nbsp;&nbsp; 39344 |
|  |  | &nbsp;&nbsp; 279856 |
| **Consumer Staples—3.1%** | **Consumer Staples—3.1%** |  |
| BJ's Wholesale Club <br> Holdings, Inc.<sup>(1)</sup> <br>| 446988 | &nbsp;&nbsp; 43993 |
| **Financials—20.8%** | **Financials—20.8%** |  |
| Hamilton Lane, Inc. Class A | 366714 | &nbsp;&nbsp; 36451 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 1414146 | &nbsp;&nbsp; 94847 |
| Jack Henry & Associates, <br> Inc.<br>| 282308 | &nbsp;&nbsp; 44616 |
| LPL Financial Holdings, Inc. | 170626 | &nbsp;&nbsp; 51330 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| W. R. Berkley Corp. | 1062270 | &nbsp;&nbsp; $70407 |
|  |  | &nbsp;&nbsp; 297651 |
| **Health Care—6.1%** | **Health Care—6.1%** |  |
| Align Technology, Inc.<sup>(1)</sup> <br>| 169524 | &nbsp;&nbsp; 29062 |
| Chemed Corp. | 27633 | &nbsp;&nbsp; 10438 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> <br>| 674533 | &nbsp;&nbsp; 48229 |
|  |  | &nbsp;&nbsp; 87729 |
| **Industrials—31.9%** | **Industrials—31.9%** |  |
| Allegion plc | 430994 | &nbsp;&nbsp; 62619 |
| Equifax, Inc. | 215571 | &nbsp;&nbsp; 38818 |
| Exponent, Inc. | 377847 | &nbsp;&nbsp; 24654 |
| Lennox International, Inc. | 94615 | &nbsp;&nbsp; 43914 |
| Nordson Corp. | 229686 | &nbsp;&nbsp; 61110 |
| Saia, Inc.<sup>(1)</sup> <br>| 140065 | &nbsp;&nbsp; 49202 |
| UL Solutions, Inc. Class A | 740146 | &nbsp;&nbsp; 63438 |
| Watsco, Inc. | 126997 | &nbsp;&nbsp; 46200 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 1480326 | &nbsp;&nbsp; 66378 |
|  |  | &nbsp;&nbsp; 456333 |
| **Information Technology—17.6%** | **Information Technology—17.6%** |  |
| Bentley Systems, Inc. <br> Class B<br>| 960698 | &nbsp;&nbsp; 33740 |
| ServiceTitan, Inc. Class A<sup>(1)</sup> <br>| 692031 | &nbsp;&nbsp; 43916 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Teledyne Technologies, <br> Inc.<sup>(1)</sup> <br>| 112093 | &nbsp;&nbsp; $67817 |
| Trimble, Inc.<sup>(1)</sup> <br>| 535172 | &nbsp;&nbsp; 34909 |
| Universal Display Corp. | 417170 | &nbsp;&nbsp; 38238 |
| Zebra Technologies Corp. <br> Class A<sup>(1)</sup> <br>| 157767 | &nbsp;&nbsp; 32986 |
|  |  | &nbsp;&nbsp; 251606 |
| **Total Common Stocks** <br>**(Identified Cost $1,209,859)** | **Total Common Stocks** <br>**(Identified Cost $1,209,859)** | &nbsp;&nbsp; **1417168** |
| **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $1,209,859)** | **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $1,209,859)** | &nbsp;&nbsp; **1417168** |
| **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $1,209,859)** | **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $1,209,859)** | &nbsp;&nbsp; **$1417168** |
| Other assets and liabilities, net—0.9% | Other assets and liabilities, net—0.9% | &nbsp;&nbsp; 12847 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1430015** |

---

&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 March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1417168 | &nbsp;&nbsp;&nbsp;&nbsp; $1417168 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1417168 | &nbsp;&nbsp;&nbsp;&nbsp; $1417168 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—94.0%** | **Common Stocks—94.0%** | **Common Stocks—94.0%** |
| **Communication Services—3.6%** | **Communication Services—3.6%** |  |
| New York Times Co. (The) <br> Class A<br>| 2473 | &nbsp;&nbsp; $207 |
| **Consumer Discretionary—9.3%** | **Consumer Discretionary—9.3%** |  |
| Installed Building Products, <br> Inc.<br>| 535 | &nbsp;&nbsp; 142 |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(1)</sup> <br>| 2378 | &nbsp;&nbsp; 219 |
| SharkNinja, Inc.<sup>(1)</sup> <br>| 1671 | &nbsp;&nbsp; 177 |
|  |  | &nbsp;&nbsp; 538 |
| **Consumer Staples—1.9%** | **Consumer Staples—1.9%** |  |
| Celsius Holdings, Inc.<sup>(1)</sup> <br>| 3169 | &nbsp;&nbsp; 112 |
| **Financials—12.3%** | **Financials—12.3%** |  |
| Houlihan Lokey, Inc. Class A | 1106 | &nbsp;&nbsp; 159 |
| Jack Henry & Associates, Inc. | 1108 | &nbsp;&nbsp; 175 |
| Moelis & Co. Class A | 3484 | &nbsp;&nbsp; 199 |
| Ryan Specialty Holdings, Inc. <br> Class A<br>| 5347 | &nbsp;&nbsp; 180 |
|  |  | &nbsp;&nbsp; 713 |
| **Health Care—20.7%** | **Health Care—20.7%** |  |
| HealthEquity, Inc.<sup>(1)</sup> <br>| 2993 | &nbsp;&nbsp; 250 |
| Hinge Health, Inc. Class A<sup>(1)</sup> <br>| 4670 | &nbsp;&nbsp; 180 |
| iRadimed Corp. | 1449 | &nbsp;&nbsp; 140 |
| LeMaitre Vascular, Inc. | 3139 | &nbsp;&nbsp; 343 |
| West Pharmaceutical <br> Services, Inc.<br>| 1139 | &nbsp;&nbsp; 285 |
|  |  | &nbsp;&nbsp; 1198 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—32.4%** | **Industrials—32.4%** |  |
| AAON, Inc. | 2755 | &nbsp;&nbsp; $228 |
| Advanced Drainage Systems, <br> Inc.<br>| 1526 | &nbsp;&nbsp; 209 |
| Enerpac Tool Group Corp. <br> Class A<br>| 4821 | &nbsp;&nbsp; 176 |
| HEICO Corp. Class A | 1350 | &nbsp;&nbsp; 285 |
| Saia, Inc.<sup>(1)</sup> <br>| 529 | &nbsp;&nbsp; 186 |
| Simpson Manufacturing Co., <br> Inc.<br>| 1297 | &nbsp;&nbsp; 223 |
| UL Solutions, Inc. Class A | 2666 | &nbsp;&nbsp; 228 |
| Verisk Analytics, Inc. Class A | 886 | &nbsp;&nbsp; 168 |
| Watts Water Technologies, <br> Inc. Class A<br>| 595 | &nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp; 1876 |
| **Information Technology—13.8%** | **Information Technology—13.8%** |  |
| Bentley Systems, Inc. Class B | 5285 | &nbsp;&nbsp; 186 |
| Descartes Systems Group, <br> Inc. (The)<sup>(1)</sup> <br>| 2695 | &nbsp;&nbsp; 193 |
| nCino, Inc.<sup>(1)</sup> <br>| 9235 | &nbsp;&nbsp; 138 |
| Teledyne Technologies, Inc.<sup>(1)</sup> <br>| 466 | &nbsp;&nbsp; 282 |
|  |  | &nbsp;&nbsp; 799 |
| **Total Common Stocks** <br>**(Identified Cost $4,971)** | **Total Common Stocks** <br>**(Identified Cost $4,971)** | &nbsp;&nbsp; **5443** |
| **Total Long-Term** <br> **Investments—94.0%** <br>**(Identified Cost $4,971)** | **Total Long-Term** <br> **Investments—94.0%** <br>**(Identified Cost $4,971)** | &nbsp;&nbsp; **5443** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.8%** | **Short-Term Investment—0.8%** | **Short-Term Investment—0.8%** |
| **Money Market Mutual Fund—0.8%** | **Money Market Mutual Fund—0.8%** | **Money Market Mutual Fund—0.8%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 3.531%)<sup>(2)</sup> <br>| 47285 | &nbsp;&nbsp; $47 |
| **Total Short-Term Investment** <br>**(Identified Cost $47)** | **Total Short-Term Investment** <br>**(Identified Cost $47)** | &nbsp;&nbsp; **47** |
| **TOTAL INVESTMENTS—94.8%** <br>**(Identified Cost $5,018)** | **TOTAL INVESTMENTS—94.8%** <br>**(Identified Cost $5,018)** | &nbsp;&nbsp; **$5490** |
| Other assets and liabilities, net—5.2% | Other assets and liabilities, net—5.2% | &nbsp;&nbsp; 303 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$5793** |

---

&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 March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $5443 | &nbsp;&nbsp;&nbsp;&nbsp; $5443 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $5490 | &nbsp;&nbsp;&nbsp;&nbsp; $5490 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**KAR Small-Mid Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.8%** | **Common Stocks—98.8%** | **Common Stocks—98.8%** |
| **Consumer Discretionary—11.2%** | **Consumer Discretionary—11.2%** |  |
| Gentex Corp. | 7630 | &nbsp;&nbsp; $167 |
| Murphy USA, Inc. | 439 | &nbsp;&nbsp; 217 |
| Pool Corp. | 707 | &nbsp;&nbsp; 143 |
| Thor Industries, Inc. | 1619 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp; 656 |
| **Consumer Staples—8.4%** | **Consumer Staples—8.4%** |  |
| BJ's Wholesale Club Holdings, <br> Inc.<sup>(1)</sup> <br>| 2139 | &nbsp;&nbsp; 211 |
| National Beverage Corp.<sup>(1)</sup> <br>| 3520 | &nbsp;&nbsp; 118 |
| WD-40 Co. | 811 | &nbsp;&nbsp; 165 |
|  |  | &nbsp;&nbsp; 494 |
| **Financials—20.3%** | **Financials—20.3%** |  |
| Bank of Hawaii Corp. | 2266 | &nbsp;&nbsp; 168 |
| Broadridge Financial <br> Solutions, Inc.<br>| 759 | &nbsp;&nbsp; 123 |
| First Financial Bankshares, <br> Inc.<br>| 3515 | &nbsp;&nbsp; 103 |
| Houlihan Lokey, Inc. Class A | 1112 | &nbsp;&nbsp; 160 |
| Jack Henry & Associates, Inc. | 1314 | &nbsp;&nbsp; 208 |
| LPL Financial Holdings, Inc. | 706 | &nbsp;&nbsp; 212 |
| W. R. Berkley Corp. | 3282 | &nbsp;&nbsp; 218 |
|  |  | &nbsp;&nbsp; 1192 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—4.7%** | **Health Care—4.7%** |  |
| CorVel Corp.<sup>(1)</sup> <br>| 1829 | &nbsp;&nbsp; $100 |
| Prestige Consumer <br> Healthcare, Inc.<sup>(1)</sup> <br>| 2975 | &nbsp;&nbsp; 176 |
|  |  | &nbsp;&nbsp; 276 |
| **Industrials—42.7%** | **Industrials—42.7%** |  |
| Armstrong World Industries, <br> Inc.<br>| 1251 | &nbsp;&nbsp; 206 |
| CACI International, Inc. <br> Class A<sup>(1)</sup> <br>| 564 | &nbsp;&nbsp; 307 |
| Graco, Inc. | 2622 | &nbsp;&nbsp; 222 |
| JBT Marel Corp. | 1033 | &nbsp;&nbsp; 132 |
| Kadant, Inc. | 621 | &nbsp;&nbsp; 182 |
| Landstar System, Inc. | 1187 | &nbsp;&nbsp; 190 |
| RBC Bearings, Inc.<sup>(1)</sup> <br>| 589 | &nbsp;&nbsp; 320 |
| Toro Co. (The) | 3161 | &nbsp;&nbsp; 295 |
| TransUnion | 3333 | &nbsp;&nbsp; 231 |
| Watsco, Inc. | 552 | &nbsp;&nbsp; 201 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 5029 | &nbsp;&nbsp; 225 |
|  |  | &nbsp;&nbsp; 2511 |
| **Information Technology—2.5%** | **Information Technology—2.5%** |  |
| Zebra Technologies Corp. <br> Class A<sup>(1)</sup> <br>| 706 | &nbsp;&nbsp; 148 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—5.7%** | **Materials—5.7%** |  |
| Avery Dennison Corp. | 843 | &nbsp;&nbsp; $146 |
| HB Fuller Co. | 3068 | &nbsp;&nbsp; 189 |
|  |  | &nbsp;&nbsp; 335 |
| **Real Estate—3.3%** | **Real Estate—3.3%** |  |
| Lamar Advertising Co. Class A | 1547 | &nbsp;&nbsp; 196 |
| **Total Common Stocks** <br>**(Identified Cost $5,215)** | **Total Common Stocks** <br>**(Identified Cost $5,215)** | &nbsp;&nbsp; **5808** |
| **Total Long-Term** <br> **Investments—98.8%** <br>**(Identified Cost $5,215)** | **Total Long-Term** <br> **Investments—98.8%** <br>**(Identified Cost $5,215)** | &nbsp;&nbsp; **5808** |
| **TOTAL INVESTMENTS—98.8%** <br>**(Identified Cost $5,215)** | **TOTAL INVESTMENTS—98.8%** <br>**(Identified Cost $5,215)** | &nbsp;&nbsp; **$5808** |
| Other assets and liabilities, net—1.2% | Other assets and liabilities, net—1.2% | &nbsp;&nbsp; 73 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$5881** |

---

&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 March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $5808 | &nbsp;&nbsp;&nbsp;&nbsp; $5808 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $5808 | &nbsp;&nbsp;&nbsp;&nbsp; $5808 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**SGA Global Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.4%** | **Common Stocks—99.4%** | **Common Stocks—99.4%** |
| **Communication Services—14.1%** | **Communication Services—14.1%** |  |
| Alphabet, Inc. Class C | 27404 | &nbsp;&nbsp; $7861 |
| Meta Platforms, Inc. Class A | 9112 | &nbsp;&nbsp; 5213 |
| Netflix, Inc.<sup>(1)</sup> <br>| 42484 | &nbsp;&nbsp; 4085 |
| Universal Music Group N.V. | 219365 | &nbsp;&nbsp; 4258 |
|  |  | &nbsp;&nbsp; 21417 |
| **Consumer Discretionary—14.9%** | **Consumer Discretionary—14.9%** |  |
| Alibaba Group Holding Ltd. | 203825 | &nbsp;&nbsp; 3195 |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 39736 | &nbsp;&nbsp; 8276 |
| Chipotle Mexican Grill, Inc. <br> Class A<sup>(1)</sup> <br>| 104749 | &nbsp;&nbsp; 3353 |
| Fast Retailing Co., Ltd. | 7866 | &nbsp;&nbsp; 3108 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 1678 | &nbsp;&nbsp; 2901 |
| Sea Ltd. ADR<sup>(1)</sup> <br>| 22255 | &nbsp;&nbsp; 1843 |
|  |  | &nbsp;&nbsp; 22676 |
| **Financials—21.2%** | **Financials—21.2%** |  |
| Adyen N.V.<sup>(1)</sup> <br>| 3702 | &nbsp;&nbsp; 3705 |
| AIA Group Ltd. | 413735 | &nbsp;&nbsp; 4597 |
| American Express Co. | 9841 | &nbsp;&nbsp; 2977 |
| Aon plc Class A | 11776 | &nbsp;&nbsp; 3801 |
| HDFC Bank Ltd. ADR | 180322 | &nbsp;&nbsp; 4486 |
| S&P Global, Inc. | 9517 | &nbsp;&nbsp; 4048 |
| Visa, Inc. Class A | 28450 | &nbsp;&nbsp; 8599 |
|  |  | &nbsp;&nbsp; 32213 |
| **Health Care—7.3%** | **Health Care—7.3%** |  |
| Alcon AG | 38497 | &nbsp;&nbsp; 2901 |
| Danaher Corp. | 20191 | &nbsp;&nbsp; 3828 |
| STERIS plc | 19801 | &nbsp;&nbsp; 4379 |
|  |  | &nbsp;&nbsp; 11108 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—8.3%** | **Industrials—8.3%** |  |
| Canadian Pacific Kansas City <br> Ltd.<br>| 57243 | &nbsp;&nbsp; $4503 |
| Experian plc | 88835 | &nbsp;&nbsp; 3073 |
| Waste Management, Inc. | 22409 | &nbsp;&nbsp; 5149 |
|  |  | &nbsp;&nbsp; 12725 |
| **Information Technology—33.6%** | **Information Technology—33.6%** |  |
| ARM Holdings plc ADR<sup>(1)</sup> <br>| 23017 | &nbsp;&nbsp; 3482 |
| Broadcom, Inc. | 17612 | &nbsp;&nbsp; 5451 |
| Intuit, Inc. | 8957 | &nbsp;&nbsp; 3873 |
| Microsoft Corp. | 15008 | &nbsp;&nbsp; 5555 |
| NVIDIA Corp. | 61616 | &nbsp;&nbsp; 10746 |
| Salesforce, Inc. | 26501 | &nbsp;&nbsp; 4947 |
| SAP SE Sponsored ADR | 16576 | &nbsp;&nbsp; 2838 |
| Synopsys, Inc.<sup>(1)</sup> <br>| 11264 | &nbsp;&nbsp; 4466 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd.<br>| 169102 | &nbsp;&nbsp; 9780 |
|  |  | &nbsp;&nbsp; 51138 |
| **Total Common Stocks** <br>**(Identified Cost $118,251)** | **Total Common Stocks** <br>**(Identified Cost $118,251)** | &nbsp;&nbsp; **151277** |
| **Total Long-Term** <br> **Investments—99.4%** <br>**(Identified Cost $118,251)** | **Total Long-Term** <br> **Investments—99.4%** <br>**(Identified Cost $118,251)** | &nbsp;&nbsp; **151277** |
| **TOTAL INVESTMENTS—99.4%** <br>**(Identified Cost $118,251)** | **TOTAL INVESTMENTS—99.4%** <br>**(Identified Cost $118,251)** | &nbsp;&nbsp; **$151277** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp; 881 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$152158** |

---

&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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 64<br> %<br>|
| Taiwan | 6 |
| Netherlands | 5 |
| China | 5 |
| Canada | 3 |
| India | 3 |
| United Kingdom | 3 |
| Other | 11 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $151277 | &nbsp;&nbsp;&nbsp;&nbsp; $119561 | &nbsp;&nbsp;&nbsp;&nbsp; $31716 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $151277 | &nbsp;&nbsp;&nbsp;&nbsp; $119561 | &nbsp;&nbsp;&nbsp;&nbsp; $31716 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.9%** | **U.S. Government Securities—5.9%** | **U.S. Government Securities—5.9%** |
| U.S. Treasury Bonds |  |  |
| 3.000%, 8/15/48 | $4330 | &nbsp;&nbsp; $3178 |
| 2.000%, 2/15/50 | 2045 | &nbsp;&nbsp; 1191 |
| 1.375%, 8/15/50 | 12795 | &nbsp;&nbsp; 6257 |
| 1.875%, 2/15/51 | 5255 | &nbsp;&nbsp; 2918 |
| 2.250%, 2/15/52 | 35 | &nbsp;&nbsp; 21 |
| 2.875%, 5/15/52 | 2335 | &nbsp;&nbsp; 1619 |
| 3.625%, 2/15/53 | 425 | &nbsp;&nbsp; 341 |
| 3.625%, 5/15/53 | 3840 | &nbsp;&nbsp; 3079 |
| 4.125%, 8/15/53 | 940 | &nbsp;&nbsp; 824 |
| 4.250%, 2/15/54 | 4255 | &nbsp;&nbsp; 3811 |
| 4.625%, 5/15/54 | 3870 | &nbsp;&nbsp; 3690 |
| 4.500%, 11/15/54 | 1885 | &nbsp;&nbsp; 1761 |
| U.S. Treasury Notes |  |  |
| 3.500%, 2/15/29 | 440 | &nbsp;&nbsp; 436 |
| 4.375%, 12/31/29 | 1070 | &nbsp;&nbsp; 1088 |
| 3.875%, 12/31/32 | 1335 | &nbsp;&nbsp; 1316 |
| 4.250%, 11/15/34 | 495 | &nbsp;&nbsp; 495 |
| **Total U.S. Government Securities** <br>**(Identified Cost $42,516)** | **Total U.S. Government Securities** <br>**(Identified Cost $42,516)** | &nbsp;&nbsp; **32025** |
| **Foreign Government Securities—1.1%** | **Foreign Government Securities—1.1%** | **Foreign Government Securities—1.1%** |
| Costa Rica Government |  |  |
| 144A <br>6.550%, 4/3/34<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 69 |
| 144A <br>7.300%, 11/13/54<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 43 |
| Dominican Republic 144A <br>4.875%, 9/23/32<sup>(1)</sup> <br>| 417 | &nbsp;&nbsp; 384 |
| Federative Republic of <br> Brazil <br>6.000%, 10/20/33<br>| 245 | &nbsp;&nbsp; 245 |
| Hungary Government <br> International Bond<br>|  |  |
| 144A <br>6.250%, 9/22/32<sup>(1)</sup> <br>| 150 | &nbsp;&nbsp; 156 |
| 144A <br>5.500%, 3/26/36<sup>(1)</sup> <br>| 98 | &nbsp;&nbsp; 95 |
| Kingdom of Bahrain |  |  |
| 144A <br>7.375%, 5/14/30<sup>(1)</sup> <br>| 106 | &nbsp;&nbsp; 106 |
| 144A <br>7.100%, 2/3/38<sup>(1)</sup> <br>| 155 | &nbsp;&nbsp; 145 |
| Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 94 |
| Oman Government <br> International Bond 144A <br>6.250%, 1/25/31<sup>(1)</sup> <br>| 224 | &nbsp;&nbsp; 234 |
| Republic of Angola |  |  |
| 144A <br>8.000%, 11/26/29<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 69 |
| 144A <br>9.244%, 1/15/31<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 73 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 64 | &nbsp;&nbsp; 67 |
| <br>8.000%, 11/14/35 | 142 | &nbsp;&nbsp; 149 |
| <br>8.750%, 11/14/53 | 57 | &nbsp;&nbsp; 61 |
| Republic of El Salvador |  |  |
| 144A <br>8.625%, 2/28/29<sup>(1)</sup> <br>| 82 | &nbsp;&nbsp; 86 |
| RegS <br>7.650%, 6/15/35<sup>(2)</sup> <br>| 72 | &nbsp;&nbsp; 71 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Guatemala <br> 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| $72 | &nbsp;&nbsp; $75 |
| Republic of Indonesia <br>5.100%, 2/10/54<br>| 252 | &nbsp;&nbsp; 229 |
| Republic of Ivory Coast <br> 144A <br>8.250%, 1/30/37<sup>(1)</sup> <br>| 63 | &nbsp;&nbsp; 65 |
| Republic of Kazakhstan <br> 144A <br>5.500%, 7/1/37<sup>(1)</sup> <br>| 176 | &nbsp;&nbsp; 176 |
| Republic of Kenya |  |  |
| 144A <br>9.750%, 2/16/31<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 57 |
| 144A <br>7.875%, 10/9/33<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 84 |
| Republic of Nigeria 144A <br>10.375%, 12/9/34<sup>(1)</sup> <br>| 163 | &nbsp;&nbsp; 187 |
| Republic of Peru <br>5.375%, 2/8/35<br>| 240 | &nbsp;&nbsp; 239 |
| Republic of Philippines <br>4.750%, 3/5/35<br>| 183 | &nbsp;&nbsp; 176 |
| Republic of Poland |  |  |
| <br>4.875%, 10/4/33 | 275 | &nbsp;&nbsp; 274 |
| <br>5.125%, 9/18/34 | 67 | &nbsp;&nbsp; 67 |
| Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(1)</sup> <br>| 76 | &nbsp;&nbsp; 79 |
| Republic of South Africa |  |  |
| <br>4.850%, 9/30/29 | 121 | &nbsp;&nbsp; 119 |
| <br>5.875%, 6/22/30 | 135 | &nbsp;&nbsp; 136 |
| <br>5.650%, 9/27/47 | 35 | &nbsp;&nbsp; 27 |
| Republic of Sri Lanka 144A <br>3.600%, 2/15/38<sup>(1)(3)</sup> <br>| 92 | &nbsp;&nbsp; 82 |
| Republic of Turkiye |  |  |
| <br>7.625%, 5/15/34 | 340 | &nbsp;&nbsp; 345 |
| <br>6.625%, 2/17/45 | 80 | &nbsp;&nbsp; 68 |
| Republica Orient Uruguay <br>5.100%, 6/18/50<br>| 302 | &nbsp;&nbsp; 277 |
| Romanian Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 194 | &nbsp;&nbsp; 195 |
| 144A <br>7.125%, 1/17/33<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 89 |
| 144A <br>6.375%, 1/30/34<sup>(1)</sup> <br>| 138 | &nbsp;&nbsp; 137 |
| Saudi International Bond |  |  |
| 144A <br>4.875%, 7/18/33<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 158 |
| 144A <br>5.625%, 1/13/35<sup>(1)</sup> <br>| 134 | &nbsp;&nbsp; 138 |
| 144A <br>4.500%, 10/26/46<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 89 |
| United Mexican States |  |  |
| <br>6.000%, 5/7/36 | 245 | &nbsp;&nbsp; 243 |
| <br>6.625%, 1/29/38 | 200 | &nbsp;&nbsp; 203 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Uzbekistan International <br> Bond 144A <br>6.900%, 2/28/32<sup>(1)</sup> <br>| $45 | &nbsp;&nbsp; $47 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $6,212)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $6,212)** | &nbsp;&nbsp; **6208** |
| **Mortgage-Backed Securities—6.3%** | **Mortgage-Backed Securities—6.3%** | **Mortgage-Backed Securities—6.3%** |
| **Agency—6.3%** | **Agency—6.3%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #A46224 <br>5.000%, 7/1/35<br>| 24 | &nbsp;&nbsp; 24 |
| Pool #A62213 <br>6.000%, 6/1/37<br>| 50 | &nbsp;&nbsp; 53 |
| Pool #SD5594 <br>5.500%, 7/1/53<br>| 942 | &nbsp;&nbsp; 949 |
| Pool #SD5856 <br>3.500%, 1/1/54<br>| 2809 | &nbsp;&nbsp; 2578 |
| Pool #SD8309 <br>6.000%, 3/1/53<br>| 2590 | &nbsp;&nbsp; 2654 |
| Pool #SD8350 <br>6.000%, 8/1/53<br>| 732 | &nbsp;&nbsp; 749 |
| Pool #SD8383 <br>5.500%, 12/1/53<br>| 1017 | &nbsp;&nbsp; 1024 |
| Pool #SD8418 <br>4.500%, 4/1/54<br>| 2221 | &nbsp;&nbsp; 2144 |
| Pool #SD8492 <br>5.000%, 1/1/55<br>| 2579 | &nbsp;&nbsp; 2545 |
| Pool #SL3545 <br>3.000%, 10/1/53<br>| 1657 | &nbsp;&nbsp; 1459 |
| Federal National Mortgage <br> Association<br>|  |  |
| Pool #254549 <br>6.000%, 12/1/32<br>| 6 | &nbsp;&nbsp; 7 |
| Pool #310041 <br>6.500%, 5/1/37<br>| 64 | &nbsp;&nbsp; 67 |
| Pool #735061 <br>6.000%, 11/1/34<br>| 60 | &nbsp;&nbsp; 62 |
| 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>| 41 | &nbsp;&nbsp; 42 |
| Pool #909220 <br>6.000%, 8/1/38<br>| 26 | &nbsp;&nbsp; 28 |
| Pool #929625 <br>5.500%, 6/1/38<br>| 47 | &nbsp;&nbsp; 49 |
| Pool #938574 <br>5.500%, 9/1/36<br>| 33 | &nbsp;&nbsp; 33 |
| Pool #972569 <br>5.000%, 3/1/38<br>| 32 | &nbsp;&nbsp; 33 |
| Pool #CB6857 <br>4.500%, 8/1/53<br>| 883 | &nbsp;&nbsp; 855 |
| Pool #FA0685 <br>6.000%, 1/1/55<br>| 2050 | &nbsp;&nbsp; 2094 |
| Pool #FA1378 <br>4.000%, 3/1/55<br>| 2552 | &nbsp;&nbsp; 2417 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 2105 | &nbsp;&nbsp; 2154 |

---

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #FA2472 <br>5.000%, 4/1/54<br>| $1227 | &nbsp;&nbsp; $1215 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 1473 | &nbsp;&nbsp; 1460 |
| Pool #FS6679 <br>6.000%, 12/1/53<br>| 1332 | &nbsp;&nbsp; 1364 |
| Pool #FS7751 <br>4.000%, 3/1/53<br>| 2064 | &nbsp;&nbsp; 1952 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 547 | &nbsp;&nbsp; 557 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 1268 | &nbsp;&nbsp; 1257 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 877 | &nbsp;&nbsp; 850 |
| Pool #MA4980 <br>6.000%, 4/1/53<br>| 1234 | &nbsp;&nbsp; 1263 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 771 | &nbsp;&nbsp; 777 |
| Pool #MA5385 <br>4.000%, 6/1/54<br>| 2148 | &nbsp;&nbsp; 2028 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $34,640)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $34,640)** | &nbsp;&nbsp; **34749** |
| **Corporate Bonds and Notes—11.7%** | **Corporate Bonds and Notes—11.7%** | **Corporate Bonds and Notes—11.7%** |
| **Communication Services—0.2%** | **Communication Services—0.2%** |  |
| Charter Communications <br> Operating LLC <br>6.484%, 10/23/45<br>| 265 | &nbsp;&nbsp; 245 |
| Meta Platforms, Inc. <br>5.750%, 11/15/65<br>| 375 | &nbsp;&nbsp; 348 |
| Omnicom Group, Inc. <br>5.375%, 6/15/33<br>| 225 | &nbsp;&nbsp; 225 |
| Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 340 | &nbsp;&nbsp; 404 |
|  |  | &nbsp;&nbsp; 1222 |
| **Consumer Discretionary—0.4%** | **Consumer Discretionary—0.4%** |  |
| Ashtead Capital, Inc. 144A <br>5.950%, 10/15/33<sup>(1)</sup> <br>| 375 | &nbsp;&nbsp; 386 |
| Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 755 | &nbsp;&nbsp; 535 |
| Ford Motor Co. <br>3.250%, 2/12/32<br>| 286 | &nbsp;&nbsp; 248 |
| Meritage Homes Corp. <br> 144A <br>3.875%, 4/15/29<sup>(1)</sup> <br>| 191 | &nbsp;&nbsp; 186 |
| PulteGroup, Inc. <br>4.900%, 3/1/36<br>| 330 | &nbsp;&nbsp; 319 |
| Sodexo, Inc. 144A <br>5.800%, 8/15/35<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 475 |
|  |  | &nbsp;&nbsp; 2149 |
| **Consumer Staples—0.4%** | **Consumer Staples—0.4%** |  |
| Alimentation Couche-Tard, <br> Inc. 144A <br>5.077%, 9/29/35<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 460 |
| BAT Capital Corp. <br>7.750%, 10/19/32<br>| 330 | &nbsp;&nbsp; 379 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Mars, Inc. 144A <br>5.200%, 3/1/35<sup>(1)</sup> <br>| $265 | &nbsp;&nbsp; $268 |
| Philip Morris International, <br> Inc. <br>5.375%, 2/15/33<br>| 450 | &nbsp;&nbsp; 462 |
| Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 463 | &nbsp;&nbsp; 485 |
|  |  | &nbsp;&nbsp; 2054 |
| **Energy—1.4%** | **Energy—1.4%** |  |
| APA Corp. <br>6.750%, 2/15/55<br>| 325 | &nbsp;&nbsp; 326 |
| BP Capital Markets plc <br>4.875% <sup>(4)</sup> <br>| 375 | &nbsp;&nbsp; 370 |
| Columbia Pipelines <br> Operating Co. LLC<br>|  |  |
| <br>144A <br> 6.036%, 11/15/33<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 242 |
| <br>144A 5.439%, 2/15/35<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 228 |
| Diamondback Energy, Inc. <br>5.900%, 4/18/64<br>| 385 | &nbsp;&nbsp; 364 |
| DT Midstream, Inc. 144A <br>4.375%, 6/15/31<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 347 |
| Enbridge, Inc. <br>8.500%, 1/15/84<br>| 510 | &nbsp;&nbsp; 574 |
| EOG Resources, Inc. |  |  |
| 5.350%, 1/15/36 | 100 | &nbsp;&nbsp; 102 |
| 5.650%, 12/1/54 | 385 | &nbsp;&nbsp; 375 |
| Flex Intermediate <br> Holdco LLC 144A <br>3.363%, 6/30/31<sup>(1)</sup> <br>| 785 | &nbsp;&nbsp; 715 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 487 |
| HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 380 | &nbsp;&nbsp; 392 |
| Kinder Morgan Energy <br> Partners LP <br>7.500%, 11/15/40<br>| 220 | &nbsp;&nbsp; 255 |
| Occidental Petroleum Corp. <br>6.200%, 3/15/40<br>| 340 | &nbsp;&nbsp; 347 |
| Pertamina Persero PT <br> 144A <br>6.450%, 5/30/44<sup>(1)</sup> <br>| 370 | &nbsp;&nbsp; 374 |
| Petroleos Mexicanos |  |  |
| 5.950%, 1/28/31 | 179 | &nbsp;&nbsp; 171 |
| 7.690%, 1/23/50 | 12 | &nbsp;&nbsp; 10 |
| 6.950%, 1/28/60 | 11 | &nbsp;&nbsp; 9 |
| 6.350%, 2/12/48 | 136 | &nbsp;&nbsp; 104 |
| Petronas Capital Ltd. 144A <br>5.848%, 4/3/55<sup>(1)</sup> <br>| 163 | &nbsp;&nbsp; 167 |
| Reliance Industries Ltd. <br> 144A <br>2.875%, 1/12/32<sup>(1)</sup> <br>| 310 | &nbsp;&nbsp; 279 |
| Saudi Arabian Oil Co. 144A <br>5.250%, 7/17/34<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 353 |
| Sempra Infrastructure <br> Partners LP 144A <br>3.250%, 1/15/32<sup>(1)</sup> <br>| 729 | &nbsp;&nbsp; 644 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Western Midstream <br> Operating LP <br>5.250%, 2/1/50<br>| $345 | &nbsp;&nbsp; $291 |
|  |  | &nbsp;&nbsp; 7526 |
| **Financials—5.4%** | **Financials—5.4%** |  |
| AerCap Ireland Capital DAC <br>6.950%, 3/10/55<br>| 229 | &nbsp;&nbsp; 234 |
| Allianz SE 144A <br>6.350%, 9/6/53<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 416 |
| Ally Financial, Inc. <br>8.000%, 11/1/31<br>| 385 | &nbsp;&nbsp; 427 |
| American Express Co. <br>5.625%, 7/28/34<br>| 670 | &nbsp;&nbsp; 685 |
| Apollo Debt Solutions BDC |  |  |
| 6.900%, 4/13/29 | 165 | &nbsp;&nbsp; 169 |
| 5.875%, 8/30/30 | 200 | &nbsp;&nbsp; 197 |
| Apollo Global <br> Management, Inc. <br>6.000%, 12/15/54<br>| 475 | &nbsp;&nbsp; 445 |
| Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(1)</sup> <br>| 745 | &nbsp;&nbsp; 693 |
| Atlas Warehouse Lending <br> Co. LP 144A <br>5.250%, 1/15/33<sup>(1)</sup> <br>| 445 | &nbsp;&nbsp; 431 |
| Australia & New Zealand <br> Banking Group Ltd. <br> 144A <br>5.816%, 6/18/36<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 356 |
| Avolon Holdings Funding <br> Ltd. 144A <br>5.750%, 11/15/29<sup>(1)</sup> <br>| 470 | &nbsp;&nbsp; 481 |
| Bank of America Corp. |  |  |
| 2.687%, 4/22/32 | 245 | &nbsp;&nbsp; 222 |
| 2.972%, 2/4/33 | 408 | &nbsp;&nbsp; 369 |
| 5.518%, 10/25/35 | 540 | &nbsp;&nbsp; 540 |
| Barclays plc <br>7.437%, 11/2/33<br>| 355 | &nbsp;&nbsp; 397 |
| BlackRock Funding, Inc. <br>5.250%, 3/14/54<br>| 350 | &nbsp;&nbsp; 326 |
| Blackstone Private Credit <br> Fund <br>6.000%, 1/29/32<br>| 370 | &nbsp;&nbsp; 359 |
| Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 610 | &nbsp;&nbsp; 526 |
| BPCE S.A. 144A <br>7.003%, 10/19/34<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 585 |
| Brookfield Asset <br> Management Ltd. <br>5.795%, 4/24/35<br>| 325 | &nbsp;&nbsp; 331 |
| Capital One Financial Corp. |  |  |
| 2.359%, 7/29/32 | 388 | &nbsp;&nbsp; 335 |
| 6.377%, 6/8/34 | 105 | &nbsp;&nbsp; 111 |
| Capital Power <br> U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 282 |
| Charles Schwab Corp. <br> (The)<br>|  |  |
| 6.136%, 8/24/34 | 195 | &nbsp;&nbsp; 208 |
| Series H 4.000%<sup>(4)</sup> <br>| 260 | &nbsp;&nbsp; 241 |
| Citadel Finance LLC |  |  |
| <br>144A 4.750%, 2/14/29<sup>(1)</sup> <br>| 295 | &nbsp;&nbsp; 289 |

---

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| <br>144A 5.150%, 2/14/31<sup>(1)</sup> <br>| $30 | &nbsp;&nbsp; $29 |
| Citigroup, Inc. |  |  |
| 6.270%, 11/17/33 | 690 | &nbsp;&nbsp; 737 |
| 6.174%, 5/25/34 | 379 | &nbsp;&nbsp; 392 |
| Corebridge Financial, Inc. <br>6.375%, 9/15/54<br>| 565 | &nbsp;&nbsp; 555 |
| Deutsche Bank AG <br>5.403%, 9/11/35<br>| 475 | &nbsp;&nbsp; 473 |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 329 |
| EMD Finance LLC 144A <br>5.000%, 10/15/35<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 454 |
| F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 385 | &nbsp;&nbsp; 387 |
| Fedex Freight Holding Co., <br> Inc. 144A <br>5.250%, 3/15/36<sup>(1)</sup> <br>| 330 | &nbsp;&nbsp; 319 |
| Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 355 | &nbsp;&nbsp; 342 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 456 |
| Foundry JV Holdco LLC <br> 144A <br>5.875%, 1/25/34<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 238 |
| Global Atlantic Fin Co. <br> 144A <br>7.950%, 6/15/33<sup>(1)</sup> <br>| 197 | &nbsp;&nbsp; 211 |
| Global Payments, Inc. <br>5.550%, 11/15/35<br>| 460 | &nbsp;&nbsp; 443 |
| Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| 5.330%, 7/23/35 | 665 | &nbsp;&nbsp; 667 |
| 5.065%, 1/21/37 | 12 | &nbsp;&nbsp; 12 |
| HA Sustainable <br> Infrastructure Capital, <br> Inc. <br>6.375%, 7/1/34<br>| 460 | &nbsp;&nbsp; 463 |
| Huntington Bancshares, <br> Inc.<br>|  |  |
| 5.709%, 2/2/35 | 340 | &nbsp;&nbsp; 347 |
| 6.141%, 11/18/39 | 235 | &nbsp;&nbsp; 239 |
| Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 400 | &nbsp;&nbsp; 405 |
| Imperial Brands Finance <br> plc 144A <br>5.875%, 7/1/34<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 355 |
| JH North America <br> Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 473 |
| JPMorgan Chase & Co. |  |  |
| 2.956%, 5/13/31 | 230 | &nbsp;&nbsp; 214 |
| 5.717%, 9/14/33 | 495 | &nbsp;&nbsp; 513 |
| 1.953%, 2/4/32 | 635 | &nbsp;&nbsp; 559 |
| KeyCorp <br>6.401%, 3/6/35<br>| 600 | &nbsp;&nbsp; 636 |
| Lseg U.S. Fin Corp. 144A <br>5.250%, 3/23/36<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 228 |
| M&T Bank Corp. <br>5.400%, 7/30/35<br>| 375 | &nbsp;&nbsp; 374 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Mizuho Financial Group, <br> Inc. <br>2.564%, 9/13/31<br>| $385 | &nbsp;&nbsp; $339 |
| Morgan Stanley |  |  |
| 6.342%, 10/18/33 | 120 | &nbsp;&nbsp; 128 |
| 5.250%, 4/21/34 | 165 | &nbsp;&nbsp; 166 |
| 5.424%, 7/21/34 | 285 | &nbsp;&nbsp; 289 |
| 5.948%, 1/19/38 | 249 | &nbsp;&nbsp; 255 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(1)</sup> <br>| 792 | &nbsp;&nbsp; 749 |
| NatWest Group plc <br>6.475%, 6/1/34<br>| 390 | &nbsp;&nbsp; 405 |
| NextEra Energy Capital <br> Holdings, Inc. <br>6.500%, 8/15/55<br>| 445 | &nbsp;&nbsp; 459 |
| Nippon Life Insurance Co. |  |  |
| <br>144A 6.250%, 9/13/53<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 204 |
| <br>144A 6.500%, 4/30/55<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 77 |
| Northern Trust Corp. <br>3.375%, 5/8/32<br>| 590 | &nbsp;&nbsp; 582 |
| Omnis Funding Trust 144A <br>6.722%, 5/15/55<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 389 |
| PNC Financial Services <br> Group, Inc. (The)<br>|  |  |
| 5.575%, 1/29/36 | 335 | &nbsp;&nbsp; 342 |
| 5.423%, 1/25/41 | 125 | &nbsp;&nbsp; 122 |
| Prudential Financial, Inc. |  |  |
| 5.125%, 3/1/52 | 179 | &nbsp;&nbsp; 171 |
| 6.750%, 3/1/53 | 285 | &nbsp;&nbsp; 295 |
| Societe Generale S.A. 144A <br>6.066%, 1/19/35<sup>(1)</sup> <br>| 415 | &nbsp;&nbsp; 429 |
| South Bow USA <br> Infrastructure <br> Holdings LLC<br>|  |  |
| 5.584%, 10/1/34 | 240 | &nbsp;&nbsp; 238 |
| 6.176%, 10/1/54 | 95 | &nbsp;&nbsp; 90 |
| State Street Corp. |  |  |
| 6.123%, 11/21/34 | 110 | &nbsp;&nbsp; 116 |
| Series I 6.700%<sup>(4)</sup> <br>| 240 | &nbsp;&nbsp; 244 |
| Stellantis Finance U.S., Inc. <br> 144A <br>6.450%, 3/18/35<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 335 |
| Sumitomo Life Insurance <br> Co. 144A <br>5.875%, 9/10/55<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 450 |
| Texas Capital Bancshares, <br> Inc. <br>5.301%, 2/27/32<br>| 180 | &nbsp;&nbsp; 177 |
| Toronto-Dominion Bank <br> (The) <br>8.125%, 10/31/82<br>| 440 | &nbsp;&nbsp; 454 |
| U.S. Bancorp <br>5.424%, 2/12/36<br>| 475 | &nbsp;&nbsp; 485 |
| UBS Group AG |  |  |
| <br>144A 7.000%<sup>(1)(4)</sup> <br>| 335 | &nbsp;&nbsp; 324 |
| <br>144A 4.988%, 8/5/33<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 269 |
| Wells Fargo & Co. <br>6.491%, 10/23/34<br>| 445 | &nbsp;&nbsp; 482 |
|  |  | &nbsp;&nbsp; 29570 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—1.0%** | **Health Care—1.0%** |  |
| 180 Medical, Inc. 144A <br>5.300%, 10/8/35<sup>(1)</sup> <br>| $575 | &nbsp;&nbsp; $564 |
| Abbott Laboratories <br>5.500%, 3/15/56<br>| 126 | &nbsp;&nbsp; 124 |
| Amgen, Inc. <br>5.650%, 3/2/53<br>| 432 | &nbsp;&nbsp; 418 |
| Augusta SpinCo Corp. <br>5.245%, 3/23/36<br>| 100 | &nbsp;&nbsp; 100 |
| Baxter International, Inc. <br>3.132%, 12/1/51<br>| 735 | &nbsp;&nbsp; 421 |
| CVS Health Corp. <br>5.050%, 3/25/48<br>| 600 | &nbsp;&nbsp; 515 |
| Dentsply Sirona, Inc. <br>3.250%, 6/1/30<br>| 610 | &nbsp;&nbsp; 562 |
| HCA, Inc. |  |  |
| 5.450%, 9/15/34 | 235 | &nbsp;&nbsp; 237 |
| 5.250%, 6/15/49 | 415 | &nbsp;&nbsp; 366 |
| IQVIA, Inc. <br>6.250%, 2/1/29<br>| 210 | &nbsp;&nbsp; 218 |
| Medline Borrower LP 144A <br>3.875%, 4/1/29<sup>(1)</sup> <br>| 330 | &nbsp;&nbsp; 319 |
| Royalty Pharma plc |  |  |
| 5.400%, 9/2/34 | 325 | &nbsp;&nbsp; 328 |
| 3.350%, 9/2/51 | 330 | &nbsp;&nbsp; 214 |
| Smith & Nephew plc <br>5.400%, 3/20/34<br>| 450 | &nbsp;&nbsp; 456 |
| Universal Health Services, <br> Inc. <br>2.650%, 1/15/32<br>| 510 | &nbsp;&nbsp; 444 |
| Viatris, Inc. 144A <br>2.300%, 6/22/27<sup>(1)</sup> <br>| 1 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 5287 |
| **Industrials—0.9%** | **Industrials—0.9%** |  |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(1)</sup> <br>| 538 | &nbsp;&nbsp; 538 |
| Aviation Capital Group LLC |  |  |
| <br>144A 6.375%, 7/15/30<sup>(1)</sup> <br>| 210 | &nbsp;&nbsp; 221 |
| <br>144A 4.875%, 1/28/33<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 92 |
| Baker Hughes <br> Holdings LLC <br>5.850%, 6/15/56<br>| 330 | &nbsp;&nbsp; 323 |
| Boeing Co. (The) <br>5.930%, 5/1/60<br>| 525 | &nbsp;&nbsp; 504 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(1)</sup> <br>| 477 | &nbsp;&nbsp; 438 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(1)</sup> <br>| 505 | &nbsp;&nbsp; 457 |
| DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 111 |
| Flowserve Corp. <br>3.500%, 10/1/30<br>| 480 | &nbsp;&nbsp; 451 |
| L3Harris Technologies, Inc. <br>5.400%, 7/31/33<br>| 480 | &nbsp;&nbsp; 492 |
| New York State Electric & <br> Gas Corp. 144A <br>5.850%, 8/15/33<sup>(1)</sup> <br>| 320 | &nbsp;&nbsp; 334 |

---

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| $334 | &nbsp;&nbsp; $353 |
| Stanley Black & Decker, <br> Inc. <br>6.707%, 3/15/60<br>| 300 | &nbsp;&nbsp; 293 |
| United Airlines <br> Pass-Through Trust <br> 2023-1, A <br>5.800%, 7/15/37<br>| 252 | &nbsp;&nbsp; 260 |
| United Airlines <br> Pass-Through-Trust <br> 2024-1, AA <br>5.450%, 8/15/38<br>| 23 | &nbsp;&nbsp; 24 |
| Veralto Corp. <br>5.450%, 9/18/33<br>| 310 | &nbsp;&nbsp; 316 |
| Vertiv Holdings Co. <br>5.650%, 3/15/46<br>| 65 | &nbsp;&nbsp; 62 |
|  |  | &nbsp;&nbsp; 5269 |
| **Information Technology—0.6%** | **Information Technology—0.6%** |  |
| Booz Allen Hamilton, Inc. <br>5.950%, 8/4/33<br>| 445 | &nbsp;&nbsp; 454 |
| Broadcom, Inc. 144A <br>3.137%, 11/15/35<sup>(1)</sup> <br>| 570 | &nbsp;&nbsp; 484 |
| Flex Ltd. <br>5.375%, 11/13/35<br>| 460 | &nbsp;&nbsp; 450 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(1)</sup> <br>| 595 | &nbsp;&nbsp; 541 |
| Marvell Technology, Inc. <br>5.450%, 7/15/35<br>| 465 | &nbsp;&nbsp; 473 |
| Nokia Oyj <br>6.625%, 5/15/39<br>| 70 | &nbsp;&nbsp; 73 |
| Oracle Corp. |  |  |
| 6.900%, 11/9/52 | 215 | &nbsp;&nbsp; 203 |
| 5.550%, 2/6/53 | 122 | &nbsp;&nbsp; 97 |
| 3.850%, 4/1/60 | 140 | &nbsp;&nbsp; 83 |
| Roper Technologies, Inc. <br>5.100%, 9/15/35<br>| 465 | &nbsp;&nbsp; 452 |
|  |  | &nbsp;&nbsp; 3310 |
| **Materials—0.5%** | **Materials—0.5%** |  |
| Bayport Polymers LLC <br> 144A <br>5.140%, 4/14/32<sup>(1)</sup> <br>| 580 | &nbsp;&nbsp; 574 |
| Berry Global, Inc. <br>5.650%, 1/15/34<br>| 440 | &nbsp;&nbsp; 450 |
| Corp. Nacional del Cobre <br> de Chile 144A <br>5.950%, 1/8/34<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 358 |
| Glencore Funding LLC <br> 144A <br>2.850%, 4/27/31<sup>(1)</sup> <br>| 505 | &nbsp;&nbsp; 460 |
| Smurfit Kappa Treasury <br> ULC <br>5.777%, 4/3/54<br>| 570 | &nbsp;&nbsp; 550 |
| Sonoco Products Co. <br>5.000%, 9/1/34<br>| 360 | &nbsp;&nbsp; 352 |
|  |  | &nbsp;&nbsp; 2744 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—0.9%** | **Utilities—0.9%** |  |
| Black Hills Corp. <br>6.150%, 5/15/34<br>| $410 | &nbsp;&nbsp; $431 |
| Brooklyn Union Gas Co. <br> (The) 144A <br>4.866%, 8/5/32<sup>(1)</sup> <br>| 595 | &nbsp;&nbsp; 582 |
| CMS Energy Corp. <br>4.750%, 6/1/50<br>| 615 | &nbsp;&nbsp; 596 |
| Constellation Energy <br> Generation LLC <br>5.875%, 1/15/66<br>| 335 | &nbsp;&nbsp; 322 |
| Dominion Energy, Inc. |  |  |
| 6.200%, 2/15/56 | 270 | &nbsp;&nbsp; 268 |
| Series B 7.000%, 6/1/54 | 280 | &nbsp;&nbsp; 296 |
| Electricite de France S.A. <br> 144A <br>6.900%, 5/23/53<sup>(1)</sup> <br>| 425 | &nbsp;&nbsp; 455 |
| ENEL Finance International <br> N.V. 144A <br>7.500%, 10/14/32<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 450 |
| Entergy Corp. <br>7.125%, 12/1/54<br>| 590 | &nbsp;&nbsp; 604 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(1)</sup> <br>| 433 | &nbsp;&nbsp; 469 |
| Puget Energy, Inc. <br>4.224%, 3/15/32<br>| 640 | &nbsp;&nbsp; 610 |
|  |  | &nbsp;&nbsp; 5083 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $64,238)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $64,238)** | &nbsp;&nbsp; **64214** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—58.8%** | **Common Stocks—58.8%** | **Common Stocks—58.8%** |
| **Communication Services—5.7%** | **Communication Services—5.7%** |  |
| Alphabet, Inc. Class A | 33778 | &nbsp;&nbsp; 9713 |
| Dayamitra Telekomunikasi <br> PT<br>| 43699228 | &nbsp;&nbsp; 1402 |
| Infrastrutture Wireless <br> Italiane SpA<br>| 237527 | &nbsp;&nbsp; 1895 |
| Meta Platforms, Inc. <br> Class A<br>| 11792 | &nbsp;&nbsp; 6747 |
| Netflix, Inc.<sup>(5)</sup> <br>| 45919 | &nbsp;&nbsp; 4415 |
| oOh!media Ltd. | 3320789 | &nbsp;&nbsp; 2181 |
| Reddit, Inc. Class A<sup>(5)</sup> <br>| 24765 | &nbsp;&nbsp; 3335 |
| Sarana Menara Nusantara <br> Tbk PT<br>| 42934000 | &nbsp;&nbsp; 1240 |
|  |  | &nbsp;&nbsp; 30928 |
| **Consumer Discretionary—6.3%** | **Consumer Discretionary—6.3%** |  |
| Allegro.eu S.A.<sup>(5)</sup> <br>| 275225 | &nbsp;&nbsp; 1975 |
| Amazon.com, Inc.<sup>(5)</sup> <br>| 49682 | &nbsp;&nbsp; 10347 |
| Bright Horizons Family <br> Solutions, Inc.<sup>(5)</sup> <br>| 21974 | &nbsp;&nbsp; 1805 |
| Choice Hotels <br> International, Inc.<br>| 14276 | &nbsp;&nbsp; 1478 |
| Hermes International SCA <br> Unsponsored ADR<br>| 14815 | &nbsp;&nbsp; 2810 |
| Marriott International, Inc. <br> Class A<br>| 14782 | &nbsp;&nbsp; 4835 |
| MercadoLibre, Inc.<sup>(5)</sup> <br>| 1730 | &nbsp;&nbsp; 2991 |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(5)</sup> <br>| 14849 | &nbsp;&nbsp; 1367 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Pool Corp. | 7191 | &nbsp;&nbsp; $1455 |
| Rollins, Inc. | 45569 | &nbsp;&nbsp; 2434 |
| SiteOne Landscape Supply, <br> Inc.<sup>(5)</sup> <br>| 10347 | &nbsp;&nbsp; 1377 |
| Thor Industries, Inc. | 20554 | &nbsp;&nbsp; 1642 |
|  |  | &nbsp;&nbsp; 34516 |
| **Consumer Staples—0.9%** | **Consumer Staples—0.9%** |  |
| Anhui Gujing Distillery Co., <br> Ltd. Class B<br>| 50000 | &nbsp;&nbsp; 448 |
| BJ's Wholesale Club <br> Holdings, Inc.<sup>(5)</sup> <br>| 18272 | &nbsp;&nbsp; 1798 |
| Heineken Malaysia Bhd | 441600 | &nbsp;&nbsp; 2491 |
|  |  | &nbsp;&nbsp; 4737 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| Pason Systems, Inc. | 308809 | &nbsp;&nbsp; 2939 |
| **Financials—9.9%** | **Financials—9.9%** |  |
| AJ Bell plc | 755994 | &nbsp;&nbsp; 4732 |
| Caixa Seguridade <br> Participacoes S.A.<br>| 2074636 | &nbsp;&nbsp; 7297 |
| FinecoBank Banca Fineco <br> SpA<br>| 232550 | &nbsp;&nbsp; 5174 |
| Hamilton Lane, Inc. <br> Class A<br>| 14958 | &nbsp;&nbsp; 1487 |
| IntegraFin Holdings plc | 376298 | &nbsp;&nbsp; 1540 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 49306 | &nbsp;&nbsp; 3307 |
| Jack Henry & Associates, <br> Inc.<br>| 11757 | &nbsp;&nbsp; 1858 |
| LPL Financial Holdings, <br> Inc.<br>| 6959 | &nbsp;&nbsp; 2093 |
| Mortgage Advice Bureau <br> Holdings Ltd.<br>| 200106 | &nbsp;&nbsp; 1481 |
| Progressive Corp. (The) | 22100 | &nbsp;&nbsp; 4381 |
| Qualitas Controladora SAB <br> de C.V.<br>| 140753 | &nbsp;&nbsp; 1351 |
| S&P Global, Inc. | 9106 | &nbsp;&nbsp; 3873 |
| Steadfast Group Ltd. | 701652 | &nbsp;&nbsp; 2066 |
| Visa, Inc. Class A | 34616 | &nbsp;&nbsp; 10462 |
| W. R. Berkley Corp. | 44173 | &nbsp;&nbsp; 2928 |
|  |  | &nbsp;&nbsp; 54030 |
| **Health Care—6.3%** | **Health Care—6.3%** |  |
| Align Technology, Inc.<sup>(5)</sup> <br>| 6915 | &nbsp;&nbsp; 1185 |
| As One Corp. | 256300 | &nbsp;&nbsp; 3609 |
| Chemed Corp. | 1127 | &nbsp;&nbsp; 426 |
| Cooper Cos., Inc. (The)<sup>(5)</sup> <br>| 27787 | &nbsp;&nbsp; 1987 |
| Danaher Corp. | 13577 | &nbsp;&nbsp; 2574 |
| Eli Lilly & Co. | 5589 | &nbsp;&nbsp; 5141 |
| Haw Par Corp., Ltd. | 494700 | &nbsp;&nbsp; 6543 |
| IDEXX Laboratories, Inc.<sup>(5)</sup> <br>| 5973 | &nbsp;&nbsp; 3356 |
| Intuitive Surgical, Inc.<sup>(5)</sup> <br>| 7300 | &nbsp;&nbsp; 3365 |
| Medline, Inc. Class A<sup>(5)</sup> <br>| 69896 | &nbsp;&nbsp; 3110 |
| Riverstone Holdings Ltd. | 2591900 | &nbsp;&nbsp; 1386 |
| Sartorius Stedim Biotech | 10523 | &nbsp;&nbsp; 2049 |
|  |  | &nbsp;&nbsp; 34731 |
| **Industrials—13.2%** | **Industrials—13.2%** |  |
| Allegion plc | 17806 | &nbsp;&nbsp; 2587 |

---

*See Notes to Financial Statements*

------

**Tactical Allocation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Beijer Ref AB Class B | 119390 | &nbsp;&nbsp; $1655 |
| Comfort Systems USA, <br> Inc.<br>| 3119 | &nbsp;&nbsp; 4301 |
| Epiroc AB Class B | 240268 | &nbsp;&nbsp; 5147 |
| Equifax, Inc. | 9076 | &nbsp;&nbsp; 1634 |
| Exponent, Inc. | 15594 | &nbsp;&nbsp; 1017 |
| Fair Isaac Corp.<sup>(5)</sup> <br>| 4395 | &nbsp;&nbsp; 4692 |
| Haitian International <br> Holdings Ltd.<br>| 1300006 | &nbsp;&nbsp; 3378 |
| Howden Joinery Group plc | 327002 | &nbsp;&nbsp; 3464 |
| Japan Elevator Service <br> Holdings Co., Ltd.<br>| 152800 | &nbsp;&nbsp; 1580 |
| Karman Holdings, Inc.<sup>(5)</sup> <br>| 43534 | &nbsp;&nbsp; 3485 |
| Knorr-Bremse AG | 23479 | &nbsp;&nbsp; 2682 |
| Lennox International, Inc. | 3770 | &nbsp;&nbsp; 1750 |
| MEITEC Group Holdings, <br> Inc.<br>| 64800 | &nbsp;&nbsp; 1342 |
| MISUMI Group, Inc. | 160400 | &nbsp;&nbsp; 2750 |
| MonotaRO Co., Ltd. | 229700 | &nbsp;&nbsp; 2490 |
| MTU Aero Engines AG | 9752 | &nbsp;&nbsp; 3558 |
| NICE Information Service <br> Co., Ltd.<br>| 143029 | &nbsp;&nbsp; 1508 |
| Nordson Corp. | 9481 | &nbsp;&nbsp; 2522 |
| S-1 Corp. | 54645 | &nbsp;&nbsp; 3154 |
| Saia, Inc.<sup>(5)</sup> <br>| 5478 | &nbsp;&nbsp; 1924 |
| Spirax Group plc | 39304 | &nbsp;&nbsp; 3526 |
| Uber Technologies, Inc.<sup>(5)</sup> <br>| 46596 | &nbsp;&nbsp; 3352 |
| UL Solutions, Inc. Class A | 30852 | &nbsp;&nbsp; 2644 |
| VAT Group AG | 2287 | &nbsp;&nbsp; 1427 |
| Watsco, Inc. | 5120 | &nbsp;&nbsp; 1863 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 63231 | &nbsp;&nbsp; 2835 |
|  |  | &nbsp;&nbsp; 72267 |
| **Information Technology—14.7%** | **Information Technology—14.7%** |  |
| Alten S.A. | 14642 | &nbsp;&nbsp; 908 |
| Amphenol Corp. Class A | 100735 | &nbsp;&nbsp; 12728 |
| ARM Holdings plc ADR<sup>(5)</sup> <br>| 21216 | &nbsp;&nbsp; 3210 |
| Bentley Systems, Inc. <br> Class B<br>| 39343 | &nbsp;&nbsp; 1382 |
| Bouvet ASA | 164851 | &nbsp;&nbsp; 861 |
| Cadence Design Systems, <br> Inc.<sup>(5)</sup> <br>| 14848 | &nbsp;&nbsp; 4126 |
| Cloudflare, Inc. Class A<sup>(5)</sup> <br>| 26652 | &nbsp;&nbsp; 5499 |
| Datadog, Inc. Class A<sup>(5)</sup> <br>| 26771 | &nbsp;&nbsp; 3160 |
| KLA Corp. | 2447 | &nbsp;&nbsp; 3603 |
| Monolithic Power <br> Systems, Inc.<br>| 4042 | &nbsp;&nbsp; 4419 |
| NVIDIA Corp. | 87946 | &nbsp;&nbsp; 15338 |
| Riken Keiki Co., Ltd. | 130200 | &nbsp;&nbsp; 2477 |
| ServiceNow, Inc.<sup>(5)</sup> <br>| 29651 | &nbsp;&nbsp; 3100 |
| ServiceTitan, Inc. <br> Class A<sup>(5)</sup> <br>| 28341 | &nbsp;&nbsp; 1798 |
| Shopify, Inc. Class A<sup>(5)</sup> <br>| 46193 | &nbsp;&nbsp; 5479 |
| Snowflake, Inc. Class A<sup>(5)</sup> <br>| 35124 | &nbsp;&nbsp; 5297 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Teledyne Technologies, <br> Inc.<sup>(5)</sup> <br>| 4736 | &nbsp;&nbsp; $2865 |
| Trimble, Inc.<sup>(5)</sup> <br>| 22423 | &nbsp;&nbsp; 1463 |
| Universal Display Corp. | 16943 | &nbsp;&nbsp; 1553 |
| Zebra Technologies Corp. <br> Class A<sup>(5)</sup> <br>| 6426 | &nbsp;&nbsp; 1344 |
|  |  | &nbsp;&nbsp; 80610 |
| **Materials—1.3%** | **Materials—1.3%** |  |
| Corp. Moctezuma SAB de <br> C.V.<br>| 943523 | &nbsp;&nbsp; 4242 |
| Forterra plc | 741471 | &nbsp;&nbsp; 1540 |
| Ibstock plc | 933429 | &nbsp;&nbsp; 1259 |
|  |  | &nbsp;&nbsp; 7041 |
| **Total Common Stocks** <br>**(Identified Cost $247,807)** | **Total Common Stocks** <br>**(Identified Cost $247,807)** | &nbsp;&nbsp; **321799** |
| **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** |
| **Fixed Income Funds—13.3%** | **Fixed Income Funds—13.3%** |  |
| Virtus Newfleet ABS <br> MACS<sup>(6)(7)</sup> <br>| 2036644 | &nbsp;&nbsp; 20142 |
| Virtus Newfleet CMBS <br> MACS<sup>(6)(7)</sup> <br>| 1103587 | &nbsp;&nbsp; 10992 |
| Virtus Newfleet Floating <br> Rate MACS<sup>(6)(7)</sup> <br>| 999566 | &nbsp;&nbsp; 9576 |
| Virtus Newfleet High Yield <br> MACS<sup>(6)(7)</sup> <br>| 999025 | &nbsp;&nbsp; 9660 |
| Virtus Newfleet RMBS <br> MACS<sup>(6)(7)</sup> <br>| 2202660 | &nbsp;&nbsp; 22269 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $73,369)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $73,369)** | &nbsp;&nbsp; **72639** |
| **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 Securitized <br> Income ETF<sup>(6)(7)</sup> <br>| 95902 | &nbsp;&nbsp; 2319 |
| **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $2,343)** | **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $2,343)** | &nbsp;&nbsp; **2319** |
| **Total Long-Term** <br> **Investments—97.5%** <br>**(Identified Cost $471,125)** | **Total Long-Term** <br> **Investments—97.5%** <br>**(Identified Cost $471,125)** | &nbsp;&nbsp; **533953** |
| **TOTAL INVESTMENTS—97.5%** <br>**(Identified Cost $471,125)** | **TOTAL INVESTMENTS—97.5%** <br>**(Identified Cost $471,125)** | &nbsp;&nbsp; **$533953** |
| Other assets and liabilities, net—2.5% | Other assets and liabilities, net—2.5% | &nbsp;&nbsp; 13614 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$547567** |

---

&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 |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S&P | Standard & Poor's |
| ULC | Unlimited Liability Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</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> March 31, 2026, these securities amounted to a <br> value of $26,122 or 4.8% of net assets.<br>|
| <sup>(2)</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>(3)</sup> <br>| Represents step coupon bond. Rate shown reflects <br> the rate in effect as of March 31, 2026.<br>|
| <sup>(4)</sup> <br>| No contractual maturity date. |
| <sup>(5)</sup> <br>| Non-income producing. |
| <sup>(6)</sup> <br>| Affiliated investment. See Note 4H in Notes to <br> Financial Statements.<br>|
| <sup>(7)</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**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 76<br> %<br>|
| United Kingdom | 4 |
| Japan | 3 |
| Brazil | 2 |
| Singapore | 2 |
| France | 1 |
| Germany | 1 |
| Other | 11 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts** <br>**Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Depreciation**<br>|
| **Short Contracts:** |  |  |  |  |  |
| U.S. Treasury Ultra Bond Future | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; $(1282)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9)<br>|
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9)<br>|

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $32025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32025 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 6208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6208 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 34749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34749 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 64214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64214 |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 321799 | &nbsp;&nbsp;&nbsp;&nbsp; 236881 | &nbsp;&nbsp;&nbsp;&nbsp; 84918 |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp; 72639 | &nbsp;&nbsp;&nbsp;&nbsp; 72639 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 533953 | &nbsp;&nbsp;&nbsp;&nbsp; 311839 | &nbsp;&nbsp;&nbsp;&nbsp; 222114 |
| Liabilities: |  |  |  |
| Other Financial Instruments: |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $533944 | &nbsp;&nbsp;&nbsp;&nbsp; $311830 | &nbsp;&nbsp;&nbsp;&nbsp; $222114 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited)** 

**March 31, 2026**

(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; $563316 | &nbsp;&nbsp; $164557 | &nbsp;&nbsp; $1930020 | &nbsp;&nbsp; $430884 |
| Cash  | &nbsp;&nbsp; 4728 | &nbsp;&nbsp; 1737 | &nbsp;&nbsp; 32606 | &nbsp;&nbsp; 4595 |
| Receivables |  |  |  |  |
| Fund shares sold  | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 234 |
| Dividends | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 107 |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; 273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 5 |
| Prepaid expenses  | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 31 |
| Other assets  | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 80 |
| Total assets | &nbsp;&nbsp; 568338 | &nbsp;&nbsp; 166829 | &nbsp;&nbsp; 1966382 | &nbsp;&nbsp; 435936 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 4831 | &nbsp;&nbsp; 1731 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15215 | &nbsp;&nbsp; — |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 4533 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 313 |
| Distribution and service fees  | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 50 |
| Administration and accounting fees | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 88 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 155 |
| Professional fees  | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 23 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 80 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 15 |
| Other accrued expenses | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 81 |
| Total liabilities | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 4835 | &nbsp;&nbsp; 22414 | &nbsp;&nbsp; 2536 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $567191 | &nbsp;&nbsp; $161994 | &nbsp;&nbsp; $1943968 | &nbsp;&nbsp; $433400 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $251646 | &nbsp;&nbsp; $122413 | &nbsp;&nbsp; $1415329 | &nbsp;&nbsp; $190020 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 315545 | &nbsp;&nbsp; 39581 | &nbsp;&nbsp; 528639 | &nbsp;&nbsp; 243380 |
| **Net Assets** | &nbsp;&nbsp; $567191 | &nbsp;&nbsp; $161994 | &nbsp;&nbsp; $1943968 | &nbsp;&nbsp; $433400 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $504267 | &nbsp;&nbsp; $127531 | &nbsp;&nbsp; $133520 | &nbsp;&nbsp; $143896 |
| Class C | &nbsp;&nbsp; $1856 | &nbsp;&nbsp; $2202 | &nbsp;&nbsp; $55286 | &nbsp;&nbsp; $19847 |
| Class I | &nbsp;&nbsp; $28388 | &nbsp;&nbsp; $18702 | &nbsp;&nbsp; $1619669 | &nbsp;&nbsp; $235872 |
| Class R6 | &nbsp;&nbsp; $32680 | &nbsp;&nbsp; $13559 | &nbsp;&nbsp; $135493 | &nbsp;&nbsp; $33785 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 29202213 | &nbsp;&nbsp; 5750299 | &nbsp;&nbsp; 2512737 | &nbsp;&nbsp; 4265317 |
| Class C | &nbsp;&nbsp; 218897 | &nbsp;&nbsp; 120794 | &nbsp;&nbsp; 1189249 | &nbsp;&nbsp; 943429 |
| Class I | &nbsp;&nbsp; 1512793 | &nbsp;&nbsp; 847316 | &nbsp;&nbsp; 29341869 | &nbsp;&nbsp; 6515398 |
| Class R6 | &nbsp;&nbsp; 1681617 | &nbsp;&nbsp; 620532 | &nbsp;&nbsp; 2437043 | &nbsp;&nbsp; 911801 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $17.27 | &nbsp;&nbsp; $22.18 | &nbsp;&nbsp; $53.14 | &nbsp;&nbsp; $33.74 |
| Class C | &nbsp;&nbsp; $8.48 | &nbsp;&nbsp; $18.23 | &nbsp;&nbsp; $46.49 | &nbsp;&nbsp; $21.04 |
| Class I | &nbsp;&nbsp; $18.77 | &nbsp;&nbsp; $22.07 | &nbsp;&nbsp; $55.20 | &nbsp;&nbsp; $36.20 |
| Class R6 | &nbsp;&nbsp; $19.43 | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $55.60 | &nbsp;&nbsp; $37.05 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**March 31, 2026**

(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; $18.28 | &nbsp;&nbsp; $23.47 | &nbsp;&nbsp; $56.23 | &nbsp;&nbsp; $35.70 |
| 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; $313040 | &nbsp;&nbsp; $124944 | &nbsp;&nbsp; $1436094 | &nbsp;&nbsp; $310979 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4411 | &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) (Unaudited) (Continued)**

**March 31, 2026**

(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><sup>(2)</sup> | &nbsp;&nbsp; $1745708 | &nbsp;&nbsp; $755892 | &nbsp;&nbsp; $586290 | &nbsp;&nbsp; $1417168 |
| Investment in affiliates at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 29002 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash  | &nbsp;&nbsp; 55976 | &nbsp;&nbsp; 40559 | &nbsp;&nbsp; 14912 | &nbsp;&nbsp; 15594 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fund shares sold  | &nbsp;&nbsp; 1107 | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 1369 |
| Dividends | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 519 |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 22 |
| Prepaid expenses  | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 45 |
| Other assets  | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 256 |
| Total assets | &nbsp;&nbsp; 1803967 | &nbsp;&nbsp; 827871 | &nbsp;&nbsp; 602135 | &nbsp;&nbsp; 1434973 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 3307 | &nbsp;&nbsp; 3657 | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 3148 |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 96 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 1174 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 942 |
| Distribution and service fees  | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 |
| Administration and accounting fees | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 207 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 273 |
| Professional fees  | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 256 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 10 |
| Other accrued expenses | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 46 |
| Total liabilities | &nbsp;&nbsp; 5408 | &nbsp;&nbsp; 5359 | &nbsp;&nbsp; 1331 | &nbsp;&nbsp; 4958 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $1798559 | &nbsp;&nbsp; $822512 | &nbsp;&nbsp; $600804 | &nbsp;&nbsp; $1430015 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $933286 | &nbsp;&nbsp; $777393 | &nbsp;&nbsp; $306560 | &nbsp;&nbsp; $1223918 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 865273 | &nbsp;&nbsp; 45119 | &nbsp;&nbsp; 294244 | &nbsp;&nbsp; 206097 |
| **Net Assets** | &nbsp;&nbsp; $1798559 | &nbsp;&nbsp; $822512 | &nbsp;&nbsp; $600804 | &nbsp;&nbsp; $1430015 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $181953 | &nbsp;&nbsp; $161956 | &nbsp;&nbsp; $77797 | &nbsp;&nbsp; $52050 |
| Class C | &nbsp;&nbsp; $15707 | &nbsp;&nbsp; $15661 | &nbsp;&nbsp; $6753 | &nbsp;&nbsp; $35345 |
| Class I | &nbsp;&nbsp; $1159596 | &nbsp;&nbsp; $597735 | &nbsp;&nbsp; $480109 | &nbsp;&nbsp; $1181205 |
| Class R6 | &nbsp;&nbsp; $441303 | &nbsp;&nbsp; $47160 | &nbsp;&nbsp; $36145 | &nbsp;&nbsp; $161415 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 4091683 | &nbsp;&nbsp; 11387399 | &nbsp;&nbsp; 3378060 | &nbsp;&nbsp; 2939231 |
| Class C | &nbsp;&nbsp; 521811 | &nbsp;&nbsp; 1733218 | &nbsp;&nbsp; 309039 | &nbsp;&nbsp; 2122363 |
| Class I | &nbsp;&nbsp; 23472509 | &nbsp;&nbsp; 38343538 | &nbsp;&nbsp; 20772074 | &nbsp;&nbsp; 65373536 |
| Class R6 | &nbsp;&nbsp; 8881957 | &nbsp;&nbsp; 2975289 | &nbsp;&nbsp; 1557003 | &nbsp;&nbsp; 8880943 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $44.47 | &nbsp;&nbsp; $14.22 | &nbsp;&nbsp; $23.03 | &nbsp;&nbsp; $17.71 |
| Class C | &nbsp;&nbsp; $30.10 | &nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $16.65 |
| Class I | &nbsp;&nbsp; $49.40 | &nbsp;&nbsp; $15.59 | &nbsp;&nbsp; $23.11 | &nbsp;&nbsp; $18.07 |
| Class R6 | &nbsp;&nbsp; $49.69 | &nbsp;&nbsp; $15.85 | &nbsp;&nbsp; $23.21 | &nbsp;&nbsp; $18.18 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $47.06 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $24.37 | &nbsp;&nbsp; $18.74 |
| 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; $1005319 | &nbsp;&nbsp; $692975 | &nbsp;&nbsp; $342311 | &nbsp;&nbsp; $1209859 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**March 31, 2026**

(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>|
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28836 | &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) (Unaudited) (Continued)**

**March 31, 2026**

(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> | &nbsp;&nbsp; $5490 | &nbsp;&nbsp; $5808 | &nbsp;&nbsp; $151277 | &nbsp;&nbsp; $458995 |
| Investment in affiliates at value<sup>(2)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74958 |
| Foreign currency at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 |
| Cash  | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 10610 |
| Cash pledged as collateral for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1360 |
| Fund shares sold  | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 35 |
| Dividends and interest | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 2217 |
| Receivable from adviser | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 113 |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Tax receivable  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56 | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| Prepaid expenses  | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 |
| Other assets  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 95 |
| Total assets | &nbsp;&nbsp; 5850 | &nbsp;&nbsp; 5933 | &nbsp;&nbsp; 152529 | &nbsp;&nbsp; 548519 |
| **Liabilities** |  |  |  |  |
| Variation margin payable on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 220 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43 |
| Investment advisory fees  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 221 |
| Distribution and service fees  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 118 |
| Administration and accounting fees | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 78 |
| Professional fees  | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 26 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 95 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 |
| Other accrued expenses | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 58 |
| Total liabilities | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 952 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $5793 | &nbsp;&nbsp; $5881 | &nbsp;&nbsp; $152158 | &nbsp;&nbsp; $547567 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $5946 | &nbsp;&nbsp; $5557 | &nbsp;&nbsp; $110237 | &nbsp;&nbsp; $481674 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (153)<br>| &nbsp;&nbsp; 324 | &nbsp;&nbsp; 41921 | &nbsp;&nbsp; 65893 |
| **Net Assets** | &nbsp;&nbsp; $5793 | &nbsp;&nbsp; $5881 | &nbsp;&nbsp; $152158 | &nbsp;&nbsp; $547567 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $343 | &nbsp;&nbsp; $1388 | &nbsp;&nbsp; $74695 | &nbsp;&nbsp; $523261 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2351 | &nbsp;&nbsp; $4521 |
| Class I | &nbsp;&nbsp; $1656 | &nbsp;&nbsp; $686 | &nbsp;&nbsp; $19174 | &nbsp;&nbsp; $18516 |
| Class R6 | &nbsp;&nbsp; $3794 | &nbsp;&nbsp; $3807 | &nbsp;&nbsp; $55938 | &nbsp;&nbsp; $1269 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 37445 | &nbsp;&nbsp; 142999 | &nbsp;&nbsp; 4207240 | &nbsp;&nbsp; 57750212 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 154874 | &nbsp;&nbsp; 482926 |
| Class I | &nbsp;&nbsp; 178010 | &nbsp;&nbsp; 70343 | &nbsp;&nbsp; 1051457 | &nbsp;&nbsp; 2050578 |
| Class R6 | &nbsp;&nbsp; 406830 | &nbsp;&nbsp; 389164 | &nbsp;&nbsp; 2898605 | &nbsp;&nbsp; 140872 |

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**March 31, 2026**

(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; $9.17 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $9.06 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15.18 | &nbsp;&nbsp; $9.36 |
| Class I | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $18.24 | &nbsp;&nbsp; $9.03 |
| Class R6 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $19.30 | &nbsp;&nbsp; $9.01 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $9.59 |
| 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; $5018 | &nbsp;&nbsp; $5215 | &nbsp;&nbsp; $118251 | &nbsp;&nbsp; $395413 |
| <sup>(2)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75712 |
| <sup>(3)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46 |

---

&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) (Unaudited)** 

**SIX MONTHS ENDED March 31, 2026**

($ 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; $2288 | &nbsp;&nbsp;&nbsp; $2036 | &nbsp;&nbsp;&nbsp; $10454 | &nbsp;&nbsp;&nbsp; $1063 |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reclassification of prior year dividend income to return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3151)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 2290 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 10454 | &nbsp;&nbsp;&nbsp; (2088)<br>|
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2290 | &nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp; 8890 | &nbsp;&nbsp;&nbsp; 2679 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 255 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 146 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 1157 | &nbsp;&nbsp;&nbsp; 354 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 164 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 84 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 19 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 1003 | &nbsp;&nbsp;&nbsp; 239 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 47 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 24 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 24 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 37 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 37 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 51 |
| Total expenses | &nbsp;&nbsp;&nbsp; 3881 | &nbsp;&nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp; 12535 | &nbsp;&nbsp;&nbsp; 4161 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp; (34)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 3852 | &nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp; 11515 | &nbsp;&nbsp;&nbsp; 4127 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; (1562)<br>| &nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; (1061)<br>| &nbsp;&nbsp;&nbsp; (6215)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 70546 | &nbsp;&nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp; 70961 | &nbsp;&nbsp;&nbsp; 169548 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (159830)<br>| &nbsp;&nbsp;&nbsp; 2503 | &nbsp;&nbsp;&nbsp; (204577)<br>| &nbsp;&nbsp;&nbsp; (276498)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (89284)<br>| &nbsp;&nbsp;&nbsp; 3467 | &nbsp;&nbsp;&nbsp; (133616)<br>| &nbsp;&nbsp;&nbsp; (106950)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(90846)<br>| &nbsp;&nbsp;&nbsp; $4557 | &nbsp;&nbsp;&nbsp; $(134677)<br>| &nbsp;&nbsp;&nbsp; $(113165)<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 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**SIX MONTHS ENDED March 31, 2026**

($ 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; $17039 | &nbsp;&nbsp;&nbsp; $2883 | &nbsp;&nbsp;&nbsp; $5012 | &nbsp;&nbsp;&nbsp; $8657 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1302 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reclassification of prior year dividend income to return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7642)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 17039 | &nbsp;&nbsp;&nbsp; (3456)<br>| &nbsp;&nbsp;&nbsp; 5012 | &nbsp;&nbsp;&nbsp; 8657 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 7321 | &nbsp;&nbsp;&nbsp; 5147 | &nbsp;&nbsp;&nbsp; 2335 | &nbsp;&nbsp;&nbsp; 6497 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 79 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 208 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp; 603 | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; 891 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 381 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 31 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 23 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 642 | &nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; 698 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 67 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 35 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 12 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 50 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 75 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 53 |
| Total expenses | &nbsp;&nbsp;&nbsp; 10101 | &nbsp;&nbsp;&nbsp; 7479 | &nbsp;&nbsp;&nbsp; 3462 | &nbsp;&nbsp;&nbsp; 9102 |
| Net expenses | &nbsp;&nbsp;&nbsp; 10101 | &nbsp;&nbsp;&nbsp; 7479 | &nbsp;&nbsp;&nbsp; 3462 | &nbsp;&nbsp;&nbsp; 9102 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 6938 | &nbsp;&nbsp;&nbsp; (10935)<br>| &nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp; (445)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 118382 | &nbsp;&nbsp;&nbsp; 200058 | &nbsp;&nbsp;&nbsp; 55769 | &nbsp;&nbsp;&nbsp; 21316 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (105651)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (108844)<br>| &nbsp;&nbsp;&nbsp; (410350)<br>| &nbsp;&nbsp;&nbsp; (74761)<br>| &nbsp;&nbsp;&nbsp; (219007)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 116119 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 9521 | &nbsp;&nbsp;&nbsp; (199880)<br>| &nbsp;&nbsp;&nbsp; (18992)<br>| &nbsp;&nbsp;&nbsp; (197691)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $16459 | &nbsp;&nbsp;&nbsp; $(210815)<br>| &nbsp;&nbsp;&nbsp; $(17442)<br>| &nbsp;&nbsp;&nbsp; $(198136)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**SIX MONTHS ENDED March 31, 2026**

($ 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; $15 | &nbsp;&nbsp;&nbsp; $41 | &nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp; $2729 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2288 |
| Interest  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3584 |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 2 |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; (120)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp; 8502 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp; 1651 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 715 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 27 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 308 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 178 |
| 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; 38 | &nbsp;&nbsp;&nbsp; 131 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 13 |
| Excise tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| 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; 5 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 24 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 23 |
| 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; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 27 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 23 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 82 |
| Total expenses | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp; 3215 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; (139)<br>| &nbsp;&nbsp;&nbsp; (246)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp; 2969 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (550)<br>| &nbsp;&nbsp;&nbsp; 5533 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 11848 | &nbsp;&nbsp;&nbsp; 31782 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 12 |
| Futures | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53 |
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (1047)<br>| &nbsp;&nbsp;&nbsp; (338)<br>| &nbsp;&nbsp;&nbsp; (36874)<br>| &nbsp;&nbsp;&nbsp; (79650)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (807)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (17)<br>|
| Futures | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9)<br>|
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (1063)<br>| &nbsp;&nbsp;&nbsp; (274)<br>| &nbsp;&nbsp;&nbsp; (25036)<br>| &nbsp;&nbsp;&nbsp; (48511)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(1080)<br>| &nbsp;&nbsp;&nbsp; $(259)<br>| &nbsp;&nbsp;&nbsp; $(25586)<br>| &nbsp;&nbsp;&nbsp; $(42978)<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 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 4D 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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(1562)<br>| &nbsp;&nbsp;&nbsp; $(4535)<br>| &nbsp;&nbsp;&nbsp; $1090 | &nbsp;&nbsp;&nbsp; $2199 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 70546 | &nbsp;&nbsp;&nbsp; 49617 | &nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp; 7935 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (159830)<br>| &nbsp;&nbsp;&nbsp; 26044 | &nbsp;&nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp; 1776 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (90846)<br>| &nbsp;&nbsp;&nbsp; 71126 | &nbsp;&nbsp;&nbsp; 4557 | &nbsp;&nbsp;&nbsp; 11910 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (42228)<br>| &nbsp;&nbsp;&nbsp; (76313)<br>| &nbsp;&nbsp;&nbsp; (4085)<br>| &nbsp;&nbsp;&nbsp; (6504)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (314)<br>| &nbsp;&nbsp;&nbsp; (569)<br>| &nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp; (143)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (2383)<br>| &nbsp;&nbsp;&nbsp; (4298)<br>| &nbsp;&nbsp;&nbsp; (624)<br>| &nbsp;&nbsp;&nbsp; (846)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2475)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp;&nbsp; (483)<br>| &nbsp;&nbsp;&nbsp; (647)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (47400)<br>| &nbsp;&nbsp;&nbsp; (81370)<br>| &nbsp;&nbsp;&nbsp; (5278)<br>| &nbsp;&nbsp;&nbsp; (8140)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 7456 | &nbsp;&nbsp;&nbsp; 26231 | &nbsp;&nbsp;&nbsp; (3639)<br>| &nbsp;&nbsp;&nbsp; 19133 |
| Class C | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; (290)<br>| &nbsp;&nbsp;&nbsp; (277)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (2221)<br>| &nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 4759 |
| Class R6 | &nbsp;&nbsp;&nbsp; 11524 | &nbsp;&nbsp;&nbsp; 26512 | &nbsp;&nbsp;&nbsp; (4402)<br>| &nbsp;&nbsp;&nbsp; 15417 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 16729 | &nbsp;&nbsp;&nbsp; 53420 | &nbsp;&nbsp;&nbsp; (8060)<br>| &nbsp;&nbsp;&nbsp; 39032 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (121517)<br>| &nbsp;&nbsp;&nbsp; 43176 | &nbsp;&nbsp;&nbsp; (8781)<br>| &nbsp;&nbsp;&nbsp; 42802 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 688708 | &nbsp;&nbsp;&nbsp; 645532 | &nbsp;&nbsp;&nbsp; 170775 | &nbsp;&nbsp;&nbsp; 127973 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $567191 | &nbsp;&nbsp;&nbsp; $688708 | &nbsp;&nbsp;&nbsp; $161994 | &nbsp;&nbsp;&nbsp; $170775 |

---

*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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(1061)<br>| &nbsp;&nbsp;&nbsp; $(3028)<br>| &nbsp;&nbsp;&nbsp; $(6215)<br>| &nbsp;&nbsp;&nbsp; $(6042)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 70961 | &nbsp;&nbsp;&nbsp; 104092 | &nbsp;&nbsp;&nbsp; 169548 | &nbsp;&nbsp;&nbsp; 290716 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (204577)<br>| &nbsp;&nbsp;&nbsp; (129596)<br>| &nbsp;&nbsp;&nbsp; (276498)<br>| &nbsp;&nbsp;&nbsp; (288056)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (134677)<br>| &nbsp;&nbsp;&nbsp; (28532)<br>| &nbsp;&nbsp;&nbsp; (113165)<br>| &nbsp;&nbsp;&nbsp; (3382)<br>|
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (6503)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (70966)<br>| &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; (3166)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13594)<br>| &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (84781)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (141173)<br>| &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (6050)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14267)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (100500)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (240000)<br>| &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (11345)<br>| &nbsp;&nbsp;&nbsp; (3598)<br>| &nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp; (52445)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (7818)<br>| &nbsp;&nbsp;&nbsp; (10778)<br>| &nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; (11963)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (479730)<br>| &nbsp;&nbsp;&nbsp; (208455)<br>| &nbsp;&nbsp;&nbsp; (144919)<br>| &nbsp;&nbsp;&nbsp; (354782)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (7212)<br>| &nbsp;&nbsp;&nbsp; 30305 | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; (33814)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (506105)<br>| &nbsp;&nbsp;&nbsp; (192526)<br>| &nbsp;&nbsp;&nbsp; (141888)<br>| &nbsp;&nbsp;&nbsp; (453004)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (741282)<br>| &nbsp;&nbsp;&nbsp; (221058)<br>| &nbsp;&nbsp;&nbsp; (495053)<br>| &nbsp;&nbsp;&nbsp; (456386)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2685250 | &nbsp;&nbsp;&nbsp; 2906308 | &nbsp;&nbsp;&nbsp; 928453 | &nbsp;&nbsp;&nbsp; 1384839 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $1943968 | &nbsp;&nbsp;&nbsp; $2685250 | &nbsp;&nbsp;&nbsp; $433400 | &nbsp;&nbsp;&nbsp; $928453 |

---

*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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $6938 | &nbsp;&nbsp;&nbsp; $9864 | &nbsp;&nbsp;&nbsp; $(10935)<br>| &nbsp;&nbsp;&nbsp; $(6577)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 118365 | &nbsp;&nbsp;&nbsp; 238809 | &nbsp;&nbsp;&nbsp; 94354 | &nbsp;&nbsp;&nbsp; 440286 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (108844)<br>| &nbsp;&nbsp;&nbsp; (306073)<br>| &nbsp;&nbsp;&nbsp; (294234)<br>| &nbsp;&nbsp;&nbsp; (807635)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 16459 | &nbsp;&nbsp;&nbsp; (57400)<br>| &nbsp;&nbsp;&nbsp; (210815)<br>| &nbsp;&nbsp;&nbsp; (373926)<br>|
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (24083)<br>| &nbsp;&nbsp;&nbsp; (7620)<br>| &nbsp;&nbsp;&nbsp; (73998)<br>| &nbsp;&nbsp;&nbsp; (38925)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (4263)<br>| &nbsp;&nbsp;&nbsp; (2889)<br>| &nbsp;&nbsp;&nbsp; (11874)<br>| &nbsp;&nbsp;&nbsp; (11641)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (161145)<br>| &nbsp;&nbsp;&nbsp; (57662)<br>| &nbsp;&nbsp;&nbsp; (271470)<br>| &nbsp;&nbsp;&nbsp; (196358)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (59219)<br>| &nbsp;&nbsp;&nbsp; (23246)<br>| &nbsp;&nbsp;&nbsp; (32658)<br>| &nbsp;&nbsp;&nbsp; (20536)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (248710)<br>| &nbsp;&nbsp;&nbsp; (91417)<br>| &nbsp;&nbsp;&nbsp; (390000)<br>| &nbsp;&nbsp;&nbsp; (267460)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 23213 | &nbsp;&nbsp;&nbsp; 8618 | &nbsp;&nbsp;&nbsp; 2491 | &nbsp;&nbsp;&nbsp; (34751)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (8040)<br>| &nbsp;&nbsp;&nbsp; (25126)<br>| &nbsp;&nbsp;&nbsp; (6755)<br>| &nbsp;&nbsp;&nbsp; (41932)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (60579)<br>| &nbsp;&nbsp;&nbsp; (28140)<br>| &nbsp;&nbsp;&nbsp; (191005)<br>| &nbsp;&nbsp;&nbsp; (506835)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (23194)<br>| &nbsp;&nbsp;&nbsp; (32060)<br>| &nbsp;&nbsp;&nbsp; (52310)<br>| &nbsp;&nbsp;&nbsp; (27781)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (68600)<br>| &nbsp;&nbsp;&nbsp; (76708)<br>| &nbsp;&nbsp;&nbsp; (247579)<br>| &nbsp;&nbsp;&nbsp; (611299)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (300851)<br>| &nbsp;&nbsp;&nbsp; (225525)<br>| &nbsp;&nbsp;&nbsp; (848394)<br>| &nbsp;&nbsp;&nbsp; (1252685)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2099410 | &nbsp;&nbsp;&nbsp; 2324935 | &nbsp;&nbsp;&nbsp; 1670906 | &nbsp;&nbsp;&nbsp; 2923591 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $1798559 | &nbsp;&nbsp;&nbsp; $2099410 | &nbsp;&nbsp;&nbsp; $822512 | &nbsp;&nbsp;&nbsp; $1670906 |

---

*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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1550 | &nbsp;&nbsp;&nbsp; $3259 | &nbsp;&nbsp;&nbsp; $(445)<br>| &nbsp;&nbsp;&nbsp; $(882)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 55769 | &nbsp;&nbsp;&nbsp; 32789 | &nbsp;&nbsp;&nbsp; 21316 | &nbsp;&nbsp;&nbsp; (6823)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (74761)<br>| &nbsp;&nbsp;&nbsp; (40468)<br>| &nbsp;&nbsp;&nbsp; (219007)<br>| &nbsp;&nbsp;&nbsp; (56003)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (17442)<br>| &nbsp;&nbsp;&nbsp; (4420)<br>| &nbsp;&nbsp;&nbsp; (198136)<br>| &nbsp;&nbsp;&nbsp; (63708)<br>|
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4356)<br>| &nbsp;&nbsp;&nbsp; (4424)<br>| &nbsp;&nbsp;&nbsp; (224)<br>| &nbsp;&nbsp;&nbsp; (312)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (436)<br>| &nbsp;&nbsp;&nbsp; (495)<br>| &nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp; (227)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (28915)<br>| &nbsp;&nbsp;&nbsp; (29484)<br>| &nbsp;&nbsp;&nbsp; (4984)<br>| &nbsp;&nbsp;&nbsp; (7911)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2008)<br>| &nbsp;&nbsp;&nbsp; (2258)<br>| &nbsp;&nbsp;&nbsp; (639)<br>| &nbsp;&nbsp;&nbsp; (980)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (35715)<br>| &nbsp;&nbsp;&nbsp; (36661)<br>| &nbsp;&nbsp;&nbsp; (6000)<br>| &nbsp;&nbsp;&nbsp; (9430)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4151)<br>| &nbsp;&nbsp;&nbsp; (6963)<br>| &nbsp;&nbsp;&nbsp; (9982)<br>| &nbsp;&nbsp;&nbsp; (218)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2394)<br>| &nbsp;&nbsp;&nbsp; (1478)<br>| &nbsp;&nbsp;&nbsp; (5740)<br>| &nbsp;&nbsp;&nbsp; (2125)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (98462)<br>| &nbsp;&nbsp;&nbsp; 40553 | &nbsp;&nbsp;&nbsp; (456906)<br>| &nbsp;&nbsp;&nbsp; (6619)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (939)<br>| &nbsp;&nbsp;&nbsp; (9716)<br>| &nbsp;&nbsp;&nbsp; (39196)<br>| &nbsp;&nbsp;&nbsp; 2183 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (105946)<br>| &nbsp;&nbsp;&nbsp; 22396 | &nbsp;&nbsp;&nbsp; (511824)<br>| &nbsp;&nbsp;&nbsp; (6779)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (159103)<br>| &nbsp;&nbsp;&nbsp; (18685)<br>| &nbsp;&nbsp;&nbsp; (715960)<br>| &nbsp;&nbsp;&nbsp; (79917)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 759907 | &nbsp;&nbsp;&nbsp; 778592 | &nbsp;&nbsp;&nbsp; 2145975 | &nbsp;&nbsp;&nbsp; 2225892 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $600804 | &nbsp;&nbsp;&nbsp; $759907 | &nbsp;&nbsp;&nbsp; $1430015 | &nbsp;&nbsp;&nbsp; $2145975 |

---

*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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(17)<br>| &nbsp;&nbsp;&nbsp; $(36)<br>| &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $20 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 82 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (1047)<br>| &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp; (338)<br>| &nbsp;&nbsp;&nbsp; (300)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (1080)<br>| &nbsp;&nbsp;&nbsp; (99)<br>| &nbsp;&nbsp;&nbsp; (259)<br>| &nbsp;&nbsp;&nbsp; (198)<br>|
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (6)<br>|
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (6)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (24)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; (36)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; (182)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp; 7 |
| Class I | &nbsp;&nbsp;&nbsp; (1188)<br>| &nbsp;&nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp; (172)<br>| &nbsp;&nbsp;&nbsp; (210)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp; (375)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (697)<br>| &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp; (760)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (1777)<br>| &nbsp;&nbsp;&nbsp; (475)<br>| &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; (994)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 7570 | &nbsp;&nbsp;&nbsp; 8045 | &nbsp;&nbsp;&nbsp; 5556 | &nbsp;&nbsp;&nbsp; 6550 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $5793 | &nbsp;&nbsp;&nbsp; $7570 | &nbsp;&nbsp;&nbsp; $5881 | &nbsp;&nbsp;&nbsp; $5556 |

---

*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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(550)<br>| &nbsp;&nbsp;&nbsp; $(814)<br>| &nbsp;&nbsp;&nbsp; $5533 | &nbsp;&nbsp;&nbsp; $11492 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 11859 | &nbsp;&nbsp;&nbsp; 27065 | &nbsp;&nbsp;&nbsp; 31972 | &nbsp;&nbsp;&nbsp; 69573 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (36895)<br>| &nbsp;&nbsp;&nbsp; (20800)<br>| &nbsp;&nbsp;&nbsp; (80483)<br>| &nbsp;&nbsp;&nbsp; (37939)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (25586)<br>| &nbsp;&nbsp;&nbsp; 5451 | &nbsp;&nbsp;&nbsp; (42978)<br>| &nbsp;&nbsp;&nbsp; 43126 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (11703)<br>| &nbsp;&nbsp;&nbsp; (24772)<br>| &nbsp;&nbsp;&nbsp; (75975)<br>| &nbsp;&nbsp;&nbsp; (74974)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (548)<br>| &nbsp;&nbsp;&nbsp; (1560)<br>| &nbsp;&nbsp;&nbsp; (680)<br>| &nbsp;&nbsp;&nbsp; (827)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (3423)<br>| &nbsp;&nbsp;&nbsp; (17042)<br>| &nbsp;&nbsp;&nbsp; (2890)<br>| &nbsp;&nbsp;&nbsp; (2903)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (8326)<br>| &nbsp;&nbsp;&nbsp; (18891)<br>| &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (209)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (24000)<br>| &nbsp;&nbsp;&nbsp; (62265)<br>| &nbsp;&nbsp;&nbsp; (79739)<br>| &nbsp;&nbsp;&nbsp; (78913)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1682)<br>| &nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp; 37048 | &nbsp;&nbsp;&nbsp; 3115 |
| Class C | &nbsp;&nbsp;&nbsp; (982)<br>| &nbsp;&nbsp;&nbsp; (2169)<br>| &nbsp;&nbsp;&nbsp; (594)<br>| &nbsp;&nbsp;&nbsp; (1253)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (15150)<br>| &nbsp;&nbsp;&nbsp; (50373)<br>| &nbsp;&nbsp;&nbsp; (755)<br>| &nbsp;&nbsp;&nbsp; 848 |
| Class R6 | &nbsp;&nbsp;&nbsp; (1959)<br>| &nbsp;&nbsp;&nbsp; (9506)<br>| &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 14 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (19773)<br>| &nbsp;&nbsp;&nbsp; (60733)<br>| &nbsp;&nbsp;&nbsp; 35756 | &nbsp;&nbsp;&nbsp; 2724 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (69359)<br>| &nbsp;&nbsp;&nbsp; (117547)<br>| &nbsp;&nbsp;&nbsp; (86961)<br>| &nbsp;&nbsp;&nbsp; (33063)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 221517 | &nbsp;&nbsp;&nbsp; 339064 | &nbsp;&nbsp;&nbsp; 634528 | &nbsp;&nbsp;&nbsp; 667591 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $152158 | &nbsp;&nbsp;&nbsp; $221517 | &nbsp;&nbsp;&nbsp; $547567 | &nbsp;&nbsp;&nbsp; $634528 |

---

*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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $21.53  | (0.05)  | (2.71)  | (2.76)  | —  | (1.50)  | (1.50)  | —  | (4.26)  | $17.27  | (13.64) % | $504267  | 1.21 % <sup>(9)</sup> <br>| 1.21 %  | (0.51) %  | 19 %  |
| 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>(9)</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>(9)</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>(9)</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>(9)(10)</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>(9)</sup> <br>| 1.20  | (0.83)  | 8  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $11.40  | (0.07)  | (1.35)  | (1.42)  | —  | (1.50)  | (1.50)  | —  | (2.92)  | $8.48  | (14.03) % | $1856  | 2.03 % <sup>(9)</sup> <br>| 2.03 %  | (1.33) %  | 19 %  |
| 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>(9)</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>(9)</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>(9)</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>(9)(10)</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>(9)</sup> <br>| 2.01  | (1.63)  | 8  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $23.24  | (0.03)  | (2.94)  | (2.97)  | —  | (1.50)  | (1.50)  | —  | (4.47)  | $18.77  | (13.53) % | $28388  | 0.99 % <sup>(9)</sup> <br>| 0.99 %  | (0.29) %  | 19 %  |
| 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>(9)</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>(9)</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>(9)</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>(9)(10)</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>(9)</sup> <br>| 1.00  | (0.63)  | 8  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $23.98  | — <sup>(11)</sup> <br>| (3.05)  | (3.05)  | —  | (1.50)  | (1.50)  | —  | (4.55)  | $19.43  | (13.45) % | $32680  | 0.73 %  | 0.91 %  | 0.01 %  | 19 %  |
| 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>(11)</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>(10)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $22.28  | 0.14  | 0.47  | 0.61  | (0.11)  | (0.60)  | (0.71)  | —  | (0.10)  | $22.18  | 2.84% | $127531  | 1.17 % <sup>(12)(13)</sup> <br>| 1.32 %  | 1.27 %  | 9 %  |
| 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>(14)</sup> <br>| 1.43  | 1.71  | 47 <sup>(15)</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>(10)</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>(10)</sup> <br>| 1.36  | 2.21  | 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 C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $18.45  | 0.05  | 0.39  | 0.44  | (0.06)  | (0.60)  | (0.66)  | —  | (0.22)  | $18.23  | 2.48% | $2202  | 1.92 % <sup>(12)(13)</sup> <br>| 2.14 %  | 0.51 %  | 9 %  |
| 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>(14)</sup> <br>| 2.23  | 0.97  | 47 <sup>(15)</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>(10)</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>(10)</sup> <br>| 2.13  | 1.52  | 25  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $22.19  | 0.17  | 0.46  | 0.63  | (0.15)  | (0.60)  | (0.75)  | —  | (0.12)  | $22.07  | 2.92% | $18702  | 0.92 % <sup>(12)(13)</sup> <br>| 1.07 %  | 1.52 %  | 9 %  |
| 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>(14)</sup> <br>| 1.17  | 1.97  | 47 <sup>(15)</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>(10)</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>(10)</sup> <br>| 1.11  | 2.43  | 25  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $21.96  | 0.18  | 0.46  | 0.64  | (0.15)  | (0.60)  | (0.75)  | —  | (0.11)  | $21.85  | 3.02% | $13559  | 0.78 % <sup>(12)</sup> <br>| 0.99 %  | 1.65 %  | 9 %  |
| 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>(13)(14)</sup> <br>| 1.17  | 1.77  | 47 <sup>(15)</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>(10)</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>(10)</sup> <br>| 1.03  | 2.44  | 25  |
| **KAR Mid-Cap Core** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $59.32  | (0.08)  | (3.56)  | (3.64)  | —  | (2.54)  | (2.54)  | —  | (6.18)  | $53.14  | (6.34) % | $133520  | 1.20 %  | 1.29 %  | (0.29) %  | 9 %  |
| 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>(10)</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>(10)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $52.41  | (0.26)  | (3.12)  | (3.38)  | —  | (2.54)  | (2.54)  | —  | (5.92)  | $46.49  | (6.68) % | $55286  | 1.95 %  | 2.04 %  | (1.04) %  | 9 %  |
| 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>(10)</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>(10)</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  |

---

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 Core** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $61.45  | (0.02)  | (3.69)  | (3.71)  | —  | (2.54)  | (2.54)  | —  | (6.25)  | $55.20  | (6.23) % | $1619669  | 0.95 %  | 1.04 %  | (0.06) %  | 9 %  |
| 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>(10)</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>(10)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $61.85  | 0.01  | (3.72)  | (3.71)  | —  | (2.54)  | (2.54)  | —  | (6.25)  | $55.60  | (6.19) % | $135493  | 0.87 %  | 0.94 %  | 0.05 %  | 9 %  |
| 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>(10)</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>(10)</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  |
| **KAR Mid-Cap Growth** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $59.96  | (0.46)  | (7.67)  | (8.13)  | —  | (18.09)  | (18.09)  | —  | (26.22)  | $33.74  | (17.69) % | $143896  | 1.33 % <sup>(9)(16)</sup> <br>| 1.33 %  | (2.01) % <sup>(17)</sup> <br>| 12 %  |
| 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>(9)</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>(9)</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>(9)</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>(11)</sup> <br>| (27.90)  | 43.47  | (38.15) <sup>(18)</sup> <br>| 301043  | 1.25 <sup>(9)(10)</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>(9)</sup> <br>| 1.24  | (0.91)  | 17  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $44.66  | (0.43)  | (5.10)  | (5.53)  | —  | (18.09)  | (18.09)  | —  | (23.62)  | $21.04  | (18.01) % | $19847  | 2.11 % <sup>(9)(16)</sup> <br>| 2.11 %  | (2.76) % <sup>(17)</sup> <br>| 12 %  |
| 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>(9)</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>(9)</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>(9)</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>(11)</sup> <br>| (21.97)  | 33.14  | (38.65) <sup>(18)</sup> <br>| 59318  | 2.05 <sup>(9)(10)</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>(9)</sup> <br>| 1.99  | (1.66)  | 17  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $62.90  | (0.41)  | (8.20)  | (8.61)  | —  | (18.09)  | (18.09)  | —  | (26.70)  | $36.20  | (17.61) % | $235872  | 1.09 % <sup>(9)(16)</sup> <br>| 1.09 %  | (1.64) % <sup>(17)</sup> <br>| 12 %  |
| 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>(9)</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>(9)</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>(9)</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>(11)</sup> <br>| (28.85)  | 45.29  | (38.00) <sup>(18)</sup> <br>| 1134777  | 1.01 <sup>(9)(10)</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>(9)</sup> <br>| 1.00  | (0.66)  | 17  |

---

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 (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $63.86  | (0.39)  | (8.33)  | (8.72)  | —  | (18.09)  | (18.09)  | —  | (26.81)  | $37.05  | (17.50) % | $33785  | 0.84 % <sup>(16)</sup> <br>| 0.98 %  | (1.57) % <sup>(17)</sup> <br>| 12 %  |
| 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>(11)</sup> <br>| (28.97)  | 45.71  | (37.89) <sup>(18)</sup> <br>| 89056  | 0.84 <sup>(10)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $51.02  | 0.10  | 0.25  | 0.35  | (0.22)  | (6.68)  | (6.90)  | —  | (6.55)  | $44.47  | 0.67% | $181953  | 1.30 %  | 1.30 %  | 0.42 %  | 7 %  |
| 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>(11)</sup> <br>| 13.12  | 13.12  | (0.21)  | (1.87)  | (2.08)  | —  | 11.04  | 54.70  | 30.83  | 186407  | 1.27  | 1.27  | — <sup>(19)</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>(11)</sup> <br>| (4.72)  | (4.72)  | —  | (5.84)  | (5.84)  | —  | (10.56)  | 37.42  | (11.73)  | 117382  | 1.27 <sup>(10)</sup> <br>| 1.27  | — <sup>(19)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $36.65  | (0.04)  | 0.17  | 0.13  | —  | (6.68)  | (6.68)  | —  | (6.55)  | $30.10  | 0.31% | $15707  | 2.01 %  | 2.01 %  | (0.22) %  | 7 %  |
| 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>(10)</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  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $55.92  | 0.19  | 0.25  | 0.44  | (0.28)  | (6.68)  | (6.96)  | —  | (6.52)  | $49.40  | 0.79% | $1159596  | 1.02 %  | 1.02 %  | 0.72 %  | 7 %  |
| 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>(10)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $56.20  | 0.22  | 0.26  | 0.48  | (0.31)  | (6.68)  | (6.99)  | —  | (6.51)  | $49.69  | 0.84% | $441303  | 0.92 %  | 0.92 %  | 0.83 %  | 7 %  |
| 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>(10)</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  |

---

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 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> **Growth Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $26.10  | (0.21)  | (3.38)  | (3.59)  | —  | (8.29)  | (8.29)  | —  | (11.88)  | $14.22  | (17.06) % | $161956 <br>1.46 % <sup>(9)</sup> <br>| 1.46 %  | (2.15) % <sup>(17)</sup> <br>| 26 %  |
| 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 <br>1.39 <sup>(9)</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 <br>1.38 <sup>(9)</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 <br>1.36 <sup>(9)</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 <br>1.34 <sup>(9)(10)</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 <br>1.34 <sup>(9)</sup> <br>| 1.34  | (0.97)  | 11  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $19.91  | (0.18)  | (2.40)  | (2.58)  | —  | (8.29)  | (8.29)  | —  | (10.87)  | $9.04  | (17.34) % | $15661 <br>2.20 % <sup>(9)</sup> <br>| 2.20 %  | (2.65) % <sup>(17)</sup> <br>| 26 %  |
| 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 <br>2.11 <sup>(9)</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 <br>2.10 <sup>(9)</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 <br>2.08 <sup>(9)</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 <br>2.07 <sup>(9)(10)</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 <br>2.05 <sup>(9)</sup> <br>| 2.05  | (1.68)  | 11  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $27.72  | (0.19)  | (3.65)  | (3.84)  | —  | (8.29)  | (8.29)  | —  | (12.13)  | $15.59  | (16.94) % | $597735 <br>1.19 % <sup>(9)</sup> <br>| 1.19 %  | (1.78) % <sup>(17)</sup> <br>| 26 %  |
| 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 <br>1.12 <sup>(9)</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 <br>1.11 <sup>(9)</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 <br>1.09 <sup>(9)</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 <br>1.08 <sup>(9)(10)</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 <br>1.07 <sup>(9)</sup> <br>| 1.07  | (0.70)  | 11  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $28.02  | (0.14)  | (3.74)  | (3.88)  | —  | (8.29)  | (8.29)  | —  | (12.17)  | $15.85  | (16.88) % | $47160 <br>1.06 % <sup>(9)</sup> <br>| 1.06 %  | (1.25) % <sup>(17)</sup> <br>| 26 %  |
| 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 <br>1.01 <sup>(9)</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 <br>1.00 <sup>(9)</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 <br>0.99 <sup>(9)</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 <br>0.99 <sup>(9)(10)</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 <br>0.98 <sup>(9)</sup> <br>| 0.98  | (0.58)  | 11  |
| **KAR Small-Cap** <br> **Value Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $24.92  | 0.03  | (0.63)  | (0.60)  | (0.07)  | (1.22)  | (1.29)  | —  | (1.89)  | $23.03  | (2.46) % | $77797 <br>1.23 % <sup>(9)</sup> <br>| 1.23 %  | 0.28 %  | 6 %  |
| 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 <br>1.22 <sup>(9)</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 <br>1.21 <sup>(9)</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 <br>1.21 <sup>(9)</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 <br>1.21 <sup>(9)(10)</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 <br>1.20 <sup>(9)</sup> <br>| 1.20  | 0.14  | 13  |

---

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** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $23.73  | (0.06)  | (0.60)  | (0.66)  | —  | (1.22)  | (1.22)  | —  | (1.88)  | $21.85  | (2.84) % | $6753  | 2.01 % <sup>(9)</sup> <br>| 2.01 %  | (0.51) %  | 6 %  |
| 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>(9)</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>(9)</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>(9)</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>(9)(10)</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>(9)</sup> <br>| 1.96  | (0.60)  | 13  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $25.03  | 0.06  | (0.64)  | (0.58)  | (0.12)  | (1.22)  | (1.34)  | —  | (1.92)  | $23.11  | (2.38) % | $480109  | 1.00 % <sup>(9)</sup> <br>| 1.00 %  | 0.50 %  | 6 %  |
| 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>(9)</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>(9)</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>(9)</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>(9)(10)</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>(9)</sup> <br>| 0.96  | 0.38  | 13  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $25.14  | 0.07  | (0.64)  | (0.57)  | (0.14)  | (1.22)  | (1.36)  | —  | (1.93)  | $23.21  | (2.30) % | $36145  | 0.89 % <sup>(9)</sup> <br>| 0.89 %  | 0.61 %  | 6 %  |
| 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>(9)</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>(9)</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>(9)</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>(9)(10)</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>(9)</sup> <br>| 0.89  | 0.46  | 13  |
| **KAR Small-Mid Cap** <br> **Core Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $20.02  | (0.03)  | (2.21)  | (2.24)  | —  | (0.07)  | (0.07)  | —  | (2.31)  | $17.71  | (11.23) % | $52050  | 1.25 % <sup>(9)</sup> <br>| 1.25 %  | (0.28) %  | 5 %  |
| 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>(9)</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>(9)</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>(9)(20)</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>(9)(10)(20)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $18.90  | (0.09)  | (2.09)  | (2.18)  | —  | (0.07)  | (0.07)  | —  | (2.25)  | $16.65  | (11.58) % | $35345  | 2.01 % <sup>(9)</sup> <br>| 2.01 %  | (1.04) %  | 5 %  |
| 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>(9)</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>(9)</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>(9)(20)</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>(9)(10)(20)</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>(9)(20)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $20.40  | — <sup>(11)</sup> <br>| (2.26)  | (2.26)  | —  | (0.07)  | (0.07)  | —  | (2.33)  | $18.07  | (11.12) % | $1181205  | 1.00 % <sup>(9)</sup> <br>| 1.00 %  | (0.03) %  | 5 %  |
| 10/1/24 to 9/30/25 | 21.08  | — <sup>(11)</sup> <br>| (0.59)  | (0.59)  | —  | (0.09)  | (0.09)  | —  | (0.68)  | 20.40  | (2.81)  | 1807526  | 0.98 <sup>(9)</sup> <br>| 0.98  | (0.02)  | 15  |
| 10/1/23 to 9/30/24 | 16.71  | — <sup>(11)</sup> <br>| 4.37  | 4.37  | —  | —  | —  | —  | 4.37  | 21.08  | 26.15  | 1875537  | 0.99 <sup>(9)</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>(9)(20)</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>(9)(10)</sup> <br>| 1.02  | (0.31)  | 19  |
| 10/1/20 to 9/30/21 | 14.51  | (0.09)  | 4.40  | 4.31  | — <sup>(11)</sup> <br>| —  | — <sup>(11)</sup> <br>| —  | 4.31  | 18.82  | 29.72  | 1168320  | 1.02 <sup>(9)(20)</sup> <br>| 1.01  | (0.49)  | 7  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $20.51  | 0.01  | (2.27)  | (2.26)  | —  | (0.07)  | (0.07)  | —  | (2.33)  | $18.18  | (11.06) % | $161415  | 0.90 % <sup>(9)</sup> <br>| 0.90 %  | 0.07 %  | 5 %  |
| 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>(9)</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>(9)</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>(9)(20)</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>(9)(10)(20)</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>(9)(20)</sup> <br>| 0.92  | (0.44)  | 7  |
| **KAR Small-Mid Cap** <br> **Growth Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.94  | (0.04)  | (1.73)  | (1.77)  | —  | —  | —  | —  | (1.77)  | $9.17  | (16.18) % | $343  | 1.26 % <sup>(13)</sup> <br>| 2.55 %  | (0.78) %  | 27 %  |
| 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>(21)</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>(10)</sup> <br>| 2.77  | (1.04)  | 27  |
| 12/8/20<sup>(22)</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>(23)</sup> <br>|
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $11.08  | (0.03)  | (1.75)  | (1.78)  | —  | —  | —  | —  | (1.78)  | $9.30  | (16.07) % | $1656  | 1.01 % <sup>(13)</sup> <br>| 2.25 %  | (0.51) %  | 27 %  |
| 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>(21)</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>(10)</sup> <br>| 2.58  | (0.76)  | 27  |
| 12/8/20<sup>(22)</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>(23)</sup> <br>|
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $11.11  | (0.03)  | (1.75)  | (1.78)  | —  | —  | —  | —  | (1.78)  | $9.33  | (16.02) % | $3794  | 0.94 % <sup>(13)</sup> <br>| 2.16 %  | (0.49) %  | 27 %  |
| 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>(21)</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>(10)</sup> <br>| 2.45  | (0.71)  | 27  |
| 12/8/20<sup>(22)</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>(23)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.22  | 0.02  | (0.52)  | (0.50)  | (0.01)  | —  | (0.01)  | —  | (0.51)  | $9.71  | (4.89) % | $1388  | 1.17 %  | 2.45 %  | 0.32 %  | 6 %  |
| 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>(10)</sup> <br>| 4.12  | 0.29  | 19  |
| 8/3/21<sup>(22)</sup> to 9/30/21 | 10.00  | — <sup>(11)</sup> <br>| (0.36)  | (0.36)  | —  | —  | —  | —  | (0.36)  | 9.64  | (3.60)  | 127  | 1.17  | 12.81  | 0.09  | 0  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.26  | 0.03  | (0.51)  | (0.48)  | (0.02)  | —  | (0.02)  | —  | (0.50)  | $9.76  | (4.65) % | $686  | 0.92 %  | 2.33 %  | 0.58 %  | 6 %  |
| 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>(10)</sup> <br>| 3.89  | 0.47  | 19  |
| 8/3/21<sup>(22)</sup> to 9/30/21 | 10.00  | — <sup>(11)</sup> <br>| (0.36)  | (0.36)  | —  | —  | —  | —  | (0.36)  | 9.64  | (3.60)  | 97  | 0.92  | 12.88  | 0.29  | 0  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.31  | 0.03  | (0.51)  | (0.48)  | (0.05)  | —  | (0.05)  | —  | (0.53)  | $9.78  | (4.69) % | $3807  | 0.82 %  | 2.18 %  | 0.68 %  | 6 %  |
| 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>(10)</sup> <br>| 3.83  | 0.63  | 19  |
| 8/3/21<sup>(22)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $23.46  | (0.08)  | (2.79)  | (2.87)  | —  | (2.84)  | (2.84)  | —  | (5.71)  | $17.75  | (13.66) % | $74695  | 1.26 %  | 1.39 %  | (0.73) %  | 15 %  |
| 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>(12)</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>(12)(13)</sup> <br>| 1.45  | (0.32)  | 32 <sup>(24)</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>(13)</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>(10)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $20.55  | (0.13)  | (2.40)  | (2.53)  | —  | (2.84)  | (2.84)  | —  | (5.37)  | $15.18  | (13.96) % | $2351  | 2.01 %  | 2.17 %  | (1.46) %  | 15 %  |
| 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>(12)</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>(12)(13)</sup> <br>| 2.17  | (1.11)  | 32 <sup>(24)</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>(13)</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>(9)(10)(20)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $23.99  | (0.05)  | (2.86)  | (2.91)  | —  | (2.84)  | (2.84)  | —  | (5.75)  | $18.24  | (13.51) % | $19174  | 1.01 %  | 1.18 %  | (0.43) %  | 15 %  |
| 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>(12)</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>(12)(13)</sup> <br>| 1.19  | (0.08)  | 32 <sup>(24)</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>(13)</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>(10)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $25.20  | (0.04)  | (3.02)  | (3.06)  | —  | (2.84)  | (2.84)  | —  | (5.90)  | $19.30  | (13.46) % | $55938  | 0.91 %  | 1.04 %  | (0.38) %  | 15 %  |
| 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>(12)</sup> <br>| 1.04  | (0.11)  | 37  |
| 10/1/23 to 9/30/24 | 24.75  | — <sup>(11)</sup> <br>| 6.03  | 6.03  | —  | —  | —  | —  | 6.03  | 30.78  | 24.36  | 101757  | 0.90 <sup>(12)</sup> <br>| 1.04  | — <sup>(19)</sup> <br>| 32 <sup>(24)</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>(10)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $11.24  | 0.09  | (0.82)  | (0.73)  | (0.15)  | (1.30)  | (1.45)  | —  | (2.18)  | $9.06  | (7.23) % | $523261  | 0.99 % <sup>(12)</sup> <br>| 1.07 %  | 1.84 %  | 16 %  |
| 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>(12)</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>(10)</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>(10)</sup> <br>| 1.07  | 0.30  | 46  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $11.56  | 0.06  | (0.86)  | (0.80)  | (0.10)  | (1.30)  | (1.40)  | —  | (2.20)  | $9.36  | (7.61) % | $4521  | 1.75 % <sup>(12)</sup> <br>| 1.89 %  | 1.07 %  | 16 %  |
| 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>(12)</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>(10)</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>(10)</sup> <br>| 1.88  | (0.46)  | 46  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $11.20  | 0.11  | (0.82)  | (0.71)  | (0.16)  | (1.30)  | (1.46)  | —  | (2.17)  | $9.03  | (7.07) % | $18516  | 0.76 % <sup>(12)</sup> <br>| 0.88 %  | 2.06 %  | 16 %  |
| 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>(12)</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>(10)</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>(10)</sup> <br>| 0.86  | 0.55  | 46  |

---

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> |
| **Tactical Allocation** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $11.18  | 0.11  | (0.81)  | (0.70)  | (0.17)  | (1.30)  | (1.47)  | —  | (2.17)  | $9.01  | (7.09) % | $1269  | 0.60 % <sup>(12)</sup> <br>| 0.76 %  | 2.24 %  | 16 %  |
| 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>(12)</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>(10)</sup> <br>| 0.70  | 1.00  | 24  |
| 10/20/20<sup>(22)</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>(10)</sup> <br>| 0.86  | 0.70  | 46 <sup>(23)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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) | Unaudited. |
| (9) | The share class is currently under its expense limitation.  |
| (10) | Net expense ratio includes extraordinary proxy expenses. |
| (11) | Amount is less than $0.005 per share. |
| (12) | Net expense ratio includes extraordinary European Union tax reclaim expenses. |
| (13) | Due to a change in the expense limitation, the ratio shown is a blended expense ratio. |
| (14) | Net expense ratio includes reorganization expenses. |
| (15) | 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 13 in Notes to Financial Statements.<br>|
| (16) | Ratios of total expenses excluding interest expense on borrowings for the six months ended March 31, 2026, were 1.32% (Class A), 2.11% (Class C), 1.09% <br> (Class I) and 0.83% (Class R6).<br>|
| (17) | Ratio of net investment income (loss) to average net assets reflects reclassification of prior year dividend income to return of capital. |
| (18) | Payment from affiliates had no impact on total return. |
| (19) | Amount is less than 0.005%. |
| (20) | See Note 4D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
| (21) | 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>|
| (22) | Inception date. |
| (23) | Portfolio turnover is representative of the Fund for the entire period. |
| (24) | 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 13 in Notes to Financial Statements.<br>|

---

*See Notes to Financial Statements*

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)** 

**March 31, 2026**

**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 I shares and Class R6 shares. All of the Funds except for KAR Small-Mid Cap Growth Fund and KAR Small-Mid Cap Value Fund offer Class C 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. On January 26, 2026, Class C shares of KAR Small-Mid Cap Growth Fund and KAR Small-Mid Cap Value Fund were converted to Class A shares.

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

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

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.

&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.

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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.

Certain Funds may invest in securities of foreign issuers which 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

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

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 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 March 31, 2026, 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(1)** <br>| **Net** <br>**Amount(2)** <br>|
| KAR Equity Income Fund | &nbsp;&nbsp; $4411 | &nbsp;&nbsp; $4411 | &nbsp;&nbsp; $—<br>|
| KAR Small-Cap Growth Fund | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 93 | &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 March 31, 2026 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; $4533 |
| KAR Small-Cap Growth Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 96 |

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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, management of the Funds' Investment Adviser acts as the respective 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. Derivative Financial Instruments and Transactions**

**($ reported in thousands)**

Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Futures Contracts**

A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from futures contracts.

During the six months ended March 31, 2026, the Tactical Allocation Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the subadviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for futures contracts".

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Swaps**

Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the Over-the Counter ("OTC") market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). The value of the swap is reflected on the Statements of Assets and Liabilities as "Over-the-counter swaps at value" for OTC swaps and as "Variation margin receivable/payable on swap contracts" for centrally cleared swaps. Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statements of Operations.

Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "Over-the-counter swaps at value" in the Statements of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) on swaps" in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap.

Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for derivatives".

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

*Credit default swaps ("CDS")* – A Fund may either buy or sell (write) CDS on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. CDS on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). CDS on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). CDS on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into CDS to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).

During the six months ended March 31, 2026, the Tactical Allocation Fund utilized credit index swaps to gain exposure to short individual securities or to gain exposure to a credit or asset-backed index. At March 31, 2026, there were no open CDS contracts.

The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Assets and Liabilities at March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | **Primary Risk** | **Tactical Allocation Fund** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Variation margin payable on futures contracts<sup>(1)</sup> <br>| Interest rate contracts | $(9)<br>|
| Total Liabilities |  | $(9)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>(1)</sup> Represents cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is shown in the Statements of Assets and Liabilities for exchange-traded futures contracts.

The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Operations for the six months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | **Primary Risk** | **Tactical Allocation Fund** |
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Futures | Interest rate contracts | $53 |
| Swaps | Credit contracts | 58 |
| Total |  | $111 |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Futures | Interest rate contracts | $(9)<br>|
| Total |  | $(9)<br>|

---

The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the applicable Fund for the six months ended March 31, 2026.

---

| | |
|:---|:---|
|  | **Tactical Allocation Fund** |
| CDS Contracts - Buy Protection<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; $573 |
| CDS Contracts - Sell Protection<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 720 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Notional amount.

The futures contracts as disclosed on the Schedules of Investments at period end serves as an indicator of the volume for the Tactical Allocation Fund.

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Derivative Risks**

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC, rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.

With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Collateral Requirements and Master Netting Agreements ("MNA")**

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following table presents the Tactical Allocation Fund's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Fund as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| **At March 31, 2026, the Fund's derivative assets and liabilities (by type) are as follows:** |  |  |
|  | **Tactical Allocation Fund** | **Tactical Allocation Fund** |
|  | **Assets** | **Liabilities** |
| **Derivative Financial** <br>**Instruments:**<br>|  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |
| Derivatives not subject to a MNA <br>or similar agreement<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| Total assets and liabilities <br>subject to a MNA<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

**Note 4. Investment Advisory Fees and Related Party Transactions**

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser"), 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;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First $500 Million** | **$500+ Million** |
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion** |
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br>|
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br>|
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br>|

---

&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;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| KAR Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br>|
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br>|
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br>|

---

During the six months ended March 31, 2026, 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 six months ended March 31, 2026, the waiver amounted to $6 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."

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

&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 six months 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, 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, 2027, 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; 1.14 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| 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; 1.20 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.95 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 <br><sup>(2)</sup><br>|
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; N/A | &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 January 1, 2026. For the period October 1, 2025 through December 31, 2025, the expense limitations were as follows for Class A shares, Class C shares and Class I shares respectively: 1.20%, 1.95% and 0.95%. 

<sup>(2)</sup> Effective January 1, 2026. For the period October 1, 2025 through December 31, 2025, the expense limitations were as follows for Class A shares, Class I shares and Class R6 respectively: 1.30%, 1.05% and 0.99%. 

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 six months ending March 31:

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **2029** | **Total** |
| KAR Capital Growth Fund |  |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; $1<br>| &nbsp;&nbsp;&nbsp; $3<br>| &nbsp;&nbsp;&nbsp; $16 | &nbsp;&nbsp;&nbsp; $29<br>| &nbsp;&nbsp;&nbsp; $49<br>|
| KAR Equity Income Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 90<br>| &nbsp;&nbsp;&nbsp; 156<br>| &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 94<br>| &nbsp;&nbsp;&nbsp; 521<br>|
| Class C | &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 19<br>|
| Class I | &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 76<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 30<br>|
| KAR Mid-Cap Core Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 59<br>| &nbsp;&nbsp;&nbsp; 127<br>| &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 62<br>| &nbsp;&nbsp;&nbsp; 365<br>|
| Class C | &nbsp;&nbsp;&nbsp; 34<br>| &nbsp;&nbsp;&nbsp; 65<br>| &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 29<br>| &nbsp;&nbsp;&nbsp; 186<br>|
| Class I | &nbsp;&nbsp;&nbsp; 740<br>| &nbsp;&nbsp;&nbsp; 1764<br>| &nbsp;&nbsp;&nbsp; 1763 | &nbsp;&nbsp;&nbsp; 879<br>| &nbsp;&nbsp;&nbsp; 5146<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 53<br>| &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 50<br>| &nbsp;&nbsp;&nbsp; 202<br>|
| KAR Mid-Cap Growth Fund |  |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; 37<br>| &nbsp;&nbsp;&nbsp; 81<br>| &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 34<br>| &nbsp;&nbsp;&nbsp; 224<br>|
| KAR Small-Mid Cap Growth Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 37<br>|
| Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2<br>|
| Class I | &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 24<br>| &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 85<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 22<br>| &nbsp;&nbsp;&nbsp; 95<br>|
| KAR Small-Mid Cap Value Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 52<br>|
| Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 3<br>|
| Class I | &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 40<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 17<br>| &nbsp;&nbsp;&nbsp; 42<br>| &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 22<br>| &nbsp;&nbsp;&nbsp; 131<br>|
| SGA Global Growth Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 143<br>| &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 63<br>| &nbsp;&nbsp;&nbsp; 343<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 22<br>|
| Class I | &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 126<br>| &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 247<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 56<br>| &nbsp;&nbsp;&nbsp; 137<br>| &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 48<br>| &nbsp;&nbsp;&nbsp; 353<br>|
| Tactical Allocation Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 255<br>| &nbsp;&nbsp;&nbsp; 471<br>| &nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp; 222<br>| &nbsp;&nbsp;&nbsp; 1413<br>|
| Class C | &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 29<br>|
| Class I | &nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp; 26<br>| &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 71<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 6<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

During the six months ended March 31, 2026, the Adviser did not recapture any expenses previously waived.

&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 six months ended March 31, 2026, it retained net commissions of $46 for Class A shares and CDSC of $4 and $6 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.

&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 six months ended March 31, 2026, the Funds incurred administration fees totaling $4,867 which are included in the Statements of

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly.

For the six months ended March 31, 2026, the Funds incurred transfer agent fees totaling $2,179 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 March 31, 2026, Virtus and its affiliates held significant shares of the following Funds, which may be redeemed at any time, that aggregated to the following:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Aggregate Net** <br>**Asset Value**<br>|
| KAR Small-Mid Cap Growth Fund |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; 387892 | &nbsp;&nbsp;&nbsp; $3619 |
| KAR Small-Mid Cap Value Fund |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 9839 | &nbsp;&nbsp;&nbsp; 96 |
| Class R6 | &nbsp;&nbsp;&nbsp; 388672 | &nbsp;&nbsp;&nbsp; 3801 |

---

&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 six months ended March 31, 2026, 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 Securitized <br> Income ETF<sup>(3)</sup><br>| $2333 | $— | $— | $— | $(14)<br>| $2319 | 95902 | $89 | $— |
| **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** | **Affiliated Mutual Funds—13.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS <br> MACS<sup>(3)</sup><br>| 23659 | 591 | 3938 | (23)<br>| (147)<br>| 20142 | 2036644 | 606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet CMBS <br> MACS<sup>(3)</sup><br>| 11662 | 308 | 880 | 4 | (102)<br>| 10992 | 1103587 | 310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Floating <br> Rate MACS<sup>(3)</sup><br>| 9351 | 420 |  |  | (195)<br>| 9576 | 999566 | 423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet High Yield <br> MACS<sup>(3)</sup><br>| 9584 | 332 |  |  | (256)<br>| 9660 | 999025 | 335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet RMBS <br> MACS<sup>(3)</sup><br>| 28003 | 521 | 6248 | 86 | (93)<br>| 22269 | 2202660 | 525 |  |
|  | $82259 | $2172 | $11066 | $67 | $(793)<br>| $72639 |  | $2199 | $— |
| Total | $84592 | $2172 | $11066 | $67 | $(807)<br>| $74958 |  | $2288 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

&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 March 31, 2026, the Fund was the owner of record of 67% of the Virtus Newfleet Residential Mortgage-Backed Securities Fund, 67% of the Virtus Newfleet Commercial Mortgage-Backed Securities Completion Fund, 61% of the Virtus Newfleet Asset-Backed Securities Completion Fund, 60% of the Virtus Newfleet Floating Rate Completion Fund, 48% of the Virtus Newfleet High Yield Completion Fund and the owner of record of less than 10% of the Virtus Newfleet Securitized Income 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.

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 six months ended March 31, 2026, 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—3.5%** | **Common Stocks—3.5%** | **Common Stocks—3.5%** | **Common Stocks—3.5%** | **Common Stocks—3.5%** | **Common Stocks—3.5%** | **Common Stocks—3.5%** | **Common Stocks—3.5%** | **Common Stocks—3.5%** | **Common Stocks—3.5%** |
| Endava plc<sup>(1)</sup> | $34183 | $— | $24995 | $(94028)<br>| $84840 | $— |  | $— | $— |
| National Research Corp. | 23121 |  | 1553 | (2110)<br>| 9544 | 29002 | 1708009 | 547 |  |
| Omega Flex, Inc. <sup>(2)</sup> | 16987 |  | 7494 | (3622)<br>| 3180 |  |  | 136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, <br> Inc.<sup>(2),(3)</sup><br>| 65235 |  | 25515 | (7457)<br>| 27657 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, <br> Inc.<sup>(2)</sup><br>| 73635 | 703 | 25872 | 1566 | (9102)<br>|  |  | 619 |  |
| Total | $213161 | $703 | $85429 | $(105651)<br>| $116119 | $29002 |  | $1302 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Security was not an investment of the Fund at March 31, 2026. <br> <sup>(2)</sup> Issuer is not an affiliated investment of the Fund at March 31, 2026. <br> <sup>(3)</sup> Non-income producing.

&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 March 31, 2026.

**Note 5. Purchases and Sales of Securities**

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities, short-term securities, and certain derivatives) during the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| KAR Capital Growth Fund | &nbsp;&nbsp;&nbsp; $122020<br>| &nbsp;&nbsp;&nbsp; $146952<br>|
| KAR Equity Income Fund | &nbsp;&nbsp;&nbsp; 14061<br>| &nbsp;&nbsp;&nbsp; 26735<br>|
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp; 215423<br>| &nbsp;&nbsp;&nbsp; 767073<br>|
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 85440<br>| &nbsp;&nbsp;&nbsp; 471123<br>|
| KAR Small-Cap Core Fund | &nbsp;&nbsp;&nbsp; 134149<br>| &nbsp;&nbsp;&nbsp; 396796<br>|
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 299925<br>| &nbsp;&nbsp;&nbsp; 963593<br>|
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 40269<br>| &nbsp;&nbsp;&nbsp; 167419<br>|
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp; 94324<br>| &nbsp;&nbsp;&nbsp; 607137<br>|
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; 1676<br>| &nbsp;&nbsp;&nbsp; 2413<br>|

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp; $925<br>| &nbsp;&nbsp;&nbsp; $343<br>|
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; 28907<br>| &nbsp;&nbsp;&nbsp; 73256<br>|
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; 88224<br>| &nbsp;&nbsp;&nbsp; 130050<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sales**  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; $5885 | &nbsp;&nbsp;&nbsp; $5007 |

---

**Note 6. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the periods 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** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 161 | &nbsp;&nbsp; $3179 | &nbsp;&nbsp; 751 | &nbsp;&nbsp; $14694 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; $1008 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; $2568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 24312 |
| Reinvestment of distributions | &nbsp;&nbsp; 2026 | &nbsp;&nbsp; 39652 | &nbsp;&nbsp; 3555 | &nbsp;&nbsp; 71427 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 3863 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 6148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1772) <br>| &nbsp;&nbsp; (35375) <br>| &nbsp;&nbsp; (2891) <br>| &nbsp;&nbsp; (59890) <br>| &nbsp;&nbsp; (384) <br>| &nbsp;&nbsp; (8510) <br>| &nbsp;&nbsp; (653) <br>| &nbsp;&nbsp; (13895) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 415 | &nbsp;&nbsp; $7456 | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; $26231 | &nbsp;&nbsp; (160)<br>| &nbsp;&nbsp; $(3639)<br>| &nbsp;&nbsp; 858 | &nbsp;&nbsp; $19133 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; $114 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; $507 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $126 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 359 |
| Reinvestment of distributions | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (44) <br>| &nbsp;&nbsp; (457) <br>| &nbsp;&nbsp; (85) <br>| &nbsp;&nbsp; (987) <br>| &nbsp;&nbsp; (28) <br>| &nbsp;&nbsp; (502) <br>| &nbsp;&nbsp; (52) <br>| &nbsp;&nbsp; (923) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; $(290)<br>| &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; $(277)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; $1214 | &nbsp;&nbsp; 227 | &nbsp;&nbsp; $5026 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; $986 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; $1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 5399 |
| Reinvestment of distributions | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 2284 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (269) <br>| &nbsp;&nbsp; (5719) <br>| &nbsp;&nbsp; (379) <br>| &nbsp;&nbsp; (8546) <br>| &nbsp;&nbsp; (60) <br>| &nbsp;&nbsp; (1336) <br>| &nbsp;&nbsp; (127) <br>| &nbsp;&nbsp; (2665) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (107)<br>| &nbsp;&nbsp; $(2221)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; $590 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; $4759 |

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 623 | &nbsp;&nbsp; $14644 | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; $29406 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; $1731 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; $13236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 2877 |
| Reinvestment of distributions | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 2475 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (251) <br>| &nbsp;&nbsp; (5595) <br>| &nbsp;&nbsp; (134) <br>| &nbsp;&nbsp; (3084) <br>| &nbsp;&nbsp; (303) <br>| &nbsp;&nbsp; (6609) <br>| &nbsp;&nbsp; (61) <br>| &nbsp;&nbsp; (1335) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 486 | &nbsp;&nbsp; $11524 | &nbsp;&nbsp; 1133 | &nbsp;&nbsp; $26512 | &nbsp;&nbsp; (201)<br>| &nbsp;&nbsp; $(4402)<br>| &nbsp;&nbsp; 716 | &nbsp;&nbsp; $15417 |

---

&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** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 212 | &nbsp;&nbsp; $11992 | &nbsp;&nbsp; 664 | &nbsp;&nbsp; $38928 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; $7897 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; $12797 |
| Reinvestment of distributions | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; 65781 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (524) <br>| &nbsp;&nbsp; (29811) <br>| &nbsp;&nbsp; (728) <br>| &nbsp;&nbsp; (42526) <br>| &nbsp;&nbsp; (1722) <br>| &nbsp;&nbsp; (71253) <br>| &nbsp;&nbsp; (1098) <br>| &nbsp;&nbsp; (65242) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (196)<br>| &nbsp;&nbsp; $(11345)<br>| &nbsp;&nbsp; (64)<br>| &nbsp;&nbsp; $(3598)<br>| &nbsp;&nbsp; 142 | &nbsp;&nbsp; $2425 | &nbsp;&nbsp; (881)<br>| &nbsp;&nbsp; $(52445)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; $2731 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; $11607 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $135 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; $1180 |
| Reinvestment of distributions | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 3154 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 13577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (274) <br>| &nbsp;&nbsp; (13703) <br>| &nbsp;&nbsp; (432) <br>| &nbsp;&nbsp; (22385) <br>| &nbsp;&nbsp; (471) <br>| &nbsp;&nbsp; (13402) <br>| &nbsp;&nbsp; (298) <br>| &nbsp;&nbsp; (13143) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (154)<br>| &nbsp;&nbsp; $(7818)<br>| &nbsp;&nbsp; (208)<br>| &nbsp;&nbsp; $(10778)<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; $310 | &nbsp;&nbsp; (272)<br>| &nbsp;&nbsp; $(11963)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 3017 | &nbsp;&nbsp; $178199 | &nbsp;&nbsp; 9950 | &nbsp;&nbsp; $597915 | &nbsp;&nbsp; 773 | &nbsp;&nbsp; $35627 | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; $90398 |
| Reinvestment of distributions | &nbsp;&nbsp; 1466 | &nbsp;&nbsp; 84655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3358 | &nbsp;&nbsp; 140793 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (12507) <br>| &nbsp;&nbsp; (742584) <br>| &nbsp;&nbsp; (13395) <br>| &nbsp;&nbsp; (806370) <br>| &nbsp;&nbsp; (6956) <br>| &nbsp;&nbsp; (321339) <br>| &nbsp;&nbsp; (7216) <br>| &nbsp;&nbsp; (445180) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (8024)<br>| &nbsp;&nbsp; $(479730)<br>| &nbsp;&nbsp; (3445)<br>| &nbsp;&nbsp; $(208455)<br>| &nbsp;&nbsp; (2825)<br>| &nbsp;&nbsp; $(144919)<br>| &nbsp;&nbsp; (5768)<br>| &nbsp;&nbsp; $(354782)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 331 | &nbsp;&nbsp; $19767 | &nbsp;&nbsp; 1229 | &nbsp;&nbsp; $74993 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; $5907 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; $21698 |
| Reinvestment of distributions | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 5637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 14267 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (546) <br>| &nbsp;&nbsp; (32616) <br>| &nbsp;&nbsp; (734) <br>| &nbsp;&nbsp; (44688) <br>| &nbsp;&nbsp; (411) <br>| &nbsp;&nbsp; (19878) <br>| &nbsp;&nbsp; (878) <br>| &nbsp;&nbsp; (55512) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (118)<br>| &nbsp;&nbsp; $(7212)<br>| &nbsp;&nbsp; 495 | &nbsp;&nbsp; $30305 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; $296 | &nbsp;&nbsp; (535)<br>| &nbsp;&nbsp; $(33814)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 460 | &nbsp;&nbsp; $21753 | &nbsp;&nbsp; 599 | &nbsp;&nbsp; $31265 | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; $18865 | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; $54477 |
| Reinvestment of distributions | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 22719 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 7120 | &nbsp;&nbsp; 4207 | &nbsp;&nbsp; 66767 | &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 34828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (449) <br>| &nbsp;&nbsp; (21259) <br>| &nbsp;&nbsp; (573) <br>| &nbsp;&nbsp; (29767) <br>| &nbsp;&nbsp; (4282) <br>| &nbsp;&nbsp; (83141) <br>| &nbsp;&nbsp; (4148) <br>| &nbsp;&nbsp; (124056) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 522 | &nbsp;&nbsp; $23213 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; $8618 | &nbsp;&nbsp; 973 | &nbsp;&nbsp; $2491 | &nbsp;&nbsp; (1259)<br>| &nbsp;&nbsp; $(34751)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; $98 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $658 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; $1163 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; $4224 |
| Reinvestment of distributions | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 4253 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 2887 | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 11535 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 11459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (378) <br>| &nbsp;&nbsp; (12391) <br>| &nbsp;&nbsp; (764) <br>| &nbsp;&nbsp; (28671) <br>| &nbsp;&nbsp; (1438) <br>| &nbsp;&nbsp; (19453) <br>| &nbsp;&nbsp; (2491) <br>| &nbsp;&nbsp; (57615) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (234)<br>| &nbsp;&nbsp; $(8040)<br>| &nbsp;&nbsp; (670)<br>| &nbsp;&nbsp; $(25126)<br>| &nbsp;&nbsp; (210)<br>| &nbsp;&nbsp; $(6755)<br>| &nbsp;&nbsp; (1842)<br>| &nbsp;&nbsp; $(41932)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 944 | &nbsp;&nbsp; $49688 | &nbsp;&nbsp; 2387 | &nbsp;&nbsp; $136364 | &nbsp;&nbsp; 8376 | &nbsp;&nbsp; $162862 | &nbsp;&nbsp; 8626 | &nbsp;&nbsp; $275540 |
| Reinvestment of distributions | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 138987 | &nbsp;&nbsp; 911 | &nbsp;&nbsp; 52306 | &nbsp;&nbsp; 14560 | &nbsp;&nbsp; 253058 | &nbsp;&nbsp; 5398 | &nbsp;&nbsp; 182246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (4769) <br>| &nbsp;&nbsp; (249254) <br>| &nbsp;&nbsp; (3824) <br>| &nbsp;&nbsp; (216810) <br>| &nbsp;&nbsp; (28288) <br>| &nbsp;&nbsp; (606925) <br>| &nbsp;&nbsp; (30580) <br>| &nbsp;&nbsp; (964621) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1009)<br>| &nbsp;&nbsp; $(60579)<br>| &nbsp;&nbsp; (526)<br>| &nbsp;&nbsp; $(28140)<br>| &nbsp;&nbsp; (5352)<br>| &nbsp;&nbsp; $(191005)<br>| &nbsp;&nbsp; (16556)<br>| &nbsp;&nbsp; $(506835)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 604 | &nbsp;&nbsp; $31762 | &nbsp;&nbsp; 1112 | &nbsp;&nbsp; $63432 | &nbsp;&nbsp; 1262 | &nbsp;&nbsp; $24888 | &nbsp;&nbsp; 1687 | &nbsp;&nbsp; $53689 |
| Reinvestment of distributions | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 31944 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 12659 | &nbsp;&nbsp; 1173 | &nbsp;&nbsp; 20722 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 13121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1631) <br>| &nbsp;&nbsp; (86900) <br>| &nbsp;&nbsp; (1893) <br>| &nbsp;&nbsp; (108151) <br>| &nbsp;&nbsp; (4788) <br>| &nbsp;&nbsp; (97920) <br>| &nbsp;&nbsp; (2959) <br>| &nbsp;&nbsp; (94591) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (383)<br>| &nbsp;&nbsp; $(23194)<br>| &nbsp;&nbsp; (561)<br>| &nbsp;&nbsp; $(32060)<br>| &nbsp;&nbsp; (2353)<br>| &nbsp;&nbsp; $(52310)<br>| &nbsp;&nbsp; (887)<br>| &nbsp;&nbsp; $(27781)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; $2959 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; $11453 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; $5925 | &nbsp;&nbsp; 761 | &nbsp;&nbsp; $15349 |
| Reinvestment of distributions | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 4206 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 4256 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (469) <br>| &nbsp;&nbsp; (11316) <br>| &nbsp;&nbsp; (888) <br>| &nbsp;&nbsp; (22672) <br>| &nbsp;&nbsp; (832) <br>| &nbsp;&nbsp; (16130) <br>| &nbsp;&nbsp; (794) <br>| &nbsp;&nbsp; (15878) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (164)<br>| &nbsp;&nbsp; $(4151)<br>| &nbsp;&nbsp; (274)<br>| &nbsp;&nbsp; $(6963)<br>| &nbsp;&nbsp; (513)<br>| &nbsp;&nbsp; $(9982)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; $(218)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; $157 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; $1478 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; $2748 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; $5129 |
| Reinvestment of distributions | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (132) <br>| &nbsp;&nbsp; (2987) <br>| &nbsp;&nbsp; (142) <br>| &nbsp;&nbsp; (3451) <br>| &nbsp;&nbsp; (475) <br>| &nbsp;&nbsp; (8641) <br>| &nbsp;&nbsp; (395) <br>| &nbsp;&nbsp; (7481) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (105)<br>| &nbsp;&nbsp; $(2394)<br>| &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; $(1478)<br>| &nbsp;&nbsp; (317)<br>| &nbsp;&nbsp; $(5740)<br>| &nbsp;&nbsp; (115)<br>| &nbsp;&nbsp; $(2125)<br>|

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1648 | &nbsp;&nbsp; $39774 | &nbsp;&nbsp; 6427 | &nbsp;&nbsp; $164948 | &nbsp;&nbsp; 8390 | &nbsp;&nbsp; $165354 | &nbsp;&nbsp; 25350 | &nbsp;&nbsp; $517791 |
| Reinvestment of distributions | &nbsp;&nbsp; 1124 | &nbsp;&nbsp; 26196 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 26542 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 4973 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 7895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (6840) <br>| &nbsp;&nbsp; (164432) <br>| &nbsp;&nbsp; (5882) <br>| &nbsp;&nbsp; (150937) <br>| &nbsp;&nbsp; (31872) <br>| &nbsp;&nbsp; (627233) <br>| &nbsp;&nbsp; (26120) <br>| &nbsp;&nbsp; (532305) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (4068)<br>| &nbsp;&nbsp; $(98462)<br>| &nbsp;&nbsp; 1575 | &nbsp;&nbsp; $40553 | &nbsp;&nbsp; (23227)<br>| &nbsp;&nbsp; $(456906)<br>| &nbsp;&nbsp; (385)<br>| &nbsp;&nbsp; $(6619)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 197 | &nbsp;&nbsp; $4949 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; $7818 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; $17885 | &nbsp;&nbsp; 3031 | &nbsp;&nbsp; $61700 |
| Reinvestment of distributions | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (284) <br>| &nbsp;&nbsp; (7013) <br>| &nbsp;&nbsp; (715) <br>| &nbsp;&nbsp; (18659) <br>| &nbsp;&nbsp; (2938) <br>| &nbsp;&nbsp; (57668) <br>| &nbsp;&nbsp; (2959) <br>| &nbsp;&nbsp; (60404) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (39)<br>| &nbsp;&nbsp; $(939)<br>| &nbsp;&nbsp; (349)<br>| &nbsp;&nbsp; $(9716)<br>| &nbsp;&nbsp; (2002)<br>| &nbsp;&nbsp; $(39196)<br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; $2183 |

---

&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** |
|  | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; $38 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; $185 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; $118 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $13 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (11) <br>| &nbsp;&nbsp; (109) <br>| &nbsp;&nbsp; (28) <br>| &nbsp;&nbsp; (304) <br>| &nbsp;&nbsp; (3) <br>| &nbsp;&nbsp; (34) <br>| &nbsp;&nbsp; (19) <br>| &nbsp;&nbsp; (196) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; $(71)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; $(119)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; $(182)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (2) <br>| &nbsp;&nbsp; (22) <br>| &nbsp;&nbsp; (10) <br>| &nbsp;&nbsp; (102) <br>| &nbsp;&nbsp; (11) <br>| &nbsp;&nbsp; (117) <br>| &nbsp;&nbsp; (— ) <sup>(1)</sup><br>| &nbsp;&nbsp; (— ) <sup>(2)</sup><br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; $(21)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; $(98)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; $(116)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $7 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; $981 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $75 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (120) <br>| &nbsp;&nbsp; (1253) <br>| &nbsp;&nbsp; (108) <br>| &nbsp;&nbsp; (1190) <br>| &nbsp;&nbsp; (18) <br>| &nbsp;&nbsp; (180) <br>| &nbsp;&nbsp; (28) <br>| &nbsp;&nbsp; (291) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; $(1188)<br>| &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; $(209)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; $(172)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; $(210)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; $590 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; $804 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $6 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; (7) <br>| &nbsp;&nbsp; (— ) <sup>(1)</sup><br>| &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (41) <br>| &nbsp;&nbsp; (386) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 62 | &nbsp;&nbsp; $583 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $50 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; $806 | &nbsp;&nbsp; (40)<br>| &nbsp;&nbsp; $(375)<br>|

---

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

&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** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; $1227 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; $4140 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; $8321 | &nbsp;&nbsp; 526 | &nbsp;&nbsp; $5766 |
| Reinvestment of distributions | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 11209 | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; 23135 | &nbsp;&nbsp; 7468 | &nbsp;&nbsp; 72014 | &nbsp;&nbsp; 6627 | &nbsp;&nbsp; 70444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (692) <br>| &nbsp;&nbsp; (14118) <br>| &nbsp;&nbsp; (1076) <br>| &nbsp;&nbsp; (25960) <br>| &nbsp;&nbsp; (4273) <br>| &nbsp;&nbsp; (43287) <br>| &nbsp;&nbsp; (6562) <br>| &nbsp;&nbsp; (73095) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; $(1682)<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; $1315 | &nbsp;&nbsp; 4067 | &nbsp;&nbsp; $37048 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; $3115 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $12 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $159 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $85 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; $384 |
| Reinvestment of distributions | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1551 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (89) <br>| &nbsp;&nbsp; (1537) <br>| &nbsp;&nbsp; (174) <br>| &nbsp;&nbsp; (3879) <br>| &nbsp;&nbsp; (128) <br>| &nbsp;&nbsp; (1359) <br>| &nbsp;&nbsp; (218) <br>| &nbsp;&nbsp; (2463) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; $(982)<br>| &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; $(2169)<br>| &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; $(594)<br>| &nbsp;&nbsp; (108)<br>| &nbsp;&nbsp; $(1253)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; $711 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; $9947 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; $2707 | &nbsp;&nbsp; 796 | &nbsp;&nbsp; $8783 |
| Reinvestment of distributions | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 3423 | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 17031 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 2818 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (868) <br>| &nbsp;&nbsp; (19284) <br>| &nbsp;&nbsp; (3012) <br>| &nbsp;&nbsp; (77351) <br>| &nbsp;&nbsp; (614) <br>| &nbsp;&nbsp; (6280) <br>| &nbsp;&nbsp; (971) <br>| &nbsp;&nbsp; (10799) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (668)<br>| &nbsp;&nbsp; $(15150)<br>| &nbsp;&nbsp; (1912)<br>| &nbsp;&nbsp; $(50373)<br>| &nbsp;&nbsp; (59)<br>| &nbsp;&nbsp; $(755)<br>| &nbsp;&nbsp; 95 | &nbsp;&nbsp; $848 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; $2445 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; $1211 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; $234 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; $201 |
| Reinvestment of distributions | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 7765 | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 17563 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (551) <br>| &nbsp;&nbsp; (12169) <br>| &nbsp;&nbsp; (1079) <br>| &nbsp;&nbsp; (28280) <br>| &nbsp;&nbsp; (37) <br>| &nbsp;&nbsp; (371) <br>| &nbsp;&nbsp; (35) <br>| &nbsp;&nbsp; (385) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (95)<br>| &nbsp;&nbsp; $(1959)<br>| &nbsp;&nbsp; (313)<br>| &nbsp;&nbsp; $(9506)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; $57 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* On January 26, 2026, all Class C shares were converted into Class A shares. These transactions are included as Class A subscriptions and Class C redemptions.

<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

<sup>(2)</sup> Amount is less than $500 (not in thousands).

**Note 7. 10% Shareholders**

As of March 31, 2026, 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; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 3 |
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp; 1 |
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 36<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; 83<br>| &nbsp;&nbsp;&nbsp; 3 <br><sup>\*</sup><br>|
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp; 95<br>| &nbsp;&nbsp;&nbsp; 4 <br><sup>\*</sup><br>|
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes affiliated shareholder account(s).

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

**Note 8. 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.

The markets of the Greater China region functions in many ways as emerging markets and carry the high level of risks associated with emerging markets. The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital invested. In addition, the rapid growth rate of the Chinese economy over the past several years may not continue, and the trend toward economic liberalization and disparities in wealth may result in social disorder, including violence and labor unrest. These and other factors could have a negative impact on a Fund's performance and increase the volatility of an investment in a Fund. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a Fund.

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 March 31, 2026, the following Funds held securities issued by various companies in specific sectors as detailed below:

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Sector** | **Percentage of** <br>**Total Investments**<br>|
| KAR Capital Growth Fund | Information Technology | &nbsp;&nbsp;&nbsp; 40<br> %<br>|
| KAR Mid-Cap Core Fund | Industrials | &nbsp;&nbsp;&nbsp; 48 |
| KAR Mid-Cap Growth Fund | Information Technology | &nbsp;&nbsp;&nbsp; 31 |
| KAR Small-Cap Core Fund | Financials | &nbsp;&nbsp;&nbsp; 25 |
| KAR Small-Cap Core Fund | Industrials | &nbsp;&nbsp;&nbsp; 48 |
| KAR Small-Cap Growth Fund | Financials | &nbsp;&nbsp;&nbsp; 30 |
| KAR Small-Cap Growth Fund | Industrials | &nbsp;&nbsp;&nbsp; 27 |
| KAR Small-Cap Value Fund | Financials | &nbsp;&nbsp;&nbsp; 27 |
| KAR Small-Cap Value Fund | Industrials | &nbsp;&nbsp;&nbsp; 43 |
| KAR Small-Mid Cap Core Fund | Industrials | &nbsp;&nbsp;&nbsp; 32 |
| KAR Small-Mid Cap Growth Fund | Industrials | &nbsp;&nbsp;&nbsp; 34 |
| KAR Small-Mid Cap Value Fund | Industrials | &nbsp;&nbsp;&nbsp; 43 |
| SGA Global Growth Fund | Information Technology | &nbsp;&nbsp;&nbsp; 34 |

---

**Note 9. 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 10. 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 March 31, 2026, the Funds did not hold any securities that were restricted.

**Note 11. 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. The Credit Agreement has $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 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 six months ended March 31, 2026, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

The following Funds had outstanding loans during the six months period. 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; 5.40<br> %<br>| &nbsp;&nbsp;&nbsp; 1 |
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 25300 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp; 3 |
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 12506 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp; 8 |
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 12800 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp; 3 |
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 38550 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp; 1 |
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 7150 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp; 5 |
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp; 1 |
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2767 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp; 9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

**Note 12. Federal Income Tax Information**

**($ reported in thousands)**

At March 31, 2026, 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; $313241<br>| $272489 | $(22414) <br>| $250075<br>|
| KAR Equity Income Fund | &nbsp;&nbsp;&nbsp; 125235<br>| 42685 | (3363) <br>| 39322<br>|
| KAR Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp; 1446007<br>| 606073 | (122060) <br>| 484013<br>|
| KAR Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 314115<br>| 159233 | (42464) <br>| 116769<br>|
| KAR Small-Cap Core Fund | &nbsp;&nbsp;&nbsp; 1006668<br>| 765925 | (26885) <br>| 739040<br>|
| KAR Small-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 724622<br>| 119211 | (58939) <br>| 60272<br>|
| KAR Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 342989<br>| 256492 | (13191) <br>| 243301<br>|
| KAR Small-Mid Cap Core Fund | &nbsp;&nbsp;&nbsp; 1215819<br>| 321781 | (120432) <br>| 201349<br>|
| KAR Small-Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; 5046<br>| 767 | (323) <br>| 444<br>|
| KAR Small-Mid Cap Value Fund | &nbsp;&nbsp;&nbsp; 5238<br>| 898 | (328) <br>| 570<br>|
| SGA Global Growth Fund | &nbsp;&nbsp;&nbsp; 119087<br>| 45901 | (13711) <br>| 32190<br>|
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp; 472566<br>| 98987 | (37600) <br>| 61387<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 |  |

---

**Note 13. 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** | &nbsp;&nbsp; **Acquired Fund Net** <br>**Asset Value of** <br>**Converted Shares**<br>|
| Class A Shares | 1386 | 1099 | &nbsp;&nbsp;&nbsp; $24312 |
| Class C Shares | 21 | 20 | &nbsp;&nbsp;&nbsp; 359 |
| Class I Shares | 306 | 245 | &nbsp;&nbsp;&nbsp; 5399 |
| Class R6 Shares | 163 | 132 | &nbsp;&nbsp;&nbsp; 2877 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

------

**VIRTUS EQUITY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| &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 | &nbsp;&nbsp; $9193 | &nbsp;&nbsp; $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.

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.

**Note 14. 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 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 there are no subsequent events requiring recognition or disclosure in these financial statements.

------

**VIRTUS EQUITY TRUST**

**OTHER INFORMATION (Unaudited)**

**March 31, 2026**

**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**

**($ reported in thousands)**

For the six months ended March 31, 2026, the Funds incurred independent Trustee's fees totaling $398 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**

**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR 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 (EACH A "FUND" AND COLLECTIVELY, THE "FUNDS") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Equity Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC ("VIA") and of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements" and together with the Advisory Agreement, the "Agreements") among the Trust, VIA and Kayne Anderson Rudnick Investment Management, LLC ("KAR"), with respect to 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 and Virtus Tactical Allocation Fund (domestic equity portion and international equity portion only); among the Trust, VIA and Virtus Fixed Income Advisers, LLC ("VFIA"), operating through its division Newfleet Asset Management ("Newfleet"), with respect to Virtus Tactical Allocation Fund (fixed income portion only); and among the Trust, VIA and Sustainable Growth Advisers LP ("SGA") with respect to Virtus SGA Global Growth Fund (each of KAR, Newfleet and SGA, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on August 27, 2025, October 30, 2025, and November 17-18, 2025 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered the continuation of each Agreement, as further discussed below. The Agreements were approved at the November 17-18, 2025, meeting.

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of each Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. The Independent Trustees also submitted written information requests to VIA and the Subadvisers and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

------

**VIRTUS EQUITY TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including (but not limited to): (a) the nature, extent and quality of the services provided to the Fund by VIA and each of the Subadvisers; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index and comparable funds/accounts; (c) the level and method of computing the Fund's advisory and subadvisory fees, and comparisons of the Fund's advisory fee rates and total expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Fund's performance and expenses; (g) fees paid to VIA and the Subadvisers by comparable funds/accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

<u>Nature, Extent and Quality of Services</u>

In response to the Independent Trustees' request, the Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval, as applicable. In considering the Advisory Agreement with VIA, the Board considered VIA's process for supervising and managing the Funds' subadvisers, including (but not limited to) (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor a subadviser's compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Funds and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund('s)(s') investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Fund(s) is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund('s)(s') prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (but not limited to) (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and use of soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe"), as selected by Broadridge, and relevant indexes. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, including the performance of comparable funds/accounts managed by VIA and the Subadviser, if any, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2025. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe as of April 30, 2025 when considering Fund performance.

*<u>Virtus KAR Capital Growth Fund</u>*. The Board noted the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the performance universe for the 1- and 10-year periods and fifth quintile for the 3- and 5-year periods.

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**VIRTUS EQUITY TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

*<u>Virtus KAR Equity Income Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 10-year periods and underperformed the median of its Performance Universe for the 3- and 5-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, and 5-year periods and outperformed its benchmark for the 10-year period. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the performance universe for the 1- and 10-year periods and fifth quintile for the 3- and 5-year periods.

*<u>Virtus KAR Mid-Cap Core Fund.</u>* The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, and 5-year periods and outperformed its benchmark for the 10-year period. The Board also noted that the Fund outperformed the median of its Performance Universe for the quarter ended March 31, 2025 and underperformed its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the performance universe for the 1-year period, first quintile for the 3- and 10-year periods, and second quintile for the 5-year period.

*<u>Virtus KAR Mid-Cap Growth Fund.</u>* The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3-, and 5-year periods and outperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, and 5-year periods and outperformed its benchmark for the 10-year period. The Board also noted that the Fund outperformed the median of its Performance Universe for the quarter ended March 31, 2025 and underperformed its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the performance universe for the 1-year period, fifth quintile for the 3- and 5-year periods, and first quintile for the 10-year period.

*<u>Virtus KAR Small-Cap Core Fund.</u>* The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-, 3-, 5-, and 10-year periods.

*<u>Virtus KAR Small-Cap Growth Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 10-year periods, and underperformed the median of its Performance Universe for the 3- and 5-year periods. The Board also noted that the Fund's performance was equal to its benchmark for the 1-year period, that the Fund underperformed its benchmark for the 3- and 5-year periods, and that the Fund outperformed its benchmark for the 10-year period. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the performance universe for the 1- and 3-year periods, fifth quintile for the 5-year period, and first quintile for the 10-year period.

*<u>Virtus KAR Small-Cap Value Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, and 10-year periods and underperformed its benchmark for the 5-year period. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1- and 3-year periods and second quintile for the 5- and 10-year periods.

*<u>Virtus KAR Small-Mid Cap Core Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, and 5-year periods. The Board also noted that the Fund outperformed its benchmark for the 1- and 3-year periods and underperformed its benchmark for the 5-year period. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the second quintile of the performance universe for the 1- and 5-year periods and the first quintile for the 3-year period.

*<u>Virtus KAR Small Mid-Cap Growth Fund.</u>* The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1- and 3-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-year period and second quintile for the 3-year period.

*<u>Virtus KAR Small Mid-Cap Value Fund.</u>* The Board noted that the Fund's performance was equal to the median of the Performance Universe for the 1-year period, and that the Fund underperformed the median of its Performance Universe for the 3-year period. The Board also noted that the Fund outperformed its benchmark for the 1- and 3-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the performance universe for the 1- and 3-year periods.

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**VIRTUS EQUITY TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

*<u>Virtus SGA Global Growth Fund.</u>* The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, and 5-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 10-year period. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the performance universe for the 1-year period, fifth quintile for the 3- and 5-year periods, and second quintile for the 10-year period.

*<u>Virtus Tactical Allocation Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1-year period and underperformed the median of its Performance Universe for the 3- and 5-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, and 5-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the second quintile of the performance universe for the 1-year period, third quintile for the 3-year period and fourth quintile for the 5-year period.

The Board also considered management's discussion about the reasons for each applicable Fund's underperformance relative to its peer group or benchmark, including the reasons discussed for any underperformance and/or actions taken to address the underperformance. The Board also considered management's discussion of any limitations on the comparability of the peer funds presented, if applicable.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, most favorable in these expense component rankings, and fifth being highest and, therefore, least favorable in these expense component rankings). In comparing each Fund's net management fee to that of peer funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also noted that each of the Funds had expense limitations in place to limit the total expenses incurred by the Funds and their shareholders, and that VIA had proposed to lower the expense limitations in place for Class A, C, and I shares of Virtus KAR Equity Income Fund and Class A, C, I, and R6 shares of Virtus KAR Small-Mid Cap Growth Fund. The Board also noted that any subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. VIA and the Subadvisers provided, and the Board considered, fee information of comparable funds/accounts managed by VIA and the Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus KAR Capital Growth Fund.</u>* The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses were above the median of the Expense Universe.

*<u>Virtus KAR Equity Income Fund</u>*. The Board considered that the Fund's net management fee was in the fourth quintile of the Expense Universe and net total expenses after waivers were in the fifth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus KAR Mid-Cap Core Fund.</u>* The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus KAR Mid-Cap Growth Fund.</u>* The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses were above the median of the Expense Universe.

*<u>Virtus KAR Small-Cap Core Fund.</u>* The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses were above the median of the Expense Universe.

*<u>Virtus KAR Small-Cap Growth Fund.</u>* The Board considered that the Fund's net management fee was in the fifth quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses were above the median of the Expense Universe.

*<u>Virtus KAR Small-Cap Value Fund.</u>* The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Universe and the net total expenses were above the median of the Expense Universe.

*<u>Virtus KAR Small-Mid Cap Core Fund.</u>* The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses were above the median of the Expense Universe.

------

**VIRTUS EQUITY TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

*<u>Virtus KAR Small Mid-Cap Growth Fund.</u>* The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and the net total expenses after waivers were in the fifth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus KAR Small Mid-Cap Value Fund.</u>* The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and the net total expenses after waivers were below the median of the Expense Universe.

*<u>Virtus SGA Global Growth Fund.</u>* The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Tactical Allocation Fund.</u>* The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

The Board concluded that the advisory and subadvisory fees for each Fund, including any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also approved the proposed lower expense limitations to limit the total expenses of Class A, C, and I shares of Virtus KAR Equity Income Fund and Class A, C, I and R6 shares of Virtus KAR Small-Mid Cap Growth Fund.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA's affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadvisers and the profitability to the Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds' assets grow. The Board noted that expense limitations were in place for the Funds. The Board also took into account management's discussion of the Funds' advisory fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds, among other factors. The Board also noted that VIA had agreed to implement an extension of each Fund's expense limitations through at least the end of 2026, and that VIA had agreed to lower the expense limitations applicable to Class A, C and I shares of Virtus KAR Equity Income Fund and Class A, C, I and R6 shares of Virtus KAR Small-Mid Cap Growth Fund. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

With respect to whether the Subadvisers would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense limitations would affect the subadvisory fees paid to the Subadvisers.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund(s). Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadvisers, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadvisers also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fees to be earned under the applicable Agreement(s).

The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA, the Subadvisers and their affiliates, including (but not limited to): (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, including any proposed amendments, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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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

F. Ford Drummond

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

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

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![](g57989img41d6150e2.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**.

8029 05-26

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

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#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Please 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 the 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 and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 has materially affected, or is 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) Not applicable.

(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.](d57989dex99cert.htm)  |

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(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.](d57989dex99906cert.htm)

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#### 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) <u>Virtus Equity Trust</u>

---

| |
|:---|
| By (Signature and Title)\* <u>/s/ George R. Aylward</u>  |
| &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;&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;&nbsp;&nbsp;&nbsp; George R. Aylward, President |
| &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;&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;&nbsp;&nbsp;&nbsp; (principal executive officer) |
| Date 05/29/2026 |

---

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)\* <u>/s/ George R. Aylward</u>  |
| &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;&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;&nbsp;&nbsp;&nbsp; George R. Aylward, President |
| &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;&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;&nbsp;&nbsp;&nbsp; (principal executive officer) |
| Date 05/29/2026 |

---

---

| |
|:---|
| By (Signature and Title)\* <u>/s/ W. Patrick Bradley</u>  |
| &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;&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;&nbsp;&nbsp;&nbsp; W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
| &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;&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;&nbsp;&nbsp;&nbsp; (principal financial officer) |
| Date 05/28/2026 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## 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;&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;&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;&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;&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;&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;&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: 05/29/2026 | <u>/s/ George R. Aylward</u>  |
|  | 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;&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;&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;&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;&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;&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;&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: 05/28/2026 | <u>/s/ W. Patrick Bradley</u>  |
|  | 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;&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;&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: 05/29/2026 | <u>/s/ George R. Aylward</u>  |
|  | 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;&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;&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: 05/28/2026 | <u>/s/ W. Patrick Bradley</u>  |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---