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”),
each a series of Virtus Equity Trust
Supplement dated September 23, 2025 to
the Summary Prospectuses and Virtus Equity Trust
Statutory Prospectus (collectively, the “Prospectuses”) and to the Statement of Additional Information (“SAI”),
each dated January 28, 2025, as supplemented
Effective on January 21, 2026 (the “Closing Date”), Class C Shares of the Funds will no longer be available for purchase by new or existing shareholders, except by existing shareholders through Qualifying Transactions (as defined below). Shareholders who own Class C Shares as of the Closing Date may continue to hold such shares until they convert to Class A Shares, as described in the Statutory Prospectus or other written notice. All other Class C Share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.
On and after the Closing Date, the Funds will only offer Class C Shares to existing shareholders through the following types of “Qualifying Transactions”:
Any initial or additional purchase requests for a Fund’s Class C Shares received on or after the Closing Date will be rejected (other than through a Qualifying Transaction).
Class C shareholders with systematic investment plans involving investments in Class C Shares will no longer be able to make automatic investments into Class C Shares after the Closing Date. Shareholders who do not want their automatic investments to be discontinued must provide alternative investment instructions prior to the Closing Date. Such investment instructions may include investments into another class of the same Fund or another class of a different Virtus Mutual Fund.
On and after the Closing Date, shareholders who own Class C Shares of a Fund may purchase Class A Shares of the same Fund without regard to the normal initial investment minimum for such shares. Such purchases will be subject to any applicable sales charges. For purposes of determining any applicable sales load, the value of an investor’s account will be deemed to include the value of all applicable shares in eligible accounts, including a Class C Share account. For additional information see “What arrangement is best for you?” in the Statutory Prospectus. Investors should also consult their financial advisors for more information regarding Class A Shares of the Funds.
No purchases may be made into Class C Shares of any Fund after the close of business on January 21, 2026, provided that the Funds’ transfer agent may make exceptions at its discretion to address operational limitations.
Important Notice to Current Shareholders of Virtus KAR Small-Mid Cap Growth Fund and Virtus KAR Small-Mid Cap Value Fund
On January 26, 2026, Class C of each of Virtus KAR Small-Mid Cap Growth Fund and Virtus KAR Small-Mid Cap Value Fund will be eliminated as a share class and existing Class C Shares of those Funds will be converted to Class A Shares of each respective Fund. Shareholders holding Class C Shares at the time of the conversion will receive Class A Shares having an aggregate net asset value equal to the aggregate net asset value of their Class C Shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service. Please refer to each Fund’s Prospectuses for any differences between share classes, including sales charge structure, expenses and other options.
As of January 26, 2026, references to Class C Shares in the Prospectuses and SAI for Virtus KAR Small-Mid Cap Growth Fund and Virtus KAR Small-Mid Cap Value Fund will be removed and Class C Shares for each of those Funds will no longer be available. To the extent that Class C is eliminated for the other Funds in the future, the Prospectuses and SAI for those other Funds will be updated as appropriate at the time of the changes.
Investors should retain this supplement with the Prospectuses and SAI for future reference.
VET 8019/Class C Conversions (09/2025)