Common use of FIXED INCOME Clause in Contracts

FIXED INCOME. Virtus Mid-Cap Value Fund A C I Xxxxxx Xxxx Fund A C I Virtus Quality Large-Cap Value Fund A C I Virtus CA Tax-Exempt Bond Fund A I Virtus Quality Small-Cap Fund A C I Virtus High Yield Fund A C Virtus Small-Cap Core Fund A C I Virtus High Yield Income Fund A C I Virtus Small-Cap Growth Fund A C Virtus Insight Government Money Market Fund A I Virtus Small-Cap Sustainable Growth Fund A C I Virtus Insight Money Market Fund A E I Virtus Strategic Growth Fund A C I Virtus Insight Tax-Exempt Money Market Fund A I Virtus Value Equity Fund A C I Virtus Institutional Bond Fund XY Virtus Intermediate Government Bond Fund A I ALTERNATIVES Virtus Intermediate Tax-Exempt Bond Fund A C I Virtus Alternatives Diversifier Fund A C I Virtus Multi-Sector Fixed Income Fund A C I Virtus Global Infrastructure Fund A C I Virtus Multi-Sector Short Term Bond Fund A C I T Virtus Global Real Estate Securities Fund A C I Virtus Senior Floating Rate Fund A C I Virtus International Real Estate Securities Fund A C I Virtus Short/Intermediate Bond Fund A C I Virtus Market Neutral Fund A C I Virtus Tax-Exempt Bond Fund A C I Virtus Real Estate Securities Fund A C I Virtus AlphaSectorSM Allocation Fund A C I Virtus Balanced Fund A C Virtus Balanced Allocation Fund A C I Virtus Tactical Allocation Fund A C

FIXED INCOME. Virtus MidDisciplined Small-Cap Value Fund A C I Xxxxxx Xxxx Fund A B C I Virtus Quality LargeGrowth & Income Fund A B C I Virtus CA Tax-Exempt Bond Fund A I Virtus Growth Opportunities Fund A C I Virtus Core Bond Fund A B C Virtus Index Fund A I Virtus High Yield Fund A B C Virtus Mid-Cap Growth Fund A B C I Virtus High Yield Income Fund A C I Virtus Mid-Cap Value Fund A C I Virtus CA Tax-Exempt Bond Insight Government Money Market Fund A I Virtus Quality Small-Cap Fund A C I Virtus High Yield Fund A C Virtus Small-Cap Core Fund A C I Virtus High Yield Income Fund A C I Virtus Small-Cap Growth Fund A C Virtus Insight Government Money Market Fund A I Virtus Small-Cap Sustainable Growth Fund A C I Virtus Insight Money Market Fund A E I Virtus Strategic Growth Small-Cap Core Fund A B C I Virtus Insight Tax-Exempt Money Market Fund A I Virtus Value Equity Small-Cap Growth Fund A B C I Virtus Institutional Bond Fund XY Virtus Small-Cap Sustainable Growth Fund A C I Virtus Intermediate Government Bond Fund A I ALTERNATIVES Virtus Small-Cap Value Fund A B C Virtus Intermediate Tax-Exempt Bond Fund A C I Virtus Alternatives Diversifier Strategic Growth Fund A B C I Virtus Money Market Fund A Virtus Value Equity Fund A C I Virtus Multi-Sector Fixed Income Fund A B C I Virtus Global Infrastructure Value Opportunities Fund A C I Virtus Multi-Sector Short Term Bond Fund A B C I T Virtus Global Real Estate Securities Senior Floating Rate Fund A C I ASSET ALLOCATION Virtus Short/Intermediate Bond Fund A C I Virtus Senior Floating Rate Balanced Fund A B C Virtus Tax-Exempt Bond Fund A C I Virtus Balanced Allocation Fund A C I Virtus Income & Growth Fund A B C ALTERNATIVES Virtus Wealth Builder Fund SM A C Virtus Alternatives Diversifier FundSM A C Virtus Wealth Guardian FundSM A C Virtus Global Infrastructure Fund A C I Virtus International Real Estate Securities Fund A C I Virtus Short/Intermediate Bond Fund A C I Virtus Market Neutral Fund * A B C I Virtus Tax-Exempt Bond Fund A C I Virtus Real Estate Securities Fund A B C I Applicable waivers of Class A sales charges and Class B and C contingent deferred sales charges are described in the prospectus. * The Virtus AlphaSectorSM Allocation Market Neutral Fund currently operates under a separate sales load and dealer compensation schedule for Class B and C shares only. Please refer to the last page of this Annex A C I for details. Less than $50,000 5.75 % 5.00 % $50,000 but under $100,000 4.75 4.25 $100,000 but under $250,000 3.75 3.25 $250,000 but under $500,000 2.75 2.25 $500,000 but under $1,000,000 2.00 1.75 $1,000,000 or more None None Less than $50,000 4.75 % 4.25 % 2.25 % 2.00 % $50,000 but under $100,000 4.50 4.00 1.25 1.00 $100,000 but under $250,000 3.50 3.00 1.00 1.00 $250,000 but under $500,000 2.75 2.25 1.00 1.00 $500,000 but under $1,000,000 2.00 1.75 0.75 0.75 $1,000,000 or more None None None None * Excluding All Money Market Funds and Virtus Balanced Multi-Sector Short Term Bond Fund. Distribution Fee: 0.10% For distribution services with respect to the Virtus Insight Money Market Fund, Virtus Insight Government Money Market Fund and the Virtus Insight Tax-Exempt Money Market Fund, VPD intends to pay a quarterly fee to qualifying dealers at the equivalent of 0.10% annually, based on the average daily net asset value of such Funds sold by such dealers and remaining on the Funds’ books during the period in which the fee is calculated. Dealers must have an aggregate value of $50,000 in each such fund to qualify for payment. Service Fee: 0.25% For providing shareholder services such as responding to shareholder inquiries; processing redemptions; changing dividend options, account designations, and addresses; transmitting proxy statements, annual reports, prospectuses and other correspondence from the Funds to shareholders; and providing such other information and assistance to shareholders as may be reasonably requested by such shareholders, VPD intends to pay a quarterly fee to qualifying dealers at the equivalent of 0.25% annually, based on the average daily net asset value of Class A C shares (except Virtus Balanced Allocation Money Market Fund) sold by such dealers and remaining on the Funds’ books during the period in which the fee is calculated. Dealers must have an aggregate value of $50,000 or more in a Fund A C I Virtus Tactical Allocation Class to qualify for payment in that Fund A CClass.

FIXED INCOME. Virtus MidDisciplined Small-Cap Value Growth Fund A C I Xxxxxx Xxxx Fund A B C I Virtus Quality LargeDisciplined Small-Cap Value Opportunity Fund A C I Virtus CA Tax-Exempt Bond Fund A I Virtus Quality Disciplined Small-Cap Value Fund A C I Virtus Core Bond Fund A B C Virtus Value Equity Fund A C I Virtus High Yield Fund A B C Virtus SmallMid-Cap Core Growth Fund A B C I Virtus High Yield Income Fund A C I Virtus Mid-Cap Value Fund A C I Virtus Intermediate Government Bond Fund A I Virtus Quality Small-Cap Fund A C I Virtus Intermediate Tax-Exempt Bond Fund A C I Virtus Small-Cap Growth Fund A B C Virtus Insight Government Money Market Short/Intermediate Bond Fund A C I Virtus Small-Cap Sustainable Growth Fund A C I Virtus Tax-Exempt Bond Fund A C I Virtus Small-Cap Value Fund A B C Virtus Insight Money Market Fund A E I Virtus Small-Mid Cap Fund A B C I Virtus Insight Government Money Market Fund A I Virtus Strategic Growth Fund A B C I Virtus Insight Tax-Exempt Money Market Fund A I Virtus Value Equity Opportunities Fund A C I Virtus Institutional Bond Fund XY Virtus Intermediate Government Bond Money Market Fund A I ALTERNATIVES Virtus Intermediate Tax-Exempt Bond Fund A C I Virtus Alternatives Diversifier Fund A C I BALANCED Virtus Multi-Sector Fixed Income Fund A B C I Virtus Global Infrastructure Balanced Fund A B C I Virtus Multi-Sector Short Term Bond Fund A B C I T Virtus Global Real Estate Securities Income & Growth Fund A B C I Virtus Senior Floating Rate Fund A C I Virtus Balanced Allocation Fund A C I Virtus Alternatives Diversifier FundSM A C Virtus Global Infrastructure Fund A C I Virtus Wealth Accumulator Fund SM A C Virtus International Real Estate Securities Fund A C I Virtus Short/Intermediate Bond Wealth Builder Fund SM A C I Virtus Market Neutral Fund * A B C Virtus Wealth Guardian Fund SM A C I Virtus Tax-Exempt Bond Fund A C I Virtus Real Estate Securities Fund A B C I Applicable waivers of Class A sales charges and Class B and C contingent deferred sales charges are described in the prospectus. * The Virtus AlphaSectorSM Allocation Market Neutral Fund currently operates under a separate sales load and dealer compensation schedule for Class B and C shares only. Please refer to the last page of this Annex A C I for details. Less than $50,000 5.75 % 5.00 % $50,000 but under $100,000 4.75 4.25 $100,000 but under $250,000 3.75 3.25 $250,000 but under $500,000 2.75 2.25 $500,000 but under $1,000,000 2.00 1.75 $1,000,000 or more None None Less than $50,000 4.75 % 4.25 % 2.25 % 2.00 % $50,000 but under $100,000 4.50 4.00 1.25 1.00 $100,000 but under $250,000 3.50 3.00 1.00 1.00 $250,000 but under $500,000 2.75 2.25 1.00 1.00 $500,000 but under $1,000,000 2.00 1.75 0.75 0.75 $1,000,000 or more None None None None * Excluding All Money Market Funds and Virtus Balanced Multi-Sector Short Term Bond Fund. Shares of the Virtus Multi-Sector Short Term Bond Fund are offered as indicated above. Distribution Fee: 0.10% For distribution services with respect to the Virtus Insight Money Market Fund, Virtus Insight Government Money Market Fund and the Virtus Insight Tax-Exempt Money Market Fund, PEPCO intends to pay a quarterly fee to qualifying dealers at the equivalent of 0.10% annually, based on the average daily net asset value of such Funds sold by such dealers and remaining on the Funds’ books during the period in which the fee is calculated. Dealers must have an aggregate value of $50,000 in each such fund to qualify for payment. Service Fee: 0.25% For providing shareholder services such as responding to shareholder inquiries; processing redemptions; changing dividend options, account designations, and addresses; transmitting proxy statements, annual reports, prospectuses and other correspondence from the Funds to shareholders; and providing such other information and assistance to shareholders as may be reasonably requested by such shareholders, PEPCO intends to pay a quarterly fee to qualifying dealers at the equivalent of 0.25% annually, based on the average daily net asset value of Class A C shares (except Virtus Balanced Allocation Money Market Fund) sold by such dealers and remaining on the Funds’ books during the period in which the fee is calculated. Dealers must have an aggregate value of $50,000 or more in a Fund A C I Virtus Tactical Allocation Class to qualify for payment in that Fund A CClass.

FIXED INCOME. Virtus MidDisciplined Small-Cap Value Fund A C I Xxxxxx Xxxx Fund A B C I Virtus Quality LargeGrowth & Income Fund A B C I Virtus CA Tax-Exempt Bond Fund A I Virtus Growth Opportunities Fund A C I Virtus Core Bond Fund A B C Virtus Index Fund A I Virtus High Yield Fund A B C Virtus Mid-Cap Growth Fund A B C I Virtus High Yield Income Fund A C I Virtus Mid-Cap Value Fund A C I Virtus CA Tax-Exempt Bond Insight Government Money Market Fund A I Virtus Quality Small-Cap Fund A C I Virtus High Yield Fund A C Virtus Small-Cap Core Fund A C I Virtus High Yield Income Fund A C I Virtus Small-Cap Growth Fund A C Virtus Insight Government Money Market Fund A I Virtus Small-Cap Sustainable Growth Fund A C I Virtus Insight Money Market Fund A E I Virtus Strategic Growth Small-Cap Core Fund A B C I Virtus Insight Tax-Exempt Money Market Fund A I Virtus Value Equity Small-Cap Growth Fund A B C I Virtus Institutional Bond Fund XY Virtus Small-Cap Sustainable Growth Fund A C I Virtus Intermediate Government Bond Fund A I ALTERNATIVES Virtus Small-Cap Value Fund A B C Virtus Intermediate Tax-Exempt Bond Fund A C I Virtus Alternatives Diversifier Strategic Growth Fund A B C I Virtus Money Market Fund A Virtus Value Equity Fund A C I Virtus Multi-Sector Fixed Income Fund A B C I Virtus Global Infrastructure Value Opportunities Fund A C I Virtus Multi-Sector Short Term Bond Fund A B C I T Virtus Global Real Estate Securities Senior Floating Rate Fund A C I ASSET ALLOCATION Virtus Short/Intermediate Bond Fund A C I Virtus Senior Floating Rate Balanced Fund A B C Virtus Tax-Exempt Bond Fund A C I Virtus Balanced Allocation Fund A C I Virtus Income & Growth Fund A B C ALTERNATIVES Virtus Wealth Builder Fund SM A C Virtus Alternatives Diversifier FundSM A C Virtus Wealth Guardian FundSM A C Virtus Global Infrastructure Fund A C I Virtus International Real Estate Securities Fund A C I Virtus Short/Intermediate Bond Fund A C I Virtus Market Neutral Fund * A B C I Virtus Tax-Exempt Bond Fund A C I Virtus Real Estate Securities Fund A B C I Applicable waivers of Class A sales charges and Class B and C contingent deferred sales charges are described in the prospectus. * The Virtus AlphaSectorSM Allocation Market Neutral Fund currently operates under a separate sales load and dealer compensation schedule for Class B and C shares only. Please refer to the last page of this Annex A C I Virtus Balanced Fund A C Virtus Balanced Allocation Fund A C I Virtus Tactical Allocation Fund A Cfor details.