FOREIGN CUSTODY MANAGER AGREEMENT

FOREIGN CUSTODY MANAGER AGREEMENT

AGREEMENT made as of November 5, 2009 by and between each entity listed on Annex I attached hereto (the “Fund”) and The Bank of New York Mellon (“BNY”).

W I T N E S S E T H:

WHEREAS, the Fund and BNY have entered into a Master Custody Agreement (the “Custody Agreement”);

WHEREAS, the Fund is authorized to issue shares in separate series, with each such series representing interests in a separate portfolio of securities and other assets, and the Fund has made each of its current series listed on Schedule I hereto (the “Series”), as may be amended from time to time, subject to this Agreement;

WHEREAS, the Fund desires to appoint BNY as a Foreign Custody Manager on the terms and conditions contained herein;

WHEREAS, BNY desires to serve as a Foreign Custody Manager and perform the duties set forth herein on the terms and conditions contained herein;

NOW THEREFORE, in consideration of the mutual promises hereinafter contained in this Agreement, the Fund and BNY hereby agree as follows:

ARTICLE I.

DEFINITIONS

Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

1. “Board” shall mean the board of directors or board of trustees, as the case may be, of the Fund.

2. “Eligible Foreign Custodian” shall have the meaning provided in the Rule.

3. “Monitoring System” shall mean a system established by BNY to fulfill the Responsibilities specified in clauses (d) and (e) of Section 1 of Article III of this Agreement.

4. “Responsibilities” shall mean the responsibilities delegated to BNY under the Rule as a Foreign Custody Manager with respect to each Specified Country and each Eligible Foreign Custodian selected by BNY, as such responsibilities are more fully described in Article III of this Agreement.

5. “Rule” shall mean Rule 17f-5 under the Investment Company Act of 1940, as amended on June 12, 2000.

6. “Specified Country” shall mean each country listed on Schedule II attached hereto (as amended from time to time) and each country, other than the United States, constituting the

primary market for a security with respect to which the Fund has given, or may give, settlement instructions to The Bank of New York Mellon as custodian (the “Custodian”) under its Custody Agreement with the Fund.

ARTICLE II.

BNY AS A FOREIGN CUSTODY MANAGER

1. The Fund on behalf of its Board hereby delegates to BNY with respect to each Specified Country the Responsibilities.

2. BNY accepts the Board’s delegation of Responsibilities with respect to each Specified Country and agrees in performing the Responsibilities as a Foreign Custody Manager to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Fund’s assets would exercise.

3. BNY shall provide to the Board and the Fund’s investment adviser at such times as the Board deems reasonable and appropriate based on the circumstances of the Fund’s foreign custody arrangements (but in no event less frequently than quarterly) written reports notifying the Board and the Fund’s investment adviser of the placement of assets of the Fund with a particular Eligible Foreign Custodian within a Specified Country and shall notify the Board and the Fund’s investment adviser promptly of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of the Fund with any such Eligible Foreign Custodian.

ARTICLE III.

RESPONSIBILITIES

1. Subject to the provisions of this Agreement, BNY shall with respect to each Specified Country select an Eligible Foreign Custodian. In connection therewith, BNY shall: (a) determine that assets of the Fund held by such Eligible Foreign Custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market in which such Eligible Foreign Custodian operates, after considering all factors relevant to the safekeeping of such assets, including, without limitation, those contained in paragraph (c)(1) of the Rule; (b) determine that the Fund’s foreign custody arrangements with each Eligible Foreign Custodian are governed by a written contract with the Custodian which will provide reasonable care for the Fund’s assets based on the standards specified in paragraph (c)(1) of the Rule; (c) determine that each contract with an Eligible Foreign Custodian shall include the provisions specified in paragraph (c)(2)(i)(A) through (F) of the Rule or, alternatively, in lieu of any or all of such (c)(2)(i)(A) through (F) provisions, such other provisions as BNY determines will provide, in their entirety, the same or a greater level of care and protection for the assets of the Fund as such specified provisions; (d) monitor pursuant to the Monitoring System the appropriateness of maintaining the assets of the Fund with a particular Eligible Foreign Custodian pursuant to paragraph (c)(1) of the Rule and the performance of the contract governing such arrangement; and (e) advise the Fund and the Fund’s investment adviser, as soon as reasonably practicable, whenever BNY determines under the Monitoring System that an arrangement (including, any material change in the contract governing such arrangement) described in preceding clause (d) no longer meets the requirements of the Rule.

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2. For purposes of clause (d) of the preceding Section 1 of this Article, BNY’s determination of appropriateness shall not include, nor be deemed to include, any evaluation of Country Risks associated with investment in a particular country. For purposes hereof, “Country Risks” shall mean systemic risks of holding assets in a particular country including but not limited to (a) an Eligible Foreign Custodian’s use of any depositories that act as or operate a system or a transnational system for the central handling of securities or any equivalent book-entries; (b) such country’s financial infrastructure; (c) such country’s prevailing custody and settlement practices (but not the custody and settlement practices of any Eligible Foreign Custodian whose custody and settlement practices are not such prevailing practices); (d) nationalization, expropriation or other governmental actions; (e) regulation of the banking or securities industry; (f) currency controls, restrictions, devaluations or fluctuations; and (g) market conditions which affect the orderly execution of securities transactions or affect the value of securities.

ARTICLE IV.

REPRESENTATIONS

1. The Fund hereby represents that: (a) this Agreement has been duly authorized, executed and delivered by the Fund, constitutes a valid and legally binding obligation of the Fund enforceable in accordance with its terms, and, to the Fund’s knowledge, no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits the Fund’s execution or performance of this Agreement; (b) this Agreement has been approved and ratified by the Board at a meeting duly called and at which a quorum was at all times present, and (c) the Board or the Fund’s investment advisor has considered the Country Risks associated with investment in each Specified Country and will have considered such risks prior to any settlement instructions being given to the Custodian with respect to any other country.

2. BNY hereby represents that: (a) BNY is duly organized and existing under the laws of the State of New York, with full power to carry on its businesses as now conducted, and to enter into this Agreement and to perform its obligations hereunder; (b) this Agreement has been duly authorized, executed and delivered by BNY, constitutes a valid and legally binding obligation of BNY enforceable in accordance with its terms, and, to BNY’s knowledge, no statute, regulation, rule, order, judgment or contract binding on BNY prohibits BNY’s execution or performance of this Agreement; (c) BNY has established and will maintain the Monitoring System; and (d) BNY is a U.S. Bank as defined in paragraph (a)(7) of the Rule.

ARTICLE V.

CONCERNING BNY

1. BNY shall not be liable under this Agreement for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees, sustained or incurred by, or asserted against, the Fund except to the extent the same arises out of the failure of BNY to exercise the care, prudence and diligence required by Section 2 of Article II hereof. In no event shall BNY be liable to the Fund, the Board, or any third party for special, indirect or consequential damages, or for lost profits or loss of business, arising in connection with this Agreement.

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2. The Fund shall indemnify BNY and hold it harmless from and against any and all costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees, sustained or incurred by, or asserted against, BNY by reason or as a result of any action or inaction, or arising out of BNY’s performance hereunder, provided that the Fund shall not indemnify BNY to the extent any such costs, expenses, damages, liabilities or claims arises out of BNY’s failure to exercise the reasonable care, prudence and diligence required by Section 2 of Article II hereof, nor shall the Fund be liable to BNY or any third party for special, indirect or consequential damages, or for lost profits or loss of business arising in connection with this Agreement.

3. For its services hereunder, the Fund agrees to pay to BNY such compensation and out-of-pocket expenses as shall be mutually agreed.

4. BNY shall have only such duties as are expressly set forth herein. In no event shall BNY be liable for any Country Risks associated with investments in a particular country.

ARTICLE VI.

MISCELLANEOUS

1. This Agreement constitutes the entire agreement between the Fund and BNY as a foreign custody manager, and no provision in the Custody Agreement between the Fund and the Custodian shall affect the duties and obligations of BNY hereunder, nor shall any provision in this Agreement affect the duties or obligations of the Custodian under the Custody Agreement.

2. Any notice or other instrument in writing, authorized or required by this Agreement to be given to BNY, shall be sufficiently given if received by it at its offices at 000 Xxxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, or at such other place as BNY may from time to time designate in writing.

3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Fund shall be sufficiently given if received by it in care of Virtus Investment Partners at 000 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxx 00000, attention: Legal Counsel, or at such other place as the Fund may from time to time designate in writing.

4. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written agreement executed by both parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by either party without the written consent of the other.

5. This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The Fund and BNY hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Fund and BNY each hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Fund and BNY each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

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6. The parties hereto agree that in performing hereunder, BNY is acting solely on behalf of the Fund and no contractual or service relationship shall be deemed to be established hereby between BNY and any other person by reason of this Agreement.

7. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

8. This Agreement shall terminate simultaneously with the termination of the Custody Agreement between the Fund and the Custodian, and may otherwise be terminated by either party giving to the other party a notice in writing specifying the date of such termination, which shall be not less than thirty (30) days after the date of such notice.

9. A copy of the Declaration of Trust of each Fund that is a Massachusetts business trust is on file with the Secretary of the Commonwealth of Massachusetts, and a copy of the Declaration of Trust of each Fund that is a Delaware statutory trust is on file with the Secretary of the State of Delaware. Notice is hereby given that this instrument is executed on behalf of the Board of Trustees of the Fund as trustees and not individually, and that the obligations of this instrument are not binding upon any of the trustees or shareholders of the Fund individually but are binding only upon the assets and property of the Fund; provided, however, that the Declaration of Trust of the Fund provides that the assets of a particular Series of the Fund shall under no circumstance be charged with liabilities attributable to any other Series of the Fund and that all persons extending credit to, or contracting with, or having any claim against, a particular Series of the Fund shall look only to the assets of that particular Series for payment of such credit, contract or claim.

IN WITNESS WHEREOF, the Fund and BNY have caused this Agreement to be executed by their respective officers, thereunto duly authorized, as of the date first above written.

EACH OF THE FUNDS OR SERIES IDENTIFIED IN ANNEX I
By:		/s/ W. Xxxxxxx Xxxxxxx
Title:		Chief Financial Officer and
		Treasurer
THE BANK OF NEW YORK MELLON
By:		/s/ Xxxxx X. Xxxxxxx
Title:		Managing Director

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ANNEX I

Fund Names

Virtus Equity Trust

Virtus Insight Trust

Virtus Institutional Trust

Virtus Opportunities Trust

SCHEDULE I

Series Name		Tax Identification
Virtus Insight Trust
Virtus Emerging Markets Opportunities Fund
Virtus Opportunities Trust
Virtus Foreign Opportunities Fund
Virtus Global Infrastructure Fund
Virtus Global Opportunities Fund
Virtus Global Real Estate Securities Fund
Virtus Greater Asia ex Japan Opportunities Fund
Virtus Greater European Opportunities Fund
Virtus International Real Estate Securities Fund

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SCHEDULE II

Specified Countries

Country/Market		Subcustodian(s)
Argentina		Citibank N.A.
Australia		National Australia Bank Limited
Austria		UniCredit Bank Austria AG
Bahrain		HSBC Bank Middle East Limited
Bangladesh		Standard Chartered Bank
Belgium		ING Belgium, SA/NV
Benin		Société Générale de Banques en Côte d’Ivoire
Bermuda		Bank of Bermuda Limited
Botswana		Barclays Bank of Botswana Ltd.
Brazil		Citibank N.A.
Bulgaria		ING Bank N.V.
Burkina Faso		Société Générale de Banques en Côte d’Ivoire
Canada		CIBC Mellon Trust Company
Cayman Islands		The Bank of New York Mellon
Channel Islands		The Bank of New York Mellon
Chile		Banco de Chile
China		HSBC Bank (China) Company Limited
Colombia		Cititrust Colombia X.X.
Xxxxx Rica		Banco BCT
Croatia		Privredna Banka Zagreb d.d.
Cyprus		EFG Eurobank Ergasias S.A.
Czech Republic		ING Bank N.V.
Denmark		Danske Bank
Ecuador		Banco de la Produccion S.A.
Egypt		HSBC Bank Egypt S.A.E.
Estonia		SEB Pank AS
Euromarket		Clearstream Banking Luxembourg S.A.
Euromarket		Euroclear Bank
Finland		SEB Helsinki
France		BNP Paribas Securities Services
France		CACEIS Bank
Germany		BHF Asset Servicing GmbH
Ghana		Barclays Bank of Ghana Ltd.
Greece		EFG Eurobank Ergasias S.A.
Guinea Bissau		Société Générale de Banques en Côte d’Ivoire
Hong Kong		HSBC Ltd.
Hungary		ING Bank N.V.
Iceland		New Landsbanki Islands

Country/Market		Subcustodian(s)
India		Deutsche Bank AG
Indonesia		HSBC Ltd.
Ireland		The Bank of New York Mellon
Israel		Bank Hapoalim B.M.
Italy		Intesa Sanpaolo S.p.A
Ivory Coast		Société Générale de Banques en Côte d’Ivoire
Japan		Mizuho Corporate Bank Ltd. (MHCB)
Japan		The Bank of Tokyo – Mitsubishi UFJ Ltd.
Jordan		HSBC Bank Middle East Ltd.
Kazakhstan		HSBC Kazakhstan
Kenya		Barclays Bank of Kenya Ltd.
Kuwait		HSBC Bank Middle East Ltd.
Latvia		AS SEB banka
Lebanon		HSBC Bank Middle East Ltd.
Lithuania		SEB Bankas
Luxembourg		Banque et Caisse d’Epargne de l’Etat (BCEEL)
Malaysia		HSBC Bank Malaysia Berhad
Mali		Société Générale de Banques en Côte d’Ivoire
Malta		HSBC Bank Malta plc
Mauritius		HSBC Ltd.
Mexico		Banco Nacional de Mexico (BANAMEX)
Morocco		Citibank Maghreb
Namibia		Standard Bank Namibia Ltd
Netherlands		The Bank of New York Xxxxxx XX/NV
New Zealand		National Australia Bank
Niger		Société Générale de Banques en Côte d’Ivoire
Nigeria		Stanbic IBTC Bank Plc
Norway		DnB NOR Bank ASA
Oman		HSBC Bank Middle East Ltd.
Pakistan		Deutsche Bank AG
Palestinian Autonomous Area		HSBC Bank Middle East Ltd.
Peru		Citibank del Perú S.A.
Philippines		HSBC Ltd.
Poland		ING Bank Xxxxxx
Portugal		Banco Comercial Portugues
Qatar		HSBC Bank Middle East Ltd.
Romania		ING Bank N.V.
Russia		ING Bank (Eurasia)
Saudi Arabia		SABB Securities Limited
Senegal		Société Générale de Banques en Côte d’Ivoire
Serbia		UniCredit Bank Austria AG
Singapore		DBS Bank Ltd.

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Country/Market		Subcustodian(s)
Singapore		United Overseas Bank Ltd.
Slovak Republic		ING Bank N.V.
Slovenia		UniCredit Banka Slovenia d.d.
South Africa		Standard Bank of South Africa
South Korea		HSBC Ltd.
Spain		Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
Spain		Santander Investment S.A.
Sri Lanka		HSBC Ltd.
Swaziland		Standard Bank Swaziland Ltd
Sweden		Skandinaviska Enskilda Banken
Switzerland		Credit Suisse
Taiwan		Standard Chartered Bank (Taiwan) Ltd. / HSBC
Thailand		Bangkok Bank Public Company Ltd.
Thailand		HSBC Ltd
Togo		Société Générale de Banques en Côte d’Ivoire
Trinidad & Tobago		Republic Bank Ltd.
Tunisia		Banque Internationale Arabe de Tunisie
Turkey		Deutsche Bank AS
Ukraine		ING Bank Ukraine
United Arab Emirates		HSBC Bank Middle East Ltd.
United Kingdom		Deutsche Bank AG
United Kingdom		The Bank of New York Mellon
United States		The Bank of New York Mellon
Uruguay		Banco Itaú Uruguay S.A.
Venezuela		Citibank N.A.
Vietnam		HSBC Bank (Vietnam) Ltd
Zambia		Barclays Bank of Zambia Ltd
Zimbabwe		Barclays Bank of Zimbabwe Ltd

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