FOURTH AMENDMENT to MASTER CUSTODY AGREEMENT

FOURTH AMENDMENT

to

MASTER CUSTODY AGREEMENT

THIS AMENDMENT made effective as of the 18^th day of July, 2011 amends that certain Master Custody Agreement, dated as of November 5, 2009, between the Funds listed on Exhibit A thereto and The Bank of New York Mellon, amended September 14, 2010, February 25, 2011, and March 15, 2011 (the “Master Custody Agreement”) as herein below provided.

W I T N E S S E T H:

WHEREAS, pursuant to Article X, Section 5 of the Master Custody Agreement, the Funds wish to amend Schedule II to the Master Custody Agreement to add new series to each of the Virtus Equity Trust, Virtus Insight Trust, Virtus Institutional Trust, Virtus Opportunities Trust.

NOW, THEREFORE, in consideration of the foregoing premise, the parties to the Master Custody Agreement hereby agree that the Master Custody Agreement is amended as follows:

1. Schedule II to the Master Custody Agreement is hereby replaced with Schedule II attached hereto and made a part hereof.

2. Except as herein provided, the Master Custody Agreement shall be and remain unmodified and in full force and effect. All initial capitalized terms used but not defined herein shall have such meanings as ascribed thereto in the Master Custody Agreement.

3. This Amendment may be executed in any number of counterparts (including executed counterparts delivered and exchanged by facsimile transmission) with the same effect as if all signing parties had originally signed the same document, and all counterparts shall be construed together and shall constitute the same instrument. For all purposes, signatures delivered and exchanged by facsimile transmission shall be binding and effective to the same extent as original signatures.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers.

VIRTUS EQUITY TRUST

VIRTUS INSIGHT TRUST

VIRTUS INSTITUTUIONAL TRUST

VIRTUS OPPORTUNITIES TRUST

By:

Name: W. Xxxxxxx Xxxxxxx

Title:    Chief Financial Officer and Treasurer

THE BANK OF NEW YORK MELLON

By:

Name:

Title:

SCHEDULE II

Series and Effective Dates

Fund		Portfolios		Effective Date
Virtus Equity Trust		Virtus Balanced Fund		July 18, 2011
		Virtus Growth & Income Fund		July 18, 2011
		Virtus Mid-Cap Core Fund		July 18, 2011
		Virtus Mid-Cap Growth Fund		July 18, 2011
		Virtus Mid-Cap Value Fund		July 18, 2011
		Virtus Quality Large-Cap Value Fund		July 18, 2011
		Virtus Quality Small-Cap Fund		July 18, 2011
		Virtus Small-Cap Core Fund		July 18, 2011
		Virtus Small-Cap Sustainable Growth Fund		July 18, 2011
		Virtus Strategic Growth Fund		July 18, 2011
		Virtus Tactical Allocation Fund		July 18, 2011
Virtus Insight Trust		Virtus Balanced Allocation Fund		July 18, 2011
		Virtus Core Equity Fund		July 18, 2011
		Virtus Emerging Markets Opportunities Fund		November 5, 2009
		Virtus High Yield Income Fund		July 18, 2011
		Virtus Insight Government Money Market Fund		July 18, 2011
		Virtus Insight Money Market Fund		July 18, 2011
		Virtus Insight Tax-Exempt Money Market Fund		July 18, 2011
		Virtus Intermediate Government Bond Fund		July 18, 2011
		Virtus Intermediate Tax-Exempt Bond Fund		July 18, 2011
		Virtus Short/ Intermediate Bond Fund		July 18, 2011
		Virtus Tax-Exempt Bond Fund		July 18, 2011
		Virtus Value Equity Fund		July 18, 2011
Virtus Institutional Trust		Virtus Institutional Bond Fund		July 18, 2011
Virtus Opportunities Trust		Virtus Allocator Premium AlphaSector Fund		March 15, 2011
		Virtus AlphaSector Rotation Fund		July 18, 2011

		Virtus Alternatives Diversifier Fund		July 18, 2011
		Xxxxxx Xxxx Fund		July 18, 2011
		Vitus CA Tax-Exempt Bond Fund		July 18, 2011
		Virtus Foreign Opportunities Fund		November 5, 2009
		Virtus Global Commodities Stock Fund		March 15, 2011
		Virtus Global Infrastructure Fund		November 5, 2009
		Virtus Global Opportunities Fund		November 5, 2009
		Virtus Global Premium AlphaSector Fund		March 15, 2011
		Virtus Global Real Estate Securities Fund		November 5, 2009
		Virtus Greater Asia ex Japan Opportunities Fund		November 5, 2009
		Virtus Greater European Opportunities Fund		November 5, 2009
		Virtus High Yield Fund		July 18, 2011
		Virtus International Equity Fund		September 14, 2010
		Virtus International Real Estate Securities Fund		November 5, 2009
		Virtus Market Neutral Fund		February 25, 2011
		Virtus Multi-Sector Fixed Income Fund		July 18, 2011
		Virtus Multi-Sector Short Term Bond Fund		July 18, 2011
		Virtus Premium AlphaSector Fund		July 18, 2011
		Virtus Real Estate Securities Fund		July 18, 2011
		Virtus Senior Floating Rate Fund		July 18, 2011