SECOND AMENDMENT to FOREIGN CUSTODY MANAGER AGREEMENT

SECOND AMENDMENT

to

FOREIGN CUSTODY MANAGER AGREEMENT

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

W I T N E S S E T H:

WHEREAS, pursuant to Article VI, Section 4 of the Foreign Custody Manager Agreement, the Funds wish to amend Schedule I to the Foreign Custody Manager Agreement to add a new series, Virtus Market Neutral Fund.

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

1. Schedule I to the Foreign Custody Manager Agreement is hereby replaced with Schedule I attached hereto and made a part hereof.

2. Except as herein provided, the Foreign Custody Manager 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 Foreign Custody Manager 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 INSTITUTIONAL TRUST VIRTUS OPPORTUNITIES TRUST
By:		/s/ W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Name:		W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title:		Chief Financial Officer and Treasurer
THE BANK OF NEW YORK MELLON
By:		/s/ ▇▇▇▇▇▇▇ ▇▇▇▇
Name:		▇▇▇▇▇▇▇ ▇▇▇▇
Title:		Managing Director

SCHEDULE I

Series		Tax Identification		Effective Date (Date added to Agreement)
Virtus Insight Trust
Virtus Emerging Markets Opportunities Fund		▇▇-▇▇▇▇▇▇▇			November 5, 2009
Virtus Opportunities Trust
Virtus Foreign Opportunities Fund		▇▇-▇▇▇▇▇▇▇			November 5, 2009
Virtus Global Infrastructure Fund		▇▇-▇▇▇▇▇▇▇			November 5, 2009
Virtus Global Opportunities Fund		▇▇-▇▇▇▇▇▇▇			November 5, 2009
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 International Equity Fund		▇▇-▇▇▇▇▇▇▇			September 14, 2010
Virtus International Real Estate Securities Fund		▇▇-▇▇▇▇▇▇▇			November 5, 2009
Virtus Market Neutral Fund		▇▇-▇▇▇▇▇▇▇			February 25, 2011