Fourth Amendment to Amended and Restated Administration Agreement

THIS AMENDMENT is made effective as of the 1^st day of January 2011, and amends that certain amended and restated administration agreement, dated as of January 1, 2010 between the trusts listed on Schedule A (each, a “Trust” and together the “Trusts”) including the funds listed under each Trust commonly known as Virtus Mutual Funds (each, a “Fund” and together the “Funds”) and VP Distributors, Inc. (the “Administrator”) (the “Administration Agreement”), as herein below provided.

WHEREAS, pursuant to Section 4 of the Administration Agreement, the Trusts and the Administrator have agreed to amend the fees payable to the Administrator under the Administration Agreement as indicated below; and

WHEREAS, the Trusts and the Administrator desire to properly document the amended fees as agreed;

NOW, THEREFORE, in consideration of the foregoing premises, it is agreed as follows:

1. The schedule of fees set forth in Section 4(a) of the Administration Agreement is hereby amended to reflect the following fee rates:

2. Except as herein provided, the Administration Agreement shall be and remain unmodified and in full force and effect. All capitalized terms used but not defined herein shall have such meanings as ascribed thereto in the Administration Agreement. This Amendment may be executed in two or more counterparts, which shall be deemed an original, but all of which together shall constitute one and the same instrument.

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


VIRTUS MUTUAL FUNDS VIRTUS EQUITY TRUST VIRTUS INSIGHT TRUST VIRTUS INSTITUTIONAL TRUST VIRTUS OPPORTUNITIES TRUST

By:		/s/ W. Patrick Bradley
Name:		W. Patrick Bradley
Title:		Chief Financial Officer and Treasurer


VP DISTRIBUTORS, INC.

By:		/s/ David G. Hanley
Name:		David G. Hanley
Title:		Vice President and Treasurer


Non-Money Market Funds				Money Market Funds
Net Assets	Administrative Fee¹			Net Assets		Administrative Fee²
Less than or equal to $15 billion		0.10	%		All Assets		.015	%
Over $15 billion and up to and including $30 billion		0.095	%
Over $30 billion and up to and including $50 billion		0.09	%
In excess of $50 billion		0.085	%