Exhibit h.3.n

FOURTEENTH AMENDMENT

to

AMENDED AND RESTATED ADMINISTRATION AGREEMENT

THIS AMENDMENT made effective as of the 1^st day of December, 2016 amends that certain amended and restated administration agreement, dated as of January 1, 2010, as amended, between the Trusts listed on Schedule A including the Funds listed under each Trust and Virtus Fund Services, LLC, a Delaware limited liability company (such party, the “Administrator” and such agreement, the “Agreement”) as herein below provided.

W I T N E S S E T H:

WHEREAS, pursuant to Section 8 of the Agreement, the Trusts and the Administrator wish to amend the fees payable to the Administrator under Section 4, and revise Schedule A of the Agreement to reflect the removal of Virtus Insight Trust and to include name changes for certain of the Funds listed on Schedule A;

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

1. Section 4(a) of the Agreement is hereby amended and restated as follows:

(a) For the services provided to each Trust and each Fund by the Administrator pursuant to this Agreement, each Fund shall pay the Administrator monthly for its services, fees at the following annual rates based on the combined aggregate average daily net assets across the Virtus Funds, defined as all funds of the Trusts, all funds of Virtus Alternative Solutions Trust, and all series of Virtus Variable Insurance Trust, plus out of pocket expenses (including out of pocket expenses of any sub-administrator to each Trust hired by the Administrator and not the Trusts):

Net Assets	Administrative Fee
Less than or equal to $15 billion		0.10	%
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	%

Any Fund with net assets in excess of $10 billion will receive an offsetting credit to its administrative fee, such that the portion of its net assets in excess of $10 billion will only be assessed an administrative fee of .07%. The fees for the portion of such a Fund’s net assets up to and inclusive of the first $10 billion will remain consistent with the fee schedule above.

2. Schedule A to the Agreement is hereby replaced with Schedule A attached hereto and made a part hereof.

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

4. 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 MUTUAL FUNDS
	VIRTUS EQUITY TRUST
	VIRTUS OPPORTUNITIES TRUST
	VIRTUS RETIREMENT TRUST
	By:	/s/ W. Patrick Bradley
		Name:	W. Patrick Bradley
		Title:	Executive Vice President, Chief Financial Officer & Treasurer
	VIRTUS FUND SERVICES, LLC
	By:	/s/ David G. Hanley
		Name:	David G. Hanley
		Title:	Vice President & Assistant Treasurer

SCHEDULE A

(as of December 1, 2016)

Virtus Equity Trust

Virtus Contrarian Value Fund

Virtus Enhanced Core Equity Fund (fka Virtus Growth & Income Fund)

Virtus Mid-Cap Core Fund

Virtus Mid-Cap Growth Fund

Virtus Quality Large-Cap Value Fund

Virtus Quality Small-Cap Fund

Virtus Small-Cap Core Fund

Virtus Small-Cap Sustainable Growth Fund

Virtus Strategic Allocation Fund (fka Virtus Balanced Fund)

Virtus Strategic Growth Fund

Virtus Tactical Allocation Fund

Virtus Opportunities Trust

Virtus Alternatives Diversifier Fund

Virtus Bond Fund

Virtus CA Tax-Exempt Bond Fund

Virtus Emerging Markets Debt Fund

Virtus Emerging Markets Equity Income Fund

Virtus Emerging Markets Opportunities Fund

Virtus Emerging Markets Small-Cap Fund

Virtus Equity Trend Fund

Virtus Essential Resources Fund

Virtus Foreign Opportunities Fund

Virtus Global Equity Trend Fund

Virtus Global Infrastructure Fund

Virtus Global Opportunities Fund

Virtus Global Real Estate Securities Fund

Virtus Greater European Opportunities Fund

Virtus Herzfeld Fund

Virtus High Yield Fund

Virtus International Equity Fund

Virtus International Real Estate Securities Fund

Virtus International Small-Cap Fund

Virtus International Wealth Masters Fund

Virtus Low Duration Income Fund

Virtus Low Volatility Equity Fund

Virtus Multi-Asset Trend Fund

Virtus Multi-Sector Intermediate Bond Fund

Virtus Multi-Sector Short Term Bond Fund

Virtus Real Estate Securities Fund

Virtus Sector Trend Fund

Virtus Senior Floating Rate Fund

Virtus Tax-Exempt Bond Fund

Virtus Wealth Masters Fund

Virtus Retirement Trust

Virtus DFA 2015 Target Date Retirement Income Fund

Virtus DFA 2020 Target Date Retirement Income Fund

Virtus DFA 2025 Target Date Retirement Income Fund

Virtus DFA 2030 Target Date Retirement Income Fund

Virtus DFA 2035 Target Date Retirement Income Fund

Virtus DFA 2040 Target Date Retirement Income Fund

Virtus DFA 2045 Target Date Retirement Income Fund

Virtus DFA 2050 Target Date Retirement Income Fund

Virtus DFA 2055 Target Date Retirement Income Fund

Virtus DFA 2060 Target Date Retirement Income Fund