Virtus Financial Partners LLC

Item 5 Fees and Compensation
 Lower fees for comparable services may be available from other sources.

 A. Fees and other charges
 Individually Managed Accounts:
 Fees for individually managed accounts are tier priced as follows:

 Account Size                           Fee (Annual percentage)
  $0.00 - $500,000.00                           1.35%
  $500,001.00 - $1,000,000.00                   1.20%
  $1,000,001.00 - $2,000,000.00                1.00%
  $2,000,001.00 - $3,000,000.00                0.75%
  $3,000,001+                                  0.50%

 Individual investment adviser representatives of VFP shall determine the fees their client’s will pay within the above
 framework. All asset based fees are deducted by the qualified custodian of record on a quarterly basis either in
 advance or arrears, or as otherwise indicated in the client agreement. The client agreement provides for fee
 payment from a bank account in the event there is insufficient cash in the account at the custodian to cover the
 investment advisory fee. Client statements for prior deductions will be provided on a quarterly basis. The
 management fee may be adjusted to account for significant contributions or withdrawals made to the account during
 the quarter. New account fees will be prorated from the inception of the account to the end of the first quarter.

 You will separately pay the selected TPMs a fee for their asset management services (a “Sub-Advisory Fee”). VFP does
 not share in the Sub-Advisory Fees paid to any TPM. The specific annual asset-based fee we will charge you is
 determined based on the number of TPMs utilized, the amount of their Sub-Advisory Fees, and the overall complexity
 of monitoring your account.

 The specific Sub-Advisory Fees charged by each TPM will be set forth in their Form ADV Part 2A (or disclosure
 brochure containing the equivalent information) and/or within your advisory agreement with VFP. TPMs will typically
 directly deduct their Sub-Advisory Fees from the client’s account held at the custodian. Sub-Advisory Fees are
 separate and distinct from VFP’s advisory fees. In no event will the annual asset management fees paid by client,
 including third party fees, exceed 2.5% of assets under management.

 All fees paid to Adviser for investment advisory services are separate and distinct from the expenses charged by mutual
 funds to their shareholders. These fees and expenses are described to the client in the funds’ prospectus. These fees
 will generally include the mutual fund manager’s fee and other fund expenses.

 Adviser will provide investment advisory services and portfolio management services but will not provide custodial
 or other administrative services. At no time will Adviser accept or maintain custody of a client’s funds or securities
 except for authorized fee deduction. The Client may contact the Custodian directly for disbursements, or account
 record changes, and may also do so in writing to the custodian. Adviser may act at the client’s convenience to
 facilitate such written communications to the Custodian, provided that such action is not construed to be custody of
 client assets.

 Client is responsible for all custodial and securities execution fees charged by the custodian and executing broker-
 dealer. Fees paid to Adviser are separate and distinct from the custodian and execution fees.

 Clients may request to terminate their advisory contract with Adviser, in whole or in part, by providing advance written
 notice. Upon termination, any fees paid in advance will be prorated to the date of termination and any excess will
 be refunded to client through the Custodian. Client’s advisory agreement with the Advisor is non-transferable without
 Client’s written approval.

Virtus Financial Partners                                                              Firm Brochure (Form ADV Part 2A)

 Fees for Qualified Plans

 Fees for services to Qualified Plans are as follows:

 Plan Size                                Fee (Annual percentage)
  Up to $1 million                               0.75%
  $1,000,001 - $3,000,000                        0.50%
  Over $3 million                                Negotiable

 The minimum annual fee for Qualifed Plans is $1,250. Fees for Qualified Plan services will be billed either in advance or
 in arrears, monthly or quarterly, based on the value of Plan assets at the beginning or end of the billing period, as
 appropriate, as contracted with the Plan.

 B. Fee Deduction Disclosure
 The annual fee being charged to the client will be set forth and identified in the investment management service
 agreement (or ERISA advisory agreement as appropriate) and/or the most recent fee schedule between Adviser
 and that client. We retain the ability to negotiate other fee schedules depending on the size of the account, type of
 account, the level of client service required and other factors we consider relevant, including timing of client
 relationship.

 For the individually managed accounts fee charged as a percentage of assets under management, fees are charged
 quarterly in advance based on the market value of the client's account(s), as determined by the custodian, on the
 last business day of the quarter.

 For partial quarters, fees are pro-rated. Unless other arrangements are made, fees are directly debited from a client's
 account(s), and each client is required to provide the qualified custodian of the client's account(s) written
 authorization to deduct the fees described.

 The custodian sends the client a statement, at least quarterly, indicating the amount of our fees and all amounts
 disbursed from the account to Adviser for our management fees. If a client does not have sufficient cash in the
 account(s) to cover the payment of fees, either some or all of the securities held by the client will be liquidated in
...

Item 7 Types of Clients
 VFP provides investment advice to many different types of clients. These clients generally include individuals, trusts,

Virtus Financial Partners                                                            Firm Brochure (Form ADV Part 2A)

 estates, small businesses, corporations, pension plans, and other types of business entities.

 Minimum Account Size

 The Firm does not require a minimum account size. However, there is a minimum fee of $2,400 per year to engage
 in our investment advisory services. This minimum is exclusive of new graduate services, which are offered at
 lower prices. VFP reserves the right to waive this minimum fee. Third-party managed programs generally have
 account minimum requirements, and these minimum requirements vary from manager to manager. Account
 minimums are generally higher on fixed income accounts than equity-based accounts.