Common use of Duties as Investment Adviser Clause in Contracts

Duties as Investment Adviser. (a)Subject to the supervision of the Trusts Board of Trustees (Board), UBS Global Americas will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas may,in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series with research, analysis, advice and similar services, and UBS Global Americas may pay to those brokers and dealers, in return for research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) UBS Global Americas will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto Registration Statement or as more frequently requested by the Board. (e) The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a of the Securities Exchange Act of 1934, and the Trust hereby consents to the retention of compensation by UBS Global Americas or person or entity associated with UBS Global Americas. 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Corporations Board of Trustees Directors (Board), UBS Global Americas AM will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas AM will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas AM agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas AM may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series with research, analysis, advice and similar services, and UBS Global Americas AM may pay to those brokers and dealers, in return for research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to UBS Global Americas AMs determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas AM to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the such Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasAM, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas AM simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global AmericasAM, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Corporation recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas AM will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 under the 1940 Act, UBS Global Americas AM hereby agrees that all records which it maintains for the Trust Corporation are the property of the TrustCorporation, agrees to preserve for the periods prescribed by Rule 31a2 under the 1940 Act any records which it maintains for the Trust Corporation and which are required to be maintained by Rule 31a1 under the 1940 Act, and further agrees to surrender promptly to the Trust Corporation any records which it maintains for the Trust Corporation upon request by the TrustCorporation. (d) UBS Global Americas AM will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust Corporation under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto (Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a of the Securities Exchange Act of 1934, and the Trust hereby consents to the retention of compensation by UBS Global Americas or person or entity associated with UBS Global Americas. 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Fund’s Board of Trustees Directors (“Board”), UBS Global Americas will provide a continuous investment program for each Seriesthe Fund, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Seriesthe Fund. (b) UBS Global Americas agrees that that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, that UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series Fund with research, analysis, advice and similar services, and UBS Global Americas may pay to those brokers and dealersbrokers, in return for research and analysissuch services, a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas Americas’ determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series the Fund and its other clients and that the total commissions or spreads paid by such Series the Fund will be reasonable in relation to the benefits to the Series Fund over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series the Fund and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Fund recognizes that in some cases this procedure may adversely affect the results obtained for the SeriesFund. (c) UBS Global Americas will maintain or oversee the maintenance of all books and records with respect to the securities transactions of each Series, the Fund and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust Fund are the property of the TrustFund, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust Fund and which are required to be maintained by Rule 31a1 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust Fund any records which it maintains for the Trust Fund upon request by the TrustFund. (d) UBS Global Americas will oversee the computation of the net asset value and the net income of each Series the Fund as described in the currently effective registration statement of the Trust Fund under the Securities 1933 Act of 1933, as amended, and the 1940 Act and any amendments or supplements thereto (“Registration Statement Statement”) or as more frequently requested by the Board. (e) The Trust Fund hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Seriesthe Fund, which transaction is permitted by Section 11a 11(a) of the Securities Exchange Act of 1934, and the Trust hereby consents to the retention of compensation by UBS Global Americas or person or entity associated with UBS Global Americasas amended. 3. Duties as As Administrator. UBS Global Americas will administer the affairs of the Trust and each Series Fund subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust and each SeriesFund, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each SeriesFund. (b) UBS Global Americas will provide the Trust and each Series Fund with such corporate, administrative and clerical personnel (including officers of the TrustFund) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each SeriesFund. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Fund’s Registration Statement, proxy material, tax returns and required reports to each Series the Fund’s shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series Fund with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board Board, on a regular basis basis, with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment investment-services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts corporations Board of Trustees Directors (Board), UBS Global Americas will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas agrees that that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series with research, analysis, advice and similar services, and UBS Global Americas may pay to those brokers and dealers, in return for research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Corporation recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust Corporation are the property of the TrustCorporation, agrees to preserve for the periods prescribed by Rule 31a2 under the 1940 Act any records which it maintains for the Trust Corporation and which are required to be maintained by Rule 31a1 under the 1940 Act, and further agrees to surrender promptly to the Trust Corporation any records which it maintains for the Trust Corporation upon request by the TrustCorporation. (d) UBS Global Americas will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust Corporation under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto (Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust Corporation hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a 11(a) of the Securities Exchange Act of 1934, as amended and Rule 11a22(T) thereunder, and the Trust Corporation hereby consents to the retention of compensation by UBS Global Americas or person or entity associated with UBS Global AmericasAmericas for such transactions in accordance with Rule 11a22(T)(a)(2)(iv). 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust Corporation and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust Corporation and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust Corporation and each Series. (b) UBS Global Americas will provide the Trust Corporation and each Series with such corporate, administrative and clerical personnel (including officers of the TrustCorporation) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust Corporation and each Series. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Corporations Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authoritiesCommission. (d) UBS Global Americas will provide the Trust Corporation and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Funds Board of Trustees (Board), UBS Global Americas Manager will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas Manager will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas Manager agrees that in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas Manager may,, in its discretion, purchase and sell portfolio securities to and from use brokers and dealers who provide the Series with research, analysis, advice and similar servicesservices to execute portfolio transactions on behalf of the Series, and UBS Global Americas Manager may pay to those brokers and dealers, in return for brokerage and research and analysis, services a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas Managers determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas Manager to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasManager, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder, or any applicable exemptive orders. Whenever UBS Global Americas Manager simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global AmericasManager, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Fund recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas Manager will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas hereby Manager xxxxxx agrees that all records which it maintains for the Trust Fund are the property of the TrustFund, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust Fund and which are required to be maintained by Rule 31a1 31a-1 under the 1940 Act, Act and further agrees to surrender promptly to the Trust Fund any records which it maintains for the Trust Fund upon request by the TrustFund. (d) UBS Global Americas Manager will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust Fund under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto (Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust Fund hereby authorizes UBS Global Americas Manager and any entity or person associated with UBS Global Americas Manager which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a 11(a) of the Securities Exchange Act of 19341934 Act, and the Trust Fund hereby consents to the retention of compensation by UBS Global Americas Manager or any person or entity associated with UBS Global AmericasManager for such transaction. 3. Duties 3.Duties as Administrator. UBS Global Americas Manager will administer the affairs of the Trust Fund and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas Manager will supervise all aspects of the operations of the Trust Fund and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust Fund and each Series. (b) UBS Global Americas Manager will provide the Trust Fund and each Series with such corporate, administrative and clerical personnel (including officers of the TrustFund) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust Fund and each Series. (c) UBS Global Americas Manager will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Funds Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas Manager will provide the Trust Fund and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas Manager will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global AmericasManager. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Board of Trustees (Board), UBS Global Americas AM will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas AM will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas AM agrees that in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas AM may,, in its discretion, purchase and sell portfolio securities to and from use brokers and dealers who provide the Series with research, analysis, advice and similar servicesservices to execute portfolio transactions on behalf of the Series, and UBS Global Americas AM may pay to those brokers and dealers, in return for brokerage and research and analysis, services a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas AM determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas AM to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, AM or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas AM simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global AmericasAM, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) UBS Global Americas will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto Registration Statement or as more frequently requested by the Board. (e) The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a of the Securities Exchange Act of 1934, and the Trust hereby consents to the retention of compensation by UBS Global Americas or person or entity associated with UBS Global Americas. 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Corporations Board of Trustees Directors (Board), UBS Global Americas AM will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas AM will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas AM agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas AM may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series with research, analysis, advice and similar services, and UBS Global Americas AM may pay to those brokers and dealers, in return for research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to UBS Global Americas AMs determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas AM to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the such Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasAM, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas AM simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global AmericasAM, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Corporation recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas AM will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 under the 1940 Act, UBS Global Americas AM hereby agrees that all records which it maintains for the Trust Corporation are the property of the TrustCorporation, agrees to preserve for the periods prescribed by Rule 31a2 under the 1940 Act any records which it maintains for the Trust Corporation and which are required to be maintained by Rule 31a1 under the 1940 Act, and further agrees to surrender promptly to the Trust Corporation any records which it maintains for the Trust upon request Corporation uponrequest by the TrustCorporation. (d) UBS Global Americas AM will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust Corporation under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto (Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a of the Securities Exchange Act of 1934, and the Trust hereby consents to the retention of compensation by UBS Global Americas or person or entity associated with UBS Global Americas. 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Trust's Board of Trustees ("Board"), UBS Global Americas Xxxxxxxx Xxxxxxxx will provide a continuous investment program for each a Series, including investment research and management with respect to all securities and investments and cash equivalents in each the Series, and may allocate the Series' portfolio investments between countries, regions or types of investments. UBS Global Americas Xxxxxxxx Xxxxxxxx will determine from time to time what securities and other investments will be purchased, retained or sold by each the Series. Xxxxxxxx Xxxxxxxx may delegate to a sub-adviser, in whole or in part, Xxxxxxxx Xxxxxxxx' duty to provide a continuous investment management program with respect to any Series, including the provision of investment management services with respect to a portion of the Series' assets, in accordance with paragraph 5 of this Agreement. (b) UBS Global Americas Xxxxxxxx Xxxxxxxx agrees that in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas Xxxxxxxx Xxxxxxxx may,, in its discretion, purchase and sell portfolio securities to and from use brokers and dealers who provide the Series with research, analysis, advice and similar servicesservices to execute portfolio transactions on behalf of the Series, and UBS Global Americas Xxxxxxxx Xxxxxxxx may pay to those brokers and dealers, in return for brokerage and research and analysis, services a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas Xxxxxxxx Xxxxxxxx' determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas Xxxxxxxx Xxxxxxxx to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasXxxxxxxx Xxxxxxxx, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder, or any applicable exemptive orders . Whenever UBS Global Americas Xxxxxxxx Xxxxxxxx simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global AmericasXxxxxxxx Xxxxxxxx, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas Xxxxxxxx Xxxxxxxx will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas Xxxxxxxx Xxxxxxxx hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 31a-l under the 1940 Act, Act and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) UBS Global Americas Xxxxxxxx Xxxxxxxx will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto ("Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust hereby authorizes UBS Global Americas Xxxxxxxx Xxxxxxxx and any entity or person associated with UBS Global Americas Xxxxxxxx Xxxxxxxx which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a 11(a) of the Securities Exchange 1934 Act of 1934and the rules thereunder, and the Trust hereby consents to the retention of compensation by UBS Global Americas Xxxxxxxx Xxxxxxxx or any person or entity associated with UBS Global AmericasXxxxxxxx Xxxxxxxx for such transaction. 3. Duties as Administrator. UBS Global Americas Xxxxxxxx Xxxxxxxx will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas Xxxxxxxx Xxxxxxxx will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas Xxxxxxxx Xxxxxxxx will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas Xxxxxxxx Xxxxxxxx will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Trust's Registration Statement, proxy material, tax returns and required reports to each Series Series' shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas Xxxxxxxx Xxxxxxxx will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas Xxxxxxxx Xxxxxxxx will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global AmericasXxxxxxxx Xxxxxxxx. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Funds Board of Trustees Directors (Board), UBS Global Americas will provide a continuous investment program for each Seriesthe Fund, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Seriesthe Fund. (b) UBS Global Americas agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, that UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series Fund with research, analysis, advice and similar services, and UBS Global Americas may pay to those brokers and dealersbrokers, in return for research and analysissuch services, a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series the Fund and its other clients and that the total commissions or spreads paid by such Series the Fund will be reasonable in relation to the benefits to the Series Fund over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series the Fund and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Fund recognizes that in some cases this procedure may adversely affect the results obtained for the SeriesFund. (c) UBS Global Americas will maintain or oversee the maintenance of all books and records with respect to the securities transactions of each Series, the Fund and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust Fund are the property of the TrustFund, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust Fund and which are required to be maintained by Rule 31a1 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust Fund any records which it maintains for the Trust Fund upon request by the TrustFund. (d) UBS Global Americas will oversee the computation of the net asset value and the net income of each Series the Fund as described in the currently effective registration statement of the Trust Fund under the Securities 1933 Act of 1933, as amended, and the 1940 Act and any amendments or supplements thereto (Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust Fund hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Seriesthe Fund, which transaction is permitted by Section 11a 11(a) of the Securities Exchange Act of 19341934 and Rule 11a2 2(T) thereunder, and the Trust Fund hereby consents to the retention of compensation by UBS Global Americas or any person or entity associated with UBS Global AmericasAmericas for such transactions in accordance with Rule 11a2 2(T)(a)(2)(iv). 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series Fund subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust and each SeriesFund, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each SeriesFund. (b) UBS Global Americas will provide the Trust and each Series Fund with such corporate, administrative and clerical personnel (including officers of the TrustFund) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each SeriesFund. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Funds Registration Statement, proxy material, tax returns and required reports to each Series the Funds shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series Fund with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board Board, on a regular basis basis, with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Funds Board of Trustees (Board), UBS Global Americas Manager will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas Manager will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas Manager agrees that in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas Manager may,, in its discretion, purchase and sell portfolio securities to and from use brokers and dealers who provide the Series with research, analysis, advice and similar servicesservices to execute portfolio transactions on behalf of the Series, and UBS Global Americas Manager may pay to those brokers and dealers, in return for brokerage and research and analysis, services a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas Managers determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas Manager to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasManager, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder, or any applicable exemptive orders. Whenever UBS Global Americas Manager simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global AmericasManager, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Fund recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas Manager will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 under the 1940 Act, UBS Global Americas hereby Manager hxxxxx agrees that all records which it maintains for the Trust Fund are the property of the TrustFund, agrees to preserve for the periods prescribed by Rule 31a2 under the 1940 Act any records which it maintains for the Trust Fund and which are required to be maintained by Rule 31a1 under the 1940 Act, Act and further agrees to surrender promptly to the Trust Fund any records which it maintains for the Trust Fund upon request by the TrustFund. (d) UBS Global Americas Manager will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust Fund under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto Registration Statement thereto(Registration Statement) or as more frequently requested by the Board. (e) The Trust Fund hereby authorizes UBS Global Americas Manager and any entity or person associated with UBS Global Americas Manager which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a 11(a) of the Securities Exchange Act of 1934, as amended, and the Trust Fund hereby consents to the retention of compensation by UBS Global Americas Manager or any person or entity associated with UBS Global AmericasManager for such transaction. 3. Duties as Administrator. UBS Global Americas Manager will administer the affairs of the Trust Fund and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas Manager will supervise all aspects of the operations of the Trust Fund and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust Fund and each Series. (b) UBS Global Americas Manager will provide the Trust Fund and each Series with such corporate, administrative and clerical personnel (including officers of the TrustFund) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust Fund and each Series. (c) UBS Global Americas Manager will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Funds Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas Manager will provide the Trust Fund and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas Manager will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global AmericasManager. 4.

Duties as Investment Adviser. (a)Subject a Subject to the supervision of the Trusts Board of Trustees (Board), UBS Global Americas will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) b UBS Global Americas agrees that in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from use brokers and dealers who provide the Series with research, analysis, advice and similar servicesservices to execute portfolio transactions on behalf of the Series, and UBS Global Americas Americas, pursuant to Board authorization, may pay to those brokers and dealers, in return for brokerage and research and analysis, services a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) c UBS Global Americas will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 31a-1 under the 1940 Act, Act and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) d UBS Global Americas will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto Registration Statement or as more frequently requested by the Board. (e) e The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a of the Securities Exchange Act of 1934, and the Trust hereby consents to the retention of compensation by UBS Global Americas or any person or entity associated with UBS Global Americas. 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and with respect to each Series subject to the supervision of the Board and the following understandings: (a) a UBS Global Americas will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) b UBS Global Americas will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) Trust and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) c UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) applicable of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) d UBS Global Americas will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) e UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a Subject to the supervision of the Trusts Board of Trustees (of the Trust Board), UBS Global Americas will provide a continuous investment program for each Seriesthe Fund, including investment research and management with respect to all securities and investments and cash equivalents in each Seriesthe Fund. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Seriesthe Fund. (b) b UBS Global Americas agrees that that, in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; execution provided that, on behalf of any Seriesthe Fund, UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from use brokers and dealers who provide the Series Fund with research, analysis, advice and similar servicesservices to execute portfolio transactions on behalf of the Fund, and UBS Global Americas may pay to those brokers and dealers, in return for brokerage and research and analysis, services a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series the Fund and its other clients and that the total commissions or spreads paid by such Series the Fund will be reasonable in relation to the benefits to the Series Fund over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series the Fund and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the SeriesFund. (c) c UBS Global Americas will oversee the maintenance of all books and records with respect to the securities transactions of each Seriesthe Fund, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 31a-1 under the 1940 Act, Act and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) d UBS Global Americas will oversee the computation of the net asset value and the net income of each Series the Fund as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto Registration Statement or as more frequently requested by the Board. (e) e The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Seriesthe Fund, which transaction is permitted by Section 11a of the Securities Exchange Act of 1934, as amended, and the Trust hereby consents to the retention of compensation by UBS Global Americas AM or any person or entity associated with UBS Global Americas. 331. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series the Fund subject to the supervision of the Board and the following understandings: (a) a UBS Global Americas will supervise all aspects of the operations of the Trust and each Seriesthe Fund, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; forth provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Seriesthe Fund. (b) b UBS Global Americas will provide the Trust and each Series the Fund with such corporate, administrative and clerical personnel (including officers of the Trust) Trust and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Seriesthe Fund. (c) c UBS Global Americas will arrange, but not pay, arrange for the periodic preparation, updating, filing and dissemination (as applicable) applicable of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series the Funds shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) d UBS Global Americas will provide the Trust and each Series the Fund with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) e UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 432.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Trust's Board of Trustees ("Board"), UBS Global Americas Xxxxxxxx Xxxxxxxx will provide a continuous investment program for each a Series, including investment research and management with respect to all securities and investments and cash equivalents in each the Series, and may allocate the Series' portfolio investments between countries, regions or types of investments. UBS Global Americas Xxxxxxxx Xxxxxxxx will determine from time to time what securities and other investments will be purchased, retained or sold by each the Series. Xxxxxxxx Xxxxxxxx may delegate to a sub- adviser, in whole or in part, Xxxxxxxx Xxxxxxxx' duty to provide a continuous investment management program with respect to any Series, including the provision of investment management services with respect to a portion of the Series' assets, in accordance with paragraph 5 of this Agreement. (b) UBS Global Americas Xxxxxxxx Xxxxxxxx agrees that in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas Xxxxxxxx Xxxxxxxx may,, in its discretion, purchase and sell portfolio securities to and from use brokers and dealers who provide the Series with research, analysis, advice and similar servicesservices to execute portfolio transactions on behalf of the Series, and UBS Global Americas Xxxxxxxx Xxxxxxxx may pay to those brokers and dealers, in return for brokerage and research and analysis, services a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas Xxxxxxxx Xxxxxxxx' determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas Xxxxxxxx Xxxxxxxx to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasXxxxxxxx Xxxxxxxx, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder, or any applicable exemptive orders. Whenever UBS Global Americas Xxxxxxxx Xxxxxxxx simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global AmericasXxxxxxxx Xxxxxxxx, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas Xxxxxxxx Xxxxxxxx will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas Xxxxxxxx Xxxxxxxx hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 31a-l under the 1940 Act, Act and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) UBS Global Americas Xxxxxxxx Xxxxxxxx will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto ("Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust hereby authorizes UBS Global Americas Xxxxxxxx Xxxxxxxx and any entity or person associated with UBS Global Americas Xxxxxxxx Xxxxxxxx which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a 11(a) of the Securities Exchange 1934 Act of 1934and the rules thereunder, and the Trust hereby consents to the retention of compensation by UBS Global Americas Xxxxxxxx Xxxxxxxx or any person or entity associated with UBS Global AmericasXxxxxxxx Xxxxxxxx for such transaction. 3. Duties as Administrator. UBS Global Americas Xxxxxxxx Xxxxxxxx will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas Xxxxxxxx Xxxxxxxx will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas Xxxxxxxx Xxxxxxxx will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas Xxxxxxxx Xxxxxxxx will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Trust's Registration Statement, proxy material, tax returns and required reports to each Series Series' shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas Xxxxxxxx Xxxxxxxx will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas Xxxxxxxx Xxxxxxxx will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global AmericasXxxxxxxx Xxxxxxxx. 4.

Duties as Investment Adviser. (a)Subject a Subject to the supervision of the Trusts Board of Trustees (Board), UBS Global Americas will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) b UBS Global Americas agrees that that, in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; execution provided that, on behalf of any Series, UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from use brokers and dealers who provide the Series with research, analysis, advice and similar servicesservices to execute portfolio transactions on behalf of the Series, and UBS Global Americas Americas, pursuant to Board authorization, may pay to those brokers and dealers, in return for brokerage and research and analysis, services a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) c UBS Global Americas will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 31a-1 under the 1940 Act, Act and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) d UBS Global Americas will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto Registration Statement or as more frequently requested by the Board. (e) e The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a of the Securities Exchange Act of 1934, and the Trust hereby consents to the retention of compensation by UBS Global Americas or any person or entity associated with UBS Global Americas. 317. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and with respect to each Series subject to the supervision of the Board and the following understandings: (a) a UBS Global Americas will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; forth provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) b UBS Global Americas will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) Trust and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) c UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) applicable of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) d UBS Global Americas will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) e UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 418.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Fund’s Board of Trustees Directors (“Board”), UBS Global Americas will provide a continuous investment program for each Seriesthe Fund, including investment research and management with respect to all securities and investments and cash equivalents in each Seriesthe Fund. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Seriesthe Fund. (b) UBS Global Americas agrees that in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, that UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series Fund with research, analysis, advice and similar services, and UBS Global Americas may pay to those brokers and dealers, in return for research and analysis, analysis a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series the Fund and its other clients and that the total commissions or spreads paid by such Series the Fund will be reasonable in relation to the benefits to the Series Fund over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series the Fund and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Fund recognizes that in some cases this procedure may adversely affect the results obtained for the SeriesFund. (c) UBS Global Americas will oversee the maintenance of all books and records with respect to the securities transactions of each Series, the Fund and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust Fund are the property of the TrustFund, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust Fund and which are required to be maintained by Rule 31a1 31a-l under the 1940 Act, and further agrees to surrender promptly to the Trust Fund any records which it maintains for the Trust Fund upon request by the TrustFund. (d) UBS Global Americas will oversee the computation of the net asset value and the net income of each Series the Fund as described in the currently effective registration statement of the Trust Fund under the Securities 1933 Act of 1933, as amended, and the 1940 Act and any supplements thereto (“Registration Statement Statement”) or as more frequently requested by the Board. (e) The Trust Fund hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Seriesthe Fund, which transaction is permitted by Section 11a 11(a) of the Securities Exchange Act of 19341934 and Rule 11a2-2(T) thereunder, and the Trust Fund hereby consents to the retention of compensation by UBS Global Americas or person or entity associated with UBS Global AmericasAmericas for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv). 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series Fund subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust and each SeriesFund, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each SeriesFund. (b) UBS Global Americas will provide the Trust and each Series Fund with such corporate, administrative and clerical personnel (including officers of the TrustFund) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each SeriesFund. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Fund’s Registration Statement, proxy material, tax returns and required reports to each Series the Fund’s shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series Fund with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Funds Board of Trustees Directors (Board), UBS Global Americas will provide a continuous investment program for each Seriesthe Fund, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Seriesthe Fund. (b) UBS Global Americas agrees that in placing orders with brokers and dealersbrokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, that UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series Fund with research, analysis, advice and similar services, and UBS Global Americas may pay to those brokers and dealersbrokers, in return for research and analysissuch services, a higher commission or spread than may be charged by other brokers and dealersbrokers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series the Fund and its other clients and that the total commissions or spreads paid by such Series the Fund will be reasonable in relation to the benefits to the Series Fund over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series the Fund and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust Fund recognizes that in some cases this procedure may adversely affect the results obtained for the SeriesFund. (c) UBS Global Americas will maintain or oversee the maintenance of all books and records with respect to the securities transactions of each Series, the Fund and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 31a-3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust Fund are the property of the TrustFund, agrees to preserve for the periods prescribed by Rule 31a2 31a-2 under the 1940 Act any records which it maintains for the Trust Fund and which are required to be maintained by Rule 31a1 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust Fund any records which it maintains for the Trust Fund upon request by the TrustFund. (d) UBS Global Americas will oversee the computation of the net asset value and the net income of each Series the Fund as described in the currently effective registration statement of the Trust Fund under the Securities 1933 Act of 1933, as amended, and the 1940 Act and any amendments or supplements thereto (Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust Fund hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Seriesthe Fund, which transaction is permitted by Section 11a 11(a) of the Securities Exchange Act of 1934, as amended, and Rule 11a2-2(T) thereunder, and the Trust Fund hereby consents to the retention of compensation by UBS Global Americas or any person or entity associated with UBS Global Americas. 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas will provide the Trust and each Series such transactions in accordance with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4Rule 11a2-2(T)(a)(2)(iv).

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Board of Trustees (Board), UBS Global Americas will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any Series, UBS Global Americas may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series with research, analysis, advice and similar services, and UBS Global Americas may pay to those brokers and dealers, in return for research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to UBS Global Americas determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global Americas, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global Americas, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the Series. (c) UBS Global Americas will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 under the 1940 Act, UBS Global Americas hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) UBS Global Americas will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto (Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a 11(a) of the Securities Exchange Act of 19341934 and Rule 11a2 2(T) thereunder, and the Trust hereby consents to the retention of compensation by UBS Global Americas or such person or entity associated with UBS Global AmericasAmericas for such transactions in accordance with Rule 11a2 2(a)(2)(iv). 3. Duties as Administrator. UBS Global Americas will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (ab) UBS Global Americas will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Registration Statement, proxy material, tax returns and required reports to each Series shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global Americas. 4.

Duties as Investment Adviser. (a)Subject a) Subject to the supervision of the Trusts Board of Trustees (Board), UBS Global Americas AM will provide a continuous investment program for each Series, including investment research and management with respect to all securities and investments and cash equivalents in each Series. UBS Global Americas AM will determine from time to time what securities and other investments will be purchased, retained or sold by each Series. (b) UBS Global Americas AM agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of any each Series, UBS Global Americas AM may,, in its discretion, purchase and sell portfolio securities to and from brokers and dealers who provide the Series with research, analysis, advice and similar services, and UBS Global Americas AM may pay to those brokers and dealers, in return for research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to UBS Global Americas AMs determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of UBS Global Americas AM to such Series and its other clients and that the total commissions or spreads paid by such Series will be reasonable in relation to the benefits to the such Series over the long term. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasAM, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. Whenever UBS Global Americas AM simultaneously places orders to purchase or sell the same security on behalf of a Series and one or more other accounts advised by UBS Global AmericasAM, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for the a Series. (c) UBS Global Americas AM will oversee the maintenance of all books and records with respect to the securities transactions of each Series, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a3 under the 1940 Act, UBS Global Americas AM hereby agrees that all records which it maintains for the Trust are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained by Rule 31a1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust. (d) UBS Global Americas AM will oversee the computation of the net asset value and the net income of each Series as described in the currently effective registration statement of the Trust under the Securities Act of 1933, as amended, and the 1940 Act and any supplements thereto (Registration Statement Statement) or as more frequently requested by the Board. (e) The Trust hereby authorizes UBS Global Americas and any entity or person associated with UBS Global Americas which is a member of a national securities exchange to effect any transaction on such exchange for the account of any Series, which transaction is permitted by Section 11a of the Securities Exchange Act of 1934, and the Trust hereby consents to the retention of compensation by UBS Global Americas or person or entity associated with UBS Global Americas. 3. Duties as Administrator. UBS Global Americas AM will administer the affairs of the Trust and each Series subject to the supervision of the Board and the following understandings: (a) UBS Global Americas AM will supervise all aspects of the operations of the Trust and each Series, including the oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Series. (b) UBS Global Americas AM will provide the Trust and each Series with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Series. (c) UBS Global Americas AM will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as applicable) of the Trusts Registration StatementStatement relating to the Series, proxy material, tax returns and required reports with or to each Series shareholders and shareholders, the Securities and Exchange Commission and other appropriate federal or state regulatory authorities. (d) UBS Global Americas AM will provide the Trust and each Series with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items. (e) UBS Global Americas AM will provide the Board on a regular basis with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global AmericasAM. (f) UBS Global AM will hold itself available to receive orders for the purchase of shares of each Series (Shares) and will accept or reject such orders on behalf of the Series in accordance with the Trusts Registration Statement, and will transmit such orders as are so accepted to the appropriate transfer agent as promptly as practicable; provided, however, that UBS Global AM is not obligated to sell any certain number of Shares. (g) UBS Global AM will make itself available to receive requests for redemption from holders of Shares and will transmit such redemption requests to the Trusts transfer agent as promptly as possible. 4.