Exhibit No. 7(b)
AMENDMENT TO CUSTODY CONTRACT
Amendment dated August 3, 1999, to the custody contract, dated August 18,
1995, as amended, by and between State Street Bank and Trust Company (the
"Custodian") and PaineWebber PACE Select Advisors Trust (formerly Managed
Accounts Services Portfolio Trust), on behalf of each Portfolio/Series listed on
Attachment I hereto (each a "Fund") (the "Custody Contract").
WHEREAS the Custodian serves as the custodian of each Fund's assets
pursuant to the Custody Contract;
WHEREAS the Funds may appoint one or more banks identified on Schedule A
to this Amendment, as amended from time to time, to serve as additional
custodians for the Funds (each, a "Repo Custodian") for the purpose of the
Funds' engaging in tri-party repurchase agreement transactions ("Tri-Party
Repos");
WHEREAS the Funds may direct the Custodian to make "free delivery" to one
or more Repo Custodians of cash or other assets maintained in custody by the
Custodian for the Funds pursuant to the Custody Contract for purposes of
engaging in Tri-Party Repos; and
WHEREAS the Custodian and the Funds desire to amend the Custody Contract
to permit the Custodian to make "free delivery" of cash and other assets of the
Funds to Repo Custodians from time to time;
NOW THEREFORE, the Custodian and the Fund hereby agree to amend the
Custody Contract by adding the following provisions thereto:
1. Notwithstanding anything to the contrary in the Custody Contract,
upon receipt of Proper Instructions (as defined in the Custody Contract), the
Custodian shall deliver cash and/or other assets of the Funds to any account
maintained for the Funds by a Repo Custodian listed on Schedule A, which
delivery may be made without contemporaneous receipt by the Custodian of cash or
other assets in exchange therefor. Upon such delivery of cash or other assets in
accordance with such Proper Instructions, the Custodian shall have no further
responsibility or obligation to the Funds as a custodian of the Funds with
respect to the cash or assets so delivered. In preparing reports of monies
received or paid out of the Fund or of assets comprising the Fund, the Custodian
shall be entitled to rely upon information received from time to time from the
Repo Custodian and shall not be responsible for the accuracy or completeness of
such information included in the Custodian's reports until such assets are
received by the Custodian.
2. The Funds may amend Schedule A from time to time to add or delete a
Repo Custodian for the Funds by delivering Special Instructions (as defined
herein) to the
Custodian. The term Special Instructions shall mean written instructions
executed by at least two officers of the Funds holding the office of Vice
President or higher. In all other respects, each Custody Contract shall
remain in full force and effect and the Custodian and the Funds shall perform
their respective obligations in accordance with the terms thereof.
EXECUTED to be effective as of the date set forth above.
PAINEWEBBER PACE SELECT ADVISORS TRUST
On Behalf of Funds Listed on Attachment I
By: /s/ Xxxxxx X. X'Xxxxxxx
----------------------------------------
Name: Xxxxxx X. X'Xxxxxxx
Title: Assistant Secretary and Vice President
STATE STREET BANK AND TRUST COMPANY
By: /s/ Xxxxxx X. Xxxxx
----------------------------------------
Name: Xxxxxx X. Xxxxx
Title: Vice Chairman
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ATTACHMENT I
Dated: August 3, 1999
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to
Amendment dated August 3, 1999, to Custody Contract
Of August 18, 1995, between
State Street Bank and Trust Company and
PaineWebber PACE Select Advisors Trust
PORTFOLIO/SERIES DATE OF CUSTODY
---------------- ----------------
PACE Money Market Investments 08/18/95
PACE Government Securities Fixed Income Investments 08/18/95
PACE Intermediate Fixed Income Investments 08/18/95
PACE Strategic Fixed Income Investments 08/18/95
PACE Municipal Fixed Income Investments 08/18/95
PACE Global Fixed Income Investments 08/18/95
PACE Large Company Value Equity Investments 08/18/95
PACE Large Company Growth Equity Investments 08/18/95
PACE Small/Medium Company Value Equity Investments 08/18/95
PACE Small/Medium Company Growth Equity Investments 08/18/95
PACE International Equity Investments 08/18/95
PACE International Emerging Markets Equity Investments 08/18/95
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SCHEDULE A
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Dated: August 3, 1999
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to
Amendment dated August 3, 1999, to Custody Contract
Of August 18, 1995, between
State Street Bank and Trust Company and
PaineWebber PACE Select Advisors Trust
On Behalf of Funds Listed on Attachment I
TRI-PARTY REPO CUSTODIAN BANKS
------------------------------
The Bank of New York
Chase Manhattan Bank
Authorized Signatures:
By: /s/ Xxxxxx X. X'Xxxxxxx By: /s/ Xxxxxx X. Xxxxx
-------------------------------- -----------------------------
Title: Secretary and Vice President Title: Vice President and
----------------------------- Assistant Secretary
--------------------------
Date: As of August 3, 1999 Date: As of August 3, 1999
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