ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 11

In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item 1 of the Declarations, Name of Insured, shall include the following:

·                  UBS Municipal Bond Fund, a series of:

The UBS Funds

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN1.0-00 (1/02)

UBS CHICAGO AND NEW YORK FUND CLUSTERS

(CERTAIN REGISTERED INVESTMENT COMPANIES

ADVISED OR MANAGED BY

UBS GLOBAL ASSET MANAGEMENT (AMERICAS) INC.)

AGREEMENT BY AND AMONG

JOINTLY INSURED PARTIES

THIS AGREEMENT is made effective as of December 15, 2013, as amended as of October 28, 2014 (to reflect the addition of another entity, UBS Municipal Bond Fund, a series of The UBS Funds, and the deletion of UBS Master Series, Inc., which was deregistered and dissolved and no longer exists), by and among the following registered investment companies, which are referred to herein individually as a “Fund” and collectively as the “Funds” or the “insured parties”:  UBS CASHFUND INC.; UBS MANAGED MUNICIPAL TRUST, a series fund consisting of UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund; UBS RMA MONEY FUND INC., a series fund consisting of UBS Retirement Money Fund, UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio; UBS RMA TAX-FREE FUND INC.; STRATEGIC GLOBAL INCOME FUND, INC.; GLOBAL HIGH INCOME FUND INC.; PACE® SELECT ADVISORS TRUST, a series fund consisting of PACE Money Market Investments, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE International Fixed Income Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Alternative Strategies Investments, PACE High Yield Investments and PACE Global Real Estate Securities Investments; UBS INVESTMENT TRUST, a series fund consisting of UBS U.S. Allocation Fund; MANAGED HIGH YIELD PLUS FUND INC.; UBS MONEY SERIES, a series fund consisting of UBS Cash Reserves Fund, UBS Liquid Assets Fund, UBS Select Prime Institutional Fund, UBS Select Treasury Institutional Fund, UBS Select Tax-Free Institutional Fund, UBS Select Prime Preferred Fund, UBS Select Treasury Preferred Fund, UBS Select Tax-Free Preferred Fund, UBS Select Prime Investor Fund, UBS Select Treasury Investor Fund, UBS Select Tax-Free Investor Fund, UBS Select Prime Capital Fund, UBS Select Treasury Capital Fund, UBS Select Tax-Free Capital Fund; MASTER TRUST, a series fund consisting of Prime Master Fund, Treasury Master Fund, Tax-Free Master Fund; SMA RELATIONSHIP TRUST, a series fund consisting of Series A, Series G, Series M, Series S and Series T; THE UBS FUNDS, a series fund consisting of UBS U.S. Equity Opportunity Fund, UBS U.S. Small Cap Growth Fund, UBS Emerging Markets Debt Fund, UBS Emerging Markets Equity Fund, UBS Global Allocation Fund, UBS Dynamic Alpha Fund, UBS U.S. Large Cap Equity Fund, UBS Core Plus Bond Fund, UBS Global Sustainable Equity Fund, UBS U.S. Defensive Equity Fund, UBS Asset Growth Fund, UBS Equity Long-Short Multi-

Strategy Fund, UBS Fixed Income Opportunities Fund, UBS Multi-Asset Income Fund and UBS Municipal Bond Fund; UBS RELATIONSHIP FUNDS, a series fund consisting of UBS Global Corporate Bond Relationship Fund, UBS U.S. Treasury Inflation Protected Securities Relationship Fund, UBS Global Securities Relationship Fund, UBS High Yield Relationship Fund, UBS Emerging Markets Equity Relationship Fund, UBS Cash Management Prime Relationship Fund, UBS International Equity Relationship Fund, UBS Opportunistic Emerging Markets Debt Relationship Fund, UBS Credit Bond Relationship Fund, UBS U.S. Equity Alpha Relationship Fund, UBS Global (ex-US) All Cap Growth Relationship Fund; and UBS Opportunistic Loan Relationship Fund; and FORT DEARBORN INCOME SECURITIES, INC.

WHEREAS, each Fund is a registered investment company under the Investment Company Act of 1940 (the “Act”);

WHEREAS, the insured parties are named as insureds under a joint fidelity bond (the “Bond”); and

WHEREAS, the insured parties desire to confirm the criteria by which recoveries under the Bond shall be allocated among insured parties;

NOW, THEREFORE, it is agreed as follows:

1.                                      In the event that recovery is received under the Bond as a result of a loss sustained by a Fund and one or more other insured parties, each Fund shall receive an equitable and proportionate share of the recovery in relation to the respective claims, but at least equal to the amount it would have received had it provided and maintained a single insured bond with the minimum coverage required under Rule 17g-1 under the Act.

2.                                      The obligations of a Fund under this Agreement are not binding upon any of the board members of a Fund or Fund shareholders individually, but are binding only with respect to the assets of that Fund.

3.                                      The insured parties consent to having any other registered investment company for which UBS Global Asset Management (Americas) Inc. serves as manager, investment adviser or investment sub-adviser become a party to this Agreement.

IN WITNESS WHEREOF, the insured parties have caused this Agreement to be executed by their officer(s) thereunto duly authorized.

2

3

4

5

CERTIFICATE OF THE ASSISTANT SECRETARY OF FORT DEARBORN INCOME SECURITIES,

INC. CERTIFYING RESOLUTIONS APPROVING THE JOINT FIDELITY BOND

THE UNDERSIGNED, the duly appointed Assistant Secretary of Fort Dearborn Income Securities, Inc., an Illinois corporation (the “Fund”), registered as a management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), does hereby certify that the resolutions set forth below were approved by the Board of Directors of the Fund (the “Board”), including a majority of the Directors who are not “interested persons” of the Fund, as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”), on September 25, 2014, at a meeting of the Board:

2

3

IN WITNESS WHEREOF, I have hereunto set my hand as such officer of the Fund this 17th day of October, 2014.

4