EX-99.G.1.X 2 a2162776zex-99_g1x.txt EXHIBIT 99.G.1.X EXHIBIT NO. 99.G.1.X AMENDMENT [JPMORGAN LOGO] JPMORGAN CHASE BANK 4 New York Plaza New York, NY 10004 April 27, 2005 The UBS Funds One North Wacker Drive Chicago, IL 60606 RE: AMENDMENT TO MULTIPLE SERVICES AGREEMENT EFFECTIVE MAY 9, 1997 SCHEDULES B1 AND F TO REFLECT THE ADDITION OF SERIES, NAME CHANGES TO SERIES AND ELIMINATION OF SERIES Dear Sirs: We refer to the Multiple Services Agreement effective May 9, 1997 (the "MSA") between Morgan Stanley Trust Company, which was succeeded by JPMorgan Chase Bank, and The UBS Funds. The parties hereby agree as follows: 1. "Schedule B1 - List of Series of The UBS Funds as last amended on ___________, 2004" IS REPLACED in its entirety with "Schedule B1 - List of Series of The UBS Funds as last amended on April 27, 2005" attached hereto. 2. "Schedule F - Fee Schedule for The UBS Funds as last amended on ___________, 2004" IS REPLACED in its entirety with "Schedule F - Fee Schedule for The UBS Funds as last amended on April 27, 2005," attached hereto. The MSA, as amended by this letter amendment, shall continue in full force and effect. Please evidence your acceptance of the terms of this letter by signing below and returning one copy to ________________________, J.P. Morgan Investor Services Co., 73 Tremont, Boston, MA 02108. Very truly yours, JPMORGAN CHASE BANK By: ------------------------ Name: Title: [Vice President] Accepted and Agreed: THE UBS FUNDS By: --------------------------- Name: Joseph Malone Title: Treasurer and Principal Accounting Officer SCHEDULE B1 LIST OF SERIES OF THE UBS FUNDS AS LAST AMENDED APRIL 27, 2005 UBS U.S. Bond Fund UBS High Yield Fund UBS U.S. Large Cap Equity Fund UBS U.S. Large Cap Value Equity Fund UBS U.S. Large Cap Growth Fund UBS U.S. Small Cap Equity Fund UBS U.S. Small Cap Growth Fund UBS U.S. Real Estate Equity Fund UBS Global Allocation Fund UBS Global Equity Fund UBS Global Bond Fund UBS International Equity Fund UBS Emerging Markets Debt Fund UBS Emerging Markets Equity Fund UBS Dynamic Alpha Fund UBS Absolute Return Bond Fund SCHEDULE F FEE SCHEDULE FOR THE UBS FUNDS AS LAST AMENDED APRIL 27, 2005 ACCOUNTING, ADMINISTRATION, TRANSFER AGENCY AND CUSTODY SERVICES ANNUAL FEE SCHEDULE 1. On an annual basis, 0.25 basis points of the average weekly U.S. assets of the Customer and 5.25 basis points of the average weekly non-U.S. assets of the Customer, 32.50 basis points of the average weekly emerging markets equity assets of the Customer and 1.90 basis points of the average weekly emerging markets debt assets of the Customer. There will be an annual fee of $25 for each shareholder account within The UBS Funds. An additional fee of 7.50 basis points will be charged for administrative duties. PLEASE NOTE: The additional fee of 7.50 basis points can ONLY be charged up to the extent it does not make a fund exceed its expense cap. Please see below for the expense caps of each fund within The UBS Funds, excluding all loads and 12(b)-1 fees: FUND EXPENSE CAP UBS Global Equity Fund 100 basis points UBS Global Bond Fund 90 basis points UBS U.S. Large Cap Equity Fund 105 basis points UBS U.S. Large Cap Value Equity Fund 85 basis points UBS U.S. Large Cap Growth Fund 80 basis points UBS U.S. Small Cap Equity Fund 115 basis points UBS U.S. Small Cap Growth Fund 103 basis points UBS U.S. Real Estate Equity Fund 105 basis points UBS U.S. Bond Fund 60 basis points UBS High Yield Fund 95 basis points UBS Emerging Markets Debt Fund 115 basis points UBS International Equity Fund 100 basis points UBS Emerging Markets Equity Fund 160 basis points UBS Dynamic Alpha Fund 110 basis points UBS Absolute Return Bond Fund 85 basis points SCHEDULE F AS AMENDED ON APRIL 27, 2005 NO FEE (asset based or otherwise) will be charged on any investments made by any fund into any other fund managed by UBS Global Asset Management (Americas) Inc. Fees are to be charged ONLY where actual non-UBS Global Asset Management (Americas) Inc.-sponsored investment company or series securities are held. Assets of a series which are invested in another UBS Global Asset Management (Americas) Inc.-sponsored investment company or series shall not be counted in determining whether or not the charging of the 7.50 basis points charge for administrative duties would cause a fund to exceed its fee cap and shall not be counted in determining the amount of assets subject to the 7.50 basis points. [For purposes of this Schedule F, the "average weekly U.S. assets of the customer" means the average weekly U.S. assets custodied within the United States of the Customer as calculated by the Accounting Agent for the month for which the statement reflecting the charges for a given month relates. For purposes of this Schedule F, the "average weekly non-U.S. assets of the customer" means the average weekly balance of countries included in the Morgan Stanley Capital World Ex-U.S.A. (free) Index or the Salomon Non-U.S. Government Bond Index (including assets with a country of issue of the European Economic Community and held in Euroclear or CEDEL) custodied outside the United States of the Customer as calculated by the Accounting Agent for the month for which the statement reflecting the charges for a given month relates. For purposes of this Schedule F, the "average weekly emerging markets equity assets of the customer" means the average weekly balance of the countries included in the International Finance Corporation Global Index (excluding countries included in the Morgan Stanley Capital World Ex-U.S.A. (free) Index or the Salomon Non-U.S. Government Bond Index, but including assets with a country of issue in the local market contained in such index that are held in Euroclear or CEDEL) custodied outside the United States of the Customer's emerging markets equity funds as calculated by the Accounting Agent for the month for which the statement reflecting the charges for a given month relates. For purposes of this Schedule F, the "average weekly emerging markets debt assets of the customer" means the average weekly balance of the countries included in the J.P. Morgan Emerging Markets Bond Index Plus custodied outside the United States of the Customer's emerging markets debt funds (including assets with a country of issue in the local market contained in such index that are held in Euroclear or CEDEL) as calculated by the Accounting Agent for the month for which the statement reflecting the charges for a given month relates.] Those fees include all out-of-pocket expenses or transaction charges incurred by the accountant, administrator, transfer agent and custodian with the exception of the following. SCHEDULE F AS AMENDED ON APRIL 27, 2005 The Customer will be billed directly by Other Parties for the following direct Customer expenses or transaction charges: (1) taxes; (2) salaries and other fees of officers and directors who are not officers, directors, shareholders or employees of Other Parties, or the Customer's investment adviser; (3) SEC and state Blue Sky registration and qualification fees, levies, fines and other charges; (4) EDGAR filing fees; (5) independent public accountants; (6) insurance premiums including fidelity bond premiums; (7) outside legal expenses; (8) costs of maintenance of corporate existence; (9) expenses of typesetting and printing of prospectuses for regulatory purposes and for distribution to current shareholders of the Customer; (10) expenses of printing and production costs of shareholders' reports and proxy statements and materials; (11) trade association dues and expenses; and (12) travel and lodging expenses of the Customer's directors and officers who are not directors, officers and/or employees of Other Parties. Customer will not be billed directly for any direct Customer Expenses or pay any other direct Customer expenses, unless the payment of such direct expenses is agreed to in writing by Customer. 2. Upon termination of the provision of services under this Agreement before the end of any month, the fee for the part of the month before such termination or the date after which the provision of services ceases, whichever is later, shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of such termination or the date after which the provision of the services ceases, whichever is later.