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)

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.

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ASSISTANT SECRETARY’S CERTIFICATE

I, Keith A. Weller, being the duly appointed Vice President and Assistant Secretary of each registered investment company named on Appendix A attached hereto (each, a “Fund”), hereby certify that the resolutions set forth below were approved in accordance with each Fund’s Declaration of Trust (or Trust Instrument) or Articles of Incorporation (as appropriate), by its Board of Trustees/Directors (“Board”) on September 16-17, 2014, and that such resolutions constitute a valid action of the Board of each respective Fund:

RESOLVED, that, as discussed at this meeting, the addition of The UBS Funds—UBS Municipal Bond Fund (the “New Fund”) to the Funds’ Joint Fidelity Bond (“Fidelity Bond”) and Joint Fidelity Bond Agreement (“Agreement”) be and it hereby is, approved; and be it further

RESOLVED, that the addition of the New Fund to the Fidelity Bond discussed at this meeting be, and the same hereby is, approved, after consideration of all factors deemed relevant by the Board, including, but not limited to, the exact value of the assets of the New Fund, the type and terms of the arrangements made for the custody and safekeeping of assets of the New Fund, and the nature of the securities in the New Fund’s portfolio; and be it further

RESOLVED, that the Board, including a majority of the Independent Board Members, hereby approves any payment by the Fund of the premium for coverage under the Fidelity Bond, in the amount described at this meeting, having considered all relevant factors, including, but not limited to, the number of other parties named as insureds under the Fidelity Bond, the nature of the business activities of such other parties, the amount and premium of the Fidelity Bond, the ratable allocation of the premium among all parties named as insureds, and the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond; and be it further

RESOLVED, that the Funds’ officers be, and each of them hereby is, authorized to cause the Fund to pay its ratable allocation of the annual premium payable with respect to the Fidelity Bond and to enter into and execute, on behalf of the Fund, an agreement reflecting the provisions of the Fidelity Bond and relating to the

sharing of premiums and division of proceeds in the event of a joint fidelity loss, as required by Rule 17g-1(f) under the Investment Company Act of 1940, as amended (the “1940 Act”); and be it further

RESOLVED, that the Secretary of the Fund be, and hereby is, designated as the officer to make filings with the Securities and Exchange Commission and to give notices as may be required, from time to time, pursuant to Rule 17g-1(g) and Rule 17g-1(h) under the 1940 Act; and be it further

RESOLVED, that the Fund’s officers be, and each of them hereby is, authorized and directed to amend the Fidelity Bond, and to execute such other documents and take such other actions as may be required or appropriate to effect the intent of the foregoing resolutions.

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RESOLVED, that the appropriate officers of the Fund be, and each hereby is, authorized to take such further steps and to prepare, execute and file, as appropriate, such documents as he or she may deem to be necessary or appropriate to implement the foregoing resolutions.

Dated as of October 17, 2014