# EDGAR Filing Document

**Accession Number:** 0001847309
**File Stem:** 0001193125-25-139944
**Filing Date:** 2025-6
**Character Count:** 121775
**Document Hash:** ee8a77303f08379dfc71adb51dec2475
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-139944.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001193125-25-139944

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** US Mortgage-Backed & Income Fund for Puerto Rico Residents, Inc.
- **CENTRAL INDEX KEY:** 0001847309

**ORGANIZATION NAME:**
- **EIN:** 660647718
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23684
- **FILM NUMBER:** 251043024

**BUSINESS ADDRESS:**
- **STREET 1:** 250 MUNOZ RIVERA
- **STREET 2:** TENTH FLOOR
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 787-250-3600

**MAIL ADDRESS:**
- **STREET 1:** 250 MUNOZ RIVERA
- **STREET 2:** TENTH FLOOR
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Puerto Rico Mortgage-Backed & U.S. Government Securities Fund, Inc.
- **DATE OF NAME CHANGE:** 20210222

**As filed with the U.S. Securities and Exchange Commission on June 12, 2025** 

**1940 Act File No. 811-23684** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form N-2** 

**(Check appropriate box or boxes)** 

**REGISTRATION STATEMENT** 

***UNDER***

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| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ☐ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No.** | ☐ |

---

**and/or** 

**REGISTRATION STATEMENT** 

***UNDER***

---

| | |
|:---|:---|
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒ |
| **Amendment No. 1** | ☒ |

---

## U.S. Mortgage-Backed & Income Fund for Puerto Rico Residents, Inc.
**(Exact name of Registrant as Specified in Charter)** 

**American International Plaza Building - Tenth Floor, 250 Muñoz Rivera Avenue,** 

**San Juan, Puerto Rico 00918** 

**(Address of Principal Executive Offices)** 

**(Registrant's Telephone Number, including Area Code): (787) 773-3888** 

**Liana Loyola** 

**Secretary** 

**American International Plaza Building - Tenth Floor, 250 Muñoz Rivera Avenue,** 

**San Juan, Puerto Rico 00918** 

**Name and Address (Number, Street, City, State, Zip Code) of Agent for Service** 

***Copies to:***

---

| | |
|:---|:---|
| **Jesse C. Kean**<br> **Carla G. Teodoro**<br> **Sidley Austin LLP**<br> **787 Seventh Avenue**<br> **New York, NY 10019** | **Alexandre-Cyril Manz**<br> **UBS Financial Services Inc.**<br> **American International Plaza Building - Tenth Floor**<br> **250 Muñoz Rivera Avenue,**<br> **San Juan, Puerto Rico 00918** |

---

**Approximate Date of Proposed Public Offering:** 

AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in
reliance on Rule 415 under the Securities Act of 1933 ("1933 Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. 

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the 1933 Act. 

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the 1933 Act. 

It is proposed that this filing will become effective (check appropriate box)

☒ When declared effective pursuant to section 8(c)

It is proposed that this filing will become effective (check appropriate box)

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment][registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the 1933 Act, and the 1933 Act registration statement number of the earlier effective registration statement for the same offering is:<u> </u>.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the 1933 Act, and the 1933 Act registration statement number of the earlier effective registration statement for the same offering is:<u> </u>.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the 1933 Act, and the 1933 Act registration statement number of the earlier effective registration statement for the same offering is:<u> </u>.

Check each box that appropriately characterizes the Registrant:

☐ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the 1933 Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Ac.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

------

**EXPLANATORY NOTE** 

This Amendment No. 1 to the Registration Statement on Form N-2 (File No. 811-23684) of U.S. Mortgage-Backed & Income Fund for Puerto Rico Residents, Inc. (the "Registration Statement") is being filed solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Amendment No. 1 consists only of a facing page, this explanatory note, Part C of the Registration Statement and Exhibits g, j.1, j.2 and k.1 filed pursuant to Item 25 of the Registration Statement. This Amendment No. 1 does not modify any other part of the Registration Statement.

------

**PART C—OTHER INFORMATION** 

**Item 25: Financial Statements and Exhibits.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Contained in Part A: |
|  | Financial Highlights for the fiscal year ended [ ] to be provided by amendment. |
|  | Contained in Part B: |
|  | [Financial Statements incorporated by reference to Registrant's most recent certified Shareholder Report on Form N-CSR, filed on June 6, 2025 (File No. 811-23684)](http://www.sec.gov/Archives/edgar/data/1847309/000119312525137034/d876427dncsrs.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Exhibits: |
| &nbsp;&nbsp;&nbsp;&nbsp;a. | [Amended and Restated Certificate of Incorporation of the Registrant, dated October 28, 2004.](http://www.sec.gov/Archives/edgar/data/1847309/000119312521318673/d235724dex99a.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;b. | [By-laws of the Registrant.](http://www.sec.gov/Archives/edgar/data/1847309/000119312521318673/d235724dex99b.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;c. | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;d. | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;e. | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;f. | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;g. | [Amended and Restated Investment Advisory Agreement dated May 12, 2021 (the "Investment Advisory Agreement") is filed herewith.](d941979dex99g.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;h. | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;i. | Not applicable. |
| &nbsp;&nbsp;&nbsp; j.1 | [Custodian Agreement between Registrant and UBS Trust Company of Puerto Rico dated May 12, 2021 (the "Custodian Agreement") is filed herewith.](d941979dex99j1.htm) |
| &nbsp;&nbsp;&nbsp; j.2 | [Amended and Restated Transfer Agency, Registrar, and Shareholder Service Agreement dated May 13, 2021 between Registrant and UBS Trust Company of Puerto Rico (the "Transfer Agency Agreement") is filed herewith.](d941979dex99j2.htm) |
| &nbsp;&nbsp;&nbsp; k.1 | [Amended and Restated Administration Agreement between Registrant and UBS Trust Company of Puerto Rico dated May 12, 2021 (the "Administration Agreement") is filed herewith.](d941979dex99k1.htm) |
| &nbsp;&nbsp;&nbsp; k.2 | Form of Trust Indenture to be provided by amendment. |
| &nbsp;&nbsp;&nbsp; k.3 | Expense Limitation and Reimbursement agreements to be provided by amendment. |

---

Part C-1

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;l. | Opinion of Sanchez/LRV LLC to be provided by amendment. |
| &nbsp;&nbsp;&nbsp;&nbsp;m. | Not applicable. |
| &nbsp;&nbsp;&nbsp; n.1 | Auditor's Consent to be provided by amendment. |
| &nbsp;&nbsp;&nbsp; n.2 | Consent of Fitch Ratings to be provided by amendment. |
| &nbsp;&nbsp;&nbsp;&nbsp;o. | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;p. | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;q. | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;r. | [Code of Ethics of the Registrant is incorporated by reference to Exhibit (p)(1) of Post-Effective Amendment No. 3 of the Registration Statement on Form N-1A of U.S. Monthly Income Fund for Puerto Rico Residents, Inc. (File No. 333-259184), filed on March 30, 2022.](http://www.sec.gov/Archives/edgar/data/1843749/000119312522090049/d266256dex99p1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;s. | [Powers of Attorney dated November 12, 2021.](http://www.sec.gov/Archives/edgar/data/1847303/000119312522136839/d330201dex99s.htm) |

---

**Item 26: Marketing Arrangements.** 

Reference is made to the Underwriting Agreement and the form of Dealer Agreement for the Registrant's Notes filed as exhibits to the Registration Statement which relate to the specific issuances of Notes under the Registration Statement and filed as exhibits to the Registration Statement. Reference also is made to the information under the headings "Plan of Distribution" in the Registrant's prospectus.

**Item 27: Other Expenses of Issuance and Distribution.** 

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| | | |
|:---|:---|:---|
| Securities and Exchange Commission Registration Fees | $| [•] |
| Listing Fees | $| \* |
| Printing and Engraving Fees | $| \* |
| Legal Fees | $| \* |
| Audit Fees | $| \* |
| Rating Agency Fees | $| \* |
| Miscellaneous Expenses | $| \* |
|  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[\* To be provided by amendment.]

**Item 28: Persons Controlled by or under Common Control with Registrant.** 

[•].

**Item 29: Number of Holders of Securities.** 

As of [•], 2025:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders**  |
| Common Shares, $0.01 par value | [•] |
| [Preferred Shares | [•]] |

---

Part C-2

------

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders**  |
| [Notes | [•]] |
| [any other outstanding securities | [•]] |

---

**Item 30: Indemnification.** 

Section [•] of the Registrant's [Charter document] provides as follows:

[•]

**Item 31: Business and Other Connections of Investment Adviser.** 

[•] manages the Registrant and serves as investment adviser or manager to other open-end and closed-end management investment companies [and to separately managed accounts]. The principal business address for all of these investment companies and the persons named below is [•].

A description of any other business, profession, vocation or employment of a substantial nature in which the directors and officers of [•] who serve as officers or Directors of the Registrant have engaged during the last two years for his or her account or in the capacity of director, officer, employee, partner or trustee appears under "Management" in the SAI. Such information for the remaining senior officers appears below:

---

| | |
|:---|:---|
| **Name and Position with [the Investment Adviser]** | **Other Business, Profession, Vocation or**<br> **Employment During Past Two Years** |
|  [•] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [•] |

---

**Item 32: Location of Accounts and Records.** 

[[•], maintains the Fund's [Charter document], By-Laws, minutes of trustee and shareholder meetings, and contracts of the Registrant and all advisory material of the investment adviser.

[•] maintains all general and subsidiary ledgers, journals, trial balances, records of all portfolio purchases and sales, and all other required records not maintained by [•].]

**Item 33: Management Services.** 

[Not applicable].

**Item 34: Undertakings.** 

[Not applicable].

Part C-3

------

**SIGNATURES** 

**Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of San Juan, and Commonwealth of Puerto Rico, on the 12th day of June, 2025.** 

---

| |
|:---|
| U.S. MORTGAGE-BACKED & INCOME FUND<br>FOR PUERTO RICO RESIDENTS, INC. |
| /s/ CARLOS V. UBIÑAS |
| Carlos V. Ubiñas,<br> Chairman of the Board of Directors and President |

---

Part C-4

------

**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit  | Name |
| &nbsp;&nbsp;&nbsp;&nbsp; g. | [Investment Advisory Agreement](d941979dex99g.htm) |
| &nbsp;&nbsp;&nbsp; j.1 | [Custodian Agreement](d941979dex99j1.htm) |
| &nbsp;&nbsp;&nbsp; j.2 | [Transfer Agency, Registrar, and Shareholder Service Agreement](d941979dex99j2.htm) |
| &nbsp;&nbsp;&nbsp; k.1 | [Administration Agreement](d941979dex99k1.htm) |

---

Part C-5

## Ex-99.(G)

**Exhibit g.** 

**MORTGAGE-BACKED & US GOVERNMENT SECURITIES FUND FOR PUERTO** 

**RICO RESIDENTS, INC.** 

**AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT** 

Amended and Restated Investment Advisory Agreement (the "Agreement") made and entered into as of May 12, 2021, by and between Mortgage-Backed & US Government Securities Fund for Puerto Rico Residents, Inc. (the "Fund"), a corporation organized under the laws of the Commonwealth of Puerto Rico and a management investment company currently registering under the Investment Company Act of 1940, as amended (the "1940 Act"), and UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico (the "Adviser"), the Fund's investment adviser, currently registering under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

WHEREAS, the Fund and the Adviser initially entered into the Investment Advisory Agreement as of November 4, 2004, when the Fund was registered under the Puerto Rico Investment Companies Act and subject to the rules and regulations thereunder;

WHEREAS, the Fund is registered under the 1940 Act as a closed-end management investment company and the Adviser is registered under the Advisers Act;

WHEREAS, the Fund desires to retain the Adviser as investment adviser to furnish investment advisory services to the Fund; and

WHEREAS, the Adviser has full capacity and is willing to provide investment advisory services to the Fund on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment</u>. The Fund hereby appoints the Adviser as investment adviser of the Fund for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to render the services set forth herein for the compensation provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties as Investment Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision of the Fund's Board of Directors (the "Board"), the Adviser will provide a complete and continuous investment program for the Fund, including investment research and management with respect to all securities and investments and cash equivalents of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net price and most favorable execution, provided that, subject to the provisions of the 1940 Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act") and to the extent permitted by the Securities and Exchange Commission, (the "SEC"), the Adviser may purchase and sell portfolio securities to and from brokers who provide the Adviser with research analysis, statistical or pricing advice, or similar services. The Adviser will consider the

------

full range and quality of a broker's or dealer's services. Factors considered by the Adviser in selecting brokers and dealers may include the following: price, the broker's or dealer's facilities, the brokers or dealers reliability and financial responsibility, the ability of the broker or dealer to effect securities transactions, particularly with regard to such aspects as timing, order size and execution of orders, and the research and other services provided by that broker or dealer to the Adviser, notwithstanding that the Fund may not be the direct or exclusive beneficiary of those services. The Adviser will not be obligated to seek in advance competitive bidding or the most favorable commission rate applicable to any particular transaction for the Fund or to select any broker or dealer on the basis of its "posted" commission rate. The Adviser may cause the Fund to pay a commission for effecting a transaction for the Fund in excess of the amount another broker or dealer would have charged for effecting the transaction, provided that the Adviser determines in good faith that such commission is reasonable in relation to the value of the brokerage and/or research services provided by the broker or dealer to the Adviser. Research services furnished by the brokers or dealers through which the Fund effects securities transactions may be used by the Adviser in advising its other clients (including persons affiliated with the Adviser), and conversely, such research services furnished to the Adviser in connection with other clients may be used in advising the Fund. The Adviser will seek to allocate the opportunity to purchase or sell a security or other investment among advisory clients in accordance with the Adviser's trade allocation policies and procedures so that accounts with like investment strategies are treated fairly and equitably overtime. In the event it is not possible to obtain the same price or time of execution for all of the securities or other investments purchased or sold for the Fund, transactions for the Fund may be reported by using the average price of these transactions. The Adviser may purchase or sell the same security for more than one client on an aggregated basis to obtain a favorable price to the extent permitted by applicable law. These orders may be averaged as to price and allocated as to amount according to each client's daily purchase or sale orders or upon some other basis deemed equitable by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the 1940 Act, the Exchange Act and to the extent permitted by the SEC, the Adviser may engage on behalf of the Fund in securities and other transactions with its affiliates (or other dealers) and transactions in securities for which one of its affiliates is a member of the underwriting syndicate. In no instance will portfolio securities or other investments be purchased from or sold to the Adviser or any of its affiliates or with any party with whom the Adviser has entered into an agreement pursuant to Section 5 of this Agreement or affiliated person thereof, except in accordance with applicable law and the policies and procedures adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Adviser hereby agrees that all records which it maintains for the Fund are the property of the Fund and further agrees to surrender promptly to the Fund any such records upon the Fund's request. Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 3la-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser will provide the Fund's administrator with any assistance regarding the valuation of the Fund's portfolio investments as the latter may reasonably request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Custodian</u>. The Adviser is authorized, in its capacity as investment adviser, to give instructions to the Fund's custodian with respect to all investment decisions regarding the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties</u>. In all matters relating to the performance of this Agreement, the Adviser will act in conformity with the Fund's Certificate of Incorporation (the "Certificate"), as the Certificate may be amended from time to time, By-Laws, Code of Ethics, policies and procedures adopted by the Board, the then current prospectus, the 1940 Act and the rules and regulations thereunder, the Exchange Act and the rules and regulations thereunder, and any other applicable laws and regulations of the United States and Puerto Rico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Retention by the Adviser of a Sub-Investment Adviser</u>. The Adviser may from time to time, in its sole discretion to the extent permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Adviser, to perform investment advisory services with respect to the Fund; <u>provided</u>, <u>however</u>, that the compensation of such person or persons shall be paid by the Adviser and that the Adviser shall be as fully responsible to the Fund for the acts and omissions of any sub-adviser as it is for its own acts and omissions. The Adviser may terminate any or all sub-advisers in its sole discretion at any time to the extent permitted by applicable law. The Adviser will disclose fully to the Board in advance the terms of any agreement entered into pursuant to this Section including, but not limited to, the compensation to be paid, and will notify the Board in advance of any change in the terms of such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Services Not Exclusive</u>. The services furnished by the Adviser hereunder are not to be deemed exclusive and the Adviser shall be free to furnish smiler services to others so long as its services under this Agreement are not materially impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Adviser, who may also be a director, officer, or employee of the Fund, to engage in any other business or to devote his or her time and attention in pan to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Fund will bear all expenses incurred in the Fund's operations and the offering of the Fund's shares or any debt securities, except for such expenses specifically assumed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses borne by the Fund will include but are not be limited to the following (which shall be in addition to the fees payable to and expenses incurred on behalf of the Fund by the Adviser under this Agreement) (1) the costs (including brokerage commissions, if any) of securities purchased or sold by the Fund and any losses incurred in connection therewith, (2) organizational expenses, including legal expenses, of the Fund: (3) filing fees and expenses relating to the registration of the Fund under the 1940 Act, (4) fees and salaries payable to directors who are independent of the Adviser and any party retained pursuant to Section 5 hereof or their affiliates, (5) all expenses incurred in connection with such directors' services, including travel expenses, (6) taxes (including any income or franchise taxes) and governmental fees (including transfer taxes), (7) costs of any liability, uncollectible items of deposit and insurance or fidelity bonds, (8) any costs, expenses or losses arising out of a liability or claim for damages or other relief asserted against the Fund for violation of any law, (9) Fund legal fees and disbursements, including legal fees of special counsel for the independent directors, if one is retained, (10) accounting and auditing expenses (other than those incurred in providing comfort to the underwriter in connection with the initial public offering of the Fund's shares or an offering of

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debt securities), (11) fees and disbursements of custodians and securities depositories, administrator, transfer agent, dividend disbursing agent and registrar, and other agents, (12) expenses of printing and distributing reports to shareholders, (13) any extraordinary expenses, including reasonable fees and disbursements of litigation counsel and indemnification expenses incurred by the Fund, (14) fees, voluntary assessments and other expenses incurred in connection with membership in investment company or trade organizations, (15) costs of mailing and tabulating proxies and costs of meetings of shareholders, the Board and any committees thereof, (16) the cost of investment company literature and other publications provided to directors and officers, (17) costs of mailing, stationary and communications equipment, (18) interest charged on borrowings; and (19) the cost of preparing, printing and mailing certificates, if any, representing the Fund's shares or debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may pay directly any expense incurred by it in its normal operations and, if any such payment is consented to by the Adviser and acknowledged as otherwise payable by the Adviser pursuant to this Agreement, the Fund may reduce the fee payable to the Adviser pursuant to Section 8 hereof by such amount. To the extent that such deductions exceeds the fee payable to the Adviser on any monthly payment date, such excess shall be carried forward and deducted in the same manner from the fee payable on succeeding monthly payment dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser agrees to pay all of its own expenses incurred in connection with this Agreement, including any compensation for services provided to the Fund by the directors, officers, or employees of the Fund who are affiliated with the Adviser or its affiliates or any person hired pursuant to Section 5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The payment or assumption by the Adviser of any expense of the Fund that the Adviser is not required by this Agreement to pay or assume shall not obligate the Adviser to pay or assume the same or any similar expense of the Fund on any subsequent occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services provided and the expenses assumed pursuant to this Agreement, the Fund will pay the Adviser and the Adviser will accept as full compensation therefor a fee at the annual rates set forth on <u>Appendix A</u> attached hereto, as such appendix may be amended from time to time upon agreement in writing of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fee shall be accrued weekly and payable monthly to the Adviser on or before the last business day of the next succeeding calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement becomes effective or terminates before the end of any month, the fees for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Confidentiality</u>. The Adviser will treat confidentially and as proprietary information of the Fund all records and other information relative to the Fund, any of the Fund's prior, current or potential shareholders or noteholders, and will not use such records, and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where Adviser may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Limitation of Liability of the Adviser</u>. The Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the performance of this Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations or duties under this Agreement. The Adviser may rely on any notice or communication (written or oral) by an authorized person of the Fund reasonably believed by it to be genuine. These limitations shall not relieve the Adviser from any responsibility, obligation, or duty that the Adviser may have under state statutes, the laws of Puerto Rico, or any federal securities law which is not waivable. Any person, even though also an officer, partner, employee, or agent of the Adviser, who may be or become a director, officer, employer, or agent of the Fund shall be deemed, when rendering services to the Fund or acting with respect to any business of the Fund, to be rendering such service to or acting solely for the Fund and not as a director employee, or agent or one under the control or direction of the Adviser even though paid by it. Nothing herein shall be deemed a waiver of any rights which the Fund may have pursuant to applicable securities laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved by a majority of the directors of the Fund, including a majority of the independent directors in accordance with the requirements of the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless sooner terminated as provided herein, this Agreement shall continue in effect for one year from its effective date. Thereafter if not terminated, this Agreement shall continue for successive annual periods, provided that such continuance is specifically approved at least annually (a) by vote of a majority of those members of the Board who are not interested persons of any party to this Agreement, cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for the purpose of voting on such approval, and (b) by the Board or by vote of a majority of the outstanding voting securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of penalty, by unanimous vote of the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days' written notice to the Adviser or by the Adviser at any time, without the payment of any penalty, on 60 days' written notice to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement will automatically terminate in the event of its assignment. As used in this Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" shall have the same meanings as such terms in the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment of this Agreement</u>. No provision of this Agreement may be changed, waived, discharged or terminated orally except by an instrument signed by the party against which enforcement of the change, waiver, discharge or termination is sought. Any amendment of this Agreement shall be subject to the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the Commonwealth of Puerto Rico and in accordance with the applicable provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Miscellaneous</u>. The captions in this Agreement arc included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the panics hereto and their respective successors.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated as of the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| MORTGAGE-BACKED & US<br> GOVERNMENT SECURITIES FUND FOR<br> PUERTO RICO RESIDENTS, INC. | MORTGAGE-BACKED & US<br> GOVERNMENT SECURITIES FUND FOR<br> PUERTO RICO RESIDENTS, INC. | UBS ASSET MANAGERS OF PUERTO RICO,<br> A DIVISION OF UBS TRUST COMPANY OF<br> PUERTO RICO | UBS ASSET MANAGERS OF PUERTO RICO,<br> A DIVISION OF UBS TRUST COMPANY OF<br> PUERTO RICO |
| By: | /s/ Carlos V. Ubiñas | By: | /s/ Leslie Highley, Jr. |
| Name: | Carlos V. Ubiñas | Name: | Leslie Highley, Jr. |
| Title: | President | Title: | Managing Director |
| MORTGAGE-BACKED & US<br> GOVERNMENT SECURITIES FUND FOR<br> PUERTO RICO RESIDENTS, INC. | MORTGAGE-BACKED & US<br> GOVERNMENT SECURITIES FUND FOR<br> PUERTO RICO RESIDENTS, INC. | UBS ASSET MANAGERS OF PUERTO RICO,<br> A DIVISION OF UBS TRUST COMPANY OF<br> PUERTO RICO | UBS ASSET MANAGERS OF PUERTO RICO,<br> A DIVISION OF UBS TRUST COMPANY OF<br> PUERTO RICO |
| By: | /s/ Liana Loyola | By: | /s/ William Rivera |
| Name: | Liana Loyola | Name: | William Rivera |
| Title: | Secretary | Title: | Executive Director |

---

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**<u>Appendix A</u>** 

The Fund will pay to the Adviser, as investment adviser, an annual fee of 0.75% of the Funds average weekly gross assets (including assets purchased with the proceeds of leverage). For purposes of calculating the advisory fee hereunder, the Fund's gross assets shall be calculated pursuant to the procedures adopted by resolutions of the Board for calculating the value of the Fund's assets or delegating such calculations to third parties.

## Ex-99.(J)(1)

**Exhibit j.1** 

**CUSTODY AGREEMENT** 

CUSTODY AGREEMENT, made as of May 12, 2021 by and between **Mortgage-Backed & US Government Securities Fund for Puerto Rico Residents, Inc.**, a corporation organized under the laws of the Commonwealth of Puerto Rico and an investment company registered under the Puerto Rico Investment Companies Act (the "Fund"), and UBS Trust Company of Puerto Rico, a trust company organized and having its principal office and place of business in Puerto Rico ("UBS TC"). Capitalized terms not otherwise defined herein will have the same meaning as in the Fund's Prospectus dated on or about May, 2011.

**W I T N E S S E T H** 

WHEREAS, the Fund will deposit with UBS TC or, at the direction of UBS TC, with a sub-custodian appointed pursuant to paragraph 1. below, all of its securities, cash and other assets which with any additional securities or other property hereafter deposited with UBS TC or such sub-custodian, it shall administer in accordance with the terms and conditions hereinafter provided.

WHEREAS, the Fund desires to retain UBS TC to act as custodian in the manner and on the terms and conditions hereinafter set forth.

WHEREAS, the Fund has retained UBS Trust Company of Puerto Rico ("UBS TC") to act as Administrator and Transfer Agent in the manner and on the terms and conditions set forth in the Administration Agreement (the "Administration Agreement") and in the Transfer Agency, Registrar, and Shareholder Servicing Agreement (the "Transfer Agency Agreement").

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. UBS TC is hereby authorized to establish or cause to be established a segregated Custody Account in its name for the sole benefit of Mortgage-Backed & US Government Securities Fund for Puerto Rico Residents, Inc. (the "Account"). UBS TC, as Custodian, shall ensure the safe-keeping of any securities or other property deposited for the Account and subject at all times to the instructions of the Fund and to the terms and conditions set forth below, which shall remain in force until expressly revoked or amended in writing. UBS TC may open or direct the opening of such additional sub-accounts as the Fund may need to cover its needs. UBS TC shall ensure that the securities and other property of the Fund are maintained separate and apart from the assets of the other clients of UBS TC or any sub-custodian appointed hereunder and from the assets of UBS TC or such sub-custodian, as the case may be, and shall mark or direct the marking of such securities and other property to identify them as belonging to the Fund. UBS TC shall not be responsible for any securities or other property of the Fund not actually received by UBS TC or its authorized agent (including any sub-custodian appointed hereunder). Further to the foregoing, UBS TC has, in agreement with the Fund, retained JPMorgan ("JPM") as sub-custodian to perform the duties described in this Agreement and may retain, upon prior notification to the Fund, such other sub-custodian or third-party provider in order to enable it to carry out any of its duties and responsibilities under this Custody Agreement; however, by doing so, UBS TC will not be relieved of any of its responsibilities under this Custody Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Unless otherwise instructed to the contrary by the Fund, UBS TC shall direct JPM or any other sub-custodian appointed hereunder, including through the use of a book-entry system, depository, or an agent as each is described in Section 5 hereof, with respect to securities held hereunder and therein deposited, shall collect all principal or liquidation value and any dividends and income that may become due and payable on the securities or other property deposited hereunder and the proceeds of sale of any thereof. Any such income shall be credited to the Fund. The Fund shall bear all risk with respect to losses that arise from late or incorrect payment or collectability of any check that pertains to any such income; however, UBS TC and JPM or any other such sub-custodian shall take all reasonable steps in monitoring the timeliness and accuracy of all payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless otherwise instructed to the contrary by the Fund, UBS TC shall direct JPM or any other such sub-custodian to present for payment and collect the amount payable upon such securities that are called, but only if either UBS TC receives a written notice of such call, or notice of such call appears in one or more of the publications as may be agreed upon by the Fund and such sub-custodian as directed by UBS TC, which may be amended at any time by UBS TC or JPM or any other such custodian, without the prior notification or consent of the Fund; present for payment and collect the amount payable upon all securities that mature; surrender securities in temporary form for definitive securities; hold directly, or through an authorized book-entry system, depository, or agent or futures commission merchant ("FCM"), with respect to assets therein deposited, for the sole account of the Fund designated as such on the records of JPM or such other sub-custodian as directed by UBS TC, <u>e.g.</u>, "JPM as Sub-Custodian for the Mortgage-Backed & US Government Securities Fund for Puerto Rico Residents, Inc. and maintained in the book-entry system or a depository or by an agent, assets deposited therewith or all rights and similar property issued with respect to such assets so held for the Fund: to transfer to FCMs cash or other assets of the Fund as initial and variation margin; and to establish segregated accounts for repurchase agreements, put options, margin assets, and for such other purposes as the Fund's administrator or the Fund's investment adviser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. UBS TC shall provide the Fund with, or arrange for the provision of, monthly itemized statements of the Account for verification purposes. Such monthly statements shall show the securities and other property of the Fund in the custody or possession of JPM or any other such sub-custodian as directed by UBS TC, the book-entry system, depository or FCM, at the end of such month and all debits, credits, and transactions in the Account during such month. UBS TC will also provide the Fund a written confirmation, prepared by JPM or other sub-custodian, notice or report of the exact amount of the securities or other property in the Account, including those in a book-entry system or depository or held with an FCM, the business day following a day on which a trade is made, cash is deposited, or cash is withdrawn. Such written confirmation, notice, or report shall also specify the place and manner in which such securities and other property are being maintained. (If and when there is any change in the place and manner

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in which such securities or other property are being maintained, UBS TC shall give the Fund written notice thereof.) UBS TC shall presume that the Fund agrees with the correctness of the contents of any statement, report or notice UBS TC provides pursuant to this Agreement unless the Fund notifies UBS TC otherwise within fifteen (15) days after receipt thereof, exclusive of Saturdays, Sundays, and legal holidays in the Commonwealth of Puerto Rico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. JPM or any other such sub-custodian, as directed by UBS TC, is hereby authorized to hold any securities and other property in bearer form or nominee name. JPM or any other such sub-custodian, as directed by UBS TC, is also hereby authorized to use the book-entry system or a depositary as a participant or through an agent that is approved by the Board in accordance with rules adopted by the U.S. Securities and Exchange Commission; and assets are also authorized to be held by an FCM, in accordance with rules adopted by the Securities and Exchange Commission provided however, that UBS TC's reliance on such agent shall not relieve UBS TC of any of its responsibilities or liabilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Upon receipt of specific instructions from the Fund and not otherwise, UBS TC and JPM or any other such sub-custodian shall deliver any or all of the property held hereunder only upon delivery of payment, unless any or all of the property held hereunder is subject to a collateral or pledge agreement set forth between with the Fund whereby restrictions as to the disposition of said collateral or property have been established.

Upon instructions received from the Fund no later than 1:30 P.M. (AST), UBS TC or its agent will receive and/or deliver those securities and other property the Fund trades as part of the regular day's trading activities. UBS TC may change this schedule from time to time as circumstances may dictate upon 30 days' prior notice to the Fund. All instructions UBS TC receives after 1:30 P.M. (Atlantic Standard Time), will be acted upon that day on a best effort basis only. UBS TC will not bear any responsibility whatsoever if it or its agent is unable to deliver or receive any securities after the aforementioned deadlines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Upon receipt of specific instructions from the Fund and not otherwise, UBS TC shall direct JPM or any such other sub-custodian to disburse cash of the Fund as may be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. All property held in the Account shall be held with the care UBS TC, JPM or any such other sub-custodian exercises as to its own securities or property. With respect to the maintenance of funds with any securities depository, UBS TC, or JPM or any other sub-custodian shall exercise due care in accordance with reasonable commercial standards in ensuring the duties of the securities intermediary to obtain and thereafter maintain any financial assets of the fund and that such securities intermediary provides, promptly upon request by the fund, such reports as are available concerning the internal accounting controls and financial strength of the securities intermediary, accordance with Rule 17f-4 of the Investment Company Act of 1940. UBS TC, its officers, and employees shall not be liable to the Fund or others for any losses incurred, except by reason of acts constituting gross negligence, bad faith or willful misfeasance. UBS TC shall not be liable, except in the event of gross negligence, bad faith or willful misfeasance, for any error of fact or judgment nor for any losses the Fund incurs that arise directly or indirectly from adverse regulatory or tax changes. UBS TC shall not be liable, or responsible in any way for the genuineness or validity of any security or document delivered, received or held under this Agreement, except in any case where the lack of genuineness or validity is obvious.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. UBS TC is not under any duty to file any tax report or returns or pay any taxes due on the income and/or principal collected under the Account. UBS TC, however, will execute, as Custodian, any necessary certificates of ownership under tax laws or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. For the services performed hereunder, the Fund will reimburse UBS TC for any and all costs (including, but not limited to, any fees and expense payable to any sub-custodian) and out-of-pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. All directions or instructions with respect to the Account shall be written and signed on behalf of the Fund by at least two officers of the Fund, acting jointly, and authorized by the Board of Directors of the Fund to direct or instruct UBS TC, JPM or any other such sub-custodian with respect to the Account. Such Fund officers shall include a person who is also an officer of UBS TC. In no event shall any of such persons be officers or employees of UBS Asset Managers of Puerto Rico, a division of UBS TC, except for instructions involving delivery against payment as part of normal daily trading activities.

The identity of such Fund officers, their titles and their specimen signatures shall be certified by the Secretary or Assistant Secretary of the Fund. It is the Fund's responsibility to provide UBS TC with an updated certified authorization list as the need arises. Accordingly, UBS TC will rely upon and act on any instruction(s) received that is (are) properly authenticated in accordance with the authorization. Solely for purposes of reconciliation with monthly statements described in Section 4 hereof, the Fund shall confirm to UBS TC, JPM or other such sub-custodian by phone, fax or other computer link with access codes each instruction to receive or deliver securities or other property on a daily basis. UBS TC may or such other entity, however, in its sole discretion, accept oral, cable or telephone instructions it believes in good faith to be genuine and it shall not be liable for executing, failing to execute or for any mistake in the execution of any such orders, except in case of negligence or willful default. In addition, UBS TC shall not be liable for failing to carry out any instructions received from the Fund should UBS TC be served with a court order prohibiting or precluding it from complying with such instructions. UBS TC shall have no duty to the Fund with respect to securities affected by such a court order, and UBS TC shall be entitled to refuse to act with respect to any such securities or other property until any adverse claims affecting such securities or other property have been finally determined in a court of competent jurisdiction or settled by agreement between the parties. In addition, UBS TC shall have been furnished with written evidence satisfactory to its counsel of any such determination or settlement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. UBS TC shall maintain and preserve, and shall direct JPM or any other such sub-custodian to maintain and preserve, such books and records as the administrator of the Fund shall reasonably request, and such books and records shall be the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Fund hereby makes the following representations and warranties, each of which is true and correct on the date hereof and each of which shall survive the transactions contemplated hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. That the Fund is the sole owner, free and clear of any liens, pledges or claims whatsoever, of the Fund's
securities and other property held in the Account or has full legal rights to execute the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Fund has full right, power, and authority to execute and deliver this Agreement and to carry out the
transactions contemplated hereby. The execution, delivery, consummation and performance of this Agreement will not violate any provision of law or result in any conflict with, breach of, or default under any other instrument, agreement, order,
judgment or decree of any court or other governmental agency to which the Fund is a party, by which the Fund is a party or by which the Fund is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Fund has the requisite corporate power and authority and has taken all corporate action necessary in order
to execute and deliver this Agreement. This Agreement has been duly and validly executed and delivered by the Fund and is valid and binding upon the Fund in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In connection with the provision of services as custodian of the Fund's assets, UBS TC will not give any
advice regarding the investments of the Fund, and UBS TC will not make any recommendations with respect to the purchase or sale of any securities or the investment of any funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Fund covenants and agrees to indemnify UBS TC for, and to hold UBS TC harmless against, any loss,
liability, and expense (including reasonable counsel's fees and without limitation, the reasonable cost and expenses of defending itself against any claim of liability hereunder) relating to claims, actions or proceedings by third persons, and
incurred by it without gross negligence, willful misfeasance, or bad faith, or that may arise out of or in connection with the acceptance or administration of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. UBS TC hereby makes the following representations and warranties, each of which is true and correct on the date hereof and each of which shall survive the transactions contemplated hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. UBS TC has full right, power, and authority to execute and deliver this Agreement and to carry out the
transactions contemplated hereby. The execution, delivery, consummation, and performance of this Agreement will not violate any provision of law or result in any conflict with, breach of, or default under any other instrument, agreement, order,
judgment or decree of any court or other governmental agency to which UBS TC is a party, by which UBS TC is a party, or by which UBS TC is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. UBS TC has the requisite corporate power and authority and has taken all corporate action necessary in order to
execute and deliver this Agreement. This Agreement has been duly and validly executed and delivered by UBS TC and is valid and binding upon UBS TC in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. UBS TC will allow the Fund, its independent public accountants, or any other person designated by the Fund or by any regulatory authority with jurisdiction over the Fund to examine or verify, during regular banking hours, the securities and other property that UBS TC holds on behalf of the Fund at UBS TC premises at its San Juan, Puerto Rico offices.

Written authorization in form satisfactory to counsel to UBS TC must accompany this type of request, the Fund will bear any cost related thereto, and the Fund shall give a two-day written notice to UBS TC prior to any such examination or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Any and all notices, communications, requests, and demands that may be necessary, proper, or convenient under this Agreement, or any other related document, shall be conclusively deemed given, when given in writing, on the date they are personally delivered to the person set forth below, postage prepaid, certified return receipt requested, and addressed as set forth below:

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| | |
|:---|:---|
| To UBS TC: | 250 Muñoz Rivera Avenue |
|  | American International Plaza - 10<sup>th</sup> Floor |
|  | San Juan, Puerto Rico 00918 |
|  | Attention: Claudio Ballester, Esq. |
| To the Fund: | Mortgage-Backed & US Government Securities Fund |
|  | for Puerto Rico Residents, Inc. |
|  | UBS Trust Company of Puerto Rico |
|  | American International Plaza - 10<sup>lh</sup> Floor |
|  | 250 Muñoz Rivera Avenue |
|  | San Juan, Puerto Rico 00918 |

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Any of the parties may change the person authorized to receive any notice, demand and other communication and/or its mailing or physical address, by notifying the other party pursuant to this paragraph, as long as such person and the mailing address are within Puerto Rico.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. It is understood and agreed that UBS TC shall be under no duty to take any action other than herein specified with respect to any securities or other property at any time deposited hereunder unless UBS TC specifically agrees in writing, and no covenant or obligation shall be implied herein against UBS TC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. No party hereto shall be liable for delay in its performance or for its failure to perform any of its obligations hereunder, if such delay or failure shall result from any circumstances not reasonably within the control of the performing party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The laws of the Commonwealth of Puerto Rico shall govern this Agreement and will be binding upon UBS TC, the Fund, and their assignees or successors or legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The written instructions of either the Fund or UBS TC may terminate this Agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. This Agreement constitutes the entire understanding between the parties hereto with respect to the subject matter hereof. Only a written instrument that specifically states it is intended as a modification or amendment to this Agreement and that is executed by all parties hereto may modify or amend this Agreement. No oral statement or representation not contained herein shall have any force and effect.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date and at the place first above written.

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| | | | |
|:---|:---|:---|:---|
| **UBS TRUST COMPANY OF PUERTO RICO, AS** | **UBS TRUST COMPANY OF PUERTO RICO, AS** | **MORTGAGE-BACKED & US GOVERNMENT** | **MORTGAGE-BACKED & US GOVERNMENT** |
| **CUSTODIAN** | **CUSTODIAN** | **SECURITIES FUND FOR PUERTO RICO RESIDENTS, INC.** | **SECURITIES FUND FOR PUERTO RICO RESIDENTS, INC.** |
| By: | /s/ Héctor Sueiro | By: | /s/ Carlos V. Ubiñas |
| Name: | Héctor Sueiro | Name: | Carlos V. Ubiñas |
| Title: | Managing Director | Title: | President |
| **UBS TRUST COMPANY OF PUERTO RICO, AS CUSTODIAN** | **UBS TRUST COMPANY OF PUERTO RICO, AS CUSTODIAN** | **MORTGAGE-BACKED & US GOVERNMENT SECURITIES FUND FOR PUERTO RICO RESIDENTS, INC.** | **MORTGAGE-BACKED & US GOVERNMENT SECURITIES FUND FOR PUERTO RICO RESIDENTS, INC.** |
| By: | /s/ Claudio D. Ballester | By: | /s/ Liana Loyola |
| Name: | Claudio D. Ballester | Name: | Liana Loyola |
| Title: | Executive Director | Title: | Secretary |

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## Ex-99.(J)(2)

**Exhibit j.2** 

US MORTGAGE-BACKED & INCOME FUND FOR PUERTO RICO RESIDENTS, INC.

AMENDED AND RESTATED TRANSFER AGENCY, REGISTRAR, AND SHAREHOLDER

SERVICING AGREEMENT

THIS AMENDED AND RESTATED AGREEMENT (this "Agreement") is made and entered into as of May 13, 2021, by and between US Mortgage-Backed & Income Fund for Puerto Rico Residents, Inc. (the "Fund"), a corporation organized under the laws of the Commonwealth of Puerto Rico and an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and UBS Trust Company of Puerto Rico ("UBSTC"), a trust company duly organized and having its principal office and principal place of business in Puerto Rico.

WHEREAS, the Fund is registered under the 1940 Act as a closed-end, non-diversified management investment company;

WHEREAS, the Fund and UBSTC entered into the original agreement as of November 4, 2004, when the Fund was exempt from registration under the 1940 Act; and

WHEREAS, the Fund wishes to retain UBSTC to serve as Transfer Agent, Registrar, Dividend Disbursing Agent, and Shareholder Servicing Agent to the Fund, and UBSTC wishes to provide such services.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Authorized Person." The term 'Authorized Person' shall mean any officer of the Fund and
any other person who is duly authorized by the Fund's Board of Directors (the "Board") to give Oral Instructions and Written Instructions on behalf of the Fund. Such persons and their positions with the Fund and specimen signatures
are set forth in Exhibit A attached hereto, as such exhibit may be amended by the Fund from time to time and provided to UBSTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Oral Instructions." The term "Oral Instructions" shall mean verbal instructions received
by UBSTC from an Authorized Person by telephone or in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Shares." The term "Shares" shall mean the shares of common stock, par value $0.01 per
share, of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Written Instructions." The term "Written Instructions" shall mean written instructions
signed by an Authorized Person and received by UBSTC. The instructions may be delivered by hand, mail, telegram, cable, telex, facsimile or email.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment</u>. The Fund hereby appoints UBSTC to serve as transfer agent, registrar, dividend disbursing agent, and shareholder servicing agent to the Fund in accordance with the terms set forth in this Agreement, and UBSTC accepts such appointment and agrees to furnish such services. UBSTC may, with prior notification to the Fund, retain a sub-transfer agent or third-party provider in order to enable it to carry out any of its duties and responsibilities under this Agreement; however, by doing so, UBSTC will not be relieved of any of its duties and responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Delivery of Documents</u>. The Fund has provided or, where applicable, will provide UBSTC, as requested, with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certificate of Incorporation</u>: a copy of the Certificate of Incorporation of the Fund, and all amendments
thereto, certified by the Department of State of Puerto Rico;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By-laws</u>: a copy of the By-laws of the Fund incorporating all amendments thereto, certified by the Secretary of the Fund under the Fund's corporate seal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Specimen Share Certificates</u>: specimens of all forms of outstanding certificates evidencing Shares (the
"Stock Certificates") as approved by the Board, together with a certificate by the Secretary of the Fund as to such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Certified or authenticated copies of the resolutions of the Board approving the appointment of UBSTC to provide
the services to the Fund described herein and approving this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Copies of the Fund's [administration agreement with State Street Corporation];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Fund's underwriting agreement with UBS Financial Services Incorporated of Puerto Rico; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Copies of any and all amendments or supplements to the foregoing agreements and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compliance with Government Rules and Regulations</u>. The Fund and UBSTC, in providing services under this Agreement, undertake to comply with all applicable requirements of the United States and Puerto Rico securities laws, including the 1940 Act, the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and any other laws, rules and regulations of governmental authorities that may have jurisdiction with respect to the duties to be performed by UBSTC hereunder. Except as specifically set forth herein, UBSTC assumes no responsibility for such compliance by the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Instructions</u>. Unless otherwise provided in this Agreement, UBSTC shall act only pursuant to Oral Instructions or Written Instructions. UBSTC shall be entitled to rely upon any Oral Instructions or Written Instructions it receives from an Authorized Person pursuant to this Agreement. UBSTC may assume that any Oral Instructions or Written Instruction received hereunder is not in any way inconsistent with the provisions of organizational documents or any vote, resolution or proceeding of the Board or of the Fund's shareholders, unless and until receives Written Instructions to the contrary.

The Fund agrees to provide UBSTC Written Instructions confirming Oral Instructions so that UBSTC receives the Written Instructions by the close of business on the business day immediately following the day such Oral Instructions are received. The fact that such confirming Written Instructions are not received by UBSTC shall in no way invalidate the transactions or enforceability of the transactions authorized by the Oral Instructions. Where Oral Instructions or Written Instructions reasonably appear to have been received from an Authorized Person, UBSTC shall incur no liability to the Fund in acting upon such instructions provided that UBSTC's actions comply with the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Right to Receive Advice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Advice of the Fund</u>. If UBSTC is in doubt as to any action it should or should not take, UBSTC will
request directions or advice, including Oral Instructions or Written Instructions, from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Advice of Counsel</u>. If UBSTC shall be in doubt as to any question of law pertaining to any action it
should or should not take, UBSTC may request advice at its own cost from such counsel of its own choosing (who may be counsel for the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conflicting Advice</u>. In the event of a conflict between the directions, advice, Oral Instructions or
Written Instructions that UBSTC receives from the Fund and the advice it receives from counsel, UBSTC may rely upon and follow the advice of counsel. In the event UBSTC chooses to rely on the advice of counsel, UBSTC shall so advise the Fund and
UBSTC shall remain liable for any action or omission on the part of UBSTC which constitutes willful misfeasance, bad faith, gross negligence or reckless disregard by UBSTC of any of its duties, obligations or responsibilities under this this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Protection of UBSTC</u>. UBSTC shall be protected in any action it takes or does not take in reliance upon
directions, advice, Oral Instructions or Written Instructions it receives from the Fund or from counsel in accordance with this Agreement and which UBSTC believes, in good faith, to be consistent with those directions, advice, Oral Instructions or
Written Instructions.

Nothing in this paragraph shall be construed to impose an obligation upon UBSTC (i) to seek such directions, advice, Oral Instructions or Written Instructions, or (ii) to act in accordance with such directions, advice, Oral or Written Instructions unless otherwise required by this Agreement. Nothing in this subsection shall excuse UBSTC when an action or the omission on the part of UBSTC constitutes willful misfeasance, bad faith, gross negligence or reckless disregard

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by UBSTC of any duties, obligations or responsibilities hereunder; provided, however, to the extent UBSTC fails to carry out its duties under Section 13 of this Agreement, neither UBSTC nor its affiliates shall be liable to the Fund for any consequential, special, or indirect losses, or damages which the Fund may incur or suffer by or as a consequence of UBSTC's or its affiliates' performance of the services provided hereunder, whether or not likelihood of such losses or damages was known by UBSTC or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Records and Visits</u>. The books and records pertaining to the Fund required by the United States securities laws which are in the possession or under the control of UBSTC shall be the property of the Fund. Such books and records shall be prepared and maintained as required by the United States securities laws applicable to closed-end management investment companies registered under the 1940 Act. Authorized Persons shall have access to such books and records at all times during UBSTC's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by UBSTC to an Authorized Person at the Fund's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Compensation</u>. As compensation for services rendered by UBSTC during the term of this Agreement, the Fund will pay to UBSTC the fee set forth on Exhibit C hereto, as such exhibit may be amended from time to time by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund agrees to indemnify, defend and hold harmless UBSTC and its affiliates and their respective directors,
trustees, officers, agents and employees, from any and all claims, losses or damages arising directly or indirectly from any action or omission to act taken or omitted by or on behalf of UBSTC in connection with the provision of services to the Fund
under this Agreement, provided that in each case in which indemnification is sought, UBSTC has not acted with willful misfeasance, bad faith, gross negligence or reckless disregard of its duties, obligations or responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) UBSTC agrees to indemnify, defend and hold harmless the Fund and its affiliates and their respective directors,
trustees, officers, agents and employees, from any and all claims, losses or damages arising directly or indirectly out of UBSTC's willful misfeasance, bad faith, negligence or reckless disregard of its duties, obligations or responsibilities
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Insurance</u>. UBSTC shall maintain insurance of the types and in the amounts deemed by it to be
appropriate. To the extent that insurance policies provide for coverage of claims for liability or indemnity by the parties set forth in this Agreement, the contracts of insurance shall take precedence, and no provision of this Agreement shall be
construed to relieve an insurer of any obligation to pay claims to the Fund. UBSTC or other insured party which would otherwise be a covered claim in the absence of any provision of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 9 shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party shall keep the Confidential Information (as defined in subsection (b) below) of the other party
in confidence and will not use or disclose or allow access to or use of such Confidential Information except in connection with the activities contemplated by this Agreement or as otherwise expressly agreed in writing. Each party acknowledges that
the Confidential Information of the disclosing party will remain the sole property of such party. In complying with the first sentence of this subsection (a), each party will use the same degree of care it uses to protect its own confidential
information, but in no event less than a commercially reasonable degree of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to subsections (c) and (d) below, "Confidential Information" means (i) except to
the extent disclosure may be required by the applicable law or regulation, this Agreement and its contents, all compensation agreements, arrangements and understandings (including waivers) respecting this Agreement, disputes pertaining to the
Agreement, and information about a party's exercise of rights hereunder, performance of obligations hereunder or other conduct of a party in connection with the Agreement, in whatever form and (ii) information and data of, owned by or
about a disclosing party or its affiliates, customers, or subcontractors that may be provided to the other party or become known to the other party in the course of the relationship established by this Agreement, regardless of form or content,
including but not limited to (A) competitively sensitive material, and not generally known to the public, including, but not limited to, studies, plans, reports, surveys, summaries, documentation and analyses, regardless of form, information
about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities
of the Fund or UBSTC, their respective subsidiaries and affiliates and the customers, clients and suppliers of any of them; (B) scientific, technical or technological information, a design, process, procedure, formula, or improvement that is
commercially valuable and secret in the sense that its confidentiality affords the Fund or UBSTC a competitive advantage over its competitors; (C) a confidential or proprietary concept, documentation, report, data, specification, computer
software, source code, object code, flow chart, database, invention, know how, trade secret, whether or not patentable or copyrightable; (D) information related to security, disaster recovery, business continuity and any other operational
plans, procedures, practices and protocols, and (E) anything designated as confidential.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Information or data that would otherwise constitute Confidential Information under subsection (b) above
shall not constitute Confidential Information to the extent it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is already known to the receiving party at the time it is obtained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or becomes publicly known or available through no wrongful act of the receiving party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of
confidentiality:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is released by the protected party to a third party without restriction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) has been or is independently developed or obtained by the receiving party without reference to the Confidential
Information provided by the protected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Confidential Information of a disclosing party may be used or disclosed by the receiving party in the
circumstances set forth below but except for such permitted use or disclosure shall remain Confidential Information subject to all applicable terms of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with activities contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as required by law or regulation or pursuant to a court order, subpoena, order or request of a governmental or
regulatory or self-regulatory authority or agency, or binding discovery request in pending litigation (provided the receiving party will provide the other party written notice of such requirement or request, to the extent such notice is permitted,
and subject to proper jurisdiction, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with inquiries, examinations, audits or other reviews by a governmental, regulatory or
self-regulatory authority or agency, audits by independent auditors or requests for advice or opinions from counsel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the information or data is relevant and material to any claim or cause of action between the parties or the
defense of any claim or cause of action asserted against the receiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the exceptions in (d), each party agrees not to publicly disseminate Confidential Information of the
other party or mutual Confidential Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The provisions of this Section 10 shall survive termination of this Agreement for a period of one
(1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Security</u>. UBSTC represents and warrants that, to the best of its knowledge, the various procedures and systems which UBSTC has implemented with regard to the safeguarding from loss or damage attributable to fire, theft or any other cause (including provision for twenty-four hours a day restricted access) of the Fund's black checks, certificates, records and other data and UBSTC's equipment, facilities and other property used in the performance of its obligations hereunder are adequate, and that it will make such changes therein from time to time as in its judgment are required for the secure performance of its obligations hereunder. UBSTC shall review such systems and procedures on a periodic basis and the Fund shall have access to review these systems and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Responsibility of UBSTC</u>. UBSTC shall be under no duty to take any action on behalf of the Fund except as specifically set forth herein or as may be specifically agreed to by UBSTC in writing. UBSTC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, to act in good faith and to use its best efforts in performing services provided for under this Agreement. UBSTC shall be liable for any damages arising out of or in connection with UBSTC's performance or omission or failure to perform its duties under this Agreement to the extent such damages arise out of UBSTC's gross negligence, reckless disregard of its duties hereunder, bad faith or willful misfeasance.

Without limiting the generality of the foregoing or any other provision of this Agreement, UBSTC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and shall not be liable for (a) the validity or invalidity or authority or lack thereof of any Oral Instructions or Written Instructions, notice or other instrument which conforms to the applicable requirements of this Agreement, and which UBSTC reasonably believes to be genuine; or (b) delays or errors or loss of data occurring by reason of circumstances beyond UBSTC's control, including acts of civil or military authority, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Description of Services</u>. UBSTC shall perform the services set forth on Exhibit B, as such exhibit may be amended by the parties hereto from time to time. In addition, UBSTC shall perform the following duties as the Fund's transfer agent, registrar, dividend disbursing agent and shareholder servicing agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Dividends and Distributions</u>. Upon receipt of a resolution of the Board authorizing the declaration and
payment of dividends and distributions, UBSTC shall issue such dividends and distributions in cash or if the resolution so provides, pay such dividends and distributions in Shares, as provided in the Fund then current prospectus (the
"Prospectus") and Dividend Reinvestment Plan. Such issuance or payment shall be made after deduction and payment of the required amount of funds to be withheld in accordance with any applicable tax laws or other laws, rules or regulations.
UBSTC shall mail to the Fund's shareholders such tax forms and other information, or permissible substitute notice, relating to dividends and distributions paid by the Fund as are required to be filed and mailed by applicable law, rule or
regulation.

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Pursuant to Written Instructions UBSTC may arrange for the direct payment of cash dividends and distributions to any shareholder by the Fund's custodian, instead of UBSTC disbursing such funds to the shareholder after receipt from the Fund's custodian.

UBSTC shall prepare, maintain and file with the Puerto Rico Treasury Department, the Internal Revenue Service and/or other appropriate taxing authorities reports relating to all dividends as required by any applicable tax laws or other laws, rules or regulations.

In accordance with the Fund's Prospectus and such procedures and controls as are mutually agreed upon from time to time by and among the Fund and the Fund's custodian. UBSTC shall process applications from the Fund's shareholders relating to the Fund's Dividend Reinvestment Plan and will effect purchases of Shares in connection with the Dividend Reinvestment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Transfer Restrictions; Stock Certificates</u>. In the absence of contrary Written Instructions, UBSTC is
authorized to take the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Stock Certificates.

1) The Fund will supply UBSTC with a sufficient supply of stock certificates representing the Shares in the form approved from time to time by the Board. Such stock certificates shall be properly signed, manually or by facsimile signature, by an Authorized Person and shall bear the corporate seal or facsimile thereof of the Fund, and notwithstanding the death, resignation or removal of any officer of the Fund, such executed certificates bearing the manual or facsimile signature of such officer shall remain valid and may be issued to shareholders until UBSTC is otherwise directed by Written Instructions. 

2) UBSTC shall place a stop notice against any certificate reported to be lost or stolen and shall comply with all applicable federal regulatory and Puerto Rico law requirements for reporting such loss or alleged misappropriation. In the case of the loss or destruction of any certificate representing Shares, no new certificate shall be issued in lieu thereof, unless there shall first have been furnished an appropriate bond of indemnity issued by the surety company approved by UBSTC. 

3) Upon receipt of signed stock certificates, which shall be in proper form for transfer, and upon cancellation or destruction thereof, UBSTC shall countersign, register and issue new certificates for the same number of Shares and shall deliver them pursuant to instructions received from the transferor, and the laws of the Commonwealth of Puerto Rico and the federal securities laws relating to the transfer of Shares. 

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4) Upon receipt of the stock certificates, which shall be in proper form for transfer, together with the shareholder's instructions to hold such stock certificates for safekeeping, UBSTC shall reduce such Shares to uncertificated status, while retaining the appropriate registration in the name of the shareholder upon the transfer books. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) UBSTC agrees to furnish the Fund with (1) annual reports of its financial condition, consisting of a
balance sheet, earnings statement and any other financial information as is made public by UBSTC in connection with the foregoing and (2) semi-annually with a copy of a Statement on Standards for Attestation Engagements No. 16 (SSAE 16),
report on controls at a Service Organization or successor report issued by UBSTC's certified public accountants pursuant to Rule 17Ad-13 under the Exchange Act as filed with the Securities and Exchange
Commission (if applicable). The annual financial statements will be certified by UBSTC's certified public accountants and the posting of a current copy thereof on UBSTC's website shall be deemed to be delivery to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) UBSTC shall assist the Fund to fulfill the Fund's responsibilities under certain provisions of USA PATRIOT
Act. Sarbanes-Oxley Act, Title V of Gramm Leach Bliley Act, Securities Act, Exchange Act, and 1940 Act. including, *inter alia,* Rule 38a-1, by maintaining a compliance program that adequately covers
certain business processes relating to key activities of the transfer agent/service provider function. These business processes are anti-money laundering, certificate processing, correspondence processing, fingerprinting, lost securityholder
processing, reconciliation and control, transaction processing. customer identification, transfer agent administration, safeguarding fund assets and securities, disaster recovery and business continuity. UBSTC reserves the right to make changes
thereto as experience suggests alternative and better ways to perform the affected function provided that the affected function will not be diminished in comparison with those currently provided by UBSTC to the Fund under this Agreement. UBSTC shall
provide the Fund with written notice of any such changes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) UBSTC shall employ commercially reasonable measures to comply on behalf of a Fund with the unclaimed property
laws and regulations of the States and Territories of the United States (as defined below) ("Unclaimed Property Laws") with respect to Eligible Property (as defined below). In connection with its performance of the foregoing services
("Unclaimed Property Services"), UBSTC and its subcontractors shall be entitled to rely on the advice of counsel with respect to the unclaimed property laws and shall not be liable for conduct undertaken in accordance with such advice For
purposes of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "States and Territories of the United States" means the states of the United States of America, the
District of Columbia, Guam, Puerto Rico, U.S. Virgin Islands and any territory or commonwealth of the United States of America with a formal local government substantially equivalent to a state government which subsequent to the date of this
Agreement adopts a statute substantially similar to the Uniform Unclaimed Property Act of 1995 (or its then current successor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Eligible Property" means property beneficially owned by a person or entity other than the Fund and
held in a bank account maintained by UBSTC for or on behalf of the Fund, or property held in a shareholder account, which is (x) subject to reporting or escheat under an Unclaimed Property Law, (y) of a nature or type or classification
reasonably related to the services performed by UBSTC under this Agreement (such as cash amounts representing non- negotiated dividend checks and shares in abandoned shareholder accounts), and (z) under
the control of UBSTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Access to Policies and Procedures.</u> In connection with the Fund's obligations under Rule 38a-1 of the 1940 Act. UBSTC shall (A) provide to the Fund its policies and procedures related to the services that UBSTC is required to perform pursuant to this Agreement and summaries thereof, (B) provide the Fund e-mail notification within two (2) business days of updates to such policies and procedures, and (C) upon request but not more frequently than quarterly provide certifications with respect to such policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Authorized Shares</u>. The Fund's authorized capital stock consists of 88,000,000 shares of common stock, par value $0.01 per share and 12,000,000 shares of preferred stock, par value $0.01 per share, liquidation preference $25.00 per share. UBSTC shall record issues of all Shares and shall notify the Fund in case any proposed issue of Shares by the Fund shall result in an over-issue, In case any issue of Shares would result in an over-issue, UBSTC shall refuse to issue such Shares and shall not countersign and issue certificates for such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue until terminated by the Fund or by UBSTC on sixty (60) days' prior
written notice to the other party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the termination hereof, the Fund shall pay to UBSTC such compensation as may be due for the period prior
to the effective date of such termination. In the event that the Fund designates a successor to any of UBSTC's obligations under this Agreement, UBSTC shall, at the direction and expense of the Fund, transfer to such successor all relevant
books, records and other data established or maintained by UBSTC hereunder including, a certified list of the shareholders of the Fund with name, address, and if provided, taxpayer identification or Social Security number, and a complete record of
the account of each shareholder. To the extent that UBSTC incurs expenses related to a transfer of responsibilities to a successor, other than expenses involved in UBSTC's providing the Fund's books and records to the successors. UBSTC
shall be entitled to be reimbursed for such extraordinary expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any termination effected pursuant to this paragraph shall not affect the rights and obligations of the parties
under Section 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, this Agreement shall terminate with respect to the Fund upon the liquidation
merger into another entity, other dissolution of the Fund or upon the Fund's ceasing to be a registered closed-end investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notices</u>. All notices and other communications, other than Oral Instructions, shall be in writing or by confirming telegraph, cable, telex, facsimile or email. Notice shall be addressed (a) if to UBSTC, c/o President, American International Plaza, 9<sup>th</sup> Floor, 250 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918; (b) if to the Fund, at the address of the Fund; or (c) if to neither of the foregoing, at such other address as shall have been notified to the sender of any such notice or other communication. If the notice is sent by confirming telegram, cable, telex, facsimile or email during regular business hours, it shall be deemed to have been given immediately; if sent during a time other than regular business hours, such notice shall be deemed to have been given at the opening of the next business day. If notice is sent by first-class mail, it shall be deemed to have been given three business days after it has been mailed. If notice is sent by messenger, it shall be deemed to have been given on the day it was delivered. All postage, cable, telegram, telex and facsimile sending device charges arising from the sending of a notice hereunder shall be paid by the sender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Amendments</u>. This Agreement, or any term thereof, may be changed or waived only by a written amendment, signed by the Fund and UBSTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Assignment and Delegation</u>. UBSTC shall not assign the Agreement except by written consent of the Fund; provided, that UBSTC may, upon written notice to the Fund and at its own expense, assign its rights and delegate its duties hereunder to any wholly-owned direct or indirect subsidiary or to another third party, provided, however, that (i) the Fund provides written consent to such delegation; (ii) the assignee is qualified to act as a transfer agent, registrar, dividend disbursing agent, and shareholder servicing agent; and (iii) UBSTC and such assignee promptly provide such information as the Fund may request and respond to such questions as the Fund may ask relating to the delegation, including (without limitation) the capabilities of the assignee. The assignment and delegation of any of UBSTC's duties under this Section shall not relieve UBSTC of any of its responsibilities or liabilities under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of the Commonwealth of Puerto Rico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Further Action</u>. Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Miscellaneous</u>. This Agreement embodies the entire agreement and understanding between the parties and supersedes all prior agreements and understandings relating to the subject matter hereof, provided that the parties may embody in one or more separate documents their agreement, if any, with respect to services performed under this Agreement.

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

Nothing contained herein shall be deemed or construed to create a co-partnership or joint venture between the parties hereto and the services of UBSTC shall be rendered as an independent contractor and not as agent for the Fund.

This Agreement shall be deemed to be a contract made in the Commonwealth of Puerto Rico and governed by Puerto Rico law. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding and shall inure to the benefit of the parties hereto and their permitted successors and assigns.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below on the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| US MORTGAGE-BACKED & INCOME | US MORTGAGE-BACKED & INCOME | UBS TRUST COMPANY | UBS TRUST COMPANY |
| FUND FOR PUERTO RICO RESIDENTS, | FUND FOR PUERTO RICO RESIDENTS, | OF PUERTO RICO, as Transfer Agent, | OF PUERTO RICO, as Transfer Agent, |
| INC. | INC. | Registrar and Shareholder Servicing Agent | Registrar and Shareholder Servicing Agent |
| By: | /s/ Carlos V. Ubiñas | By: | /s/ Hećtor Suciro |
| Name: | Carlos V. Ubiñas | Name: | Hećtor Sueiro |
| Title: | President | Title: | Managing Director |
| US MORTGAGE-BACKED & INCOME | US MORTGAGE-BACKED & INCOME | UBS TRUST COMPANY | UBS TRUST COMPANY |
| FUND FOR PUERTO RICO RESIDENTS, | FUND FOR PUERTO RICO RESIDENTS, | OF PUERTO RICO, as Transfer Agent, | OF PUERTO RICO, as Transfer Agent, |
| INC. | INC. | Registrar and Shareholder Servicing Agent | Registrar and Shareholder Servicing Agent |
| By: | /s/ Liana Loyola | By: | /s/ Claudio D. Ballester |
| Name: | Liana Loyola | Name: | Claudio D. Ballester |
| Title: | Secretary | Title: | Executive Director |

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**<u>EXHIBIT A</u>** 

**<u>AUTHORIZED PERSONS</u>** 

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| | |
|:---|:---|
| **Name** | **Positions** |

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**<u>EXHIBIT B</u>** 

**<u>DESCRIPTION OF SERVICES</u>**

In addition to the services to be provided by UBSTC set forth in the Agreement above, UBSTC will also provide the following services.

(a) <u>Services Provided on an Ongoing Basis by UBSTC to the Fund, if Applicable</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Establish and maintain proper shareholder registrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare and certify stockholder lists in conjunction with proxy solicitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Countersign share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Prepare and mail to shareholders confirmation of activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provide customer liaison staff for on-line inquiry response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provide periodic shareholder lists and related statistics to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Prepare periodic mailing of year-end tax information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Perform other shareholder services as may be mutually agreed upon by the parties to this Agreement in writing
from time to time.

(b) <u>Services Provided by UBSTC under Oral Instructions or Written Instructions of the Fund</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept, post and perform shareholder transfers in accordance with applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pay dividends and other distributions and effect reinvestments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Solicit and tabulate proxies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Issue and cancel certificates.

(c) <u>Communications to Shareholders</u>. Pursuant to timely written instructions, UBSTC shall mail all
communications by the Fund to its shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Reports to shareholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Confirmations of transfers of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Monthly or quarterly statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Dividend, distribution, and reinvestment notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Proxy material; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Tax form information.

UBSTC will answer such correspondence from shareholders, securities brokers and others relating to its duties hereunder and such other correspondence as may from time to time be mutually agreed upon in writing between UBSTC and the Fund.

If requested by the Fund, UBSTC will receive and tabulate the proxy cards for the meetings of the Fund's shareholders and supply personnel to serve as inspectors of election.

(d) <u>Records</u>:. UBSTC shall maintain records of the accounts for each shareholder showing the following
information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Name, address and United States Tax Identification or Social Security Number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Number and class of shares held and number and class of shares for which certificates, if any, have been
issued, including certificate numbers and denominations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Historical information regarding the account of each shareholder, including dividends and distributions
reinvested and paid and the transfer date for all transactions in a shareholder's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any stop or restraining order placed against a shareholder's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any correspondence relating to the current maintenance of a shareholder's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Information with respect to withholdings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any information required in order for the transfer agent to perform any calculations contemplated or required
by this Agreement.

<u>(e)</u> <u>Shareholder Inspection of Stock Records</u>. Upon requests from Fund shareholders to inspect stock records,
UBSTC will notify the Fund and require instructions granting or denying such request prior to taking any action. Unless UBSTC has acted contrary to the Fund's instructions, the Fund agrees to release UBSTC from any liability for refusal of
permission for a particular shareholder to inspect the Fund's shareholder records.

<u>(f)</u> <u>Incidental Services</u>. UBSTC will provide other incidental transfer agency, registrar, dividend disbursing
agent, and shareholder servicing agency services as contemplated in the Prospectus.

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**<u>EXHIBIT C</u>**

**<u>COMPENSATION</u>**

UBSTC shall receive an annual fee at a rate equal to 0.05% of the fund's average weekly gross assets, payably monthly.

## Ex-99.(K)(1)

**Exhibit k.1** 

**MORTGAGE-BACKED & US GOVERNMENT SECURITIES FUND FOR PUERTO** 

**RICO RESIDENTS, INC.** 

**AMENDED AND RESTATED ADMINISTRATION AGREEMENT** 

AMENDED AND RESTATED ADMINISTRATION AGREEMENT, made as of the day of May 12, 2021 between Mortgage-Backed & US Government Securities Fund for Puerto Rico Residents, Inc., a corporation organized under the laws of the Commonwealth of Puerto Rico and an investment company registered under the US Investment Company Act of 1940, as amended (the "Fund"), and UBS Trust Company of Puerto Rico, a trust company duly organized and having its principal office and principal place or business in Puerto Rico (the "Administrator" or "PWTC"). Capitalized terms not otherwise defined herein will have the same meaning as in the Fund's Prospectus dated on or about May, 2021.

W I T N E S S E T H

WHEREAS, the Fund is registered under the US Investment Company Act of 1940, as amended (the "ICA") as a close-end, non-diversified investment company, and intends to sell shares of its common stock ("Shares"), preferred stock, and debt securities solely to Puerto Rico residents;

WHEREAS, the Fund has retained as investment adviser, PWTC (the "Investment Adviser"), for the purpose of investing its assets in securities and other investments and desires to retain PWTC for certain administrative services, and PWTC has full capacity and is willing to furnish such services on the terms and conditions herein set forth; and

WHEREAS, the Fund has also retained PWTC to act as Transfer Agent and Custodian, in the manner and on the terms and conditions set forth in the Transfer Agency, Registrar, and Shareholder Servicing Agreement (the "Transfer Agency Agreement") and the Custody Agreement (the "Custody Agreement"), respectively;

NOW, THEREFORE, the parties hereto agree as follows:

The Fund hereby appoints PWTC to provide the services set forth below, subject to the overall supervision of the Board of Directors of the Fund (the "Board"), for the period and on the terms set forth in this Agreement. The Administrator hereby accepts such appointment and agrees forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the supervision of the Board, the Administrator shall provide the facilities and personnel to the Fund in the performance of the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With the assistance of the Investment Adviser, oversee the weekly determination of the Fund's net asset value (in accordance with the Fund's policy as adopted from time to time by the Board) and net income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Maintain and preserve the books and records of the Fund as required by the ICA and the rules and regulations thereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist in the preparation and filing of the Fund's Puerto Rico income tax returns and any other required tax returns as prepared by the Fund's auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Review the appropriateness of and arrange for payment of the Fund's expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare for review and approval by officers of the Fund prospectus and other offering materials, marketing materials, financial information, quarterly reports, and proxy materials and prepare other communications to shareholders required by applicable law or otherwise to be sent to Fund shareholders at the request of the Fund's officers, and arrange for the printing and dissemination of such reports and communications to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Provide regulatory compliance services, including compliance with the ICA, and prepare for review and approval by the Board and officers, and file or cause to be filed, the Fund's periodic financial and other reports, forms, or filings required to be filed under the ICA, any reporting and filings required by the Securities Exchange Act of 1934 and/or the Uniform Securities Act of Puerto Rico and rules issued thereunder, and such other reports, form or filings as may be required by applicable laws and regulations or as may be mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Make reports and recommendations to the Board concerning the performance of the auditors as the Board may reasonably request or deem appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Make such reports and recommendations to the Board concerning the performance and fees of the Fund's Custodian and Transfer Agent, as the Board may reasonably request or deem appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Consult with the Board, officers, auditors, legal counsel, Custodian, and Transfer Agent in establishing the accounting policies of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Review implementation of any stock purchase or dividend reinvestment programs authorized by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Provide such assistance to the Investment Adviser, the Custodian, and the Fund's counsel and auditors as generally may be required to carry on the business and operations of the Fund properly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Respond to or refer to the Fund's officers or Transfer Agent, shareholder inquiries relating to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Provide the Fund with, or obtain for it, and maintain adequate office space and all necessary office equipment and services, including telephone service, air conditioning, utilities, stationery supplies and similar items; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Coordinate with the Fund's officers as well as provide assistance and arrange for facilities for meetings of the Fund's Board of Directors.

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All services are to be furnished through the medium of any directors, officers or employees of the Administrator as the Administrator deems appropriate in order to fulfill its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Administrator agrees to pay all its own expenses incurred in connection with this Agreement, including all salaries, fees, and expenses of the Fund's directors and officers who are affiliated persons (as that term is defined in the ICA) of the Administrator. The Administrator will not be required to pay any expenses of the Fund not expressly assumed by the Administrator in this Agreement. The Fund shall pay its expenses including, but not limited to (which shall be in addition to the fees payable to and expenses incurred on behalf of the Fund by the Administrator hereunder): (1) the costs (including brokerage commissions, if any) of securities purchased or sold by the Fund and any losses incurred in connection therewith; (2) organizational expenses, including legal expenses, of the Fund whether or not advanced by the Investment Adviser; (3) filing fees and expenses relating to the registration and qualification of the Fund under the ICA; (4) fees and salaries payable to the Fund's Investment Adviser; (5) taxes (including any income or franchise taxes) and governmental fees (including transfer taxes); (6) costs of any liability, uncollectible items of deposit, and any other insurance or fidelity bonds; (7) any costs, expenses, or losses arising out of a liability of or clam for damages or other relief asserted against the Fund for violation of any law. subject to the terms of section 6 hereof; (8) legal fees and disbursements, including legal fees of special counsel for those members of the Board of Directors who are not interested persons (as defined in the ICA), if one is retained; (9) accounting and auditing expenses (other than those incurred in providing comfort to the underwriters in connection with the initial public offering of the Shares or an offering of debt securities); (10) fees and disbursements of custodians and securities depositories, Transfer Agent, and other agents; (11) expenses of printing and distributing reports to shareholders; (12) any extraordinary expense, including reasonable fees and disbursements of litigation counsel and indemnification expenses incurred by the Fund; (13) fees, voluntary assessments and other expenses incurred in connection with membership in investment company or trade organizations; (14) costs of mailing and tabulating proxies and costs of meetings of shareholders, the Board and any committees thereof; (15) the cost of investment company literature and other publications; (16) costs of mailing, stationery, and communications equipment; (17) interest charges on borrowing; (18) the cost of preparing, printing, and mailing certificates, if any, representing Shares; (19) cost of the security pricing services used to value the Fund's assets; (20) fees and salaries payable to those members of the Board of Directors who are not interested persons (as defined in the ICA); and (21) all expenses incurred in connection with the services of those members of the Board of Directors who are not interested persons (as defined in the ICA), including travel expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the services performed and the facilities furnished hereunder, the Fund will pay PWTC an annual fee equal to 0.15% of the Fund's average weekly gross assets, payable monthly. PWTC is hereby authorized to charge the accounts opened as authorized under the Custody Agreement, the foregoing fee and any out-of-pocket incidental expenses PWTC incurs that arise out of or in connection with these agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Administrator assumes no responsibility under this Agreement other than to render the services called for hereunder. The Administrator may, with prior notification to the Fund, retain a sub-administrator or third-party provider in order to enable it to carry out any of its duties and responsibilities under this Administration Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Administrator shall not be liable to the Fund for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement, and the Fund shall indemnify the Administrator and hold it harmless from and against all damages, liabilities, cost and expenses (including reasonable attorneys' fees and amounts paid in settlement with the written consent of the Fund) incurred by the Administrator in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon any action actually or allegedly taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreements provided, however, that nothing contained herein shall protect or be deemed to protect the Administrator against or entitle or be deemed to entitle the Administrator to indemnification in respect to any liability to the Fund or its security holders to which the Administrator would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties under this Agreement, or by reason of its reckless disregard of its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement shall become effective as of the date first written above, and this Agreement shall continue in effect unless terminated as herein provided. This Agreement may be terminated by either party hereto (without penalty) at any time upon not less than 60 days' prior written notice to the other party hereto. This Agreement will automatically terminate in the event of its assignment, except that the rights and obligations hereunder may be transferred to another person if all of the following conditions are met: (i) the transferee is a person directly or indirectly controlling, controlled by or under common control with the Administrator ("Affiliate"), and (ii) such Affiliate is organized and has its principal place of business in Puerto Rico, and (iii) the Board must have received at least 60 days' prior notice of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Nothing in this Agreement shall limit or restrict the right of any employee of the Administrator to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature nor limit or restrict the right of the Administrator to engage in any other business or to render services of any kind to any other corporation, firm, individual or association. The Administrator shall be deemed to be an independent contractor, unless otherwise expressly provided or authorized by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. During the term of this Agreement, the Fund agrees to furnish the Administrator at the principal office of the Administrator prior to use thereof all prospectuses, offering memoranda, proxy statements, reports to shareholders, sales literature, or other material prepared for distribution to the public that refer in any way to the Administrator. If the Administrator reasonably objects in writing to such references within five business days (or such other time as may be mutually agreed upon) after receipt thereof, the Fund will modify such references in a manner reasonably satisfactory to the Administrator. In the event of termination of this Agreement, the Fund will continue to furnish to the Administrator copies of any of the above-mentioned materials that refer in any way to the Administrator. The Fund shall furnish or otherwise make available to the Administrator such other information relating to the business affairs of the Fund as the Administrator at any time, or from time to time, reasonably requests in order to discharge its obligations hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement may be amended only by mutual written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepared: (1) to the Administrator or American International Plaza, 9th Floor, 250 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918, Attention: President or (2) to the Fund at American International Plaza, 7th Floor, 250 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918; or (3) at such other address as either party shall designate by notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement sets forth the entire agreement and understanding of the parties hereto solely with respect to the matters covered hereby and the relationship between the Fund and PWTC as Administrator. Nothing in this Agreement shall govern, restrict or limit in any respect any other business dealings between the parties hereto unless otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement shall be governed by and construed in accordance with the laws of Puerto Rico.

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| **UBS TRUST COMPANY OF PUERTO RICO, AS ADMINISTRATOR** | **UBS TRUST COMPANY OF PUERTO RICO, AS ADMINISTRATOR** | **MORTGAGE-BACKED *&* US GOVERNMENT SECURITIES FUND FOR PUERTO RICO RESIDENTS, INC.** | **MORTGAGE-BACKED *&* US GOVERNMENT SECURITIES FUND FOR PUERTO RICO RESIDENTS, INC.** |
| By: | /s/ Héctor Sueiro | By: | /s/ Carlos V. Ubiñas |
| Name: | Héctor Sueiro | Name: | Carlos V. Ubiñas |
| Title: | Managing Director | Title: | President |
| **UBS TRUST COMPANY OF PUERTO RICO, AS ADMINISTRATOR** | **UBS TRUST COMPANY OF PUERTO RICO, AS ADMINISTRATOR** | **MORTGAGE-BACKED *&* US GOVERNMENT SECURITIES FUND FOR PUERTO RICO RESIDENTS, INC.** | **MORTGAGE-BACKED *&* US GOVERNMENT SECURITIES FUND FOR PUERTO RICO RESIDENTS, INC.** |
| By: | /s/ Claudio D. Ballester | By: | /s/ Liana Loyola |
| Name: | Claudio D. Ballester | Name: | Liana Loyola |
| Title: | Executive Director | Title: | Secretary |

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