Document:

Exhibit No. 4(c)

                        INTERIM INVESTMENT MANAGEMENT AND
                             ADMINISTRATION CONTRACT

     Contract made as of October 10, 2000, between PAINEWEBBER MANAGED
INVESTMENTS TRUST, a Massachusetts business trust ("Trust"), and MITCHELL
HUTCHINS ASSET MANAGEMENT INC. ("Mitchell Hutchins"), a Delaware corporation
registered as an investment adviser under the Investment Advisers Act of 1940,
as amended ("Advisers Act"), and as a broker-dealer under the Securities
Exchange Act of 1934, as amended ("1934 Act");

     WHEREAS the Trust is registered under the Investment Company Act of 1940,
as amended ("1940 Act"), as an open-end management investment company, and is
authorized to offer for public sale distinct series of shares of beneficial
interest; and

     WHEREAS the Trust desires and intends to have one or more investment
advisers ("Sub-Advisers") provide investment advisory and portfolio management
services with respect to the series of shares of beneficial interest of the
Trust designated as PaineWebber U.S. Government Income Fund, PaineWebber
Investment Grade Income Fund, PaineWebber High Income Fund and PaineWebber
Tax-Managed Equity Fund (each a "Series"); and

     WHEREAS the Trust desires to retain Mitchell Hutchins as investment manager
and administrator to furnish certain administrative and portfolio management
services to the Trust with respect to the Series, and Mitchell Hutchins is
willing to furnish such services;

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

     1. APPOINTMENT. The Trust hereby appoints Mitchell Hutchins as investment
manager and administrator of the Trust and each Series for the period and on the
terms set forth in this Contract. Mitchell Hutchins accepts such appointment and
agrees to render the services herein set forth, for the compensation herein
provided.

     2. DUTIES AS INVESTMENT MANAGER; APPOINTMENT OF SUB-ADVISERS

     (a) Subject to the oversight and direction of the Trust's Board of Trustees
("Board"), Mitchell Hutchins will provide to the Trust investment management
evaluation services principally by performing initial reviews of prospective
Sub-Advisers for each Series and supervising and monitoring performance of the
Sub-Advisers thereafter. Mitchell Hutchins agrees to report to the Trust the
results of its evaluation, supervision and monitoring functions and to keep
certain books and records of the Trust in connection therewith. Mitchell
Hutchins further agrees to communicate performance expectations and evaluations
to the Sub-Advisers, and to recommend to the Trust whether agreements with
Sub-Advisers should be renewed, modified or terminated.

     (b) Mitchell Hutchins is responsible for informing the Sub-Advisers of the
investment objective(s), policies and restrictions of the Series for which the
Sub-Adviser is responsible, for informing or ascertaining that it is aware of
other legal and regulatory responsibilities applicable to the Sub-Adviser with
respect to the Series for which the Sub-Adviser is responsible, and for

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monitoring the Sub-Advisers' discharge of their duties; but Mitchell Hutchins is
not responsible for the specific actions (or inactions) of a Sub-Adviser in the
performance of the duties assigned to it.

     (c) With respect to each Sub-Adviser for a Series, Mitchell Hutchins shall
enter into an agreement ("Sub-Advisory Agreement") with the Sub-Adviser in
substantially the form previously approved by the Board.

     (d) Mitchell Hutchins shall be responsible for the fees payable to and
shall pay the Sub-Adviser of a Series the fee as specified in the Sub-Advisory
Agreement relating thereto.

     3. DUTIES AS ADMINISTRATOR. Mitchell Hutchins will administer the affairs
of the Trust and Series subject to the oversight and direction of the Board and
the following understandings:

     (a) Mitchell Hutchins will supervise all aspects of the operations of the
Trust and the Series, including oversight of transfer agency, custodial and
accounting services, except as hereinafter set forth; provided, however, that
nothing herein contained shall be deemed to relieve or deprive the Board of its
responsibility for and control of the conduct of the affairs of the Trust and
the Series.

     (b) Mitchell Hutchins will provide the Trust and the Series with such
corporate, administrative and clerical personnel (including officers of the
Trust) and services as are reasonably deemed necessary or advisable by the
Board, including the maintenance of certain books and records of the Trust and
Series.

     (c) Mitchell Hutchins will arrange, but not pay, for the periodic
preparation, updating, filing and dissemination (as applicable) of the Trust's
Registration Statement, proxy material, tax returns and required reports to
shareholders of the Series and the Securities and Exchange Commission and other
appropriate federal or state regulatory authorities.

     (d) Mitchell Hutchins will provide the Trust and the Series with, or obtain
for it, adequate office space and all necessary office equipment and services,
including telephone service, heat, utilities, stationery supplies and similar
items.

     (e) Mitchell Hutchins will provide the Board on a regular basis with
economic and investment analyses and reports and make available to the Board
upon request any economic, statistical and investment services normally
available to institutional or other customers of Mitchell Hutchins.

     4. FURTHER DUTIES. In all matters relating to the performance of this
Contract, Mitchell Hutchins will act in conformity with the Declaration of
Trust, By-Laws and the currently effective registration statement of the Trust
and any amendments or supplements thereto ("Registration Statement") and with
the instructions and directions of the Board and will comply with the
requirements of the 1940 Act, the Advisers Act, and the rules under each, and
all other applicable federal and state laws and regulations.

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     5. SERVICES NOT EXCLUSIVE. The services furnished by Mitchell Hutchins
hereunder are not to be deemed exclusive and Mitchell Hutchins shall be free to
furnish similar services to others so long as its services under this Contract
are not impaired thereby. Nothing in this Contract shall limit or restrict the
right of any director, officer or employee of Mitchell Hutchins, who may also be
a Trustee, officer or employee of the Trust, 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 other business, whether of a similar nature or a dissimilar
nature.

     6. EXPENSES.

     (a) During the term of this Contract, each Series will bear all expenses,
not specifically assumed by Mitchell Hutchins, incurred in its operations and
the offering of its shares.

     (b) Expenses borne by each Series will include but not be limited to the
following (or the Series' proportionate share of the following): (i) the cost
(including brokerage commissions) of securities purchased or sold by the Series
and any losses incurred in connection therewith; (ii) fees payable to and
expenses incurred on behalf of the Series by Mitchell Hutchins under this
Contract; (iii) filing fees and expenses relating to the registrations and
qualification of the Series' shares and the Trust under federal and/or state
securities laws and maintaining such registration and qualifications; (iv) fees
and salaries payable to the Trust's Trustees and officers who are not interested
persons of the Trust or Mitchell Hutchins; (v) all expenses incurred in
connection with the Trustees' services, including travel expenses; (vi) taxes
(including any income or franchise taxes) and governmental fees; (vii) costs of
any liability, uncollectible items of deposit and other insurance and fidelity
bonds; (viii) any costs, expenses or losses arising out of a liability of or
claim for damages or other relief asserted against the Trust or the Series for
violation of any law; (ix) legal, accounting and auditing expenses, including
legal fees of special counsel for those Trustees of the Trust who are not
interested persons of the Trust; (x) charges of custodians, transfer agents and
other agents; (xi) costs of preparing share certificates; (xii) expenses of
setting in type and printing prospectuses and supplements thereto, statements of
additional information and supplements thereto, reports and proxy materials for
existing shareholders; (xiii) costs of mailing prospectuses and supplements
thereto, statements of additional information and supplements thereto, reports
and proxy materials to existing shareholders; (xiv) any extraordinary expenses
(including fees and disbursements of counsel, costs of actions, suits or
proceedings to which the Trust is a party and the expenses the Trust may incur
as a result of its legal obligation to provide indemnification to its officers,
Trustees, agents and shareholders) incurred by the Trust or the Series; (xv)
fees, voluntary assessments and other expenses incurred in connection with
membership in investment company organizations; (xvi) costs of mailing and
tabulating proxies and costs of meetings of shareholders, the Board and any
committees thereof; (xvii) the cost of investment company literature and other
publications provided by the Trust to its Trustees and officers; (xviii) costs
of mailing, stationery and communications equipment; (xix) expenses incident to
any dividend, withdrawal or redemption options; (xx) charges and expenses of any
outside pricing service used to value portfolio securities; (xxi) interest on
borrowings of the Trust; and (xxii) fees or expenses related to license
agreements with respect to securities indices.

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     (c) The Trust or a Series may pay directly any expenses incurred by it in
its normal operations and, if any such payment is consented to by Mitchell
Hutchins and acknowledged as otherwise payable by Mitchell Hutchins pursuant to
this Contract, a Series may reduce the fee payable to Mitchell Hutchins pursuant
to Paragraph 7 thereof by such amount. To the extent that such deductions exceed
the fee payable to Mitchell Hutchins 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.

     (d) Mitchell Hutchins will assume the cost of any compensation for services
provided to the Trust received by the officers of the Trust and by those
Trustees who are interested persons of the Trust.

     (e) The payment or assumption by Mitchell Hutchins of any expenses of the
Trust or a Series that Mitchell Hutchins is not required by this Contract to pay
or assume shall not obligate Mitchell Hutchins to pay or assume the same or any
similar expense of the Trust or a Series on any subsequent occasion.

     7. COMPENSATION.

     (a) For the services provided and the expenses assumed pursuant to this
Contract, with respect to the Series, the Trust will pay to Mitchell Hutchins a
fee, computed daily and paid monthly, at an annual rate as set forth below,
expressed as a percentage of average daily net assets of the applicable Series:

           PaineWebber U.S. Government Income Fund..........0.50%
           PaineWebber Investment Grade Income Fund.........0.50%
           PaineWebber High Income Fund.....................0.50%
           PaineWebber Tax-Managed Equity Fund..............0.75%

     (b) The fee shall be computed daily and paid monthly to Mitchell Hutchins
on or before the first business day of the next succeeding calendar month.

     (c) If this Contract becomes effective or terminates before the end of any
month, the fee for the period from the effective day 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.

     8. LIMITATION OF LIABILITY OF MITCHELL HUTCHINS. Mitchell Hutchins and its
officers, directors, employees and delegates, including any Sub-Adviser to a
Series, shall not be liable for any error of judgment or mistake of law or for
any loss suffered by the Trust, the Series or any of its shareholders, in
connection with the matters to which this Contract relates, except to the extent
that such a loss results 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 and duties under this Contract. Any person, even though also an
officer, director, employee, or agent of Mitchell Hutchins, who may be or become
an officer, Trustee, employee or agent of the Trust shall be deemed, when
rendering services to a Series or the Trust or acting with respect to any

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business of the Series or the Trust, to be rendering such service to or acting
solely for the Series or the Trust and not as an officer, director, employee, or
agent or one under the control or direction of Mitchell Hutchins even though
paid by it.

     9. LIMITATION OF LIABILITY OF THE TRUSTEES AND SHAREHOLDERS OF THE TRUST.
The Trustees of the Trust and the shareholders of any Series shall not be liable
for any obligations of any Series or the Trust under this Agreement and Mitchell
Hutchins agrees that, in asserting any rights or claims under this Agreement, it
shall look only to the assets and property of the Trust in settlement of such
right or claim, and not to such Trustees or shareholders.

     10. DURATION AND TERMINATION.

     (a) This Contract shall become effective for each Series upon the day and
year first written above, provided that this Contract has been approved for the
Series by a vote of a majority of those Trustees of the Trust who are not
parties to this Contract or interested persons of any such party cast at a
meeting called for the purpose of voting on such approval and in which the
Trustees may participate by any means of communication that allows all Trustees
participating to hear each other simultaneously during the meeting.

     (b) Unless sooner terminated as provided herein, this Contract shall
continue in effect for the Series for a period of 150 days after the day and
year first above written.

     (c) Notwithstanding the foregoing, with respect to a Series, this Contract
may be terminated at any time, without the payment of any penalty, by vote of
the Board or by a vote of a majority of the outstanding voting securities of the
Series on ten days' written notice to Mitchell Hutchins and may be terminated by
Mitchell Hutchins at any time, without the payment of any penalty, on sixty
days' written notice to the Trust. Termination of this Contract with respect to
a Series shall in no way affect the continued validity of this Contract or the
performance thereunder with respect to any other Series.

     11. AMENDMENT OF THIS CONTRACT. No provision of this Contract may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought, and no amendment of this contract as to a
Series shall be effective until approved by vote of the Independent Trustees or
a majority of the Series' outstanding voting securities.

     12. GOVERNING LAW. This Contract shall be construed in accordance with the
laws of the State of New York, without giving effect to the conflicts of laws
principles thereof, and in accordance with the 1940 Act, provided, however, that
section 9 above will be construed in accordance with the laws of the
Commonwealth of Massachusetts. To the extent that the applicable laws of the
State of New York or the Commonwealth of Massachusetts conflict with the
applicable provisions of the 1940 Act, the latter shall control.

     13. MISCELLANEOUS. The captions in this Contract 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. If any
provision of this Contract shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Contract shall not be affected
thereby. This Contract shall be binding upon and shall inure to the benefit of
the parties hereto

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and their respective successors. As used in this Contract, the terms "majority
of the outstanding voting securities," "affiliated person," "interested person,"
"assignment," "broker," "investment adviser," "national securities exchange,"
"net assets," "prospectus," "sale," "sell" and "security" shall have the same
meaning as such terms have in the 1940 Act, subject to such exemption as may be
granted by the Securities and Exchange Commission by any rule, regulation or
order. Where the effect of a requirement of the 1940 Act reflected in any
provision of this contract is relaxed by a rule, regulation or order of the
Securities and Exchange Commission, whether of special or general application,
such provision shall be deemed to incorporate the effect of such rule,
regulation or order.

     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.

                                          PAINEWEBBER MANAGED INVESTMENTS TRUST

Attest: /s/ CRISTINA PARADISO             By  /s/ DIANNE E. O'DONNELL
        ---------------------                 --------------------------------
        Assistant Secretary               Name: Dianne E. O'Donnell
                                          Title: Vice President and Secretary

                                          MITCHELL HUTCHINS ASSET
                                          MANAGEMENT INC.

Attest: /s/ KEITH A. WELLER               By  /s/ AMY R. DOBERMAN
        --------------------                  --------------------------------
        First Vice President              Name: Amy R. Doberman
        Associate General Counsel         Title: Senior Vice President
                                          and General Counsel

                                       6Exhibit No. 4(i)

                          INTERIM SUB-ADVISORY CONTRACT

     Agreement made as of October 10, 2000 ("Contract") between MITCHELL
HUTCHINS ASSET MANAGEMENT INC., a Delaware corporation ("Mitchell Hutchins"),
and PACIFIC INVESTMENT MANAGEMENT COMPANY LLC, a Delaware limited liability
company ("Sub-Adviser").

                                    RECITALS

     (1) Mitchell Hutchins has entered into an Interim Investment Management and
Administration Agreement, dated October 10, 2000 ("Management Agreement"), with
PaineWebber Managed Investments Trust ("Trust"), an open-end management
investment company registered under the Investment Company Act of 1940, as
amended ("1940 Act"), with respect to the series of the Trust designated as
PaineWebber U.S. Government Income Fund ("Series");

     (2) Mitchell Hutchins wishes to retain the Sub-Adviser to furnish certain
investment advisory services to Mitchell Hutchins and the Series; and

     (3) The Sub-Adviser is willing to furnish such services;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, Mitchell Hutchins and the Sub-Adviser agree as follows:

     1. APPOINTMENT. Mitchell Hutchins hereby appoints the Sub-Adviser as an
investment sub-adviser with respect to the Series for the period
and on the terms set forth in this Contract. The Sub-Adviser accepts that
appointment and agrees to render the services herein set forth, for the
compensation herein provided.

     2. DUTIES AS SUB-ADVISER.

     (a) Subject to the supervision and direction of the Trust's Board of
Trustees ("Board") and review by Mitchell Hutchins, and any written guidelines
adopted by the Board or Mitchell Hutchins, the Sub-Adviser will provide a
continuous investment program for all or a designated portion of the assets
("Segment") of the Series, including investment research and discretionary
management with respect to all securities and investments and cash equivalents
in the Series or Segment. The Sub-Adviser will determine from time to time what
investments will be purchased, retained or sold by the Series or Segment. The
Sub-Adviser will be responsible for placing purchase and sell orders for
investments and for other related transactions for the Series or Segment. The
Sub-Adviser will be responsible for voting proxies of issuers of securities held
by the Series or Segment. The Sub-Adviser understands that the Series' assets
need to be managed so as to permit it to qualify or to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code, as
amended ("Code"). The Sub-Adviser will provide services under this Contract in
accordance with the Series' investment objective, policies and restrictions as
stated in the Series' Prospectus and in the Trust's currently effective
registration statement under the 1940 Act, and any amendments or supplements
thereto ("Registration Statement").

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     (b) The Sub-Adviser agrees that, in placing orders with brokers, it will
attempt to obtain the best net result in terms of price and execution; provided
that, on behalf of the Series, the Sub-Adviser may, in its discretion, use
brokers that provide the Sub-Adviser with research, analysis, advice and similar
services to execute portfolio transactions on behalf of the Series or Segment,
and the Sub-Adviser may pay to those brokers in return for brokerage and
research services a higher commission than may be charged by other brokers,
subject to the Sub-Adviser's determining in good faith that such commission is
reasonable in terms either of the particular transaction or of the overall
responsibility of the Sub-Adviser to the Series or and its other clients and
that the total commissions paid by the Series or Segment will be reasonable in
relation to the benefits to the Series over the long term. In no instance will
portfolio securities be purchased from or sold to Mitchell Hutchins or the
Sub-Adviser, or any affiliated person thereof, except in accordance with the
federal securities laws and the rules and regulations thereunder. The
Sub-Adviser may aggregate sales and purchase orders with respect to the assets
of the Series or Segment with similar orders being made simultaneously for other
accounts advised by the Sub-Adviser or its affiliates. Whenever the Sub-Adviser
simultaneously places orders to purchase or sell the same security on behalf of
the Series and one or more other accounts advised by the Sub-Adviser, the orders
will be allocated as to price and amount among all such accounts in a manner
believed to be equitable over time to each account. Mitchell Hutchins recognizes
that in some cases this procedure may adversely affect the results obtained for
the Series or Segment. The Sub-Adviser is authorized on behalf of the Series and
Segment to enter into agreements and execute any documents required to make
investments pursuant to the Prospectus, as such Prospectus may be amended from
time to time.

     (c) The Sub-Adviser will maintain all books and records required to be
maintained pursuant to the 1940 Act and the rules and regulations promulgated
thereunder with respect to transactions by the Sub-Adviser on behalf of the
Series or Segment, and will furnish the Board and Mitchell Hutchins with such
periodic and special reports as the Board or Mitchell Hutchins reasonably may
request. In compliance with the requirements of Rule 31a-3 under the 1940 Act,
the Sub-Adviser hereby agrees that all records that it maintains for the Series
are the property of the Trust, agrees to preserve for the periods prescribed by
Rule 31a-2 under the 1940 Act any records that it maintains for the Trust and
that are required to be maintained by Rule 31a-1 under the 1940 Act, and further
agrees to surrender promptly to the Trust any records that it maintains for the
Series upon request by the Trust.

     (d) At such times as shall be reasonably requested by the Board or Mitchell
Hutchins, the Sub-Adviser will provide the Board and Mitchell Hutchins with
economic and investment analyses and reports as well as quarterly reports
setting forth the performance of the Series or Segment and make available to the
Board and Mitchell Hutchins any economic, statistical and investment services
that the Sub-Adviser normally makes available to its institutional or other
customers.

     (e) In accordance with procedures adopted by the Board, as amended from
time to time, the Sub-Adviser is responsible for assisting in the fair valuation
of all portfolio securities in the Series or Segment and will use its reasonable
efforts to arrange for the provision of a price from one or more parties
independent of the Sub-Adviser for each portfolio security for which the
custodian does not obtain prices in the ordinary course of business from an
automated pricing service.

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     3. FURTHER DUTIES. In all matters relating to the performance of this
Contract, the Sub-Adviser will seek to act in conformity with the Trust's Trust
Instrument, By-Laws and Registration Statement and with the written instructions
and written directions of the Board and Mitchell Hutchins; and will comply with
the requirements of the 1940 Act and the Investment Advisers Act of 1940, as
amended ("Advisers Act") and the rules under each, Subchapter M of the Internal
Revenue Code ("Code"), as applicable to regulated investment companies; and all
other federal and state laws and regulations applicable to the Trust and the
Series. Mitchell Hutchins agrees to provide to the Sub-Adviser copies of the
Trust's Trust Instrument, By-Laws, Registration Statement, written instructions
and directions of the Board and Mitchell Hutchins, and any amendments or
supplements to any of these materials as soon as practicable after such
materials become available; and further agrees to identify to the Sub-Adviser in
writing any broker-dealers that are affiliated with Mitchell Hutchins (other
than PaineWebber Incorporated and Mitchell Hutchins itself).

     4. EXPENSES. During the term of this Contract, the Sub-Adviser will bear
all expenses incurred by it in connection with its services under this Contract.
The Sub-Adviser shall not be responsible for any expenses incurred by the Trust,
the Series or Mitchell Hutchins.

     5. COMPENSATION.

     (a) For the services provided and the expenses assumed by the
Sub-Adviser pursuant to this Contract,  Mitchell Hutchins,  not the Series, will
pay to the Sub-Adviser a sub-advisory fee,  computed daily and paid monthly,  at
an annual  rate of  0.225% of the  average  daily  net  assets of the  Series or
Segment (computed in the manner specified in the Management  Agreement) and will
provide the Sub-Adviser  with a schedule showing the manner in which the fee was
computed.  If the  Sub-Adviser is managing a Segment,  its fees will be based on
the value of assets of the Series within the Sub-Adviser's Segment.

     (b) The fee shall be accrued daily and payable monthly to the Sub-Adviser
on or before the last business day of the next succeeding calendar month.

     (c) If this Contract becomes effective or terminates before the end of any
month, the fee 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 pro-rated according to the proportion that such period bears to the
full month in which such effectiveness or termination occurs.

     6. LIMITATION OF LIABILITY.

     (a) The Sub-Adviser shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Series, the Trust, its
shareholders or by Mitchell Hutchins in connection with the matters to which
this Contract relates, except 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 and duties under this Contract.

     (b) In no event will the Sub-Adviser have any responsibilities for any
other series of the Trust, for any portion of the Series' investments not
managed by the Sub-Adviser or for the acts or omissions of any other sub-adviser
to the Trust or Series.

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     In particular, in the event the Sub-Adviser shall manage only a portion of
the Series' investments, the Sub-Adviser shall have no responsibility for the
Series' being in violation of any applicable law or regulation or investment
policy or restriction applicable to the Series as a whole or for the Series'
failing to qualify as a regulated investment company under the Code, if the
securities and other holdings of the Segment managed by the Sub-Adviser are such
that such Segment would not be in such violation or fail to so qualify if such
segment were deemed a separate series of the Trust or a separate "regulated
investment company" under the Code.

     Nothing in this section shall be deemed a limitation or waiver of any
obligation or duty that may not by law be limited or waived.

     7. REPRESENTATIONS OF SUB-ADVISER. The Sub-Adviser represents, warrants and
agrees as follows:

     (a) The Sub-Adviser (i) is registered as an investment adviser under the
Advisers Act and will continue to be so registered for so long as this Contract
remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act
from performing the services contemplated by this Contract; (iii) has met and
will seek to continue to meet for so long as this Contract remains in effect,
any other applicable federal or state requirements, or the applicable
requirements of any regulatory or industry self-regulatory agency necessary to
be met in order to perform the services contemplated by this Contract; (iv) has
the authority to enter into and perform the services contemplated by this
Contract; and (v) will promptly notify Mitchell Hutchins of the occurrence of
any event that would disqualify the Sub-Adviser from serving as an investment
adviser of an investment company pursuant to Section 9(a) of the 1940 Act or
otherwise.

     (b) The Sub-Adviser has adopted a written code of ethics and appropriate
procedures complying with the requirements of Rule 17j-1 under the 1940 Act and
will provide Mitchell Hutchins and the Board with a copy of such code of ethics,
together with evidence of its adoption. Within fifteen days of the end of the
last calendar quarter of each year that this Contract is in effect, the
president or a vice president of the Sub-Adviser shall certify to Mitchell
Hutchins that the Sub-Adviser has complied with the requirements of Rule 17j-1
during the previous year and that there has been no material violation of the
Sub-Adviser's code of ethics or, if such a violation has occurred, that
appropriate action was taken in response to such violation. Upon the written
request of Mitchell Hutchins, the Sub-Adviser shall permit Mitchell Hutchins,
its employees or its agents to examine the reports required to be made by the
Sub-Adviser pursuant to Rule 17j-1 and all other records relevant to the
Sub-Adviser's code of ethics.

     (c) The Sub-Adviser has provided Mitchell Hutchins with a copy of its Form
ADV, as most recently filed with the Securities and Exchange Commission ("SEC")
and promptly will furnish a copy of all amendments to Mitchell Hutchins at least
annually.

     (d) The Sub-Adviser will notify Mitchell Hutchins of any change of control
of the Sub-Adviser, including any change of its general partners or 25%
shareholders or 25% limited partners, as applicable, and any changes in the key
personnel who are either the portfolio manager(s) of the Series or senior
management of the Sub-Adviser, in each case prior to, or promptly after, such
change.

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     (e) The Sub-Adviser agrees that neither it, nor any of its affiliates, will
in any way refer directly or indirectly to its relationship with the Series, the
Trust, Mitchell Hutchins or any of their respective affiliates in offering,
marketing or other promotional materials without the prior express written
consent of Mitchell Hutchins.

     8. REPRESENTATIONS OF MITCHELL HUTCHINS. Mitchell Hutchins represents that
(i) the Trust was duly organized as a Massachusetts business trust under the
laws of the Commonwealth of Massachusetts, (ii) the appointment of the
Sub-Adviser has been duly authorized and (iii) the Trust has acted and will
continue to act in conformity with the 1940 Act and other applicable laws.

     9. SERVICES NOT EXCLUSIVE. The services furnished by the Sub-Adviser
hereunder are not to be deemed exclusive and the Sub-Adviser shall be free to
furnish similar services to others so long as its services under this Contract
are not impaired thereby or unless otherwise agreed to by the parties hereunder
in writing. Nothing in this Contract shall limit or restrict the right of any
trustee, director, officer or employee of the Sub-Adviser, who may also be a
Trustee, officer or employee of the Trust, 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 other business, whether of a similar nature or a dissimilar nature.

     10. DURATION AND TERMINATION.

     (a) This Contract shall become effective upon the day and year first
written above, provided that this Contract has been approved for the Series by a
vote of a majority of those Trustees of the Trust who are not parties to this
Contract or interested persons of any such party ("Independent Trustees") cast
at a meeting called for the purpose of voting on such approval and in which the
Trustees may participate by any means of communication that allows all Trustees
participating to hear each other simultaneously during the meeting.

     (b) Unless sooner terminated as provided herein, this Contract shall
continue in effect for a period of 150 days after the day and year first above
written.

     (c) Notwithstanding the foregoing, with respect to the Series, this
Contract may be terminated at any time, without the payment of any penalty, by
vote of the Board or by a vote of a majority of the outstanding voting
securities of the Series on ten days' written notice to the Sub-Adviser and may
be terminated by the Sub-Adviser at any time, without the payment of any
penalty, on sixty days' written notice to Mitchell Hutchins. The Contract may
also be terminated, without payment of penalty, by Mitchell Hutchins (i) upon
material breach by the Sub-Adviser of any of the representations and warranties
set forth in Paragraph 7 of this Contract, if such breach shall not have been
cured within a 20 day period after notice of such breach or (ii) if, in the
reasonable judgment of Mitchell Hutchins, the Sub-Adviser becomes unable to
discharge its duties and obligations under this Contract, including
circumstances such as financial insolvency of the Sub-Adviser or other
circumstances that could adversely affect the Series.

     11. AMENDMENT OF THIS CONTRACT. No provision of this Contract may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against whom enforcement of the change, waiver,
discharge or termination is sought. To the extent

                                       5
<PAGE>

required by applicable law, no amendment of this Contract as to the Series
shall be effective until approved by vote of the Independent Trustees or a
majority of the Series' outstanding voting securities.

     12. GOVERNING LAW. This Contract shall be construed in accordance with the
1940 Act and the laws of the State of New York, without giving effect to the
conflicts of laws principles thereof. To the extent that the applicable laws of
the State of New York conflict with the applicable provisions of the 1940 Act,
the latter shall control.

     13. MISCELLANEOUS. The captions in this Contract 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. If any
provision of this Contract shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Contract shall not be affected
thereby. This Contract shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors. As used in this Contract,
the terms "majority of the outstanding voting securities," "affiliated person,"
"interested person," "assignment," "broker," "investment adviser," "net assets,"
"sale," "sell" and "security" shall have the same meaning as such terms have in
the 1940 Act, subject to such exemption as may be granted by the SEC by any
rule, regulation or order. Where the effect of a requirement of the federal
securities laws reflected in any provision of this Contract is made less
restrictive by a rule, regulation or order of the SEC, whether of special or
general application, such provision shall be deemed to incorporate the effect of
such rule, regulation or order. This Contract may be signed in counterpart.

     14. NOTICES. Any notice herein required is to be in writing and is deemed
to have been given to the Sub-Adviser or Mitchell Hutchins upon receipt of the
same at their respective addresses set forth below. All written notices required
or permitted to be given under this Contract will be delivered by personal
service, by postage mail - return receipt requested or by facsimile machine or a
similar means of same day delivery which provides evidence of receipt (with a
confirming copy by mail as set forth herein). All notices provided to Mitchell
Hutchins will be sent to the attention of Dianne E. O'Donnell, Deputy General
Counsel. All notices provided to the Sub-Adviser will be sent to the attention
of Seth R. Ruthen, Senior Vice President, with a copy to the Chief Legal
Officer.

                                       6

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized signatories as of the date and year first
above written.

                                   MITCHELL HUTCHINS ASSET
                                   MANAGEMENT INC.
                                   51 West 52nd Street
Attest:                            New York, New York  10019-6114

By: /s/ KEITH A. WELLER            By:  /s/ DIANNE E. O'DONNELL
    -------------------                 -----------------------
    Name:  Keith A. Weller              Name:  Dianne E. O'Donnell
    Title:  First Vice President        Title:  Deputy General Counsel

                                        PACIFIC  INVESTMENT MANAGEMENT
                                        COMPANY LLC
                                        840 Newport Center Drive, Suite 300
                                        Newport  Beach, California 92660
Attest:

By: /s/ MELISSA FEJDASZ            By:  /s/ WILLIAM R. BENZ, II
    -------------------                 -----------------------
    Name:  Melissa Fejdasz              Name:  William R. Benz, II
    Title:                              Title:  Managing Director

                                       7

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