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UBS Select Prime Preferred FundUBS Select Government Preferred FundUBS Select Treasury Preferred FundProspectus | August 28, 2017

Ticker symbols:

UBS Select Prime Preferred Fund SPPXXUBS Select Government Preferred Fund SGPXXUBS Select Treasury Preferred Fund STPXX

As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved thefunds’ shares or determined whether this prospectus is complete or accurate. To state otherwise is acrime.

Not FDIC Insured. May lose value. No bank guarantee.

Contents

The fundsWhat every investor should know about the funds

Fund summariesUBS Select Prime Preferred Fund 3UBS Select Government Preferred Fund 9UBS Select Treasury Preferred Fund 13

More information about the funds 19

Your investmentInformation for managing your fund accountManaging your fund account 25—Buying shares—Selling shares—Exchanging shares—Transfer of account limitations—Additional information about your account—Market timing—Pricing and valuation

Additional informationAdditional important information about the fundsManagement 38Dividends and taxes 40Disclosure of portfolio holdings and other information 42Financial highlights 44Appendix A: Additional information regarding purchases and redemptions 48Where to learn more about the funds Back cover

Please find the UBS family of funds privacy notice on page 49. Please find the UBS AssetManagement business continuity planning overview on page 51.

The funds are not a complete or balanced investment program.

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UBS Select Prime Preferred FundFund summary

Investment objectiveMaximum current income consistent with liquidity and the preservation of capital.

Fees and expenses of the fundThese tables describe the fees and expenses that you may pay if you buy and hold shares of the fund.

Shareholder fees (fees paid directly from your investment)

Maximum front-end sales charge (load) imposed on purchases None

Maximum deferred sales charge (load) None

Annual fund operating expenses (expenses that you pay each year as a percentage of the value ofyour investment)*

Management fees 0.18%

Distribution and/or service (12b-1) fees None

Other expenses** None

Total annual fund operating expenses 0.18

Fee waiver1 0.04

Total annual fund operating expenses after fee waiver1 0.14

* The fund invests in securities through an underlying master fund, Prime Master Fund. This table reflects the direct expenses of the fund and its share ofexpenses of Prime Master Fund, including management fees allocated from Prime Master Fund. Management fees are comprised of investment advisoryand administration fees.

** “Other expenses” do not include miscellaneous expenses, such as trustee expenses, for which UBS Asset Management (Americas) Inc. (“UBS AM”)reimburses the fund. These other expenses are expected to be less than 0.01% of the average daily net assets of the fund.

1 The fund and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is contractually obligated to waive its managementfees so that the total ordinary operating expenses of the fund through August 31, 2018, do not exceed 0.14%. The fee waiver agreement may be termi-nated by the fund’s board at any time and also will terminate automatically upon the expiration or termination of the fund’s contract with UBS AM.

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ExampleThis example is intended to help you compare the cost of investing in the fund with the cost of investing inother mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indi-cated and then redeem all of your shares at the end of those periods. The example also assumes that yourinvestment has a 5% return each year and that the fund’s operating expenses remain the same.*

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 year 3 years 5 years 10 years

UBS Select Prime Preferred Fund $14 $54 $97 $226

* Except that the expenses reflect the effects of the fund’s fee waiver agreement for the first year only.

Principal strategiesPrincipal investmentsThe fund is a money market fund that calculates its net asset value to four decimals (e.g., $1.0000) usingmarket-based pricing. As a result, its share price will fluctuate. The fund seeks to achieve its objective byinvesting in a diversified portfolio of high quality money market instruments of governmental and privateissuers. These may include:

• short-term obligations of the US government and its agencies and instrumentalities;• repurchase agreements;• obligations of issuers in the financial services group of industries;• commercial paper, other corporate obligations and asset-backed securities; and• municipal money market instruments.

Money market instruments generally are short-term debt obligations and similar securities. They also mayinclude longer-term bonds that have variable interest rates or other special features that give them thefinancial characteristics of short-term debt. The fund invests in foreign money market instruments only ifthey are denominated in US dollars. The fund will, under normal circumstances, invest more than 25% ofits total assets in the financial services group of industries.

The fund invests in securities through an underlying master fund. The fund and its corresponding masterfund have the same objective. Unless otherwise indicated, references to the fund include the master fund.

The fund may be subject to the possible imposition of a liquidity fee and/or temporary redemption gateshould certain triggering events occur.

Management processUBS Asset Management (Americas) Inc. (“UBS AM”) acts as the investment advisor. As investment advisor,UBS AM makes the fund’s investment decisions. UBS AM selects money market instruments for the fundbased on its assessment of relative values and changes in market and economic conditions.

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UBS AM considers safety of principal and liquidity in selecting securities for the fund and thus may not buysecurities that pay the highest yield.

Principal risksAll investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its invest-ment objective.

You could lose money by investing in the fund. Because the share price of the fund will fluctuate, whenyou sell your shares they may be worth more or less than what you originally paid for them. Also, the fundmay impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if thefund’s liquidity falls below required minimums because of market conditions or other factors. An invest-ment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. The fund’s sponsor has no legal obligation to provide financial support to the fund,and you should not expect that the sponsor will provide financial support to the fund at any time.

Money market instruments generally have a low risk of loss, but they are not risk-free. The principal riskspresented by an investment in the fund are:

Credit risk: Issuers of money market instruments may fail to make payments when due, or they maybecome less willing or less able to do so.

Concentration risk: The fund will invest a significant portion of its assets in securities issued by compa-nies in the financial services group of industries, including US banking, non-US banking, broker-dealers,insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities.Accordingly, the fund will be more susceptible to developments that affect those industries than otherfunds that do not concentrate their investments.

Financial services sector risk: Investments of the fund in the financial services sector may be particularlyaffected by economic cycles, business developments, interest rate changes and regulatory changes.

Foreign investing risk: The value of the fund’s investments in foreign securities may fall due to adversepolitical, social and economic developments abroad. However, because the fund’s foreign investmentsmust be denominated in US dollars, it generally is not subject to the risk of changes in currency valuations.

US Government securities risk: There are different types of US government securities with different lev-els of credit risk, including the risk of default, depending on the nature of the particular government sup-port for that security. For example, a US government-sponsored entity, such as Federal National MortgageAssociation (“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac”), although char-tered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed bythe US Treasury and are therefore riskier than those that are.

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Market risk: The risk that the market value of the fund’s investments may fluctuate, sometimes rapidly orunpredictably, as the markets fluctuate, which may affect the fund’s share price. Market risk may affect asingle issuer, industry, or sector of the economy, or it may affect the market as a whole. Moreover, chang-ing market, economic and political conditions in one country or geographic region could adversely impactmarket, economic and political conditions in other countries or regions.

Interest rate risk: The value of the fund’s investments generally will fall when interest rates rise, and itsyield will tend to lag behind prevailing rates. The risks associated with rising interest rates may be morepronounced going forward due to the end of an extended period of historically low rates.

Liquidity risk: Although the fund invests in a diversified portfolio of high quality instruments, the fund’sinvestments may become less liquid as a result of market developments or adverse investor perception.

Management risk: The risk that the investment strategies, techniques and risk analyses employed by theadvisor may not produce the desired results.

Municipal securities risk: Municipal securities are subject to interest rate and credit risks. The ability of amunicipal issuer to make payments and the value of municipal securities can be affected by uncertaintiesin the municipal securities market. Such uncertainties could cause increased volatility in the municipal secu-rities market and could negatively impact the fund’s net asset value and/or the distributions paid by thefund. Municipalities continue to experience difficulties in the current economic and political environment.

PerformanceRisk/return bar chart and tableThe following bar chart and table provide information about the fund’s performance and thus give someindication of the risks of an investment in the fund.

The bar chart shows how the fund’s performance has varied from year to year.

The table that follows the bar chart shows the average annual returns over the various time periods for thefund’s shares.

The fund’s past performance does not necessarily indicate how the fund will perform in the future.

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Total return (2008 was the fund’s first full calendar year of operations)

UBS Select Prime Preferred Fund Annual Total Returns

0

1

2

3

4%

0.49%0.19% 0.17% 0.18% 0.09%

2012 20132011201020092008

0.52%

2016

0.06%

2014

0.12%

2015

2.88%

Calendar Year

Total return January 1 to June 30, 2017: 0.50%Best quarter during years shown—1Q 2008: 0.95%Worst quarter during years shown—1Q 2014: 0.01%

Updated performance information is available by contacting your Financial Advisor or by calling1-888-793 8637 (Option #1) and is available on the fund’s Web site athttps://www.ubs.com/usmoneymarketfunds.

Average annual total returns (for the periods ended December 31, 2016)

One year 0.52%

Five years 0.19

Life of fund (inception date 8/28/07) 0.69

Investment advisorUBS AM serves as the investment advisor to the fund.

Purchase & sale of fund sharesIf you are buying or selling fund shares directly, you may do so by calling the fund’s transfer agent at1-888-547 FUND. You may also buy and sell fund shares through financial intermediaries who are autho-rized to accept purchase and sales orders on behalf of the fund. This includes the ability to buy fund sharesthrough a UBS Financial Services Inc. Financial Advisor using that firm’s automated order entry system. Theminimum investment level for initial purchases generally is $99,000,000. Subsequent purchases, and pur-chases through exchanges, are not subject to a minimum investment level. Shares of the fund may beredeemed in the same manner as they were purchased (i.e., directly or through a financial intermediary,including through UBS Financial Services Inc.’s automated order entry system). Shares can be purchased

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and redeemed on any business day on which the Federal Reserve Bank of New York, the New York StockExchange and the principal bond markets (as recommended by the Securities Industry and Financial Mar-kets Association) are open (unless a liquidity fee and/or temporary redemption gate has been imposedunder exceptional circumstances).

Tax informationThe dividends and distributions you receive from the fund are taxable and will generally be taxed as ordi-nary income, capital gains or some combination of both, unless you hold shares through a tax-exemptaccount or plan, such as an individual retirement account or 401(k) plan, in which case dividends and dis-tributions on your shares generally will be taxed when withdrawn from the tax-exempt account or plan.

Payments to broker-dealers and other financial intermediariesIf you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fundand its related companies may pay the intermediary for the sale of fund shares and related services. Thesepayments may create a conflict of interest by influencing the broker-dealer or other intermediary and yourfinancial advisor to recommend the fund over another investment. Ask your financial advisor or visit yourfinancial intermediary’s Web site for more information.

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UBS Select Government Preferred FundFund summary











Fee waiver1 0.04


* The fund invests in securities through an underlying master fund, Government Master Fund. This table reflects the direct expenses of the fund and itsshare of expenses of Government Master Fund, including management fees allocated from Government Master Fund. Management fees are comprisedof investment advisory and administration fees.



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UBS Select Government Preferred Fund $14 $54 $97 $226


Principal strategiesPrincipal investmentsThe fund is a money market fund and seeks to maintain a stable price of $1.00 per share. To do this, thefund invests in a diversified portfolio of high quality, US government money market instruments and inrelated repurchase agreements.

Money market instruments generally are short-term debt obligations and similar securities. They also mayinclude longer-term bonds that have variable interest rates or other special features that give them the finan-cial characteristics of short-term debt. The fund has adopted a policy to invest 99.5% or more of its totalassets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collater-alized by cash and/or government securities) in order to qualify as a “government money market fund”under federal regulations. By operating as a government money market fund, the fund is exempt fromrequirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While thefund’s board may elect to subject the fund to liquidity fee and gate requirements in the future, the board hasnot elected to do so at this time. Many US government money market instruments pay income that is gener-ally exempt from state and local income tax, although they may be subject to corporate franchise tax in somestates. In addition, under normal circumstances, the fund invests at least 80% of its net assets in US govern-ment securities, including government securities subject to repurchase agreements.

The fund may invest a significant percentage of its assets in repurchase agreements. Repurchase agree-ments are transactions in which the fund purchases government securities and simultaneously commits toresell them to the same counterparty at a future time and at a price reflecting a market rate of interest.Income from repurchase agreements may not be exempt from state and local income taxation. Repur-chase agreements often offer a higher yield than investments directly in government securities. In decidingwhether an investment in a repurchase agreement is more attractive than a direct investment in govern-ment securities, the fund considers the possible loss of this tax advantage.


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You could lose money by investing in the fund. Although the fund seeks to preserve the value of yourinvestment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insuredor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’ssponsor has no legal obligation to provide financial support to the fund, and you should not expect thatthe sponsor will provide financial support to the fund at any time.




Market risk: The risk that the market value of the fund’s investments may fluctuate, sometimes rapidly orunpredictably, as the markets fluctuate, which may affect the fund’s ability to maintain a $1.00 shareprice. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the mar-ket as a whole. Moreover, changing market, economic and political conditions in one country or geo-graphic region could adversely impact market, economic and political conditions in other countries orregions.


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Liquidity risk: Although the fund invests in a diversified portfolio of high quality instruments, the fund’sinvestments may become less liquid as a result of market developments or adverse investor perception.


PerformanceThere is no performance information quoted for the fund as the fund has not yet operated for a full calen-dar year as of the date of this prospectus.


Purchase & sale of fund sharesIf you are buying or selling fund shares directly, you may do so by calling the fund’s transfer agent at1-888-547 FUND. You may also buy and sell fund shares through financial intermediaries who are autho-rized to accept purchase and sales orders on behalf of the fund. This includes the ability to buy fund sharesthrough a UBS Financial Services Inc. Financial Advisor using that firm’s automated order entry system. Theminimum investment level for initial purchases generally is $50,000,000. Subsequent purchases, and pur-chases through exchanges, are not subject to a minimum investment level. Shares of the fund may beredeemed in the same manner as they were purchased (i.e., directly or through a financial intermediary,including through UBS Financial Services Inc.’s automated order entry system). Shares can be purchasedand redeemed on any business day on which the Federal Reserve Bank of New York, the New York StockExchange and the principal bond markets (as recommended by the Securities Industry and Financial Mar-kets Association) are open.



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UBS Select Treasury Preferred FundFund summary











Fee waiver1 0.04


* The fund invests in securities through an underlying master fund, Treasury Master Fund. This table reflects the direct expenses of the fund and its shareof expenses of Treasury Master Fund, including management fees allocated from Treasury Master Fund. Management fees are comprised of investmentadvisory and administration fees.



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UBS Select Treasury Preferred Fund $14 $54 $97 $226


Principal strategiesPrincipal investmentsThe fund is a money market fund and seeks to maintain a stable price of $1.00 per share. To do this,under normal circumstances, the fund invests in a diversified portfolio of high quality, US Treasury moneymarket instruments and in related repurchase agreements.

Money market instruments generally are short-term debt obligations and similar securities. They also mayinclude longer-term bonds that have variable interest rates or other special features that give them thefinancial characteristics of short-term debt. The fund has adopted a policy to invest 99.5% or more of itstotal assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e.,collateralized by cash and/or government securities) in order to qualify as a “government money marketfund” under federal regulations. By operating as a government money market fund, the fund is exemptfrom requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. Whilethe fund’s board may elect to subject the fund to liquidity fee and gate requirements in the future, theboard has not elected to do so at this time. In addition, in order to be a “Treasury” fund, under normalcircumstances, the fund seeks to achieve its objective by investing at least 80% of its net assets (plus theamount of any borrowing for investment purposes) in securities issued by the US Treasury and in relatedrepurchase agreements. For purposes of this policy, repurchase agreements are those that are collateral-ized fully by securities issued by the US Treasury and cash. Under normal circumstances, the fund expectsto invest substantially all of its assets in securities issued by the US Treasury and in related repurchaseagreements. Many US government money market instruments pay income that is generally exempt fromstate and local income tax, although they may be subject to corporate franchise tax in some states.

The fund may invest a significant percentage of its assets in repurchase agreements. Repurchase agree-ments are transactions in which the fund purchases securities issued by the US Treasury and simultane-ously commits to resell them to the same counterparty at a future time and at a price reflecting a marketrate of interest. Income from repurchase agreements may not be exempt from state and local income tax-ation. Repurchase agreements often offer a higher yield than investments directly in securities issued by

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the US Treasury. In deciding whether an investment in a repurchase agreement is more attractive than adirect investment in securities issued by the US Treasury, the fund considers the possible loss of this taxadvantage.

Money market instruments generally are short-term debt obligations and similar securities. They also mayinclude longer-term bonds that have variable interest rates or other special features that give them thefinancial characteristics of short-term debt.





You could lose money by investing in the fund. Although the fund seeks to preserve the value of yourinvestment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insuredor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’ssponsor has no legal obligation to provide financial support to the fund, and you should not expect thatthe sponsor will provide financial support to the fund at any time.




15

Market risk: The risk that the market value of the fund’s investments may fluctuate, sometimes rapidly orunpredictably, as the markets fluctuate, which may affect the fund’s ability to maintain a $1.00 shareprice. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect themarket as a whole. Moreover, changing market, economic and political conditions in one country or geo-graphic region could adversely impact market, economic and political conditions in other countries orregions.


Liquidity risk: Although the fund invests in securities issued by the US Treasury and in related repurchaseagreements, the fund’s investments may become less liquid as a result of market developments or adverseinvestor perception.


PerformanceRisk/return bar chart and tableThe following bar chart and table provide information about the fund’s performance and thus give someindication of the risks of an investment in the fund.

The bar chart shows how the fund’s performance has varied from year to year.

The table that follows the bar chart shows the average annual returns over the various time periods for thefund’s shares.

The fund’s past performance does not necessarily indicate how the fund will perform in the future.

16

Total return (2008 was the fund’s first full calendar year of operations)

UBS Select Treasury Preferred Fund Annual Total Returns

0

1

2

3

4%

0.13% 0.06% 0.01% 0.02%

2012 20132011201020092008

0.22%0.01%

2016

0.02%

20152014

0.01%

1.62%

Calendar Year

Total return January 1 to June 30, 2017: 0.29%Best quarter during years shown—1Q 2008: 0.62%Worst quarter during years shown—1Q 2014; 1Q 2015: 0.00% (Actual total returns were 0.0025%)

Updated performance information is available by contacting your Financial Advisor or by calling1-888-793 8637 (Option #1) and is available on the fund’s Web site athttps://www.ubs.com/usmoneymarketfunds.

Average annual total returns (for the periods ended December 31, 2016)

One year 0.22%

Five years 0.06

Life of fund (inception date 8/28/07) 0.38


Purchase & sale of fund sharesIf you are buying or selling fund shares directly, you may do so by calling the fund’s transfer agent at1-888-547 FUND. You may also buy and sell fund shares through financial intermediaries who are autho-rized to accept purchase and sales orders on behalf of the fund. This includes the ability to buy fund sharesthrough a UBS Financial Services Inc. Financial Advisor using that firm’s automated order entry system. Theminimum investment level for initial purchases generally is $50,000,000. Subsequent purchases, and pur-chases through exchanges, are not subject to a minimum investment level. Shares of the fund may beredeemed in the same manner as they were purchased (i.e., directly or through a financial intermediary,

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including through UBS Financial Services Inc.’s automated order entry system). Shares can be purchasedand redeemed on any business day on which the Federal Reserve Bank of New York, the New York StockExchange and the principal bond markets (as recommended by the Securities Industry and Financial Mar-kets Association) are open.



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UBS Money Series

More information about the funds

Additional information about the investmentobjectivesEach fund’s investment objective may not bechanged without shareholder approval.

Additional information about investmentstrategiesUBS Select Prime Preferred Fund seeks to achieve itsinvestment objective by investing in a diversifiedportfolio of high quality money market instrumentsof governmental and private issuers, which mayinclude short-term obligations of the US govern-ment and its instrumentalities; repurchase agree-ments; obligations of issuers in the financial servicesgroup of industries; commercial paper, other corpo-rate obligations and asset-backed securities; andmunicipal money market instruments.

UBS Select Prime Preferred Fund calculates its net assetvalue to four decimals (e.g., $1.0000) using market-based pricing, and its share price will fluctuate.

UBS Select Prime Preferred Fund will, under normalcircumstances, invest more than 25% of its totalassets in the financial services group of industries.UBS Select Prime Preferred Fund may, however,invest less than 25% of its total assets in this groupof industries as a temporary defensive measure.

UBS Select Prime Preferred Fund may be subject tothe possible imposition of a liquidity fee and/ortemporary redemption gate should certain trigger-ing events occur.

UBS Select Government Preferred Fund seeks toachieve its investment objective by investing in adiversified portfolio of high quality, US governmentmoney market instruments and in related repur-chase agreements, which generally are short-term

debt obligations and similar securities. They alsomay include longer-term bonds that have variableinterest rates or other special features that givethem the financial characteristics of short-termdebt. Many US government money market instru-ments pay income that is generally exempt fromstate and local income tax, although they may besubject to corporate franchise tax in some states.UBS Select Government Preferred Fund may investa significant percentage of its assets in repurchaseagreements. Repurchase agreements are transac-tions in which the fund purchases governmentsecurities and simultaneously commits to resellthem to the same counterparty at a future time andat a price reflecting a market rate of interest.Income from repurchase agreements may not beexempt from state and local income taxation.Repurchase agreements often offer a higher yieldthan investments directly in government securities.In deciding whether an investment in a repurchaseagreement is more attractive than a direct invest-ment in government securities, the fund considersthe possible loss of this tax advantage.

UBS Select Government Preferred Fund’s board hasdetermined that the fund will operate as a “govern-ment money market fund” pursuant to Rule 2a-7under the Investment Company Act of 1940, asamended (“Rule 2a-7”). Therefore, the fund hasadopted a policy to invest 99.5% or more of its totalassets in cash, government securities, and/or repur-chase agreements that are collateralized fully (i.e., col-lateralized with cash and/or government securities). Asa “government money market fund,” the fund (1) ispermitted to use the amortized cost method of valua-tion to seek to maintain a $1.00 share price, and (2) isnot subject to a liquidity fee and/or a redemption gateon fund redemptions which might apply to other typesof funds should certain triggering events specified in

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UBS Money Series

Rule 2a-7 occur. (In conformance with Rule 2a-7, UBSSelect Government Preferred Fund’s board hasreserved its ability to change this policy with respect toliquidity fees and/or redemption gates, but suchchange would only become effective after sharehold-ers were provided with specific advance notice of achange in the fund’s policy and have the opportunityto redeem their shares in accordance with Rule 2a-7before the policy change became effective.)

In addition, under normal circumstances, UBS SelectGovernment Preferred Fund invests at least 80% ofits net assets in US government securities, includinggovernment securities subject to repurchase agree-ments. UBS Select Government Preferred Fund’s80% policy is a “non-fundamental” policy. Thismeans that this investment policy may be changedby the fund’s board without shareholder approval.However, UBS Select Government Preferred Fundhas also adopted a policy to provide its sharehold-ers with at least 60 days’ prior written notice of anychange to the 80% investment policy.

UBS Select Treasury Preferred Fund seeks to achieveits investment objective by investing at least 80% ofits net assets (plus the amount of any borrowing forinvestment purposes) in securities issued by the USTreasury and in related repurchase agreements.While under normal circumstances UBS Select Trea-sury Preferred Fund expects to invest substantiallyall of its assets in securities issued by the US Trea-sury and in related repurchase agreements, underunusual circumstances, the fund may invest a por-tion of its assets in other types of governmentsecurities.

UBS Select Treasury Preferred Fund’s board hasdetermined that the fund will operate as a “govern-ment money market fund” under Rule 2a-7. There-fore, in addition to the 80% policy referencedabove, the fund has adopted a policy to invest

99.5% or more of its total assets in cash, govern-ment securities, and/or repurchase agreements thatare collateralized fully (i.e., collateralized with cashand/or government securities). As a “governmentmoney market fund” under Rule 2a-7, the fund(1) is permitted to use the amortized cost methodof valuation to seek to maintain a $1.00 shareprice, and (2) is not subject to a liquidity fee and/ora redemption gate on fund redemptions whichmight apply to other types of funds should certaintriggering events specified in Rule 2a-7 occur. (Inconformance with Rule 2a-7, UBS Select TreasuryPreferred Fund’s board has reserved its ability tochange this policy with respect to liquidity fees and/or redemption gates, but such change would onlybecome effective after shareholders were providedwith specific advance notice of a change in thefund’s policy and have the opportunity to redeemtheir shares in accordance with Rule 2a-7 beforethe policy change became effective.)

UBS Select Treasury Preferred Fund’s 80% policy isa “non-fundamental” policy. This means that thisinvestment policy may be changed by the fund’sboard without shareholder approval. However, UBSSelect Treasury Preferred Fund has also adopted apolicy to provide its shareholders with at least60 days’ prior written notice of any change to the80% investment policy.

Like all money market funds, each of the funds issubject to maturity, quality, diversification andliquidity requirements pursuant to Rule 2a-7. Eachof the funds’ investment strategies are designed tocomply with these requirements. Each of the fundsmay invest in high quality, short-term, US dollar-denominated money market instruments paying afixed, variable or floating interest rate.

UBS AM may use a number of professional moneymanagement techniques to respond to changing

20

UBS Money Series

economic and money market conditions and toshifts in fiscal and monetary policy. These tech-niques include varying each fund’s composition andweighted average maturity based upon UBS AM’sassessment of the relative values of various moneymarket instruments and future interest rate pat-terns. UBS AM also may buy or sell money marketinstruments to take advantage of yield differences.

Each of the funds may maintain a rating from one ormore rating agencies that provide ratings on moneymarket funds. There can be no assurance that a fundwill maintain any particular rating or maintain it witha particular rating agency. To maintain a rating, UBSAM may manage a fund more conservatively or dif-ferently than if it were not rated.

Additional information about principal risksThe main risks of investing in the funds aredescribed below. As indicated below, not all ofthese risks apply to each fund. The fund(s) to whichthe main risks apply are noted below.

Other risks of investing in a fund, along with fur-ther details about some of the risks describedbelow, are discussed in the funds’ Statement ofAdditional Information (“SAI”). Information on howyou can obtain the SAI can be found on the backcover of this prospectus.

Credit risk (All funds). Credit risk is the risk that theissuer of a money market instrument will not makeprincipal or interest payments when they are due.Even if an issuer does not default on a payment, amoney market instrument’s value may decline if themarket believes that the issuer has become less able,or less willing, to make payments on time. Even thehighest quality money market instruments are subjectto some credit risk. The credit quality of an issuer canchange rapidly due to market developments and mayaffect the fund’s share price.

Concentration risk (UBS Select Prime PreferredFund). UBS Select Prime Preferred Fund will invest asignificant portion of its assets in securities issuedby companies in the financial services group ofindustries, including US banking, non-US banking,broker-dealers, insurance companies, finance com-panies (e.g., automobile finance) and related asset-backed securities. As a result, UBS Select PrimePreferred Fund’s performance will be significantlyimpacted, both positively and negatively, by devel-opments in the financial services sector, and thefund will be more susceptible to such developmentsthan other funds that do not concentrate theirinvestments.

Financial services sector risk (UBS Select PrimePreferred Fund). Investments of UBS Select PrimePreferred Fund in the financial services sector maybe particularly affected by economic cycles, busi-ness developments, interest rate changes and regu-latory changes. For example, declining economicand business conditions can disproportionatelyimpact companies in the financial services sectordue to increased defaults on payments by bor-rowers. Interest rate increases can also adverselyaffect the financial services sector by increasing thecost of capital available for financial services com-panies. In addition, financial services companies areheavily regulated by governmental entities and, as aresult, political and regulatory changes can affectthe operations and financial results of such compa-nies, potentially imposing additional costs and pos-sibly restricting the businesses in which thosecompanies may engage.

Foreign investing risk (UBS Select Prime Pre-ferred Fund). UBS Select Prime Preferred Fund mayinvest in foreign money market instruments that aredenominated in US dollars. Foreign investing mayinvolve risks relating to political, social and eco-nomic developments abroad to a greater extent

21

UBS Money Series

than investing in the securities of US issuers. Inaddition, there are differences between US and for-eign regulatory requirements and market practices.

Municipal securities risk (UBS Select PrimePreferred Fund). Municipal securities are subjectto interest rate, credit, illiquidity, market and politi-cal risks. The ability of a municipal issuer to makepayments and the value of municipal securities canbe affected by uncertainties in the municipal securi-ties market, including litigation, the strength of thelocal or national economy, the issuer’s ability toraise revenues through tax or other means, thebankruptcy of the issuer affecting the rights ofmunicipal securities holders and budgetary con-straints of local, state and federal governmentsupon which the issuer may be relying for funding.Municipal securities and issuers of municipal securi-ties may be more susceptible to downgrade, defaultand bankruptcy during periods of economic stress.In addition, the municipal securities market can besignificantly affected by political changes, includinglegislation or proposals at either the state or thefederal level to eliminate or limit the tax-exemptstatus of municipal security interest. Similarly,reductions in tax rates may make municipal securi-ties less attractive in comparison to taxable securi-ties. Legislatures also may be unable or unwilling toappropriate funds needed to pay municipal securityobligations. These events can cause the value of themunicipal securities held by the fund to fall. In addi-tion, third-party credit quality or liquidity enhance-ments are frequently a characteristic of thestructure of municipal securities purchased bymoney market funds. Problems encountered bysuch third-parties (such as issues negatively impact-ing a municipal security insurer or bank issuing aliquidity enhancement facility) may negativelyimpact a municipal security even though the relatedmunicipal issuer is not experiencing problems.Municipal bonds secured by revenues from public

housing authorities may be subject to additionaluncertainties relating to the possibility that pro-ceeds may exceed supply of available mortgages tobe purchased by public housing authorities, result-ing in early retirement of bonds, or that home-owner repayments will create an irregular cashflow.

US Government securities risk (All funds).Credit risk is the risk that the issuer will not makeprincipal or interest payments when they are due.There are different types of US government securi-ties with different relative levels of credit riskdepending on the nature of the particular govern-ment support for that security. US governmentsecurities may be supported by (1) the full faith andcredit of the US; (2) the ability of the issuer to bor-row from the US Treasury; (3) the credit of the issu-ing agency, instrumentality or governmentsponsored entity; (4) pools of assets (e.g.,mortgage-backed securities); or (5) the US in someother way. In some cases, there is even the risk ofdefault. For example, for asset-backed securitiesthere is the risk those assets will decrease in valuebelow the face value of the security. Similarly, forcertain agency issued securities there is no guaran-tee the US government will support the agency if itis unable to meet its obligations. Further, the USgovernment and its agencies and instrumentalitiesdo not guarantee the market value of their securi-ties; consequently, the value of such securities willfluctuate. This may be the case especially whenthere is any controversy or ongoing uncertaintyregarding the status of negotiations in the USCongress to increase the statutory debt ceiling. Ifthe US Congress is unable to negotiate an adjust-ment to the statutory debt ceiling, there is also therisk that the US government may default on pay-ments on certain US government securities, includ-ing those held by the funds, which could have amaterial negative impact on the funds.

22

UBS Money Series

Interest rate risk (All funds). The value of moneymarket instruments generally can be expected tofall when short-term interest rates rise and to risewhen short-term interest rates fall. Interest rate riskis the risk that interest rates will rise, so that thevalue of a fund’s investments will fall. Also, a fund’syield will tend to lag behind changes in prevailingshort-term interest rates. This means that a fund’sincome will tend to rise more slowly than increasesin short-term interest rates. Similarly, when short-term interest rates are falling, a fund’s income gen-erally will tend to fall more slowly.

The historically low interest rate environmentincreases the risk associated with rising interestrates, including the potential for periods of volatilityand increased redemptions. A fund may face aheightened level of interest rate risk since the USFederal Reserve Board has ended its quantitativeeasing program and may continue to raise rates.

Market risk (All funds). The market value of afund’s investments may fluctuate as the marketsfluctuate. Market fluctuation may affect a fund’sshare price. Market risk, sometimes dramatically orunpredictably, may affect a single issuer, industry,section of the economy or geographic region, or itmay affect the market as a whole. Volatility offinancial markets can expose a fund to greater mar-ket risk, possibly resulting in greater illiquidity andvaluation risks. Moreover, market, economic andpolitical conditions in one country or geographicregion could adversely impact market, economicand political conditions in other countries orregions, including countries and regions in which afund invests, due to increasingly interconnectedglobal economies and financial markets. Addition-ally, market conditions and legislative, regulatory,or tax developments may affect the investmenttechniques available to the advisor in connectionwith managing a fund and may result in increased

regulation of the fund or its investments and, inturn, may adversely affect the ability of the fund toachieve its investment objective and the fund’sperformance.

Liquidity risk (All funds). The funds’ investmentsmay become less liquid due to market develop-ments or adverse investor perception. When thereis no willing buyer and investments cannot be read-ily sold at the desired time or price, the funds mayhave to accept a lower price or may not be able tosell an instrument at all. The inability to sell aninstrument could adversely affect a fund’s shareprice or prevent the fund from being able to takeadvantage of other investment opportunities. Thisrisk may increase during an unusually high volumeof redemption requests by even a few large inves-tors or unusual market conditions.

Management risk (All funds). There is the riskthat the investment strategies, techniques and riskanalyses employed by the advisor may not producethe desired results. The advisor may be incorrect inits assessment of a particular security or assessmentof market, interest rate or other trends, which canresult in losses to a fund.

Additional (non-principal) risksSecurities lending risk (All funds). Securitieslending involves the lending of portfolio securitiesowned by a fund to qualified broker-dealers andfinancial institutions. When lending portfolio securi-ties, a fund initially will require the borrower to pro-vide the fund with collateral, most commonly cash,which the fund will invest. Although a fund investsthis collateral in a conservative manner, it is possiblethat it could lose money from such an investmentor fail to earn sufficient income from its investmentto cover the fee or rebate that it has agreed to paythe borrower. Loans of securities also involve a riskthat the borrower may fail to return the securities

23

UBS Money Series

or deliver the proper amount of collateral, whichmay result in a loss to a fund. In addition, in theevent of bankruptcy of the borrower, a fund couldexperience losses or delays in recovering the loanedsecurities. In some cases, these risks may be miti-gated by an indemnification provided by the funds’lending agent.

Structured security risk (UBS Select Prime Pre-ferred Fund). UBS Select Prime Preferred Fund maypurchase securities representing interests in under-lying assets, but structured to provide certainadvantages not inherent in those assets (e.g.,enhanced liquidity and yields linked to short-terminterest rates). If those securities behaved in a waythat the advisor did not anticipate, or if the securitystructures encountered unexpected difficulties, thefund could suffer a loss. Structured securities repre-sent a significant portion of the short-term securi-ties markets.

Temporary and defensive positioning (Allfunds). During adverse market conditions or whenthe advisor believes there is an insufficient supply ofappropriate money market securities in which toinvest, a fund may temporarily hold uninvested cashin lieu of such investments. During periods whensuch temporary or defensive positions are held, afund may not be able to fully pursue its investmentobjective. Such positions may also subject a fund toadditional costs and risks, such as increased expo-sure to cash held at a custodian bank.

24

UBS Money Series

Managing your fund account

The following pages tell you how to buy, sell andexchange shares of each fund.

If you are buying fund shares directly or throughfinancial intermediaries, you should refer to the fol-lowing section regarding buying, selling orexchanging fund shares in most cases. If you arebuying shares through UBS Financial ServicesInc.’s automated purchasing account system,you should direct your request to your finan-cial advisor and refer to the sections belowbeginning “UBS Financial Services Inc.: auto-mated purchasing accounts” on page 31 of thisprospectus.

Buying sharesThe funds accept the settlement of purchase ordersonly in available federal funds deposited by a com-mercial bank in an account at a Federal ReserveBank, which can be transferred to a similar accountof another bank in one day and may be made imme-diately available to a fund through its custodian.

You may buy fund shares through financialintermediaries who are authorized to accept pur-chase orders on behalf of the funds. If you buy fundshares through a financial intermediary who holdsthem in its own name on your behalf (in “streetname”), the financial intermediary is responsible forsending the order to the transfer agent. You maynot call the funds’ transfer agent directly if yourshares are held in “street name,” but should directall your requests to buy, sell or exchange sharesdirectly to your financial intermediary.

If you do not use a financial intermediary, you mayalso buy fund shares directly by calling the funds’transfer agent, BNY Mellon Investment Servicing(US) Inc. (“BNY Mellon”), at 1-888-547 FUND and

speaking to a representative. If you buy fund sharesdirectly, you will need to complete an accountapplication in connection with your initial purchase.You can get a copy of the application from UBSAsset Management (US) Inc., the fund’s distributor(“UBS AM (US)”), or a financial intermediary or bycalling the transfer agent toll-free 1-888-547 FUND.

You buy shares at the net asset value next deter-mined after receipt of your purchase order in goodform by the transfer agent. A fund must receivepayment on the same day. Your purchase order willbe effective only if (1) you or your financial interme-diary wires payment in federal funds on the samebusiness day that you place your order, and (2) thewire is actually credited to the fund’s bank accountby a Federal Reserve Bank on that day. Otherwise,the order will be rejected. A business day is any dayon which the Federal Reserve Bank of New York,the New York Stock Exchange (“NYSE”), and theprincipal bond markets (as recommended by theSecurities Industry and Financial Markets Associa-tion (“SIFMA”)) are open. (Holidays are listed onAppendix A to this prospectus.)

The charts below show processing times by whichorders received by the funds’ transfer agent willnormally be executed. All times shown below repre-sent Eastern time. Financial intermediaries mayimpose additional guidelines for when orders mustbe placed.

25

UBS Money Series

For UBS Select Government Preferred Fundand UBS Select Treasury Preferred Fund:

If a purchase order is received:The order will normally

be executed as of:

By 9:00 a.m. 9:00 a.m.

After 9:00 a.m. andbefore 10:00 a.m.

10:00 a.m.


11:00 a.m.

After 11:00 a.m. andbefore 12:00 (noon)

12:00 (noon)

After 12:00 (noon) andbefore 1:00 p.m.

1:00 p.m.

After 1:00 p.m. andbefore 2:00 p.m.

2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 p.m.

For UBS Select Prime Preferred Fund:


be executed as of:

By 8:00 a.m. 8:00 a.m.


12:00 (noon)


3:00 p.m.

Each fund may advance the time by which orders tobuy or sell its shares must be received by the trans-fer agent on any day that the NYSE closes earlybecause trading has been halted for the day. UBSSelect Government Preferred Fund and UBS Select

Treasury Preferred Fund will advance the final timeby which orders to buy or sell shares must bereceived by the transfer agent to 3:00 p.m.(Eastern time) on those days that SIFMA has recom-mended that the bond markets close early. (Thenormal deadline by which orders to buy or sellshares of UBS Select Prime Preferred Fund must bereceived by the transfer agent is 3:00 p.m. (Easterntime).) Appendix A to this prospectus lists theSIFMA US holiday “early closing” recommendationsschedule for the remainder of 2017 and for 2018.These “early closing” days most often occur on abusiness day prior to a national holiday.

The funds, UBS AM and UBS AM (US) have theright to reject a purchase order and to suspend theoffering of fund shares for a period of time or per-manently. UBS AM (US) may return without noticemoney wired to a fund if the investor fails to placea corresponding share purchase order.

Wire instructions. You may instruct your bank totransfer federal funds by wire to:

Bank Name: Bank of New York MellonABA: 011001234Credit: 000073-5515

BNY Mellon Investment Servicing(US) Inc. as Agent for UBS Funds

Further Credit: Beneficiary Fund/Account Number(Shareholder account number)

You should not wire money directly to the funds’transfer agent if your shares are held in “streetname,” as described above in “Buying shares.” Afinancial intermediary or your bank may impose aservice charge for wire transfers.

Minimum investment. The minimum investmentlevel for initial purchases of UBS Select Prime Pre-ferred Fund generally is $99,000,000. The minimum

26

UBS Money Series

investment level for initial purchases of UBS SelectGovernment Preferred Fund and UBS Select TreasuryPreferred Fund generally is $50,000,000.

Subsequent purchases, and purchases throughexchanges, are not subject to a minimum invest-ment level.

UBS AM (US) may waive these minimums underother circumstances in its discretion. The funds maychange their minimum investment requirements atany time. Investments must be denominated inUS dollars.

If your fund account balance has fallen below therespective minimum initial investment amount indi-cated above, UBS AM (US) reserves the right toreject your purchase order to add to the accountunless the account balance will be at least suchamount after that purchase.

Electronic trade entry. The funds may offer anelectronic trade order entry capability to eligibleinstitutional investors who meet certain condi-tions. This option is not available if your sharesare held in “street name,” as described above in“Buying shares.” For more information about thisoption and its availability, contact your invest-ment professional at your financial intermediary,or contact the transfer agent at 1-888-547 FUND.

Selling sharesYou may sell your shares through financialintermediaries that are authorized to acceptredemption requests. If you sell your sharesthrough a financial intermediary who holds them inits own name on your behalf (in “street name”),the financial intermediary is then responsible forsending the order to the transfer agent. You maynot call the funds’ transfer agent directly if yourshares are held in “street name,” but should direct

all your requests to buy, sell or exchange sharesdirectly to your financial intermediary.

You may also sell your shares by calling the transferagent directly at 1-888-547 FUND and speakingwith a representative.

You sell shares based upon the net asset value nextdetermined after receipt of your redemption orderin good form by the transfer agent. A redemptionorder will not be in good form unless it is receivedby the fund’s transfer agent prior to the deadlinesset forth below. Orders that are not received ingood form will not be executed at the net assetvalue next determined after receipt of the order.Orders to sell shares of UBS Select Government Pre-ferred Fund and UBS Select Treasury Preferred Fundreceived by the funds’ transfer agent before9:00 a.m. (Eastern time) will normally be executedas of 9:00 a.m. (Eastern time). Orders to sell sharesof UBS Select Prime Preferred Fund received by thefunds’ transfer agent by 8:00 a.m. (Eastern time)will normally be executed as of 8:00 a.m. (Easterntime).

The charts below show processing times by whichorders received by the funds’ transfer agent willnormally be executed. All times shown below repre-sent Eastern time.

27

UBS Money Series


If a redemption order is received:The order will normally

be executed as of:

By 9:00 a.m. 9:00 a.m.


10:00 a.m.


11:00 a.m.


12:00 (noon)


1:00 p.m.


2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 p.m.



be executed as of:

By 8:00 a.m. 8:00 a.m.


12:00 (noon)


3:00 p.m.

As noted above under “Buying shares,” each fundmay advance the time for the transfer agent’s receiptof orders to sell shares (e.g., days on which securitiesmarkets close early prior to a national holiday).

Your sales proceeds will be paid in federal funds.Proceeds from the sale will be wired to one or moreaccounts you have designated. If a redemptionorder is received by 5:00 p.m. (Eastern time) forUBS Select Government Preferred Fund and UBSSelect Treasury Preferred Fund, or by 3:00 p.m.(Eastern time) for UBS Select Prime Preferred Fund,the proceeds ordinarily will be transmitted infederal funds on the same day. If you sell all theshares you own, dividends accrued for the monthto date will be paid in federal funds and wired onthe same day to the accounts noted above.

If the transfer agent receives your order to sellshares late in the day, it will process your order andinitiate a wire. However, your bank account or youraccount at your financial intermediary may notreceive the proceeds in a timely manner if a FederalReserve Bank is experiencing delay in transfer offunds. Neither the funds, UBS AM, UBS AM (US), afinancial intermediary nor the transfer agent isresponsible for the performance of a bank or any ofits intermediaries.

The transfer agent will process orders to sell sharesonly if you have on file with it a properly completedaccount application with a signature guarantee (ifyou have previously completed one in connectionwith a direct purchase of fund shares), or otherauthentication acceptable to the transfer agent. Theaccount application requires you to designate theaccount(s) for wiring sales proceeds. You must sub-mit any change in the designated account(s) for saleproceeds in a form acceptable to the transfer agent.The transfer agent will not place the sales order if theinformation you provide does not correspond to theinformation on your application or account records.

A signature guarantee may be obtained from afinancial institution, broker, dealer or clearingagency that is a participant in one of the medallion

28

UBS Money Series

programs recognized by the Securities TransferAgents Association. These are: Securities TransferAgents Medallion Program (STAMP), StockExchanges Medallion Program (SEMP) and the NewYork Stock Exchange Medallion Signature Program(MSP). The transfer agent will not accept signatureguarantees that are not part of these programs.

Typically, redemptions of fund shares will be madeby the funds wiring cash payments. The funds typi-cally expect to meet redemption requests by usingholdings of cash or cash equivalents and/or pro-ceeds from the sale or maturity of portfolio hold-ings. However, if conditions exist that make cashpayments undesirable, the funds reserve the rightto honor any request for redemption by makingpayments in whole or in part in securities, to theextent permitted under applicable law.

If you have additional questions on selling shares,you should contact your investment professional atyour financial intermediary or call the transfer agentat 1-888-547 FUND.

Exchanging sharesYou may exchange shares of a fund (except UBSSelect Prime Preferred Fund) for shares of anotherfund offered in this prospectus (except UBS SelectPrime Preferred Fund) or of UBS Prime PreferredFund and of UBS Tax-Free Preferred Fund. UBSPrime Preferred Fund and UBS Tax-Free PreferredFund have different eligibility requirements for pur-chase, and you may not be able to exchange yourshares if you are not eligible to purchase shares ofthose other funds, which limit investors to “naturalpersons” as described in their prospectus.

Exchanges between UBS Select Prime PreferredFund and other funds are not permitted.

The minimums noted above in “Buying shares” donot apply to initial purchases made through an

exchange of shares. All exchanges are based uponthe net asset value that is next calculated after thefund receives your order.

Exchange orders for each of UBS Select GovernmentPreferred Fund and UBS Select Treasury PreferredFund are normally accepted up until 5:00 p.m.(Eastern time). Exchange orders received after thattime will not be effected, and you or your financialintermediary will have to place an exchange orderbefore that time on the following business day if youstill wish to effect an exchange. If you exchange allyour fund shares, the dividends accrued on thoseshares for the month to date will also be invested inthe shares of the other fund into which theexchange is made.

You can place an exchange order through a finan-cial intermediary. The financial intermediary is thenresponsible for sending the order to the transferagent. You may not call the funds’ transfer agentdirectly if your shares are held in “street name,”but should direct all your requests to buy, sell orexchange shares directly to your financialintermediary.

You can also place an exchange order by calling thetransfer agent directly at 1-888-547 FUND andspeaking with a representative.

Shareholders making their initial purchase ofanother fund through an exchange should allowmore time. These exchange orders should bereceived by the transfer agent at least one half hourbefore the exchange order deadline to allow thetransfer agent sufficient time to establish anaccount in the new fund. The transfer agent maynot be able to effect the exchange if this extra timeis not allotted.

The funds may modify or terminate the exchangeprivilege at any time.

29

UBS Money Series

Transfer of account limitationsIf you hold your shares with UBS Financial ServicesInc. or another securities firm, please note that ifyou change securities firms, you may not be able totransfer your fund shares to an account at the newsecurities firm. Fund shares may only be transferredto an account held with a securities dealer or finan-cial intermediary that has entered into an agree-ment with the fund’s principal underwriter. If youcannot transfer your shares to another firm, youmay choose to hold the shares directly in your ownname with the fund’s transfer agent, BNY Mellon.Please contact your broker or Financial Advisor forinformation on how to transfer your shares to thefund’s transfer agent. If you transfer your shares tothe fund’s transfer agent, the fund’s principalunderwriter may be named as the dealer of record,and you will receive ongoing account statementsfrom BNY Mellon. Should you have any questionsregarding the portability of your fund shares, pleasecontact your broker or Financial Advisor.

Additional information about your accountYou will receive a confirmation of your initial pur-chase of fund shares, and subsequent transactionsmay be reported on periodic account statements.These periodic statements may be sent monthlyexcept that, if your only fund activity in a quarterwas reinvestment of dividends, the activity may bereported on a quarterly rather than a monthlystatement.

To help the government fight the funding of terror-ism and money laundering activities, federal lawrequires all financial institutions to obtain, verifyand record information that identifies each personwho opens an account. If you do not provide theinformation requested, a fund may not be able tomaintain your account. If a fund is unable to verifyyour identity or that of another person(s) autho-rized to act on your behalf, the fund and UBS AM(US) reserve the right to close your account and/or

take such other action they deem reasonable orrequired by law. Fund shares will be redeemed andvalued in accordance with the net asset value nextcalculated after the determination has been madeto close the account.

Upon receipt of a proper redemption request sub-mitted in a timely manner and otherwise in accor-dance with the redemption procedures set forth inthis prospectus, each fund will redeem therequested shares and make a payment to you insatisfaction thereof no later than the business dayfollowing the redemption request (under normalcircumstances, on the same day). Each fund maypostpone and/or suspend redemption and paymentbeyond one business day (but within seven calendardays) for any period during which there is a non-routine closure of Fedwire or applicable FederalReserve Banks. In addition, each fund may alsopostpone or suspend redemption and payment asfollows: (1) for any period (a) during which the NewYork Stock Exchange (“NYSE”) is closed other thancustomary weekend and holiday closings or(b) during which trading on the NYSE is restricted;(2) for any period during which an emergency existsas a result of which (a) disposal by the fund ofsecurities owned by it is not reasonably practicableor (b) it is not reasonably practicable for the fundfairly to determine the net asset value of shares ofthe fund; (3) for any period during which the USSecurities and Exchange Commission (“SEC”) has,by rule or regulation, deemed that (a) trading shallbe restricted or (b) an emergency exists; (4) for anyperiod that the SEC may by order permit for yourprotection; (5) for any period during which thefund, as part of a necessary liquidation of the fund,has properly postponed and/ or suspended redemp-tion of shares and payment in accordance withfederal securities laws; or (6) with respect to UBSSelect Prime Preferred Fund, if the board deter-mines to impose a redemption gate in accordance

30

UBS Money Series

with Rule 2a-7 (see “Information on liquidity feesand redemption gates (UBS Select Prime PreferredFund)” below).

A financial intermediary buying or selling shares forits customers is responsible for transmitting ordersto the transfer agent in accordance with its cus-tomer agreements and the procedures notedabove.

UBS AM (US) (not the funds) also may pay fees toentities that make shares of the funds available toothers. The amount of these fees will be negotiatedbetween UBS AM (US) and the entity.

If you currently have an account at UBS FinancialServices Inc. and prefer the features of an Auto-mated Purchasing Account (as described below),ask your Financial Advisor to help you to open anAutomated Purchasing Account. You will need toredeem your shares in your Direct PurchasingAccount (as described below) and to transfer theproceeds to a new Automated Purchasing Account.More information regarding Automated PurchasingAccounts is provided below.

UBS Financial Services Inc.: automatedpurchasing accountsInitial purchases made through UBS Financial Ser-vices Inc. can be made in one of two ways. Thepurchases can be made by your Financial Advisordirectly with a fund (a “Direct PurchasingAccount”) or can be entered through that firm’sorder entry system (an “Automated PurchasingAccount”). Your account will be established as anAutomated Purchasing Account unless you instructyour Financial Advisor otherwise. Automated Pur-chasing Accounts will have certain benefits but donot have certain features available to Direct Pur-chasing Accounts.

If you have an Automated Purchasing Account, youshould direct all your requests to buy, sell orexchange shares directly to your Financial Advisor.The following sections provide information regardingAutomated Purchasing Accounts; procedures relatedto Direct Purchasing Accounts are described aboveunder “Managing your fund account.”

Buying sharesWhen you instruct your Financial Advisor to buyshares on your behalf, your account at UBS Finan-cial Services Inc. will automatically be debited, andUBS Financial Services Inc. will wire funds on yourbehalf. Your Financial Advisor is responsible formaking sure that your order is promptly sent to afund.

Shares are available to Automated PurchasingAccounts as an economical and convenient meansto invest short-term funds.

You buy shares at the net asset value next deter-mined after receipt of your purchase order in goodform by the transfer agent. The fund must receivepayment on the same day. Your purchase order willbe effective only if (1) UBS Financial Services Inc.wires payment in federal funds on the same busi-ness day that you place your order, and (2) the wireis actually credited to the fund’s bank account by aFederal Reserve Bank on that day. Otherwise, theorder will be rejected. A business day is any day onwhich the Federal Reserve Bank of New York, theNYSE, and the principal bond markets (as recom-mended by SIFMA) are open. (Holidays are listed onAppendix A to this prospectus.)


31

UBS Money Series



be executed as of:

By 9:00 a.m. 9:00 a.m.


10:00 a.m.


11:00 a.m.


12:00 (noon)


1:00 p.m.


2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 p.m.



be executed as of:

By 8:00 a.m. 8:00 a.m.


12:00 (noon)


3:00 p.m.

Each fund may advance the time by which orders tobuy or sell its shares must be received by the trans-fer agent on any day that the NYSE closes earlybecause trading has been halted for the day. UBSSelect Government Preferred Fund and UBS Select

Treasury Preferred Fund will advance the final timeby which orders to buy or sell shares must bereceived by the transfer agent to 3:00 p.m.(Eastern time) on those days that SIFMA has recom-mended that the bond markets close early. (Thenormal deadline by which orders to buy or sellshares of UBS Select Prime Preferred Fund must bereceived by the transfer agent is 3:00 p.m. (Easterntime).) Appendix A to this prospectus lists theSIFMA US holiday “early closing” recommendationsschedule for the remainder of 2017 and for 2018.These “early closing” days most often occur on abusiness day prior to a national holiday.

The funds, UBS AM and UBS AM (US) have theright to reject a purchase order and to suspend theoffering of fund shares for a period of time orpermanently.

Minimum investment. The minimum investmentlevel for initial purchases of UBS Select Prime Pre-ferred Fund generally is $99,000,000. The mini-mum investment level for initial purchases of UBSSelect Government Preferred Fund and UBS SelectTreasury Preferred Fund generally is $50,000,000.Subsequent purchases, and purchases throughexchanges, are not subject to a minimum invest-ment level. UBS AM (US) may waive this minimumunder other circumstances in its discretion. Thefunds may change their minimum investmentrequirements at any time. Investments must bedenominated in US dollars.

If your fund account balance has fallen below therespective minimum initial investment amount indi-cated above, UBS AM (US) reserves the right toreject your purchase order to add to the accountunless the account balance will be at least suchamount after that purchase.

32

UBS Money Series

Selling sharesYou must place your sell order directly with yourFinancial Advisor. Your Financial Advisor is responsi-ble for making sure that your order is promptly sentto a fund.

You sell shares based upon the net asset value nextdetermined after receipt of your redemption orderin good form by the transfer agent. A redemptionorder will not be in good form unless it is receivedby the fund’s transfer agent prior to the deadlinesset forth below. Orders that are not received ingood form will not be executed at the net assetvalue next determined after receipt of the order.Orders to sell shares of UBS Select Government Pre-ferred Fund and UBS Select Treasury Preferred Fundreceived by the funds’ transfer agent before9:00 a.m. (Eastern time) will normally be executedas of 9:00 a.m. (Eastern time). Orders to sell sharesof UBS Select Prime Preferred Fund received by thefunds’ transfer agent by 8:00 a.m. (Eastern time)will normally be executed as of 8:00 a.m. (Easterntime).




be executed as of:

By 9:00 a.m. 9:00 a.m.


10:00 a.m.


11:00 a.m.


12:00 (noon)


1:00 p.m.


2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 p.m.



be executed as of:

By 8:00 a.m. 8:00 a.m.


12:00 (noon)


3:00 p.m.

As noted above under “Buying shares,” a fund mayadvance the time for the transfer agent’s receipt oforders to sell shares (e.g., days on which securitiesmarkets close early prior to a national holiday).

33

UBS Money Series

Your sales proceeds will be paid in federal fundswired directly to UBS Financial Services Inc. for creditto your account ordinarily on the same day. If yousell all the shares you own, dividends accrued forthe month to date will be paid in federal funds andwired on the same day.

If the transfer agent receives your order to sellshares late in the day, it will process your order andinitiate a wire. However, your account at UBSFinancial Services Inc. may not receive the proceedsin a timely manner if a Federal Reserve Bank isexperiencing delay in transfer of funds. Neither thefunds, UBS AM, UBS AM (US), UBS Financial Ser-vices Inc. nor the transfer agent is responsible forthe performance of a bank or any of itsintermediaries.

Typically, redemptions of fund shares will be madeby the funds wiring cash payments. The funds typi-cally expect to meet redemption requests by usingholdings of cash or cash equivalents and/or pro-ceeds from the sale or maturity of portfolio hold-ings. However, if conditions exist that make cashpayments undesirable, the funds reserve the rightto honor any request for redemption by makingpayments in whole or in part in securities, to theextent permitted under applicable law.

If you have additional questions on selling shares,you should contact your Financial Advisor or call thetransfer agent at 1-888-547 FUND.

Exchanging sharesYou must place your exchange order directly withyour Financial Advisor, who is responsible for send-ing the order to the transfer agent.

You may exchange shares of a fund (except UBSSelect Prime Preferred Fund) for shares of anotherfund offered in this prospectus (except UBS Select

Prime Preferred Fund) or of UBS Prime PreferredFund and of UBS Tax-Free Preferred Fund. UBSPrime Preferred Fund and UBS Tax-Free PreferredFund have different eligibility requirements for pur-chase, and you may not be able to exchange yourshares if you are not eligible to purchase shares ofthose other funds, which limit investors to “naturalpersons” as described in their prospectus.

Exchanges between UBS Select Prime PreferredFund and other funds are not permitted.

The minimums noted above in “Buying shares” donot apply to initial purchases made through anexchange of shares. All exchanges are based uponthe net asset value that is next calculated after thefund receives your order.

Exchange orders for each of UBS Select Govern-ment Preferred Fund and UBS Select Treasury Pre-ferred Fund are normally accepted up until5:00 p.m. (Eastern time). Exchange orders receivedafter that time will not be effected, and you willneed to instruct your Financial Advisor to place anexchange order before that time on the followingbusiness day if you still wish to effect an exchange.If you exchange all your fund shares, the dividendsaccrued on those shares for the month to date willalso be invested in the shares of the other fund intowhich the exchange is made.

Shareholders making their initial purchase ofanother fund through an exchange should allowmore time. These exchange orders should bereceived by the transfer agent at least one half hourbefore the exchange order deadline to allow thetransfer agent sufficient time to establish anaccount in the new fund. Otherwise the transferagent may not be able to effect the exchange if thisextra time is not allotted.

The funds may modify or terminate the exchangeprivilege at any time.

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UBS Money Series

Transfer of account limitationsIf you hold your shares with UBS Financial ServicesInc. or another securities firm, please note that ifyou change securities firms, you may not be able totransfer your fund shares to an account at the newsecurities firm. Fund shares may only be transferredto an account held with a securities dealer or finan-cial intermediary that has entered into an agree-ment with the fund’s principal underwriter. If youcannot transfer your shares to another firm, youmay choose to hold the shares directly in your ownname with the fund’s transfer agent, BNY Mellon.Please contact your broker or Financial Advisor forinformation on how to transfer your shares to thefund’s transfer agent. If you transfer your shares tothe fund’s transfer agent, the fund’s principalunderwriter may be named as the dealer of record,and you will receive ongoing account statementsfrom BNY Mellon. Should you have any questionsregarding the portability of your fund shares, pleasecontact your broker or Financial Advisor.

Additional information about your accountYou will receive a confirmation of your initial pur-chase of fund shares, and subsequent transactionsmay be reported on periodic account statements.These periodic statements may be sent monthlyexcept that, if your only fund activity in a quarterwas reinvestment of dividends, the activity may bereported on a quarterly rather than a monthlystatement.

To help the government fight the funding of terror-ism and money laundering activities, federal lawrequires all financial institutions to obtain, verifyand record information that identifies each personwho opens an account. If you do not provide theinformation requested, a fund may not be able tomaintain your account. If a fund is unable to verifyyour identity or that of another person(s) autho-rized to act on your behalf, the fund and UBS AM(US) reserve the right to close your account and/or

take such other action they deem reasonable orrequired by law. Fund shares will be redeemed andvalued in accordance with the net asset value nextcalculated after the determination has been madeto close the account.

Upon receipt of a proper redemption request sub-mitted in a timely manner and otherwise in accor-dance with the redemption procedures set forth inthis prospectus, each fund will redeem therequested shares and make a payment to you insatisfaction thereof no later than the business dayfollowing the redemption request (under normalcircumstances, on the same day). Each fund maypostpone and/or suspend redemption and paymentbeyond one business day (but within seven calendardays) for any period during which there is a non-routine closure of Fedwire or applicable FederalReserve Banks. In addition, each fund may alsopostpone or suspend redemption and payment asfollows: (1) for any period (a) during which theNYSE is closed other than customary weekend andholiday closings or (b) during which trading on theNYSE is restricted; (2) for any period during whichan emergency exists as a result of which (a) disposalby the fund of securities owned by it is not reason-ably practicable or (b) it is not reasonably practica-ble for the fund fairly to determine the net assetvalue of shares of the fund; (3) for any period dur-ing which the SEC has, by rule or regulation,deemed that (a) trading shall be restricted or (b) anemergency exists; (4) for any period that the SECmay by order permit for your protection; (5) for anyperiod during which the fund, as part of a neces-sary liquidation of the fund, has properly postponedand/or suspended redemption of shares and pay-ment in accordance with federal securities laws; or(6) with respect to UBS Select Prime Preferred Fund,if the board determines to impose a redemptiongate in accordance with Rule 2a-7 (see “Informa-tion on liquidity fees and redemption gates (UBSSelect Prime Preferred Fund)” below).

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UBS Money Series

UBS AM (US) (not the funds) also may pay fees toentities that make shares of the funds available toothers. The amount of these fees will be negotiatedbetween UBS AM (US) and the entity.

If you currently have an Automated PurchasingAccount and prefer the features of a Direct Pur-chasing Account as described above, ask yourFinancial Advisor to help you to open a Direct Pur-chasing Account. You need to complete an accountapplication when establishing a Direct PurchasingAccount.

Information on liquidity fees and redemptiongates (UBS Select Prime Preferred Fund)Pursuant to Rule 2a-7, Prime Master Fund’s board ispermitted to impose a liquidity fee on redemptionsfrom Prime Master Fund (up to 2%) or a redemp-tion gate to temporarily restrict redemptions fromPrime Master Fund for up to 10 business days (inany 90-day period) in the event that Prime MasterFund’s “weekly liquid assets” fall below certain des-ignated thresholds. The impact of any such liquidityfee or redemption gate will flow through to UBSSelect Prime Preferred Fund, which will implement acorresponding liquidity fee or redemption gate.Weekly liquid assets generally include cash, directobligations of the US government, certain other USgovernment or agency securities, securities that willmature or are subject to a demand feature that isexercisable and payable within five business days,and amounts receivable and due unconditionallywithin five business days on pending sales of port-folio securities.

If Prime Master Fund’s weekly liquid assets fallbelow 30% of Prime Master Fund’s total assets,Prime Master Fund’s board is permitted, but notrequired, to: (i) impose a liquidity fee of no morethan 2% of the amount redeemed; and/or (ii)impose a redemption gate to temporarily suspend

the right of redemption. If Prime Master Fund’sweekly liquid assets fall below 10% of PrimeMaster Fund’s total assets, Prime Master Fund andthus, the fund, must impose, generally as of thebeginning of the next business day, a liquidity feeof 1% of the amount redeemed unless PrimeMaster Fund’s board determines that such a feewould not be in the best interests of Prime MasterFund or determines that a lower or higher fee (sub-ject to the 2% limit) would be in the best interestsof Prime Master Fund.

Liquidity fees and redemption gates are most likelyto be imposed only during times of extraordinarymarket stress or exceptional circumstances pertain-ing to a fund. The imposition and termination of aliquidity fee or redemption gate will be reported bya fund to the SEC on Form N-CR. Such informationwill also be available on the fund’s website https://www.ubs.com/usmoneymarketfunds. In addition,the fund may make such announcements through apress release or by other means.

Liquidity fees would reduce the amount you receiveupon redemption of your shares. The fund retainsthe liquidity fees for the benefit of remaining share-holders. Any redemption requests submitted whilea redemption gate is in place will be cancelled with-out further notice. A new redemption request mustbe submitted to the fund if you wish to redeemyour shares after the redemption gate has beenlifted.

Prime Master Fund’s board may, in its discretion,terminate a liquidity fee or redemption gate at anytime if it believes such action to be in the best inter-est of Prime Master Fund and its interestholders.Also, liquidity fees and redemption gates will auto-matically terminate at the beginning of the nextbusiness day once Prime Master Fund’s weeklyliquid assets reach at least 30% of its total assets.

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UBS Money Series

Redemption gates may only last up to 10 businessdays in any 90-day period. When a fee or a gate isin place, the fund may cease selling shares or sub-ject the purchase of shares to certain conditions,which may include affirmation of the investor’sknowledge that a fee or a gate is in effect. PrimeMaster Fund’s board may, in its discretion, perma-nently suspend redemptions and liquidate PrimeMaster Fund and, thus, the fund, if, among otherthings, Prime Master Fund, at the end of a businessday, has less than 10% of its total assets invested inweekly liquid assets.

There is some degree of uncertainty with respect tothe tax treatment of liquidity fees received bymoney market funds, and such tax treatment maybe the subject of future guidance issued by the IRS.If the fund receives liquidity fees, it will consider theappropriate tax treatment of such fees to the fundat such time.

(The board of Government Master Fund and Trea-sury Master Fund has determined not to subjectGovernment Master Fund and Treasury MasterFund and thus, UBS Select Government PreferredFund and UBS Select Treasury Preferred Fund, to aliquidity fee and/or a gate on redemptions. Pleasenote that the board of Government Master Fundand Treasury Master Fund has reserved its ability tochange this policy in the future, but only after pro-viding prior notice to shareholders.)

Market timingFrequent purchases and redemptions of fund sharescould increase each fund’s transaction costs, such asmarket spreads and custodial fees, and may inter-fere with the efficient management of each fund’sportfolio, which could impact each fund’s perfor-mance. However, money market funds are generallyused by investors for short-term investments, oftenin place of bank checking or savings accounts or for

cash management purposes. Investors value theability to add and withdraw their funds quickly,without restriction. UBS AM (US) anticipates thatshareholders will purchase and sell fund shares fre-quently because each fund is designed to offerinvestors a liquid cash option. UBS AM (US) alsobelieves that money market funds, such as thefunds offered in this prospectus, are not targets ofabusive trading practices. For these reasons, theboard has not adopted policies and procedures, orimposed redemption fees or other restrictions suchas minimum holding periods, to discourage exces-sive or short-term trading of fund shares.

Other UBS funds that are managed by UBS AM thatare not money market funds have approved policiesand procedures designed to discourage and preventabusive trading practices. For more informationabout market timing policies and procedures forthese funds, please see the funds’ prospectuses.

Pricing and valuationThe price of fund shares is based on net asset value.The net asset value per share is equal to the value ofall the assets of the fund, minus the liabilities of thefund, divided by the number of shares outstanding.

In determining net asset value, each of GovernmentMaster Fund and Treasury Master Fund values itssecurities at their amortized cost (unless the fund’sboard (or its delegate) determines that this does notrepresent fair value), and each of UBS Select Gov-ernment Preferred Fund and UBS Select TreasuryPreferred Fund buys the corresponding masterfund’s interests at the master fund’s net assetvalue. The amortized cost method uses a constantamortization to maturity of the difference betweenthe cost of the instrument to a fund and theamount due at maturity. The net asset value pershare of each of UBS Select Government PreferredFund and UBS Select Treasury Preferred Fund is

37

UBS Money Series

expected to be $1.00, although this value is notguaranteed.

In determining net asset value, Prime Master Fundvalues its securities using market-based values(unless the fund’s board (or its delegate) determinesthat this does not represent fair value), and UBSSelect Prime Preferred Fund buys the master fund’sinterests at the master fund’s net asset value. Thenet asset value per share of UBS Select Prime Pre-ferred Fund is calculated to four decimals(e.g., $1.0000) and will fluctuate.

The net asset value per share of each of UBS SelectGovernment Preferred Fund and UBS Select Trea-sury Preferred Fund is normally determined ninetimes each business day, every hour on the hour,beginning at 9:00 a.m. (Eastern time) and conclud-ing at 5:00 p.m. (Eastern time). The net asset valueper share for UBS Select Prime Preferred Fund isnormally determined three times each business day,at 8:00 a.m. (Eastern time), 12:00 noon (Easterntime) and 3:00 p.m. (Eastern time).

Your price for buying or selling shares will be basedupon the net asset value that is next calculatedafter the fund receives your order.

On any day that a fund determines to advance thetime by which orders to buy or sell its shares mustbe received by the transfer agent as describedabove under “Buying shares,” the time for determi-nation of the fund’s net asset value per share willbe as of the same time the fund has determined tocease accepting orders to buy or sell its shares. Thefund will not price its shares again on that businessday even though it normally prices its shares morefrequently.

The funds’ board has delegated to a UBS AM valua-tion committee the responsibility for making fairvalue determinations with respect to a fund’s port-folio securities. The types of securities and other

instruments for which such fair value pricing maybe necessary include, but are not limited to: securi-ties of an issuer that has entered into a restructur-ing; fixed-income securities that have gone intodefault and for which there is no current marketvalue quotation; Section 4(a)(2) commercial paper;securities or instruments that are restricted as totransfer or resale; illiquid instruments; and instru-ments for which the prices or values available donot, in the judgement of UBS AM, represent cur-rent market value. The need to fair value a fund’sportfolio securities may also result from low tradingvolume in foreign markets or thinly traded securitiesor instruments. Various factors may be reviewed inorder to make a good faith determination of asecurity’s or instrument’s fair value. These factorsinclude, but are not limited to, fundamental analyti-cal data relating to the investment; the nature andduration of restrictions on disposition of the securi-ties or instruments; and the evaluation of forceswhich influence the market in which the securitiesor instruments are purchased and sold.

Each fund’s portfolio holding consists of an interestin the master fund in which the fund invests. Thevalue of such portfolio holding reflects each fund’sproportionate interest in the net assets of its corre-sponding master fund. Each master fund generallyvalues securities and other instruments in a manneras described in that master fund’s prospectus orsimilar document.

ManagementInvestment advisorUBS Asset Management (Americas) Inc. (“UBSAM”) acts as the investment advisor and adminis-trator for Prime Master Fund, Government MasterFund and Treasury Master Fund, which are themaster funds in which the funds invest their assets.

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UBS Money Series

UBS AM also acts as the administrator for thefunds. As investment advisor, UBS AM makes themaster funds’ investment decisions. It buys and sellssecurities for the master funds and conducts theresearch that leads to the purchase and saledecisions.

UBS AM is a Delaware corporation with its principalbusiness offices located at One North Wacker Drive,Chicago, IL 60606 and at 1285 Avenue of theAmericas, New York, New York, 10019-6028. UBSAM is an investment advisor registered with theSEC. UBS AM is an indirect asset management sub-sidiary of UBS Group AG (“UBS”). As of June 30,2017, UBS AM had approximately $155.7 billion inassets under management. UBS AM is a member ofthe UBS Asset Management Division, which hadapproximately $732.2 billion in assets under man-agement world-wide as of June 30, 2017. UBS is aninternationally diversified organization headquar-tered in Zurich, Switzerland and with operations inmany areas of the financial services group of indus-tries.

Advisory and administration feesUBS AM’s contract fee for the advisory and admin-istrative services it provides to each master fund isbased on the following fee schedule:

$0 – $30 billion . . . . . . . . . . . . . . . . . . . 0.1000%Above $30 billion up to $40 billion . . . . 0.0975%Above $40 billion up to $50 billion . . . . 0.0950%Above $50 billion up to $60 billion . . . . 0.0925%Above $60 billion . . . . . . . . . . . . . . . . . . 0.0900%

UBS AM’s contract fee for the administrative ser-vices it provides to each feeder fund is 0.08% ofeach feeder fund’s average daily net assets.

In exchange for these fees, UBS AM has agreed tobear all of the funds’ expenses other than interest,taxes, extraordinary costs and the cost of securitiespurchased and sold by the funds, including any

transaction costs. Although UBS AM is not obli-gated to pay the fees and expenses of the funds’independent trustees, it is contractually obligated toreduce its management fee in an amount equal tothose fees and expenses. UBS AM estimates thatthese fees and expenses will be less than 0.01% ofeach fund’s average daily net assets.

UBS AM received an effective fee of 0.13%, 0.09%and 0.14% of the average daily net assets of eachof UBS Select Prime Preferred Fund, UBS SelectGovernment Preferred Fund and UBS Select Trea-sury Preferred Fund, respectively, for its services asinvestment advisor and administrator in the funds’last fiscal period or year which ended April 30,2017 (includes fees allocated from related masterfund, net of fee waivers/expense reimbursements, ifany). These fees reflect fee waivers pursuant to afee waiver agreement (as well as additional volun-tary fee waivers with respect to UBS Select PrimePreferred Fund and UBS Select Government Pre-ferred Fund).

With respect to UBS Select Prime Preferred Fundonly, UBS AM will voluntarily waive 0.04% of itsmanagement fee (imposed at the related masterfund level) and 0.04% of its administrative fees(imposed at the feeder fund level) in order to volun-tarily reduce the fund’s expenses by 0.08% untilSeptember 30, 2017. These voluntary fee waiversare in addition to the contractual fee waiverarrangements that cap the fund’s ordinary operat-ing expense ratio at 0.14% through August 31,2018, as described in the “Fund summary” above.

UBS AM may further voluntarily waive fees fromtime to time. For example, UBS AM may voluntarilyundertake to waive fees in the event that fundyields drop below a certain level. Once started,there is no guarantee that UBS AM would continueto voluntarily waive a portion of its fees. Waiversmay impact a fund’s performance.

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UBS Money Series

A discussion regarding the basis for the masterfunds’ board’s approval of the Management Agree-ment between UBS AM and Master Trust withrespect to Prime Master Fund, Government MasterFund and Treasury Master Fund is available in thefunds’ semiannual report to shareholders for thefiscal period ended October 31, 2016.

Master-feeder structureUBS Select Prime Preferred Fund, UBS Select Gov-ernment Preferred Fund and UBS Select TreasuryPreferred Fund are “feeder funds” that invest all oftheir assets in “master funds”—Prime Master Fund,Government Master Fund and Treasury MasterFund, respectively. The feeder funds and theirrespective master funds have the same investmentobjectives.

The master funds may accept investments fromother feeder funds. Each feeder fund bears themaster fund’s expenses in proportion to theirinvestment in the master fund. Each feeder fund canset its own transaction minimums, feeder fund-specific expenses and other conditions. This arrange-ment allows each feeder fund’s trustees to withdrawthe feeder fund’s assets from the master fund if theybelieve doing so is in the shareholders’ best interests.If the trustees withdraw the feeder fund’s assets,they would then consider whether the feeder fundshould hire its own investment advisor, invest in adifferent master fund or take other action.

Other informationTo the extent authorized by law, each fund reservesthe right to discontinue offering shares at any time,merge, reorganize itself or cease operations andliquidate.

Dividends and taxesDividendsEach fund declares dividends daily and pays themmonthly. Dividends accrued during a given monthare paid on the first business day of the next monthor upon the sale of all the fund shares in a share-holder’s account.

Each fund may distribute all or a portion of its capi-tal gains (if any) to the extent required to ensurethat the fund maintains its federal tax law status asa regulated investment company. Each of UBSSelect Government Preferred Fund and UBS SelectTreasury Preferred Fund will also distribute all or aportion of its capital gains to the extent necessaryto maintain its share price at $1.00.

Shares of each fund earn dividends on the day theyare purchased but do not earn dividends on the daythey are sold.

You will receive dividends in additional sharesunless you elect to receive them in cash. If you pre-fer to receive dividends in cash, contact your Finan-cial Advisor (if you purchased your shares through afinancial intermediary) or the transfer agent (if youpurchased your shares directly).

While each fund declares dividends daily and paysthem monthly, the amounts are rounded to thenearest $0.01 on a daily basis with respect to eachinvestor’s fund account. As a result, investorswhose fund account balances earn daily dividendsthat total less than one half a cent on any given daywill not accrue any dividends on that day.

TaxesThe dividends that you receive from the funds gen-erally are subject to federal income tax regardless ofwhether you receive them in additional fund sharesor in cash, and are expected to be taxed as ordinary

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UBS Money Series

income. Such dividends are not eligible for thereduced rate of tax that may apply to certain quali-fying dividends on corporate stock. Dividends paidby UBS Select Prime Preferred Fund are also notexpected to qualify as “exempt-interest dividends,”and will not be excludable from gross income by itsshareholders, because the fund is not expected toinvest at least 50% of the value of its total assets insecurities the interest on which is excludable fromgross income.

Although dividends are generally treated as taxableto you in the year they are paid, dividends declared inOctober, November or December but paid inJanuary are taxable as if they were paid in December.

Shareholders not subject to tax on their income willnot be required to pay tax on amounts distributedto them. If you hold fund shares through a tax-exempt account or plan such as an IRA or401(k) plan, dividends on your shares generally willnot be subject to tax until proceeds are withdrawnfrom the plan.

Some states and localities do not tax dividends thatare attributable to interest on certain governmentsecurities under certain circumstances. However,these dividends may be subject to corporate fran-chise tax in some states.

Each fund will tell you annually the character of div-idends for tax reporting purposes. You will gener-ally not recognize any gain or loss on the sale orexchange of your fund shares as long as the fundmaintains a share price of $1.00.

A liquidity fee imposed by a fund will reduce theamount you will receive upon the redemption ofyour shares, and will decrease the amount of anycapital gain or increase the amount of any capitalloss you will recognize from such redemption. Thereis some degree of uncertainty with respect to the

tax treatment of liquidity fees received by moneymarket funds, and such tax treatment may be thesubject of future guidance issued by the InternalRevenue Service (“IRS”). If a fund receives liquidityfees, it will consider the appropriate tax treatmentof such fees to the fund at such time.

Because UBS Select Prime Preferred Fund does notmaintain a stable share price, a sale or exchange offund shares may result in a capital gain or loss foryou. Unless you choose to adopt a simplified “NAVmethod” of accounting (described below), suchcapital gain or loss generally will be treated eitheras short-term if you held your shares as capitalassets for one year or less, or long-term if you heldyour shares longer. In determining the holdingperiod of such shares for this purpose, any periodduring which your risk of loss is offset by means ofoptions, short sales or similar transactions is notcounted.

If you elect to adopt the NAV method of account-ing, rather than computing gain or loss on everytaxable disposition of UBS Select Prime PreferredFund shares as described above, you would deter-mine your gain or loss based on the change in theaggregate value of your shares during a computa-tion period (such as your taxable year), reduced byyour net investment (purchases minus sales) in thoseshares during that period. Under the NAV method,any resulting net capital gain or loss would betreated as short-term capital gain or loss, providedthat you held the shares as capital assets. The IRShas issued guidance indicating that wash sale ruleswill not apply to taxpayers with respect to sharesredeemed from a floating net asset value moneymarket fund, such as UBS Select Prime PreferredFund.

An additional 3.8% Medicare tax is imposed oncertain net investment income (including ordinary

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UBS Money Series

dividends and capital gain distributions receivedfrom a fund and net gains from redemptions orother taxable dispositions of fund shares) of USindividuals, estates and trusts to the extent thatsuch person’s “modified adjusted gross income” (inthe case of an individual) or “adjusted grossincome” (in the case of an estate or trust) exceedscertain threshold amounts.

Each fund may be required to withhold a 28%federal tax on all dividends payable to you

• if you fail to provide the fund or UBS Financial Ser-vices Inc. with your correct taxpayer identificationnumber on Form W-9 (for US citizens and residentaliens) or to make required certifications, or

• if you have been notified by the IRS that you aresubject to backup withholding.

Taxable distributions to non-residents will generallybe subject to a 30% withholding tax (or lowerapplicable treaty rate).

Each fund is required to withhold US tax (at a 30%rate) on payments of taxable dividends and (effectiveJanuary 1, 2019) redemption proceeds and certaincapital gains dividends made to certain non-US enti-ties that fail to comply (or be deemed compliant)with extensive new reporting and withholdingrequirements designed to inform the US Departmentof the Treasury of US-owned foreign investmentaccounts. Shareholders may be requested to provideadditional information to the funds to enable thefunds to determine whether withholding is required.

The above is a general and abbreviated discussionof certain tax considerations, and each investor isadvised to consult with his or her own tax advisor.There is additional information on taxes in thefunds’ SAI.

Disclosure of portfolioholdings and otherinformationEach fund is a “feeder fund” that invests in securi-ties through an underlying master fund. Each fundand the corresponding master fund have the sameinvestment objective.

Each fund will file its complete schedule of portfolioholdings with the SEC for the first and third quar-ters of each fiscal year on Form N-Q. Each fund’scomplete schedule of portfolio holdings for the sec-ond and fourth quarters of each fiscal year will beincluded in its semiannual and annual reports toshareholders and is filed with the SEC onForm N-CSR. Each fund’s Forms N-Q andForms N-CSR are available on the SEC’s Web site athttp://www.sec.gov. Each fund’s Forms N-Q andForms N-CSR may also be reviewed and copied atthe SEC’s Public Reference Room in Washington,D.C. Information on the operation of the SEC’sPublic Reference Room may be obtained by calling1-202-551 8090. Additionally, you may obtain cop-ies of Forms N-Q and semiannual and annualreports to shareholders from the funds uponrequest by calling 1-800-647 1568. The semiannualand annual reports for each fund will be posted onthe fund’s Web site athttps://www.ubs.com/usmoneymarketfunds.

Each fund will disclose on UBS AM’s Web site,within five business days after the end of eachmonth, a complete schedule of the related masterfund’s portfolio holdings and information regardingthe weighted average maturity and weighted aver-age life of such master fund. This information willbe posted on the UBS Web site at the following

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UBS Money Series

internet address:https://www.ubs.com/usmoneymarketfunds. Inaddition, each fund will file with the SEC onForm N-MFP, within five business days after the endof each month, more detailed portfolio holdingsinformation. Each fund’s Forms N-MFP will be avail-able on the SEC’s Web site; UBS AM’s Web site willalso contain a link to these filings. The UBS AMWeb site will also disclose the following informationfor each fund as of the end of each business dayfor the previous six months: (1) the percentage ofeach fund’s total assets invested in daily and weeklyliquid assets; (2) each fund’s daily net inflows andoutflows; and (3) each fund’s current market-basednet asset value per share to four decimal places,which is calculated using current market quotations(or an appropriate substitute that reflects currentmarket conditions). ( For purposes of transactions inthe shares of UBS Select Treasury Preferred Fundand UBS Select Government Preferred Fund, theprice for shares will be the net asset value pershare, calculated using the amortized cost methodto two decimal places as further described in thisprospectus and the related SAI.) Investors also mayfind additional information about each fund at theabove referenced UBS Web site internet address.

Additionally, an abbreviated portfolio holdingsreport for the master fund in which UBS SelectPrime Preferred Fund invests is available on a

weekly basis. (The abbreviated weekly portfolioholdings report contains less information abouteach holding.) This information will be posted onthe UBS Web site at the following internet address:https://www.ubs.com/usmoneymarketfunds. Undernormal circumstances, the abbreviated report willbe as of the last business day in a week and isexpected to be posted by the Thursday or Friday ofthe following week. The weekly information will beposted to the Web site at least one day prior toother public dissemination.

The weekly portfolio holdings information postingswill continue to remain available on the Web site,along with any more current holdings information,at least until the date on which a fund files its port-folio holdings information with the SEC on FormsN-Q or N-CSR for the period that included the dateas of which the Web site information is current.(For example, a fund files its annual report for itsmost recent fiscal year ended April 30th with theSEC on Form N-CSR around the beginning of July.Weekly portfolio holdings information for periodsended April 30th could be removed from the Website once the annual report is filed, but not untilthen.)

Please consult the funds’ SAI for a description ofthe policies and procedures that govern disclosureof the funds’ portfolio holdings.

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UBS Money Series

Financial highlights

The following financial highlights tables areintended to help you understand the financial per-formance for UBS Select Prime Preferred Fund andUBS Select Treasury Preferred Fund for the past fiveyears and for UBS Select Government PreferredFund since it commenced operations on June 28,2016 through April 30, 2017.

Certain information reflects financial results for a sin-gle fund share. In the tables, “total investmentreturn” represents the rate that an investor wouldhave earned on an investment in a fund (assumingreinvestment of all dividends and other distributions).

The information in the financial highlights has beenderived from the financial statements audited byErnst & Young LLP, an independent registered pub-lic accounting firm, whose report appears in theAnnual Report to Shareholders of the relevantfunds. You may obtain copies of the funds’ AnnualReport without charge by calling 1-888-547 FUND.

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UBS Money Series: UBS Select Prime Preferred Fund

Financial highlights (continued)

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Years ended April 30,

2017 2016 2015 2014 2013

Net asset value, beginning of year $1.0000 $1.00 $1.00 $1.00 $1.00

Net investment income 0.0061 0.002 0.001 0.001 0.002

Net realized and unrealized gains 0.0011 0.0001 0.0001 0.0001 0.0001

Net increase from operations 0.0072 0.002 0.001 0.001 0.002

Dividends from net investment income (0.0061) (0.002) (0.001) (0.001) (0.002)

Distributions from net realized gains (0.0009) (0.000)1 (0.000)1 (0.000)1 (0.000)1

Total dividends and distributions (0.0070) (0.002) (0.001) (0.001) (0.002)

Net asset value, end of year $1.0002 $1.00 $1.00 $1.00 $1.00

Total investment return2 0.72% 0.21% 0.07% 0.07% 0.15%

Ratios to average net assets:Expenses before fee waivers3 0.18% 0.18% 0.18% 0.18% 0.18%

Expenses after fee waivers3 0.13% 0.14% 0.14% 0.14% 0.14%

Net investment income3 0.44% 0.21% 0.07% 0.07% 0.15%

Supplemental data:Net assets, end of year (000’s) $599,760 $7,187,548 $5,349,181 $6,456,726 $7,813,076

1 Amount represents less than $0.0005 per share.2 Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distri-

butions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. Returns do not reflect thededuction of taxes that a shareholder would pay on fund distributions.

3 Ratios include the fund’s share of income, expenses and expense waivers allocated from Prime Master Fund.

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UBS Money Series: UBS Select Government Preferred Fund

Financial highlights (continued)

Selected data for a share of beneficial interest outstanding throughout the period is presented below:

For the period fromJune 28, 20161 to

April 30, 2017

Net asset value, beginning of period $1.00

Net investment income 0.003

Net realized gains 0.0002

Net increase from operations 0.003

Dividends from net investment income (0.003)

Distributions from net realized gains (0.000)2

Total dividends and distributions (0.003)

Net asset value, end of period $1.00

Total investment return3 0.34%

Ratios to average net assets:Expenses before fee waivers4 0.18%5

Expenses after fee waivers4 0.09%5

Net investment income4 0.47%5

Supplemental data:Net assets, end of period (000’s) $4,098,750

1 Commencement of operations.2 Amount represents less than $0.0005 per share.3 Total investment return is calculated assuming a $10,000 investment on the first day of the period reported, reinvestment of all dividends and other distri-

butions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of the period reported. Total investment return for theperiod of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions.

4 Ratios include the fund’s share of income, expenses and expense waivers allocated from Government Master Fund.5 Annualized.

46

UBS Money Series: UBS Select Treasury Preferred Fund

Financial highlights (concluded)

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Years ended April 30,

2017 2016 2015 2014 2013

Net asset value, beginning of year $1.00 $1.00 $1.00 $1.00 $1.00

Net investment income 0.003 0.001 0.0001 0.0001 0.0001

Net realized gains 0.0001 0.0001 0.0001 0.0001 0.0001

Net increase from operations 0.003 0.001 0.0001 0.0001 0.0001

Dividends from net investment income (0.003) (0.001) (0.000)1 (0.000)1 (0.000)1

Distributions from net realized gains (0.000)1 (0.000)1 (0.000)1 (0.000)1 (0.000)1

Total dividends and distributions (0.003) (0.001) (0.000)1 (0.000)1 (0.000)1

Net asset value, end of year $1.00 $1.00 $1.00 $1.00 $1.00

Total investment return2 0.34% 0.07% 0.01% 0.01% 0.02%

Ratios to average net assets:Expenses before fee waivers3 0.18% 0.18% 0.18% 0.18% 0.18%

Expenses after fee waivers3 0.14% 0.10% 0.06% 0.06% 0.13%

Net investment income3 0.36% 0.06% 0.01% 0.01% 0.02%

Supplemental data:Net assets, end of year (000’s) $10,356,105 $4,993,806 $4,594,241 $5,466,450 $4,858,387

1 Amount represents less than $0.0005 per share.2 Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distri-

butions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. Returns do not reflect thededuction of taxes that a shareholder would pay on fund distributions.

3 Ratios include the fund’s share of income, expenses and expense waivers allocated from Treasury Master Fund.

47

UBS Money Series: Appendix A

Additional information regarding purchases and redemptions

The funds are open for business each day that the Federal Reserve Bank of New York, the New York StockExchange (“NYSE”) and the principal bond markets (as recommended by the Securities Industry and Finan-cial Markets Association (“SIFMA”)) are open. One or more of these will be closed on the observance ofthe holidays listed below. In addition, UBS Select Government Preferred Fund and UBS Select Treasury Pre-ferred Fund will advance the final time by which orders to buy or sell shares must be received by the trans-fer agent to 3:00 p.m. (Eastern time) on those days that SIFMA has recommended that the bond marketsclose early. The normal deadline by which orders to buy or sell shares of UBS Select Prime Preferred Fundmust be received by the transfer agent is 3:00 p.m. (Eastern time). Those days SIFMA has recommendedthat the bond markets close early remaining through 2017 and for 2018 are listed below.

Holidays (observed) Early closeLabor Day (September 4, 2017) —Columbus Day (October 9, 2017) —Thanksgiving Day (November 23, 2017) November 24, 2017Christmas Day (December 25, 2017) December 22, 2017New Year’s Day (January 1, 2018) December 29, 2017Martin Luther King Day (January 15, 2018) —Presidents Day (February 19, 2018) —Good Friday (March 30, 2018) March 29, 2018Memorial Day (May 28, 2018) May 25, 2018Independence Day (July 4, 2018) July 3, 2018Labor Day (September 3, 2018) —Columbus Day (October 8, 2018) —Veterans Day (November 12, 2018) —Thanksgiving Day (November 22, 2018) November 23, 2018Christmas Day (December 25, 2018) December 24, 2018

48

UBS Money Series

Privacy notice

UBS family of funds privacy notice

This notice describes the privacy policy of the UBS Family of Funds and the PACE® Funds managed by UBSAsset Management (collectively, the "Funds"). The Funds are committed to protecting the personal infor-mation that they collect about individuals who are prospective, current or former investors.

The Funds collect personal information in order to process requests and transactions and to provide cus-tomer service. Personal information, which is obtained from applications and other forms or correspon-dence submitted to the Funds, may include name(s), address, e-mail address, telephone number, date ofbirth, social security number or other tax identification number, bank account information, informationabout your transactions and experiences with the Funds, and any affiliation a client has with UBS FinancialServices Inc. or its affiliates ("Personal Information").

The Funds limit access to Personal Information to those individuals who need to know that information inorder to process transactions and service accounts. These individuals are required to maintain and protectthe confidentiality of Personal Information and to follow established procedures. The Funds maintain phys-ical, electronic and procedural safeguards to protect Personal Information and to comply with applicablelaws and regulations.

The Funds may share Personal Information with their affiliates to facilitate the servicing of accounts and forother business purposes, or as otherwise required or permitted by applicable law. The Funds may alsoshare Personal Information with non-affiliated third parties that perform services for the Funds, such asvendors that provide data or transaction processing, computer software maintenance and development,and other administrative services. When the Funds share Personal Information with a non-affiliated thirdparty, they will do so pursuant to a contract that includes provisions designed to ensure that the thirdparty will uphold and maintain privacy standards when handling Personal Information. In addition to shar-ing information with non-affiliated third parties to facilitate the servicing of accounts and for other busi-ness purposes, the Funds may disclose Personal Information to non-affiliated third parties as otherwiserequired or permitted by applicable law. For example, the Funds may disclose Personal Information tocredit bureaus or regulatory authorities to facilitate or comply with investigations; to protect against orprevent actual or potential fraud, unauthorized transactions, claims or other liabilities; or to respond tojudicial or legal process, such as subpoena requests.

49

UBS Money Series

Except as described in this privacy notice, the Funds will not use Personal Information for any other pur-pose unless the Funds describe how such Personal Information will be used and clients are given an oppor-tunity to decline approval of such use of Personal Information relating to them (or affirmatively approvethe use of Personal Information, if required by applicable law). The Funds endeavor to keep their customerfiles complete and accurate. The Funds should be notified if any Personal Information needs to be cor-rected or updated. Please call 1-800-647 1568 with any questions or concerns regarding your PersonalInformation or this privacy notice.

This privacy notice is not a part of the prospectus.

50

UBS Money Series

UBS Asset Management, Americas Region

Business continuity planning overview

UBS Asset Management affiliates UBS Asset Management (US) and UBS Asset Management (Americas)Inc. protect information assets, processes, and customer data from unpredictable events through prepara-tion and testing of a comprehensive business continuity capability. This capability seeks recovery of thetechnology infrastructure and information, and prevention of the loss of company or customer informationand transactions. In the event of a crisis scenario, we will recover those functions deemed to be critical toour business and our clients, and strive to resume processing within predefined time frames following adisaster declaration (typically 4-6 hours). Business continuity processes provide us the ability to continuecritical business functions regardless of the type, scope, or duration of a localized event. However, theseprocesses are dependent upon various external resources beyond our control, such as regional telecommu-nications, transportation networks, and other public utilities.

Essential elements of the business continuity plan include:

• Crisis communication procedures—Action plans for coordinating essential communications for crisismanagement leaders, employees, and key business partners

• Information technology backup and recovery procedures—Comprehensive technology and datamanagement plans designed to protect the integrity and quick recovery of essential technology infra-structure and data

• Disaster recovery site—Alternative dedicated workspace, technology infrastructure, and systems sup-port that is designed to be fully operational within 2-4 hours of a disaster declaration

• Testing regimen—The business continuity plan is reviewed on a quarterly basis and tested on anannual basis, including full activation of the disaster recovery facility. In addition, all IT application recov-ery plans are updated and tested annually.

This business continuity planning overview is not a part of the prospectus.

51

If you want more information about the funds, the followingdocuments are available free of charge upon request:

Annual/semiannual reportsAdditional information about each fund’s investments is availablein the fund’s annual and semiannual reports to shareholders.

Statement of Additional Information (SAI)The funds’ SAI provides more detailed information about thefunds and is incorporated by reference into this prospectus (i.e., itis legally a part of this prospectus).

You may discuss your questions about the funds by contactingyour Financial Advisor. You may obtain free copies of the funds’annual and semiannual reports and their SAI by contacting thefunds directly at 1-800-647 1568. The funds’ annual andsemiannual reports and their SAI will also be posted on the UBSWeb site at the following internet address:https://www.ubs.com/usmoneymarketfunds. You may also requestother information about the funds and make shareholder inquiriesvia the telephone number above.

You may review and copy information about each fund, includingshareholder reports and the SAI, at the Public Reference Room ofthe Securities and Exchange Commission. You may obtaininformation about the operations of the SEC’s Public ReferenceRoom by calling the SEC at 1-202-551 8090. You can get copiesof reports and other information about the funds:

• For a fee, by electronic request at [email protected] or bywriting the SEC’s Public Reference Section, Washington, D.C.20549-1520; or

• Free, from the EDGAR database on the SEC’s Internet Web siteat http://www.sec.gov.

UBS Money Series—UBS Select Prime Preferred Fund—UBS Select Government Preferred Fund—UBS Select Treasury Preferred FundInvestment Company Act File No. 811-08767

©UBS 2017. All rights reserved.S030

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