UBS Select Prime Preferred Fund UBS Select Treasury ... · PDF fileAugust 28, 2014 Ticker...

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 a crime.

UBS Select Prime Preferred FundUBS Select Treasury Preferred FundUBS Select Tax-Free Preferred FundProspectusAugust 28, 2014

Ticker symbols:UBS Select Prime Preferred Fund SPPXXUBS Select Treasury Preferred Fund STPXXUBS Select Tax-Free Preferred Fund SFPXX

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

Money Market Funds Prospectus

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UBS Global Asset Management

UBS Money Series

Contents

The fundsWhat every investor should know about the funds

Fund summariesUBS Select Prime Preferred Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 3UBS Select Treasury Preferred Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 8UBS Select Tax-Free Preferred Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 13

More information about the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 18

Your investmentInformation for managing your fund accountManaging your fund account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 23—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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 35Dividends and taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 37Disclosure of portfolio holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 38Disclosure of market-based net asset values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 39Financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 40Appendix A: Additional information regarding purchases and redemptions . . . . . . . . . . . . . . . . Page 44Where to learn more about the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Back cover

Please find the UBS family of funds privacy notice on page 45. Please find the UBS Global AssetManagement business continuity planning overview on page 47.

2

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 (as a % of the offering price) None

Maximum deferred sales charge (load) (as a % of the lesser of the offering price or the redemption price) None

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your 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 Global Asset Management (Americas) Inc.(“UBS Global 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 Global AM have entered into a written fee waiver agreement pursuant to which UBS Global AM is contractually obligated to waive itsmanagement fees so that the total ordinary operating expenses of the fund through August 31, 2015, do not exceed 0.14%. The fee waiver agreementmay be terminated by the fund’s board at any time and also will terminate automatically upon the expiration or termination of the fund’s contract withUBS Global AM.

UBS Global Asset Management 3

Merrill Corp - UBS Money Series Sel Prime_Treasury_Tax Preferred Prospectus [Funds] 08-28-2014 ED [AUX] | gweiler | 27-Aug-14 17:03 | 14-17366-3.ba | Sequence: 1CHKSUM Content: 44972 Layout: 27937 Graphics: No Graphics CLEAN


ExampleThis example is intended to help you compare the cost of investing in the fund with the cost of investingin other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes thatyour investment 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 and seeks to maintain a stable price of $1.00 per share. The fund seeksto achieve its objective by investing in a diversified portfolio of high quality money market instruments ofgovernmental and private issuers. 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; and• commercial paper, other corporate obligations and asset-backed securities.

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.

Management processUBS Global Asset Management (Americas) Inc. (“UBS Global AM”) acts as the investment advisor. Asinvestment advisor, UBS Global AM makes the fund’s investment decisions. UBS Global AM selects moneymarket instruments for the fund based on its assessment of relative values and changes in market andeconomic conditions. UBS Global AM considers safety of principal and liquidity in selecting securities forthe fund and thus may not buy securities that pay the highest yield.

UBS Global Asset Management4



Principal risksAll investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its invest-ment objective. While the fund seeks to maintain the value of your investment at $1.00 per share, youmay lose money by investing in the fund. An investment in the fund is not a bank deposit and is neitherinsured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.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 levels of credit risk, including the risk of default, depending on the nature of the particular governmentsupport for that security. For example, a US government-sponsored entity, such as Federal NationalMortgage Association (“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac”),although chartered or sponsored by an Act of Congress, may issue securities that are neither insured norguaranteed by the US Treasury and are therefore riskier than those that are.

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 share price.Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as awhole. Moreover, changing market, economic and political conditions in one country or geographic regioncould adversely impact market, 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.




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.

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 forthe fund’s shares.

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

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

Total return January 1 to June 30, 2014: 0.03%Best quarter during years shown—1Q 2008: 0.95%Worst quarter during years shown—4Q 2013: 0.02%

Updated performance information is available by contacting your Financial Advisor or by calling1-888-793 8637 (Option #1).

1

3

2

4%

2008 20102009 2012 20132011

2.88%2.88%

0.18%0.18% 0.09%0.09%0.17%0.17%0.19%0.19%0.49%0.49%

UBS Select Prime Preferred Fund Annual Total Returns

0

Calendar Year


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Average annual total returns (for the periods ended December 31, 2013)

One year 0.09%

Five years 0.22

Life of fund (inception date 8/28/07) 0.90

Investment advisorUBS Global Asset Management (Americas) Inc. (“UBS Global AM”) serves as the investment advisor to thefund.

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 author-ized 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 purchases 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 FinancialMarkets Association) are open.

Tax informationThe dividends and distributions you receive from the fund are taxable and will generally be taxed as ordinaryincome, capital gains or some combination of both. If you hold shares through a tax-exempt account orplan, such as an individual retirement account or 401(k) plan, dividends and distributions on your sharesgenerally will not be subject to tax before distributions are made to you from the 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.




UBS Select Treasury Preferred FundFund summary

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










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 share ofexpenses of Treasury Master Fund, including management fees allocated from Treasury Master Fund. Management fees are comprised of investment advisory and administration fees.






ExampleThis example is intended to help you compare the cost of investing in the fund with the cost of investingin other 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.*



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. 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. However, under normal circumstances the fund expects to invest substantially allof its assets in securities issued by the US Treasury and in related repurchase agreements. The fund mayinvest a significant percentage of its assets in repurchase agreements. Repurchase agreements involvetransactions in which the fund purchases securities issued by the US Treasury and simultaneously commitsto resell them to the same counterparty at a future time and at a price reflecting a market rate of interest.While income earned by the fund’s direct investments in securities issued by the US Treasury may qualify forfavorable state and local income taxation, income related to repurchase agreements may not be so advan-taged. Investing in repurchase agreements may permit the fund quickly to take advantage of increases inshort-term rates.

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.


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




UBS Global AM considers safety of principal and liquidity in selecting securities for the fund and thus maynot buy securities 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. While the fund seeks to maintain the value of your investment at $1.00 per share, youmay lose money by investing in the fund. An investment in the fund is not a bank deposit and is neitherinsured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.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:


US Government securities risk: There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular governmentsupport for that security. For example, a US government-sponsored entity, such as Federal NationalMortgage Association (“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac”),although chartered or sponsored by an Act of Congress, may issue securities that are neither insured norguaranteed by the US Treasury and are therefore riskier than those that are.



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.










Total return January 1 to June 30, 2014: 0.00% (Actual total return was 0.0050%)Best quarter during years shown—1Q 2008: 0.62%Worst quarter during years shown—2Q 2011: 0.00% (Actual total return was 0.0025%)



One year 0.01%

Five years 0.05


1

3

2

4%

1.62%1.62%

0.02%0.02%0.01%0.01%0.06%0.06%0.13%0.13%

UBS Select Treasury Preferred Fund Annual Total Returns

02008 20102009 2012 20132011

0.01%0.01%

Calendar Year



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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 author-ized 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 FinancialMarkets Association) are open.

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. If you hold shares through a tax-exempt accountor plan, such as an individual retirement account or 401(k) plan, dividends and distributions on your sharesgenerally will not be subject to tax before distributions are made to you from the account or plan.





UBS Select Tax-Free Preferred FundFund summary

Investment objectiveMaximum current income exempt from federal income tax consistent with liquidity and the preservation ofcapital.










Fee waiver1 0.04


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






ExampleThis example is intended to help you compare the cost of investing in the fund with the cost of investingin other 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.*



UBS Select Tax-Free 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. The fund seeksto achieve its objective by investing in a diversified portfolio of high quality, municipal money marketinstruments.

Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of anyborrowing for investment purposes) in investments, the income from which is exempt from federal incometax. Investments that are subject to the alternative minimum tax are not counted towards satisfying the80% test in the foregoing sentence. Under normal circumstances, the fund may invest only up to 20% ofits net assets in municipal securities that pay interest that is an item of tax preference for purposes of thealternative minimum tax.

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.


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

Principal risksAll investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its invest-ment objective. While the fund seeks to maintain the value of your investment at $1.00 per share, you




may lose money by investing in the fund. An investment in the fund is not a bank deposit and is neitherinsured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.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:




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.


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.









Total return January 1 to June 30, 2014: 0.00% (Actual total return was 0.0050%)Best quarter during years shown—1Q 2008: 0.61%Worst quarter during years shown—1Q 2013: 0.00% (Actual total return was 0.0025%)



One year 0.02%

Five years 0.10



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 author-ized 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 Stock

1

3

2

4%

2008 20102009 2012 20132011

1.97%1.97%

0.04%0.04%0.06%0.06%0.14%0.14%0.21%0.21%

UBS Select Tax-Free Preferred Fund Annual Total Returns

00.02%0.02%

Calendar Year



JOB: 14-17366-3 CYCLE#;BL#: 12; 0 TRIM: 7.5" x 9" COMPOSITECOLORS: Black, ~note-color 2, ~note-color 3 GRAPHICS: 17366-3 tax free B.eps V1.5

Exchange and the principal bond markets (as recommended by the Securities Industry and FinancialMarkets Association) are open.

Tax informationThe dividends you receive from the fund generally are not subject to federal income tax. If you are subjectto alternative minimum tax, a portion of the dividends paid by the fund may be included in computingsuch taxes. Distributions of any capital gains are generally subject to federal income tax.





18 UBS Global Asset Management

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; and commercial paper, othercorporate obligations and asset-backed securities.

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 Treasury Preferred Fund seeks to achieveits investment objective by investing at least 80%of its net assets (plus the amount of any borrowingfor investment purposes) in securities issued by theUS Treasury and in related repurchase agreements.While under normal circumstances UBS SelectTreasury Preferred Fund expects to invest substan-tially all of its assets in securities issued by the USTreasury and in related repurchase agreements,under unusual circumstances, the fund may invest alimited portion of its assets in other types of moneymarket instruments, such as those in which UBSSelect Prime Preferred Fund might invest.

UBS Select Tax-Free Preferred Fund seeks to achieveits investment objective by investing in a diversified

portfolio of high quality, municipal money marketinvestments. Under normal circumstances, UBSSelect Tax-Free Preferred Fund will invest at least80% of its net assets (plus the amount of any borrowing for investment purposes) in investments,the income from which is exempt from federalincome tax.

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

UBS Select Tax-Free Preferred Fund’s 80% policy is a“fundamental policy.” This means that the fundmay not deviate from its 80% policy without theapproval of its shareholders.

Like all money market funds, each of the funds issubject to maturity, quality, diversification and liq-uidity requirements designed to help it maintain astable price of $1.00 per share. Each of the funds’investment strategies are designed to comply withthese requirements. Each of the funds may invest inhigh quality, short-term, US dollar-denominatedmoney market instruments paying a fixed, variableor floating interest rate.

UBS Global AM may use a number of professionalmoney management techniques to respond tochanging economic and money market conditionsand to shifts in fiscal and monetary policy. Thesetechniques include varying each fund’s compositionand weighted average maturity based upon UBSGlobal AM’s assessment of the relative values ofvarious money market instruments and future

UBS Money Series

More information about the funds



interest rate patterns. UBS Global AM also may buyor sell money market instruments to take advan-tage of yield differences.

Each of the funds may invest to a limited extent inshares of similar money market funds.

Each of the funds may maintain a rating from oneor more rating agencies that provide ratings onmoney market funds. There can be no assurancethat a fund will maintain any particular rating ormaintain it with a particular rating agency. To main-tain a rating, UBS Global AM may manage a fundmore conservatively or differently than if it were notrated.

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 further 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 thatthe issuer of a money market instrument will notmake principal or interest payments when they aredue. Even if an issuer does not default on a pay-ment, a money market instrument’s value maydecline if the market believes that the issuer hasbecome less able, or less willing, to make paymentson time. Even the highest quality money marketinstruments are subject to some credit risk. Thecredit quality of an issuer can change rapidly due tomarket developments and may affect the fund’sability to maintain a $1.00 share price.

Concentration risk (UBS Select Prime PreferredFund). UBS Select Prime Preferred Fund will investa significant 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 borrow-ers. Interest rate increases can also adversely affectthe financial services sector by increasing the costof capital available for financial services companies.In addition, financial services companies are heavilyregulated by governmental entities and, as a result,political and regulatory changes can affect theoperations and financial results of such companies,potentially imposing additional costs and possiblyrestricting the businesses in which those companiesmay engage.

Foreign investing risk (UBS Select PrimePreferred Fund). UBS Select Prime Preferred Fundmay invest in foreign money market instrumentsthat are denominated in US dollars. Foreign invest-ing may involve risks relating to political, social andeconomic developments abroad to a greater extent

UBS Money Series






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.

US Government securities risk (UBS SelectPrime Preferred Fund and UBS Select TreasuryPreferred Fund). Credit risk is the risk that theissuer will not make principal or interest paymentswhen they are due. There are different types of USgovernment securities with different relative levelsof credit risk depending on the nature of the partic-ular government support for that security. US government securities may be supported by (1) thefull faith and credit of the US; (2) the ability of theissuer to borrow from the US Treasury; (3) the creditof the issuing agency, instrumentality or govern-ment sponsored 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.

Interest rate risk (All funds). The value of moneymarket instruments generally can be expected to fallwhen short-term interest rates rise and to rise whenshort-term interest rates fall. Interest rate risk is therisk that interest rates will rise, so that the value of afund’s investments will fall. Also, a fund’s yield willtend to lag behind changes in prevailing short-terminterest rates. This means that a fund’s income willtend to rise more slowly than increases in short-terminterest rates. Similarly, when short-term interest

rates are falling, a fund’s income generally will tendto fall more slowly.

Market risk (All funds). The market value of afund’s investments may fluctuate as the marketsfluctuate. Market fluctuation may affect a fund’sability to maintain a $1.00 share price. Market risk,sometimes dramatically or unpredictably, may affecta single issuer, industry, section of the economy orgeographic region, or it may affect the market as awhole. Volatility of financial markets can expose afund to greater market risk, possibly resulting ingreater illiquidity and valuation risks. Moreover,market, economic and political conditions in onecountry or geographic region could adverselyimpact market, economic and political conditions inother countries or regions, including countries andregions in which a fund invests, due to increasinglyinterconnected global economies and financial mar-kets. Additionally, market conditions and legislative,regulatory, or tax developments may affect theinvestment techniques available to the advisor inconnection with managing a fund and may result inincreased regulation of the fund or its investmentsand, in turn, may adversely affect the ability of thefund to achieve its investment objective and thefund’s performance.

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 ability tomaintain a $1.00 share price or prevent the fundfrom being able to take advantage of other invest-ment opportunities. This risk may increase duringan unusually high volume of redemption requests




21UBS Global Asset Management

UBS Money Series

by even a few large investors or unusual marketconditions.

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.

You could lose money by investing in the funds.Although the funds seek to preserve the value ofyour investment at $1.00 per share, they cannotguarantee they will do so. An investment in thefunds is not a deposit of a bank and is not insuredor guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. Thefunds’ sponsor has no legal obligation to providefinancial support to the funds, and you should notexpect that the sponsor will provide financial sup-port to the funds at any time.

Municipal securities risk (UBS Select Tax-FreePreferred 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,default and bankruptcy as a result of recent periodsof economic stress. In addition, the municipal secu-rities market can be significantly affected by politi-cal changes, including legislation or proposals at

either the state or the federal level to eliminate orlimit the tax-exempt status of municipal securityinterest or the tax-exempt status of a fund’s divi-dends. Similarly, reductions in tax rates may makemunicipal securities less attractive in comparison totaxable securities. Legislatures also may be unableor unwilling to appropriate funds needed to paymunicipal security obligations. These events cancause the value of the municipal securities held bya fund to fall and might adversely affect thetax-exempt status of a fund’s investments or of thedividends that a fund pays. In addition, third-partycredit quality or liquidity enhancements are fre-quently a characteristic of the structure of municipalsecurities purchased by money market funds.Problems encountered by such third-parties (suchas issues negatively impacting a municipal securityinsurer or bank issuing a liquidity enhancementfacility) may negatively impact a municipal securityeven though the related municipal issuer is notexperiencing problems. Municipal bonds secured byrevenues from public housing authorities may besubject to additional uncertainties relating to thepossibility that proceeds may exceed supply ofavailable mortgages to be purchased by publichousing authorities, resulting in early retirement ofbonds, or that homeowner repayments will createan irregular cash flow.

Additional risksPolitical risk (UBS Select Tax-Free PreferredFund). With respect to UBS Select Tax-FreePreferred Fund, political or regulatory developmentscould adversely affect the tax-exempt status ofinterest paid on municipal securities or the tax -exempt status of a municipal money market fund’sdividends. In addition, changes to policies regardingthe funding of municipalities by local, state or federal governments could adversely affect thevalue of such municipal securities held by the fund.These developments could also cause the value of afund’s municipal money market instruments to fall.





UBS Money Series

Money market fund regulatory risk (All funds).The US Securities and Exchange Commission(“SEC”) recently adopted changes to the rules thatgovern SEC registered money market funds. At thesame time, the SEC proposed additional regulatorychanges, the final terms of which are yet to bedetermined. These changes have a phase in periodranging from mid-2015 (primarily for certain newfiling/disclosure related requirements) to the latterhalf of 2016 (for the most significant changes, suchas (1) causing certain types of funds to change themethod by which they value their assets and pricetheir shares/interests and (2) the possible impositionof redemption fees and/or the temporary suspen-sion of redemption privileges if a fund’s portfolioliquidity falls below certain required minimum levelsbecause of market conditions or other factors).These changes may affect the investment strate-gies, performance, yield, operating expenses andcontinued viability of a money market fund. As ofthe date of this prospectus, UBS Global AM is eval-uating the potential impact of these regulatorychanges and expects to update investors in thefuture as the regulatory compliance deadlinesapproach.

Securities lending risk (All funds). Securitieslending involves the lending of portfolio securitiesowned by a fund to qualified broker-dealers andfinancial institutions. When lending portfolio securities, a fund initially will require the borrowerto provide the fund with collateral, most commonlycash, which the fund will invest. Although a fundinvests this collateral in a conservative manner, it ispossible that it could lose money from such aninvestment or fail to earn sufficient income from itsinvestment to cover the fee or rebate that it hasagreed to pay the borrower. Loans of securities alsoinvolve a risk that the borrower may fail to returnthe securities or deliver the proper amount of col-lateral, which may result in a loss to a fund. Inaddition, in the event of bankruptcy of the borrow-er, a fund could experience losses or delays in

recovering the loaned securities. In some cases,these risks may be mitigated by an indemnificationprovided by the funds’ lending agent.

Structured security risk (UBS Select PrimePreferred Fund and UBS Select Tax-FreePreferred Fund). UBS Select Prime Preferred Fundand UBS Select Tax-Free Preferred Fund may pur-chase securities representing interests in underlyingassets, but structured to provide certain advantagesnot inherent in those assets (e.g., enhanced liquidityand yields linked to short-term interest rates). Ifthose securities behaved in a way that the advisordid not anticipate, or if the security structuresencountered unexpected difficulties, either fundcould suffer a loss. Structured securities represent asignificant portion of the short-term securities markets.

Defensive positions for UBS Select Tax-FreePreferred Fund. During adverse market conditionsor when the advisor believes there is an insufficientsupply of the municipal securities in which Tax-FreeMaster Fund primarily invests, the fund may tem-porarily invest in other types of municipal securitiesor may invest in money market instruments thatpay taxable interest. These investments may not beconsistent with achieving the fund’s investmentobjective during the periods that they are held andmay entail additional risks (such as those to whichUBS Select Prime Preferred Fund is subject).

Other defensive positioning (All funds). Duringadverse market conditions or when the advisorbelieves there is an insufficient supply of appropri-ate money market securities in which to invest, afund may temporarily hold uninvested cash in lieuof such investments. During periods when suchtemporary or defensive positions are held, a fundmay not be able to fully pursue its investmentobjective. Such positions may also subject a fund toadditional risks, such as increased exposure to cashheld at a custodian bank.





UBS Money Series

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 following 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 29 of thisprospectus.

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

You may buy fund shares through financial inter-mediaries who are authorized to accept purchaseorders 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 andspeaking 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 UBSGlobal Asset Management (US) Inc. (“UBS GlobalAM (US)”) or a financial intermediary or by callingthe 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 inter-mediary wires payment in federal funds on thesame business day that you place your order, and(2) the wire is actually credited to the fund’s bankaccount by a Federal Reserve Bank on that day.Otherwise, the order will be rejected. A businessday is any day on which the Federal Reserve Bankof New York, the New York Stock Exchange(“NYSE”), and the principal bond markets (as rec-ommended by the Securities Industry and FinancialMarkets Association (“SIFMA”)) are open. (Holidaysare listed on Appendix 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 rep-resent Eastern time. Financial intermediaries mayimpose additional guidelines for when orders mustbe placed.

Managing your fund account

Merrill Corp - UBS Money Series Sel Prime_Treasury_Tax Preferred Prospectus [Funds] 08-28-2014 ED [AUX] | gweiler | 27-Aug-14 17:03 | 14-17366-3.ca | Sequence: 1CHKSUM Content: 23165 Layout: 54070 Graphics: No Graphics CLEAN


UBS Money Series

For UBS Select Prime Preferred Fund and UBSSelect Treasury Preferred Fund:

The order will normally be executedIf a purchase order is received: as of:

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

After 9:00 a.m. and 10:00 a.m.before 10:00 a.m.


After 11:00 a.m. and 12:00 (noon)before 12:00 (noon)

After 12:00 (noon) and 1:00 p.m.before 1:00 p.m.

After 1:00 p.m. and 2:00 p.m.before 2:00 p.m.




For UBS Select Tax-Free Preferred Fund:


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





UBS Select Tax-Free Preferred Fund does not acceptpurchase orders received after 2:00 p.m. (Easterntime).

Each fund may advance the time by which ordersto buy or sell its shares must be received by thetransfer agent on any day that the NYSE closesearly because trading has been halted for the day.UBS Select Prime Preferred Fund and UBS SelectTreasury 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. (Easterntime) on those days that SIFMA has recommendedthat the bond markets close early. Similarly, UBSSelect Tax-Free Preferred Fund will advance the finaltime by which orders to buy shares must bereceived by the transfer agent to noon (Eastern time)on those days that SIFMA has recommended thatthe bondmarkets close early. (The normal deadlinefor redemptions for the Tax-Free Fund is noon(Eastern Time).) Appendix A to this prospectus liststhe SIFMA US holiday recommendations schedulefor the remainder of 2014 and for 2015. Thesedays most often occur on the afternoon of a business day prior to a national holiday.

The funds, UBS Global AM and UBS Global AM (US)have the right to reject a purchase order and to sus-pend the offering of fund shares for a period of timeor permanently. UBS Global AM (US) may returnwithout notice money wired to a fund if the investorfails to place a 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)



JOB: 14-17366-3 CYCLE#;BL#: 12; 0 TRIM: 7.5" x 9" COMPOSITECOLORS: Black, ~HTML color, ~note-color 2, ~note-color 3, ~watermark GRAPHICS: none V1.5

UBS Money Series

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 PrimePreferred Fund generally is $99,000,000. The mini-mum investment level for initial purchases of UBSSelect Treasury Preferred Fund and UBS SelectTax-Free Preferred Fund generally is $50,000,000.

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

UBS Global AM (US) may waive these minimumsunder 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 Global AM (US) reserves the rightto reject 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 an electronic trade order entry capability to eligibleinstitutional investors who meet certain conditions.This option is not available if your shares are held in“street name,” as described above in “Buying

shares.” For more information about this optionand its availability, contact your investment professional at your financial intermediary, or contact the transfer agent at 1-888-547 FUND.

Selling sharesYou may sell your shares through financial interme-diaries that are authorized to accept redemptionrequests. If you sell your shares through a financialintermediary who holds them in its own name onyour behalf (in “street name”), the financial inter-mediary is then responsible for sending the order tothe transfer agent. You may not call the funds’transfer agent directly if your shares are held in“street name,” but should direct all your requeststo buy, sell or exchange shares directly to yourfinancial intermediary.

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

You sell shares at the net asset value next deter-mined after receipt of your redemption order ingood 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.

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




UBS Money Series


The order will normally be executedIf a redemption order is received: as of:

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











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




UBS Select Tax-Free Preferred Fund does not acceptredemption orders received after 12:00 (noon)(Eastern time) (and therefore, orders for UBS SelectTax-Free Preferred Fund received after that time willnot be in good form).

As noted above under “Buying shares,” each fundmay advance the time for the transfer agent’sreceipt of orders to sell shares (e.g., days on whichsecurities markets close early prior to a nationalholiday).

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) (noon(Eastern time) in the case of UBS Select Tax-FreePreferred Fund), the proceeds ordinarily will betransmitted in federal funds 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 to the accounts notedabove.

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 Global AM, UBSGlobal AM (US), a financial intermediary nor thetransfer agent is responsible for the performance ofa bank or any of its 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 other




UBS Money Series

authentication acceptable to the transfer agent.The account application requires you to designatethe account(s) for wiring sales proceeds. You mustsubmit any change in the designated account(s) forsale proceeds in a form acceptable to the transferagent. The transfer agent will not place the salesorder if the information you provide does not corre-spond to the information on your application oraccount records.

A signature guarantee may be obtained from afinancial institution, broker, dealer or clearingagency that is a participant in one of the medallionprograms recognized by the Securities TransferAgents Association. These are: Securities TransferAgents Medallion Program (STAMP), StockExchanges Medallion Program (SEMP) and theNew York Stock Exchange Medallion SignatureProgram (MSP). The transfer agent will not acceptsignature guarantees that are not part of these programs.

Also, if conditions exist that make cash paymentsundesirable, the funds reserve the right to honorany request for redemption by making payments inwhole or in part in securities, to the extent permit-ted 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 for shares ofthe other funds.

The minimums noted above in “Buying shares” donot apply to initial purchases made through anexchange of shares. All exchanges are based upon

the net asset value that is next calculated after thefund receives your order.

Exchange orders for each fund are normally accept-ed up until noon (Eastern time) for UBS Select Tax-Free Preferred Fund and 5:00 p.m. (Eastern time)for UBS Select Prime Preferred Fund and UBS SelectTreasury Preferred Fund. Exchange orders receivedafter those times will not be effected, and you oryour financial intermediary will have to place anexchange order before those times on the follow-ing business day if you still wish to effect anexchange. If you exchange all your fund shares, thedividends accrued on those shares for the month todate will also be invested in the shares of the otherfund into which the exchange 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,” butshould direct all your requests to buy, sell or exchangeshares directly to your financial intermediary.

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 of anotherfund through an exchange should allow more time.These exchange orders should be received by thetransfer agent at least one half hour before theexchange order deadline to allow the transferagent sufficient time to establish an account in thenew fund. The transfer agent may not be able toeffect the exchange if this extra time is not allotted.

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




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 recordand 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

Global AM (US) reserve the right to close youraccount and/or take such other action they deemreasonable or required by law. Fund shares will beredeemed and valued in accordance with the netasset value next calculated after the determinationhas been made to close the account.

Upon receipt of a proper redemption request submitted in a timely manner and otherwise inaccordance with the redemption procedures setforth in this 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 only as follows: (1) forany period during which there is a non-routine closure of the Fedwire or applicable Federal ReserveBanks; (2) for any period (a) during which theNew York Stock Exchange (“NYSE”) is closed otherthan customary weekend and holiday closings or(b) during which trading on the NYSE is restricted;(3) for any period during which an emergency existsas a result of which (a) disposal by the fund of secu-rities owned by it is not reasonably practicable or(b) it is not reasonably practicable for the fund fairlyto determine the net asset value of shares of thefund; (4) 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; (5) for anyperiod that the SEC may by order permit for yourprotection; or (6) 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 with federal securities laws.

A financial intermediary buying or selling shares forits customers is responsible for transmitting orders




UBS Money Series

to the transfer agent in accordance with its cus-tomer agreements and the procedures notedabove.

UBS Global AM (US) (not the funds) also may payfees to entities that make shares of the funds avail-able to others. The amount of these fees will benegotiated between UBS Global AM (US) and theentity.

If you currently have an account at UBS FinancialServices Inc. and prefer the features of anAutomated Purchasing Account (as describedbelow), ask your Financial Advisor to help you toopen an Automated Purchasing Account. You willneed to redeem your shares in your DirectPurchasing Account (as described below) and totransfer the proceeds to a new AutomatedPurchasing Account. More information regardingAutomated Purchasing Accounts is provided below.

UBS Financial Services Inc.: automated purchasing accountsInitial purchases made through UBS FinancialServices 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. AutomatedPurchasing Accounts will have certain benefits butdo not have certain features available to DirectPurchasing Accounts.

If you have an Automated Purchasing Account, youshould direct all your requests to buy, sell or

exchange shares directly to your Financial Advisor.The following sections provide information regard-ing Automated Purchasing Accounts; proceduresrelated to Direct Purchasing Accounts are describedabove under “Managing your fund account.”

Buying sharesWhen you instruct your Financial Advisor to buyshares on your behalf, your account at UBSFinancial Services Inc. will automatically be debited,and UBS Financial Services Inc. will wire funds onyour behalf. Your Financial Advisor is responsiblefor making sure that your order is promptly sent toa fund.

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.)





UBS Money Series



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











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





UBS Select Tax-Free Preferred Fund does not acceptpurchase orders received after 2:00 p.m. (Easterntime). Furthermore, orders for UBS Select Tax-FreePreferred Fund received after noon (Eastern time)but before 2:00 p.m. (Eastern time) cannot beentered through UBS Financial Services Inc.’s orderentry system, but must be made by a FinancialAdvisor directly with the fund by calling the fund’stransfer agent at 1-888-547 FUND and speakingwith a representative.

Each fund may advance the time by which ordersto buy or sell its shares must be received by thetransfer agent on any day that the NYSE closesearly because trading has been halted for the day.UBS Select Prime Preferred Fund and UBS SelectTreasury 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. (Easterntime) on those days that SIFMA has recommendedthat the bond markets close early. Similarly, UBSSelect Tax-Free Preferred Fund will advance the finaltime by which orders to buy shares must bereceived by the transfer agent to noon (Easterntime) on those days that SIFMA has recommendedthat the bond markets close early. Appendix A tothis prospectus lists the SIFMA US holiday recom-mendations schedule for the remainder of 2014and for 2015. These days most often occur on theafternoon of a business day prior to a national holiday.

The funds, UBS Global AM and UBS Global AM(US) have the right to reject a purchase order andto suspend the offering of fund shares for a periodof time or permanently.

Minimum investment. The minimum investmentlevel for initial purchases of UBS Select PrimePreferred Fund generally is $99,000,000. The minimum investment level for initial purchases of




UBS Money Series

UBS Select Treasury Preferred Fund and UBS SelectTax-Free Preferred Fund generally is $50,000,000.Subsequent purchases, and purchases throughexchanges, are not subject to a minimum invest-ment level. UBS Global AM (US) may waive thisminimum under other circumstances in its discre-tion. The funds may change their minimum invest-ment requirements at any time. Investments mustbe denominated in US dollars.

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

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 at the net asset value next deter-mined after receipt of your redemption order ingood 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 in good form will notbe executed at the net asset value next determinedafter receipt of the order.




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











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







UBS Money Series

UBS Select Tax-Free Preferred Fund does not acceptredemption orders received after 12:00 (noon)(Eastern time) (and therefore, orders for UBS SelectTax-Free Preferred Fund received after that time willnot be in good form).

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).

Your sales proceeds will be paid in federal fundswired directly to UBS Financial Services Inc. forcredit to your account. If you sell all the shares youown, dividends accrued for the month to date willbe paid in federal funds and wired on the sameday.

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 Global AM, UBS Global AM (US), UBSFinancial Services Inc. nor the transfer agent isresponsible for the performance of a bank or anyof its intermediaries.

Also, if conditions exist that make cash paymentsundesirable, the funds reserve the right to honorany request for redemption by making payments inwhole or in part in securities, to the extent permit-ted under applicable law.

If you have additional questions on selling shares,you should contact your Financial Advisor or callthe transfer 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 for shares ofthe other funds.

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 fund are normally accept-ed up until noon (Eastern time) for UBS Select Tax-Free Preferred Fund and 5:00 p.m. (Eastern time)for UBS Select Prime Preferred Fund and UBS SelectTreasury Preferred Fund. Exchange orders receivedafter those times will not be effected, and you willneed to instruct your Financial Advisor to place anexchange order before those times on the follow-ing business day if you still wish to effect anexchange. If you exchange all your fund shares, thedividends accrued on those shares for the month todate will also be invested in the shares of the otherfund into which the exchange is made.

Shareholders making their initial purchase of anotherfund through an exchange should allow more time.These exchange orders should be received by thetransfer agent at least one half hour before theexchange order deadline to allow the transferagent sufficient time to establish an account in thenew fund. Otherwise the transfer agent may not beable to effect the exchange if this extra time is notallotted.

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




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 recordand 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 quarter wasreinvestment of dividends, the activity may be report-ed on a quarterly rather than a monthly statement.

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 UBSGlobal AM (US) reserve the right to close your

account and/or take such other action they deemreasonable or required by law. Fund shares will beredeemed and valued in accordance with the netasset value next calculated after the determinationhas been made to 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 the requestedshares and make a payment to you in satisfactionthereof no later than the business day following theredemption request (under normal circumstances,on the same day). Each fund may postpone and/orsuspend redemption and payment beyond onebusiness day only as follows: (1) for any period during which there is a non-routine closure of theFedwire or applicable Federal Reserve Banks; (2) forany period (a) during which the NYSE is closedother than customary weekend and holiday closings or (b) during which trading on the NYSE isrestricted; (3) for any period during which an emer-gency exists as a result of which (a) disposal by thefund of securities owned by it is not reasonablypracticable or (b) it is not reasonably practicable forthe fund fairly to determine the net asset value ofshares of the fund; (4) for any period during whichthe SEC has, by rule or regulation, deemed that(a) trading shall be restricted or (b) an emergencyexists; (5) for any period that the SEC may by orderpermit for your protection; or (6) for any periodduring which the fund, as part of a necessary liqui-dation of the fund, has properly postponed and/orsuspended redemption of shares and payment inaccordance with federal securities laws.

UBS Global AM (US) (not the funds) also may payfees to entities that make shares of the funds avail-able to others. The amount of these fees will benegotiated between UBS Global AM (US) and theentity.




UBS Money Series

If you currently have an Automated PurchasingAccount and prefer the features of a DirectPurchasing Account as described above, ask yourFinancial Advisor to help you to open a DirectPurchasing Account. You need to complete anaccount application when establishing a DirectPurchasing Account.

Market timingFrequent purchases and redemptions of fund sharescould increase each fund’s transaction costs, suchas market spreads and custodial fees, and mayinterfere with the efficient management of eachfund’s portfolio, which could impact each fund’sperformance. However, money market funds aregenerally used by investors for short-term invest-ments, often in place of bank checking or savingsaccounts or for cash management purposes.Investors value the ability to add and withdrawtheir funds quickly, without restriction. UBS GlobalAM (US) anticipates that shareholders will purchaseand sell fund shares frequently because each fundis designed to offer investors a liquid cash option.UBS Global AM (US) also believes that money mar-ket funds, such as the funds offered in thisProspectus, are not targets of abusive trading prac-tices because money market funds seek to maintaina $1.00 per share price and typically do not fluctuatein value based on market prices. For these reasons,the Board has not adopted policies and procedures,or imposed redemption fees or other restrictionssuch as minimum holding periods, to discourageexcessive or short-term trading of fund shares.

Other UBS funds that are managed by UBS GlobalAM that are not money market funds haveapproved policies and procedures designed to dis-courage and prevent abusive trading practices. Formore information about market timing policies and

procedures for these funds, please see the funds’prospectuses.

Pricing and valuationThe price of fund shares is based on net assetvalue. The net asset value per share is the totalvalue of a fund divided by the total number ofshares outstanding. In determining net asset value,each master fund values its securities at their amor-tized cost (unless the fund’s board (or its delegate)determines that this does not represent fair value),and each feeder fund buys the corresponding mas-ter fund’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. Each fund’s net asset valueper share is expected to be $1.00, although thisvalue is not guaranteed.

The net asset value per share for UBS Select PrimePreferred Fund and UBS Select Treasury PreferredFund is normally determined nine times each business day, every hour on the hour, beginning at9:00 a.m. (Eastern time) and concluding at5:00 p.m. (Eastern time). The net asset value pershare for UBS Select Tax-Free Preferred Fund is nor-mally determined five times each business day, at9:00 a.m. (Eastern time), 10:00 a.m. (Eastern time),11:00 a.m. (Eastern time), 12:00 noon (Easterntime) and 2:00 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 described


* However, redemption orders for UBS Select Tax-Free Preferred Fund received after noon (Eastern time) will not be in good form, as described above under“Selling shares.”



UBS Money Series

above 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 GlobalAM valuation committee the responsibility for mak-ing fair value determinations with respect to afund’s portfolio securities. The types of securitiesand other instruments for which such fair valuepricing may be necessary include, but are not limitedto: securities of an issuer that has entered into arestructuring; fixed-income securities that havegone into default and for which there is no currentmarket value quotation; Section 4(2) commercialpaper; securities or instruments that are restrictedas to transfer or resale; illiquid instruments; andinstruments for which the prices or values availabledo not, in the judgement of UBS Global AM, repre-sent current market value. The need to fair value afund’s portfolio securities may also result from lowtrading volume in foreign markets or thinly tradedsecurities or instruments. Various factors may bereviewed in order to make a good faith determina-tion of a security’s or instrument’s fair value. Thesefactors include, but are not limited to, fundamentalanalytical data relating to the investment; thenature and duration of restrictions on disposition ofthe securities or instruments; and the evaluation offorces which influence the market in which thesecurities or instruments are purchased and sold.

Each fund’s portfolio holdings may also consist ofshares of other investment companies in which thefund invests. The value of each such open-endinvestment company will generally be its net assetvalue at the time a fund’s shares are priced.Pursuant to each fund’s use of the practical

expedient within ASC Topic 820, investments innon-registered investment companies are also valued at the daily net asset value. Each investmentcompany generally values securities and otherinstruments in a manner as described in that invest-ment company’s prospectus or similar document.

Management

Investment advisorUBS Global Asset Management (Americas) Inc.(“UBS Global AM”) acts as the investment advisorand administrator for Prime Master Fund, TreasuryMaster Fund and Tax-Free Master Fund (the“Master Funds”), which are the master funds inwhich the funds invest their assets. UBS Global AMalso acts as the administrator for the funds. Asinvestment advisor, UBS Global AM makes the master funds’ investment decisions. It buys and sellssecurities for the master funds and conducts theresearch that leads to the purchase and sale decisions.

UBS Global AM is a Delaware corporation with itsprincipal business offices located at One NorthWacker Drive, Chicago, IL 60606 and at 1285Avenue of the Americas, New York, New York,10019-6028. UBS Global AM is an investment advi-sor registered with the SEC. UBS Global AM is anindirect wholly owned subsidiary of UBS AG(“UBS”). As of June 30, 2014, UBS Global AM hadapproximately $160 billion in assets under manage-ment. UBS Global AM is a member of the UBSGlobal Asset Management Division, which hadapproximately $700 billion in assets under manage-ment world-wide as of June 30, 2014. UBS is aninternationally diversified organization with head-quarters in Zurich and Basel, Switzerland and oper-ations in many areas of the financial services groupof industries.




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Advisory and administration feesUBS Global AM’s contract fee for the advisory andadministrative services it provides to each masterfund is based 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 Global AM’s contract fee for the administrativeservices it provides to each feeder fund is 0.08% ofeach feeder fund’s average daily net assets.

In exchange for these fees, UBS Global AM hasagreed to bear all of the funds’ expenses otherthan interest, taxes, extraordinary costs and thecost of securities purchased and sold by the funds,including any transaction costs. Although UBSGlobal AM is not obligated to pay the fees andexpenses of the funds’ independent trustees, it iscontractually obligated to reduce its managementfee in an amount equal to those fees and expenses.UBS Global AM estimates that these fees andexpenses will be less than 0.01% of each fund’saverage daily net assets.

UBS Global AM received an effective fee of 0.14%,0.06% and 0.07% of the average daily net assetsof each of UBS Select Prime Preferred Fund, UBSSelect Treasury Preferred Fund and UBS Select Tax-Free Preferred Fund, respectively, for its services inthe funds’ last fiscal year which ended April 30,2014 (includes fees allocated from related masterfund, net of voluntary fee waivers, if any). Thesefees reflect fee waivers pursuant to a fee waiveragreement (as well as additional voluntary feewaivers with respect to UBS Select TreasuryPreferred Fund and UBS Select Tax-Free PreferredFund).

UBS Global AM may further voluntarily waive feesfrom time to time. For example, UBS Global AMmay voluntarily undertake to waive fees in the eventthat fund yields drop below a certain level. Oncestarted, there is no guarantee that UBS Global AMwould continue to voluntarily waive a portion of itsfees. Waivers may impact a fund’s performance.

A discussion regarding the basis for the board’sapproval of the Management Agreement betweenUBS Global AM and Master Trust with respect tothe Master Funds is available in the funds’ semiannual report to shareholders for the fiscalperiod ended October 31, 2013.

Master-feeder structure. UBS Select PrimePreferred Fund, UBS Select Treasury Preferred Fundand UBS Select Tax-Free Preferred Fund are “feederfunds” that invest all of their assets in “masterfunds”—Prime Master Fund, Treasury Master Fundand Tax-Free Master Fund, respectively. The feederfunds and their respective master funds have thesame investment objectives.

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 fundcan set its own transaction minimums, feederfund-specific expenses and other conditions. Thisarrangement allows each feeder fund’s Trustees towithdraw the feeder fund’s assets from the masterfund if they believe doing so is in the shareholders’best interests. If the Trustees withdraw the feederfund’s assets, they would then consider whetherthe feeder fund should hire its own investmentadvisor, invest in a different master fund or takeother action.

Other informationTo the extent authorized by law, each fund reservesthe right to discontinue offering shares at any time,




UBS Money Series

merge, reorganize itself or cease operations and liquidate.

Dividends and taxes

DividendsEach 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 capital gains (if any) to the extent required toensure that the fund maintains its federal tax lawstatus as a regulated investment company. Eachfund will also distribute all or a portion of its capitalgains to the extent necessary to maintain its shareprice at $1.00.

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

You will receive dividends in additional sharesunless you elect to receive them in cash. If you prefer to receive dividends in cash, contact yourFinancial Advisor (if you purchased your sharesthrough a financial intermediary) or the transferagent (if you purchased 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 givenday will not accrue any dividends on that day.

TaxesThe dividends that you receive from UBS SelectPrime Preferred Fund and UBS Select TreasuryPreferred Fund generally are subject to federalincome tax regardless of whether you receive themin additional fund shares or in cash, and are expect-ed to be taxed as ordinary income. Such dividendsare not eligible for the reduced rate of tax that mayapply to certain qualifying dividends on corporatestock.

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

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 ofdividends for tax reporting purposes. You will notrecognize any gain or loss on the sale or exchangeof your fund shares as long as the fund maintains ashare price of $1.00.

The dividends that you receive from UBS SelectTax-Free Preferred Fund generally are not subject tofederal income tax. If you are subject to alternativeminimum tax, a portion of the dividends paid by




UBS Money Series

UBS Select Tax-Free Preferred Fund may be includedin computing such taxes. The dividends receivedfrom UBS Select Tax-Free Preferred Fund are generally subject to any applicable state taxes.

The general exemption from federal taxes for divi-dends paid by UBS Select Tax-Free Preferred Fundwill not benefit investors in tax-sheltered retirementplans or other entities or individuals not subject tofederal taxes. Further, distributions by tax-shelteredretirement plans are generally taxable even if earn-ings are derived from tax-exempt dividends. As aresult, UBS Select Tax-Free Preferred Fund is gener-ally not an appropriate investment for tax-shelteredretirement plans.

An additional 3.8% Medicare tax is imposed oncertain net investment income (including ordinarydividends and capital gain distributions receivedfrom a fund and net gains from redemptions orother taxable dispositions of fund shares) of U.S.individuals, 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 FinancialServices Inc. with your correct taxpayer identification number on Form W-9 (for US citizens and resident aliens) or to make requiredcertifications, 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).

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 portfolio holdings

Each 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 quartersof each fiscal year on Form N-Q. Each fund’s com-plete schedule of portfolio holdings for the secondand fourth quarters of each fiscal year is included inits semiannual and annual reports to shareholdersand is filed with the SEC on Form N-CSR. Eachfund’s Forms N-Q and Forms N-CSR are available onthe SEC’s Web site at http://www.sec.gov. Eachfund’s Forms N-Q and Forms N-CSR may also bereviewed and copied at the SEC’s Public ReferenceRoom in Washington, D.C. Information on the operation of the SEC’s Public Reference Room maybe obtained by calling 1-202-551 8090. Additionally,you may obtain copies of Forms N-Q and semiannual and annual reports to shareholders fromthe funds upon request by calling 1-800-647 1568.The semiannual and annual reports for each fundwill be posted on the fund’s Web site atwww.ubs.com/usmoneymarketfundsholdings.




http://www.sec.gov

UBS Money Series

Each fund will disclose on UBS Global AM’s Website, within five business days after the end of eachmonth: (1) a complete schedule of the related master fund’s portfolio holdings and informationregarding the weighted average maturity of suchmaster fund, and (2) an update for the funds showing additional portfolio characteristics brokendown by country, including related weighted aver-age life or weighted average maturity informationper country. This information will be posted on theUBS Web site at the following internet address:http://www.ubs.com/usmoneymarketfundsholdings.In addition, 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 available on the SEC’s Web site, on a delayed basis;UBS Global AM’s Web site will also contain a link tothese filings, which will become publicly availabletwo months after filing with the SEC.

Additionally, an abbreviated portfolio holdingsreport for the master fund in which UBS SelectPrime Preferred Fund invests is available on a weeklybasis. (The abbreviated weekly portfolio holdingsreport contains less information about each holding.) This information will be posted on theUBS Web site at the following internet address:http://www.ubs.com/us/en/asset_management/ institutional_investors/insti_money_market_funds/ insti_select_prime_funds.html. Under normal cir-cumstances, the abbreviated report will be as of thelast business day in a week and is expected to beposted by the Thursday or Friday of the followingweek. The weekly information will be posted to theWeb site at least one day prior to other 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 portfolio holdings information with the SEC onForms N-Q or N-CSR for the period that includedthe date as of which the Web site information iscurrent. (For example, a fund files its annual reportfor its most recent fiscal year ended April 30th withthe SEC on Form N-CSR around the beginning ofJuly. Weekly portfolio holdings information for periods ended April 30th could be removed fromthe Web site once the annual report is filed, butnot until then.)

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

Disclosure of market-based netasset values

On each business day, each of the funds will postits market-based net asset value per share (“mar-ket-based NAV”) for the prior business day on theUBS Web site at http://www.ubs.com/usmoneymar-ketfundsholdings. The market-based NAV will becalculated using current market quotations (or anappropriate substitute that reflects current marketconditions) to value its net asset value per share tofour decimal places.

The market-based NAV will be provided for infor-mational purposes only. For purposes of transac-tions in the shares of each fund, the price forshares will be the net asset value per share, calcu-lated using the amortized cost method to two deci-mal places as further described in the funds’prospectus and Statement of AdditionalInformation.




http://www.ubs.com/usmoneymarketfundsholdings

http://www.ubs.com/us/en/asset_management/institutional_investors/insti_money_market_funds/insti_select_prime_funds.html

http://www.ubs.com/usmoneymarketfundsholdings


UBS Money Series

The following financial highlights tables areintended to help you understand the financialperformance for the funds for the past five years.

Certain information reflects financial results for asingle 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 otherdistributions).

The information in the financial highlights has beenderived from the financial statements audited byErnst & Young LLP, an independent registered publicaccounting firm, whose report appears in theAnnual Report to Shareholders of the funds. Youmay obtain copies of the funds’ Annual Reportwithout charge by calling 1-888-547 FUND.

Financial highlights




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

Years ended April 30,

2014 2013 2012 2011 2010

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

Net investment income 0.001 0.002 0.002 0.002 0.002

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

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

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

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

Total investment return2 0.07% 0.15% 0.17% 0.21% 0.23%

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% 0.14% 0.13% 0.10% 0.12%

Net investment income3 0.07% 0.15% 0.16% 0.21% 0.20%

Supplemental data:

Net assets, end of year (000’s) $6,456,726 $7,813,076 $7,996,721 $17,186,912 $9,898,666

Financial highlights (continued)

UBS Select Prime Preferred Fund

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 divi-

dends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of eachyear reported. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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




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2014 2013 2012 2011 2010



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


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




Expenses before fee waivers/Trustees’ fees reimbursement3 0.18% 0.18% 0.18% 0.18% 0.19%

Expenses after fee waivers/Trustees’ fees reimbursement3 0.06% 0.13% 0.07% 0.14% 0.15%


Supplemental data:

Net assets, end of year (000’s) $5,466,450 $4,858,387 $4,023,440 $2,643,494 $2,322,206

Financial highlights (continued)

UBS Select Treasury Preferred Fund


dends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of eachyear reported. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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




UBS Money Series



2014 2013 2012 2011 2010



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


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




Expenses before fee waivers/Trustees’ fees reimbursement3 0.18% 0.18% 0.18% 0.18% 0.20%

Expenses after fee waivers/Trustees’ fees reimbursement3 0.07% 0.13% 0.13% 0.14% 0.15%


Supplemental data:

Net assets, end of year (000’s) $35,870 $206,558 $370,847 $438,263 $576,206

Financial highlights (concluded)

UBS Select Tax-Free Preferred Fund


dends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of eachyear reported. Returns do not reflect the deduction of taxes that a shareholder could pay on Fund distributions.

3 Ratios include the Fund’s share of income and expenses allocated from the Tax-Free Master Fund.




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Appendix A

Additional information regarding purchases and redemptionsThe 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 andFinancial Markets Association (“SIFMA”)) are open. One or more of these will be closed on the observanceof the holidays listed below. In addition, UBS Select Prime Preferred Fund and UBS Select Treasury PreferredFund will advance the final time by which orders to buy or sell shares must be received by the transfer agentto 3:00 p.m. (Eastern time) on those days that SIFMA has recommended that the bond markets close early.Similarly, UBS Select Tax-Free Preferred Fund will advance the final time by which orders to buy shares mustbe received by the transfer agent to noon (Eastern time) on those days that SIFMA has recommended thatthe bond markets close early. (The normal deadline for redemptions for the Tax-Free Fund is noon (Easterntime).) Those days remaining through 2014 and for 2015 are listed below.

Holidays (observed) Early close

Labor Day (September 1, 2014) —Columbus Day (October 13, 2014) —Veterans Day (November 11, 2014) —Thanksgiving Day (November 27, 2014) November 28, 2014Christmas Day (December 25, 2014) December 24, 2014New Year’s Day (January 1, 2015) December 31, 2014Martin Luther King Day (January 19, 2015) —President’s Day (February 16, 2015) —Good Friday (April 3 2015) April 2, 2015Memorial Day (May 25, 2015) May 22, 2015Independence Day (July 4, 2015) —Labor Day (September 7, 2015) —Columbus Day (October 12, 2015) —Veterans Day (November 11, 2015) —Thanksgiving Day (November 26, 2015) November 27, 2015Christmas Day (December 25, 2015) December 24, 2015




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Privacy notice

UBS family of funds privacy noticeThis notice describes the privacy policy of the UBS Family of Funds, the PACE® Funds and all closed-endfunds managed by UBS Global Asset Management (collectively, the “Funds”). The Funds are committedto protecting the personal information that they collect about individuals who are prospective, current orformer investors.

The Funds collect personal information in order to process requests and transactions and to providecustomer service. Personal information, which is obtained from applications and other forms or correspondence submitted to the Funds, may include name(s), address, e-mail address, telephone number,date of birth, social security number or other tax identification number, bank account information,information about your transactions and experiences with the Funds, and any affiliation a client haswith UBS Financial Services 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 protect theconfidentiality of Personal Information and to follow established procedures. The Funds maintain physical,electronic and procedural safeguards to protect Personal Information and to comply with applicable laws andregulations.

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 third partywill uphold and maintain privacy standards when handling Personal Information. In addition to sharinginformation with non-affiliated third parties to facilitate the servicing of accounts and for other businesspurposes, the Funds may disclose Personal Information to non-affiliated third parties as otherwise requiredor permitted by applicable law. For example, the Funds may disclose Personal Information to credit bureausor regulatory authorities to facilitate or comply with investigations; to protect against or prevent actual orpotential fraud, unauthorized transactions, claims or other liabilities; or to respond to judicial or legalprocess, such as subpoena requests.

Merrill Corp - UBS Money Series Sel Prime_Treasury_Tax Preferred Prospectus [Funds] 08-28-2014 ED [AUX] | gweiler | 27-Aug-14 17:03 | 14-17366-3.cc | Sequence: 1CHKSUM Content: 12261 Layout: 22198 Graphics: No Graphics CLEAN



UBS Money Series

Except as described in this privacy notice, the Funds will not use Personal Information for any other purpose unless the Funds describe how such Personal Information will be used and clients are given anopportunity to decline approval of such use of Personal Information relating to them (or affirmativelyapprove the use of Personal Information, if required by applicable law). The Funds endeavor to keep theircustomer files complete and accurate. The Funds should be notified if any Personal Information needs tobe corrected or updated. Please call 1-800-647 1568 with any questions or concerns regarding yourPersonal Information or this privacy notice.

This privacy notice is not a part of the prospectus.




UBS Money Series

UBS Global Asset Management, Americas Region

Business continuity planning overview

UBS Global Asset Management affiliates UBS Global Asset Management (US) Inc. and UBS Global AssetManagement (Americas) Inc. will protect information assets, processes, and customer data from unpredictable events through preparation and testing of a comprehensive business continuity capability. Thiscapability seeks recovery of the technology infrastructure and information, and prevention of the loss ofcompany or customer information and transactions. In the event of a crisis scenario, we will recover thosefunctions deemed to be critical to our business and our clients, and strive to resume processing within predefined time frames following a disaster declaration (typically 24-36 hours). Business continuity processeswill provide us the ability to continue critical business functions regardless of the type, scope, or duration ofa localized event. However, these processes are dependent upon various external resources beyond our control, such as regional telecommunications, 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 speed the recovery of essential technologyinfrastructure and data

• Disaster recovery site—Alternative workspace, technology infrastructure, and systems support that isdesigned to be fully operational within 24-36 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

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



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 isavailable in the fund’s annual and semiannual reports toshareholders.

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

You may discuss your questions about the funds by contact-ing your Financial Advisor. You may obtain free copies ofthe funds’ annual and semiannual reports and their SAI bycontacting the funds directly at 1-800-647 1568. The funds’annual and semiannual reports and their SAI will also beposted on the UBS Web site at the following internet address:www.ubs.com/usmoneymarketfundsholdings. You may alsorequest other information about the funds and make share-holder inquiries via the telephone number above.

You may review and copy information about each fund,including shareholder reports and the SAI, at the PublicReference Room of the Securities and Exchange Commission.You may obtain information about the operations of the SEC’sPublic Reference Room by calling the SEC at 1-202-551 8090.You can get copies of reports and other information aboutthe 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 Website at http://www.sec.gov.

UBS Select Prime Preferred FundUBS Select Treasury Preferred FundUBS Select Tax-Free Preferred FundProspectus

August 28, 2014

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

©UBS 2014. All rights reserved.S030

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http://www.sec.gov

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