ubs select prime institutional fund ubs select … treasury... · ubs select prime institutional...

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

Ticker symbols:

UBS Select Prime Institutional Fund SELXXUBS Select Government Institutional Fund SEGXXUBS Select Treasury Institutional Fund SETXX

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

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

Contents

The fundsWhat every investor should know about the funds

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

More information about the funds 19

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

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

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

The funds are not a complete or balanced investment program.

2

UBS Select Prime Institutional FundFund summary

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

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

Shareholder fees (fees paid directly from your investment)

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

Maximum deferred sales charge (load) None

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

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

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

3

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

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

1 year 3 years 5 years 10 years

UBS Select Prime Institutional Fund $18 $58 $101 $230

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

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

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

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

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

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

4

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

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

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

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

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

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

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

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

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

5

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

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

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

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

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

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

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

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

Performance shown in the bar chart and table for the periods through August 27, 2007 reflects that ofthe Institutional share class of the fund prior to its conversion into a feeder fund of Prime Master Fund.

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

6

Total return

UBS Select Prime Institutional Fund Annual Total Returns

0

2

4

6

8%

2007 2008 2009 2010 2011 2012 2013 2014 2016

2.83%

0.44% 0.15% 0.13% 0.14% 0.05%

2015

0.02% 0.08% 0.41%

5.22%

Calendar Year

Total return January 1 to June 30, 2017: 0.48%Best quarter during years shown—3Q 2007: 1.32%Worst quarter during years shown—1Q 2014: 0.00% (Actual total return was 0.0048%)

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

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

One year 0.41%

Five years 0.14

Ten years 0.93

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

Purchase & sale of fund sharesIf you are buying or selling fund shares directly, you may do so by calling the fund’s transfer agent at1-888-547 FUND. You may also buy and sell fund shares through financial intermediaries who are autho-rized to accept purchase and sales orders on behalf of the fund. This includes the ability to buy fund sharesthrough a UBS Financial Services Inc. Financial Advisor using that firm’s automated order entry system. Theminimum investment level for initial purchases generally is $1,000,000. Subsequent purchases, and pur-chases through exchanges, are not subject to a minimum investment level. Shares of the fund may beredeemed in the same manner as they were purchased (i.e., directly or through a financial intermediary,including through UBS Financial Services Inc.’s automated order entry system). Shares can be purchased

7

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

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

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

8

UBS Select Government Institutional FundFund summary











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

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

9




UBS Select Government Institutional Fund $18 $58 $101 $230

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

Money market instruments generally are short-term debt obligations and similar securities. They also mayinclude longer-term bonds that have variable interest rates or other special features that give them thefinancial characteristics of short-term debt. The fund has adopted a policy to invest 99.5% or more of itstotal assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e.,collateralized by cash and/or government securities) in order to qualify as a “government money marketfund” under federal regulations. By operating as a government money market fund, the fund is exemptfrom requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. Whilethe fund’s board may elect to subject the fund to liquidity fee and gate requirements in the future, theboard has not elected to do so at this time. Many US government money market instruments pay incomethat is generally exempt from state and local income tax, although they may be subject to corporate fran-chise tax in some states. In addition, under normal circumstances, the fund invests at least 80% of its netassets in US government securities, including government securities subject to repurchase agreements.

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


10

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



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




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


11

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


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


Purchase & sale of fund sharesIf you are buying or selling fund shares directly, you may do so by calling the fund’s transfer agent at1-888-547 FUND. You may also buy and sell fund shares through financial intermediaries who are autho-rized to accept purchase and sales orders on behalf of the fund. This includes the ability to buy fund sharesthrough a UBS Financial Services Inc. Financial Advisor using that firm’s automated order entry system. Theminimum investment level for initial purchases generally is $1,000,000. 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.



12

UBS Select Treasury Institutional FundFund summary











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

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

13




UBS Select Treasury Institutional Fund $18 $58 $101 $230

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

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

The fund may invest a significant percentage of its assets in repurchase agreements. Repurchase agreementsare transactions in which the fund purchases securities issued by the US Treasury and simultaneously com-mits to resell them to the same counterparty at a future time and at a price reflecting a market rate of inter-est. Income from repurchase agreements may not be exempt from state and local income taxation.Repurchase agreements often offer a higher yield than investments directly in securities issued by the USTreasury. In deciding whether an investment in a repurchase agreement is more attractive than a directinvestment in securities issued by the US Treasury, the fund considers the possible loss of this tax advantage.

14

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



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




Market risk: The risk that the market value of the fund’s investments may fluctuate, sometimes rapidlyor unpredictably, as the markets fluctuate, which may affect the fund’s ability to maintain a $1.00 shareprice. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the

15

market as a whole. Moreover, changing market, economic and political conditions in one country or geo-graphic region could adversely impact market, economic and political conditions in other countries orregions.


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


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

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

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

Performance shown in the bar chart and table for the periods through August 27, 2007 reflects that ofthe Institutional share class of the fund prior to its conversion into a feeder fund of Treasury Master Fund.

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

16

Total return

UBS Select Treasury Institutional Fund Annual Total Returns

0

2

4

6%

2007 2008 2009 2010 2011 2012 2013 2014 2016

4.79%

0.09% 0.02% 0.01% 0.01% 0.01% 0.02% 0.18%

2015

0.01%

1.58%

Calendar Year

Total return January 1 to June 30, 2017: 0.27%Best quarter during years shown—1Q 2007: 1.26%Worst quarter during years shown—1Q 2013; 1Q 2014; 1Q 2015: 0.00% (Actual total returns were0.0025%)

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

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

One year 0.18%

Five years 0.05

Ten years 0.66


Purchase & sale of fund sharesIf you are buying or selling fund shares directly, you may do so by calling the fund’s transfer agent at 1-888-547FUND. You may also buy and sell fund shares through financial intermediaries who are authorized to acceptpurchase and sales orders on behalf of the fund. This includes the ability to buy fund shares through a UBSFinancial Services Inc. Financial Advisor using that firm’s automated order entry system. The minimum invest-ment level for initial purchases generally is $1,000,000. Subsequent purchases, and purchases throughexchanges, are not subject to a minimum investment level. Shares of the fund may be redeemed in the same

17

manner as they were purchased (i.e., directly or through a financial intermediary, including through UBS Finan-cial Services Inc.’s automated order entry system). Shares can be purchased and redeemed on any business dayon which the Federal Reserve Bank of New York, the New York Stock Exchange and the principal bond markets(as recommended by the Securities Industry and Financial Markets Association) are open.



18

UBS Money Series

More information about the funds

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

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

UBS Select Prime Institutional Fund calculates its netasset value to four decimals (e.g., $1.0000) usingmarket-based pricing, and its share price willfluctuate.

UBS Select Prime Institutional Fund will, under nor-mal circumstances, invest more than 25% of itstotal assets in the financial services group of indus-tries. UBS Select Prime Institutional Fund may, how-ever, invest less than 25% of its total assets in thisgroup of industries as a temporary defensivemeasure.

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

UBS Select Government Institutional Fund seeks toachieve its investment objective by investing in adiversified portfolio of high quality, US government

money market instruments and in related repur-chase agreements, which generally are short-termdebt obligations and similar securities. They alsomay include longer-term bonds that have variableinterest rates or other special features that givethem the financial characteristics of short-termdebt. Many US government money market instru-ments pay income that is generally exempt fromstate and local income tax, although they may besubject to corporate franchise tax in some states.UBS Select Government Institutional Fund mayinvest a significant percentage of its assets in repur-chase agreements. Repurchase agreements aretransactions in which the fund purchases govern-ment securities and simultaneously commits toresell them to the same counterparty at a futuretime and at a price reflecting a market rate of inter-est. Income from repurchase agreements may notbe exempt from state and local income taxation.Repurchase agreements often offer a higher yieldthan investments directly in government securities.In deciding whether an investment in a repurchaseagreement is more attractive than a direct invest-ment in government securities, the fund considersthe possible loss of this tax advantage.

UBS Select Government Institutional Fund’s boardhas determined that the fund will operate as a“government money market fund” pursuant toRule 2a-7 under the Investment Company Actof 1940, as amended (“Rule 2a-7”). Therefore, thefund has adopted a policy to invest 99.5% or moreof its total assets in cash, government securities,and/or repurchase agreements that are collateral-ized fully (i.e., collateralized with cash and/or gov-ernment securities). As a “government moneymarket fund,” the fund (1) is permitted to use theamortized cost method of valuation to seek tomaintain a $1.00 share price, and (2) is not subject

19

UBS Money Series

to a liquidity fee and/or a redemption gate on fundredemptions which might apply to other types offunds should certain triggering events specified inRule 2a-7 occur. (In conformance with Rule 2a-7,UBS Select Government Institutional Fund’s boardhas reserved its ability to change this policy withrespect to liquidity fees and/or redemption gates,but such change would only become effective aftershareholders were provided with specific advancenotice of a change in the fund’s policy and have theopportunity to redeem their shares in accordancewith Rule 2a-7 before the policy change becameeffective.)

In addition, under normal circumstances, UBS SelectGovernment Institutional Fund invests at least 80%of its net assets in US government securities, includ-ing government securities subject to repurchaseagreements. UBS Select Government InstitutionalFund’s 80% policy is a “non-fundamental” policy.This means that this investment policy may bechanged by the fund’s board without shareholderapproval. However, UBS Select Government Institu-tional Fund has also adopted a policy to provide itsshareholders with at least 60 days’ prior writtennotice of any change to the 80% investment policy.

UBS Select Treasury Institutional Fund seeks toachieve its investment objective by investing at least80% of its net assets (plus the amount of any bor-rowing for investment purposes) in securities issuedby the US Treasury and in related repurchase agree-ments. While under normal circumstances UBSSelect Treasury Institutional Fund expects to investsubstantially all of its assets in securities issued bythe US Treasury and in related repurchase agree-ments, under unusual circumstances, the fund mayinvest a portion of its assets in other types of gov-ernment securities.

UBS Select Treasury Institutional Fund’s board hasdetermined that the fund will operate as a

“government money market fund” underRule 2a-7. Therefore, in addition to the 80% policyreferenced above, the fund has adopted a policy toinvest 99.5% or more of its total assets in cash,government securities, and/or repurchase agree-ments that are collateralized fully (i.e., collateralizedwith cash and/or government securities). As a “gov-ernment money market fund” under Rule 2a-7, thefund (1) is permitted to use the amortized costmethod of valuation to seek to maintain a $1.00share price, and (2) is not subject to a liquidity feeand/or a redemption gate on fund redemptionswhich might apply to other types of funds shouldcertain triggering events specified in Rule 2a-7occur. (In conformance with Rule 2a-7, UBS SelectTreasury Institutional Fund’s board has reserved itsability to change this policy with respect to liquidityfees and/or redemption gates, but such changewould only become effective after shareholderswere provided with specific advance notice of achange in the fund’s policy and have the opportu-nity to redeem their shares in accordance withRule 2a-7 before the policy change becameeffective.)

UBS Select Treasury Institutional Fund’s 80% policyis a “non-fundamental” policy. This means that thisinvestment policy may be changed by the fund’sboard without shareholder approval. However, UBSSelect Treasury Institutional Fund has also adopteda policy to provide its shareholders with at least 60days’ prior written notice of any change to the80% investment policy.

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

20

UBS Money Series

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

Each of the funds may maintain a rating from 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 AM may manage a fund moreconservatively 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 fur-ther details about some of the risks describedbelow, are discussed in the funds’ Statement ofAdditional Information (“SAI”). Information on howyou can obtain the SAI can be found on the backcover of this prospectus.

Credit risk (All funds). Credit risk is the risk 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. The

credit quality of an issuer can change rapidly due tomarket developments and may affect the fund’sshare price.

Concentration risk (UBS Select Prime Institu-tional Fund). UBS Select Prime Institutional Fundwill invest a significant portion of its assets in secu-rities issued by companies in the financial servicesgroup of industries, including US banking, non-USbanking, broker-dealers, insurance companies,finance companies (e.g., automobile finance) andrelated asset-backed securities. As a result, UBSSelect Prime Institutional Fund’s performance willbe significantly impacted, both positively and nega-tively, by developments in the financial services sec-tor, and the fund will be more susceptible to suchdevelopments than other funds that do not concen-trate their investments.

Financial services sector risk (UBS Select PrimeInstitutional Fund). Investments of UBS SelectPrime Institutional Fund in the financial services sec-tor may be particularly affected by economic cycles,business developments, interest rate changes andregulatory changes. For example, declining eco-nomic and business conditions can disproportion-ately impact companies in the financial servicessector due to increased defaults on payments byborrowers. Interest rate increases can also adverselyaffect the financial services sector by increasing thecost of capital available for financial services com-panies. In addition, financial services companies areheavily regulated by governmental entities and, as aresult, political and regulatory changes can affectthe operations and financial results of such compa-nies, potentially imposing additional costs and pos-sibly restricting the businesses in which thosecompanies may engage.

Foreign investing risk (UBS Select Prime Insti-tutional Fund). UBS Select Prime Institutional Fundmay invest in foreign money market instruments

21

UBS Money Series

that are denominated in US dollars. Foreign invest-ing may involve risks relating to political, social andeconomic developments abroad to a greater extentthan investing in the securities of US issuers. Inaddition, there are differences between US and for-eign regulatory requirements and market practices.

Municipal securities risk (UBS Select PrimeInstitutional Fund). Municipal securities are sub-ject to interest rate, credit, illiquidity, market andpolitical risks. The ability of a municipal issuer tomake payments and the value of municipal securi-ties can be affected by uncertainties in the munici-pal securities market, including litigation, thestrength of the local or national economy, the issu-er’s ability to raise revenues through tax or othermeans, the bankruptcy of the issuer affecting therights of municipal securities holders and budgetaryconstraints of local, state and federal governmentsupon which the issuer may be relying for funding.Municipal securities and issuers of municipal securi-ties may be more susceptible to downgrade, defaultand bankruptcy during periods of economic stress.In addition, the municipal securities market can besignificantly affected by political changes, includinglegislation or proposals at either the state or thefederal level to eliminate or limit the tax-exemptstatus of municipal security interest. Similarly,reductions in tax rates may make municipal securi-ties less attractive in comparison to taxable securi-ties. Legislatures also may be unable or unwilling toappropriate funds needed to pay municipal securityobligations. These events can cause the value of themunicipal securities held by the fund to fall. In addi-tion, third-party credit quality or liquidity enhance-ments are frequently a characteristic of thestructure of municipal securities purchased bymoney market funds. Problems encountered bysuch third-parties (such as issues negatively impact-ing a municipal security insurer or bank issuing aliquidity enhancement facility) may negativelyimpact a municipal security even though the related

municipal issuer is not experiencing problems.Municipal bonds secured by revenues from publichousing authorities may be subject to additionaluncertainties relating to the possibility that proceedsmay exceed supply of available mortgages to bepurchased by public housing authorities, resulting inearly retirement of bonds, or that homeownerrepayments will create an irregular cash flow.

US Government securities risk (All funds). Creditrisk is the risk that the issuer will not make principalor interest payments when they are due. There aredifferent types of US government securities with dif-ferent relative levels of credit risk depending on thenature of the particular government support for thatsecurity. US government securities may be supportedby (1) the full faith and credit of the US; (2) the abil-ity of the issuer to borrow from the US Treasury;(3) the credit of the issuing agency, instrumentalityor government-sponsored entity; (4) pools of assets(e.g., mortgage-backed securities); or (5) the US insome other way. In some cases, there is even the riskof default. 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 guaranteethe US government will support the agency if it isunable to meet its obligations. Further, the US gov-ernment and its agencies and instrumentalities donot guarantee the market value of their securities;consequently, the value of such securities will fluctu-ate. This may be the case especially when there isany controversy or ongoing uncertainty regardingthe status of negotiations in the US Congress toincrease the statutory debt ceiling. If the USCongress is unable to negotiate an adjustment tothe statutory debt ceiling, there is also the risk thatthe US government may default on payments oncertain US government securities, including thoseheld by the funds, which could have a material neg-ative impact on the funds.

22

UBS Money Series

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

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

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

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

Liquidity risk (All funds). The funds’ investmentsmay become less liquid due to market develop-ments or adverse investor perception. When thereis no willing buyer and investments cannot bereadily sold at the desired time or price, the fundsmay have to accept a lower price or may not beable to sell an instrument at all. The inability to sellan instrument could adversely affect a fund’sshare price or prevent the fund from being able totake advantage of other investment opportunities.This risk may increase during an unusually highvolume of redemption requests by even a fewlarge investors or unusual market conditions.

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

Additional (non-principal) risksSecurities lending risk (All funds). Securities lend-ing involves the lending of portfolio securities ownedby a fund to qualified broker-dealers and financialinstitutions. When lending portfolio securities, a fundinitially will require the borrower to provide the fundwith collateral, most commonly cash, which the fundwill invest. Although a fund invests this collateral in aconservative manner, it is possible that it could losemoney from such an investment or fail to earnsufficient income from its investment to cover thefee or rebate that it has agreed to pay the borrower.Loans of securities also involve a risk that the bor-rower may fail to return the securities or deliver the

23

UBS Money Series

proper amount of collateral, which may result in aloss to a fund. In addition, in the event of bankruptcyof the borrower, a fund could experience losses ordelays in recovering the loaned securities. In somecases, these risks may be mitigated by an indemnifi-cation provided by the funds’ lending agent.

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

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

24

UBS Money Series

Managing your fund account

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

If you are buying fund shares directly or throughfinancial intermediaries, you should refer to the fol-lowing section regarding buying, selling or exchang-ing fund shares in most cases. If you are buyingshares through UBS Financial Services Inc.’s auto-mated purchasing account system, you shoulddirect your request to your financial advisor andrefer to the sections below beginning “UBSFinancial Services Inc.: automated purchasingaccounts” on page 31 of this prospectus.

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

You may buy fund shares through financialintermediaries who are authorized to accept pur-chase orders on behalf of the funds. If you buyfund shares through a financial intermediary whoholds them in its own name on your behalf (in“street name”), the financial intermediary isresponsible for sending the order to the transferagent. You may not call the funds’ transfer agentdirectly if your shares are held in “street name,”but should direct all your requests to buy, sell orexchange shares directly to your financialintermediary.

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

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

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

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

25

UBS Money Series

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

If a purchase order is received:The order will normally

be executed as of:

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

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

10:00 a.m.


11:00 a.m.

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

12:00 (noon)

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

1:00 p.m.

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

2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 p.m.

For UBS Select Prime Institutional Fund:


be executed as of:

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


12:00 (noon)


3:00 p.m.

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

final time by which orders to buy or sell shares mustbe received by the transfer agent to 3:00 p.m.(Eastern time) on those days that SIFMA has recom-mended that the bond markets close early. (Thenormal deadline by which orders to buy or sellshares of UBS Select Prime Institutional Fund mustbe received by the transfer agent is 3:00 p.m.(Eastern time).) Appendix A to this prospectus liststhe SIFMA US holiday “early closing” recommenda-tions schedule for the remainder of 2017 and for2018. These “early closing” days most often occuron a business day prior to a national holiday.

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

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

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

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

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

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

Minimum investment. The minimum investmentlevel for initial purchases generally is $1,000,000.Subsequent purchases, and purchases throughexchanges, are not subject to a minimum invest-ment level. The minimum investment requirement

26

UBS Money Series

will be waived (1) for investors purchasing shares ofUBS Select Treasury Institutional Fund who hadowned shares of UBS LIR Government SecuritiesFund or UBS LIR Treasury Securities Fund at anytime during the twelve months prior to April 1,2004, and (2) for investors purchasing shares ofUBS Select Prime Institutional Fund who had ownedshares of UBS LIR Money Market Fund at any timeduring the twelve months prior to January 12,2004.

UBS AM (US) may waive this minimum under othercircumstances in its discretion. The funds maychange their minimum investment requirements atany time. Investments must be denominated in USdollars.

If your fund account balance has fallen below$1,000,000, UBS AM (US) reserves the right toreject your purchase order to add to the accountunless the account balance will be at least$1,000,000 after that purchase.

Electronic trade entry. The funds may offer anelectronic 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 “Buyingshares.” For more information about this optionand its availability, contact your investment profes-sional at your financial intermediary, or contact thetransfer agent at 1-888-547 FUND.

Selling sharesYou may sell your shares through financialintermediaries that are authorized to acceptredemption requests. If you sell your shares througha financial intermediary who holds them in its ownname on your behalf (in “street name”), the finan-cial intermediary is responsible for sending theorder to the transfer agent. You may not call thefunds’ transfer agent directly if your shares are held

in “street name,” but should direct all yourrequests to buy, sell or exchange shares directly toyour financial intermediary.

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

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

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

27

UBS Money Series


If a redemption order is received:The order will normally

be executed as of:

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


10:00 a.m.


11:00 a.m.


12:00 (noon)


1:00 p.m.


2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 p.m.



be executed as of:

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


12:00 (noon)


3:00 p.m.

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

Your sales proceeds will be paid in federal funds.Proceeds from the sale will be wired to one or moreaccounts you have designated. If a redemption orderis received by 5:00 p.m. (Eastern time) for UBS SelectGovernment Institutional Fund and UBS Select Trea-sury Institutional Fund, or by 3:00 p.m. (Eastern time)for UBS Select Prime Institutional Fund, the proceedsordinarily will be transmitted in federal funds on thesame day. If you sell all the shares you own, divi-dends accrued for the month to date will be paid infederal funds and wired on the same day to theaccounts noted above.

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

The transfer agent will process orders to sell sharesonly if you have on file with it a properly completedaccount application with a signature guarantee (ifyou have previously completed one in connectionwith a direct purchase of fund shares) or otherauthentication acceptable to the transfer agent.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.

28

UBS Money Series

A signature guarantee may be obtained from afinancial institution, broker, dealer or clearing agencythat is a participant in one of the medallion pro-grams recognized by the Securities Transfer AgentsAssociation. These are: Securities Transfer AgentsMedallion Program (STAMP), Stock ExchangesMedallion Program (SEMP) and the New York StockExchange Medallion Signature Program (MSP). Thetransfer agent will not accept signature guaranteesthat are not part of these programs.

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

If you have additional questions on selling shares,you should contact your investment professionalat your financial intermediary or call the transferagent at 1-888-547 FUND.

Exchanging sharesYou may exchange shares of a fund (except UBSSelect Prime Institutional Fund) for shares ofanother fund offered in this prospectus (except UBSSelect Prime Institutional Fund) or of UBS PrimeReserves Fund and of UBS Tax-Free Reserves Fund.UBS Prime Reserves Fund and UBS Tax-FreeReserves Fund have different eligibility requirementsfor purchase, and you may not be able to exchangeyour shares if you are not eligible to purchaseshares of those other funds, which limit investors to“natural persons” as described in their prospectus.

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

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

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

You can place an exchange order through afinancial intermediary. The financial intermediary isthen responsible for sending the order to the trans-fer agent. You may not call the funds’ transferagent directly if your shares are held in “streetname,” but should direct all your requests to buy,sell or exchange shares directly to your financialintermediary.

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

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

29

UBS Money Series

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

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

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

To help the government fight the funding of terror-ism and money laundering activities, federal lawrequires all financial institutions to obtain, verifyand record information that identifies each personwho opens an account. If you do not provide theinformation requested, a fund may not be able tomaintain your account. If a fund is unable to verify

your identity or that of another person(s) autho-rized to act on your behalf, the fund and UBS AM(US) reserve the right to close your account and/ortake such other action they deem reasonable orrequired by law. Fund shares will be redeemed andvalued in accordance with the net asset value nextcalculated after the determination has been madeto close the account.

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

30

UBS Money Series

Select Prime Institutional Fund, if the board deter-mines to impose a redemption gate in accordancewith Rule 2a-7 (see “Information on liquidity feesand redemption gates (UBS Select Prime Institu-tional Fund)” below).

A financial intermediary buying or selling shares forits customers is responsible for transmitting orders tothe transfer agent in accordance with its customeragreements and the procedures noted above.

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

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

UBS Financial Services Inc.: automatedpurchasing accountsInitial purchases made through UBS Financial Ser-vices Inc. can be made in one of two ways. Thepurchases can be made by your Financial Advisordirectly with a fund (a “Direct PurchasingAccount”) or can be entered through that firm’sorder entry system (an “Automated PurchasingAccount”). Your account will be established as anAutomated Purchasing Account unless you instructyour Financial Advisor otherwise or made your ini-tial purchase prior to May 19, 2003. AutomatedPurchasing Accounts will have certain benefits butdo not have certain features available to Direct Pur-chasing Accounts.

If you have an Automated Purchasing Account, youshould direct all your requests to buy, sell orexchange shares directly to your Financial Advisor.The following sections provide information 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 UBS Finan-cial Services Inc. will automatically be debited, andUBS Financial Services Inc. will wire funds on yourbehalf. Your Financial Advisor is responsible formaking sure that your order is promptly sent to afund.

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

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


31

UBS Money Series



be executed as of:

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


10:00 a.m.


11:00 a.m.


12:00 (noon)


1:00 p.m.


2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 p.m.



be executed as of:

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


12:00 (noon)


3:00 p.m.

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

final time by which orders to buy or sell shares mustbe received by the transfer agent to 3:00 p.m.(Eastern time) on those days that SIFMA has recom-mended that the bond markets close early. (Thenormal deadline by which orders to buy or sellshares of UBS Select Prime Institutional Fund mustbe received by the transfer agent is 3:00 p.m.(Eastern time).) Appendix A to this prospectus liststhe SIFMA US holiday “early closing” recommenda-tions schedule for the remainder of 2017 and for2018. These “early closing” days most often occuron a business day prior to a national holiday.

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

Minimum investment. The minimum investmentlevel for initial purchases generally is $1,000,000.Subsequent purchases, and purchases throughexchanges, are not subject to a minimum invest-ment level. The minimum investment requirementwill be waived (1) for investors purchasing shares ofUBS Select Treasury Institutional Fund who hadowned shares of UBS LIR Government SecuritiesFund or UBS LIR Treasury Securities Fund at anytime during the twelve months prior to April 1,2004, and (2) for investors purchasing shares ofUBS Select Prime Institutional Fund who had ownedshares of UBS LIR Money Market Fund at any timeduring the twelve months prior to January 12,2004. UBS AM (US) may waive this minimum underother circumstances in its discretion. The funds maychange their minimum investment requirements atany time. Investments must be denominated in USdollars.

If your fund account balance has fallen below$1,000,000, UBS AM (US) reserves the right toreject your purchase order to add to the account

32

UBS Money Series

unless the account balance will be at least$1,000,000 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 based upon the net asset value nextdetermined after receipt of your redemption orderin good form by the transfer agent. A redemptionorder will not be in good form unless it is receivedby the fund’s transfer agent prior to the deadlinesset forth below. Orders that are not received ingood form will not be executed at the net assetvalue next determined after receipt of the order.Orders to sell shares of UBS Select GovernmentInstitutional Fund and UBS Select Treasury Institu-tional Fund received by the funds’ transfer agentbefore 9:00 a.m. (Eastern time) will normally beexecuted as of 9:00 a.m. (Eastern time). Orders tosell shares of UBS Select Prime Institutional Fundreceived by the funds’ transfer agent by 8:00 a.m.(Eastern time) will normally be executed as of 8:00a.m. (Eastern time).




be executed as of:

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


10:00 a.m.


11:00 a.m.


12:00 (noon)


1:00 p.m.


2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 p.m.



be executed as of:

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

After 8:00 a.m. and before12:00 (noon)

12:00 (noon)


3:00 p.m.

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

33

UBS Money Series

Your sales proceeds will be paid in federal fundswired directly to UBS Financial Services Inc. forcredit to your account ordinarily on the same day. Ifyou sell all the shares you own, dividends accruedfor the month to date will be paid in federal fundsand wired on the same day.

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

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

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

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

You may exchange shares of a fund (except UBSSelect Prime Institutional Fund) for shares ofanother fund offered in this prospectus (except UBSSelect Prime Institutional Fund) or of UBS Prime

Reserves Fund and of UBS Tax-Free Reserves Fund.UBS Prime Reserves Fund and UBS Tax-FreeReserves Fund have different eligibility requirementsfor purchase, and you may not be able to exchangeyour shares if you are not eligible to purchaseshares of those other funds, which limit investors to“natural persons” as described in their prospectus.

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

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

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

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

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

34

UBS Money Series

Transfer of account limitationsIf you hold your shares with UBS Financial ServicesInc. or another securities firm, please note that if youchange 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 orfinancial intermediary that has entered into anagreement with the fund’s principal underwriter. Ifyou cannot 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 principal under-writer may be named as the dealer of record, andyou will receive ongoing account statements fromBNY Mellon. Should you have any questions regard-ing the portability of your fund shares, please con-tact your broker or Financial Advisor.

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

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

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

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

35

UBS Money Series

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

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

Information on liquidity fees and redemptiongates (UBS Select Prime Institutional Fund)Pursuant to Rule 2a-7, Prime Master Fund’s board ispermitted to impose a liquidity fee on redemptionsfrom Prime Master Fund (up to 2%) or a redemp-tion gate to temporarily restrict redemptions fromPrime Master Fund for up to 10 business days (inany 90-day period) in the event that Prime MasterFund’s “weekly liquid assets” fall below certain des-ignated thresholds. The impact of any such liquidityfee or redemption gate will flow through to UBSSelect Prime Institutional Fund, which will imple-ment a corresponding liquidity fee or redemptiongate. Weekly liquid assets generally include cash,direct obligations of the US government, certainother US government or agency securities, securi-ties that will mature or are subject to a demandfeature that is exercisable and payable within fivebusiness days, and amounts receivable and dueunconditionally within five business days on pend-ing sales of portfolio securities.

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

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

Liquidity fees and redemption gates are most likely tobe imposed only during times of extraordinary marketstress or exceptional circumstances pertaining to afund. The imposition and termination of a liquidity feeor redemption gate will be reported by a fund to theSEC on Form N-CR. Such information will also beavailable on the fund’s websitehttps://www.ubs.com/usmoneymarketfunds. In addi-tion, the fund may make such announcementsthrough a press release or by other means.

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

Prime Master Fund’s board may, in its discretion,terminate a liquidity fee or redemption gate at anytime if it believes such action to be in the best inter-est of Prime Master Fund and its interestholders.Also, liquidity fees and redemption gates will auto-matically terminate at the beginning of the nextbusiness day once Prime Master Fund’s weeklyliquid assets reach at least 30% of its total assets.Redemption gates may only last up to 10 businessdays in any 90-day period. When a fee or a gate is

36

UBS Money Series

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

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

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

Market timingFrequent purchases and redemptions of fund sharescould increase each fund’s transaction costs, such asmarket spreads and custodial fees, and may interferewith the efficient management of each fund’s portfo-lio, which could impact each fund’s performance.However, money market funds are generally used byinvestors for short-term investments, often in place ofbank checking or savings accounts or for cash man-agement purposes. Investors value the ability to addand withdraw their funds quickly, without restriction.

UBS AM (US) anticipates that shareholders will pur-chase and sell fund shares frequently because eachfund is designed to offer investors a liquid cashoption. UBS AM (US) also believes that money marketfunds, such as the funds offered in this prospectus,are not targets of abusive trading practices. For thesereasons, the board has not adopted policies and pro-cedures, or imposed redemption fees or other restric-tions such as minimum holding periods, to discourageexcessive or short-term trading of fund shares.

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

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

In determining net asset value, each of GovernmentMaster Fund and Treasury Master Fund values itssecurities at their amortized cost (unless the fund’sboard (or its delegate) determines that this does notrepresent fair value), and each of UBS SelectGovernment Institutional Fund and UBS SelectTreasury Institutional Fund buys the correspondingmaster fund’s interests at the master fund’s netasset value. The amortized cost method uses a con-stant amortization to maturity of the differencebetween the cost of the instrument to a fund andthe amount due at maturity. The net asset value pershare of each of UBS Select Government Institu-tional Fund and UBS Select Treasury InstitutionalFund is expected to be $1.00, although this value isnot guaranteed.

37

UBS Money Series

In determining net asset value, Prime Master Fundvalues its securities using market-based values(unless the fund’s board (or its delegate) determinesthat this does not represent fair value), and UBSSelect Prime Institutional Fund buys the masterfund’s interests at the master fund’s net assetvalue. The net asset value per share of UBS SelectPrime Institutional Fund is calculated to four deci-mals (e.g., $1.0000) and will fluctuate.

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

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

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

The funds’ board has delegated to a UBS AM valua-tion committee the responsibility for making fairvalue determinations with respect to a fund’s port-folio securities. The types of securities and otherinstruments for which such fair value pricing maybe necessary include, but are not limited to: securi-

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

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

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

38

UBS Money Series

master funds’ investment decisions. It buys and sellssecurities for the master funds and conducts theresearch that leads to the purchase and saledecisions.

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

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

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

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

In exchange for these fees, UBS AM has agreed tobear all of the funds’ expenses other than interest,taxes, extraordinary costs and the cost of securitiespurchased and sold by the funds, including anytransaction costs. Although UBS AM is not obli-

gated to pay the fees and expenses of the funds’independent trustees, it is contractually obligated toreduce its management fee in an amount equal tothose fees and expenses. UBS AM estimates thatthese fees and expenses will be less than 0.01% ofeach fund’s average daily net assets.

UBS AM received an effective fee of 0.15%, 0.13%and 0.18% of the average daily net assets of eachof UBS Select Prime Institutional Fund, UBS SelectGovernment Institutional Fund and UBS Select Trea-sury Institutional Fund, respectively, for its servicesas investment advisor and administrator in thefunds’ last full fiscal period or year which endedApril 30, 2017 (includes fees allocated from relatedmaster fund, net of voluntary fee waivers/expensereimbursements, if any). The effective fee for eachof UBS Select Prime Institutional Fund and UBSSelect Government Institutional Fund reflects volun-tary waivers.

With respect to UBS Select Prime Institutional Fundonly, UBS AM will voluntarily waive 0.04% of itsmanagement fee (imposed at the related masterfund level) and 0.04% of its administrative fees(imposed at the feeder fund level) in order to volun-tarily reduce the fund’s expenses by 0.08% untilSeptember 30, 2017.

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

A discussion regarding the basis for the masterfunds’ board’s approval of the Management Agree-ment between UBS AM and Master Trust withrespect to Prime Master Fund, Government Master

39

UBS Money Series

Fund and Treasury Master Fund is available in thefunds’ semiannual report to shareholders for thefiscal period ended October 31, 2016.

Master-feeder structureUBS Select Prime Institutional Fund, UBS SelectGovernment Institutional Fund and UBS Select Trea-sury Institutional Fund are “feeder funds” thatinvest all of their assets in “master funds”—PrimeMaster Fund, Government Master Fund and Trea-sury Master Fund, respectively. The feeder fundsand their respective master funds have the sameinvestment objectives.

The master funds may accept investments from otherfeeder funds. Each feeder fund bears the masterfund’s expenses in proportion to their investment inthe master fund. Each feeder fund can set its owntransaction minimums, feeder fund-specific expensesand other conditions. This arrangement allows eachfeeder fund’s trustees to withdraw the feeder fund’sassets from the master fund if they believe doing so isin the shareholders’ best interests. If the trustees with-draw the feeder fund’s assets, they would then con-sider whether the feeder fund should hire its owninvestment advisor, invest in a different master fund ortake other action.

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

Dividends and taxesDividendsEach fund declares dividends daily and pays themmonthly. Dividends accrued during a given monthare paid on the first business day of the next month

or upon the sale of all the fund shares in a share-holder’s account.

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

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

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

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

TaxesThe dividends that you receive from the funds gen-erally are subject to federal income tax regardless ofwhether you receive them in additional fund sharesor in cash, and are expected to be taxed as ordinaryincome. Such dividends are not eligible for thereduced rate of tax that may apply to certain quali-fying dividends on corporate stock. Dividends paidby UBS Select Prime Institutional Fund are also notexpected to qualify as “exempt-interest dividends,”

40

UBS Money Series

and will not be excludable from gross income by itsshareholders, because the fund is not expected toinvest at least 50% of the value of its total assets insecurities the interest on which is excludable fromgross income.

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

Shareholders not subject to tax on their incomewill not be required to pay tax on amountsdistributed to them. If you hold fund sharesthrough a tax-exempt account or plan such as anIRA or 401(k) plan, dividends on your shares gener-ally will not be subject to tax until proceeds arewithdrawn from the plan.

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

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

A liquidity fee imposed by a fund will reduce theamount you will receive upon the redemption ofyour shares, and will decrease the amount of anycapital gain or increase the amount of any capitalloss you will recognize from such redemption.There is some degree of uncertainty with respect tothe tax treatment of liquidity fees received bymoney market funds, and such tax treatment maybe the subject of future guidance issued by theInternal Revenue Service (“IRS”). If a fund receives

liquidity fees, it will consider the appropriate taxtreatment of such fees to the fund at such time.

Because UBS Select Prime Institutional Fund doesnot maintain a stable share price, a sale orexchange of fund shares may result in a capital gainor loss for you. Unless you choose to adopt a sim-plified “NAV method” of accounting (describedbelow), such capital gain or loss generally will betreated either as short-term if you held your sharesas capital assets for one year or less, or long-term ifyou held your shares longer. In determining theholding period of such shares for this purpose, anyperiod during which your risk of loss is offset bymeans of options, short sales or similar transactionsis not counted.

If you elect to adopt the NAV method of account-ing, rather than computing gain or loss on everytaxable disposition of UBS Select Prime InstitutionalFund shares as described above, you would deter-mine your gain or loss based on the change in theaggregate value of your shares during a computa-tion period (such as your taxable year), reduced byyour net investment (purchases minus sales) inthose shares during that period. Under the NAVmethod, any resulting net capital gain or loss wouldbe treated as short-term capital gain or loss, pro-vided that you held the shares as capital assets. TheIRS has issued guidance indicating that wash salerules will not apply to taxpayers with respect toshares redeemed from a floating net asset valuemoney market fund, such as UBS Select Prime Insti-tutional Fund.

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 USindividuals, estates and trusts to the extent thatsuch person’s “modified adjusted gross income” (in

41

UBS Money Series

the 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 identifica-tion number on Form W-9 (for US citizens andresident aliens) or to make required certifications,or

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

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

Each fund is required to withhold US tax (at a 30%rate) on payments of taxable dividends and (effec-tive January 1, 2019) redemption proceeds and cer-tain capital gains dividends made to certain non-USentities that fail to comply (or be deemed compli-ant) with extensive new reporting and withholdingrequirements designed to inform the US Depart-ment of the Treasury of US-owned foreign invest-ment accounts. Shareholders may be requested toprovide additional information to the funds toenable the funds to determine whether withholdingis required.

The above is a general and abbreviated discussionof certain tax considerations, and each investor isadvised to consult with his or her own tax advisor.

There is additional information on taxes in thefunds’ SAI.

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

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

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

42

UBS Money Series

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

Additionally, an abbreviated portfolio holdingsreport for the master fund in which UBS SelectPrime Institutional Fund invests is available on aweekly basis. (The abbreviated weekly portfolioholdings report contains less information abouteach holding.) This information will be posted onthe UBS Web site at the following internet address:https://www.ubs.com/usmoneymarketfunds. Undernormal circumstances, the abbreviated report willbe as of the last business day in a week and isexpected to be posted by the Thursday or Friday ofthe following week. The weekly information will beposted to the Web site at least one day prior toother public dissemination.

The weekly portfolio holdings information postingswill continue to remain available on the Web site,along with any more current holdings information,at least until the date on which a fund files its port-folio holdings information with the SEC 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 peri-ods ended April 30th could be removed from theWeb site once the annual report is filed, but notuntil then.)

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

43

UBS Money Series

Financial highlights

The following financial highlights tables areintended to help you understand the financial per-formance for UBS Select Prime Institutional Fundand UBS Select Treasury Institutional Fund for thepast 5 years and for UBS Select Government Institu-tional Fund since it commenced operations onJuly 26, 2016 through April 30, 2017.

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 other distribu-tions).

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

44

UBS Money Series: UBS Select Prime Institutional Fund

Financial highlights (continued)

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

Years ended April 30,

2017 2016 2015 2014 2013

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

Net investment income 0.0057 0.002 0.0001 0.0001 0.001Net realized and unrealized gains 0.0004 0.0001 0.0001 0.0001 0.0001

Net increase from operations 0.0061 0.002 0.0001 0.0001 0.001

Dividends from net investment income (0.0057) (0.002) (0.000)1 (0.000)1 (0.001)Distributions from net realized gains (0.0002) (0.000)1 (0.000)1 (0.000)1 (0.000)1

Total dividends and distributions (0.0059) (0.002) (0.000)1 (0.000)1 (0.001)

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

Total investment return2 0.61% 0.17% 0.03% 0.03% 0.11%

Ratios to average net assets:Expenses before fee waivers/Trustees’ feesreimbursement3 0.18% 0.18% 0.18% 0.18% 0.18%Expenses after fee waivers/Trustees’ feesreimbursement3 0.15% 0.18% 0.18% 0.18% 0.18%Net investment income3 0.51% 0.18% 0.03% 0.03% 0.11%

Supplemental data:Net assets, end of year (000’s) $2,307,192 $4,355,349 $4,140,538 $4,385,243 $6,021,339

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

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

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

45

UBS Money Series: UBS Select Government Institutional Fund

Financial highlights (continued)

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

For the period fromJuly 26, 20161 to

April 30, 2017

Net asset value, beginning of period $1.00

Net investment income 0.003Net realized gains 0.0002

Net increase from operations 0.003

Dividends from net investment income (0.003)Distributions from net realized gains (0.000)2

Total dividends and distributions (0.003)

Net asset value, end of period $1.00

Total investment return3 0.29%

Ratios to average net assets:Expenses before fee waivers and/or expense reimbursements4 0.18%5

Expenses after fee waivers and/or expense reimbursements4 0.13%5

Net investment income4 0.44%5

Supplemental data:Net assets, end of period (000’s) $1,104,473

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

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

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

46

UBS Money Series: UBS Select Treasury Institutional Fund

Financial highlights (concluded)

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

Years ended April 30,

2017 2016 2015 2014 2013

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

Net investment income 0.003 0.0001 0.0001 0.0001 0.0001

Net realized gains 0.0001 0.0001 0.0001 0.0001 0.0001

Net increase from operations 0.003 0.0001 0.0001 0.0001 0.0001

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

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

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

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

Total investment return2 0.30% 0.06% 0.01% 0.01% 0.01%

Ratios to average net assets:Expenses before fee waivers/Trustees’ feesreimbursement3 0.18% 0.18% 0.18% 0.18% 0.18%Expenses after fee waivers/Trustees’ feesreimbursement3 0.18% 0.12% 0.06% 0.06% 0.14%Net investment income3 0.30% 0.05% 0.01% 0.01% 0.01%

Supplemental data:Net assets, end of year (000’s) $4,272,835 $3,828,119 $4,291,607 $4,282,804 $4,351,895

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

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

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

47

UBS Money Series: Appendix A

Additional information regarding purchases and redemptions

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

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

48

UBS Money Series

Privacy notice

UBS family of funds privacy notice

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

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

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

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

49

UBS Money Series

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

This privacy notice is not a part of the prospectus.

50

UBS Money Series

UBS Asset Management, Americas Region

Business continuity planning overview

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

Essential elements of the business continuity plan include:

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

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

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

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

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

51

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

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

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

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

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

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

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

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

©UBS 2017. All rights reserved.S304

UBS Select Prime Institutional FundUBS Select Government InstitutionalFundUBS Select Treasury InstitutionalFundProspectus | August 28, 2017

ubs select prime institutional fund ubs select … treasury... · ubs select prime institutional...

Documents