UBS Series Funds - US Money Market Funds · to which UBS AM is contractually obligated to waive its...

UBS Series FundsProspectus Supplement | November 1, 2019

Supplement to the Prospectus dated August 28, 2019, as supplemented

Includes:‰ UBS Select Government Capital Fund‰ UBS Select Treasury Capital Fund

Dear Investor:

The purpose of this supplement is to update certain information in the prior prospectus supplements datedSeptember 10, 2019 and October 3, 2019, which related to the planned liquidation of UBS Select GovernmentCapital Fund and UBS Select Treasury Capital Fund (the “Liquidating Funds”). In particular, UBS Financial ServicesInc. has determined that November 18, 2019, will be the effective date of changes to its sweep options and, accord-ingly, the liquidation date will be on or about the same date. Additional information regarding the liquidation of theLiquidating Funds is outlined in the prospectus supplement dated September 10, 2019.

PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE.

ZS-1034

UBS Series FundsProspectus Supplement | October 3, 2019

Supplement to the Prospectus dated August 28, 2019, as supplemented

Includes:‰ UBS Select Government Capital Fund‰ UBS Select Treasury Capital Fund

Dear Investor:

The purpose of this supplement is to update certain information in the prior prospectus supplement datedSeptember 10, 2019, which discussed the planned liquidation of UBS Select Government Capital Fund and UBSSelect Treasury Capital Fund (the “Liquidating Funds”). UBS Financial Services Inc. had anticipated announcing inearly October the effective date on which it will no longer offer the Liquidating Funds as sweep options. Theannouncement has been delayed. UBS Financial Services Inc. now expects to announce later in 2019 the date onwhich it will no longer offer the Liquidating Funds as sweep options. The liquidation date will be on or about thesame date as UBS Financial Services Inc. makes effective the changes to its sweep options (the “Liquidation Date”).Once UBS Financial Services Inc. determines the date of the sweep changes, the Liquidating Funds will furthersupplement their prospectus to reflect the Liquidation Date, which will be available online on the Liquidating Funds’website.

PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE.

ZS-1031

UBS Series FundsProspectus Supplement | September 10, 2019

Supplement to the Prospectus dated August 28, 2019.

Includes:• UBS Select Government Capital Fund• UBS Select Treasury Capital Fund

Dear Investor:

The purpose of this supplement is to announce the planned liquidation of UBS Select Government Capital Fund andUBS Select Treasury Capital Fund (the “Liquidating Funds”) and update certain information contained in theProspectus. UBS Financial Services Inc. intends to determine the date on which it will no longer offer the LiquidatingFunds as sweep options, but it is expected that they will no longer be offered between mid-November and early-January 2020. The liquidation date will be on or about the same date as UBS Financial Services Inc. changes to thesweep options (the “Liquidation Date”), and, shortly after UBS Financial Services Inc. determines the date of thesweep changes, the Liquidating Funds will further supplement their Prospectus to reflect the Liquidation Date,which will be available online on the Liquidating Funds’ website.

I. Liquidating Funds

The Board of Trustees of the Liquidating Funds (the “Board”) has approved the liquidation of each Liquidating Fundpursuant to a Plan of Liquidation (the “Plan”). Accordingly, on the Liquidation Date shares of the Liquidating Fundswill no longer be offered for purchase; all shares of each Liquidating Fund will be liquidated in accordance with thePlan on the Liquidation Date.

The Board has approved the determination not to continue the Liquidating Funds because the Liquidating Funds willno longer be offered as cash sweep options as a result of changes that UBS Financial Services Inc. will be making toits cash sweep offerings.

Suspension of sales. Shares of the Liquidating Funds will no longer be available for purchase effective shortlybefore the Liquidation Date.

Bulk exchange. On the Liquidation Date through bulk exchange transactions, UBS Financial Services Inc. intends toredeem its customers from the Liquidating Funds and transfer the proceeds from the redemptions to either depositaccounts at UBS Bank USA (“Bank USA”) or to a money market fund, depending on the sweep program in which aparticular client participates. Shareholders will be separately contacted by UBS Financial Services Inc. with additionalinformation regarding the bulk exchange transactions. Shareholders who do not want their redemption proceeds sotransferred need to notify their Financial Advisor shortly before the Liquidation Date, to discuss investment alterna-tives.

ZS-1024

Toppan Merrill - UBS Series Funds Select GVT-Select Treasury Pros Sup N-1A 333-052965 09-30-2019 ED | eperez | 09-Sep-19 20:07 | 19-18387-1.ba | Sequence: 1CHKSUM Content: 46390 Layout: 43720 Graphics: 52347 CLEAN

JOB: 19-18387-1 CYCLE#;BL#: 4; 1-4 TRIM: 8.250 x 10.750 AS: New York: 212-620-5600COLORS: ~note-color 3, ~note-color 2, Black GRAPHICS: UBS_logo_semibold_K.eps V1.5

2

Liquidation of assets. On the Liquidation Date, the Liquidating Funds will be liquidated and any assets of theLiquidating Funds not transferred as discussed above will be paid in cash to any shareholders remaining in theLiquidating Funds or invested in accordance with instructions previously agreed with an investor’s Financial Advisor.

On or about the Liquidation Date, each Liquidating Fund will distribute pro rata to the Liquidating Fund’s sharehold-ers of record as of the close of business on the Liquidation Date all of the remaining assets of the Liquidating Fund,after paying, or setting aside the amount to pay, any liabilities.

Redemptions prior to the liquidation. At any time prior to the Liquidation Date, shareholders may redeem theirshares of the respective Liquidating Fund and receive the net asset value thereof, as provided in the LiquidatingFund’s prospectus.

Certain tax information. If a shareholder remains invested in a Liquidating Fund as of the Liquidation Date, theshareholder’s shares will be redeemed automatically, on or promptly after the Liquidation Date, at net asset valueper share as of the Liquidation Date. Consistent with the rules governing government money market funds, eachLiquidating Fund seeks to maintain a stable $1.00 net asset value per share, although there is no assurance that theLiquidating Fund will be able to do so. Redemption of shares by a shareholder as part of a liquidation generally willbe considered a taxable event, in respect of which shareholders would recognize gain or loss (if any) equal to theamount received for their shares over their adjusted basis in such shares. Prior to the liquidation, each LiquidatingFund may make distributions of income and capital gains. You should consult your tax advisor for informationregarding all tax consequences applicable to your investment in a Liquidating Fund, deposit accounts at Bank USAor another money market fund. Shareholders who own shares of a Liquidating Fund in a tax deferred account, suchas an individual retirement account, 401(k) or 403(b) account, should consult their tax advisers regarding the taxconsequences applicable to the reinvestment of the proceeds of the liquidating distribution.

UBS Asset Management appreciated your investment in the Liquidating Funds. We encourage you todiscuss investment alternatives with your Financial Advisor.

PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR YOUR FUTURE REFERENCE.

Toppan Merrill - UBS Series Funds Select GVT-Select Treasury Pros Sup N-1A 333-052965 09-30-2019 ED | eperez | 09-Sep-19 20:07 | 19-18387-1.ba | Sequence: 2CHKSUM Content: 40302 Layout: 55208 Graphics: 0 CLEAN

JOB: 19-18387-1 CYCLE#;BL#: 4; 1-4 TRIM: 8.250 x 10.750 AS: New York: 212-620-5600COLORS: ~note-color 3, ~note-color 2, Black GRAPHICS: none V1.5

Money Market FundsProspectus | August 28, 2019

Includes:• UBS Select Government Capital Fund: SGKXX• UBS Select Treasury Capital Fund: STCXX

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 Government Capital Fund 3UBS Select Treasury Capital Fund 8

More information about the funds 14

Your investmentInformation for managing your fund accountManaging your fund account—for eligible clients of UBS Financial Services Inc. 18Managing your fund account—purchases, sales and exchanges of the funds directly orthrough another financial intermediary 23—Buying shares—Selling shares—Exchanging shares—Transfer of account limitations—Additional information about your account—Market timing—Pricing and valuation

Additional informationAdditional important information about the fundsManagement 29Dividends and taxes 31Disclosure of portfolio holdings and other information 32Financial highlights 34Appendix A: Additional information regarding purchases and redemptions 37Where to learn more about the funds Back cover

Please find the UBS family of funds privacy notice on page 38. Please find the UBS Asset Man-agement business continuity planning overview on page 40.

The funds are not a complete or balanced investment program.

2

UBS Select Government Capital 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 yourinvestment)*

Management fees 0.20%

Distribution (12b-1) fees None

Other expenses 0.16

Shareholder servicing fee 0.15

Miscellaneous expenses 0.01

Total annual fund operating expenses 0.36

Fee waiver/expense reimbursement1 0.16

Total annual fund operating expenses after fee waiver and/or expense reimbursement1 0.20

* 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.

1 The fund and UBS Asset Management (Americas) Inc. (“UBS AM”) have entered into a written fee waiver/expense reimbursement agreement pursuantto which UBS AM is contractually obligated to waive its management fees and/or reimburse the fund, and to cause its affiliate UBS Asset Management(US) Inc. to waive its shareholder servicing fee, so that the fund’s operating expenses through August 31, 2020 (excluding interest expense, if any, andextraordinary items) would not exceed 0.20%. The fund has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it cando so over the three years following such waived fees/reimbursed expenses without causing the fund’s expenses in any of those three years to exceedthe expense cap. The fee waiver/expense reimbursement agreement may be terminated by the fund’s board at any time and also will terminate auto-matically upon the expiration or termination of the fund’s contract with UBS AM. Upon termination of the agreement, however, UBS AM’s three yearrecoupment rights will survive.

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 Government Capital Fund $20 $99 $186 $440

* Except that the expenses reflect the effects of the fund’s fee waiver/expense reimbursement agreement, including any recoupments, for the first year only.

Principal strategiesPrincipal investmentsThe fund is a money market fund and seeks to maintain a stable price of $1.00 per share. 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.

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.

4

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.

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. 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.

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 or financial institutions that have entered into repur-chase agreements with the fund may fail to make payments when due or complete transactions, or theymay become less willing or less able to do so.

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.

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, political and social conditions in one country orgeographic region could adversely impact market, economic, political and social conditions in other coun-tries 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 fund may face a heightened level of interest rate risk dueto certain changes in monetary policy, such as certain types of interest rate changes by the FederalReserve.

5

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

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

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

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

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

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

UBS Select Government Capital Fund Annual Total ReturnTotal return (2017 was the fund’s first full calendar year of operations)

0

1

2

3%

2017 2018Calendar Year

0.71%

1.67%

Total return January 1 to June 30, 2019: 1.12%Best quarter during years shown—4Q 2018: 0.52%Worst quarter during years shown—1Q 2017: 0.11%

Updated performance information is available (1) by contacting your Financial Advisor, (2) by calling1-888-793 8637 (Option #1) and (3) on the fund’s website at https://ubs.com/moneymarketfunds.

6

Average annual total returns (for the periods ended December 31, 2018)One year 1.67%

Life of fund (inception date June 24, 2016) 0.98

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

Purchase & sale of fund sharesCertain clients of UBS Financial Services Inc. with “Marketing Relationship” assets of $25 million or more(as that term is defined by the terms and conditions of your account with UBS Financial Services Inc.) areeligible to use the fund as a sweep option. Depending on your particular circumstances, free cash balancesin your securities account may automatically be redirected into the fund, or you may be able to designatethe fund as a sweep option by contacting your Financial Advisor.

You may also buy and sell fund shares through other financial intermediaries who are authorized to acceptpurchase and sales orders on behalf of the fund. If you are buying or selling fund shares directly, you maydo so by calling the fund’s transfer agent at 1-888-547 FUND. The minimum investment level for initialpurchases generally is $500,000 (unless you are a client of UBS Financial Services Inc. and must meet theeligibility criteria noted above). The fund has no minimum to add to an account. Shares of the fund maybe redeemed in the same manner as they were purchased (i.e., directly or through a financial intermedi-ary). Shares can be purchased and redeemed on any business day on which the Federal Reserve Bank ofNew York, the New York Stock Exchange and the principal bond markets (as recommended by the Securi-ties Industry and Financial Markets Association) are open.

Tax informationThe dividends and distributions you receive from the fund are taxable and will generally be taxed as ordi-nary income, capital gains or some combination of both, 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), UBS AMand/or its affiliates may pay the intermediary for the sale of fund shares and related services, or othershareholder services. These payments may create a conflict of interest by influencing the broker-dealer orother intermediary and your financial advisor to recommend the fund over another investment. Ask yourfinancial advisor or visit your financial intermediary’s website for more information.

7

UBS Select Treasury Capital 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 yourinvestment)*

Management fees 0.20%

Distribution (12b-1) fees None

Other expenses 0.17

Shareholder servicing fee 0.15

Miscellaneous expenses 0.02

Total annual fund operating expenses 0.37

Fee waiver/expense reimbursement1 0.17

Total annual fund operating expenses after fee waiver and/or expense reimbursement1 0.20

* 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.

1 The fund and UBS Asset Management (Americas) Inc. (“UBS AM”) have entered into a written fee waiver/expense reimbursement agreement pursuantto which UBS AM is contractually obligated to waive its management fees and/or reimburse the fund, and to cause its affiliate UBS Asset Management(US) Inc. to waive its shareholder servicing fee, so that the fund’s operating expenses through August 31, 2020 (excluding interest expense, if any, andextraordinary items) would not exceed 0.20%. The fund has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it cando so over the three years following such waived fees/reimbursed expenses without causing the fund’s expenses in any of those three years to exceedthe expense cap. The fee waiver/expense reimbursement agreement may be terminated by the fund’s board at any time and also will terminate auto-matically upon the expiration or termination of the fund’s contract with UBS AM. Upon termination of the agreement, however, UBS AM’s three yearrecoupment rights will survive.

8

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 Treasury Capital Fund $20 $102 $191 $451

* Except that the expenses reflect the effects of the fund’s fee waiver/expense reimbursement agreement, including any recoupments, for the first year only.

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

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

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

9

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

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

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

Management processUBS 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.

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. 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.

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 or financial institutions that have entered into repur-chase agreements with the fund may fail to make payments when due or complete transactions, or theymay become less willing or less able to do so.

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.

10

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, political and social conditions in one country orgeographic region could adversely impact market, economic, political and social conditions in other coun-tries 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 fund may face a heightened level of interest rate risk dueto certain changes in monetary policy, such as certain types of interest rate changes by the FederalReserve.

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.

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

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

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

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

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

11

UBS Select Treasury Capital Fund Annual Total ReturnsTotal return (2013 was the fund’s first full calendar year of operations)

0

1

2

3

4%

0.01%

2013

0.01%

2014

0.02%

2015 2017 2018

0.16%

2016Calendar Year

0.70%

1.68%

Total return January 1 to June 30, 2019: 1.12%Best quarter during years shown—4Q 2018: 0.52%Worst quarters during years shown—1Q 2013; 1Q 2014; 1Q 2015: 0.00% (Actual total returns were0.0025%)

Updated performance information is available (1) by contacting your Financial Advisor, (2) by calling1-888-793 8637 (Option #1) and (3) on the fund’s website at https://www.ubs.com/usmoneymarketfunds.

Average annual total returns (for the periods ended December 31, 2018)

One year 1.68%

Five years 0.51

Life of fund (inception date 7/16/12) 0.40

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

Purchase & sale of fund sharesCertain clients of UBS Financial Services Inc. with “Marketing Relationship” assets of $25 million or more(as that term is defined by the terms and conditions of your account with UBS Financial Services Inc.) areeligible to use the fund as a sweep option. Depending on your particular circumstances, free cash balancesin your securities account may automatically be redirected into the fund, or you may be able to designatethe fund as a sweep option by contacting your Financial Advisor.

You may also buy and sell fund shares through other financial intermediaries who are authorized to acceptpurchase and sales orders on behalf of the fund. If you are buying or selling fund shares directly, you maydo so by calling the fund’s transfer agent at 1-888-547 FUND. The minimum investment level for initial

12

purchases generally is $500,000 (unless you are a client of UBS Financial Services Inc. and must meet theeligibility criteria noted above). The fund has no minimum to add to an account. Shares of the fund maybe redeemed in the same manner as they were purchased (i.e., directly or through a financial intermedi-ary). Shares can be purchased and redeemed on any business day on which the Federal Reserve Bank ofNew York, the New York Stock Exchange and the principal bond markets (as recommended by the Securi-ties Industry and Financial Markets Association) are open.

Tax informationThe dividends and distributions you receive from the fund are taxable and will generally be taxed as ordi-nary income, capital gains or some combination of both, 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), UBS AMand/or its affiliates may pay the intermediary for the sale of fund shares and related services, or othershareholder services. These payments may create a conflict of interest by influencing the broker-dealer orother intermediary and your financial advisor to recommend the fund over another investment. Ask yourfinancial advisor or visit your financial intermediary’s website for more information.

13

UBS Series Funds

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 Government Capital Fund seeks toachieve its investment objective by investing in adiversified portfolio of high quality, US governmentmoney market instruments and in related repur-chase agreements, which generally are short-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 it may be sub-ject to corporate franchise tax in some states. UBSSelect Government Capital Fund may invest a sig-nificant percentage of its assets in repurchaseagreements. Repurchase agreements are transac-tions in which the fund purchases governmentsecurities and simultaneously commits to resellthem to the same counterparty at a future time andat a price reflecting a market rate of interest.Income from repurchase agreements may not beexempt from state and local income taxation.Repurchase agreements often offer a higher yieldthan investments directly in government securities.In deciding whether an investment in a repurchaseagreement is more attractive than a direct invest-ment in government securities, the fund considersthe possible loss of this tax advantage.

In addition, under normal circumstances, UBS SelectGovernment Capital Fund invests at least 80% ofits net assets in US government securities, including

government securities subject to repurchase agree-ments. UBS Select Government Capital Fund’s 80%policy is a “non-fundamental” policy. This meansthat this investment policy may be changed by thefund’s board without shareholder approval. How-ever, UBS Select Government Capital Fund has alsoadopted a policy to provide its shareholders with atleast 60 days’ prior written notice of any change tothe 80% investment policy.

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

The funds’ board has determined that each fundwill operate as a “government money marketfund” pursuant to Rule 2a-7 under the InvestmentCompany Act of 1940, as amended (“Rule 2a-7”).Therefore, in addition to the 80% policies for UBSSelect Government Capital Fund and UBS SelectTreasury Capital Fund referenced above, each fundhas adopted a policy to invest 99.5% or more of itstotal assets in cash, government securities, and/orrepurchase agreements that are collateralized fully(i.e., collateralized with cash and/or governmentsecurities). As a “government money market fund,”each fund (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 redemptions

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UBS Series Funds

which might apply to other types of funds shouldcertain triggering events specified in Rule 2a-7occur. (In conformance with Rule 2a-7, the funds’board has reserved its ability to change this policywith respect to liquidity fees and/or redemptiongates, but such change would only become effec-tive after shareholders were provided with specificadvance notice of a change in each fund’s policyand have the opportunity to redeem their shares inaccordance with Rule 2a-7 before the policy changebecame effective.)

Each fund’s 80% policy is a “non-fundamental”policy. This means that this investment policy maybe changed by the fund’s board without share-holder approval. However, each fund has alsoadopted a policy to provide its shareholders with atleast 60 days’ prior written notice of any change tothe 80% investment policy.

Like all money market funds, each of the funds issubject to maturity, quality, diversification and liquid-ity requirements pursuant to Rule 2a-7 designed tohelp it maintain a stable price of $1.00 per share.Each of the funds’ investment strategies aredesigned to comply with these requirements. Each ofthe funds may invest in high quality, short-term, USdollar-denominated money market instruments pay-ing a fixed, variable or floating interest rate.

UBS AM may use a number of professional moneymanagement techniques to respond to changingeconomic and money market conditions and to shiftsin fiscal and monetary policy. These techniquesinclude 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 patterns.UBS AM also may buy or sell money market instru-ments to take advantage of yield differences.

Each of the master funds in which the funds investmay maintain a rating from one or more ratingagencies that provide ratings on money marketfunds. There can be no assurance that a masterfund will maintain any particular rating or maintainit with a particular rating agency. To maintain a rat-ing, UBS AM may manage a corresponding masterfund more conservatively or differently than if itwere not rated.

Additional information about principal risksThe main risks of investing in the funds aredescribed 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. Credit risk is the risk that the issuer ofmoney market instruments or financial institutionsthat have entered into repurchase agreements witha fund will not make principal or interest paymentswhen they are due or complete transactions. Even ifan issuer or counterparty does not default on a pay-ment, a money market instrument’s value maydecline if the market believes that the issuer orcounterparty has become less able, or less willing,to make payments on time. Even the highest qualitymoney market instruments are subject to somecredit risk. The credit quality of an issuer or coun-terparty can change rapidly due to market develop-ments and may affect the fund’s ability to maintaina $1.00 share price.

US Government securities risk. Credit risk is therisk that the issuer will not make principal orinterest payments when they are due. There are dif-ferent types of US government securities withdifferent relative levels of credit risk depending on

15

UBS Series Funds

the nature of the particular government support forthat security. US government securities may be sup-ported by (1) the full faith and credit of the US;(2) the ability of the issuer to borrow from the USTreasury; (3) the credit of the issuing agency, instru-mentality or government-sponsored entity; (4) poolsof assets (e.g., mortgage-backed securities); or(5) the US in some other way. In some cases, thereis even the risk of default. For example, for asset-backed securities there is the risk those assets willdecrease in value below the face value of the secu-rity. Similarly, for certain agency issued securitiesthere is no guarantee the US government will sup-port the agency if it is unable to meet its obliga-tions. Further, the US government and its agenciesand instrumentalities do not guarantee the marketvalue of their securities; consequently, the value ofsuch securities will fluctuate. This may be the caseespecially when there is any controversy or ongoinguncertainty regarding the status of negotiations inthe US Congress to increase the statutory debt ceil-ing. If the US Congress is unable to negotiate anadjustment to the statutory debt ceiling, there isalso the risk that the US government may defaulton payments on certain US government securities,including those held by the funds, which couldhave a material negative impact on the funds.

Interest rate risk. The value of money marketinstruments generally can be expected to fall whenshort-term interest rates rise and to rise whenshort-term interest rates fall. Interest rate risk is therisk that interest rates will rise, so that the value ofa fund’s investments will fall. Also, a fund’s yieldwill tend to lag behind changes in prevailing short-term interest rates. This means that a fund’s incomewill tend to rise more slowly than increases in short-term interest rates. Similarly, when short-term inter-est rates are falling, a fund’s income generally willtend to fall more slowly.

A fund may face a heightened level of interest raterisk due to certain changes in monetary policy, suchas certain types of interest rate changes by theFederal Reserve. The risks associated with changinginterest rates may have unpredictable effects on themarkets and a fund’s investments. A sudden orunpredictable increase in interest rates may causevolatility in the market and may decrease liquidity inthe money market securities markets, making itharder for a fund to sell its money market invest-ments at an advantageous time. Decreased marketliquidity also may make it more difficult to valuesome or all of a fund’s money market securitiesholdings. A low interest rate environment may poseadditional risks to a fund because low yields on afund’s portfolio holdings may have an adverseimpact on a fund’s ability to provide a positive yieldto its shareholders, pay expenses out of fund assets,or minimize the volatility of a fund’s NAV per share.

Market risk. The market value of a fund’s invest-ments may fluctuate as the markets fluctuate. Mar-ket fluctuation may affect a fund’s ability tomaintain a $1.00 share price. Market risk, some-times dramatically or unpredictably, may affect asingle issuer, industry, section of the economy orgeographic region, or it may affect the market as awhole. Volatility of financial markets can expose afund to greater market risk, possibly resulting ingreater illiquidity and valuation risks. Moreover,market, economic, political and social conditions inone country or geographic region could adverselyimpact market, economic, political and social condi-tions in other countries or regions, including coun-tries and regions in which a fund invests, due toincreasingly interconnected global economies andfinancial markets. Additionally, market conditionsand legislative, regulatory, or tax developments mayaffect the investment techniques available to theadvisor in connection with managing a fund andmay result in increased regulation of the fund or its

16

UBS Series Funds

investments and, in turn, may adversely affect theability of the fund to achieve its investment objec-tive and the fund’s performance.

Liquidity risk. The funds’ investments may becomeless liquid due to market developments or adverseinvestor perception. When there is no willing buyerand investments cannot be readily sold at thedesired time or price, the funds may have to accepta lower price or may not be able to sell an instru-ment at all. The inability to sell an instrument couldadversely affect a fund’s ability to maintain a$1.00 share price or prevent the fund from beingable to take advantage of other investmentopportunities. This risk may increase during anunusually high volume of redemption requests byeven a few large investors or unusual marketconditions.

Management risk. There is the risk that the invest-ment strategies, techniques and risk analysesemployed by the advisor may not produce thedesired results. The advisor may be incorrect in itsassessment of a particular security or assessment ofmarket, interest rate or other trends, which canresult in losses to a fund.

Additional (non-principal) risksLIBOR replacement risk. Certain variable- andfloating-rate debt securities that a fund may invest inare subject to rates that are tied to an interest rate,such as the London Interbank Offered Rate(“LIBOR”). In 2017, the United Kingdom’s FinancialConduct Authority (“FCA”) warned that LIBOR maycease to be available or appropriate for use by 2021.There remains uncertainty regarding the future utili-zation of LIBOR and the nature of any replacementrate. The unavailability or replacement of LIBOR mayaffect the value, liquidity or return on certain fund

investments and may result in costs incurred in con-nection with closing out positions and entering intonew trades. Any pricing adjustments to a fund’sinvestments resulting from a substitute referencerate may also adversely affect the fund’s perfor-mance and/or net asset value.

Securities lending risk. Securities lending involvesthe lending of portfolio securities owned by a fundto qualified broker-dealers and financial institutions.When lending portfolio securities, a fund initiallywill require the borrower to provide the fund withcollateral, most commonly cash, which the fund willinvest. Although a fund invests this collateral in aconservative manner, it is possible that it could losemoney from such an investment or fail to earn suf-ficient income from its investment to cover the feeor rebate that it has agreed to pay the borrower.Loans of securities also involve a risk that theborrower may fail to return the securities or deliverthe proper amount of collateral, which may resultin a loss to a fund. In addition, in the event ofbankruptcy of the borrower, a fund could experi-ence losses or delays in recovering the loaned secu-rities. In some cases, these risks may be mitigatedby an indemnification provided by the funds’ lend-ing agent.

Temporary and defensive positioning. Duringadverse market conditions or when UBS AMbelieves there is an insufficient supply of appropri-ate money market securities in which to invest, afund may temporarily hold uninvested cash in lieuof such investments. During periods when suchtemporary or defensive positions are held, a fundmay not be able to fully pursue its investmentobjective. Such positions may also subject a fund toadditional costs and risks, such as increased expo-sure to cash held at a custodian bank.

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UBS Series Funds

Managing your fund account—for eligible clients of UBS Financial Services Inc.

Introduction. The funds are designed for use inconjunction with certain securities accounts held atUBS Financial Services Inc. If you have “MarketingRelationship” assets with UBS Financial Services Inc.of $25 million or more, you are eligible to use thefunds as a sweep option.

The terms of your securities account are more fullydescribed in separate materials your Financial Advi-sor can provide you (the “UBS AccountAgreements”). Not all correspondent firms havearrangements with UBS Financial Services Inc. tomake fund shares available to their customers.

Automatic sweep programs. UBS Financial ServicesInc. administers bank deposit sweep programs underwhich free cash balances in certain client securitiesaccounts are automatically swept into interest-bearingdeposit accounts at UBS-affiliated banks and non-affiliated banks (the “Bank Sweep Programs”). Theterms and eligibility requirements for the Bank SweepPrograms are described in the UBS Bank Sweep Pro-grams Disclosure Statement and the UBS FDIC-InsuredDeposit Program Disclosure Statement (collectively,the “Disclosure Statements”), which are part of theUBS Account Agreements.

Investors who are eligible to participate in the BankSweep Programs are referred to as “eligible partici-pants” below to distinguish them from other inves-tors in the funds. Please see below for moreinformation about eligible participants in the BankSweep Programs.

Free cash balances (that is, immediately availablefunds) of certain eligible participants automaticallydefault to one or more interest-bearing depositaccounts (based on account type) as a primarysweep option.

Accounts participating in the Bank Sweep Programsare generally subject to an automatic dollar limit or“cap,” which will apply to the amount that can beswept into bank deposit accounts under the appli-cable Bank Sweep Program (cap levels may vary perBank Sweep Program). Available balances in excessof a program’s cap will be automatically invested ina “secondary sweep option”, which may be depositaccounts at UBS AG (Stamford Branch) or an avail-able money market fund, including these funds.

Certain non-eligible participants may be eligible tohave free cash balances in their securities accountsautomatically invested in shares of this fund as their“primary sweep option”. Please refer to the UBSAccount Agreements for more information.

Selecting and changing your sweep option.Please refer to the UBS Account Agreements forinformation on available sweep options, includingrestrictions and eligibility requirements. If you wouldlike to change your sweep option, please contactyour Financial Advisor at UBS Financial Services Inc.

Buying shares automatically. All free cash bal-ances in securities accounts of $1.00 or more (orfor IRAs, of $0.01 or more), including proceedsfrom the securities you have sold, are automaticallyinvested in your sweep option on a daily basis forsettlement the same day.

Fund shares will be purchased only after all debitsand charges to your securities account with UBSFinancial Services Inc. are satisfied. See “Sellingshares automatically” below.

Buying shares by check or electronic fundstransfer credit. If you have a securities accountwith UBS Financial Services Inc., you may purchase

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UBS Series Funds

shares of the funds offered in this prospectus oranother fund by placing an order with your Finan-cial Advisor and providing a check from a US bank.You should include your UBS Financial Services Inc.account number on the check.

Buying shares by wire. You may purchase fundshares by placing an order through your FinancialAdvisor and instructing your bank to transferfederal funds by wire to:

UBS AGABA 026007993UBS Financial Services Inc.—CapitalA/C 101WA258640000Account Name/Brokerage Account Number

The wire must include your name and UBS FinancialServices Inc. securities account number.

If UBS Financial Services Inc. receives funds in theaccount for a purchase of fund shares by12:00 noon, Eastern time, on a business day, UBSFinancial Services Inc. will execute the purchase onthat day. Otherwise, UBS Financial Services Inc. willexecute the order on the next business day. UBSFinancial Services Inc. and/or your bank may imposea service charge for wire transfers.

Minimum investment. As noted above, if youhave “Marketing Relationship” assets with UBSFinancial Services Inc. of $25 million or more, youare eligible to use the funds as a sweep option. UBSFinancial Services Inc. reserves the right to changethis requirement at any time.

Selling shares automatically. Subject to, and inthe order described in, the terms of the UBSAccount Agreements, your fund shares will be soldautomatically to settle any outstanding securitiespurchases, charges or other debits to your UBS

Financial Services Inc. securities account, unless youinstruct your Financial Advisor otherwise.

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. Although not routinely used by a fund, a fundreserves the right to pay proceeds “in kind” (i.e.,payment in securities rather than cash) if the invest-ment you are redeeming is large enough to affect afund’s operations or in particularly stressed marketconditions. In these cases, you might incur transac-tion costs converting the securities to cash. Thesecurities included in a redemption in kind mayinclude illiquid securities that may not be immedi-ately saleable.

More information regarding “EligibleParticipants.” For eligibility requirements for theBank Sweep Programs, please refer to the Disclo-sure Statements.

Additional information regarding sweepoptions for investors participating in thePACESM Select Advisors Program and PACESM

Multi Advisor Program: These programs may pro-vide for an allocation to another money marketfund as part of an investment allocation plan; how-ever, since your PACE investment is held within aUBS Financial Services brokerage account (e.g., anRMA account, a basic investment account, etc.),available cash balances in the brokerage portion ofRMA accounts and basic investment accounts areautomatically swept to the applicable Bank SweepProgram in accordance with the terms of your bro-kerage account agreement, which terms differ fromthose applicable to advisory accounts.

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UBS Series Funds

The list of eligible participants may change at thediscretion of UBS Financial Services Inc.

Additional compensation to affiliated dealerUBS Asset Management (US) Inc., the fund’s distrib-utor (“UBS AM (US)”)), pays UBS Financial ServicesInc. compensation in connection with the sale offund shares and the provision of administrative andshareholder services.

The aggregate amount of these payments may besubstantial and may represent a significant portionof the advisory and administrative fees charged byUBS AM. These payments do not increase theexpenses of a fund, but are made by UBS AM (US)(or its affiliate UBS AM) out of its own legitimateprofits or other resources. The payments mayinclude amounts that are sometimes referred to as“revenue sharing” payments.

Additional information about your account. Itcosts a fund money to maintain shareholderaccounts. Therefore, each fund reserves the right torepurchase all shares in any account that has a netasset value of less than $500. If a fund elects to dothis with your account, it will notify you that you canincrease the amount invested to $500 or morewithin 60 days. This notice may appear on youraccount statement. Investors participating in theBank Sweep Programs who wish to increase theirfund account balance to $500 or more will need toadd sufficient cash to their securities accounts sothat the Bank Sweep Program cap and this minimumare both met. If the Bank Sweep Program cap andfund minimum are not met, the proceeds from thesale of fund shares will be deposited in the investor’ssecurities account and swept into one or more bankdeposit accounts until the program cap is reached.

If you want to sell shares that you purchasedrecently, a fund may delay payment to assure that ithas received good payment. If you purchasedshares by check, this can take up to 15 days.

UBS Financial Services Inc. has the right to terminateyour securities account for any reason. In that case,UBS Financial Services Inc. will sell all of the fundshares held in the account and will send you theproceeds within three business days.

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) within a reasonabletime, the fund and UBS AM (US) reserve the rightto close your account and/or take such other actionthey deem reasonable or required by law. If wedecide to close your account for this reason, yourfund shares will be redeemed at the net asset valueper share next calculated after the account isclosed, less any applicable fees. You may recognizea gain or loss on the redemption of your fundshares and you may incur a tax liability.

Upon receipt of a proper redemption request sub-mitted in a timely manner and otherwise in accor-dance with the redemption procedures set forth inthis prospectus, each fund will redeem the requestedshares and make a payment to you in satisfactionthereof no later than the business day following theredemption request (under normal circumstances, onthe same day). Each fund may postpone and/or sus-pend redemption and payment beyond one businessday (but within seven calendar days) for any periodduring which there is a non-routine closure ofFedwire or applicable Federal Reserve Banks. In addi-tion, each fund may also postpone or suspendredemption and payment as follows: (1) for anyperiod (a) during which the New York StockExchange (“NYSE”) is closed other than customary

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UBS Series Funds

weekend and holiday closings or (b) during whichtrading on the NYSE is restricted; (2) for any periodduring which an emergency exists as a result ofwhich (a) disposal by the fund of securities owned byit is not reasonably practicable or (b) it is not reason-ably practicable for the fund fairly to determine thenet asset value of shares of the fund; (3) for anyperiod during which the SEC has, by rule or regula-tion, deemed that (a) trading shall be restricted or(b) an emergency exists; (4) for any period that theSEC may by order permit for your protection; or(5) for any period during which the fund, as part of anecessary liquidation of the fund, has properly post-poned and/or suspended redemption of shares andpayment in accordance with federal securities laws.

Please note that additional fees may apply foroptional RMA/Business Services Account BSAprogram services. Please refer to the UBS AccountAgreements or speak with your Financial Advisorfor information regarding program fees.

Market timing. Frequent purchases and redemp-tions of fund shares could increase each fund’stransaction costs, such as market spreads and cus-todial fees, and may interfere with the efficientmanagement of each fund’s portfolio, which couldimpact each fund’s performance. However, moneymarket funds are generally used by investors forshort-term investments, often in place of bankchecking or savings accounts or for cash manage-ment purposes. Investors value the ability to addand withdraw their funds quickly, without restric-tion. UBS AM (US) anticipates that shareholders willpurchase and sell fund shares frequently becauseeach fund is designed to offer investors a liquidcash option.

UBS AM (US) also believes that money marketfunds, such as the funds offered in this prospectus,are not targets of abusive trading practices. For

these reasons, the Board has not adopted policiesand procedures, or imposed redemption fees orother restrictions such as minimum holding periods,to discourage excessive or short-term trading offund 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 the total value of afund divided by the total number of shares out-standing. In determining net asset value, eachmaster fund values its securities at their amortizedcost (unless the fund’s board (or its delegate) deter-mines that this does not represent fair value), andeach feeder fund buys the corresponding masterfund’s interests at the master fund’s net assetvalue. The amortized cost method uses a constantamortization to maturity of the difference betweenthe cost of the instrument to a fund and theamount due at maturity. Each fund’s net assetvalue per share is expected to be $1.00, althoughthis value is not guaranteed.

The net asset value per share for each fund is nor-mally determined nine times each business day,every hour on the hour, beginning at 9:00 a.m.(Eastern time) and concluding at 5:00 p.m. (Easterntime). (If you are a client of UBS Financial ServicesInc. utilizing one of the funds as a sweep option,you should note that notwithstanding this pricingschedule, any free cash balances in your securitiesaccount will be swept into your designated sweepfund just once each business day, and shares areredeemed in accordance with the sweep process

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UBS Series Funds

just once each business day—namely as of noon(Eastern time)). A business day is any day on whichthe Federal Reserve Bank of New York, theNew York Stock Exchange (“NYSE”), and the princi-pal bond markets (as recommended by the Securi-ties Industry and Financial Markets Association(“SIFMA”)) are open. (Holidays are listed on Appen-dix A to this prospectus.) Your price for buying orselling shares will be the net asset value that is nextcalculated after the fund receives your order ingood form.

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 may benecessary include, but are not limited to: securitiesof an issuer that has entered into a restructuring;fixed-income securities that have gone into defaultand for which there is no current market value quo-tation; Section 4(a)(2) commercial paper; securitiesor instruments that are restricted as to transfer orresale; illiquid instruments; and instruments for

which the prices or values available do not, in thejudgment of UBS AM, represent current marketvalue. The need to fair value a fund’s portfolio secu-rities may also result from low trading volume in for-eign markets or thinly traded securities orinstruments. 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.

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UBS Series Funds

Managing your fund account—purchases, sales and exchanges of the fundsdirectly or through another financial intermediary

The following pages tell you how to buy, sell andexchange shares of each fund. (If you are a client ofUBS Financial Services Inc., please see the prior sec-tion instead.)

Buying sharesYou may also buy fund shares through other finan-cial intermediaries who are authorized to acceptpurchase 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 financial intermedi-ary.

You may also buy fund shares directly by calling thefunds’ transfer agent, BNY Mellon Investment Ser-vicing (US) Inc. (“BNY Mellon”), at 1-888-547 FUNDand speaking to a representative. If you buy fundshares directly, you will need to complete anaccount application in connection with your initialpurchase. You can get a copy of the applicationfrom UBS Asset Management (US) Inc. (“UBS AM(US)”) or a financial intermediary or by calling thetransfer agent toll-free at 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 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 madeimmediately available to a fund through itscustodian.

The chart below shows 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.

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.

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UBS Series Funds

If a purchase order is received:The order will normally

be executed as of:


3:00 p.m.


4:00 p.m.


5:00 p.m.

A 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. Eachfund will advance the final time by which orders tobuy or sell shares must be received by the transferagent to 3:00 p.m. (Eastern time) on those daysthat SIFMA has recommended that the bond mar-kets close early. Appendix A to this prospectus liststhe SIFMA US “early closing” holiday recommenda-tions schedule for the remainder of 2019 and for2020. 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.”

A financial intermediary or your bank may impose aservice charge for wire transfers.

Minimum investment. The minimum investmentlevel for initial purchases through a financial inter-mediary (other than as set forth above under“Managing your fund account—for eligible clientsof UBS Financial Services, Inc.”) generally is$500,000. Direct purchasers may invest in thefunds only if they have a relationship with a finan-cial intermediary who has entered into a share-holder servicing agreement with UBS AM (US) or adirect relationship with UBS AM (US) itself. Subse-quent purchases and purchases through exchangesare not subject to a minimum investment level.

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 inUS dollars.

If your fund account balance has fallen below$500,000, UBS AM (US) reserves the right to rejectyour purchase order to add to the account unlessthe account balance will be at least $500,000 afterthat purchase.

Electronic trade entry. The funds may offer anelectronic trade order entry capability to eligibleinvestors who meet certain conditions. This optionis not available if your shares are held in “streetname,” as described above in “Buying shares.” Formore information about this option and its avail-ability, contact your investment professional at yourfinancial intermediary or contact the transfer agentat 1-888-547 FUND.

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UBS Series Funds

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 then responsible for sending theorder to the transfer agent. You may not call thefunds’ transfer agent directly if your shares are heldin “street name,” but should direct all yourrequests to buy, sell or exchange shares directly toyour financial intermediary.

If you bought your shares directly, you may also sellyour shares by calling the transfer agent directly at1-888-547 FUND and speaking with 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.

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

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.

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

12:00 (noon)

If a redemption order is received:The order will normally

be executed as of:

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

1:00 p.m.


2:00 p.m.


3:00 p.m.


4:00 p.m.


5:00 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).

Your sales proceeds will be paid in federal funds.Proceeds from the sale will be wired to one or moreaccounts you have designated. If a redemptionorder is received by 5:00 p.m. (Eastern time), theproceeds ordinarily will be transmitted in federalfunds on the same day. If you sell all the shares youown, dividends accrued for the month to date willbe paid in federal funds and wired or deposited onthe same day to the accounts noted above.

If the transfer agent receives your order to sellshares late in the day, it will process your order andinitiate a wire. However, your bank account or youraccount at your financial intermediary may notreceive the proceeds in a timely manner if a FederalReserve Bank is experiencing delay in transfer offunds.

Neither the funds, UBS AM, UBS AM (US), a finan-cial intermediary nor the transfer agent is responsi-ble for the performance of a bank or any of itsintermediaries.

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UBS Series Funds

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.

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

Typically, redemptions of fund shares will be madeby the funds wiring cash payments or deposit intoyour account. The funds typically expect to meetredemption requests by using holdings of cash orcash equivalents and/or proceeds from the sale ormaturity of portfolio holdings. Although not rou-tinely used by a fund, a fund reserves the right topay proceeds “in kind” (i.e., payment in securitiesrather than cash) if the investment you are redeem-ing is large enough to affect a fund’s operations orin particularly stressed market conditions. In thesecases, you might incur brokerage costs convertingthe securities to cash. The securities included in aredemption in kind may include illiquid securitiesthat may not be immediately saleable.

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

Exchanging sharesYou may exchange shares of a fund for shares ofthe other fund offered in this prospectus.

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 fund are normallyaccepted up until 5:00 p.m. (Eastern time).Exchange orders received after that time will not beeffected, and you or your financial intermediary willhave to place an exchange order before that timeon the following business day if you still wish toeffect an exchange. If you exchange all your fundshares, the dividends accrued on those shares forthe month to date will also be invested in theshares of the other fund into which the exchange ismade.

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

If you bought your shares directly, you can alsoplace an exchange order by calling the transferagent directly at 1-888-547 FUND and speakingwith a representative.

26

UBS Series Funds

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

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

Transfer of account limitationsIf you hold your shares with a broker or other finan-cial intermediary, please note that if you changesecurities firms, you may not be able to transferyour fund shares to an account at the new securi-ties firm. Fund shares may only be transferred to anaccount held with a securities dealer or other 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 other financial inter-mediary for information on how to transfer yourshares to the fund’s transfer agent. If you transferyour shares to the fund’s transfer agent, the fund’sprincipal underwriter may be named as the dealerof record, and you will receive ongoing accountstatements from BNY Mellon. Should you have anyquestions regarding the portability of your fundshares, please contact your broker, Financial Advi-sor or other financial intermediary.

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 monthly

except that, if your only fund activity in a quarter wasreinvestment of dividends, the activity may be reportedon a quarterly rather than a monthly statement.

It costs a fund money to maintain shareholderaccounts. Therefore, each fund reserves the right torepurchase all shares in any account that has a netasset value of less than $500. If a fund elects to dothis with your account, it will notify you that youcan increase the amount invested to $500 or morewithin 60 days. This notice may appear on youraccount statement. A fund will not repurchaseshares in accounts that fall below $500 solelybecause of a decrease in the fund’s net asset value.

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/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 calendar

27

UBS Series Funds

days) 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; or (5) forany period during which the fund, as part of a nec-essary liquidation of the fund, has properly post-poned and/or suspended redemption of shares andpayment in accordance with federal securities laws.

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.

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 port-folio, which could impact each fund’s performance.However, money market funds are generally used byinvestors for short-term investments, often in placeof bank checking or savings accounts or for cashmanagement purposes. Investors value the ability to

add and withdraw their funds quickly, withoutrestriction. UBS AM (US) anticipates that sharehold-ers will purchase and sell fund shares frequentlybecause each fund is designed to offer investors aliquid cash option. UBS AM (US) also believes thatmoney market funds, such as the funds offered inthis prospectus, are not targets of abusive tradingpractices. For these reasons, the board has notadopted policies and procedures, or imposedredemption fees or other restrictions such as mini-mum holding periods, to discourage excessive orshort-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 valueof all the assets of the fund, minus the liabilities ofthe fund, divided by the number of shares out-standing. In determining net asset value, eachmaster fund values its securities at their amortizedcost (unless the fund’s board (or its delegate) deter-mines that this does not represent fair value), andeach feeder fund buys the corresponding masterfund’s interests at the master fund’s net assetvalue. The amortized cost method uses a constantamortization to maturity of the difference betweenthe cost of the instrument to a fund and theamount due at maturity. Each fund’s net assetvalue per share is expected to be $1.00, althoughthis value is not guaranteed.

The net asset value per share for each fund is nor-mally determined nine times each business day, everyhour on the hour, beginning at 9:00 a.m. (Easterntime) and concluding at 5:00 p.m. (Eastern time).

28

UBS Series Funds

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 currentmarket value. The need to fair value a fund’s port-folio securities may also result from low trading vol-ume in foreign markets or thinly traded securities orinstruments. 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.

Shareholder services feesEach feeder fund has adopted a plan under whichthe fund pays for shareholder service activities atthe annual rate of 0.15% of its average daily netassets. All or part of these fees may be waived pur-suant to a fee waiver/expense limitation agreementin place until August 31, 2020.

ManagementInvestment advisorUBS Asset Management (Americas) Inc. (“UBSAM”) acts as the investment advisor and adminis-trator for Government Master Fund and TreasuryMaster Fund, which are the master funds in whichthe funds invest their assets. UBS AM also acts asthe administrator for the funds. As investment advi-sor, UBS AM makes the master funds’ investmentdecisions. It buys and sells securities for the masterfunds and conducts the research that leads to thepurchase and sale decisions.

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 30,2019, UBS AM had approximately $181.6 billion in

29

UBS Series Funds

assets under management. UBS AM is a member ofthe UBS Asset Management Division, which hadapproximately $831.2 billion in assets under man-agement worldwide as of June 30, 2019. UBS is aninternationally diversified organization headquar-tered in Zurich, Switzerland and 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 0.10% ofeach feeder fund’s average daily net assets.

UBS AM received an effective fee of 0.19% and0.18% of the average daily net assets of each ofUBS Select Government Capital Fund and UBSSelect Treasury Capital Fund, respectively, for itsservices as investment advisor and administrator inthe funds’ last fiscal year which ended April 30,2019 (includes fees allocated from related masterfund). These fees reflect fee waivers pursuant to afee waiver agreement.

UBS AM may voluntarily waive fees and/or reim-burse expenses from time to time. For example,UBS AM may voluntarily undertake to waive feesand/or reimburse expenses 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 and/or

reimburse expenses. Waivers/reimbursements mayimpact 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 Government Master Fund and TreasuryMaster Fund is available in the fund’s semiannualreport to shareholders for the fiscal period endedOctober 31, 2018.

Master-feeder structureUBS Select Government Capital Fund and UBSSelect Treasury Capital Fund are “feeder funds”that invest all of their assets in “master funds”—Government Master Fund and Treasury MasterFund, respectively. The feeder funds and theirrespective master funds have the same investmentobjectives.

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

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

30

UBS Series Funds

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

Each fund may distribute all or a portion of its capi-tal gains (if any) to the extent required to ensurethat the fund maintains its federal tax law status asa regulated investment company. Each fund willalso distribute all or a portion of its capital gains tothe extent necessary 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 firm’srepresentative or Financial Advisor (if you purchasedyour shares through a financial intermediary) or thetransfer agent (if you purchased your sharesdirectly).

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 shares

or 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.

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

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

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

Each fund will tell you annually the character of div-idends for tax reporting purposes. You willgenerally not recognize any gain or loss on the saleor exchange of your fund shares as long as thefund maintains a share price of $1.00.

An additional 3.8% Medicare tax is imposed oncertain net investment income (including ordinarydividends and capital gain distributions receivedfrom a fund and net gains from redemptions orother taxable dispositions of fund shares) of U.S.individuals, estates and trusts to the extent thatsuch person’s “modified adjusted gross income” (inthe case of an individual) or “adjusted grossincome” (in the case of an estate or trust) exceedscertain threshold amounts.

31

UBS Series Funds

Each fund may be required to withhold a 24%federal tax on all dividends payable to you

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

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

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

Each fund is required to withhold US tax (at a 30%rate) on payments of taxable dividends made tocertain non-US entities that fail to comply (or bedeemed compliant) with extensive new reportingand withholding requirements designed to informthe US Department of the Treasury of US-ownedforeign investment accounts. Shareholders may berequested to provide additional information to thefunds to enable the funds to determine whetherwithholding is required.

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

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

Each fund’s complete schedule of portfolio holdingsfor the second and fourth quarters of each fiscalyear will be included in its semiannual and annualreports to shareholders and is filed with the SEC onForm N-CSR. Each fund’s Forms N-CSR will be avail-able on the SEC’s website at http://www.sec.gov.Additionally, you may obtain copies of semiannualand annual reports to shareholders from the fundsupon request by calling 1-800-647 1568. The semi-annual and annual reports for the funds will beposted on the fund’s website athttps://www.ubs.com/usmoneymarketfunds.

Each fund will disclose on UBS AM’s website,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 website at the followinginternet address:https://www.ubs.com/usmoneymarketfunds.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 beavailable on the SEC’s website; UBS AM’s websitewill also contain a link to these filings. The UBS AMwebsite will also disclose the following informationfor each fund as of the end of each business day

32

UBS Series Funds

for 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 each fund, the price for shares will bethe net asset value per share, calculated using theamortized cost method to two decimal places asfurther described in this prospectus and the relatedSAI.) Investors also may find additional informationabout each fund at the above referenced UBS web-site internet address.

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

33

UBS Series Funds

Financial highlights

The following financial highlights tables areintended to help you understand the financial per-formance for UBS Select Government Capital Fundsince it commenced operations on June 24, 2016,and for UBS Select Treasury Capital Fund for thepast five years, through April 30, 2019.

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 (assuming

reinvestment of all dividends and otherdistributions).

The information in the financial highlights has beenderived from the financial statements audited byErnst & Young LLP, an independent registered publicaccounting firm, whose report appears in the AnnualReport to Shareholders of UBS Select GovernmentCapital Fund and UBS Select Treasury Capital Fund.You may obtain copies of that Annual Report with-out charge by calling 1-800-647 1568.

34

UBS Series Funds: UBS Select Government Capital Fund

Financial highlights (continued)

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

Years ended April 30,For the period from

June 24, 20161 toApril 30, 20172019 2018

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

Net investment income 0.020 0.010 0.003Net realized gain (loss) 0.0002 (0.000)2 0.0002

Net increase from operations 0.020 0.010 0.003

Dividends from net investment income (0.020) (0.010) (0.003)Distributions from net realized gain — (0.000)2 (0.000)2

Total dividends and distributions (0.020) (0.010) (0.003)

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

Total investment return3 1.99% 0.98% 0.26%

Ratios to average net assets:Expenses before fee waivers and/or expense reimbursements4 0.36% 0.37% 0.37%5

Expenses after fee waivers and/or expense reimbursements4 0.20% 0.20% 0.19%5

Net investment income4 1.96% 0.99% 0.30%5

Supplemental data:Net assets, end of period (000’s) $2,935,372 $4,433,781 $3,377,423

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 each period reported, reinvestment of all dividends and other dis-

tributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return forthe period 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 the Master Fund.5 Annualized.

35

UBS Series Funds: UBS Select Treasury Capital Fund

Financial highlights (concluded)

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

Years ended April 30,

2019 2018 2017 2016 2015

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

Net investment income 0.020 0.010 0.003 0.0001 0.0001

Net realized gain 0.0001 0.0001 0.0001 0.0001 0.0001

Net increase from operations 0.020 0.010 0.003 0.0001 0.0001

Dividends from net investment income (0.020) (0.010) (0.003) (0.000)1 (0.000)1

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

Total dividends and distributions (0.020) (0.010) (0.003) (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 2.00% 0.98% 0.28% 0.05% 0.01%

Ratios to average net assets:Expenses before fee waivers and/or expensereimbursements3 0.37% 0.38% 0.37% 0.37% 0.37%Expenses after fee waivers and/or expensereimbursements3 0.20% 0.20% 0.20% 0.13% 0.06%Net investment income3 2.02% 0.98% 0.27% 0.04% 0.01%

Supplemental data:Net assets, end of year (000’s) $1,557,676 $1,024,992 $1,205,579 $1,328,783 $1,582,631

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 the Master Fund.

36

UBS Series Fund: 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, each fund will advance the final time by which orders to buy or sellshares must be received by the transfer agent to 3:00 p.m. (Eastern time). Those days that SIFMA has rec-ommended that the bond markets close early remaining through 2019 and for 2020 are listed below.

Holidays (observed) Early closeLabor Day (September 2, 2019) —Columbus Day (October 14, 2019) —Veterans Day (November 11, 2019) —Thanksgiving Day (November 28, 2019) November 29, 2019Christmas Day (December 25, 2019) December 24, 2019New Year’s Day (January 1, 2020) December 31, 2019Martin Luther King Day (January 20, 2020) —Presidents Day (February 17, 2020) —Good Friday (April 10, 2020) April 9, 2020Memorial Day (May 25, 2020) May 22, 2020Independence Day (July 4, 2020) July 3, 2020Labor Day (September 7, 2020) —Columbus Day (October 12, 2020) —Veterans Day (November 11, 2020) —Thanksgiving Day (November 26, 2020) November 27, 2020Christmas Day (December 25, 2020) December 24, 2020

37

UBS Series Funds

Privacy notice

UBS family of funds privacy notice

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

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

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

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

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UBS Series Funds

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.

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UBS Series Funds

UBS Asset Management, Americas Region

Business continuity planning overview

UBS Asset Management affiliates UBS Asset Management (US) Inc. and UBS Asset Management(Americas) Inc. protect information assets, processes, and customer data from unpredictable eventsthrough preparation and testing of a comprehensive business continuity capability. This capability seeksrecovery of the technology infrastructure and information, and prevention of the loss of company or cus-tomer information and transactions. In the event of a crisis scenario, we will recover those functionsdeemed to be critical to our business and our clients, and strive to resume processing within predefinedtime frames following a disaster declaration (typically 4-6 hours). Business continuity processes provide usthe ability to continue critical business functions regardless of the type, scope, or duration of a localizedevent. However, these processes are dependent upon various external resources, such as regional telecom-munications, 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 fully operational during a disaster declaration

• Testing regimen—The business continuity plan is reviewed on an annual basis, including the disasterrecovery facility. In addition, all IT application recovery plans are updated and tested annually.

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

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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 UBSwebsite 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 can get copies of reports and other information about thefunds:

• For a fee, by electronic request at [email protected]; or

• Free, from the EDGAR database on the SEC’s Internet website athttp://www.sec.gov.

UBS Series Funds—UBS Select Government Capital Fund—UBS Select Treasury Capital FundInvestment Company Act File No. 811-08767

© UBS 2019. All rights reserved.S1377

Money Market FundsProspectus | August 28, 2019

Includes:• UBS Select Government Capital Fund• UBS Select Treasury Capital Fund

UBS Series Funds - US Money Market Funds · to which UBS AM is contractually obligated to waive its...

Documents

Transcript of UBS Series Funds - US Money Market Funds · to which UBS AM is contractually obligated to waive its...